Document:

ACE
      SECURITIES CORP.

    Depositor

     

    GMAC
      MORTGAGE, LLC

    Servicer

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION

    Master
      Servicer and Securities Administrator

     

    

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

    Trustee

     

    

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of April 1, 2007

     

     

    SunTrust
      Acquisition Closed-End Seconds Trust, Series 2007-1 

    Asset
      Backed Pass-Through Certificates

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    TABLE
      OF
      CONTENTS

     

    
      	 	 	 
	
              ARTICLE
                I

            	
              DEFINITIONS

            	
              6

            
	 	 	 
	
              SECTION
                1.01.

            	
              Defined
                Terms.

            	
              6

            
	
              SECTION
                1.02.

            	
              Allocation
                of Certain Interest Shortfalls.

            	
              62

            
	 	 	 
	
              ARTICLE
                II

            	
              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

            	
              64

            
	 	 	 
	
              SECTION
                2.01.

            	
              Conveyance
                of the Mortgage Loans.

            	
              64

            
	
              SECTION
                2.02.

            	
              Acceptance
                of REMIC I by Trustee.

            	
              65

            
	
              SECTION
                2.03.

            	
              Repurchase
                or Substitution of Mortgage Loans.

            	
              65

            
	
              SECTION
                2.04.

            	
              Representations
                and Warranties of the Master Servicer.

            	
              68

            
	
              SECTION
                2.05.

            	
              Representations,
                Warranties and Covenants of the Servicer.

            	
              70

            
	
              SECTION
                2.06.

            	
              Issuance
                of the REMIC I Regular Interests and the Class R-I
                Interest.

            	
              72

            
	
              SECTION
                2.07.

            	
              Conveyance
                of the REMIC I Regular Interests; Acceptance of REMIC II and REMIC
                III by
                the Trustee.

            	
              72

            
	
              SECTION
                2.08.

            	
              Issuance
                of the Residual Certificates.

            	
              73

            
	
              SECTION
                2.09.

            	
              Establishment
                of the Trust.

            	
              73

            
	
              SECTION
                2.10.

            	
              Purpose
                and Powers of the Trust.

            	
              73

            
	
              SECTION
                2.11.

            	
              Representations
                and Warranties of the Trustee.

            	
              74

            
	 	 	 
	
              ARTICLE
                III

            	
              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS

            	
              75

            
	 	 	 
	
              SECTION
                3.01.

            	
              The
                Servicer to Act as Servicer.

            	
              75

            
	
              SECTION
                3.02.

            	
              Sub-Servicing
                Agreements Between the Servicer and Sub-Servicers.

            	
              78

            
	
              SECTION
                3.03.

            	
              Successor
                Sub-Servicers.

            	
              80

            
	
              SECTION
                3.04.

            	
              No
                Contractual Relationship Between Sub-Servicer, Subcontractor, Trustee
                or
                the Certificateholders.

            	
              80

            
	
              SECTION
                3.05.

            	
              Assumption
                or Termination of Sub-Servicing Agreement by Successor
                Servicer.

            	
              80

            
	
              SECTION
                3.06.

            	
              Collection
                of Certain Mortgage Loan Payments.

            	
              81

            
	
              SECTION
                3.07.

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

            	
              82

            
	
              SECTION
                3.08.

            	
              Collection
                Account and Distribution Account.

            	
              83

            
	
              SECTION
                3.09.

            	
              Withdrawals
                from the Collection Account and Distribution Account.

            	
              85

            
	
              SECTION
                3.10.

            	
              Investment
                of Funds in the Investment Accounts.

            	
              87

            
	
              SECTION
                3.11.

            	
              Maintenance
                of Hazard Insurance, Errors and Omissions and Fidelity Coverage and
                Primary Mortgage Insurance.

            	
              89

            
	
              SECTION
                3.12.

            	
              Enforcement
                of Due-on-Sale Clauses; Assumption Agreements

            	
              91

            
	
              SECTION
                3.13.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	
              92

            
	
              SECTION
                3.14.

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            	
              96

            
	
              SECTION
                3.15.

            	
              Servicing
                Compensation.

            	
              97

            
	
              SECTION
                3.16.

            	
              Collection
                Account Statements.

            	
              98

            
	
              SECTION
                3.17.

            	
              Annual
                Statement as to Compliance.

            	
              98

            

    

    

    
      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              SECTION
                3.18.

            	
              Assessments
                of Compliance and Attestation Reports.

            	
              99

            
	
              SECTION
                3.19.

            	
              [Reserved].

            	
              100

            
	
              SECTION
                3.20.

            	
              Annual
                Certification; Additional Information.

            	
              100

            
	
              SECTION
                3.21.

            	
              Access
                to Certain Documentation.

            	
              102

            
	
              SECTION
                3.22.

            	
              Title,
                Management and Disposition of REO Property.

            	
              102

            
	
              SECTION
                3.23.

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest Shortfalls; Relief
                Act
                Interest Shortfalls.

            	
              105

            
	
              SECTION
                3.24.

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

            	
              105

            
	
              SECTION
                3.25.

            	
              Reserve
                Fund.

            	
              106

            
	
              SECTION
                3.26.

            	
              Advance
                Facility.

            	
              107

            
	
              SECTION
                3.27.

            	
              Indemnification.

            	
              109

            
	 	 	 
	
              ARTICLE
                IV

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

            	
              110

            
	 	 	 
	
              SECTION
                4.01.

            	
              Master
                Servicer.

            	
              110

            
	
              SECTION
                4.02.

            	
              REMIC-Related
                Covenants.

            	
              111

            
	
              SECTION
                4.03.

            	
              Monitoring
                of Servicer.

            	
              111

            
	
              SECTION
                4.04.

            	
              Fidelity
                Bond.

            	
              112

            
	
              SECTION
                4.05.

            	
              Power
                to Act; Procedures.

            	
              112

            
	
              SECTION
                4.06.

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	
              113

            
	
              SECTION
                4.07.

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

            	
              113

            
	
              SECTION
                4.08.

            	
              Standard
                Hazard Insurance and Flood Insurance Policies.

            	
              114

            
	
              SECTION
                4.09.

            	
              Presentment
                of Claims and Collection of Proceeds.

            	
              114

            
	
              SECTION
                4.10.

            	
              Reserved.

            	
              115

            
	
              SECTION
                4.11.

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and
                Documents.

            	
              115

            
	
              SECTION
                4.12.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	
              115

            
	
              SECTION
                4.13.

            	
              Compensation
                for the Master Servicer.

            	
              115

            
	
              SECTION
                4.14.

            	
              REO
                Property.

            	
              115

            
	
              SECTION
                4.15.

            	
              Master
                Servicer Annual Statement of Compliance.

            	
              116

            
	
              SECTION
                4.16.

            	
              Master
                Servicer Assessments of Compliance.

            	
              117

            
	
              SECTION
                4.17.

            	
              Master
                Servicer Attestation Reports.

            	
              118

            
	
              SECTION
                4.18.

            	
              Annual
                Certification.

            	
              119

            
	
              SECTION
                4.19.

            	
              Obligation
                of the Master Servicer in Respect of Prepayment Interest
                Shortfalls.

            	
              120

            
	
              SECTION
                4.20.

            	
              Prepayment
                Penalty Verification.

            	
              120

            
	 	 	 
	
              ARTICLE
                V

            	
              PAYMENTS
                TO CERTIFICATEHOLDERS

            	
              122

            
	 	 	 
	
              SECTION
                5.01.

            	
              Distributions.

            	
              122

            
	
              SECTION
                5.02.

            	
              Statements
                to Certificateholders.

            	
              131

            
	
              SECTION
                5.03.

            	
              Servicer
                Reports; P&I Advances.

            	
              135

            
	
              SECTION
                5.04.

            	
              Allocation
                of Realized Losses.

            	
              137

            
	
              SECTION
                5.05.

            	
              Compliance
                with Withholding Requirements.

            	
              139

            
	
              SECTION
                5.06.

            	
              Reports
                Filed with Securities and Exchange Commission.

            	
              139

            

    

    

    
      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              SECTION
                5.07.

            	
              Supplemental
                Interest Trust.

            	
              144

            
	
              SECTION
                5.08.

            	
              Tax
                Treatment of Swap Payments and Swap Termination Payments.

            	
              147

            
	
              SECTION
                5.09.

            	
              Swap
                Collateral Account.

            	
              148

            
	
              SECTION
                5.10.

            	
              The
                Policy.

            	
              149

            
	
              SECTION
                5.11.

            	
              Class
                A Certificate Insurer Default; Termination of Class A Certificate
                Insurer’s Rights.

            	
              151

            
	 	 	 
	
              ARTICLE
                VI

            	
              THE
                CERTIFICATES

            	
              152

            
	 	 	 
	
              SECTION
                6.01.

            	
              The
                Certificates.

            	
              152

            
	
              SECTION
                6.02.

            	
              Registration
                of Transfer and Exchange of Certificates.

            	
              154

            
	
              SECTION
                6.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	
              160

            
	
              SECTION
                6.04.

            	
              Persons
                Deemed Owners.

            	
              160

            
	
              SECTION
                6.05.

            	
              Certain
                Available Information.

            	
              161

            
	 	 	 
	
              ARTICLE
                VII

            	
              THE
                DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

            	
              162

            
	 	 	 
	
              SECTION
                7.01.

            	
              Liability
                of the Depositor, the Servicer and the Master Servicer.

            	
              162

            
	
              SECTION
                7.02.

            	
              Merger
                or Consolidation of the Depositor, the Servicer or the Master
                Servicer.

            	
              162

            
	
              SECTION
                7.03.

            	
              Limitation
                on Liability of the Depositor, the Servicer, the Master Servicer
                and
                Others.

            	
              162

            
	
              SECTION
                7.04.

            	
              Limitation
                on Resignation of the Servicer.

            	
              164

            
	
              SECTION
                7.05.

            	
              Limitation
                on Resignation of the Master Servicer.

            	
              165

            
	
              SECTION
                7.06.

            	
              Assignment
                of Master Servicing.

            	
              165

            
	
              SECTION
                7.07.

            	
              Rights
                of the Depositor in Respect of the Servicer and the Master
                Servicer.

            	
              166

            
	
              SECTION
                7.08.

            	
              Duties
                of the Credit Risk Manager.

            	
              167

            
	
              SECTION
                7.09.

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	
              167

            
	
              SECTION
                7.10.

            	
              Removal
                of the Credit Risk Manager.

            	
              167

            
	 	 	 
	
              ARTICLE
                VIII

            	
              DEFAULT

            	
              169

            
	 	 	 
	
              SECTION
                8.01.

            	
              Servicer
                Events of Default.

            	
              169

            
	
              SECTION
                8.02.

            	
              Master
                Servicer to Act; Appointment of Successor.

            	
              174

            
	
              SECTION
                8.03.

            	
              Notification
                to Certificateholders.

            	
              175

            
	
              SECTION
                8.04.

            	
              Waiver
                of Events of Default.

            	
              176

            
	 	 	 
	
              ARTICLE
                IX

            	
              CONCERNING
                THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

            	
              177

            
	 	 	 
	
              SECTION
                9.01.

            	
              Duties
                of Trustee and Securities Administrator.

            	
              177

            
	
              SECTION
                9.02.

            	
              Certain
                Matters Affecting Trustee and Securities Administrator.

            	
              178

            
	
              SECTION
                9.03.

            	
              Trustee
                and Securities Administrator not Liable for Certificates or Mortgage
                Loans.

            	
              181

            
	
              SECTION
                9.04.

            	
              Trustee
                and Securities Administrator May Own Certificates.

            	
              181

            
	
              SECTION
                9.05.

            	
              Fees
                and Expenses of Trustee, Custodian and Securities
                Administrator.

            	
              181

            

    

    

    
      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              SECTION
                9.06.

            	
              Eligibility
                Requirements for Trustee and Securities Administrator.

            	
              182

            
	
              SECTION
                9.07.

            	
              Resignation
                and Removal of Trustee and Securities Administrator.

            	
              183

            
	
              SECTION
                9.08.

            	
              Successor
                Trustee or Securities Administrator.

            	
              184

            
	
              SECTION
                9.09.

            	
              Merger
                or Consolidation of Trustee or Securities Administrator.

            	
              185

            
	
              SECTION
                9.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	
              185

            
	
              SECTION
                9.11.

            	
              Appointment
                of Office or Agency.

            	
              186

            
	
              SECTION
                9.12.

            	
              Representations
                and Warranties.

            	
              186

            
	 	 	 
	
              ARTICLE
                X

            	
              TERMINATION

            	
              188

            
	 	 	 
	
              SECTION
                10.01.

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans.

            	
              188

            
	
              SECTION
                10.02.

            	
              Additional
                Termination Requirements.

            	
              191

            
	 	 	 
	
              ARTICLE
                XI

            	
              REMIC
                PROVISIONS

            	
              193

            
	 	 	 
	
              SECTION
                11.01.

            	
              REMIC
                Administration.

            	
              193

            
	
              SECTION
                11.02.

            	
              Prohibited
                Transactions and Activities.

            	
              195

            
	
              SECTION
                11.03.

            	
              Indemnification.

            	
              196

            
	 	 	 
	
              ARTICLE
                XII

            	
              MISCELLANEOUS
                PROVISIONS

            	
              197

            
	 	 	 
	
              SECTION
                12.01.

            	
              Amendment.

            	
              197

            
	
              SECTION
                12.02.

            	
              Recordation
                of Agreement; Counterparts.

            	
              198

            
	
              SECTION
                12.03.

            	
              Limitation
                on Rights of Certificateholders.

            	
              199

            
	
              SECTION
                12.04.

            	
              Governing
                Law.

            	
              199

            
	
              SECTION
                12.05.

            	
              Notices.

            	
              200

            
	
              SECTION
                12.06.

            	
              Severability
                of Provisions.

            	
              200

            
	
              SECTION
                12.07.

            	
              Notice
                to Rating Agencies and the Class A Certificate
                Insurer.

            	
              201

            
	
              SECTION
                12.08.

            	
              Article
                and Section References.

            	
              201

            
	
              SECTION
                12.09.

            	
              Grant
                of Security Interest.

            	
              201

            
	
              SECTION
                12.10.

            	
              Survival
                of Indemnification.

            	
              202

            
	
              SECTION
                12.11.

            	
              Intention
                of the Parties and Interpretation.

            	
              202

            
	
              SECTION
                12.12.

            	
              Indemnification.

            	
              203

            
	
              SECTION
                12.13.

            	
              Third
                Party Beneficiaries.

            	
              203

            

    

     

     

    
 

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    

    Exhibits

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class A Certificate

            
	
              Exhibit
                A-2

            	
              Form
                of Class M Certificate

            
	
              Exhibit
                A-3

            	
              Form
                of Class CE Certificate

            
	
              Exhibit
                A-4

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                A-5

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                B-1

            	
              Form
                of Transferor Representation Letter and Form of Transferee Representation
                Letter in Connection with Transfer of the Class P Certificates, Class
                CE
                Certificates and Residual Certificates Pursuant to Rule 144A Under
                the
                Securities Act

            
	
              Exhibit
                B-2

            	
              Form
                of Transferor Representation Letter and Form of Transferee Representation
                Letter in Connection with Transfer of the Class P Certificates, Class
                CE
                Certificates and Residual Certificates Pursuant to Rule 501(a) Under
                the
                Securities Act

            
	
              Exhibit
                B-3

            	
              Form
                of Transfer Affidavit and Agreement and Form of Transferor Affidavit
                in
                Connection with Transfer of Residual Certificates

            
	
              Exhibit
                C

            	
              Form
                of Back-Up Certification

            
	
              Exhibit
                D

            	
              Form
                of Power of Attorney

            
	
              Exhibit
                E

            	
              Servicing
                Criteria

            
	
              Exhibit
                F-1

            	
              Mortgage
                Loan Purchase and Sale Agreement 

            
	
              Exhibit
                F-2

            	
              Assignment,
                Assumption and Recognition Agreement

            
	
              Exhibit
                G

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

            
	
              Exhibit
                H

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                I

            	
              Swap
                Agreement

            
	
              Exhibit
                J

            	
              Financial
                Guaranty Insurance Policy

            
	 	 
	
              Schedule
                1

            	
              Mortgage
                Loan Schedule

            
	
              Schedule
                2

            	
              Prepayment
                Charge Schedule

            
	
              Schedule
                3

            	
              Servicing
                Performance Standards

            
	
              Schedule
                4

            	
              Standard
                File Layout - Delinquency Reporting

            
	
              Schedule
                5

            	
              Standard
                File Layout - Master Servicing

            
	
              Schedule
                6

            	
              Data
                Requirements of Servicing Advances Incurred Prior to Cut-off
                Date

            

    

    

    
 

    
      
        
          
          

        

        
          v

          
            

          

        

        
          
          

        

      

    

     

    

      This
        Pooling and Servicing Agreement, is dated and effective as of April 1, 2007,
        among ACE SECURITIES CORP., as Depositor, GMAC MORTGAGE, LLC, as Servicer,
        WELLS
        FARGO BANK, NATIONAL ASSOCIATION, as Master Servicer and Securities
        Administrator and HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee.

       

      PRELIMINARY
        STATEMENT:

       

      The
        Depositor intends to sell pass-through certificates to be issued hereunder
        in
        multiple classes, which in the aggregate will evidence the entire beneficial
        ownership interest of the Trust Fund created hereunder. The Trust Fund will
        consist of a segregated pool of assets comprised of the Mortgage Loans and
        certain other related assets subject to this Agreement.

       

      REMIC
        I

       

      As
        provided herein, the Securities Administrator will elect to treat the segregated
        pool of assets consisting of the Mortgage Loans and certain other related
        assets
        subject to this Agreement (other than the Reserve Fund and, for the avoidance
        of
        doubt, the Supplemental Interest Trust and the Swap Agreement) as a REMIC
        for
        federal income tax purposes, and such segregated pool of assets will be
        designated as “REMIC I”. The Class R-I Interest will be the sole class of
“residual interests” in REMIC I for purposes of the REMIC Provisions (as defined
        herein). The following table irrevocably sets forth the designation, the
        REMIC I
        Remittance Rate, the initial Uncertificated Balance and, for purposes of
        satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
        maturity date” for each of the REMIC I Regular Interests (as defined herein).
        None of the REMIC I Regular Interests will be certificated.

      
        

        
          	
                  Designation

                	 	
                  REMIC
                    I

                  Remittance
                    Rate

                	 	
                  Initial

                  Uncertificated
                    Balance

                	 	
                  Latest
                    Possible

                  Maturity
                    Date(1)

                
	
                  I

                	 	
                  Variable(2)

                	 	 	
                  $35,045,728.95

                	 	
                  April
                    2037

                
	
                  I-1-A

                	 	
                  Variable(2)

                	 	 	
                  $3,992,365.43

                	 	
                  April
                    2037

                
	
                  I-1-B

                	 	
                  Variable(2)

                	 	 	
                  $3,992,365.43

                	 	
                  April
                    2037

                
	
                  I-2-A

                	 	
                  Variable(2)

                	 	 	
                  $4,339,555.89

                	 	
                  April
                    2037

                
	
                  I-2-B

                	 	
                  Variable(2)

                	 	 	
                  $4,339,555.89

                	 	
                  April
                    2037

                
	
                  I-3-A

                	 	
                  Variable(2)

                	 	 	
                  $4,668,576.79

                	 	
                  April
                    2037

                
	
                  I-3-B

                	 	
                  Variable(2)

                	 	 	
                  $4,668,576.79

                	 	
                  April
                    2037

                
	
                  I-4-A

                	 	
                  Variable(2)

                	 	 	
                  $4,976,903.33

                	 	
                  April
                    2037

                
	
                  I-4-B

                	 	
                  Variable(2)

                	 	 	
                  $4,976,903.33

                	 	
                  April
                    2037

                
	
                  I-5-A

                	 	
                  Variable(2)

                	 	 	
                  $5,262,115.59

                	 	
                  April
                    2037

                
	
                  I-5-B

                	 	
                  Variable(2)

                	 	 	
                  $5,262,115.59

                	 	
                  April
                    2037

                
	
                  I-6-A

                	 	
                  Variable(2)

                	 	 	
                  $5,521,928.85

                	 	
                  April
                    2037

                
	
                  I-6-B

                	 	
                  Variable(2)

                	 	 	
                  $5,521,928.85

                	 	
                  April
                    2037

                
	
                  I-7-A

                	 	
                  Variable(2)

                	 	 	
                  $5,754,224.06

                	 	
                  April
                    2037

                
	
                  I-7-B

                	 	
                  Variable(2)

                	 	 	
                  $5,754,224.06

                	 	
                  April
                    2037

                
	
                  I-8-A

                	 	
                  Variable(2)

                	 	 	
                  $5,956,745.71

                	 	
                  April
                    2037

                
	
                  I-8-B

                	 	
                  Variable(2)

                	 	 	
                  $5,956,745.71

                	 	
                  April
                    2037

                
	
                  I-9-A

                	 	
                  Variable(2)

                	 	 	
                  $5,705,596.61

                	 	
                  April
                    2037

                
	
                  I-9-B

                	 	
                  Variable(2)

                	 	 	
                  $5,705,596.61

                	 	
                  April
                    2037

                
	
                  I-10-A

                	 	
                  Variable(2)

                	 	 	
                  $5,450,601.53

                	 	
                  April
                    2037

                
	
                  I-10-B

                	 	
                  Variable(2)

                	 	 	
                  $5,450,601.53

                	 	
                  April
                    2037

                
	
                  I-11-A

                	 	
                  Variable(2)

                	 	 	
                  $5,206,986.19

                	 	
                  April
                    2037

                
	
                  I-11-B

                	 	
                  Variable(2)

                	 	 	
                  $5,206,986.19

                	 	
                  April
                    2037

                
	
                  I-12-A

                	 	
                  Variable(2)

                	 	 	
                  $4,974,243.30

                	 	
                  April
                    2037

                
	
                  I-12-B

                	 	
                  Variable(2)

                	 	 	
                  $4,974,243.30

                	 	
                  April
                    2037

                
	
                  I-13-A

                	 	
                  Variable(2)

                	 	 	
                  $4,751,888.22

                	 	
                  April
                    2037

                
	
                  I-13-B

                	 	
                  Variable(2)

                	 	 	
                  $4,751,888.22

                	 	
                  April
                    2037

                

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        
          	
                  Designation

                	 	
                  REMIC
                    I

                  Remittance
                    Rate

                	 	
                  Initial

                  Uncertificated
                    Balance

                	 	
                  Latest
                    Possible

                  Maturity
                    Date(1)

                
	
                  I-14-A

                	 	
                  Variable(2)

                	 	 	
                  $4,539,457.83

                	 	
                  April
                    2037

                
	
                  I-14-B

                	 	
                  Variable(2)

                	 	 	
                  $4,539,457.83

                	 	
                  April
                    2037

                
	
                  I-15-A

                	 	
                  Variable(2)

                	 	 	
                  $4,336,509.70

                	 	
                  April
                    2037

                
	
                  I-15-B

                	 	
                  Variable(2)

                	 	 	
                  $4,336,509.70

                	 	
                  April
                    2037

                
	
                  I-16-A

                	 	
                  Variable(2)

                	 	 	
                  $4,142,621.04

                	 	
                  April
                    2037

                
	
                  I-16-B

                	 	
                  Variable(2)

                	 	 	
                  $4,142,621.04

                	 	
                  April
                    2037

                
	
                  I-17-A

                	 	
                  Variable(2)

                	 	 	
                  $3,957,387.96

                	 	
                  April
                    2037

                
	
                  I-17-B

                	 	
                  Variable(2)

                	 	 	
                  $3,957,387.96

                	 	
                  April
                    2037

                
	
                  I-18-A

                	 	
                  Variable(2)

                	 	 	
                  $3,780,424.49

                	 	
                  April
                    2037

                
	
                  I-18-B

                	 	
                  Variable(2)

                	 	 	
                  $3,780,424.49

                	 	
                  April
                    2037

                
	
                  I-19-A

                	 	
                  Variable(2)

                	 	 	
                  $3,611,361.93

                	 	
                  April
                    2037

                
	
                  I-19-B

                	 	
                  Variable(2)

                	 	 	
                  $3,611,361.93

                	 	
                  April
                    2037

                
	
                  I-20-A

                	 	
                  Variable(2)

                	 	 	
                  $3,449,847.94

                	 	
                  April
                    2037

                
	
                  I-20-B

                	 	
                  Variable(2)

                	 	 	
                  $3,449,847.94

                	 	
                  April
                    2037

                
	
                  I-21-A

                	 	
                  Variable(2)

                	 	 	
                  $3,295,545.92

                	 	
                  April
                    2037

                
	
                  I-21-B

                	 	
                  Variable(2)

                	 	 	
                  $3,295,545.92

                	 	
                  April
                    2037

                
	
                  I-22-A

                	 	
                  Variable(2)

                	 	 	
                  $3,148,134.21

                	 	
                  April
                    2037

                
	
                  I-22-B

                	 	
                  Variable(2)

                	 	 	
                  $3,148,134.21

                	 	
                  April
                    2037

                
	
                  I-23-A

                	 	
                  Variable(2)

                	 	 	
                  $3,007,305.56

                	 	
                  April
                    2037

                
	
                  I-23-B

                	 	
                  Variable(2)

                	 	 	
                  $3,007,305.56

                	 	
                  April
                    2037

                
	
                  I-24-A

                	 	
                  Variable(2)

                	 	 	
                  $2,872,766.33

                	 	
                  April
                    2037

                
	
                  I-24-B

                	 	
                  Variable(2)

                	 	 	
                  $2,872,766.33

                	 	
                  April
                    2037

                
	
                  I-25-A

                	 	
                  Variable(2)

                	 	 	
                  $2,744,236.02

                	 	
                  April
                    2037

                
	
                  I-25-B

                	 	
                  Variable(2)

                	 	 	
                  $2,744,236.02

                	 	
                  April
                    2037

                
	
                  I-26-A

                	 	
                  Variable(2)

                	 	 	
                  $2,621,446.60

                	 	
                  April
                    2037

                
	
                  I-26-B

                	 	
                  Variable(2)

                	 	 	
                  $2,621,446.60

                	 	
                  April
                    2037

                
	
                  I-27-A

                	 	
                  Variable(2)

                	 	 	
                  $2,504,141.99

                	 	
                  April
                    2037

                
	
                  I-27-B

                	 	
                  Variable(2)

                	 	 	
                  $2,504,141.99

                	 	
                  April
                    2037

                
	
                  I-28-A

                	 	
                  Variable(2)

                	 	 	
                  $2,392,077.52

                	 	
                  April
                    2037

                
	
                  I-28-B

                	 	
                  Variable(2)

                	 	 	
                  $2,392,077.52

                	 	
                  April
                    2037

                
	
                  I-29-A

                	 	
                  Variable(2)

                	 	 	
                  $2,285,019.42

                	 	
                  April
                    2037

                
	
                  I-29-B

                	 	
                  Variable(2)

                	 	 	
                  $2,285,019.42

                	 	
                  April
                    2037

                
	
                  I-30-A

                	 	
                  Variable(2)

                	 	 	
                  $2,182,744.34

                	 	
                  April
                    2037

                
	
                  I-30-B

                	 	
                  Variable(2)

                	 	 	
                  $2,182,744.34

                	 	
                  April
                    2037

                
	
                  I-31-A

                	 	
                  Variable(2)

                	 	 	
                  $2,085,038.90

                	 	
                  April
                    2037

                
	
                  I-31-B

                	 	
                  Variable(2)

                	 	 	
                  $2,085,038.90

                	 	
                  April
                    2037

                
	
                  I-32-A

                	 	
                  Variable(2)

                	 	 	
                  $1,991,699.18

                	 	
                  April
                    2037

                
	
                  I-32-B

                	 	
                  Variable(2)

                	 	 	
                  $1,991,699.18

                	 	
                  April
                    2037

                
	
                  I-33-A

                	 	
                  Variable(2)

                	 	 	
                  $1,902,530.42

                	 	
                  April
                    2037

                
	
                  I-33-B

                	 	
                  Variable(2)

                	 	 	
                  $1,902,530.42

                	 	
                  April
                    2037

                
	
                  I-34-A

                	 	
                  Variable(2)

                	 	 	
                  $1,817,346.48

                	 	
                  April
                    2037

                
	
                  I-34-B

                	 	
                  Variable(2)

                	 	 	
                  $1,817,346.48

                	 	
                  April
                    2037

                
	
                  I-35-A

                	 	
                  Variable(2)

                	 	 	
                  $1,735,969.55

                	 	
                  April
                    2037

                
	
                  I-35-B

                	 	
                  Variable(2)

                	 	 	
                  $1,735,969.55

                	 	
                  April
                    2037

                
	
                  I-36-A

                	 	
                  Variable(2)

                	 	 	
                  $1,658,229.72

                	 	
                  April
                    2037

                
	
                  I-36-B

                	 	
                  Variable(2)

                	 	 	
                  $1,658,229.72

                	 	
                  April
                    2037

                
	
                  I-37-A

                	 	
                  Variable(2)

                	 	 	
                  $1,583,964.69

                	 	
                  April
                    2037

                
	
                  I-37-B

                	 	
                  Variable(2)

                	 	 	
                  $1,583,964.69

                	 	
                  April
                    2037

                
	
                  I-38-A

                	 	
                  Variable(2)

                	 	 	
                  $1,513,019.36

                	 	
                  April
                    2037

                
	
                  I-38-B

                	 	
                  Variable(2)

                	 	 	
                  $1,513,019.36

                	 	
                  April
                    2037

                
	
                  I-39-A

                	 	
                  Variable(2)

                	 	 	
                  $1,445,245.56

                	 	
                  April
                    2037

                
	
                  I-39-B

                	 	
                  Variable(2)

                	 	 	
                  $1,445,245.56

                	 	
                  April
                    2037

                
	
                  I-40-A

                	 	
                  Variable(2)

                	 	 	
                  $1,380,501.73

                	 	
                  April
                    2037

                
	
                  I-40-B

                	 	
                  Variable(2)

                	 	 	
                  $1,380,501.73

                	 	
                  April
                    2037

                
	
                  I-41-A

                	 	
                  Variable(2)

                	 	 	
                  $1,318,652.61

                	 	
                  April
                    2037

                
	
                  I-41-B

                	 	
                  Variable(2)

                	 	 	
                  $1,318,652.61

                	 	
                  April
                    2037

                
	
                  I-42-A

                	 	
                  Variable(2)

                	 	 	
                  $1,259,568.97

                	 	
                  April
                    2037

                
	
                  I-42-B

                	 	
                  Variable(2)

                	 	 	
                  $1,259,568.97

                	 	
                  April
                    2037

                
	
                  I-43-A

                	 	
                  Variable(2)

                	 	 	
                  $1,203,127.36

                	 	
                  April
                    2037

                
	
                  I-43-B

                	 	
                  Variable(2)

                	 	 	
                  $1,203,127.36

                	 	
                  April
                    2037

                

        

        

        
          
            
              
              

            

            
              2

              
                

              

            

            
              
              

            

          

        

        

        

        
          	
                  Designation

                	 	
                  REMIC
                    I

                  Remittance
                    Rate

                	 	
                  Initial

                  Uncertificated
                    Balance

                	 	
                  Latest
                    Possible

                  Maturity
                    Date(1)

                
	
                  I-44-A

                	 	
                  Variable(2)

                	 	 	
                  $1,149,209.81

                	 	
                  April
                    2037

                
	
                  I-44-B

                	 	
                  Variable(2)

                	 	 	
                  $1,149,209.81

                	 	
                  April
                    2037

                
	
                  I-45-A

                	 	
                  Variable(2)

                	 	 	
                  $1,097,703.65

                	 	
                  April
                    2037

                
	
                  I-45-B

                	 	
                  Variable(2)

                	 	 	
                  $1,097,703.65

                	 	
                  April
                    2037

                
	
                  I-46-A

                	 	
                  Variable(2)

                	 	 	
                  $1,048,501.17

                	 	
                  April
                    2037

                
	
                  I-46-B

                	 	
                  Variable(2)

                	 	 	
                  $1,048,501.17

                	 	
                  April
                    2037

                
	
                  I-47-A

                	 	
                  Variable(2)

                	 	 	
                  $1,001,499.51

                	 	
                  April
                    2037

                
	
                  I-47-B

                	 	
                  Variable(2)

                	 	 	
                  $1,001,499.51

                	 	
                  April
                    2037

                
	
                  I-48-A

                	 	
                  Variable(2)

                	 	 	
                  $956,600.40

                	 	
                  April
                    2037

                
	
                  I-48-B

                	 	
                  Variable(2)

                	 	 	
                  $956,600.40

                	 	
                  April
                    2037

                
	
                  I-49-A

                	 	
                  Variable(2)

                	 	 	
                  $913,709.95

                	 	
                  April
                    2037

                
	
                  I-49-B

                	 	
                  Variable(2)

                	 	 	
                  $913,709.95

                	 	
                  April
                    2037

                
	
                  I-50-A

                	 	
                  Variable(2)

                	 	 	
                  $872,738.42

                	 	
                  April
                    2037

                
	
                  I-50-B

                	 	
                  Variable(2)

                	 	 	
                  $872,738.42

                	 	
                  April
                    2037

                
	
                  I-51-A

                	 	
                  Variable(2)

                	 	 	
                  $833,600.12

                	 	
                  April
                    2037

                
	
                  I-51-B

                	 	
                  Variable(2)

                	 	 	
                  $833,600.12

                	 	
                  April
                    2037

                
	
                  I-52-A

                	 	
                  Variable(2)

                	 	 	
                  $796,213.16

                	 	
                  April
                    2037

                
	
                  I-52-B

                	 	
                  Variable(2)

                	 	 	
                  $796,213.16

                	 	
                  April
                    2037

                
	
                  I-53-A

                	 	
                  Variable(2)

                	 	 	
                  $16,904,069.04

                	 	
                  April
                    2037

                
	
                  I-53-B

                	 	
                  Variable(2)

                	 	 	
                  $16,904,069.04

                	 	
                  April
                    2037

                

        

         

                    

      

      
        	
                (1)

              	
                For
                  purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                  the
                  Distribution Date immediately following the maturity date for the
                  Mortgage
                  Loan with the latest maturity date has been designated as the “latest
                  possible maturity date” for each REMIC I Regular
                  Interest.

              

      

       

      
        	
                (2)

              	
                Calculated
                  in accordance with the definition of “REMIC I Remittance Rate”
                  herein.

              

      

       

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      REMIC
        II

       

      As
        provided herein, the Securities Administrator will elect to treat the segregated
        pool of assets consisting of the REMIC I Regular Interests as a REMIC for
        federal income tax purposes, and such segregated pool of assets will be
        designated as “REMIC II.” The Class R-II Interest will evidence the sole class
        of “residual interests” in REMIC II for purposes of the REMIC Provisions. The
        following table irrevocably sets forth the designation, the REMIC II Remittance
        Rate, the initial aggregate Uncertificated Balance and, for purposes of
        satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
        maturity date” for each of the REMIC II Regular Interests. None of the REMIC II
        Regular Interests will be certificated.

       

      
        	
                Designation

              	
                REMIC
                  II

                Remittance
                  Rate

              	
                Initial

                Uncertificated
                  Balance

              	
                Latest
                  Possible

                Maturity
                  Date (1)

              
	
                AA

              	
                Variable(2)

              	
                $363,431,656.37

              	
                April
                  2037

              
	
                A

              	
                Variable(2)

              	
                $3,170,750.00

              	
                April
                  2037

              
	
                M-1

              	
                Variable(2)

              	
                $72,320.00

              	
                April
                  2037

              
	
                M-2

              	
                Variable(2)

              	
                $114,960.00

              	
                April
                  2037

              
	
                M-3

              	
                Variable(2)

              	
                $148,340.00

              	
                April
                  2037

              
	
                M-4

              	
                Variable(2)

              	
                $166,890.00

              	
                April
                  2037

              
	
                ZZ

              	
                Variable(2)

              	
                $3,743,712.58

              	
                April
                  2037

              
	
                P

              	
                Variable(2)(3)

              	
                $100.00

              	
                April
                  2037

              
	
                IO

              	
                Variable(2)

              	
                (4)          
                  

              	
                April
                  2037

              

      

      __________________________

      
        	
                (1)

              	
                For
                  purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                  the
                  Distribution Date immediately following the maturity date for the
                  Mortgage
                  Loan with the latest maturity date has been designated as the “latest
                  possible maturity date” for each REMIC II Regular
                  Interest.

              

      

       

      
        	
                (2)

              	
                Calculated
                  in accordance with the definition of “REMIC II Remittance Rate”
                  herein.

              

      

       

      
        	
                (3)

              	
                REMIC
                  II Regular Interest P will be entitled to 100% of the Prepayment
                  Charges.

              

      

       

      
        	
                (4)

              	
                REMIC
                  II Regular Interest IO will not have an Uncertificated Balance,
                  but will
                  accrue interest on its Notional
                  Amount.

              

      

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      REMIC
        III

       

      As
        provided herein, the Securities Administrator will elect to treat the segregated
        pool of assets consisting of the REMIC II Regular Interests as a REMIC for
        federal income tax purposes, and such segregated pool of assets will be
        designated as “REMIC III.” The Class R-III Interest will evidence the sole class
        of “residual interests” in REMIC III for purposes of the REMIC Provisions. The
        following table irrevocably sets forth the designation, the Pass-Through
        Rate,
        the initial aggregate Certificate Principal Balance and, for purposes of
        satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
        maturity date” for the indicated Classes of Certificates.

       

      
        	
                Designation

              	
                Pass-Through
                  Rate

              	
                Initial
                  Aggregate Certificate Principal Balance

              	
                Latest
                  Possible

                Maturity
                  Date
                  (1)

              
	
                Class
                  A

              	
                Variable(2)

              	
                $317,075,000.00

              	
                April
                  2037

              
	
                Class
                  M-1

              	
                Variable(2)

              	
                $7,232,000.00

              	
                April
                  2037

              
	
                Class
                  M-2

              	
                Variable(2)

              	
                $11,496,000.00

              	
                April
                  2037

              
	
                Class
                  M-3

              	
                Variable(2)

              	
                $14,834,000.00

              	
                April
                  2037

              
	
                Class
                  M-4

              	
                Variable(2)

              	
                $16,689,000.00

              	
                April
                  2037

              
	
                Class
                  P

              	
                N/A(3)

              	
                $100.00

              	
                April
                  2037

              
	
                Class
                  CE

              	
                (4)

              	
                $3,522,628.95

              	
                April
                  2037

              
	
                Class
                  IO Interest

              	
                (5)

              	
                (5)          
                  

              	
                April
                  2037

              

      

      __________________________

      
        
          	
                  (1)

                	
                  For
                    purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                    the
                    Distribution Date immediately following the maturity date for
                    the Mortgage
                    Loan with the latest maturity date has been designated as the
“latest
                    possible maturity date” for each Class of
                    Certificates.

                

        

         

        
          	
                  (2)

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

                

        

         

        
          	
                  (3)

                	
                  The
                    Class P Certificates will not accrue
                    interest.

                

        

         

        
          	
                  (4)

                	
                  The
                    Class CE Certificates will accrue interest at their variable
                    Pass-Through
                    Rate on the Notional Amount of the Class CE Certificates outstanding
                    from
                    time to time which shall equal the Uncertificated Balance of
                    the REMIC II
                    Regular Interests (other than REMIC II Regular Interest P). The
                    Class CE
                    Certificates will not accrue interest on their Certificate Principal
                    Balance.

                

          	 	 

        

        
          	
                  (5)

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

                

        

        
        

      

      The
        Mortgage Loans had an aggregate Scheduled Principal Balance as of the Cut-off
        Date, after deducting all Monthly Payments due on or before the Cut-off Date,
        of
        $370,848,728.95. 

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      In
        consideration of the mutual agreements herein contained, the Depositor, the
        Servicer, the Master Servicer, the Securities Administrator and the Trustee
        agree as follows:

      
      

      ARTICLE
        I

       

      DEFINITIONS

       

      SECTION
        1.01. Defined
        Terms.

       

      Whenever
        used in this Agreement, including, without limitation, in the Preliminary
        Statement hereto, the following words and phrases, unless the context otherwise
        requires, shall have the meanings specified in this Article. Unless otherwise
        specified, all calculations described herein shall be made on the basis of
        a
        360-day year consisting of twelve 30-day months.

       

      “Accepted
        Master Servicing Practices”:
        With
        respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
        master servicing practices of prudent mortgage servicing institutions that
        master service mortgage loans of the same type and quality as such Mortgage
        Loan
        in the jurisdiction where the related Mortgaged Property is located, to the
        extent applicable to the Master Servicer (except in its capacity as successor
        to
        the Servicer), or (y) as provided in Section 3.01 hereof, but in no event
        below
        the standard set forth in clause (x).

       

      “Accepted
        Servicing Practices”:
        As
        defined in Section 3.01.

       

      “Account”:
        The
        Collection Account and the Distribution Account as the context may
        require.

       

      “Accrued
        Certificate Interest”:
        With
        respect to any Class A Certificate, Mezzanine Certificate, Class CE Certificate
        and each Distribution Date, interest accrued during the related Interest
        Accrual
        Period at the Pass-Through Rate for such Certificate for such Distribution
        Date
        on the Certificate Principal Balance, in the case of the Class A Certificates
        and the Mezzanine Certificates, or on the Notional Amount in the case of
        the
        Class CE Certificates, of such Certificate immediately prior to such
        Distribution Date. The Class P Certificates are not entitled to distributions
        in
        respect of interest and, accordingly, will not accrue interest. All
        distributions of interest on the Class A Certificates and the Mezzanine
        Certificates will be calculated on the basis of a 360-day year and the actual
        number of days in the applicable Interest Accrual Period. All distributions
        of
        interest on the Class CE Certificates will be based on a 360-day year consisting
        of twelve 30-day months. Accrued Certificate Interest with respect to each
        Distribution Date, as to any Class A Certificate, Mezzanine Certificate or
        Class
        CE Certificate shall be reduced by an amount equal to the portion allocable
        to
        such Certificate pursuant to Section 1.02 hereof, if any, of the sum of (a)
        the
        aggregate Prepayment Interest Shortfall, if any, for such Distribution Date
        to
        the extent not covered by payments pursuant to Section 3.23 or Section 4.19
        of
        this Agreement and (b) the aggregate amount of any Relief Act Interest
        Shortfall, if any, for such Distribution Date. In addition, Accrued Certificate
        Interest with respect to each Distribution Date, as to any Class CE Certificate,
        shall be reduced by an amount equal to the portion allocable to such Class
        CE
        Certificate of Realized Losses, if any, pursuant to Section 1.02 and Section
        5.04 hereof.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      “Additional
        Disclosure Notification”:
        Has
        the meaning set forth in Section 5.06(a). 

       

      “Additional
        Form 10-D Disclosure”:
        Has
        the meaning set forth in Section 5.06(a) of this Agreement.

       

      “Additional
        Form 10-K Disclosure”:
        Has
        the meaning set forth in Section 5.06(d) of this Agreement. 

       

      “Additional
        Servicer”:
        Means
        each affiliate of the Servicer that Services any of the Mortgage Loans and
        each
        Person who is not an affiliate of the Servicer. For clarification purposes,
        the
        Master Servicer and the Securities Administrator are Additional
        Servicers.

       

      “Administration
        Fees”:
        The
        sum of (i) the Servicing Fee, (ii) the Master Servicing Fee and (iii) the
        Credit
        Risk Management Fee.

       

      “Administration
        Fee Rate”:
        The
        sum of (i) the Servicing Fee Rate, (ii) the Master Servicing Fee Rate and
        (iii)
        the Credit Risk Management Fee Rate. 

       

      “Advance
        Facility”:
        As
        defined in Section 3.26(a).

       

      “Advance
        Financing Person”:
        As
        defined in Section 3.26(a).

       

      “Advance
        Reimbursement Amounts”:
        As
        defined in Section 3.26(b).

       

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

       

      “Aggregate
        Loss Severity Percentage”:
        With
        respect to any Distribution Date, the percentage equivalent of a fraction,
        the
        numerator of which is the aggregate amount of Realized Losses incurred on
        any
        Mortgage Loans from the Cut-off Date to the last day of the preceding calendar
        month and the denominator of which is the aggregate principal balance of
        such
        Mortgage Loans immediately prior to the liquidation of such Mortgage
        Loans.

       

      “Agreement”:
        This
        Pooling and Servicing Agreement, including all exhibits and schedules hereto
        and
        all amendments hereof and supplements hereto.

       

      “Allocated
        Realized Loss Amount”:
        With
        respect to any Class of Mezzanine Certificates and any Distribution Date,
        an
        amount equal to the sum of any Realized Loss allocated to that Class of
        Certificates on the Distribution Date and any Allocated Realized Loss Amount
        for
        that Class remaining unpaid from the previous Distribution Date.

       

      “Amounts
        Held for Future Distribution”:
        As to
        any Distribution Date, the aggregate amount held in the Collection Account
        at
        the close of business on the immediately preceding Determination Date on
        account
        of (i) all Monthly Payments or portions thereof received in respect of the
        Mortgage Loans due after the related Due Period and (ii) Principal Prepayments
        and Liquidation Proceeds received in respect of such Mortgage Loans after
        the
        last day of the related Prepayment Period (together with any interest payments
        received with such Principal Prepayments to the extent they represent the
        payment of interest accrued on the Mortgage Loans during a period subsequent
        to
        the related Prepayment Period).

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      “Ancillary
        Income”:
        All
        income derived from the Mortgage Loans, other than Servicing Fees and Prepayment
        Charges, including but not limited to, late charges, fees received with respect
        to checks or bank drafts returned by the related bank for non sufficient
        funds,
        assumption fees, optional insurance, administrative fees and all other
        incidental fees and charges.

       

      “Assignment”:
        An
        assignment of Mortgage, notice of transfer or equivalent instrument, in
        recordable form, which is sufficient under the laws of the jurisdiction where
        the related Mortgaged Property is located to reflect of record the sale and
        assignment of the Mortgage, which assignment, notice of transfer or equivalent
        instrument may be in the form of one or more blanket assignments covering
        Mortgages secured by Mortgaged Properties located in the same county, if
        permitted by law.

       

      “Assignment
        Agreement”:
        The
        Assignment, Assumption and Recognition Agreement, dated as of May 15, 2007,
        among the Interim Seller as assignor, the Depositor as assignee, the Sponsor
        and
        the Master Servicer, and acknowledged and agreed to by the Guarantor evidencing
        the assignment of the Mortgage Loan Purchase Agreement from the Interim Seller
        to the Depositor, a copy of which is attached hereto as Exhibit F-2.

       

      “Authorized
        Officers”:
        A
        managing director of the whole loan trading desk and a managing director
        in
        global markets.

       

      “Available
        Distribution Amount”:
        With
        respect to any Distribution Date, an amount equal to (1) the sum of (a) the
        aggregate of the amounts on deposit in the Collection Account and the
        Distribution Account as of the close of business on the Servicer Remittance
        Date, (b) the aggregate of any amounts deposited in the Distribution Account
        by
        the Servicer or the Master Servicer in respect of Prepayment Interest Shortfalls
        for such Distribution Date pursuant to Section 3.23 or Section 4.19 of this
        Agreement, (c) the aggregate of any P&I Advances for such Distribution Date
        made by the Servicer pursuant to Section 5.03 of this Agreement and (d) the
        aggregate of any P&I Advances made by a successor to the Servicer (including
        the Master Servicer) for such Distribution Date pursuant to Section 8.02
        of this
        Agreement, reduced (to not less than zero) by (2) the portion of the amount
        described in clause (1)(a) above that represents (i) Amounts Held for Future
        Distribution, (ii) Liquidation Proceeds, Insurance Proceeds and Subsequent
        Recoveries received in respect of the Mortgage Loans after the related
        Prepayment Period, (iii) amounts reimbursable or payable to the Depositor,
        the
        Servicer, the Trustee, the Master Servicer, the Securities Administrator
        or the
        Custodian pursuant to Section 3.09 or 9.05 of this Agreement or otherwise
        payable in respect of Extraordinary Trust Fund Expenses, (iv) the Credit
        Risk
        Management Fee, (v) amounts deposited in the Collection Account or the
        Distribution Account in error, (vi) the amount of any Prepayment Charges
        collected by the Servicer in connection with the Principal Prepayment of
        any of
        the Mortgage Loans and (vii) amounts reimbursable to a successor Servicer
        (including the Master Servicer) pursuant to Section 8.02 of this Agreement.
        

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      “Avoided
        Payment”:
        With
        respect to the Insured Certificates, any payment of principal or interest
        previously distributed to a holder of an Insured Certificate by or on behalf
        of
        the Trust that is voided as a result of any Insolvency Proceeding and which
        is
        returned by a holder of Insured Certificates as required by a final,
        nonappealable order of a court of competent jurisdiction.

       

      “Balloon
        Mortgage Loan”:
        A
        Mortgage Loan that provides for the payment of the unamortized principal
        balance
        of such Mortgage Loan in a single payment, that is substantially greater
        than
        the preceding monthly payment at the maturity of such Mortgage
        Loan.

       

      “Balloon
        Payment”:
        A
        payment of the unamortized principal balance of a Mortgage Loan in a single
        payment, that is substantially greater than the preceding Monthly Payment
        at the
        maturity of such Mortgage Loan.

       

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

       

      “Book-Entry
        Certificates”:
        The
        Class A Certificates and Mezzanine Certificates for so long as the Certificates
        of such Class shall be registered in the name of the Depository or its
        nominee.

       

      “Book-Entry
        Custodian”:
        The
        custodian appointed pursuant to Section 6.01.

       

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

       

      “Cash-Out
        Refinancing”:
        A
        Refinanced Mortgage Loan the proceeds of which are more than a nominal amount
        in
        excess of the principal balance of any existing first mortgage plus any
        subordinate mortgage on the related Mortgaged Property and related closing
        costs.

       

      “Certificate”:
        Any
        one of the SunTrust Acquisition Closed-End Seconds Trust, Asset Backed
        Pass-Through Certificates, Series 2007-1, Class A, Class M-1, Class M-2,
        Class
        M-3, Class M-4, Class P, Class CE and Class R Certificates issued under this
        Agreement. 

       

      “Certificate
        Factor”:
        With
        respect to any Class of Certificates (other than the Residual Certificates)
        as
        of any Distribution Date, a fraction, expressed as a decimal carried to six
        places, the numerator of which is the aggregate Certificate Principal Balance
        (or Notional Amount, in the case of the Class CE Certificates) of such Class
        of
        Certificates on such Distribution Date (after giving effect to any distributions
        of principal and allocations of Realized Losses resulting in reduction of
        the
        Certificate Principal Balance (or Notional Amount, in the case of the Class
        CE
        Certificates) of such Class of Certificates to be made on such Distribution
        Date), and the denominator of which is the initial aggregate Certificate
        Principal Balance (or Notional Amount, in the case of the Class CE Certificates)
        of such Class of Certificates as of the Closing Date.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      “Certificate
        Margin”:
        With
        respect to the Class A Certificates and, for purposes of the definition of
        “Marker Rate”, REMIC II Regular Interest A, 0.32% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.64%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-1 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-1, 2.50% in the case of each
        Distribution Date through and including the Optional Termination Date and
        3.75%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-2 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-2, 2.50% in the case of each
        Distribution Date through and including the Optional Termination Date and
        3.75%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-3 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-3, 2.50% in the case of each
        Distribution Date through and including the Optional Termination Date and
        3.75%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-4 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-4, 2.50% in the case of each
        Distribution Date through and including the Optional Termination Date and
        3.75%
        in the case of each Distribution Date thereafter.

       

      “Certificateholder”
or
        “Holder”:
        The
        Person in whose name a Certificate is registered in the Certificate Register,
        except that a Disqualified Organization or a Non-United States Person shall
        not
        be a Holder of a Residual Certificate for any purposes hereof, and solely
        for
        the purposes of giving any consent pursuant to this Agreement, any Certificate
        registered in the name of or beneficially owned by the Depositor, the Sponsor,
        the Servicer, the Master Servicer, the Securities Administrator, the Trustee
        or
        any Affiliate thereof shall be deemed not to be outstanding and the Voting
        Rights to which it is entitled shall not be taken into account in determining
        whether the requisite percentage of Voting Rights necessary to effect any
        such
        consent has been obtained, except as otherwise provided in Section 12.01.
        The
        Trustee and the Securities Administrator may conclusively rely upon a
        certificate of the Depositor, the Sponsor, the Master Servicer, the Securities
        Administrator or the Servicer in determining whether a Certificate is held
        by an
        Affiliate thereof. All references herein to “Holders” or “Certificateholders”
shall reflect the rights of Certificate Owners as they may indirectly exercise
        such rights through the Depository and participating members thereof, except
        as
        otherwise specified herein; provided, however, that the Trustee and the
        Securities Administrator shall be required to recognize as a “Holder” or
“Certificateholder” only the Person in whose name a Certificate is registered in
        the Certificate Register.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      “Certificate
        Owner”:
        With
        respect to a Book-Entry Certificate, the Person who is the beneficial owner
        of
        such Certificate as reflected on the books of the Depository or on the books
        of
        a Depository Participant or on the books of an indirect participating brokerage
        firm for which a Depository Participant acts as agent.

       

      “Certificate
        Principal Balance”:
        With
        respect to each Class A Certificate, Mezzanine Certificate or Class P
        Certificate as of any date of determination, the Certificate Principal Balance
        of such Certificate on the Closing Date, minus (i) all distributions allocable
        to principal made thereon prior to such date of determination, minus (ii)
        Realized Losses allocated to the applicable Mezzanine Certificate, if any,
        prior
        to such date of determination, plus (iii) any Subsequent Recoveries added
        to the
        Certificate Principal Balance of such Mezzanine Certificate prior to such
        date
        of determination pursuant to Section 5.04. With respect to each Class CE
        Certificate as of any date of determination, an amount equal to the Percentage
        Interest evidenced by such Certificate times the excess, if any, of (A) the
        then
        aggregate Uncertificated Balances of the REMIC II Regular Interests over
        (B) the
        then aggregate Certificate Principal Balances of the Class A Certificates,
        the
        Mezzanine Certificates and the Class P Certificates then outstanding. The
        aggregate initial Certificate Principal Balance of each Class of Regular
        Certificates is set forth in the Preliminary Statement hereto.

       

      “Certificate
        Register”:
        The
        register maintained pursuant to Section 6.02.

       

      “Certification
        Parties”:
        Has
        the meaning set forth in Section 3.20 of this Agreement.

       

      “Certifying
        Person”:
        Has
        the meaning set forth in Section 3.20 of this Agreement.

       

      “Charged
        Off Loan”:
        With
        respect to any Distribution Date, a defaulted Mortgage Loan that the Servicer
        is
        required to charge off once such Mortgage Loan becomes 180 days delinquent
        pursuant to Section 3.13, provided that such Mortgage Loan is not a Liquidated
        Mortgage Loan.

       

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

       

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

       

      “Class
        A Certificate Insurer”:
        XL
        Capital Assurance Inc. 

       

      “Class
        A Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the Certificate Principal
        Balance of the Class A Certificates immediately prior to such Distribution
        Date
        over (y) the lesser of (A) the product of (i) 71.00% and (ii) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period (after giving effect to scheduled payments of principal due during
        the related Due Period, to the extent received or advanced and unscheduled
        collections of principal received during the related Prepayment Period) and
        (B)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced
        and unscheduled collections of principal received during the related Prepayment
        Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
        of the Mortgage Loans as of the Cut-off Date.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      “Class
        CE Certificate”:
        Any
        one of the Class CE Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-3 and evidencing (i) a Regular Interest in REMIC III,
        (ii)
        beneficial ownership of the Reserve Fund and (iii) beneficial ownership of
        the
        Supplemental Interest Trust.

       

      “Class
        IO Distribution Amount”:
        As defined in Section 5.07(f) hereof. For
        purposes of clarity, the Class IO Distribution Amount for any Distribution
        Date
        shall equal the amount payable to the Supplemental Interest Trust on such
        Distribution Date in excess of the amount payable on the Class IO Interest
        on
        such Distribution Date, all as further provided in Section 5.07(f)
        hereof.

       

      “Class
        IO Interest”:
        An
        uncertificated interest in the Trust Fund held by the Trustee, evidencing
        a
        REMIC Regular Interest in REMIC III for purposes of the REMIC
        Provisions.

       

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

       

      “Class
        M-1 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
        Principal Balance of the Class A Certificates after taking into account the
        payment of the Class A Principal Distribution Amount on the Distribution
        Date
        and (ii) the Certificate Principal Balance of the Class M-1 Certificates
        immediately prior to the Distribution Date over (y) the lesser of (A) the
        product of (i) 74.90% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period) minus the product
        of
        (i) 0.50% and (ii) the aggregate principal balance of the Mortgage Loans
        as of
        the Cut-off Date.

       

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

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      “Class
        M-2 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
        Principal Balance of the Class A Certificates after taking into account the
        payment of the Class A Principal Distribution Amount on the Distribution
        Date,
        (ii) the Certificate Principal Balance of the Class M-1 Certificates after
        taking into account the payment of the Class M-1 Principal Distribution Amount
        on the Distribution Date and (iii) the Certificate Principal Balance of the
        Class M-2 Certificates immediately prior to the Distribution Date over (y)
        the
        lesser of (A) the product of (i) 81.10% and (ii) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period) and (B) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period (after giving effect to scheduled payments of principal due during
        the related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) minus
        the product of (i) 0.50% and (ii) the aggregate principal balance of the
        Mortgage Loans as of the Cut-off Date.

       

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

       

      “Class
        M-3 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
        Principal Balance of the Class A Certificates after taking into account the
        payment of the Class A Principal Distribution Amount on the Distribution
        Date,
        (ii) the Certificate Principal Balance of the Class M-1 Certificates after
        taking into account the payment of the Class M-1 Principal Distribution Amount
        on the Distribution Date, (iii) the Certificate Principal Balance of the
        Class
        M-2 Certificates after taking into account the payment of the Class M-2
        Principal Distribution Amount on the Distribution Date and (iv) the Certificate
        Principal Balance of the Class M-3 Certificates immediately prior to the
        Distribution Date over (y) the lesser of (A) the product of (i) 89.10% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
        as
        of the last day of the related Due Period (after giving effect to scheduled
        payments of principal due during the related Due Period, to the extent received
        or advanced, and unscheduled collections of principal received during the
        related Prepayment Period) minus the product of (i) 0.50% and (ii) the aggregate
        principal balance of the Mortgage Loans as of the Cut-off Date. 

       

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

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      “Class
        M-4 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
        Principal Balance of the Class A Certificates after taking into account the
        payment of the Class A Principal Distribution Amount on the Distribution
        Date,
        (ii) the Certificate Principal Balance of the Class M-1 Certificates after
        taking into account the payment of the Class M-1 Principal Distribution Amount
        on the Distribution Date, (iii) the Certificate Principal Balance of the
        Class
        M-2 Certificates after taking into account the payment of the Class M-2
        Principal Distribution Amount on the Distribution Date, (iv) the Certificate
        Principal Balance of the Class M-3 Certificates after taking into account
        the
        payment of the Class M-3 Principal Distribution Amount on the Distribution
        Date
        and (v) the Certificate Principal Balance of the Class M-4 Certificates
        immediately prior to the Distribution Date over (y) the lesser of (A) the
        product of (i) 98.10% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period) minus the product
        of
        (i) 0.50% and (ii) the aggregate principal balance of the Mortgage Loans
        as of
        the Cut-off Date. 

       

      “Class
        P Certificate”:
        Any
        one of the Class P Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-4 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        R Certificates”:
        Any
        one of the Class R Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-5, and evidencing the Class R-I Interest, the Class R-II
        Interest and the Class R-III Interest.

       

      “Class
        R-I Interest”:
        The
        uncertificated residual interest in REMIC I.

       

      “Class
        R-II Interest”:
        The
        uncertificated residual interest in REMIC II.

       

      “Class
        R-III Interest”:
        The
        uncertificated residual interest in REMIC III.

       

      “Closing
        Date”:
        May 15, 2007.

       

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

       

      “Collection
        Account”:
        The
        separate account or accounts created and maintained, or caused to be created
        and
        maintained, by the Servicer pursuant to Section 3.08(a) of this Agreement
        for
        the benefit of the Certificateholders, which shall be entitled “GMAC Mortgage,
        LLC, as Servicer for HSBC Bank USA, National Association as Trustee, in trust
        for the registered holders of SunTrust Acquisition Closed-End Seconds Trust,
        Series 2007-1, Asset Backed Pass-Through Certificates. The Collection Account
        must be an Eligible Account.

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      “Combined
        Loan-to-Value Ratio”:
        With
        respect to any Mortgage Loan and as of any date of determination, the fraction
        (expressed as a percentage) the numerator of which is the sum of (i) original
        principal balance of the related Mortgage Loan at such date of determination
        and
        (ii) the unpaid principal balance of the related First Mortgage Loan as of
        the
        date of origination of that Mortgage Loan and the denominator of which is
        (a)
        with respect to a Refinanced Mortgage Loan, the Value of the related Mortgaged
        Property at origination and (b) with respect to all other Mortgage Loans,
        the
        lesser of (i) the Value of the related Mortgage Property at origination and
        (ii)
        the purchase price of the related Mortgaged Property.

       

      “Commission”:
        The
        Securities and Exchange Commission.

       

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

       

      “Corporate
        Trust Office”:
        The
        principal corporate trust office of the Trustee or the Securities Administrator,
        as the case may be, at which, at any particular time, its corporate trust
        business in connection with this Agreement shall be administered, which office
        at the date of the execution of this instrument is located at (i) with respect
        to the Trustee, HSBC Bank USA, National Association, 452 Fifth Avenue, New
        York,
        New York 10018, Attention: CTLA-Structured Finance/STACS 2007-1, or at such
        other address as the Trustee may designate from time to time by notice to
        the
        Certificateholders, the Depositor, the Master Servicer, the Securities
        Administrator and the Servicer, or (ii) with respect to the Securities
        Administrator, (A) for purposes of Certificate transfers and surrender, Wells
        Fargo Bank, National Association, Sixth Street and Marquette Avenue,
        Minneapolis, Minnesota 55479, Attention: Corporate Trust (STACS 2007-1),
        and (B)
        for all other purposes, Wells Fargo Bank, National Association, P.O. Box
        98,
        Columbia, Maryland 21046, Attention: Corporate Trust (STACS 2007-1) (or for
        overnight deliveries, at 9062 Old Annapolis Road, Columbia, Maryland 21045,
        Attention: Corporate Trust (STACS 2007-1)), or at such other address as the
        Securities Administrator may designate from time to time by notice to the
        Certificateholders, the Depositor, the Master Servicer, the Servicer and
        the
        Trustee.

       

      “Corresponding
        Certificate”:
        With
        respect to each REMIC II Regular Interest, as follows:

       

      
        	
                REMIC
                  II Regular Interest

              	
                Class

              
	
                REMIC
                  II Regular Interest A

              	
                A

              
	
                REMIC
                  II Regular Interest M-1

              	
                M-1

              
	
                REMIC
                  II Regular Interest M-2

              	
                M-2

              
	
                REMIC
                  II Regular Interest M-3

              	
                M-3

              
	
                REMIC
                  II Regular Interest M-4

              	
                M-4

              
	
                REMIC
                  II Regular Interest P

              	
                P

              

      

      

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      “Credit
        Enhancement Percentage”:
        For
        any Distribution Date, the percentage equivalent of a fraction, the numerator
        of
        which is the sum of the aggregate Certificate Principal Balances of the
        Mezzanine Certificates and the Class CE Certificates (which includes the
        Overcollateralization Amount), and the denominator of which is the aggregate
        Stated Principal Balance of the Mortgage Loans, calculated after taking into
        account distributions of principal on the Mortgage Loans and distribution
        of the
        Principal Distribution Amount to the Certificates then entitled to distributions
        of principal on such Distribution Date.

       

      “Credit
        Risk Management Agreements”:
        The
        agreements between the Credit Risk Manager and the Servicer and/or Master
        Servicer, each regarding the loss mitigation and advisory services to be
        provided by the Credit Risk Manager.

       

      “Credit
        Risk Management Fee”:
        The
        amount payable to the Credit Risk Manager on each Distribution Date as
        compensation for all services rendered by it in the exercise and performance
        of
        any and all powers and duties of the Credit Risk Manager under the Credit
        Risk
        Management Agreements, which amount shall equal one twelfth of the product
        of
        (i) the Credit Risk Management Fee Rate multiplied by (ii) the Stated Principal
        Balance of the Mortgage Loans and any related REO Properties as of the first
        day
        of the related Due Period.

       

      “Credit
        Risk Management Fee Rate”:
        0.010%
        per annum.

       

      “Credit
        Risk Manager”:
        Clayton Fixed Income Services Inc., a Colorado corporation and its successors
        and assigns.

       

      “Custodial
        Agreement”:
        The
        Custodial Agreement, dated as of April 1, 2007, among the Trustee, the Custodian
        and the Servicer, as may be amended or supplemented from time to time, or
        any
        other custodial agreement entered into after the date hereof with respect
        to any
        Mortgage Loan subject to this Agreement.

       

      “Custodian”:
        Deutsche Bank National Trust Company or any other custodian appointed under
        any
        custodial agreement entered into after the date of this Agreement.

       

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

       

      “DBRS”:
        DBRS,
        Inc.

       

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

       

      “Deficiency
        Amount”:
        As of
        any Distribution Date, the sum of the following amounts, in each case after
        giving effect to distributions made on the Insured Certificates on such
        Distribution Date from sources other than the Policy:

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      (i) the
        excess, if any, of (A) the Interest Distribution Amount for the related Interest
        Accrual Period on the Insured Certificates (calculated without regard to
        any
        step-up of the related Pass-Through Rate following the first Distribution
        Date
        following the Optional Termination Date) over (B) the Interest Remittance
        Amount
        allocated to pay such Interest Distribution Amount pursuant to this Agreement
        from sources other than the Policy; 

       

      (ii) if
        such
        Distribution Date is not the Final Maturity Date, the amount, if any, by
        which
        the Certificate Principal Balance of the Insured Certificates (after giving
        effect to all distributions to the Insured Certificates on such Distribution
        Date) exceeds the aggregate principal balance of the Mortgage Loans as of
        the
        last day of the related Due Period; and

       

      (iii) the
        Certificate Principal Balance of the Insured Certificates on its Final Maturity
        Date after giving effect to all distributions to the Insured Certificates
        on
        such date.

       

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

       

      “Definitive
        Certificates”:
        As
        defined in Section 6.01(b).

       

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

       

      “Delinquency
        Percentage”:
        As of
        the last day of the related Due Period, the percentage equivalent of a fraction,
        the numerator of which is the aggregate Stated Principal Balance of all Mortgage
        Loans that, using the OTS Method, are sixty (60) or more days delinquent,
        are in
        foreclosure, have been converted to REO Properties or have been discharged
        by
        reason of bankruptcy (but excluding Charged Off Loans), and the denominator
        of
        which is the aggregate Stated Principal Balance of the Mortgage Loans and
        REO
        Properties as of the last day of the previous calendar month.

       

      “Depositor”:
        ACE
        Securities Corp., a Delaware corporation, or its successor in
        interest.

       

      “Depository”:
        The
        Depository Trust Company, or any successor Depository hereafter named. The
        nominee of the initial Depository, for purposes of registering those
        Certificates that are to be Book-Entry Certificates, is Cede & Co. The
        Depository shall at all times be a “clearing corporation” as defined in Section
        8-102(3) of the Uniform Commercial Code of the State of New York and a “clearing
        agency” registered pursuant to the provisions of Section 17A of the Exchange
        Act.

       

      “Depository
        Institution”:
        Any
        depository institution or trust company, including the Trustee, that (a)
        is
        incorporated under the laws of the United States of America or any State
        thereof, (b) is subject to supervision and examination by federal or state
        banking authorities and (c) has outstanding unsecured commercial paper or
        other
        short-term unsecured debt obligations (or, in the case of a depository
        institution that is the principal subsidiary of a holding company, such holding
        company has unsecured commercial paper or other short-term unsecured debt
        obligations) that are rated at least A-1+ by S&P, F-1+ by Fitch and P-1 by
        Moody’s (or, if such Rating Agencies are no longer rating the Offered
        Certificates, comparable ratings by any other nationally recognized statistical
        rating agency then rating the Offered Certificates).

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

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

       

      “Determination
        Date”:
        With
        respect to each Distribution Date, the 15th
        day of
        the calendar month in which such Distribution Date occurs, or if such
        15th
        day is
        not a Business Day, the Business Day immediately preceding such 15th
        day. The
        Determination Date for purposes of Article X hereof shall mean the
        15th
        day of
        the month, or if such 15th
        day is
        not a Business Day, the first Business Day following such 15th
        day.

       

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

       

      “Disqualified
        Organization”:
        Any of
        the following: (i) the United States, any State or political subdivision
        thereof, any possession of the United States, or any agency or instrumentality
        of any of the foregoing (other than an instrumentality which is a corporation
        if
        all of its activities are subject to tax and, except for Freddie Mac, a majority
        of its board of directors is not selected by such governmental unit), (ii)
        any
        foreign government, any international organization, or any agency or
        instrumentality of any of the foregoing, (iii) any organization (other than
        certain farmers’ cooperatives described in Section 521 of the Code) which is
        exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed
        by Section 511 of the Code on unrelated business taxable income), (iv) rural
        electric and telephone cooperatives described in Section 1381(a)(2)(C) of
        the
        Code, (v) an “electing large partnership” and (vi) any other Person so
        designated by the Securities Administrator based upon an Opinion of Counsel
        that
        the holding of an Ownership Interest in a Residual Certificate by such Person
        may cause any Trust REMIC or any Person having an Ownership Interest in any
        Class of Certificates (other than such Person) to incur a liability for any
        federal tax imposed under the Code that would not otherwise be imposed but
        for
        the Transfer of an Ownership Interest in a Residual Certificate to such Person.
        The terms “United States,” “State” and “international organization” shall have
        the meanings set forth in Section 7701 of the Code or successor
        provisions.

       

      “Distribution
        Account”:
        The
        separate trust account or accounts created and maintained by the Securities
        Administrator pursuant to Section 3.08(b) in the name of the Securities
        Administrator for the benefit of the Certificateholders and designated “Wells
        Fargo Bank, National Association, in trust for registered holders of SunTrust
        Acquisition Closed-End Seconds Trust, Series 2007-1 ”. Funds in the Distribution
        Account shall be held in trust for the Certificateholders for the uses and
        purposes set forth in this Agreement. The Distribution Account must be an
        Eligible Account.

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

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

       

      “Due
        Date”:
        With
        respect to each Distribution Date, the day of the month on which the Monthly
        Payment is due on a Mortgage Loan during the related Due Period, exclusive
        of
        any days of grace.

       

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

       

      “Eligible
        Account”:
        Any of
        (i) an account or accounts maintained with a Depository Institution, (ii)
        an
        account or accounts the deposits in which are fully insured by the FDIC,
        (iii) a
        trust account or accounts maintained with a federal depository institution
        or
        state chartered depository institution acting in its fiduciary capacity or
        (iv)
        an account or accounts acceptable to each Rating Agency as confirmed and
        approved in writing by each Rating Agency. Eligible Accounts may bear
        interest.

       

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

       

      “Escrow
        Account”:
        an
        account established by the Servicer for Escrow Payments on any Mortgage
        Loan.

       

      “Escrow
        Mortgage Loan”:
        Any
        Mortgage Loan for which the Servicer has established an Escrow Account for
        items
        constituting Escrow Payments.

       

      “Escrow
        Payments”:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        mortgage insurance premiums, fire and hazard insurance premiums, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage, applicable law or any other related document.

       

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

       

      “Excess
        Liquidation Proceeds”:
        To the
        extent that such amount is not required by law to be paid to the related
        Mortgagor, the amount, if any, by which Liquidation Proceeds with respect
        to a
        liquidated Mortgage Loan exceed the sum of (i) the outstanding principal
        balance
        of such Mortgage Loan and accrued but unpaid interest at the related Net
        Mortgage Rate through the last day of the month in which the related Liquidation
        Event occurs, plus (ii) related liquidation expenses or other amounts to
        which
        the Servicer is entitled to be reimbursed from Liquidation Proceeds with
        respect
        to such liquidated Mortgage Loan pursuant to Section 3.09 of this
        Agreement.

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      “Exchange
        Act”:
        The
        Securities Exchange Act of 1934, as amended, and the rules and regulations
        thereunder.

       

      “Extraordinary
        Trust Fund Expense”:
        Any
        amounts payable or reimbursable to the Trustee, the Master Servicer, the
        Securities Administrator, the Custodian or any director, officer, employee
        or
        agent of any such Person from the Trust Fund pursuant to the terms of this
        Agreement and any amounts payable from the Distribution Account in respect
        of
        taxes pursuant to Section 11.01(g)(v).

       

      “Fannie
        Mae”:
        Fannie
        Mae, formerly known as the Federal National Mortgage Association, or any
        successor thereto.

       

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

       

      “Final
        Maturity Date”:
        The
        Distribution Date occurring in April 2037.

       

      “Final
        Recovery Determination”:
        With
        respect to any defaulted Mortgage Loan or any REO Property (other than a
        Mortgage Loan or REO Property purchased by an originator, the Sponsor or
        the
        Terminator pursuant to or as contemplated by Section 2.03, 3.13(c) or Section
        10.01), a determination made by the Servicer that all Insurance Proceeds,
        Liquidation Proceeds and other payments or recoveries which the Servicer,
        in its
        reasonable good faith judgment, expects to be finally recoverable in respect
        thereof have been so recovered, which determination shall be evidenced by
        a
        certificate of a Servicing Officer of the Servicer delivered to the Master
        Servicer and maintained in its records.

       

      “First
        Mortgage Loan”:
        A
        mortgage loan that is secured by a first lien on the related Mortgaged
        Property.

       

      “Fitch”:
        Fitch
        Ratings or any successor in interest. 

       

      “Form
        8-K Disclosure Information”:
        Has
        the meaning set forth in Section 5.06(b) of this Agreement.

       

      “Freddie
        Mac”:
        Freddie Mac, formerly known as the Federal Home Loan Mortgage Corporation,
        or
        any successor thereto.

       

      “Guarantor”:
        SunTrust Bank.

       

      “GMAC”:
        GMAC
        Mortgage, LLC or any successor thereto appointed hereunder in connection
        with
        the servicing and administration of the Mortgage Loans.

       

      “Independent”:
        When
        used with respect to any accountants, a Person who is “independent” within the
        meaning of Rule 2-01(B) of the Commission’s Regulation S-X. When used with
        respect to any specified Person, any such Person who (a) is in fact independent
        of the Depositor, the Master Servicer, the Securities Administrator, the
        Servicer, the Sponsor, any originator and their respective Affiliates, (b)
        does
        not have any direct financial interest in or any material indirect financial
        interest in the Depositor, the Master Servicer, the Securities Administrator,
        the Servicer, the Sponsor, any originator or any Affiliate thereof, (c) is
        not
        connected with the Depositor, the Master Servicer, the Securities Administrator,
        the Servicer, the Sponsor, any originator or any Affiliate thereof as an
        officer, employee, promoter, underwriter, trustee, partner, director or Person
        performing similar functions and (d) is not a member of the immediate family
        of
        a Person defined on clause (b) or (c) above.

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

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

       

      “Insolvency
        Proceeding”:
        The
        commencement after the Closing Date of any bankruptcy, insolvency, readjustment
        of debt, reorganization, marshalling of assets and liabilities or similar
        proceedings by or against any person, the commencement, after the Closing
        Date,
        of any proceedings by or against any person for the winding up or liquidation
        of
        its affairs, or the consent, after the date hereof, to the appointment of
        a
        trustee, conservator, receiver or liquidator in any bankruptcy, insolvency,
        readjustment of debt, reorganization, marshalling of assets and liabilities
        or
        similar proceedings of or relating to any person.

       

      “Insurance
        Agreement”:
        The
        Insurance and Indemnity Agreement dated as of May 15, 2007, among the Class
        A Certificate Insurer, the Sponsor, the Guarantor, the Servicer, the Interim
        Seller, the Depositor, the Master Servicer and the Securities
        Administrator.

       

      “Insurance
        Proceeds”:
        Proceeds of any title policy, hazard policy or other insurance policy, covering
        a Mortgage Loan or the related Mortgaged Property, to the extent such proceeds
        are not to be applied to the restoration of the related Mortgaged Property
        or
        released to the Mortgagor or a senior lienholder in accordance with Accepted
        Servicing Practices, subject to the terms and conditions of the related Mortgage
        Note and Mortgage.

       

      “Insured
        Amounts”:
        With
        respect to any Distribution Date and the Insured Certificates, that portion
        of
        the Scheduled Payments that shall become due for payment but shall be unpaid
        by
        reason of Nonpayment on such Distribution Date (which shall be equal to the
        amount of any related Deficiency Amount).

       

      “Insured
        Certificates”:
        The
        Class A Certificates.

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

      “Insured
        Payments”:
        With
        respect to any Distribution Date, the aggregate amount actually paid by the
        Class A Certificate Insurer to the Securities Administrator in respect of
        Insured Amounts for such Distribution Date.

       

      “Insurer
        Reimbursement Amount”:
        As of
        any Distribution Date, the sum of (x)(i) all Insured Payments and Avoided
        Payments paid by the Class A Certificate Insurer, but for which the Class
        A
        Certificate Insurer has not been reimbursed prior to such Distribution Date,
        plus (ii) interest accrued on such Insured Payments and Avoided Payments
        not
        previously paid calculated at the Late Payment Rate, from the date the Class
        A
        Certificate Insurer paid the related Insured Payments or Avoided Payments
        to the
        Securities Administrator or (in the case of Avoided Payments) other authorized
        recipient, and (y) without duplication, (i) any amounts then due and owing
        to
        the Class A Certificate Insurer under the Insurance Agreement or this Agreement
        but for which the Class A Certificate Insurer has not been paid or reimbursed
        prior to such Distribution Date, plus (ii) interest on such amounts at the
        Late
        Payment Rate.

       

      “Interest
        Accrual Period”:
        With
        respect to any Distribution Date and the Class A Certificates and the Mezzanine
        Certificates, the period commencing on the Distribution Date of the month
        immediately preceding the month in which such Distribution Date occurs (or,
        in
        the case of the first Distribution Date, commencing on the Closing Date)
        and
        ending on the day preceding such Distribution Date. With respect to any
        Distribution Date and the Class CE Certificates and the REMIC I Regular
        Interests, the one-month period commencing on the first day of the month
        prior
        to the month in which the Distribution Date occurs and ending on the last
        day of
        the calendar month immediately preceding the month in which such Distribution
        Date occurs.

       

      “Interest
        Carry Forward Amount”:
        With
        respect to any Distribution Date and any Class A Certificate or Mezzanine
        Certificate, the sum of (i) the amount, if any, by which (a) the Interest
        Distribution Amount for such Class as of the immediately preceding Distribution
        Date exceeded (b) the actual amount distributed on such Class in respect
        of
        interest on such immediately preceding Distribution Date and (ii) the amount
        of
        any Interest Carry Forward Amount for such Class remaining unpaid from the
        previous Distribution Date, plus accrued interest on such sum calculated
        at the
        related Pass-Through Rate for the most recently ended Interest Accrual
        Period.

       

      “Interest
        Determination Date”:
        With
        respect to the Class A Certificates, the Mezzanine Certificates, REMIC I
        Regular
        Interests and REMIC II Regular Interests (other than REMIC II Regular Interest
        P) and any Interest Accrual Period therefor, the second London Business Day
        preceding the commencement of such Interest Accrual Period.

       

      “Interest
        Distribution Amount”:
        With
        respect to any Distribution Date and any Class A Certificates, any Mezzanine
        Certificates and any Class CE Certificates, the aggregate Accrued Certificate
        Interest on the Certificates of such Class for such Distribution
        Date.

       

      “Interest
        Remittance Amount”:
        With
        respect to any Distribution Date, that portion of the Available Distribution
        Amount for such Distribution Date equal to an amount equal to (1) the sum,
        without duplication, of (a) all scheduled interest received during the related
        Due Period with respect to the Mortgage Loans less the Servicing Fee and
        the fee
        payable to any provider of lender-paid mortgage insurance, if any (b) the
        aggregate of any amounts deposited in the Distribution Account by the Servicer
        or the Master Servicer in respect of Prepayment Interest Shortfalls for such
        Distribution Date pursuant to Section 3.23 or Section 4.19 of this Agreement,
        (c) the interest portion of the aggregate of any P&I Advances for such
        Distribution Date made by the Servicer pursuant to Section 5.03 of this
        Agreement and (d) the interest portion of the aggregate of any P&I Advances
        made by a successor to the Servicer (including the Master Servicer) for such
        Distribution Date pursuant to Section 8.02 of this Agreement, reduced (to
        not
        less than zero) by (2) the portion of the amount described in clause (1)(a)
        above that represents (i) Amounts Held for Future Distribution in respect
        of
        interest payments, (ii) the interst portion of Liquidation Proceeds, Insurance
        Proceeds and Subsequent Recoveries received in respect of the Mortgage Loans
        after the related Prepayment Period, (iii) amounts reimbursable or payable
        to
        the Depositor, the Servicer, the Trustee, the Master Servicer, the Securities
        Administrator or the Custodian pursuant to Section 3.09 or 9.05 of this
        Agreement or otherwise payable in respect of Extraordinary Trust Fund Expenses,
        (iv) the Credit Risk Management Fee and the Master Servicing Fee, and (v)
        amounts reimbursable to a successor Servicer (including the Master Servicer)
        pursuant to Section 8.02 of this Agreement.

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

      “Interim
        Seller”:
        GMAC
        Mortgage, LLC.

       

      “Last
        Scheduled Distribution Date”:
        The
        Distribution Date occurring in April 2037 which is the Distribution Date
        immediately following the maturity date for the Mortgage Loan with the latest
        maturity date.

       

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

       

      “Late
        Payment Rate”:
        The
        lesser of (a) the greater of (i) the prime rate as published in the Wall
        Street
        Journal (or if no such rate is published thereby, in a publication selected
        by
        the Class A Certificate Insurer) (any change in such rate of interest to
        be
        effective on the date such change is published) plus 2%, and (ii) the highest
        rate of interest on any of the Insured Certificates and (b) the maximum rate
        permissible under applicable usury or similar laws limiting interest rates.
        The
        Late Payment Rate shall be computed on the basis of the actual number of
        days
        elapsed over a year of 360 days for any Distribution Date.

       

      “Liquidated
        Mortgage Loan”:
        A
        Liquidated Mortgage Loan is a Mortgage Loan that was liquidated and for which
        the Servicer has determined that it has received all amounts it expects to
        receive in connection with such liquidation, including payments under any
        related private mortgage insurance policy, hazard insurance policy or any
        condemnation proceeds and amounts received in connection with the final
        disposition of the related REO Property.

       

      “Liquidation
        Event”:
        With
        respect to any Mortgage Loan, any of the following events: (i) such Mortgage
        Loan is paid in full; (ii) a Final Recovery Determination is made as to such
        Mortgage Loan; or (iii) such Mortgage Loan is removed from REMIC I by reason
        of
        its being purchased, sold or replaced pursuant to or as contemplated by Section
        2.03, Section 3.13(c) or Section 10.01 of this Agreement. With respect to
        any
        REO Property, either of the following events: (i) a Final Recovery Determination
        is made as to such REO Property or (ii) such REO Property is removed from
        REMIC
        I by reason of its being purchased pursuant to Section 10.01.

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

      “Liquidation
        Proceeds”:
        The
        amount (other than Insurance Proceeds, amounts received in respect of the
        rental
        of any REO Property prior to REO Disposition, or required to be released
        to a
        Mortgagor or a senior lienholder in accordance with applicable law or the
        terms
        of the related Mortgage Loan Documents) received by the Servicer in connection
        with (i) the taking of all or a part of a Mortgaged Property by exercise
        of the
        power of eminent domain or condemnation (other than amounts required to be
        released to the Mortgagor or a senior lienholder), (ii) the liquidation of
        a
        defaulted Mortgage Loan through a trustee’s sale, foreclosure sale or otherwise,
        (iii) the repurchase, substitution or sale of a Mortgage Loan or an REO Property
        pursuant to or as contemplated by Section 2.03, Section 3.13(c), Section
        3.22 or
        Section 10.01 of this Agreement or (iv) any Subsequent Recoveries. 

       

      “Loan-to-Value
        Ratio”:
        As of
        any date of determination, the fraction, expressed as a percentage, the
        numerator of which is the principal balance of the related Mortgage Loan
        at such
        date and the denominator of which is the Value of the related Mortgaged
        Property.

       

      “London
        Business Day”:
        Any
        day on which banks in the Cities of London and New York are open and conducting
        transactions in United States dollars.

       

      “Loss
        Severity Percentage”:
        With
        respect to any Distribution Date, the percentage equivalent of a fraction,
        the
        numerator of which is the amount of Realized Losses incurred on a Mortgage
        Loan
        and the denominator of which is the principal balance of such Mortgage Loan
        immediately prior to the liquidation of such Mortgage Loan.

       

      “Marker
        Rate”:
        With
        respect to the Class CE Certificates and any Distribution Date, a per annum
        rate
        equal to two (2) times the weighted average of the REMIC II Remittance Rate
        for
        each of REMIC II Regular Interest A, REMIC II Regular Interest M-1, REMIC
        II
        Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest
        M-4 and REMIC II Regular Interest ZZ, with the rate on each such REMIC II
        Regular Interest (other than REMIC II Regular Interest ZZ) subject to a cap
        equal to the lesser of (i) the related One-Month LIBOR Pass-Through Rate
        and
        (ii) the related Net WAC Pass-Through Rate for the Corresponding Certificate
        for
        the purpose of this calculation for such Distribution Date and with the rate
        on
        REMIC II Regular Interest ZZ subject to a cap of zero for the purpose of
        this
        calculation; provided however, each such cap for each REMIC II Regular Interest
        (other than REMIC II Regular Interest ZZ) shall be multiplied by a fraction
        the
        numerator of which is the actual number of days in the related Interest Accrual
        Period and the denominator of which is 30.

       

      “Master
        Servicer”:
        As of
        the Closing Date, Wells Fargo Bank, National Association and thereafter,
        its
        respective successors in interest who meet the qualifications of this Agreement.
        The Master Servicer and the Securities Administrator shall at all times be
        the
        same Person or an Affiliate.

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

      “Master
        Servicer Event of Default”:
        One or
        more of the events described in Section 8.01(b).

       

      “Master
        Servicing Fee”:
        With
        respect to each Mortgage Loan and for any calendar month, an amount equal
        to
        one-twelfth of the product of the Master Servicing Fee Rate multiplied by
        the
        Scheduled Principal Balance of the Mortgage Loans as of the Due Date in the
        preceding calendar month.

       

      “Master
        Servicing Fee Rate”:
        0.009%
        per annum.

       

      “Maximum
        ZZ Uncertificated Interest Deferral Amount”:
        With
        respect to any Distribution Date, the excess of (i) accrued interest at the
        REMIC II Remittance Rate applicable to REMIC II Regular Interest ZZ for such
        Distribution Date on a balance equal to the Uncertificated Balance of REMIC
        II
        Regular Interest ZZ minus the REMIC II Overcollateralization Amount, in each
        case for such Distribution Date, over (ii) Uncertificated Interest on REMIC
        II
        Regular Interest A, REMIC II Regular Interest M-1, REMIC II Regular Interest
        M-2, REMIC II Regular Interest M-3 and REMIC II Regular Interest M-4 for
        such
        Distribution Date, with the rate on each such REMIC II Regular Interest subject
        to a cap equal to the lesser of (i) the related One-Month LIBOR Pass-Through
        Rate and (ii) the related Net WAC Pass-Through Rate for the Corresponding
        Certificate for the purpose of this calculation for such Distribution Date;
        provided however, each such cap for each REMIC II Regular Interest shall
        be
        multiplied by a fraction the numerator of which is the actual number of days
        in
        the related Interest Accrual Period and the denominator of which is
        30.

       

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

       

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

       

      “Mezzanine
        Certificate”:
        Any
        Class M-1, Class M-2, Class M-3 or Class M-4 Certificate.

       

      “MIN”:
        The
        Mortgage Identification Number for Mortgage Loans registered with MERS on
        the
        MERS® System.

       

      “MOM
        Loan”:
        With
        respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage
        Loan, solely as nominee for the originator of such Mortgage Loan and its
        successors and assigns, at the origination thereof.

       

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

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

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

       

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

       

      “Mortgage
        File”:
        The
        Mortgage Loan Documents pertaining to a particular Mortgage Loan.

       

      “Mortgage
        Loan”:
        Each
        mortgage loan transferred and assigned to the Trustee and the Mortgage Loan
        Documents for which have been delivered to the Custodian pursuant to Section
        2.01 of this Agreement and pursuant to the Custodial Agreement, as held from
        time to time as a part of the Trust Fund, the Mortgage Loans so held being
        identified in the Mortgage Loan Schedule.

       

      “Mortgage
        Loan Documents”:
        The
        documents evidencing or relating to each Mortgage Loan delivered to the
        Custodian under the Custodial Agreement on behalf of the Trustee.

       

      “Mortgage
        Loan Purchase Agreement”:
        Shall
        mean the Mortgage Loan Purchase and Sale Agreement dated as of May 15, 2007,
        between the Sponsor as seller and the Interim Seller as purchaser, a copy
        of
        which is attached hereto as Exhibit F-1.

       

      “Mortgage
        Loan Schedule”:
        As of
        any date, the list of Mortgage Loans included in REMIC I on such date, attached
        hereto as Schedule 1. The Depositor shall deliver or cause the delivery of
        the
        initial Mortgage Loan Schedule to the Servicer, the Master Servicer, the
        Custodian and the Trustee on the Closing Date. The Mortgage Loan Schedule
        shall
        set forth the following information with respect to each Mortgage
        Loan:

       

      (i) the
        Mortgage Loan identifying number;

       

      (ii) the
        Mortgagor’s first and last name;

       

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

       

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

       

      (v) a
        code
        indicating whether the Mortgaged Property is a single family residence,
        two-family residence, three-family residence, four-family residence, PUD,
        townhouse or condominium;

       

      (vi) the
        original term to maturity or the remaining months to maturity from the Cut-off
        Date, in any case based on the original amortization schedule, and if different,
        the maturity expressed in the same manner but based on the actual amortization
        schedule;

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

      (vii) [reserved];

       

      (viii) the
        Combined Loan-to-Value Ratio at origination;

       

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

       

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

       

      (xi) the
        scheduled maturity date;

       

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

       

      (xiii) the
        amount of the Monthly Payment as of the Cut-off Date;

       

      (xiv) the
        last
        payment date on which a payment was actually applied;

       

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

       

      (xvi) the
        principal balance of the Mortgage Loan as of the Cut-off Date after deduction
        of
        payments of principal due on or before the Cut-off Date whether or not
        collected;

       

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

       

      (xviii) the
        Mortgage Rate at origination;

       

      (xix) the
        date
        on which the first Monthly Payment was due on the Mortgage Loan and, if such
        date is not consistent with the Due Date currently in effect, such Due
        Date;

       

      (xx) a
        code
        indicating the documentation style (i.e., full, stated or limited);

       

      (xxi) [reserved];

       

      (xxii) the
        Appraised Value of the Mortgaged Property;

       

      (xxiii) [reserved];

       

      (xxiv) a
        code
        indicating whether the Mortgage Loan is subject to a Prepayment Charge, the
        term
        of such Prepayment Charge and the amount of such Prepayment Charge;

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

      (xxv) the
        product type (e.g., 2/28, 15 year fixed, 30 year fixed, 15/30 balloon,
        etc.);

       

      (xxvi) the
        FICO
        score at origination; and

       

      (xxvii) with
        respect to each Mortgage Loan registered on MERS, the MIN.

       

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

       

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

       

      “Mortgage
        Rate”:
        With
        respect to each Mortgage Loan, the annual rate at which interest accrues
        on such
        Mortgage Loan from time to time in accordance with the provisions of the
        related
        Mortgage Note. With respect to each Mortgage Loan that becomes an REO Property,
        as of any date of determination, the annual rate determined in accordance
        with
        the immediately preceding sentence as of the date such Mortgage Loan became
        an
        REO Property.

       

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

       

      “Mortgagor”:
        The
        obligor on a Mortgage Note.

       

      “Net
        Monthly Excess Cashflow”:
        With
        respect to any Distribution Date, the sum of (i) any Overcollateralization
        Reduction Amount for such Distribution Date and (ii) the excess of (x) the
        Available Distribution Amount for such Distribution Date over (y) the sum
        for
        such Distribution Date of (A) the aggregate Senior Interest Distribution
        Amounts
        payable to the Holders of the Class A Certificates, (B) the aggregate Interest
        Distribution Amounts payable to the holders of the Mezzanine Certificates,
        (C)
        the Principal Remittance Amount, (D) any Net Swap Payment or Swap Termination
        Payment (not caused by the occurrence of a Swap Provider Trigger Event) owed
        to
        the Swap Provider (to the extent such amount has not been paid by the Securities
        Administrator from any upfront payment received pursuant to any related
        replacement interest rate swap agreement that may be entered into by the
        Trustee
        on behalf of the Supplemental Interest Trust) and (E) the Premium payable
        to the
        Class A Certificate Insurer and any reimbursements payable to the Class A
        Certificate Insurer pursuant to the Insurance Agreement.

       

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

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

       

      “Net
        Swap Payment”:
        With
        respect to each Distribution Date, the net payment required to be made pursuant
        to the terms of the Swap Agreement by either the Swap Provider or Securities
        Administrator from the Supplemental Interest Trust, which net payment shall
        not
        take into account any Swap Termination Payment.

       

      “Net
        WAC Pass-Through Rate”:
        With
        respect to the Offered Certificates and any Distribution Date, a rate per
        annum
        (adjusted for the actual number of days elapsed in the related Interest Accrual
        Period) equal to the product of (i) twelve and (ii) a fraction, expressed
        as a
        percentage, the numerator of which is the amount of interest which accrued
        on
        the Mortgage Loans in the prior calendar month minus the fees payable to
        the
        Servicer, the Master Servicer and the Credit Risk Manager for such Distribution
        Date and any Net Swap Payment payable to the Swap Provider and any Swap
        Termination Payment payable to the Swap Provider which was not caused by
        the
        occurrence of a Swap Provider Trigger Event (to the extent such amount has
        not
        been paid by the Securities Administrator from any upfront payment received
        pursuant to any related replacement interest rate swap agreement that may
        be
        entered into by the Supplemental Interest Trust Trustee), and, the Premium
        payable to the Class A Certificate Insurer in each case for such Distribution
        Date and the denominator of which is the aggregate principal balance of the
        Mortgage Loans as of the last day of the immediately preceding Due Period
        (or as
        of the Cut-off Date with respect to the first Distribution Date), after giving
        effect to principal prepayments received during the related Prepayment Period.
        For federal income tax purposes, such rate shall be expressed as the weighted
        average of (adjusted for the actual number of days elapsed in the related
        Interest Accrual Period) the REMIC II Remittance Rates on the REMIC II Regular
        Interests (other than REMIC II Regular Interest IO), weighted on the basis
        of
        the Uncertificated Balance of such REMIC II Regular Interest.

       

      “Net
        WAC Rate Carryover Amount”:
        With
        respect to any Class A Certificate or Mezzanine Certificate and any Distribution
        Date on which the Pass-Through Rate is limited to the applicable Net WAC
        Pass-Through Rate, an amount equal to the sum of (i) the excess of (x) the
        amount of interest such Class would have been entitled to receive on such
        Distribution Date if the applicable Net WAC Pass-Through Rate would not have
        been applicable to such Class on such Distribution Date over (y) the amount
        of
        interest paid to such Class on such Distribution Date at the applicable Net
        WAC
        Pass-Through Rate plus (ii) the related Net WAC Rate Carryover Amount for
        the
        previous Distribution Date not previously distributed to such Class together
        with interest thereon at a rate equal to the Pass-Through Rate for such Class
        for the most recently ended Interest Accrual Period without taking into account
        the applicable Net WAC Pass-Through Rate.

       

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

       

      “Nonpayment”:
        With
        respect to any Distribution Date, the failure of the Securities Administrator
        to
        receive in full, in accordance with the terms of this Agreement, funds legally
        available to pay all or a portion of the Scheduled Payment that is due for
        payment on the Insured Certificates with respect to such Distribution
        Date.

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

      “Nonrecoverable
        P&I Advance”:
        Any
        P&I Advance previously made or proposed to be made in respect of a Mortgage
        Loan or REO Property that, in the good faith business judgment of the Servicer
        or a successor to the Servicer (including the Master Servicer) will not or,
        in
        the case of a proposed P&I Advance, would not be ultimately recoverable from
        related Late Collections, Insurance Proceeds or Liquidation Proceeds on such
        Mortgage Loan or REO Property as provided herein.

       

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

       

      “Non-United
        States Person”:
        Any
        Person other than a United States Person.

       

      “Notional
        Amount”:
        With
        respect to the Class CE Certificates and any Distribution Date, the
        Uncertificated Balance of the REMIC II Regular Interests (other than REMIC
        II
        Regular Interest P) for such Distribution Date. As of the Closing Date, the
        Notional Amount of the Class CE Certificates is equal to
        $370,848,628.95.

       

      With
        respect to REMIC II Regular Interest IO and each Distribution Date listed
        below,
        the aggregate Uncertificated Balance of the REMIC I Regular Interests ending
        with the designation “A” listed below:

       

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interests

              
	
                1
                  

              	
                I-1-A
                  through I-53-A

              
	
                2

              	
                I-2-A
                  through I-53-A

              
	
                3

              	
                I-3-A
                  through I-53-A

              
	
                4

              	
                I-4-A
                  through I-53-A 

              
	
                5

              	
                I-5-A
                  through I-53-A 

              
	
                6

              	
                I-6-A
                  through I-53-A 

              
	
                7

              	
                I-7-A
                  through I-53-A 

              
	
                8

              	
                I-8-A
                  through I-53-A 

              
	
                9

              	
                I-9-A
                  through I-53-A 

              
	
                10

              	
                I-10-A
                  through I-53-A 

              
	
                11

              	
                I-11-A
                  through I-53-A 

              
	
                12

              	
                I-12-A
                  through I-53-A 

              
	
                13

              	
                I-13-A
                  through I-53-A 

              
	
                14

              	
                I-14-A
                  through I-53-A 

              
	
                15

              	
                I-15-A
                  through I-53-A 

              
	
                16

              	
                I-16-A
                  through I-53-A 

              
	
                17

              	
                I-17-A
                  through I-53-A 

              
	
                18

              	
                I-18-A
                  through I-53-A 

              
	
                19

              	
                I-19-A
                  through I-53-A 

              
	
                20

              	
                I-20-A
                  through I-53-A 

              
	
                21

              	
                I-21-A
                  through I-53-A 

              
	
                22

              	
                I-22-A
                  through I-53-A 

              
	
                23

              	
                I-23-A
                  through I-53-A 

              
	
                24

              	
                I-24-A
                  through I-53-A 

              

      

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

      

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interests

              
	
                25
                  

              	
                I-25-A
                  through I-53-A 

              
	
                26

              	
                I-26-A
                  through I-53-A 

              
	
                27

              	
                I-27-A
                  through I-53-A 

              
	
                28

              	
                I-28-A
                  through I-53-A 

              
	
                29

              	
                I-29-A
                  through I-53-A 

              
	
                30

              	
                I-30-A
                  through I-53-A 

              
	
                31

              	
                I-31-A
                  through I-53-A 

              
	
                32

              	
                I-32-A
                  through I-53-A 

              
	
                33

              	
                I-33-A
                  through I-53-A 

              
	
                34

              	
                I-34-A
                  through I-53-A 

              
	
                35

              	
                I-35-A
                  through I-53-A 

              
	
                36

              	
                I-36-A
                  through I-53-A 

              
	
                37

              	
                I-37-A
                  through I-53-A 

              
	
                38

              	
                I-38-A
                  through I-53-A 

              
	
                39

              	
                I-39-A
                  through I-53-A 

              
	
                40

              	
                I-40-A
                  through I-53-A 

              
	
                41

              	
                I-41-A
                  through I-53-A 

              
	
                42

              	
                I-42-A
                  through I-53-A 

              
	
                43

              	
                I-43-A
                  through I-53-A 

              
	
                44

              	
                I-44-A
                  through I-53-A 

              
	
                45

              	
                I-45-A
                  through I-53-A 

              
	
                46

              	
                I-46-A
                  through I-53-A 

              
	
                47

              	
                I-47-A
                  through I-53-A 

              
	
                48

              	
                I-48-A
                  through I-53-A 

              
	
                49

              	
                I-49-A
                  through I-53-A 

              
	
                50

              	
                I-50-A
                  through I-53-A 

              
	
                51

              	
                I-51-A
                  through I-53-A 

              
	
                52

              	
                I-52-A
                  and I-53-A

              
	
                53

              	
                I-53-A
                  and 

              
	
                thereafter

              	
                $0.00

              

      

      

      With
        respect to the Class IO Interest and any Distribution Date, an amount equal
        to
        the Notional Amount of the REMIC II Regular Interest IO.

       

      “Offered
        Certificates”:
        The
        Class A Certificates and the Mezzanine Certificates, collectively.

       

      “Officer’s
        Certificate”:
        With
        respect to any Person, a certificate signed by the Chairman of the Board,
        the
        Vice Chairman of the Board, the President or a vice president (however
        denominated), or by the Treasurer, the Secretary, or one of the assistant
        treasurers or assistant secretaries of such Person (or, in the case of a
        Person
        that is not a corporation, signed by the person or persons having like
        responsibilities).

       

      “One-Month
        LIBOR”:
        With
        respect to the Class A Certificates, the Mezzanine Certificates, REMIC II
        Regular Interests (other than REMIC II Regular Interest P) and any Interest
        Accrual Period therefor, the rate determined by the Securities Administrator
        on
        the related Interest Determination Date on the basis of the offered rate
        for
        one-month U.S. dollar deposits, as such rate appears on Reuters Screen LIBOR01
        Page as of 11:00 a.m. (London time) on such Interest Determination Date;
        provided that if such rate does not appear on Reuters Screen LIBOR01 Page,
        the
        rate for such date will be determined on the basis of the offered rates of
        the
        Reference Banks for one-month U.S. dollar deposits, as of 11:00 a.m. (London
        time) on such Interest Determination Date. In such event, the Securities
        Administrator will request the principal London office of each of the Reference
        Banks to provide a quotation of its rate. If on such Interest Determination
        Date, two or more Reference Banks provide such offered quotations, One-Month
        LIBOR for the related Interest Accrual Period shall be the arithmetic mean
        of
        such offered quotations (rounded upwards if necessary to the nearest whole
        multiple of 1/16). If on such Interest Determination Date, fewer than two
        Reference Banks provide such offered quotations, One-Month LIBOR for the
        related
        Interest Accrual Period shall be the higher of (i) LIBOR as determined on
        the
        previous Interest Determination Date and (ii) the Reserve Interest Rate.
        Notwithstanding the foregoing, if, under the priorities described above,
        LIBOR
        for an Interest Determination Date would be based on LIBOR for the previous
        Interest Determination Date for the third consecutive Interest Determination
        Date, the Securities Administrator shall select an alternative comparable
        index
        (over which the Securities Administrator has no control), used for determining
        one-month Eurodollar lending rates that is calculated and published (or
        otherwise made available) by an independent party. The establishment of
        One-Month LIBOR by the Securities Administrator and the Securities
        Administrator’s subsequent calculation of the One-Month LIBOR Pass-Through Rates
        for the relevant Interest Accrual Period, shall, in the absence of manifest
        error, be final and binding.

       

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

      “One-Month
        LIBOR Pass-Through Rate”:
        With
        respect to the Class A Certificates and, for purposes of the definition of
        “Marker Rate”, REMIC II Regular Interest A, a per annum rate equal to One-Month
        LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-1 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-1, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-2 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-2, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-3 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-3, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-4 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-4, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

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

       

      “Optional
        Termination Date”:
        The
        first Distribution Date on which the aggregate principal balance of the Mortgage
        Loans (and properties acquired in respect thereof) remaining in the Trust
        Fund
        as of the last day of the related Due Period has been reduced to less than
        or
        equal to 10% of the aggregate principal balance of the Mortgage Loans as
        of the
        Cut-off Date.

       

      
        
          
          

        

        
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      “OTS
        Method”:
        The
        Office of Thrift Supervision (OTS) Delinquency Calculation Method, pursuant
        to
        which a Mortgage Loan is considered delinquent if a Monthly Payment has not
        been
        received by the close of business on such Mortgage Loan’s Due Date in the
        following month. By way of example, a Mortgage Loan will be considered 30
        days
        delinquent if the Mortgagor fails to make a Monthly Payment due on July 1
        by the
        close of business on August 1. Such Mortgage Loan will be reported as current
        at
        the end of July and on the August statement to Certificateholders and will
        not
        be reported as delinquent until the end of August and on the September statement
        to Certificateholders. 

       

      “Overcollateralization
        Amount”:
        With
        respect to any Distribution Date, the excess, if any, of (a) the aggregate
        Stated Principal Balances of the Mortgage Loans and REO Properties immediately
        as of the close of business on the Due Date in the month in which the
        Distribution Date occurs after giving effect to principal prepayments received
        during the Prepayment Period that includes such Due Date over (b) the sum
        of the
        aggregate Certificate Principal Balances of the Class A Certificates, the
        Mezzanine Certificates and the Class P Certificates as of such Distribution
        Date
        (after taking into account the payment of the Principal Remittance Amount
        on
        such Distribution Date).

       

      “Overcollateralization
        Increase Amount”:
        With
        respect to any Distribution Date, the amount by which the Required
        Overcollateralization Amount for such Distribution Date exceeds the
        Overcollateralization Amount (calculated for this purpose assuming 100% of
        the
        Principal Remittance Amount is distributed to the Class A Certificates and
        the
        Mezzanine Certificates on such Distribution Date) for such Distribution
        Date.

       

      “Overcollateralization
        Reduction Amount”:
        With
        respect to any Distribution Date, the lesser of (i) the amount by which the
        Overcollateralization Amount (calculated for this purpose assuming 100% of
        the
        Principal Remittance Amount is distributed to the Class A Certificates and
        the
        Mezzanine Certificates on such Distribution Date) exceeds the Required
        Overcollateralization Amount and (ii) the Principal Remittance Amount for
        such
        Distribution Date. The Overcollateralization Reduction Amount shall equal
        zero
        when a Trigger Event is in effect.

       

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

       

      “P&I
        Advance”:
        As to
        any Mortgage Loan or REO Property, any advance made by the Servicer in respect
        of any Determination Date pursuant to Section 5.03 of this Agreement, an
        Advance
        Financing Person pursuant to Section 3.26 of this Agreement or in respect
        of any
        Distribution Date by a successor Servicer pursuant to Section 8.02 of this
        Agreement (which advances shall not include principal or interest shortfalls
        due
        to bankruptcy proceedings or application of the Relief Act or similar state
        or
        local laws.)

       

      “Pass-Through
        Rate”:
        With
        respect to the Class A Certificates and the Mezzanine Certificates, and any
        Distribution Date, a rate per annum equal to the lesser of (i) the related
        One-Month LIBOR Pass-Through Rate for such Distribution Date and (ii) the
        related Net WAC Pass-Through Rate for such Distribution Date.

       

      
        
          
          

        

        
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      With
        respect to the Class CE Certificates and any Distribution Date, a rate per
        annum
        equal to the percentage equivalent of a fraction, the numerator of which
        is the
        sum of the amounts calculated pursuant to clauses (i) through (viii) below,
        and
        the denominator of which is the aggregate Uncertificated Balances of REMIC
        II
        Regular Interest AA, REMIC II Regular Interest A, REMIC II Regular Interest
        M-1,
        REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular
        Interest M-4 and REMIC II Regular Interest ZZ. For purposes of calculating
        the
        Pass-Through Rate for the Class CE Certificates, the numerator is equal to
        the
        sum of the following components:

       

      (i) the
        REMIC
        II Remittance Rate for REMIC II Regular Interest AA minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest AA;

       

      (ii) the
        REMIC
        II Remittance Rate for REMIC II Regular Interest A minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest A;

       

      (iii) the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-1 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-1;

       

      (iv) the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-2 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-2;

       

      (v) the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-3 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-3;

       

      (vi) the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-4 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-4;

       

      (vii) the
        REMIC
        II Remittance Rate for REMIC II Regular Interest ZZ minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest ZZ; and

       

      (viii) 100%
        of
        the interest on REMIC II Regular Interest P.

       

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

       

      “PCAOB”:
        Means
        the Public Company Accounting Oversight Board.

       

      “Percentage
        Interest”:
        With
        respect to any Class of Certificates (other than the Residual Certificates),
        the
        undivided percentage ownership in such Class evidenced by such Certificate,
        expressed as a percentage, the numerator of which is the initial Certificate
        Principal Balance represented by such Certificate and the denominator of
        which
        is the aggregate initial Certificate Principal Balance or Notional Amount
        of all
        of the Certificates of such Class. The Class A Certificates and the Mezzanine
        Certificates are issuable only in minimum Percentage Interests corresponding
        to
        minimum initial Certificate Principal Balances of $25,000 and integral multiples
        of $1.00 in excess thereof. The Class P Certificates are issuable only in
        Percentage Interests corresponding to initial Certificate Principal Balances
        of
        $20 and integral multiples thereof. The Class CE Certificates are issuable
        only
        in minimum Percentage Interests corresponding to minimum initial Notional
        Amounts of $10,000 and integral multiples of $1.00 in excess thereof; provided,
        however, that a single Certificate of each such Class of Certificates may
        be
        issued having a Percentage Interest corresponding to the remainder of the
        aggregate initial Notional Amount of such Class or to an otherwise authorized
        denomination for such Class plus such remainder. With respect to any Residual
        Certificate, the undivided percentage ownership in such Class evidenced by
        such
        Certificate, as set forth on the face of such Certificate. The Residual
        Certificates are issuable in Percentage Interests of 20% and integral multiples
        of 5% in excess thereof.

       

      
        
          
          

        

        
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      “Permitted
        Investments”:
        Any
        one or more of the following obligations or securities acquired at a purchase
        price of not greater than par, regardless of whether issued by the Depositor,
        the Servicer, the Master Servicer, the Trustee or any of their respective
        Affiliates:

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      (vi) units
        of
        money market funds that have been rated “AAAm” or “AAAm-G” by S&P or “Aaa”
by Moody’s including any such money market fund managed or advised by the Master
        Servicer, the Trustee or any of their Affiliates; and

       

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

       

      provided,
        however, that no instrument described hereunder shall (a) evidence either
        the
        right to receive (1) only interest with respect to the obligations underlying
        such instrument or (2) both principal and interest payments derived from
        obligations underlying such instrument and the interest and principal payments
        with respect to such instrument provide a yield to maturity at par greater
        than
        120% of the yield to maturity at par of the underlying obligations, (b) be
        sold or disposed of before its maturity or (c) be any obligation of the Sponsor
        or any of its Affiliates. Any Permitted Investment shall be relatively risk
        free
        and no options or voting rights shall be exercised with respect to any Permitted
        Investment. Any Permitted Investment shall be sold or disposed of in accordance
        with Statement of Financial Accounting Standards No. 140,
        paragraph 35c(6), in effect as of the Closing Date.

       

      “Permitted
        Transferee”:
        Any
        Transferee of a Residual Certificate other than a Disqualified Organization
        or
        Non-United States Person.

       

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

       

      
        
          
          

        

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

       

      “Policy”:
        The
        certificate guaranty insurance policy provided by the Class A Insurer with
        respect to the Class A Certificates. 

       

      “Premium”:
        The
        premium payable to the Class A Certificate Insurer under the Policy on each
        Distribution Date. The premium will be a per annum rate equal to 0.230%
        calculated on an actual/360 basis of the Certificate Principal Balance of
        the
        Class A Certificates as of such Distribution Date (without giving effect
        to any
        distributions thereon on that Distribution Date). 

       

      “Prepayment
        Assumption”:
        A
        prepayment rate of 100% PPC. The Prepayment Assumption is used solely for
        determining the accrual of original issue discount on the Certificates for
        federal income tax purposes. To assume 100% PPC is to assume (i) a per annum
        prepayment rate of 10% of the then outstanding principal balance of the mortgage
        loans in the first month of the life of the mortgage loans, (ii) an additional
        1.6364% (precisely 18%/11) per annum in each month thereafter through the
        eleventh month, (iii) building to a constant prepayment rate of 28% per annum
        beginning in the twelfth month and remaining constant thereafter. 

       

      “Prepayment
        Charge”:
        With
        respect to any Principal Prepayment, any prepayment premium, penalty or charge
        payable by a Mortgagor in connection with any Principal Prepayment on a Mortgage
        Loan pursuant to the terms of the related Mortgage Note.

       

      “Prepayment
        Charge Schedule”:
        As of
        any date, the list of Mortgage Loans providing for a Prepayment Charge included
        in the Trust Fund on such date, attached hereto as Schedule
        2
        (including the prepayment charge summary attached thereto). The Depositor
        shall
        deliver or cause the delivery of the Prepayment Charge Schedule to the Servicer,
        the Master Servicer and the Trustee on the Closing Date. The Prepayment Charge
        Schedule shall set forth the following information with respect to each
        Prepayment Charge:

       

      (i) the
        Mortgage Loan identifying number;

       

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

       

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

       

      (iv) the
        term
        of the related Prepayment Charge;

       

      (v) the
        original Stated Principal Balance of the related Mortgage Loan; and

       

      
        
          
          

        

        
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      (vi) the
        Stated Principal Balance of the related Mortgage Loan as of the Cut-off
        Date.

       

      “Prepayment
        Interest Shortfall”:
        With
        respect to any Distribution Date, for each such Mortgage Loan that was the
        subject of a Principal Prepayment in full or in part during the portion of
        the
        related Prepayment Period occurring between the first day of the related
        Prepayment Period and the last day of the calendar month preceding the month
        in
        which such Distribution Date occurs that was applied by the Servicer to reduce
        the outstanding principal balance of such Mortgage Loan on a date preceding
        the
        Due Date in the succeeding Prepayment Period, an amount equal to interest
        at the
        applicable Net Mortgage Rate on the amount of such Principal Prepayment for
        the
        number of days commencing on the date on which the prepayment is applied
        and
        ending on the last day of the calendar month preceding such Distribution
        Date.
        The obligations of the Servicer and the Master Servicer in respect of any
        Prepayment Interest Shortfall are set forth in Section 3.23 and Section 4.19,
        respectively of this Agreement. 

       

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

       

      “Principal
        Distribution Amount”:
        With
        respect to any Distribution Date will be the sum of (i) the principal portion
        of
        all Monthly Payments on the Mortgage Loans received during the related Due
        Period, the principal portion of the aggregate of any P&I Advances for such
        Distribution Date made by the Servicer pursuant to Section 5.03 of this
        Agreement and the principal portion of the aggregate of any P&I Advances
        made by a successor to the Servicer (including the Master Servicer) for such
        Distribution Date pursuant to Section 8.02 of this Agreement; (ii) the principal
        portion of all proceeds received in respect of the repurchase of a Mortgage
        Loan
        or, in the case of a substitution, certain amounts representing a principal
        adjustment, during the related Prepayment Period pursuant to or as contemplated
        by Section 2.03, Section 3.13(c) and Section 10.01 of this Agreement; (iii)
        the
        principal portion of all other unscheduled collections, including Insurance
        Proceeds, Liquidation Proceeds, Subsequent Recoveries and all Principal
        Prepayments in full and in part, received during the related Prepayment Period,
        to the extent applied as recoveries of principal on the Mortgage Loans (the
        sum
        of clauses (i), (ii) and (iii) above shall be net of payments or reimbursements
        to the Trustee, the Custodian, the Master Servicer, the Securities
        Administrator, the Servicer or the Credit Risk Manager in excess of the Interest
        Remittance Amount for such Distribution Date) and (iv) the amount of any
        Overcollateralization Increase Amount for such Distribution Date minus (v)
        the
        amount of any Overcollateralization Reduction Amount for such Distribution
        Date.

       

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

       

      “Principal
        Remittance Amount”:
        With
        respect to any Distribution Date, the sum of the amounts described in clauses
        (i) through (iii) of the definition of Principal Distribution
        Amount.

       

      
        
          
          

        

        
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      “Purchase
        Price”:
        With
        respect to any Mortgage Loan or REO Property to be purchased pursuant to
        or as
        contemplated by Section 2.03, Section 3.13(c) or Section 10.01 of this
        Agreement, and as confirmed by a certification of a Servicing Officer to
        the
        Trustee, an amount equal to the sum of (i) 100% of the Stated Principal Balance
        thereof as of the date of purchase (or such other price as provided in Section
        10.01), (ii) in the case of (x) a Mortgage Loan, accrued interest on such
        Stated
        Principal Balance at the applicable Net Mortgage Rate in effect from time
        to
        time from the Due Date as to which interest was last covered by a payment
        by the
        Mortgagor or a P&I Advance by the Servicer, which payment or P&I Advance
        had as of the date of purchase been distributed pursuant to Section 5.01,
        through the end of the calendar month in which the purchase is to be effected
        and (y) an REO Property, the sum of (1) accrued interest on such Stated
        Principal Balance at the applicable Net Mortgage Rate in effect from time
        to
        time from the Due Date as to which interest was last covered by a payment
        by the
        Mortgagor or a P&I Advance by the Servicer through the end of the calendar
        month immediately preceding the calendar month in which such REO Property
        was
        acquired, plus (2) REO Imputed Interest for such REO Property for each calendar
        month commencing with the calendar month in which such REO Property was acquired
        and ending with the calendar month in which such purchase is to be effected,
        net
        of the total of all net rental income, Insurance Proceeds, Liquidation Proceeds
        and P&I Advances that as of the date of purchase had been distributed as or
        to cover REO Imputed Interest pursuant to Section 5.01, (iii) any unreimbursed
        Servicing Advances and P&I Advances (including Nonrecoverable P&I
        Advances and Nonrecoverable Servicing Advances) and any unpaid Servicing
        Fees
        allocable to such Mortgage Loan or REO Property and (iv) in the case of a
        Mortgage Loan required to be purchased pursuant to Section 2.03, expenses
        reasonably incurred or to be incurred by the Servicer or the Trustee in respect
        of the breach or defect giving rise to the purchase obligation and any costs
        and
        damages incurred by the Trust Fund and the Trustee in connection with any
        violation by any such Mortgage Loan of any predatory or abusive lending
        law.

       

      “Qualified
        Substitute Mortgage Loan”:
        A
        mortgage loan substituted for a Deleted Mortgage Loan pursuant to the terms
        of
        this Agreement which must, on the date of such substitution, (i) have an
        outstanding principal balance, after application of all scheduled payments
        of
        principal and interest due during or prior to the month of substitution,
        not in
        excess of the Scheduled Principal Balance of the Deleted Mortgage Loan as
        of the
        Due Date in the calendar month during which the substitution occurs, (ii)
        have a
        Mortgage Rate not less than (and not more than one percentage point in excess
        of) the Mortgage Rate of the Deleted Mortgage Loan, (iii) have a remaining
        term
        to maturity not greater than (and not more than one year less than) that
        of the
        Deleted Mortgage Loan, (iv) have the same Due Date as the Due Date on the
        Deleted Mortgage Loan, (v) have a Combined Loan-to-Value Ratio as of the
        date of
        substitution equal to or lower than the Combined Loan-to-Value Ratio of the
        Deleted Mortgage Loan as of such date, (vi) be secured by the same lien priority
        on the related Mortgaged Property as the Deleted Mortgage Loan, (vii) have
        a
        FICO score at least equal to the FICO score assigned on the Deleted Mortgage
        Loan, (viii) be a “qualified mortgage” as defined in the REMIC Provisions and
        (ix) conform to each representation and warranty set forth in Section 6 of
        the
        Mortgage Loan Purchase Agreement applicable to the Deleted Mortgage Loan.
        In the
        event that one or more mortgage loans are substituted for one or more Deleted
        Mortgage Loans, the amounts described in clause (i) hereof shall be determined
        on the basis of aggregate principal balances, the Mortgage Rates described
        in
        clause (ii) hereof shall be determined on the basis of weighted average Mortgage
        Rates, the terms described in clause (iii) hereof shall be determined on
        the
        basis of weighted average remaining term to maturity, the Combined Loan-to-Value
        Ratios described in clause (v) hereof shall be satisfied as to each such
        mortgage loan, the FICO scores described in clause (vii) hereof shall be
        satisfied as to each such mortgage loan and, except to the extent otherwise
        provided in this sentence, the representations and warranties described in
        clause (ix) hereof must be satisfied as to each Qualified Substitute Mortgage
        Loan or in the aggregate, as the case may be.

       

      
        
          
          

        

        
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      “Rate/Term
        Refinancing”:
        A
        Refinanced Mortgage Loan, the proceeds of which are not more than a nominal
        amount in excess of the existing first mortgage loan and any subordinate
        mortgage loan on the related Mortgaged Property and related closing costs,
        and
        were used exclusively (except for such nominal amount) to satisfy the then
        existing first mortgage loan and any subordinate mortgage loan of the Mortgagor
        on the related Mortgaged Property and to pay related closing costs.

       

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

       

      “Realized
        Loss”:
        With
        respect to each Mortgage Loan as to which a Final Recovery Determination
        has
        been made, an amount (not less than zero), as reported by the Servicer to
        the
        Master Servicer (in substantially the form of Schedule 4 hereto) equal to
        (i)
        the unpaid principal balance of such Mortgage Loan as of the commencement
        of the
        calendar month in which the Final Recovery Determination was made, plus (ii)
        accrued interest from the Due Date as to which interest was last paid by
        the
        Mortgagor through the end of the calendar month in which such Final Recovery
        Determination was made, calculated in the case of each calendar month during
        such period (A) at an annual rate equal to the annual rate at which interest
        was
        then accruing on such Mortgage Loan and (B) on a principal amount equal to
        the
        Stated Principal Balance of such Mortgage Loan as of the close of business
        on
        the Distribution Date during such calendar month, plus (iii) any amounts
        previously withdrawn from the Collection Account in respect of such Mortgage
        Loan pursuant to Section 3.09(a)(ix) and Section 3.13(b) of this Agreement,
        minus (iv) the proceeds, if any, received in respect of such Mortgage Loan
        during the calendar month in which such Final Recovery Determination was
        made,
        net of amounts that are payable therefrom to the Servicer with respect to
        such
        Mortgage Loan pursuant to Section 3.09(a)(iii) of this Agreement. Any Charged
        Off Loan will give rise to a Realized Loss (calculated as if clause (iv)
        of the
        previous sentence is equal to zero) at the time it is charged off, as described
        in Section 3.13(a)(iii) hereof.

       

      With
        respect to any REO Property as to which a Final Recovery Determination has
        been
        made, an amount (not less than zero) equal to (i) the unpaid principal balance
        of the related Mortgage Loan as of the date of acquisition of such REO Property
        on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to
        which
        interest was last paid by the Mortgagor in respect of the related Mortgage
        Loan
        through the end of the calendar month immediately preceding the calendar
        month
        in which such REO Property was acquired, calculated in the case of each calendar
        month during such period (A) at an annual rate equal to the annual rate at
        which
        interest was then accruing on the related Mortgage Loan and (B) on a principal
        amount equal to the Stated Principal Balance of the related Mortgage Loan
        as of
        the close of business on the Distribution Date during such calendar month,
        plus
        (iii) REO Imputed Interest for such REO Property for each calendar month
        commencing with the calendar month in which such REO Property was acquired
        and
        ending with the calendar month in which such Final Recovery Determination
        was
        made, plus (iv) any amounts previously withdrawn from the Collection Account
        in
        respect of the related Mortgage Loan pursuant to Section 3.09(a)(ix) and
        Section
        3.13(b) of this Agreement, minus (v) the aggregate of all P&I Advances and
        Servicing Advances (in the case of Servicing Advances, without duplication
        of
        amounts netted out of the rental income, Insurance Proceeds and Liquidation
        Proceeds described in clause (vi) below) made by the Servicer in respect
        of such
        REO Property or the related Mortgage Loan for which the Servicer has been
        or, in
        connection with such Final Recovery Determination, will be reimbursed pursuant
        to Section 3.22 of this Agreement out of rental income, Insurance Proceeds
        and
        Liquidation Proceeds received in respect of such REO Property, minus (vi)
        the
        total of all net rental income, Insurance Proceeds and Liquidation Proceeds
        received in respect of such REO Property that has been, or in connection
        with
        such Final Recovery Determination, will be transferred to the Distribution
        Account pursuant to Section 3.22 of this Agreement.

       

      
        
          
          

        

        
          40

          
            

          

        

        
          
          

        

      

      With
        respect to each Mortgage Loan which has become the subject of a Deficient
        Valuation, the difference between the principal balance of the Mortgage Loan
        outstanding immediately prior to such Deficient Valuation and the principal
        balance of the Mortgage Loan as reduced by the Deficient Valuation.

       

      With
        respect to each Mortgage Loan which has become the subject of a Debt Service
        Reduction, the portion, if any, of the reduction in each affected Monthly
        Payment attributable to a reduction in the Mortgage Rate imposed by a court
        of
        competent jurisdiction. Each such Realized Loss shall be deemed to have been
        incurred on the Due Date for each affected Monthly Payment.

       

      To
        the
        extent the Servicer receives Subsequent Recoveries with respect to any Mortgage
        Loan, the amount of Realized Loss with respect to that Mortgage Loan will
        be
        reduced to the extent such recoveries are applied to reduce the Certificate
        Principal Balance of any Class of Certificates on any Distribution
        Date.

       

      “Record
        Date”:
        With
        respect to each Distribution Date and the Class A Certificates and the Mezzanine
        Certificates, the Business Day immediately preceding such Distribution Date
        for
        so long as such Certificates are Book-Entry Certificates. With respect to
        each
        Distribution Date and any other Class of Certificates, including any Definitive
        Certificates, the last day of the calendar month immediately preceding the
        month
        in which such Distribution Date occurs.

       

      “Recovery
        Fee(s)”:
        An
        amount equal to thirty percent (30%) of the net recoveries received in respect
        of a Charged Off Loan payable to the Servicer. 

       

      “Reference
        Banks”:
        Barclays Bank PLC, The Tokyo Mitsubishi Bank and National Westminster Bank
        PLC
        and their successors in interest; provided, however, that if any of the
        foregoing banks are not suitable to serve as a Reference Bank, then any leading
        banks selected by the Securities Administrator which are engaged in transactions
        in Eurodollar deposits in the International Eurocurrency market (i) with
        an
        established place of business in London, (ii) not controlling, under the
        control
        of or under common control with the Depositor or any Affiliate thereof and
        (iii)
        which have been designated as such by the Securities Administrator.

       

      
        
          
          

        

        
          41

          
            

          

        

        
          
          

        

      

      “Refinanced
        Mortgage Loan”:
        A
        Mortgage Loan the proceeds of which were not used to purchase the related
        Mortgaged Property.

       

      “Regular
        Certificate”:
        Any
        Class A Certificate, Mezzanine Certificate, Class CE Certificate or Class
        P
        Certificate.

       

      “Regular
        Interest”:
        A
“regular interest” in a REMIC within the meaning of Section 860G(a)(1) of the
        Code.

       

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

       

      “Released
        Loan”:
        Any
        Charged Off Loan that is released by the Servicer to the Class CE
        Certificateholders pursuant to Section 3.13(a)(iv), on the date that is six
        months after the later of (i) the date on which such Mortgage Loans were
        charged
        off and (ii) the date on which any collections are received on such Charged
        Off
        Loans. Any Released Loan will no longer be an asset of any Trust REMIC or
        the
        Trust Fund.

       

      “Relevant
        Servicing Criteria”:
        Means
        the Servicing Criteria applicable to the various parties, as set forth on
        Exhibit E attached hereto. For clarification purposes, multiple parties can
        have
        responsibility for the same Relevant Servicing Criteria. With respect to
        a
        Servicing Function Participant engaged by the Master Servicer, the Securities
        Administrator, the Trustee or the Servicer, the term “Relevant Servicing
        Criteria” may refer to a portion of the Relevant Servicing Criteria applicable
        to such parties.

       

      “Relief
        Act”:
        The
        Servicemembers Civil Relief Act, as amended, or similar state or local
        laws.

       

      “Relief
        Act Interest Shortfall”:
        With
        respect to any Distribution Date and any Mortgage Loan, any reduction in
        the
        amount of interest collectible on such Mortgage Loan for the most recently
        ended
        Due Period as a result of the application of the Relief Act. 

       

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

       

      “REMIC
        I”:
        The
        segregated pool of assets subject hereto, constituting the primary trust
        created
        hereby and to be administered hereunder, with respect to which a REMIC election
        is to be made, consisting of: (i) such Mortgage Loans and Prepayment Charges
        as
        from time to time are subject to this Agreement, together with the Mortgage
        Files relating thereto, and together with all collections thereon and proceeds
        thereof; (ii) any REO Property, together with all collections thereon and
        proceeds thereof; (iii) the Trustee’s rights with respect to the Mortgage Loans
        under all insurance policies required to be maintained pursuant to this
        Agreement and any proceeds thereof; (iv) the Depositor’s rights under the
        Mortgage Loan Purchase Agreement (including any security interest created
        thereby) and Assignment Agreement; and (v) the Collection Account, the
        Distribution Account and any REO Account, and such assets that are deposited
        therein from time to time and any investments thereof, together with any
        and all
        income, proceeds and payments with respect thereto. Notwithstanding the
        foregoing, however, REMIC I specifically excludes (i) all payments and other
        collections of principal and interest due on the Mortgage Loans on or before
        the
        Cut-off Date and all Prepayment Charges payable in connection with Principal
        Prepayments made before the Cut-off Date; (ii) the Reserve Fund and any amounts
        on deposit therein from time to time and any proceeds thereof; (iii) the
        Swap
        Agreement; and (iv) the Supplemental Interest Trust.

       

      
        
          
          

        

        
          42

          
            

          

        

        
          
          

        

      

      “REMIC
        I Regular Interests”:
        REMIC
        I Regular Interest I and REMIC I Regular Interest I-1-A through REMIC I Regular
        Interest I-53-B as designated in the Preliminary Statement hereto.

       

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

       

      “REMIC
        I Remittance Rate”:
        With
        respect to REMIC I Regular Interest I, a per annum rate equal to the weighted
        average of the Net Mortgage Rates of the Mortgage Loans. With respect to
        each
        REMIC I Regular Interest ending with the designation “A”, a per annum rate equal
        to the weighted average of the Net Mortgage Rates of the Mortgage Loans
        multiplied by 2, subject to a maximum rate of 10.130%. With respect to each
        REMIC I Regular Interest ending with the designation “B”, the greater of (x) a
        per annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted
        average of the Net Mortgage Rates of the Mortgage Loans over (ii) 10.130%
        and
        (y) 0.00%. 

       

      “REMIC
        II”:
        The
        segregated pool of assets consisting of all of the REMIC I Regular Interests
        conveyed in trust to the Trustee, for the benefit of the REMIC II Regular
        Interests pursuant to Section 2.07, and all amounts deposited therein, with
        respect to which a separate REMIC election is to be made.

       

      “REMIC
        II Interest Loss Allocation Amount”:
        With
        respect to any Distribution Date, an amount equal to (a) the product of (i)
        the
        aggregate Stated Principal Balance of the Mortgage Loans and REO Properties
        then
        outstanding and (ii) the REMIC II Remittance Rate for REMIC II Regular Interest
        AA minus the Marker Rate, divided by (b) 12.

       

      “REMIC
        II Overcollateralization Amount”:
        With
        respect to any date of determination, (i) 1.00% of the aggregate Uncertificated
        Balances of the REMIC II Regular Interests (other than REMIC II Regular Interest
        P) minus (ii) the aggregate of the Uncertificated Balances of REMIC II Regular
        Interest A, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2,
        REMIC
        II Regular Interest M-3 and REMIC II Regular Interest M-4, in each case as
        of
        such date of determination.

       

      
        
          
          

        

        
          43

          
            

          

        

        
          
          

        

      

      “REMIC
        II Principal Loss Allocation Amount”:
        With
        respect to any Distribution Date, an amount equal to (a) the product of (i)
        the
        aggregate Stated Principal Balance of the Mortgage Loans and REO Properties
        then
        outstanding and (ii) 1 minus a fraction, the numerator of which is two times
        the
        aggregate of the Uncertificated Balances of REMIC II Regular Interest A,
        REMIC
        II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular
        Interest M-3 and REMIC II Regular Interest M-4 and the denominator of which
        is
        the aggregate of the Uncertificated Balances of REMIC II Regular Interest
        A,
        REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular
        Interest M-3, REMIC II Regular Interest M-4 and REMIC II Regular Interest
        ZZ.

       

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

       

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

       

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

       

      “REMIC
        II Regular Interest IO”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest IO shall accrue interest at the related REMIC II Remittance Rate
        in
        effect from time to time and shall not be entitled to distributions of
        principal. 

       

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

       

      
        
          
          

        

        
          44

          
            

          

        

        
          
          

        

      

      “REMIC
        II Regular Interest M-2”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-2 shall accrue interest at the related REMIC II Remittance Rate
        in
        effect from time to time, and shall be entitled to distributions of principal,
        subject to the terms and conditions hereof, in an aggregate amount equal
        to its
        initial Uncertificated Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-3”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-3 shall accrue interest at the related REMIC II Remittance Rate
        in
        effect from time to time, and shall be entitled to distributions of principal,
        subject to the terms and conditions hereof, in an aggregate amount equal
        to its
        initial Uncertificated Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-4”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-4 shall accrue interest at the related REMIC II Remittance Rate
        in
        effect from time to time, and shall be entitled to distributions of principal,
        subject to the terms and conditions hereof, in an aggregate amount equal
        to its
        initial Uncertificated Balance as set forth in the Preliminary Statement
        hereto.

       

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

       

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

       

      “REMIC
        II Remittance Rate”:
        With
        respect to REMIC II Regular Interest AA, REMIC II Regular Interest A, REMIC
        II
        Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest
        M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest ZZ and REMIC
        II
        Regular Interest P, a per annum rate (but not less than zero) equal to the
        weighted average of: (w) with respect to REMIC I Regular Interest I, the
        REMIC I
        Remittance Rate for each such REMIC I Regular Interest for each such
        Distribution Date, (x) with respect to each REMIC I Regular Interest ending
        with
        the designation “B”, the weighted average of the REMIC I Remittance Rates for
        such REMIC I Regular Interests, weighted on the basis of the Uncertificated
        Balances of such REMIC I Regular Interests for each such Distribution Date
        and
        (y) with respect to REMIC I Regular Interests ending with the designation
“A”,
        for each Distribution Date listed below, the weighted average of the rates
        listed below for each such REMIC I Regular Interest listed below, weighted
        on
        the basis of the Uncertificated Balances of each such REMIC I Regular Interest
        for each such Distribution Date:

       

      
        
          
          

        

        
          45

          
            

          

        

        
          
          

        

      

      

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interest

              	
                Rate

              
	
                1

              	
                I-1-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	 	 
	
                2

              	
                I-2-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                3

              	
                I-3-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  and I-2-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                4

              	
                I-4-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-3-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                5

              	
                I-5-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-4-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                6

              	
                I-6-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-5-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                7

              	
                I-7-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-6-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                8

              	
                I-8-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-7-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                9

              	
                I-9-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-8-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                10

              	
                I-10-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-9-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                11

              	
                I-11-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-10-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                12

              	
                I-12-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-11-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                13

              	
                I-13-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-12-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                14

              	
                I-14-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-13-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 

      

      
        
          
          

        

        
          46

          
            

          

        

        
          
          

        

      

      

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interest

              	
                Rate

              
	
                15

              	
                I-15-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-14-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                16

              	
                I-16-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-15-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                17

              	
                I-17-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-16-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                18

              	
                I-18-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-17-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                19

              	
                I-19-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-18-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                20

              	
                I-20-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-19-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                21

              	
                I-21-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-20-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                22

              	
                I-22-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-21-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                23

              	
                I-23-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-22-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                24

              	
                I-24-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-23-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                25

              	
                I-25-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-24-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                26

              	
                I-26-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-25-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                27

              	
                I-27-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-26-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                28

              	
                I-28-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-27-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                29

              	
                I-29-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-28-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 

      

      
        
          
          

        

        
          47

          
            

          

        

        
          
          

        

      

      

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interest

              	
                Rate

              
	
                30

              	
                I-30-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-29-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                31

              	
                I-31-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-30-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                32

              	
                I-32-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-31-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                33

              	
                I-33-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-32-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                34

              	
                I-34-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-33-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                35

              	
                I-35-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-34-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                36

              	
                I-36-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-35-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                37

              	
                I-37-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-36-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                38

              	
                I-38-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-37-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                39

              	
                I-39-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-38-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                40

              	
                I-40-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-39-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                41

              	
                I-41-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-40-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                42

              	
                I-42-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-41-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                43

              	
                I-43-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-42-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                44

              	
                I-44-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-43-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 

      

      
        
          
          

        

        
          48

          
            

          

        

        
          
          

        

      

      

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interest

              	
                Rate

              
	
                45

              	
                I-45-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-44-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                46

              	
                I-46-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-45-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                47

              	
                I-47-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-46-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                48

              	
                I-48-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-47-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                49

              	
                I-49-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-48-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                50

              	
                I-50-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-49-A

              	
                REMIC
                  I Remittance Rate

              
	
                51

              	
                I-51-A
                  through I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-50-A

              	
                REMIC
                  I Remittance Rate

              
	
                52

              	
                I-52-A
                  and I-53-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-51-A

              	
                REMIC
                  I Remittance Rate

              
	
                53

              	
                I-53-A
                  

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC I
                  Remittance
                  Rate

              
	 	
                I-1-A
                  through I-52-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                thereafter

              	
                I-1-A
                  through I-53-A

              	
                REMIC
                  I Remittance Rate

              

      

        

      With
        respect to REMIC II Regular Interest IO, and (i) the 1st Distribution Date
        through the 53th Distribution Date, the excess of (x) the weighted average
        of
        the REMIC I Remittance Rates for REMIC I Regular Interests including the
        designation “A”, over (y) 2 multiplied by Swap LIBOR and (iii) thereafter,
        0.00%. 

       

      “REMIC
        II Required Overcollateralization Amount”:
        1.00%
        of the Required Overcollateralization Amount.

       

      “REMIC
        III”:
        The
        segregated pool of assets consisting of all of the REMIC II Regular Interests
        conveyed in trust to the Trustee, for the benefit of the REMIC III
        Certificateholders pursuant to Section 2.07, and all amounts deposited therein,
        with respect to which a separate REMIC election is to be made.

       

      “REMIC
        III Certificate”:
        Any
        Regular Certificate or Class R Certificate.

       

      “REMIC
        III Certificateholder”:
        The
        Holder of any REMIC III Certificate.

       

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

       

      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

      “REMIC
        Regular Interest”:
        Any
        REMIC I Regular Interest or REMIC II Regular Interest.

       

      “REMIC
        Remittance Rate”:
        The
        REMIC I Remittance Rate or the REMIC II Remittance Rate.

       

      “Remittance
        Report”:
        A
        report by the Servicer pursuant to Section 5.03(a) of this
        Agreement.

       

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

       

      “REO
        Account”:
        The
        account or accounts maintained, or caused to be maintained, by the Servicer
        in
        respect of an REO Property pursuant to Section 3.22 of this
        Agreement.

       

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

       

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

       

      “REO
        Principal Amortization”:
        With
        respect to any REO Property, for any calendar month, the excess, if any,
        of (a)
        the aggregate of all amounts received in respect of such REO Property during
        such calendar month, whether in the form of rental income, sale proceeds
        (including, without limitation, that portion of the Termination Price paid
        in
        connection with a purchase of all of the Mortgage Loans and REO Properties
        pursuant to Section 10.01 of this Agreement that is allocable to such REO
        Property) or otherwise, net of any portion of such amounts (i) payable in
        respect of the proper operation, management and maintenance of such REO Property
        or (ii) payable or reimbursable to the Servicer pursuant to Section 3.22(d)
        of
        this Agreement for unpaid Servicing Fees in respect of the related Mortgage
        Loan
        and unreimbursed Servicing Advances and P&I Advances in respect of such REO
        Property or the related Mortgage Loan, over (b) the REO Imputed Interest
        in
        respect of such REO Property for such calendar month.

       

      “REO
        Property”:
        A
        Mortgaged Property acquired by the Servicer or its nominee on behalf of REMIC
        I
        through foreclosure or deed-in-lieu of foreclosure, as described in Section
        3.22
        of this Agreement.

       

      “Reportable
        Event”:
        Has
        the meaning set forth in Section 5.06(b) of this Agreement.

       

      
        
          
          

        

        
          50

          
            

          

        

        
          
          

        

      

      “Required
        Overcollateralization Amount”:
        With
        respect to any Distribution Date (i) prior to the Stepdown Date, the sum
        of (1)
        product of (A) 0.95% and (B) the aggregate principal balance of the Mortgage
        Loans as of the Cut-off Date and (2) the cumulative aggregate amount of Net
        Monthly Excess Cashflow paid to the Class M-3 Certificates and Class M-4
        Certificates pursuant to clause ninth
        of
        Section 5.01(c)(5)(ix) on all prior Distribution Dates, (ii) on or after
        the
        Stepdown Date provided a Trigger Event is not in effect, the greater of (x)
        the
        sum of (A) 1.90% of the aggregate Stated Principal Balance of the Mortgage
        Loans
        (after giving effect to principal payments to be distributed on such
        Distribution Date) and (B) the cumulative aggregate amount of Net Monthly
        Excess
        Cashflow paid to the Class M-3 Certificates and Class M-4 Certificates pursuant
        to clause ninth
        of
        Section 5.01(c)(5)(ix) on all prior Distribution Dates and (y) an amount
        equal
        to the product of (A) 0.50% and (B) the aggregate principal balance of the
        Mortgage Loans as of the Cut-off Date, and (iii) on or after the Stepdown
        Date
        and a Trigger Event is in effect, the Required Overcollateralization Amount
        for
        the immediately preceding Distribution Date. Notwithstanding the foregoing,
        on
        and after any Distribution Date following the reduction of the aggregate
        Certificate Principal Balance of the Class A Certificates and Mezzanine
        Certificates to zero, the Required Overcollateralization Amount shall be
        zero.

       

      “Reserve
        Fund”:
        A fund
        created pursuant to Section 3.25 which shall be an asset of the Trust Fund
        but
        which shall not be an asset of any Trust REMIC.

       

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

       

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

       

      “Residual
        Certificate”:
        Any
        one of the Class R Certificates.

       

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

       

      “Responsible
        Officer”:
        When
        used with respect to the Trustee, any officer of the Trustee having direct
        responsibility for the administration of this Agreement and, with respect
        to a
        particular matter, to whom such matter is referred because of such officer’s
        knowledge of and familiarity with the particular subject.

       

      
        
          
          

        

        
          51

          
            

          

        

        
          
          

        

      

      “Reuters
        Screen LIBOR01 Page”:
        The
        display page currently so designated on the Reuters Monitor Money Rates Service
        (or such other page as may replace that page on that service for the purpose
        of
        displaying comparable rates or prices).

       

      “Rule
        144A”:
        Rule
        144A under the Securities Act.

       

      “S&P”:
        Standard & Poor’s, a division of the McGraw-Hill Companies,
        Inc.

       

      “Sarbanes-Oxley
        Act”:
        Means
        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 signed by an officer of the Master Servicer that complies
        with (i) the Sarbanes-Oxley Act of 2002, as amended from time to time, and
        (ii)
        Exchange Act Rules 13a-14(d) and 15d-14(d), as in effect from time to time;
        provided that if, after the Closing Date (a) the Sarbanes-Oxley Act of 2002
        is
        amended, (b) the Rules referred to in clause (ii) are modified or superseded
        by
        any subsequent statement, rule or regulation of the Commission or any statement
        of a division thereof, or (c) any future releases, rules and regulations
        are
        published by the Commission from time to time pursuant to the Sarbanes-Oxley
        Act
        of 2002, which in any such case affects the form or substance of the required
        certification and results in the required certification being, in the reasonable
        judgment of the Master Servicer, materially more onerous that then form of
        the
        required certification as of the Closing Date, the Sarbanes-Oxley Certification
        shall be as agreed to by the Master Servicer, the Depositor and the Sponsor
        following a negotiation in good faith to determine how to comply with any
        such
        new requirements.

       

      “Scheduled
        Payments”:
        With
        respect to any Distribution Date with respect to the Insured Certificates
        during
        the Term of the Policy, (i) the Interest Distribution Amount distributable
        in
        respect of such Class on such Distribution Date (calculated without regard
        to
        any step-up following an optional termination date), (ii) if such
        Distribution Date is not the Final Maturity Date, the amount, if any, by
        which
        the Certificate Principal Balance of the Insured Certificates (after giving
        effect to all distributions to the Insured Certificates on such Distribution
        Date) exceeds the aggregate principal balance of the Mortgage Loans as of
        the
        last day of the related Due Period, and (iii) for the Final Maturity Date,
        the
        Certificate Principal Balance of the Insured Certificates outstanding on
        such
        Distribution Date after giving effect to all distributions to the Insured
        Certificates on such date, in each case, in accordance with the original
        terms
        of the Insured Certificates and this Agreement when the Insured Certificates
        were issued and without regard to any subsequent amendment or modification
        of
        the Insured Certificates or this Agreement that has not been consented to
        in
        writing by the Class A Certificate Insurer. Notwithstanding the foregoing,
        “Scheduled Payments” shall in no event include payments which become due on an
        accelerated basis as a result of any optional termination, in whole or in
        part,
        or any other cause, unless the Class A Certificate Insurer elects, in its
        sole
        discretion, to pay such amounts in whole or in part (in which event Scheduled
        Payments shall include such accelerated payments as, when, and to the extent
        so
        elected by the Class A Certificate Insurer). In the event that the Class
        A
        Certificate Insurer does not make such election, “Scheduled Payments” shall
        include payments due in accordance with the original scheduled terms of the
        Insured Certificates without regard to any acceleration. In addition, “Scheduled
        Payments” shall not include, nor shall coverage be provided under the Policy in
        respect of (i) any amounts due in respect of the Insured Certificates
        attributable to any increase in interest rate, penalty or other sum payable
        by
        the Trust by reason of any default or event of default in respect of the
        Insured
        Certificates, or by reason of any deterioration of the creditworthiness of
        the
        Trust, (ii) any shortfalls in interest arising out of the application of
        the
        Relief Act or any similar state or local laws, regulations or ordinances,
        (iii)
        Prepayment Interest Shortfalls, (iv) Net WAC Rate Carryover Amounts,
        (v) any portion of the Interest Distribution Amount for the Insured
        Certificates payable as a result of an increase in the related Pass-Through
        Rate
        following the Optional Termination Date, or (vi) any taxes, withholding or
        other
        charge imposed by any governmental authority due in connection with the payment
        of any Scheduled Payment to any holder or owner of an Insured
        Certificate.

       

      
        
          
          

        

        
          52

          
            

          

        

        
          
          

        

      

      “Scheduled
        Principal Balance”:
        With
        respect to any Mortgage Loan: (a) as of the Cut-off Date, the outstanding
        principal balance of such Mortgage Loan as of such date, net of the principal
        portion of all unpaid Monthly Payments, if any, due on or before such date;
        (b)
        as of any Due Date subsequent to the Cut-off Date up to and including the
        Due
        Date in the calendar month in which a Liquidation Event occurs with respect
        to
        such Mortgage Loan, the Scheduled Principal Balance of such Mortgage Loan
        as of
        the Cut-off Date, minus the sum of (i) the principal portion of each Monthly
        Payment due on or before such Due Date but subsequent to the Cut-off Date,
        whether or not received, (ii) all Principal Prepayments received before such
        Due
        Date but after the Cut-off Date, (iii) the principal portion of all Liquidation
        Proceeds and Insurance Proceeds received before such Due Date but after the
        Cut-off Date, net of any portion thereof that represents principal due (without
        regard to any acceleration of payments under the related Mortgage and Mortgage
        Note) on a Due Date occurring on or before the date on which such proceeds
        were
        received and (iv) any Realized Loss incurred with respect thereto as a result
        of
        a Deficient Valuation occurring before such Due Date, but only to the extent
        such Realized Loss represents a reduction in the portion of principal of
        such
        Mortgage Loan not yet due (without regard to any acceleration of payments
        under
        the related Mortgage and Mortgage Note) as of the date of such Deficient
        Valuation; and (c) as of any Due Date subsequent to the occurrence of a
        Liquidation Event with respect to such Mortgage Loan, zero. With respect
        to any
        REO Property: (a) as of any Due Date subsequent to the date of its acquisition
        on behalf of the Trust Fund up to and including the Due Date in the calendar
        month in which a Liquidation Event occurs with respect to such REO Property,
        an
        amount (not less than zero) equal to the Scheduled Principal Balance of the
        related Mortgage Loan as of the Due Date in the calendar month in which such
        REO
        Property was acquired, minus the aggregate amount of REO Principal Amortization,
        if any, in respect of REO Property for all previously ended calendar months;
        and
        (b) as of any Due Date subsequent to the occurrence of a Liquidation Event
        with
        respect to such REO Property, zero.

       

      “Securities
        Act”:
        The
        Securities Act of 1933, as amended, and the rules and regulations
        thereunder.

       

      “Securities
        Administrator”:
        As of
        the Closing Date, Wells Fargo Bank, National Association and thereafter,
        its
        respective successors in interest that meet the qualifications of this
        Agreement. The Securities Administrator and the Master Servicer shall at
        all
        times be the same Person or Affiliates.

       

      
        
          
          

        

        
          53

          
            

          

        

        
          
          

        

      

      “Senior
        Interest Distribution Amount”:
        With
        respect to any Distribution Date, an amount equal to the sum of (i) the Interest
        Distribution Amount for such Distribution Date for the Class A Certificates
        and
        (ii) the Interest Carry Forward Amount, if any, for such Distribution Date
        for
        the Class A Certificates.

       

      “Servicer”:
        GMAC
        or any successor thereto appointed hereunder in connection with the servicing
        and administration of the Mortgage Loans.

       

      “Servicer
        Event of Default”:
        One or
        more of the events described in Section 8.01(a).

       

      “Servicer
        Remittance Date”:
        With
        respect to any Distribution Date, by 12:00 p.m. New York time on the 18th
        day of
        the month in which such Distribution Date occurs; provided that if such 18th
        day
        of a given month is not a Business Day, the Servicer Remittance Date for
        such
        month shall be the Business Day immediately preceding such 18th day.

       

      “Servicer
        Report”:
        A
        report (substantially in the form of Schedule 5 hereto) or otherwise in form
        and
        substance acceptable to the Master Servicer and Securities Administrator
        on an
        electronic data file or tape prepared by the Servicer pursuant to Section
        5.03(a) of this Agreement, with such additions, deletions and modifications
        as
        agreed to by the Master Servicer, the Securities Administrator and the
        Servicer.

       

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

       

      “Servicing
        Advances”:
        The
        customary and reasonable “out-of-pocket” costs and expenses incurred prior to or
        on or after the Cut-off Date by the Servicer in connection with a default,
        delinquency or other unanticipated event by the Servicer in the performance
        of
        its servicing obligations, including, but not limited to, the cost of (i)
        the
        preservation, restoration and protection of a Mortgaged Property, (ii) any
        enforcement or judicial proceedings, including but not limited to foreclosures,
        in respect of a particular Mortgage Loan, including any expenses incurred
        in
        relation to any such proceedings that result from the Mortgage Loan being
        registered on the MERS® System, (iii) the management (including reasonable fees
        in connection therewith) and liquidation of any REO Property, (iv) refunding
        to
        any Mortgagor the portion of any prepaid origination fees or finance charges
        that are subject to reimbursement upon a principal prepayment of the related
        Mortgage Loan to the extent such refund is required by applicable law; and
        (v)
        obtaining any legal documentation required to be included in the Mortgage
        File
        and/or correcting any outstanding title issues (i.e., any lien or encumbrance
        on
        the Mortgaged Property that prevents the effective enforcement of the intended
        lien position) reasonably necessary for the Servicer to perform its obligations
        under this Agreement. Servicing Advances also include any reasonable
“out-of-pocket” cost and expenses (including legal fees) incurred by the
        Servicer in connection with executing and recording instruments of satisfaction,
        deeds of reconveyance or Assignments to the extent not recovered from the
        Mortgagor or otherwise payable under this Agreement. The Servicer shall not
        be
        required to make any Nonrecoverable Servicing Advances.

       

      
        
          
          

        

        
          54

          
            

          

        

        
          
          

        

      

      “Servicing
        Advance Schedule”:
        With
        respect to any Servicing Advances incurred prior to the Cut-off Date, the
        schedule or schedules provided by (a) the Servicer with respect to any Mortgage
        Loans that were transferred to the Servicer prior to the Cut-off Date and/or
        (b)
        the Depositor with respect to any Mortgage Loans that were transferred to
        the
        Servicer after the Cut-off Date, as applicable, to the Master Servicer and,
        if
        such schedule is provided by the Depositor, to the Servicer, on the date
        on
        which the Servicer seeks reimbursement for a Servicing Advance made by the
        Servicer, which schedule or schedules shall contain the information set forth
        on
        Schedule 6.

       

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

       

      “Servicing
        Fee”:
        With
        respect to each Mortgage Loan and for any calendar month, an amount equal
        to
        one-twelfth of the product of the Servicing Fee Rate multiplied by the Scheduled
        Principal Balance of the Mortgage Loans as of the Due Date in the preceding
        calendar month. The Servicing Fee is payable solely from collections of interest
        on the Mortgage Loans, except as otherwise provided in Section 3.09 of this
        Agreement.

       

      “Servicing
        Fee Rate”:
        0.50%
        per annum.

       

      “Servicing
        Function Participant”:
        Means
        any Sub-Servicer, Subcontractor or any other Person, other than the Servicer,
        the Master Servicer, the Custodian, the Trustee and the Securities
        Administrator, that is determined to be “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB, without regard to
        any threshold referenced therein.

       

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

       

      “Servicing
        Performance Standards”:
        The
        servicing performance standards applicable to the Servicer and set forth
        on
        Schedule 3 attached hereto. 

       

      “Single
        Certificate”:
        With
        respect to any Class of Certificates (other than the Residual Certificates),
        a
        hypothetical Certificate of such Class evidencing a Percentage Interest for
        such
        Class corresponding to an initial Certificate Principal Balance of $1,000.
        With
        respect to the Residual Certificates, a hypothetical Certificate of such
        Class
        evidencing a 100% Percentage Interest in such Class.

       

      “Special
        Servicing Practices”:
        With
        regard to any Charged Off Loans, the servicing of such Charged Off Loans
        using
        specialized collection procedures (including foreclosure, if appropriate)
        to
        maximize recoveries.

       

      
        
          
          

        

        
          55

          
            

          

        

        
          
          

        

      

      “Sponsor”:
        SunTrust Asset Funding, LLC or its successor in interest, in its capacity
        as
        seller under the Mortgage Loan Purchase Agreement.

       

      “Startup
        Day”:
        With
        respect to each Trust REMIC, the day designated as such pursuant to Section
        11.01(b) hereof.

       

      “Stated
        Principal Balance”:
        With
        respect to any Mortgage Loan: (a) as of any date of determination up to but
        not
        including the Distribution Date on which the proceeds, if any, of a Liquidation
        Event with respect to such Mortgage Loan would be distributed, the Scheduled
        Principal Balance of such Mortgage Loan as of the Cut-off Date, as shown
        in the
        Mortgage Loan Schedule, minus the sum of (i) the principal portion of each
        Monthly Payment due on a Due Date subsequent to the Cut-off Date, to the
        extent
        received from the Mortgagor or advanced by the Servicer or a successor to
        the
        Servicer and distributed pursuant to Section 5.01 of this Agreement on or
        before
        such date of determination, (ii) all Principal Prepayments received after
        the
        Cut-off Date, to the extent distributed pursuant to Section 5.01 of this
        Agreement on or before such date of determination, (iii) all Liquidation
        Proceeds and Insurance Proceeds applied by the Servicer as recoveries of
        principal in accordance with the provisions of Section 3.13 of this Agreement,
        to the extent distributed pursuant to Section 5.01 of this Agreement on or
        before such date of determination, and (iv) any Realized Loss incurred with
        respect thereto as a result of a Deficient Valuation made during or prior
        to the
        Prepayment Period for the most recent Distribution Date coinciding with or
        preceding such date of determination; and (b) as of any date of determination
        coinciding with or subsequent to the Distribution Date on which the proceeds,
        if
        any, of a Liquidation Event with respect to such Mortgage Loan would be
        distributed, zero. With respect to any REO Property: (a) as of any date of
        determination up to but not including the Distribution Date on which the
        proceeds, if any, of a Liquidation Event with respect to such REO Property
        would
        be distributed, an amount (not less than zero) equal to the Stated Principal
        Balance of the related Mortgage Loan as of the date on which such REO Property
        was acquired on behalf of REMIC I, minus the sum of (i) if such REO Property
        was
        acquired before the Distribution Date in any calendar month, the principal
        portion of the Monthly Payment due on the Due Date in the calendar month
        of
        acquisition, to the extent advanced by the Servicer or a successor to the
        Servicer and distributed pursuant to Section 5.01 of this Agreement, on or
        before such date of determination and (ii) the aggregate amount of REO Principal
        Amortization in respect of such REO Property for all previously ended calendar
        months, to the extent distributed pursuant to Section 5.01 of this Agreement
        on
        or before such date of determination; and (b) as of any date of determination
        coinciding with or subsequent to the Distribution Date on which the proceeds,
        if
        any, of a Liquidation Event with respect to such REO Property would be
        distributed, zero.

       

      “Stepdown
        Date”:
        The
        earlier to occur of (i) the later to occur of (a) the Distribution Date
        occurring in May 2010 and (b) the first Distribution Date on which the Credit
        Enhancement Percentage (calculated for this purpose only after taking into
        account distributions of principal on the Mortgage Loans, but prior to any
        distribution of the Principal Distribution Amount to the holders of the
        Certificates then entitled to distributions of principal on such Distribution
        Date), is greater than or equal to 29.00% and (ii) the first Distribution
        Date
        on which the aggregate Certificate Principal Balance of the Class A Certificates
        has been reduced to zero.

       

      “Subcontractor”:
        Means
        any vendor, subcontractor or other Person that is not responsible for the
        overall servicing of Mortgage Loans but performs one or more discrete functions
        identified in Item 1122(d) of Regulation AB (without regard to any threshold
        percentage specified therein) with respect to Mortgage Loans under the direction
        or authority of the Servicer (or a Sub-Servicer of the Servicer), the Master
        Servicer, the Trustee, the Custodian or the Securities
        Administrator.

       

      
        
          
          

        

        
          56

          
            

          

        

        
          
          

        

      

      “Subordinate
        Certificates”:
        Collectively, the Mezzanine Certificates and the Class CE
        Certificates.

       

      “Subsequent
        Recoveries”:
        As of
        any Distribution Date, amounts received during the related Prepayment Period
        by
        the Servicer specifically related to a defaulted Mortgage Loan or disposition
        of
        an REO Property prior to the related Prepayment Period that resulted in a
        Realized Loss, (i) with respect to a Charged Off Loan, after such Mortgage
        Loan
        has been charged off by the Servicer and prior to it being released from
        the
        Trust or (ii) with respect to a Liquidated Mortgage Loan, after the liquidation
        or disposition of such defaulted Mortgage Loan, in each case net of any amounts
        reimbursable to the Servicer relating to obtaining such Subsequent
        Recovery.

       

      “Sub-Servicer”:
        Means
        any Person that services Mortgage Loans on behalf of any Servicer and is
        responsible for the performance (whether directly or through sub-servicers
        or
        Subcontractors) of a substantial portion of the material servicing functions
        required to be performed under this Agreement or any related Sub-Servicing
        Agreement that is identified in Item 1122(d) of Regulation AB.

       

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

       

      “Substitution
        Shortfall Amount”:
        As
        defined in Section 2.03.

       

      “Supplemental
        Interest Trust”:
        The
        corpus of a trust created pursuant to Section 5.07 of this Agreement and
        designated as the “Supplemental Interest Trust,” consisting of the Swap
        Agreement, the Class IO Interest and the right to receive payments in respect
        of
        the Class IO Distribution Amount. For the avoidance of doubt, the Supplemental
        Interest Trust does not constitute a part of the Trust Fund.

       

      “Supplemental
        Interest Trust Trustee”:
        HSBC
        Bank USA, National Association a national banking association, or its successor
        in interest, or any successor supplemental interest trust trustee appointed
        as
        provided herein or in the Swap Agreement provided.

       

      “Swap
        Agreement”:
        The
        Interest Rate Swap Agreement, dated as of May 15, 2007, between the Supplemental
        Interest Trust Trustee, and the Swap Provider, including any schedule,
        confirmations, credit support annex or other credit support document relating
        thereto, and attached hereto as Exhibit I.

       

      “Swap
        Credit Support Annex:
        The
        credit support annex, dated as of May 14, 2007, between the Supplemental
        Interest Trust Trustee and the Swap Provider, which is annexed to and forms
        part
        of the Swap Agreement.

       

      
        
          
          

        

        
          57

          
            

          

        

        
          
          

        

      

      “Swap
        LIBOR”:
        LIBOR
        as determined pursuant to the Swap Agreement.

       

      “Swap
        Notional Amount”:
        For
        each calculation period as defined in the Swap Agreement, the amount set
        forth
        below:

       

      
        	
                Distribution
                  Date

              	
                Swap
                  Notional Amount ($)

              
	
                May
                  25, 2007

              	
                335,803,000.00

              
	
                June
                  25, 2007

              	
                327,818,269.15

              
	
                July
                  25, 2007

              	
                319,139,157.37

              
	
                August
                  25, 2007

              	
                309,802,003.79

              
	
                September
                  25, 2007

              	
                299,848,197.13

              
	
                October
                  25, 2007

              	
                289,323,965.95

              
	
                November
                  25, 2007

              	
                278,280,108.26

              
	
                December
                  25, 2007

              	
                266,771,660.14

              
	
                January
                  25, 2008

              	
                254,858,168.73

              
	
                February
                  25, 2008

              	
                243,446,975.51

              
	
                March
                  25, 2008

              	
                232,545,772.45

              
	
                April
                  25, 2008

              	
                222,131,800.07

              
	
                May
                  25, 2008

              	
                212,183,313.47

              
	
                June
                  25, 2008

              	
                202,679,537.02

              
	
                July
                  25, 2008

              	
                193,600,621.36

              
	
                August
                  25, 2008

              	
                184,927,601.97

              
	
                September
                  25, 2008

              	
                176,642,359.89

              
	
                October
                  25, 2008

              	
                168,727,583.98

              
	
                November
                  25, 2008

              	
                161,166,734.99

              
	
                December
                  25, 2008

              	
                153,944,011.13

              
	
                January
                  25, 2009

              	
                147,044,315.24

              
	
                February
                  25, 2009

              	
                140,453,223.41

              
	
                March
                  25, 2009

              	
                134,156,954.99

              
	
                April
                  25, 2009

              	
                128,142,343.88

              
	
                May
                  25, 2009

              	
                122,396,811.22

              
	
                June
                  25, 2009

              	
                116,908,339.18

              
	
                July
                  25, 2009

              	
                111,665,445.98

              
	
                August
                  25, 2009

              	
                106,657,162.00

              
	
                September
                  25, 2009

              	
                101,873,006.96

              
	
                October
                  25, 2009

              	
                97,302,968.13

              
	
                November
                  25, 2009

              	
                92,937,479.45

              
	
                December
                  25, 2009

              	
                88,767,401.66

              
	
                January
                  25, 2010

              	
                84,784,003.30

              
	
                February
                  25, 2010

              	
                80,978,942.46

              
	
                March
                  25, 2010

              	
                77,344,249.50

              
	
                April
                  25, 2010

              	
                73,872,310.40

              
	
                May
                  25, 2010

              	
                70,555,850.96

              
	
                June
                  25, 2010

              	
                67,387,921.58

              
	
                July
                  25, 2010

              	
                64,361,882.86

              
	
                August
                  25, 2010

              	
                61,471,391.74

              
	
                September
                  25, 2010

              	
                58,710,388.28

              
	
                October
                  25, 2010

              	
                56,073,083.07

              
	
                November
                  25, 2010

              	
                53,553,945.13

              
	
                December
                  25, 2010

              	
                51,147,690.41

              

      

      
        
          
          

        

        
          58

          
            

          

        

        
          
          

        

      

      

      
        	
                January
                  25, 2011

              	
                48,849,270.79

              
	
                February
                  25, 2011

              	
                46,653,863.50

              
	
                March
                  25, 2011

              	
                44,556,861.17

              
	
                April
                  25, 2011

              	
                42,553,862.16

              
	
                May
                  25, 2011

              	
                40,640,661.35

              
	
                June
                  25, 2011

              	
                38,813,241.45

              
	
                July
                  25, 2011

              	
                37,067,764.62

              
	
                August
                  25, 2011

              	
                35,400,564.38

              
	
                September
                  25, 2011

              	
                33,808,138.07

              
	
                October
                  25, 2011 and thereafter

              	
                0.00

              

      

      

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

       

      “Swap
        Provider Trigger Event”:
        A Swap
        Provider Trigger Event shall have occurred if any of the following has occurred:
        (i) an Event of Default under the Swap Agreement with respect to which the
        Swap
        Provider is a Defaulting Party (as defined in the Swap Agreement), (ii) a
        Termination Event under the Swap Agreement with respect to which the Swap
        Provider is the sole Affected Party (as defined in the Swap Agreement) or
        (iii)
        an Additional Termination Event under the Swap Agreement with respect to
        which
        the Swap Provider is the sole Affected Party.

       

      “Swap
        Termination Payment”:
        Upon
        the designation of an “Early Termination Date” as defined in the Swap Agreement,
        the payment to be made by the Securities Administrator on behalf of the
        Supplemental Interest Trust Trustee from the Supplemental Interest Trust
        to the
        Swap Provider, or by the Swap Provider to the Supplemental Interest Trust,
        as
        applicable, pursuant to the terms of the Swap Agreement.

       

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

       

      “Termination
        Price”:
        As
        defined in Section 10.01.

       

      “Terminator”:
        As
        defined in Section 10.01.

       

      “Term
        of the Policy”:
        The
        period from and including the Closing Date to and including the first date
        on
        which (i) all Scheduled Payments have been paid that are required to be paid
        under this Agreement; (ii) any period during which any Scheduled Payment
        could
        have been avoided in whole or in part as a preference payment under applicable
        bankruptcy, insolvency, receivership or similar law has expired, and (iii)
        if
        any proceedings requisite to avoidance as a preference payment have been
        commenced prior to the occurrence of (i) and (ii) above, a final and
        nonappealable order in resolution of each such proceeding has been entered;
        provided, further, that if the holders of Insured Certificates are required
        to
        return any Avoided Payment as a result of such Insolvency Proceeding, then
        the
        Term of the Policy shall terminate on the date on which the Class A Certificate
        Insurer has made all payments required to be made under the terms of the
        Policy
        in respect of all such Avoided Payments.

       

      
        
          
          

        

        
          59

          
            

          

        

        
          
          

        

      

      “Transfer”:
        Any
        direct or indirect transfer, sale, pledge, hypothecation, or other form of
        assignment of any Ownership Interest in a Certificate.

       

      “Transferee”:
        Any
        Person who is acquiring by Transfer any Ownership Interest in a
        Certificate.

       

      “Transferor”:
        Any
        Person who is disposing by Transfer of any Ownership Interest in a
        Certificate.

       

      “Trigger
        Event”:
        With
        respect to any Distribution Date, a Trigger Event is in effect if either
        (x) the
        Delinquency Percentage exceeds 4.50% or (y) the aggregate amount of Realized
        Losses incurred since the Cut-off Date through the last day of the related
        Due
        Period divided by the aggregate principal balance of the Mortgage Loans as
        of
        the Cut-off Date exceeds the applicable percentages set forth below with
        respect
        to such Distribution Date:

       

      
        	
                Distribution
                  Date

              	 	
                Percentages

              
	
                May
                  2010 to April 2011

              	 	
                4.25%
                  plus 1/12 of 2.25% for each month thereafter

              
	
                May
                  2011 to April 2012

              	 	
                6.50%
                  plus 1/12 of 0.75% for each month thereafter

              
	
                May
                  2012 to April 2013

              	 	
                7.25%
                  plus 1/12 of 1.00% for each month thereafter

              
	
                May
                  2013 and thereafter

              	 	
                8.25%

              

      

      

      “Trust”:
        SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1, the trust created
        hereunder.

       

      “Trust
        Fund”:
        Collectively, all of the assets of REMIC I, REMIC II, REMIC III and the Reserve
        Fund and any amounts on deposit therein and any proceeds thereof. For avoidance
        of doubt, the Trust Fund does not include the Supplemental Interest
        Trust.

       

      “Trust
        REMIC”:
        REMIC
        I, REMIC II or REMIC III.

       

      “Trustee”:
        HSBC
        Bank USA, National Association, a national banking association, or its successor
        in interest, or any successor trustee appointed as herein provided.

       

      “Uncertificated
        Balance”:
        The
        amount of the REMIC Regular Interests outstanding as of any date of
        determination. As of the Closing Date, the Uncertificated Balance of each
        REMIC
        Regular Interest shall equal the amount set forth in the Preliminary Statement
        hereto as its initial uncertificated balance. On each Distribution Date,
        the
        Uncertificated Balance of the REMIC Regular Interest shall be reduced by
        all
        distributions of principal made on such REMIC Regular Interest on such
        Distribution Date pursuant to Section 5.01 and, if and to the extent necessary
        and appropriate, shall be further reduced on such Distribution Date by Realized
        Losses as provided in Section 5.04 and the Uncertificated Balance of REMIC
        II
        Regular Interest ZZ shall be increased by interest deferrals as provided
        in
        Section 5.01. The Uncertificated Balance of each REMIC Regular Interest shall
        never be less than zero.

       

      
        
          
          

        

        
          60

          
            

          

        

        
          
          

        

      

      “Uncertificated
        Interest”:
        With
        respect to any REMIC Regular Interest for any Distribution Date, one month’s
        interest at the related REMIC Remittance Rate applicable to such REMIC Regular
        Interest for such Distribution Date, accrued on the Uncertificated Balance
        thereof immediately prior to such Distribution Date. Uncertificated Interest
        in
        respect of the REMIC Regular Interests shall accrue on the basis of a 360-day
        year consisting of twelve 30-day months. Uncertificated Interest with respect
        to
        each Distribution Date, as to any REMIC Regular Interest, shall be reduced
        by an
        amount equal to the sum of (a) the aggregate Prepayment Interest Shortfall,
        if
        any, for such Distribution Date to the extent not covered by payments pursuant
        to Section 3.23 or Section 4.19 of this Agreement and (b) the aggregate amount
        of any Relief Act Interest Shortfall, if any allocated, in each case, to
        such
        REMIC Regular Interest or REMIC Regular Interest pursuant to Section 1.02.
        In
        addition, Uncertificated Interest with respect to each Distribution Date,
        as to
        any REMIC Regular Interest, shall be reduced by Realized Losses, if any,
        allocated to such REMIC Regular Interest pursuant to Section 1.02 and Section
        5.04.

       

      “Uninsured
        Cause”:
        Any
        cause of damage to a Mortgaged Property such that the complete restoration
        of
        such property is not fully reimbursable by the hazard insurance policies
        required to be maintained pursuant to Section 3.11.

       

      “United
        States Person”:
        A
        citizen or resident of the United States, a corporation, partnership or other
        entity created or organized in, or under the laws of, the United States or
        any
        political subdivision thereof (except, in the case of a partnership, to the
        extent provided in regulations) provided that, for purposes solely of the
        restrictions on the transfer of any Class R Certificate, no partnership or
        other
        entity treated as a partnership for United States federal income tax purposes
        shall be treated as a United States Person unless all persons that own an
        interest in such partnership either directly or through any entity that is
        not a
        corporation for United States federal income tax purposes are required to
        be
        United States Persons, or an estate whose income is subject to United States
        federal income tax regardless of its source, or a trust if a court within
        the
        United States is able to exercise primary supervision over the administration
        of
        the trust and one or more United States persons have the authority to control
        all substantial decisions of the trust. To the extent prescribed in regulations
        by the Secretary of the Treasury, a trust which was in existence on August
        20,
        1996 (other than a trust treated as owned by the grantor under subpart E
        of part
        I of subchapter J of chapter I of the Code), and which was treated as a United
        States person on August 20, 1996 may elect to continue to be treated as a
        United
        States person notwithstanding the previous sentence. The term “United States”
shall have the meaning set forth in Section 7701 of the Code.

       

      “Value”:
        With
        respect to any Mortgaged Property, the lesser of (i) the lesser of (a) the
        value
        thereof as determined by an appraisal made for the related originator of
        the
        Mortgage Loan at the time of origination of the Mortgage Loan by an appraiser
        who met the minimum requirements of Fannie Mae and Freddie Mac and (b) the
        value
        thereof as determined by a review appraisal conducted by the related originator
        of the Mortgage Loan in accordance with the related originator’s underwriting
        guidelines, and (ii) the purchase price paid for the related Mortgaged Property
        by the Mortgagor with the proceeds of the Mortgage Loan; provided, however,
        (A)
        in the case of a Refinanced Mortgage Loan, such value of the Mortgaged Property
        is based solely upon the lesser of (1) the value determined by an appraisal
        made
        for the related originator of the Mortgage Loan of such Refinanced Mortgage
        Loan
        at the time of origination of such Refinanced Mortgage Loan by an appraiser
        who
        met the minimum requirements of Fannie Mae and Freddie Mac and (2) the value
        thereof as determined by a review appraisal conducted by the related originator
        of the Mortgage Loan in accordance with the related originator’s underwriting
        guidelines, and (B) in the case of a Mortgage Loan originated in connection
        with
        a “lease-option purchase,” such value of the Mortgaged Property is based on the
        lower of the value determined by an appraisal made for the originator of
        such
        Mortgage Loan at the time of origination or the sale price of such Mortgaged
        Property if the “lease option purchase price” was set less than 12 months prior
        to origination, and is based on the value determined by an appraisal made
        for
        the related originator of such Mortgage Loan at the time of origination if
        the
“lease option purchase price” was set 12 months or more prior to
        origination.

       

      
        
          
          

        

        
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      “Verification
        Report”:
        As
        defined in Section 4.20. 

       

      “Voting
        Rights”:
        The
        portion of the voting rights of all of the Certificates which is allocated
        to
        any such Certificate. With respect to any date of determination, 98% of all
        Voting Rights will be allocated among the holders of the Class A Certificates,
        the Mezzanine Certificates and the Class CE Certificates in proportion to
        the
        then outstanding Certificate Principal Balances of their respective
        Certificates, 1% of all Voting Rights will be allocated among the holders
        of the
        Class P Certificates and 1% of all Voting Rights will be allocated among
        the
        holders of the Class R Certificates. The Voting Rights allocated to each
        Class
        of Certificate shall be allocated among Holders of each such Class in accordance
        with their respective Percentage Interests as of the most recent Record Date.
        Notwithstanding the foregoing, each Holder of a Class A Certificate and all
        of the parties hereto agree that unless a Class A Certificate Insurer default
        exists and is continuing under the Insurance Agreement, the Class A Certificate
        Insurer will be entitled to exercise all voting, consent, direction or other
        control rights of the holders of the Class A Certificates.

       

      SECTION
        1.02. Allocation
        of Certain Interest Shortfalls.

       

      For
        purposes of calculating the amount of Accrued Certificate Interest and the
        amount of the Interest Distribution Amount for the Class A Certificates,
        the
        Mezzanine Certificates and the Class CE Certificates for any Distribution
        Date,
        (1) the aggregate amount of any Prepayment Interest Shortfalls (to the extent
        not covered by payments by the Servicer pursuant to Section 3.23 of this
        Agreement or by the Master Servicer pursuant to Section 4.19 of this Agreement)
        and any Relief Act Interest Shortfalls incurred in respect of the Mortgage
        Loans
        for any Distribution Date shall be allocated first, to the Class CE
        Certificates, second, to the Class M-4 Certificates, third, to the Class
        M-3
        Certificates, fourth, to the Class M-2 Certificates, fifth, to the Class
        M-1
        Certificates and sixth, to the Class A Certificates, in each case based on,
        and
        to the extent of, one month’s interest at the then applicable respective
        Pass-Through Rate on the respective Certificate Principal Balance or Notional
        Amount, as applicable, of each such Certificate and (2) the aggregate amount
        of
        any Realized Losses allocated to the Mezzanine Certificates and Net WAC Rate
        Carryover Amounts paid to the Class A Certificates and the Mezzanine
        Certificates incurred for any Distribution Date shall be allocated to the
        Class
        CE Certificates on a pro
        rata
        basis
        based on, and to the extent of, one month’s interest at the then applicable
        respective Pass-Through Rate on the respective Certificate Principal Balance
        or
        Notional Amount thereof, as applicable.

       

      
        
          
          

        

        
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      For
        purposes of calculating the amount of Uncertificated Interest for the REMIC
        I
        Regular Interests for any Distribution Date, the aggregate amount of any
        Prepayment Interest Shortfalls (to the extent not covered by payments by
        the
        Servicer pursuant to Section 3.23 of this Agreement or the Master Servicer
        pursuant to Section 4.19) and any Relief Act Interest Shortfalls incurred
        in
        respect of Mortgage Loans shall be allocated first, to the REMIC I Regular
        Interest I and to the REMIC I Regular Interests ending with the designation
“B”,
pro
        rata
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        REMIC I Remittance Rates on the respective Uncertificated Balances of each
        such
        REMIC I Regular Interest, and then, to REMIC I Regular Interests ending with
        the
        designation “A”, pro rata based on, and to the extent of, one month’s interest
        at the then applicable respective REMIC I Remittance Rates on the respective
        Uncertificated Balances of each such REMIC I Regular Interest.

       

      For
        purposes of calculating the amount of Uncertificated Interest for the REMIC
        II
        Regular Interests for any Distribution Date: the aggregate amount of any
        Prepayment Interest Shortfalls (to the extent not covered by payments by
        the
        Servicer pursuant to Section 3.23 of this Agreement or the Master Servicer
        pursuant to Section 4.19 of this Agreement) and any Relief Act Interest
        Shortfalls incurred in respect of the Mortgage Loans for any Distribution
        Date
        shall be allocated among REMIC II Regular Interest AA, REMIC II Regular Interest
        A, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II
        Regular Interest M-3, REMIC II Regular Interest M-4 and REMIC II Regular
        Interest ZZ pro rata based on, and to the extent of, one month’s interest at the
        then applicable respective REMIC II Remittance Rate on the respective
        Uncertificated Balance of each such REMIC II Regular Interest.

       

      

      
        
          
          

        

        
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      ARTICLE
        II

       

      CONVEYANCE
        OF MORTGAGE LOANS;

      ORIGINAL
        ISSUANCE OF CERTIFICATES

       

      SECTION
        2.01. Conveyance
        of the Mortgage Loans.

       

      The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey to the Trustee, on behalf
        of the
        Trust, without recourse, for the benefit of the Certificateholders, all the
        right, title and interest of the Depositor, including any security interest
        therein for the benefit of the Depositor, in and to the Mortgage Loans
        identified on the Mortgage Loan Schedule, the rights of the Depositor under
        the
        Mortgage Loan Purchase Agreement and Assignment Agreement (including, but
        not
        limited to, the right to enforce the obligations of the other parties thereto
        (including the Guarantor) thereunder), the right to any Net Swap Payment
        and any
        Swap Termination Payment made by the Swap Provider, and all other assets
        included or to be included in REMIC I. Such assignment includes all interest
        and
        principal received by the Depositor and the Servicer on or with respect to
        the
        Mortgage Loans (other than payments of principal and interest due on such
        Mortgage Loans on or before the Cut-off Date). Copies of the Mortgage Loan
        Purchase Agreement and the Assignment Agreement are attached hereto as Exhibit
        F-1 and Exhibit F-2, respectively.

       

      In
        connection with such transfer and assignment, the Depositor does hereby deliver
        to, and deposit with the Custodian pursuant to the Custodial Agreement the
        documents with respect to each Mortgage Loan as described under Section 2
        of the
        Custodial Agreement (the “Mortgage Loan Documents”). In connection with such
        delivery and as further described in the Custodial Agreement, the Custodian
        will
        be required to review such Mortgage Loan Documents and deliver to the Trustee,
        the Depositor, the Servicer and the Sponsor certifications (in the forms
        attached to the Custodial Agreement) with respect to such review with exceptions
        noted thereon. In addition, under the Mortgage Loan Purchase Agreement the
        Sponsor will be required to cure certain defects with respect to the Mortgage
        Loan Documents for the related Mortgage Loans after the delivery thereof
        by the
        Depositor to the Custodian as more particularly set forth therein.

       

      Notwithstanding
        anything to the contrary contained herein, the parties hereto acknowledge
        that
        the functions of the Trustee with respect to the custody, acceptance, inspection
        and release of the Mortgage Files, including, but not limited to certain
        insurance policies and documents contemplated by Section 4.11, and preparation
        and delivery of the certifications shall be performed by the Custodian pursuant
        to the terms and conditions of the Custodial Agreement.

       

      The
        Sponsor shall deliver or cause the Sponsor to deliver to the Servicer copies
        of
        all trailing documents required to be included in the Mortgage File at the
        same
        time the originals or certified copies thereof are delivered to the Trustee
        or
        Custodian, such documents including the mortgagee policy of title insurance
        and
        any Mortgage Loan Documents upon return from the recording office. The Servicer
        shall not be responsible for any custodian fees or other costs incurred in
        obtaining such documents and the Sponsor shall cause the Servicer to be
        reimbursed for any such costs the Servicer may incur in connection with
        performing its obligations under this Agreement.

       

      
        
          
          

        

        
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      The
        Mortgage Loans permitted by the terms of this Agreement to be included in
        the
        Trust are limited to (i) Mortgage Loans (which the Depositor acquired pursuant
        to the Assignment Agreement and the Mortgage Loan Purchase Agreement, which
        contains, among other representations and warranties, a representation and
        warranty of the Sponsor that no Mortgage Loan is a “High-Cost Home Loan” as
        defined in the New Jersey Home Ownership Act effective November 27, 2003
        or as
        defined in the New Mexico Home Loan Protection Act effective January 1, 2004,
        as
        defined in the Massachusetts Predatory Home Loan Practices Act, effective
        November 7, 2004 (Mass. Ann. Laws Ch. 183C) or as defined in the Indiana
        Home
        Loan Practices Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1
        through 24-9-9) or a “high risk home loan” under the Illinois High Risk Home
        Loan Act, effective as of January 1, 2004) and (ii) Qualified Substitute
        Mortgage Loans (which, by definition as set forth herein and referred to
        in the
        Mortgage Loan Purchase Agreement, are required to conform to, among other
        representations and warranties, the representation and warranty of the Sponsor
        that no Qualified Substitute Mortgage Loan is a “High-Cost Home Loan” as defined
        in the New Jersey Home Ownership Act effective November 27, 2003 or as defined
        in the New Mexico Home Loan Protection Act effective January 1, 2004, as
        defined
        in the Massachusetts Predatory Home Loan Practices Act, effective November
        7,
        2004 (Mass. Ann. Laws Ch. 183C) or as defined in the Indiana Home Loan Practices
        Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9)
        or a “high risk home loan” under the Illinois High Risk Home Loan Act, effective
        as of January 1, 2004). The Depositor, the Sponsor and the Trustee on behalf
        of
        the Trust understand and agree that it is not intended that any Mortgage
        Loan be
        included in the Trust that is a “High-Cost Home Loan” as defined in the New
        Jersey Home Ownership Act effective November 27, 2003, as defined in the
        New
        Mexico Home Loan Protection Act effective January 1, 2004, as defined in
        the
        Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
        (Mass. Ann. Laws Ch. 183C) or as defined in the Indiana Home Loan Practices
        Act,
        effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9)
        or a
“high risk home loan” under the Illinois High Risk Home Loan Act, effective as
        of January 1, 2004.

       

      SECTION
        2.02. Acceptance
        of REMIC I by Trustee.

       

      The
        Trustee acknowledges receipt, subject to the provisions of Section 2.01 hereof
        and Section 2 of the Custodial Agreement, of the Mortgage Loan Documents
        and all
        other assets included in the definition of “REMIC I” under clauses (i), (iii),
        (iv) and (v) (to the extent of amounts deposited into the Distribution Account)
        and declares that it holds (or the Custodian on its behalf holds) and will
        hold
        such documents and the other documents delivered to it constituting a Mortgage
        Loan Document, and that it holds (or the Custodian on its behalf holds) or
        will
        hold all such assets and such other assets included in the definition of
“REMIC
        I” in trust for the exclusive use and benefit of all present and future
        Certificateholders.

       

      SECTION
        2.03. Repurchase
        or Substitution of Mortgage Loans.

       

      (a) Upon
        discovery or receipt of notice of any materially defective document in, or
        that
        a document is missing from, a Mortgage File or of a breach by the Sponsor
        of any
        representation, warranty or covenant under the Mortgage Loan Purchase Agreement
        in respect of any Mortgage Loan that materially and adversely affects the
        value
        of such Mortgage Loan or the interest therein of the Certificateholders or
        the
        Class A Certificate Insurer, the Trustee shall promptly notify the Sponsor,
        the
        Class A Certificate Insurer and the Servicer of such defect, missing document
        or
        breach and request that the Sponsor deliver such missing document, cure such
        defect or breach within ninety (90) days from the date the Sponsor was notified
        of such missing document, defect or breach, and if the Sponsor does not deliver
        such missing document or cure such defect or breach in all material respects
        during such period, the Trustee shall enforce the obligations of the Sponsor
        under the Mortgage Loan Purchase Agreement to repurchase such Mortgage Loan
        from
        REMIC I at the Purchase Price within ninety (90) days after the date on which
        the Sponsor was notified of such missing document, defect or breach, if and
        to
        the extent that the Sponsor is obligated to do so under the Mortgage Loan
        Purchase Agreement. Pursuant to the terms of the Mortgage Loan Purchase
        Agreement, if the Sponsor fails to perform its repurchase obligations
        thereunder, the Guarantor shall repurchase such Mortgage Loan at the Purchase
        Price. The Purchase Price for the repurchased Mortgage Loan shall be remitted
        to
        the Servicer for deposit in the Collection Account and the Trustee, upon
        receipt
        of written certification from the Servicer of such deposit, shall release
        or
        cause the Custodian (upon receipt of a request for release in the form attached
        to the Custodial Agreement) to release to the Sponsor the related Mortgage
        File
        and the Trustee shall execute and deliver such instruments of transfer or
        assignment, in each case without recourse, representation or warranty, as
        the
        Sponsor shall furnish to it and as shall be necessary to vest in the Sponsor
        any
        Mortgage Loan released pursuant hereto, and the Trustee shall not have any
        further responsibility with regard to such Mortgage File. In lieu of
        repurchasing any such Mortgage Loan as provided above, if so provided in
        the
        Mortgage Loan Purchase Agreement, the Sponsor may cause such Mortgage Loan
        to be
        removed from REMIC I (in which case it shall become a Deleted Mortgage Loan)
        and
        substitute one or more Qualified Substitute Mortgage Loans in the manner
        and
        subject to the limitations set forth in Section 2.03(b). It is understood
        and
        agreed that the obligation of the Sponsor to cure or to repurchase (or to
        substitute for) any Mortgage Loan as to which a document is missing, a material
        defect in a constituent document exists or as to which such a breach has
        occurred and is continuing shall constitute the sole remedy respecting such
        omission, defect or breach available to the Trustee and the
        Certificateholders.

       

      
        
          
          

        

        
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      In
        addition, promptly upon the earlier of discovery by the Servicer or receipt
        of
        notice by the Servicer of the breach of the representation or covenant of
        the
        Sponsor set forth in Section (qq) of Exhibit G of the Mortgage Loan Purchase
        Agreement which materially and adversely affects the interests of the Holders
        of
        the Class P Certificates in any Prepayment Charge, the Servicer shall promptly
        notify the Sponsor and the Trustee of such breach. The Trustee shall enforce
        the
        obligations of the Sponsor under the Mortgage Loan Purchase Agreement to
        remedy
        such breach to the extent and in the manner set forth in the Mortgage Loan
        Purchase Agreement.

       

      (b) Any
        substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage
        Loans
        made pursuant to Section 2.03(a) must be effected prior to the date which
        is two
        years after the Startup Day for REMIC I.

       

      As
        to any
        Deleted Mortgage Loan for which the Sponsor substitutes a Qualified Substitute
        Mortgage Loan or Loans, such substitution shall be effected by the Sponsor
        delivering to the Trustee or the Custodian on behalf of the Trustee, for
        such
        Qualified Substitute Mortgage Loan or Loans, the Mortgage Note, the Mortgage,
        the Assignment to the Trustee, and such other documents and agreements, with
        all
        necessary endorsements thereon, as are required by Section 2 of the Custodial
        Agreement, as applicable, together with an Officers’ Certificate providing that
        each such Qualified Substitute Mortgage Loan satisfies the definition thereof
        and specifying the Substitution Shortfall Amount (as described below), if
        any,
        in connection with such substitution. The Custodian on behalf of the Trustee
        shall acknowledge receipt of such Qualified Substitute Mortgage Loan or Loans
        and, within ten (10) Business Days thereafter, review such documents and
        deliver
        to the Depositor, the Class A Certificate Insurer, the Trustee and the
        Servicer, with respect to such Qualified Substitute Mortgage Loan or Loans,
        an
        initial certification pursuant to the Custodial Agreement, with any applicable
        exceptions noted thereon. Within one year of the date of substitution, the
        Custodian on behalf of the Trustee shall deliver to the Depositor, the
        Class A Certificate Insurer, the Trustee and the Servicer a final
        certification pursuant to the Custodial Agreement with respect to such Qualified
        Substitute Mortgage Loan or Loans, with any applicable exceptions noted thereon.
        Monthly Payments due with respect to Qualified Substitute Mortgage Loans
        in the
        month of substitution are not part of REMIC I and will be retained by the
        Sponsor. For the month of substitution, distributions to Certificateholders
        will
        reflect the Monthly Payment due on such Deleted Mortgage Loan on or before
        the
        Due Date in the month of substitution, and the Sponsor shall thereafter be
        entitled to retain all amounts subsequently received in respect of such Deleted
        Mortgage Loan. The Servicer shall amend the Mortgage Loan Schedule to reflect
        the removal of such Deleted Mortgage Loan from the terms of this Agreement
        and
        the substitution of the Qualified Substitute Mortgage Loan or Loans and shall
        deliver a copy of such amended Mortgage Loan Schedule to the Trustee and
        the
        Servicer. Upon such substitution, such Qualified Substitute Mortgage Loan
        or
        Loans shall constitute part of the Trust Fund and shall be subject in all
        respects to the terms of this Agreement and the Mortgage Loan Purchase
        Agreement, including all applicable representations and warranties thereof
        included herein or in the Mortgage Loan Purchase Agreement.

       

      
        
          
          

        

        
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      For
        any
        month in which the Sponsor substitutes one or more Qualified Substitute Mortgage
        Loans for one or more Deleted Mortgage Loans, the Servicer will determine
        the
        amount (the “Substitution Shortfall Amount”), if any, by which the aggregate
        Purchase Price of all such Deleted Mortgage Loans exceeds the aggregate of,
        as
        to each such Qualified Substitute Mortgage Loan, the Scheduled Principal
        Balance
        thereof as of the date of substitution, together with one month’s interest on
        such Scheduled Principal Balance at the applicable Net Mortgage Rate, plus
        all
        outstanding P&I Advances and Servicing Advances (including Nonrecoverable
        P&I Advances and Nonrecoverable Servicing Advances) related thereto. On the
        date of such substitution, the Sponsor will deliver or cause to be delivered
        to
        the Servicer for deposit in the Collection Account an amount equal to the
        Substitution Shortfall Amount, if any, and the Trustee or the Custodian on
        behalf of the Trustee, upon receipt of the related Qualified Substitute Mortgage
        Loan or Loans, upon receipt of a request for release in the form attached
        to the
        Custodial Agreement, certification by the Servicer of such deposit and absent
        any objection by the Class A Certificate Insurer, shall release to the
        Sponsor the related Mortgage File or Files and the Trustee shall execute
        and
        deliver such instruments of transfer or assignment, in each case without
        recourse, representation or warranty, as the Sponsor shall deliver to it
        and as
        shall be necessary to vest therein any Deleted Mortgage Loan released pursuant
        hereto.

       

      In
        addition, the Sponsor shall obtain at its own expense and deliver to the
        Trustee
        an Opinion of Counsel to the effect that such substitution will not cause
        (a)
        any federal tax to be imposed on any Trust REMIC, including without limitation,
        any federal tax imposed on “prohibited transactions” under Section 860F(a)(1) of
        the Code or on “contributions after the startup date” under Section 860G(d)(1)
        of the Code, or (b) any Trust REMIC to fail to qualify as a REMIC at any
        time
        that any Certificate is outstanding.

       

      
        
          
          

        

        
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      (c) Upon
        discovery by the Depositor, the Sponsor, the Servicer or the Trustee that
        any
        Mortgage Loan does not constitute a “qualified mortgage” within the meaning of
        Section 860G(a)(3) of the Code, the party discovering such fact shall within
        two
        (2) Business Days give written notice thereof to the other parties and the
        Class A Certificate Insurer. In connection therewith, the Sponsor shall
        repurchase or substitute one or more Qualified Substitute Mortgage Loans
        for the
        affected Mortgage Loan within ninety (90) days of the earlier of discovery
        or
        receipt of such notice with respect to such affected Mortgage Loan. Any such
        repurchase or substitution shall be made in the same manner as set forth
        in
        Section 2.03(a). The Trustee shall reconvey to the Sponsor the Mortgage Loan
        to
        be released pursuant hereto in the same manner, and on the same terms and
        conditions, as it would a Mortgage Loan repurchased for breach of a
        representation or warranty.

       

      (d) With
        respect to a breach of the representations made pursuant to Section (qq) of
        Exhibit G of the Mortgage Loan Purchase Agreement that materially and adversely
        affects the value of such Mortgage Loan or the interest therein of the Class
        A
        Certificate Insurer, the Certificateholders, the Sponsor shall be required
        to
        take the actions set forth in Section 3.03 of the Mortgage Loan Purchase
        Agreement.

       

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

       

      SECTION
        2.04. Representations
        and Warranties of the Master Servicer.

       

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

       

      (i) The
        Master Servicer is a national banking association duly formed, validly existing
        and in good standing under the laws of the United States of America and is
        duly
        authorized and qualified to transact any and all business contemplated by
        this
        Agreement to be conducted by the Master Servicer;

       

      (ii) The
        Master Servicer has the full power and authority to conduct its business
        as
        presently conducted by it and to execute, deliver and perform, and to enter
        into
        and consummate, all transactions contemplated by this Agreement. The Master
        Servicer has duly authorized the execution, delivery and performance of this
        Agreement, has duly executed and delivered this Agreement, and this Agreement,
        assuming due authorization, execution and delivery by the other parties hereto,
        constitutes a legal, valid and binding obligation of the Master Servicer,
        enforceable against it in accordance with its terms except as the enforceability
        thereof may be limited by bankruptcy, insolvency, reorganization or similar
        laws
        affecting the enforcement of creditors’ rights generally and by general
        principles of equity;

       

      
        
          
          

        

        
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      (iii) The
        execution and delivery of this Agreement by the Master Servicer, the
        consummation by the Master Servicer of any other of the transactions herein
        contemplated, and the fulfillment of or compliance with the terms hereof
        are in
        the ordinary course of business of the Master Servicer and will not (A) result
        in a breach of any term or provision of the charter and by-laws of the Master
        Servicer or (B) conflict with, result in a breach, violation or acceleration
        of,
        or result in a default under, the terms of any other material agreement or
        instrument to which the Master Servicer is a party or by which it may be
        bound,
        or any statute, order or regulation applicable to the Master Servicer of
        any
        court, regulatory body, administrative agency or governmental body having
        jurisdiction over the Master Servicer; and the Master Servicer is not a party
        to, bound by, or in breach or violation of any indenture or other agreement
        or
        instrument, or subject to or in violation of any statute, order or regulation
        of
        any court, regulatory body, administrative agency or governmental body having
        jurisdiction over it, which materially and adversely affects or, to the Master
        Servicer’s knowledge, would in the future materially and adversely affect, (x)
        the ability of the Master Servicer to perform its obligations under this
        Agreement or (y) the business, operations, financial condition, properties
        or
        assets of the Master Servicer taken as a whole;

       

      (iv) The
        Master Servicer does not believe, nor does it have any reason or cause to
        believe, that it cannot perform each and every covenant made by it and contained
        in this Agreement;

       

      (v) No
        litigation is pending against the Master Servicer that would materially and
        adversely affect the execution, delivery or enforceability of this Agreement
        or
        the ability of the Master Servicer to perform any of its other obligations
        hereunder in accordance with the terms hereof;

       

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

       

      (vii) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Master
        Servicer of, or compliance by the Master Servicer with, this Agreement or
        the
        consummation by it of the transactions contemplated by this Agreement, except
        for such consents, approvals, authorizations or orders, if any, that have
        been
        obtained prior to the Closing Date; and

       

      (viii) There
        are
        no affiliations, relationships or transactions relating to the Master Servicer
        of a type that are described under Item 1119 of Regulation AB with the
        Custodian, the Depositor, the Sponsor, the Servicer, the Credit Risk Manager,
        the Swap Provider, American Home Mortgage Corp., the Class A Certificate
        Insurer
        or the Trustee.

       

      
        
          
          

        

        
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      It
        is
        understood and agreed that the representations, warranties and covenants
        set
        forth in this Section 2.04 shall survive the resignation or termination of
        the
        parties hereto and the termination of this Agreement and shall inure to the
        benefit of the Trustee, the Depositor, the Class A Certificate Insurer and
        the
        Certificateholders.

       

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

       

      (a) The
        Servicer hereby represents, warrants and covenants to the Sponsor, the Master
        Servicer, the Securities Administrator, the Depositor, the Class A
        Certificate Insurer and the Trustee, for the benefit of each of such Persons
        and
        the Certificateholders that as of the Closing Date or as of such date
        specifically provided herein:

       

      (i) The
        Servicer is a limited liability company duly organized and validly existing
        under the laws of the jurisdiction of its formation, and is duly authorized
        and
        qualified to transact any and all business contemplated by this Agreement
        to be
        conducted by the Servicer in any state in which a Mortgaged Property is located
        or is otherwise not required under applicable law to effect such qualification
        and, in any event, is in compliance with the doing business laws of any such
        State, to the extent necessary to ensure its ability to enforce each Mortgage
        Loan and to service the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (ii) The
        Servicer has the full power and authority to conduct its business as presently
        conducted by it and to execute, deliver and perform, and to enter into and
        consummate, all transactions contemplated by this Agreement. the Servicer
        has
        duly authorized the execution, delivery and performance of this Agreement,
        has
        duly executed and delivered this Agreement, and this Agreement, assuming
        due
        authorization, execution and delivery by the other parties hereto, constitutes
        a
        legal, valid and binding obligation of the Servicer, enforceable against
        it in
        accordance with its terms, except as the enforceability thereof may be limited
        by bankruptcy, insolvency, reorganization or similar laws affecting the
        enforcement of creditors’ rights generally and by general principles of
        equity;

       

      (iii) The
        execution and delivery of this Agreement by the Servicer, the servicing of
        the
        Mortgage Loans by the Servicer hereunder, the consummation by the Servicer
        of
        any other of the transactions herein contemplated, and the fulfillment of
        or
        compliance with the terms hereof are in the ordinary course of business of
        the
        Servicer and will not (A) result in a breach of any term or provision of
        the
        Servicer’s formation documents or (B) conflict with, result in a breach,
        violation or acceleration of, or result in a default under, the terms of
        any
        other material agreement or instrument to which the Servicer is a party or
        by
        which it may be bound, or any statute, order or regulation applicable to
        the
        Servicer of any court, regulatory body, administrative agency or governmental
        body having jurisdiction over the Servicer; and the Servicer is not a party
        to,
        bound by, or in breach or violation of any indenture or other agreement or
        instrument, or subject to or in violation of any statute, order or regulation
        of
        any court, regulatory body, administrative agency or governmental body having
        jurisdiction over it, which materially and adversely affects or, to the
        Servicer's knowledge, would in the future materially and adversely affect,
        (x)
        the ability of the Servicer to perform its obligations under this Agreement,
        (y)
        the business, operations, financial condition, properties or assets of the
        Servicer taken as a whole or (z) the legality, validity or enforceability
        of
        this Agreement;

       

      
        
          
          

        

        
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      (iv) The
        Servicer does not believe, nor does it have any reason or cause to believe,
        that
        it cannot perform each and every covenant made by it and contained in this
        Agreement;

       

      (v) No
        litigation is pending against the Servicer that would materially and adversely
        affect the execution, delivery or enforceability of this Agreement or the
        ability of the Servicer to service the Mortgage Loans or to perform any of
        its
        other obligations hereunder in accordance with the terms hereof;

       

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

       

      (vii) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Servicer
        of,
        or compliance by the Servicer with, this Agreement or the consummation by
        it of
        the transactions contemplated by this Agreement, except for such consents,
        approvals, authorizations or orders, if any, that have been obtained prior
        to
        the Closing Date;

       

      (viii) The
        Servicer has fully furnished and will continue to fully furnish, in accordance
        with the Fair Credit Reporting Act and its implementing regulations, accurate
        and complete information (e.g., favorable and unfavorable) on its borrower
        credit files to Equifax, Experian and Trans Union Credit Information Company
        or
        their successors on a monthly basis; 

       

      (ix) The
        Servicer is a member of MERS in good standing, and will comply in all material
        respects with the rules and procedures of MERS in connection with the servicing
        of the Mortgage Loans that are registered with MERS; and 

       

      (x) The
        Servicer will not waive any Prepayment Charge other than in accordance with
        the
        standard set forth in Section 3.01.

       

      (b) Notwithstanding
        anything to the contrary contained in this Agreement, if the covenant of
        the
        Servicer set forth in Section 2.05(a)(x) above is breached, the Servicer
        will
        pay the amount of such waived Prepayment Charge, from its own funds without
        any
        right of reimbursement, for the benefit of the Holders of the Class P
        Certificates, by depositing such amount into the Collection Account within
        90
        days of the earlier of discovery by the Servicer or receipt of notice by
        the
        Servicer of such breach; provided, however, the Servicer shall not have any
        obligation to pay the amount of any uncollected Prepayment Charge under this
        Section 2.05 if the Servicer did not have a copy of the related Mortgage
        Note,
        the Servicer requested a copy of the same from the Custodian in accordance
        with
        the terms of the Custodial Agreement and the Custodian failed to provide
        such
        copy within the time frame set forth in the Custodial Agreement. Furthermore,
        notwithstanding any other provisions of this Agreement, any payments made
        by the
        Servicer in respect of any waived Prepayment Charges pursuant to this paragraph
        shall be deemed to be paid outside of the Trust Fund. 

       

      
        
          
          

        

        
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      (c) It
        is
        understood and agreed that the representations, warranties and covenants
        set
        forth in this Section 2.05 shall survive the resignation or termination of
        the
        parties hereto, the termination of this Agreement and the delivery of the
        Mortgage Files to the Custodian and shall inure to the benefit of the Trustee,
        the Master Servicer, the Securities Administrator, the Servicer, the Depositor,
        the Certificateholders and the Class A Certificate Insurer. Upon discovery
        by any such Person or the Servicer of a breach of any of the foregoing
        representations, warranties and covenants which materially and adversely
        affects
        the value of any Mortgage Loan, Prepayment Charge or the interests therein
        of
        the Class A Certificate Insurer or the Certificateholders, the party
        discovering such breach shall give prompt written notice (but in no event
        later
        than two (2) Business Days following such discovery) to the Trustee.

       

      SECTION
        2.06. Issuance
        of the REMIC I Regular Interests and the Class R-I Interest.

       

      The
        Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
        to the Custodian on its behalf of the Mortgage Loan Documents, subject to
        the
        provisions of Section 2.01 and Section 2.02 hereof and Section 2 of the
        Custodial Agreement, together with the assignment to it of all other assets
        included in REMIC I, the receipt of which is hereby acknowledged. The interests
        evidenced by the Class R-I Interest, together with the REMIC I Regular
        Interests, constitute the entire beneficial ownership interest in REMIC I.
        The
        rights of the Holders of the Class R-I Interest and REMIC I (as holder of
        the
        REMIC I Regular Interests) to receive distributions from the proceeds of
        REMIC I
        in respect of the Class R-I Interest and the REMIC I Regular Interests,
        respectively, and all ownership interests evidenced or constituted by the
        Class
        R-I Interest and the REMIC I Regular Interests, shall be as set forth in
        this
        Agreement.

       

      SECTION
        2.07. Conveyance
        of the REMIC I Regular Interests; Acceptance of REMIC II and REMIC III by
        the
        Trustee.

       

      The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey to the Trustee, without recourse
        all the right, title and interest of the Depositor in and to the REMIC I
        Regular
        Interests for the benefit of the Class R-II Interest and REMIC II (as holder
        of
        the REMIC I Regular Interests). The Trustee acknowledges receipt of the REMIC
        I
        Regular Interests and declares that it holds and will hold the same in trust
        for
        the exclusive use and benefit of all present and future Holders of the Class
        R-II Interest and REMIC II (as holder of the REMIC I Regular Interests).
        The
        rights of the Holder of the Class R-II Interest and REMIC II (as holder of
        the
        REMIC I Regular Interests) to receive distributions from the proceeds of
        REMIC
        II in respect of the Class R-II Interest and the REMIC II Regular Interests,
        respectively, and all ownership interests evidenced or constituted by the
        Class
        R-II Interest and the REMIC II Regular Interests, shall be as set forth in
        this
        Agreement. The Class R-II Interest and the REMIC II Regular Interests shall
        constitute the entire beneficial ownership interest in REMIC II. The Trustee
        acknowledges receipt of the REMIC II Regular Interests and declares that
        it
        holds and will hold the same in trust for the exclusive use and benefit of
        all
        present and future Holders of the Class R-III Interest and REMIC III (as
        holder
        of the REMIC II Regular Interests). The rights of the Holder of the Class
        R-III
        Interest and REMIC III (as holder of the REMIC II Regular Interests) to receive
        distributions from the proceeds of REMIC III in respect of the Class R-III
        Interest and the Regular Certificates, respectively, and all ownership interests
        evidenced or constituted by the Class R-III Interest and the Regular
        Certificates, shall be as set forth in this Agreement. The Class R-III Interest
        and the Regular Certificates shall constitute the entire beneficial ownership
        interest in REMIC III.

       

      
        
          
          

        

        
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      SECTION
        2.08. Issuance
        of the Residual Certificates.

       

      The
        Trustee acknowledges the assignment to it of the REMIC I Regular Interests
        and,
        concurrently therewith and in exchange therefor, pursuant to the written
        request
        of the Depositor executed by an officer of the Depositor, the Securities
        Administrator has executed and authenticated and the Trustee has delivered
        to or
        upon the order of the Depositor, the Class R Certificates in authorized
        denominations. The Class R Certificates evidence ownership in the Class R-I
        Interest, the Class R-II Interest and the Class R-III Interest.

       

      SECTION
        2.09. Establishment
        of the Trust.

       

      The
        Depositor does hereby establish, pursuant to the further provisions of this
        Agreement and the laws of the State of New York, an express trust to be known,
        for convenience, as “SunTrust Acquisition Closed-End Seconds Trust, Series
        2007-1 ” and does hereby appoint HSBC Bank USA, National Association as Trustee
        in accordance with the provisions of this Agreement.

       

      SECTION
        2.10. Purpose
        and Powers of the Trust.

       

      The
        purpose of the common law trust, as created hereunder, is to engage in the
        following activities:

       

      (a) acquire
        and hold the Mortgage Loans and the other assets of the Trust Fund and the
        proceeds therefrom;

       

      (b) to
        issue
        the Certificates sold to the Depositor in exchange for the Mortgage
        Loans;

       

      (c) to
        make
        payments on the Certificates;

       

      (d) to
        engage
        in those activities that are necessary, suitable or convenient to accomplish
        the
        foregoing or are incidental thereto or connected therewith to the extent
        not
        inconsistent with the other provisions of this Agreement; and

       

      
        
          
          

        

        
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      (e) subject
        to compliance with this Agreement, to engage in such other activities as
        may be
        required in connection with conservation of the Trust Fund and the making
        of
        distributions to the Certificateholders.

       

      The
        trust
        is hereby authorized to engage in the foregoing activities. It is understood
        that it is the intent of the parties to this Agreement to limit the Trust
        in
        such a way as to be in compliance with Qualifying Special Purpose Entity
        treatment under Statement of Financial Accounting Standard No. 140 within
        U.S.
        generally accepted accounting principles. The Trustee shall not cause the
        trust
        to engage in any activity other than in connection with the foregoing or
        other
        than as required or authorized by the terms of this Agreement (or those
        ancillary thereto) while any Certificate is outstanding, and this Section
        2.10
        may not be amended, without the consent of the Certificateholders evidencing
        51%
        or more of the aggregate voting rights of the Certificates.

       

      SECTION
        2.11. Representations
        and Warranties of the Trustee.

       

      The
        Trustee hereby represents and warrants to the Sponsor and the Depositor,
        for the
        benefit of each of the Certificateholders, that as of the Closing
        Date:

       

      (a) There
        are
        no affiliations relating to the Trustee of a type that are described under
        Item
        1119(a) of Regulation AB; and

       

      (b) There
        are
        no legal proceedings pending or contemplated, including legal proceedings
        pending or contemplated by governmental authorities, against the Trustee
        that
        could be material to the Certificateholders.

       

      
        
          
          

        

        
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      ARTICLE
        III

       

      ADMINISTRATION
        AND SERVICING

      OF
        THE
        MORTGAGE LOANS; ACCOUNTS

       

      SECTION
        3.01. The
        Servicer to Act as Servicer.

       

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

       

      (i) any
        relationship that the Servicer or any Affiliate of the Servicer may have
        with
        the related Mortgagor;

       

      (ii) the
        ownership of any Certificate by the Servicer or any Affiliate of the
        Servicer;

       

      (iii) the
        Servicer’s obligation to make P&I Advances or Servicing Advances;
        or

       

      (iv) the
        Servicer’s right to receive compensation for its services
        hereunder.

       

      To
        the
        extent consistent with the foregoing, the Servicer shall also seek to maximize
        the timely and complete recovery of principal and interest on the related
        Mortgage Notes and shall waive (or permit a Sub-Servicer to waive) a Prepayment
        Charge only under the following circumstances: (i) such waiver is standard
        and
        customary in servicing similar Mortgage Loans and such waiver is related
        to a
        default or reasonably foreseeable default and would, in the reasonable judgment
        of the Servicer, maximize recovery of total proceeds taking into account
        the
        value of such Prepayment Charge and the related Mortgage Loan and, if such
        waiver is made in connection with a refinancing of the related Mortgage Loan,
        such refinancing is related to a default or a reasonably foreseeable default,
        (ii) such Prepayment Charge is unenforceable in accordance with applicable
        law
        or the collection of such related Prepayment Charge would otherwise violate
        applicable law or (iii) the collection of such Prepayment Charge would be
        considered “predatory” pursuant to written guidance published or issued by any
        applicable federal, state or local regulatory authority acting in its official
        capacity and having jurisdiction over such matters. In addition, the Servicer
        shall not impose a Prepayment Charge in any instance when the related Mortgage
        Loan is accelerated or where the Mortgagor has made a Principal Prepayment
        in
        full in connection with the workout of a delinquent Mortgage Loan or due
        to a
        default by the Mortgagor. Notwithstanding any provision in this Agreement
        to the
        contrary, in the event the Prepayment Charge payable under the terms of the
        Mortgage Note is less than the amount of the Prepayment Charge set forth
        in the
        Prepayment Charge Schedule or other information provided to the Servicer,
        neither the Servicer nor the Master Servicer shall have any liability or
        obligation with respect to such difference (including any obligation to
        recalculate any Prepayment Charges), and in addition shall not have any
        liability or obligation to pay the amount of any uncollected Prepayment Charge
        if the failure to collect such amount is the direct result of inaccurate
        or
        incomplete information on the Prepayment Charge Schedule.

       

      
        
          
          

        

        
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      In
        the
        event any Servicer waives a Prepayment Charge in connection with clauses
        (ii) or
        (iii) of the preceding paragraph, the Servicer shall provide a written
        explanation of the Servicer’s determination to the Master Servicer, and the
        Master Servicer shall provide a copy of such writing to the Sponsor and the
        Depositor. 

       

      Subject
        only to the above-described servicing standards (the “Accepted Servicing
        Practices”) and the terms of this Agreement and of the related Mortgage Loans,
        the Servicer shall have full power and authority, to do or cause to be done
        any
        and all things in connection with such servicing and administration which
        it may
        deem necessary or desirable with the goal of maximizing proceeds of the related
        Mortgage Loan. Without limiting the generality of the foregoing, the Servicer
        in
        its own name is hereby authorized and empowered by the Trustee when the Servicer
        believes it appropriate in its best judgment, to execute and deliver, on
        behalf
        of the Trust Fund, the Certificateholders and the Trustee or any of them,
        and
        upon written notice to the Trustee, any and all instruments of satisfaction
        or
        cancellation, or of partial or full release or discharge or subordination,
        and
        all other comparable instruments, with respect to the related Mortgage Loans
        and
        the related Mortgaged Properties and to institute foreclosure proceedings
        or
        obtain a deed-in-lieu of foreclosure so as to convert the ownership of such
        properties, and to hold or cause to be held title to such properties, on
        behalf
        of the Trustee, for the benefit of the Trust Fund and the Certificateholders.
        The Servicer shall service and administer the related Mortgage Loans in
        accordance with applicable state and federal law and shall provide to the
        Mortgagors any reports required to be provided to them thereby. The Servicer
        shall also comply in the performance of this Agreement with all reasonable
        rules
        and requirements of each insurer under any standard hazard insurance policy.
        Subject to Section 3.14, the Trustee shall execute, at the written request
        of
        any Servicer, and furnish to the Servicer a power of attorney in the form
        of
        Exhibit D hereto and other documents necessary or appropriate to enable the
        Servicer to carry out its servicing and administrative duties hereunder and
        furnished to the Trustee by the Servicer, and the Trustee shall not be liable
        for the actions of the Servicer under such powers of attorney and shall be
        indemnified by the Servicer for any cost, liability or expense incurred by
        the
        Trustee in connection with the Servicer’s use or misuse of any such power of
        attorney.

       

      The
        Servicer is hereby authorized and empowered in its own name or in the name
        of
        the Sub-Servicer, when the Servicer or the Sub-Servicer, as the case may
        be,
        believes it is appropriate in its best judgment to register any Mortgage
        Loan on
        the MERS® System, or cause the removal from the registration of any Mortgage
        Loan on the MERS® System, to execute and deliver, on behalf of the Trustee and
        the Certificateholders or any of them, any and all instruments of assignment
        and
        other comparable instruments with respect to such assignment or re-recording
        of
        a Mortgage in the name of MERS, solely as nominee for the Trustee and its
        successors and assigns. Any reasonable expenses incurred in connection with
        the
        actions described in the preceding sentence or as a result of MERS discontinuing
        or becoming unable to continue operations in connection with the MERS® System,
        shall be reimbursable by the Trust Fund to the Servicer.

       

      
        
          
          

        

        
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      In
        accordance with Accepted Servicing Practices, the Servicer shall make or
        cause
        to be made Servicing Advances as necessary for the purpose of effecting the
        payment of taxes and assessments on the related Mortgaged Properties (to
        the
        extent the Servicer has been notified that such taxes or assessments have
        not
        been paid by the related Mortgagor, owner or servicer of the related First
        Mortgage Loan), which Servicing Advances shall be reimbursable in the first
        instance from related collections from the related Mortgagors pursuant to
        Section 3.07, and further as provided in Section 3.09; provided,
        however, the Servicer shall only make such Servicing Advance if the related
        Mortgagor has not made such payment and if the failure to make such Servicing
        Advance would result in the loss of the related Mortgaged Property due to
        a tax
        sale or foreclosure as result of a tax lien; provided, however, that the
        Servicer shall be required to make such Servicing Advances only to the extent
        that such Servicing Advances, in the good faith judgment of the Servicer,
        will
        be recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds,
        or otherwise out of the proceeds of the related Mortgage Loan. Any cost incurred
        by the Servicer in effecting the payment of taxes and assessments on a Mortgaged
        Property shall not, for the purpose of calculating the Stated Principal Balance
        of such Mortgage Loan or distributions to Certificateholders, be added to
        the
        unpaid principal balance of the related Mortgage Loan, notwithstanding that
        the
        terms of such Mortgage Loan so permit. The parties to this Agreement acknowledge
        that Servicing Advances shall be reimbursable pursuant to Section 3.09 of
        this Agreement, and agree that no Servicing Advance shall be rejected or
        disallowed by any party unless it has been shown that such Servicing Advance
        was
        not made in accordance with the terms of this Agreement. Notwithstanding
        the
        foregoing, the parties understand and agree that, with respect to any Mortgage
        Loan (1) the Master Servicer shall not approve the reimbursement of any
        Servicing Advance made with respect to such Mortgage Loan prior to the Cut-off
        Date (each, a “Pre-Cut-off Date Advance”) unless and until it has received a
        Servicing Advance Schedule listing the amount of Pre-Cut-off Date Advances
        made
        in respect of such Mortgage Loan from (a) the Servicer with respect to any
        Mortgage Loans that were transferred to the Servicer prior to the Cut-off
        Date
        and/or (b) the Sponsor with respect to any Mortgage Loans that were transferred
        to the Servicer after the Cut-off Date, as applicable, (2) the aggregate
        Pre-Cut-off Date Advances reimbursable hereunder with respect to such Mortgage
        Loan shall not exceed the amount of Pre-Cut-off Date Advances for such Mortgage
        Loan shown on the Servicing Advance Schedule delivered to the Master Servicer,
        (3) the Sponsor shall be deemed to have agreed with and approved the Pre-Cut-off
        Date Advances shown on any Servicing Advance Schedule furnished to the Master
        Servicer, and (4) the Master Servicer will have no liability to the Depositor,
        the Sponsor, the Servicer or any other Person, including any Certificateholder,
        for approving reimbursement of related Pre-Cut-off Date Advances so long
        as the
        aggregate amount of such advances reimbursed hereunder does not exceed of
        the
        amount of Pre-Cut-off Date Advances for such Mortgage Loan shown on the
        Servicing Advance Schedule.

       

      The
        Servicer, in such capacity, may consent to the refinancing of a First Mortgage
        Loan on a Mortgaged Property, provided that the following requirements are
        met:

       

      (i) the
        resulting Combined Loan-to-Value Ratio of such Mortgage Loan is no higher
        than
        the Combined Loan-to-Value Ratio prior to such refinancing; 

       

      
        
          
          

        

        
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      (ii) the
        interest rate for the loan evidencing the refinanced First Mortgage Loan
        is no
        more than 2.0% higher than the interest rate on the loan evidencing the existing
        First Mortgage Loan immediately prior to the date of such refinancing;
        and

       

      (iii) the
        mortgage loan evidencing the refinanced First Mortgage Loan is not subject
        to
        negative amortization.

       

      The
        Servicer shall inspect the Mortgaged Properties related to Mortgage Loans
        serviced by the Servicer as often as deemed necessary by the Servicer in
        the
        Servicer’s sole discretion, to assure itself that the value of such Mortgaged
        Property is being preserved. In addition, if any Mortgage Loan is more than
        60
        days delinquent, the Servicer shall conduct subsequent inspections in accordance
        with Accepted Servicing Practices. The Servicer shall keep a written or
        electronic report of each such inspection.

       

      Notwithstanding
        anything in this Agreement to the contrary, the Servicer may not make any
        future
        advances with respect to a Mortgage Loan and the Servicer shall not permit
        any
        modification with respect to any related Mortgage Loan that would change
        the
        Mortgage Rate, reduce or increase the principal balance (except for reductions
        resulting from actual payments of principal) or change the final maturity
        date
        on such related Mortgage Loan (unless, as provided in Section 3.06, the related
        Mortgagor is in default with respect to the related Mortgage Loan or such
        default is, in the judgment of the Servicer, reasonably foreseeable) or any
        modification, waiver or amendment of any term of any related Mortgage Loan
        that
        would both (A) effect an exchange or reissuance of such Mortgage Loan under
        Section 1001 of the Code (or final, temporary or proposed Treasury regulations
        promulgated thereunder) and (B) cause any Trust REMIC created hereunder to
        fail
        to qualify as a REMIC under the Code or the imposition of any tax on “prohibited
        transactions” or “contributions after the startup date” under the REMIC
        Provisions.

       

      In
        the
        event that the Mortgage Loan Documents relating to a Mortgage Loan contain
        provisions requiring the related Mortgagor to arbitrate disputes (at the
        option
        of the Trustee, on behalf of the Trust), the Trustee hereby authorizes the
        Servicer to waive the Trustee’s right or option to arbitrate disputes and to
        send written notice of such waiver to the Mortgagor, although the Mortgagor
        may
        still require arbitration at its option.

       

      From
        and
        after the Closing Date, the Servicer will fully furnish, in accordance with
        the
        Fair Credit Reporting Act and its implementing regulations, accurate and
        complete information (e.g., favorable and unfavorable) on its borrower credit
        files to Equifax, Experian and Trans Union Credit Information Company or
        their
        successors on a monthly basis.

       

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

       

      (a) The
        Servicer may arrange for the subservicing of any Mortgage Loan by a Sub-Servicer
        pursuant to a Sub-Servicing Agreement; provided that such sub-servicing
        arrangement and the terms of the related Sub-Servicing Agreement must provide
        for the servicing of such Mortgage Loans in a manner consistent with the
        servicing arrangements contemplated hereunder and the Servicer shall cause
        any
        Sub-Servicer to comply with the provisions of this Agreement (including,
        without
        limitation, to provide the information required to be delivered under Sections
        3.17, 3.18 and 3.20 hereof), to the same extent as if such Sub-Servicer were
        the
        Servicer. The Servicer shall be responsible for obtaining from each Sub-Servicer
        and delivering to the Master Servicer any annual statement of compliance,
        assessment of compliance, attestation report and Sarbanes Oxley related
        certification as and when required to be delivered. Each Sub-Servicer shall
        be
        (i) authorized to transact business in the state or states where the related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Sub-Servicer to perform its obligations
        hereunder and under the Sub-Servicing Agreement and (ii) a Freddie Mac or
        Fannie
        Mae approved mortgage servicer. Notwithstanding the provisions of any
        Sub-Servicing Agreement, any of the provisions of this Agreement relating
        to
        agreements or arrangements between any Servicer or a Sub-Servicer or reference
        to actions taken through the Servicer or otherwise, the Servicer shall remain
        obligated and liable to the Depositor, the Trustee, the Class A Certificate
        Insurer and the Certificateholders for the servicing and administration of
        the
        related Mortgage Loans in accordance with the provisions of this Agreement
        without diminution of such obligation or liability by virtue of such
        Sub-Servicing Agreements or arrangements or by virtue of indemnification
        from
        the Sub-Servicer and to the same extent and under the same terms and conditions
        as if the Servicer alone were servicing and administering the related Mortgage
        Loans. Every Sub-Servicing Agreement entered into by the Servicer shall contain
        a provision giving the successor servicer the option to terminate such agreement
        in the event a successor servicer is appointed. All actions of each Sub-Servicer
        performed pursuant to the related Sub-Servicing Agreement shall be performed
        as
        an agent of the Servicer with the same force and effect as if performed directly
        by the Servicer.

       

      
        
          
          

        

        
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      (b) Notwithstanding
        the foregoing, the Servicer shall be entitled to outsource one or more separate
        servicing functions to a Subcontractor that does not meet the eligibility
        requirements for a Sub-Servicer, so long as such outsourcing does not constitute
        the delegation of the Servicer’s obligation to perform all or substantially all
        of the servicing of the related Mortgage Loans to such Subcontractor. The
        Servicer shall promptly, upon request, provide to the Master Servicer, the
        Trustee, the Class A Certificate Insurer and the Depositor a written
        description (in form and substance satisfactory to the Master Servicer, the
        Trustee, the Class A Certificate Insurer and the Depositor) of the role and
        function of each Subcontractor utilized by the Servicer, specifying (i) the
        identity of each such Subcontractor “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, and (ii) which elements
        of the
        Servicing Criteria will be addressed in assessments of compliance provided
        by
        each Subcontractor identified pursuant to clause (i) of this subsection;
        provided, however, that the Servicer shall not be required to provide the
        information in clauses (i) or (ii) of this subsection until such time that
        the
        applicable assessment of compliance is due pursuant to Section 3.18 of this
        Agreement. The use by the Servicer of any such Subcontractor shall not release
        the Servicer from any of its obligations hereunder and the Servicer shall
        remain
        responsible hereunder for all acts and omissions of such Subcontractor as
        fully
        as if such acts and omissions were those of the Servicer, and the Servicer
        shall
        pay all fees and expenses of the Subcontractor from the Servicer’s own
        funds.

       

      (c) As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Servicer shall cause any such Subcontractor used by the
        Servicer for the benefit of the Master Servicer, the Trustee, the Class A
        Certificate Insurer and the Depositor to comply with the provisions of Sections
        3.18 and 3.20 of this Agreement to the same extent as if such Subcontractor
        were
        the Servicer. The Servicer shall be responsible for obtaining from each such
        Subcontractor and delivering to the Master Servicer and any Depositor any
        assessment of compliance, attestation report and Sarbanes-Oxley related
        certification required to be delivered by such Subcontractor under Sections
        3.18
        and 3.20, in each case as and when required to be delivered.

       

      
        
          
          

        

        
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      (d) For
        purposes of this Agreement, the Servicer shall be deemed to have received
        any
        collections, recoveries or payments with respect to the related Mortgage
        Loans
        that are received by a Sub-Servicer regardless of whether such payments are
        remitted by the Sub-Servicer to the Servicer.

       

      SECTION
        3.03. Successor
        Sub-Servicers.

       

      Any
        Sub-Servicing Agreement shall provide that the Servicer shall be entitled
        to
        terminate any Sub-Servicing Agreement and to either itself directly service
        the
        related Mortgage Loans or enter into a Sub-Servicing Agreement with a successor
        Sub-Servicer which qualifies under Section 3.02. Any Sub-Servicing Agreement
        shall include the provision that such agreement may be immediately terminated
        as
        soon as is reasonably possible by any successor to the Servicer without fee
        in
        accordance with the terms of this Agreement, in the event that the Servicer
        (or
        any successor to the Servicer) shall, for any reason, no longer be the Servicer
        of the related Mortgage Loans (including termination due to a Servicer Event
        of
        Default). The Servicer shall be entitled to enter into an agreement with
        its
        Sub-Servicer and Subcontractor for indemnification of the Servicer or
        Subcontractor, as applicable, by such Sub-Servicer and nothing contained
        in this
        Agreement shall be deemed to limit or modify such indemnification.

       

      SECTION
        3.04. No
        Contractual Relationship Between Sub-Servicer, Subcontractor, Trustee or
        the
        Certificateholders.

       

      Any
        Sub-Servicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving a Sub-Servicer or the Subcontractor, as applicable,
        shall be deemed to be between the Sub-Servicer or Subcontractor, as applicable,
        and the Servicer alone and the Master Servicer, Trustee and the
        Certificateholders shall not be deemed parties thereto and shall have no
        claims,
        rights, obligations, duties or liabilities with respect to any Sub-Servicer
        or
        the Subcontractor except as set forth in Section 3.05.

       

      SECTION
        3.05. Assumption
        or Termination of Sub-Servicing Agreement by Successor Servicer.

       

      In
        connection with the assumption of the responsibilities, duties and liabilities
        and of the authority, power and rights of the Servicer hereunder by a successor
        servicer pursuant to Section 8.02, it is understood and agreed that the
        Servicer’s rights and obligations under any Sub-Servicing Agreement then in
        force between the Servicer and a Sub-Servicer shall be assumed simultaneously
        by
        such successor servicer without act or deed on the part of such successor
        servicer; provided, however, that any successor servicer may terminate the
        Sub-Servicer.

       

      
        
          
          

        

        
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      The
        Servicer shall, upon the reasonable request of the Master Servicer, but at
        its
        own expense, deliver to the assuming party documents and records relating
        to
        each Sub-Servicing Agreement and an accounting of amounts collected and held
        by
        it and otherwise use its best efforts to effect the orderly and efficient
        transfer of the Sub-Servicing Agreements to the assuming party.

       

      The
        Servicing Fee payable to any such successor servicer shall be payable from
        payments received on the Mortgage Loans in the amount and in the manner set
        forth in this Agreement.

       

      SECTION
        3.06. Collection
        of Certain Mortgage Loan Payments.

       

      The
        Servicer shall make reasonable efforts to collect all payments called for
        under
        the terms and provisions of the Mortgage Loans, and shall, to the extent
        such
        procedures shall be consistent with this Agreement, Accepted Servicing Practices
        and the Servicing Performance Standards, follow such collection procedures
        as it
        would follow with respect to mortgage loans comparable to the Mortgage Loans
        and
        held for its own account. Consistent with the foregoing, the Servicer may
        in its
        discretion waive any late payment charge or, if applicable, penalty interest;
        provided that any such waiver, modification, postponement or indulgence granted
        to a Mortgagor by the Servicer in connection with its servicing of the related
        First Mortgage Loan shall not be considered relevant to a determination of
        whether the Servicer has acted consistently with the terms and standards
        of this
        Agreement, so long as in the Servicer’s determination such action is not
        materially adverse to the value of the Mortgage Loans or the interests of
        the
        Class A Certificate Insurer or the Certificateholders. Notwithstanding the
        foregoing, in the event that any Mortgage Loan is in default or, in the judgment
        of the Servicer, such default is reasonably foreseeable, the Servicer,
        consistent with Accepted Servicing Practices may waive, modify or vary any
        term
        of such Mortgage Loan (including, but not limited to, modifications that
        change
        the Mortgage Rate, forgive the payment of principal or interest or extend
        the
        final maturity date of such Mortgage Loan), accept payment from the related
        Mortgagor of an amount less than the Stated Principal Balance in final
        satisfaction of such Mortgage Loan, or consent to the postponement of strict
        compliance with any such term or otherwise grant indulgence to any Mortgagor
        if
        in the Servicer’s determination such waiver, modification, postponement or
        indulgence is not materially adverse to the value of the Mortgage Loans or
        the
        interests of the Class A Certificate Insurer or the Certificateholders or
        the Class A Certificate Insurer (taking into account any estimated Realized
        Loss
        that might result absent such action); provided, however, that if the aggregate
        principal balance of the Mortgage Loans subject to modification is greater
        than
        5% of the initial aggregate principal balance of the Mortgage Loans as
        determined by the Servicer, such modification shall only be permitted with
        the
        prior written consent of the Class A Certificate Insurer, so long as a default
        by the Class A Certificate Insurer has not occurred and is not continuing,
        rather than proceeding with foreclosure. The Servicer shall not be required
        to
        institute or join in litigation with respect to collection of any payment
        (whether under a Mortgage, Mortgage Note or otherwise or against any public
        or
        governmental authority with respect to a taking or condemnation) if it
        reasonably believes that enforcing the provision of the Mortgage or other
        instrument pursuant to which such payment is required is prohibited by
        applicable law. 

       

      
        
          
          

        

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

       

      In
        connection with an Escrow Mortgage Loan or a Mortgage Loan that in accordance
        with Accepted Servicing Practices becomes an Escrow Mortgage Loan, the Servicer
        shall establish and maintain one or more accounts (the “Servicing Accounts”),
        into which all collections from the Mortgagors (or related advances from
        Sub-Servicers) for the payment of taxes, assessments, fire, flood, and hazard
        insurance premiums, and comparable items for the account of the Mortgagors
        (“Escrow Payments”) shall be deposited and retained. Servicing Accounts shall be
        Eligible Accounts. The Servicer shall deposit in the clearing account in
        which
        it customarily deposits payments and collections on mortgage loans in connection
        with its mortgage loan servicing activities on a daily basis, and in no event
        more than one Business Day after the Servicer’s receipt thereof, all Escrow
        Payments collected on account of the related Mortgage Loans and shall thereafter
        deposit such Escrow Payments in the Servicing Accounts, in no event later
        than
        the second Business Day after the deposit of good funds into the clearing
        account, and retain therein, all Escrow Payments collected on account of
        the
        Mortgage Loans, for the purpose of effecting the timely payment of any such
        items as required under the terms of this Agreement. Withdrawals of amounts
        from
        a Servicing Account may be made by the Servicer only to (i) effect timely
        payment of taxes, assessments, fire, flood, and hazard insurance premiums,
        and
        comparable items; (ii) reimburse itself out of related collections for any
        Servicing Advances made pursuant to Section 3.01 (with respect to taxes and
        assessments) and Section 3.11 (with respect to fire, flood and hazard
        insurance); (iii) refund to Mortgagors any sums as may be determined to be
        overages; (iv) for application to restore or repair the related Mortgaged
        Property in accordance with Section 3.11; (v) pay interest, if required and
        as
        described below, to Mortgagors on balances in the Servicing Account; or,
        only to
        the extent not required to be paid to the related Mortgagors, to pay itself
        interest on balances in the Servicing Account; or (vi) clear and terminate
        the
        Servicing Account at the termination of the Servicer’s obligations and
        responsibilities in respect of the related Mortgage Loans under this Agreement
        in accordance with Article X. As part of its servicing duties, the Servicer
        shall pay to the Mortgagors interest on funds in Servicing Accounts, to the
        extent required by law and, to the extent that interest earned on funds in
        the
        Servicing Accounts is insufficient, to pay such interest from its own funds,
        without any reimbursement therefor. Notwithstanding the foregoing, the Servicer
        shall not be obligated to collect Escrow Payments if the related Mortgage
        Loan
        does not require such payments but the Servicer shall nevertheless be obligated
        to make Servicing Advances as provided in Section 3.01 and Section 3.11.
        In the
        event the Servicer shall deposit in the Servicing Accounts any amount not
        required to be deposited therein, it may at any time withdraw such amount
        from
        the Servicing Accounts, any provision to the contrary
        notwithstanding.

       

      With
        respect to Escrow Mortgage Loans, the Servicer shall ascertain and estimate
        Escrow Payments and all other charges that will become due and payable with
        respect to the related Mortgage Loans and the Mortgaged Properties, to the
        end
        that the installments payable by the Mortgagors will be sufficient to pay
        such
        charges as and when they become due and payable. To the extent that a Mortgage
        does not provide for Escrow Payments, the Servicer (i) shall determine whether
        any such payments are made by the Mortgagor in a manner and at a time that
        is
        necessary to avoid the loss of the Mortgaged Property due to a tax sale or
        the
        foreclosure as a result of a tax lien and (ii) shall ensure that all insurance
        required to be maintained on the Mortgaged Property pursuant to this Agreement
        is maintained. If any such payment has not been made and the Servicer receives
        notice of a tax lien with respect to the Mortgage Loan being imposed, the
        Servicer shall, promptly and to the extent required to avoid loss of the
        Mortgaged Property, advance or cause to be advanced funds necessary to discharge
        such lien on the Mortgaged Property unless the Servicer determines the advance
        to be nonrecoverable. The Servicer assumes full responsibility for the payment
        of all such bills and shall effect payments of all such bills irrespective
        of
        the Mortgagor’s faithful performance in the payment of same or the making of the
        Escrow Payments and shall make Servicing Advances to effect such payments
        subject to its determination of recoverability.

       

      
        
          
          

        

        
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      SECTION
        3.08. Collection
        Account and Distribution Account.

       

      (a) On
        behalf
        of the Trust Fund, the Servicer shall establish and maintain one or more
        “Collection Accounts”, held in trust for the benefit of the Trustee, the
        Certificateholders and the Class A Certificate Insurer. On behalf of the
        Trust
        Fund, the Servicer shall deposit or cause to be deposited in the clearing
        account in which it customarily deposits payments and collections on mortgage
        loans in connection with its mortgage loan servicing activities on a daily
        basis, and in no event more than one Business Day after the Servicer’s receipt
        thereof, and shall thereafter deposit in the Collection Account, in no event
        later than two Business Days after the deposit of good funds into the clearing
        account, as and when received or as otherwise required hereunder, the following
        payments and collections received or made by it on or subsequent to the Cut-off
        Date other than amounts attributable to a Due Date on or prior to the Cut-off
        Date:

       

      (i) all
        payments on account of principal, including Principal Prepayments, on the
        Mortgage Loans;

       

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

       

      (iii) all
        Insurance Proceeds and Liquidation Proceeds (other than proceeds collected
        in
        respect of any particular REO Property) and all Subsequent Recoveries with
        respect to the Mortgage Loans;

       

      (iv) any
        amounts required to be deposited by the Servicer pursuant to Section 3.10
        in
        connection with any losses realized on Permitted Investments with respect
        to
        funds held in the Collection Account;

       

      (v) any
        amounts required to be deposited by the Servicer pursuant to the second
        paragraph of Section 3.11(a) in respect of any blanket policy
        deductibles;

       

      (vi) any
        Purchase Price or Substitution Shortfall Amount delivered to the Servicer
        and
        all proceeds (net of amounts payable or reimbursable to the Servicer, the
        Master
        Servicer, the Trustee, the Custodian or the Securities Administrator) of
        Mortgage Loans purchased in accordance with Section 2.03, Section 3.13 or
        Section 10.01; and

       

      
        
          
          

        

        
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      (vii) any
        Prepayment Charges collected by the Servicer in connection with the Principal
        Prepayment of any of the Mortgage Loans or amounts required to be deposited
        by
        the Servicer in connection with a breach of its obligations under Section
        2.05(a)(x).

       

      The
        foregoing requirements for deposit in the Collection Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, Ancillary Income and payments in the nature of late payment charges,
        assumption fees or other similar fees need not be deposited by the Servicer
        in
        the Collection Account and may be retained by the Servicer as additional
        servicing compensation. In the event the Servicer shall deposit in the
        Collection Account any amount not required to be deposited therein, it may
        at
        any time withdraw such amount from the Collection Account, any provision
        herein
        to the contrary notwithstanding.

       

      (b) On
        behalf
        of the Trust Fund, the Securities Administrator shall establish and maintain
        one
        or more accounts (such account or accounts, the “Distribution Account”), held in
        trust for the benefit of the Trustee, the Trust Fund and the Certificateholders
        and the Class A Certificate Insurer. On behalf of the Trust Fund, the Servicer
        shall deliver to the Securities Administrator in immediately available funds
        for
        deposit in the Distribution Account on or before 12:00 noon New York time
        on the
        Servicer Remittance Date, that portion of the Available Distribution Amount
        (calculated without regard to the references in clause (2) of the definition
        thereof to amounts that may be withdrawn from the Distribution Account) for
        the
        related Distribution Date then on deposit in the Collection Account and the
        amount of all Prepayment Charges collected by the Servicer in connection
        with
        the Principal Prepayment of any of the Mortgage Loans then on deposit in
        the
        Collection Account and the amount of any funds reimbursable to an Advance
        Financing Person pursuant to Section 3.26. If the balance on deposit in the
        Collection Account exceeds $100,000 as of the commencement of business on
        any
        Business Day and the Collection Account constitutes an Eligible Account solely
        pursuant to clause (ii) of the definition of “Eligible Account,” the Servicer
        shall, on or before 5:00 p.m. New York time on such Business Day, withdraw
        from
        the Collection Account any and all amounts payable or reimbursable to the
        Depositor, the Servicer, the Trustee, the Master Servicer, the Securities
        Administrator or the Sponsor pursuant to Section 3.09 and shall pay such
        amounts
        to the Persons entitled thereto or shall establish a separate Collection
        Account
        (which shall also be an Eligible Account) and withdraw from the existing
        Collection Account the amount on deposit therein in excess of $100,000 and
        deposit such excess in the newly created Collection Account.

       

      With
        respect to any remittance received by the Securities Administrator after
        the
        Servicer Remittance Date on which such payment was due, the Securities
        Administrator shall send written notice thereof to the Servicer. The Servicer
        shall pay to the Securities Administrator interest on any such late payment
        by
        the Servicer at an annual rate equal to Prime Rate (as defined in The
        Wall Street Journal)
        plus
        one percentage point, but in no event greater than the maximum amount permitted
        by applicable law. Such interest shall be paid by the Servicer to the Securities
        Administrator on the date such late payment is made and shall cover the period
        commencing with the day following the Servicer Remittance Date and ending
        with
        the Business Day on which such payment is made, both inclusive. The payment
        by
        the Servicer of any such interest, or the failure of the Securities
        Administrator to notify the Servicer of such interest, shall not be deemed
        an
        extension of time for payment or a waiver of any Event of Default by the
        Servicer.

       

      
        
          
          

        

        
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      (c) Funds
        in
        the Collection Account and funds in the Distribution Account may be invested
        in
        Permitted Investments in accordance with the provisions set forth in Section
        3.10. The Servicer shall give notice to the Trustee, the Sponsor, the Securities
        Administrator and the Master Servicer of the location of the Collection Account
        when established and prior to any change thereof. The Securities Administrator
        shall give notice to the Servicer, the Sponsor and the Depositor of the location
        of the Distribution Account when established and prior to any change
        thereof.

       

      (d) Funds
        held in the Collection Account at any time may be delivered by the Servicer
        in
        immediately available funds to the Securities Administrator for deposit in
        the
        Distribution Account. In the event any Servicer shall deliver to the Securities
        Administrator for deposit in the Distribution Account any amount not required
        to
        be deposited therein, it may at any time request that the Securities
        Administrator withdraw such amount from the Distribution Account and remit
        to it
        any such amount, any provision herein to the contrary notwithstanding. In
        no
        event shall the Securities Administrator incur liability as a result of
        withdrawals from the Distribution Account at the direction of the Servicer
        in
        accordance with the immediately preceding sentence. In addition, the Servicer
        shall deliver to the Securities Administrator no later than the Servicer
        Remittance Date the amounts set forth in clauses (i) through (iv)
        below:

       

      (i) any
        P&I Advances, as required pursuant to Section 5.03;

       

      (ii) any
        amounts required to be deposited pursuant to Section 3.22(d) or 3.21(f) in
        connection with any related REO Property;

       

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

       

      (iv) any
        amounts required to be deposited pursuant to Section 3.23 in connection with
        any
        Prepayment Interest Shortfalls.

       

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

       

      (a) The
        Servicer shall, from time to time, make withdrawals from the Collection Account
        for any of the following purposes or as described in Section 5.03:

       

      (i) to
        remit
        to the Securities Administrator for deposit in the Distribution Account the
        amounts required to be so remitted pursuant to Section 3.08(b) or permitted
        to
        be so remitted pursuant to the first sentence of Section 3.08(d);

       

      (ii) subject
        to Section 3.13(d), to reimburse itself (including any successor Servicer)
        for
        P&I Advances made by it, but only to the extent of amounts received which
        represent Late Collections (net of the related Servicing Fees) of Monthly
        Payments or rental and other income from the related REO Property on related
        Mortgage Loans with respect to which such P&I Advances were made in
        accordance with the provisions of Section 5.03;

       

      
        
          
          

        

        
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      (iii) subject
        to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse
        itself
        any unreimbursed Servicing Advances with respect to each related Mortgage
        Loan,
        but only to the extent of any Liquidation Proceeds and Insurance Proceeds
        received with respect to such related Mortgage Loan or rental or other income
        from the related REO Property;

       

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

       

      (v) to
        pay to
        itself or the Sponsor, as the case may be, with respect to each Mortgage
        Loan
        serviced by the Servicer that has previously been purchased or replaced pursuant
        to Section 2.03 or Section 3.13(c) all amounts received thereon not included
        in
        the Purchase Price or the Substitution Shortfall Amount;

       

      (vi) to
        reimburse itself (including any successor to the Servicer) for any P&I
        Advance or Servicing Advance previously made by it which the Servicer has
        determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing
        Advance in accordance with the provisions of Section 5.03;

       

      (vii) to
        reimburse itself or the Depositor for expenses incurred by or reimbursable
        to
        itself or the Depositor, as the case may be, pursuant to Section 3.01 or
        Section
        7.03;

       

      (viii) to
        reimburse itself or the Trustee, as the case may be, for expenses reasonably
        incurred in respect of the breach or defect giving rise to the purchase
        obligation under Section 2.03 of this Agreement that were included in the
        Purchase Price of the related Mortgage Loan, including any expenses arising
        out
        of the enforcement of the purchase obligation;

       

      (ix) to
        pay,
        or to reimburse itself for advances in respect of, expenses incurred in
        connection with any related Mortgage Loan pursuant to Section 3.13(b);

       

      (x) to
        pay to
        itself any Recovery Fees in respect of net recoveries received on any Charged
        Off Loans pursuant to Section 3.13; and

       

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

       

      The
        Servicer shall keep and maintain separate accounting, on a Mortgage Loan
        by
        Mortgage Loan basis, for the purpose of justifying any withdrawal from the
        Collection Account, to the extent held by or on behalf of it, pursuant to
        subclauses (ii), (iii), (v), (vi), (vii), (viii), (ix) and (x)
        above.

       

      
        
          
          

        

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

       

      (i) to
        make
        distributions to Certificateholders and the Class A Certificate Insurer in
        accordance with Section 5.01;

       

      (ii) to
        pay to
        itself, the Custodian and the Master Servicer amounts to which it is entitled
        pursuant to Section 9.05 or any other provision of this Agreement and any
        Extraordinary Trust Fund Expenses;

       

      (iii) to
        reimburse itself or the Master Servicer pursuant to Section 8.02;

       

      (iv) to
        pay
        any Net Swap Payment or Swap Termination Payment payable to the Supplemental
        Interest Trust owed to the Swap Provider;

       

      (v) to
        pay
        any amounts in respect of taxes pursuant to Section 11.01(g)(v);

       

      (vi) to
        pay
        the Master Servicing Fee to the Master Servicer;

       

      (vii) to
        pay
        the Credit Risk Management Fee to the Credit Risk Manager; and

       

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

       

      SECTION
        3.10. Investment
        of Funds in the Investment Accounts.

       

      (a) The
        Servicer may direct, by means of written directions (which may be standing
        directions), any Depository Institution maintaining the Collection Account
        to
        invest the funds in the Collection Account (for purposes of this Section
        3.10,
        an “Investment Account”) in one or more Permitted Investments bearing interest
        or sold at a discount, and maturing, unless payable on demand, (i) no later
        than
        the Business Day immediately preceding the date on which such funds are required
        to be withdrawn from such account pursuant to this Agreement, if a Person
        other
        than the Securities Administrator is the obligor thereon, and (ii) no later
        than
        the date on which such funds are required to be withdrawn from such account
        pursuant to this Agreement, if the Securities Administrator is the obligor
        on
        such Permitted Investment. Amounts in the Distribution Account may be invested
        in Permitted Investments as directed in writing by the Master Servicer and
        maturing, unless payable on demand, (i) no later than the Business Day
        immediately preceding the date on which such funds are required to be withdrawn
        from such account pursuant to this Agreement, if a Person other than the
        Securities Administrator is the obligor thereon, and (ii) no later than the
        date
        on which such funds are required to be withdrawn from such account pursuant
        to
        this Agreement, if the Securities Administrator is the obligor thereon. All
        such
        Permitted Investments shall be held to maturity, unless payable on demand.
        Any
        investment of funds shall be made in the name of the Trustee (in its capacity
        as
        such) or in the name of a nominee of the Trustee. The Securities Administrator
        shall be entitled to sole possession over each such investment in the
        Distribution Account and, subject to subsection (b) below, the income thereon,
        and any certificate or other instrument evidencing any such investment shall
        be
        delivered directly to the Securities Administrator or its agent, together
        with
        any document of transfer necessary to transfer title to such investment to
        the
        Trustee or its nominee. In the event amounts on deposit in the Collection
        Account are at any time invested in a Permitted Investment payable on demand,
        the party with investment discretion over such Investment Account
        shall:

       

      
        
          
          

        

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

       

      (y) demand
        payment of all amounts due thereunder promptly upon receipt by such party
        of
        written notice from the Servicer that such Permitted Investment would not
        constitute a Permitted Investment in respect of funds thereafter on deposit
        in
        the Investment Account.

       

      (b) All
        income and gain realized from the investment of funds deposited in the
        Collection Account shall be for the benefit of the Servicer and shall be
        subject
        to its withdrawal in accordance with Section 3.09. The Servicer shall deposit
        into the Collection Account the amount of any loss incurred in respect of
        any
        such Permitted Investment made with funds in such account immediately upon
        realization of such loss. All earnings and gain realized from the investment
        of
        funds deposited in the Distribution Account shall be for the benefit of the
        Master Servicer. The Master Servicer shall remit from its own funds for deposit
        into the Distribution Account the amount of any loss incurred on Permitted
        Investments in the Distribution Account.

       

      (c) Except
        as
        otherwise expressly provided in this Agreement, if any default occurs in
        the
        making of a payment due under any Permitted Investment, or if a default occurs
        in any other performance required under any Permitted Investment, the Trustee
        may and, subject to Section 9.01 and Section 9.02(a)(v), shall, at the written
        direction of the Servicer, take such action as may be appropriate to enforce
        such payment or performance, including the institution and prosecution of
        appropriate proceedings.

       

      (d) The
        Trustee, the Master Servicer or their respective Affiliates are permitted
        to
        receive additional compensation that could be deemed to be in the Trustee’s or
        the Master Servicer’s economic self-interest for (i) serving as investment
        adviser, administrator, shareholder servicing agent, custodian or sub-custodian
        with respect to certain of the Permitted Investments, (ii) using Affiliates
        to
        effect transactions in certain Permitted Investments and (iii) effecting
        transactions in certain Permitted Investments. Such compensation shall not
        be
        considered an amount that is reimbursable or payable to the Trustee or the
        Master Servicer pursuant to Section 3.09 or 3.10 or otherwise payable in
        respect
        of Extraordinary Trust Fund Expenses. Such additional compensation shall
        not be
        an expense of the Trust Fund.

       

      
        
          
          

        

        
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      SECTION
        3.11. Maintenance
        of Hazard Insurance, Errors and Omissions and Fidelity Coverage and Primary
        Mortgage Insurance.

       

      (a) The
        terms
        of each Mortgage Note require the related Mortgagor to maintain fire, flood
        and
        hazard insurance policies. To the extent such policies are not maintained
        by the
        related Mortgagor, owner or servicer of the related First Mortgage Loan and
        the
        Servicer has been notified that such policies are not maintained, the Servicer
        shall cause to be maintained for each Mortgaged Property fire and hazard
        insurance with extended coverage as is customary in the area where the Mortgaged
        Property is located in an amount which is at least equal to the lesser of
        the
        current principal balance of the related Mortgage Loan and the amount necessary
        to compensate fully for any damage or loss to the improvements which are
        a part
        of such property on a replacement cost basis, in each case in an amount not
        less
        than such amount as is necessary to avoid the application of any coinsurance
        clause contained in the related hazard insurance policy. The Servicer shall
        also
        cause to be maintained fire and hazard insurance on each REO Property with
        extended coverage as is customary in the area where the Mortgaged Property
        is
        located in an amount which is at least equal to the lesser of (i) the maximum
        insurable value of the improvements which are a part of such property and
        (ii)
        the sum of the outstanding principal balance of the related Mortgage Loan
        and
        the related First Mortgage Loan at the time it became an REO Property, in
        each
        case in an amount not less than such amount as is necessary to avoid the
        application of any coinsurance clause contained in the related hazard insurance
        policy. The Servicer will comply in the performance of this Agreement with
        all
        reasonable rules and requirements of each insurer under any such hazard
        policies. Any amounts to be collected by the Servicer under any such policies
        remaining after application of any such amounts to any related First Mortgage
        Loan and application of amounts to the restoration or repair of the property
        subject to the related Mortgage or amounts to be released to the Mortgagor
        in
        accordance with Accepted Servicing Practices, subject to the terms and
        conditions of the related Mortgage and Mortgage Note) shall be deposited
        into
        the Collection Account, subject to withdrawal pursuant to Section 3.09, if
        received in respect of a Mortgage Loan, or in the REO Account, subject to
        withdrawal pursuant to Section 3.22, if received in respect of an REO Property.
        Any cost incurred by the Servicer in maintaining any such insurance shall
        not,
        for the purpose of calculating distributions to Certificateholders, be added
        to
        the unpaid principal balance of the related Mortgage Loan, notwithstanding
        that
        the terms of such Mortgage Loan so permit. It is understood and agreed that
        no
        earthquake or other additional insurance is to be required of any Mortgagor
        other than pursuant to such applicable laws and regulations as shall at any
        time
        be in force and as shall require such additional insurance. If the Mortgaged
        Property or REO Property is at any time in an area identified in the Federal
        Register by the Federal Emergency Management Agency as having special flood
        hazards, the Servicer will cause to be maintained a flood insurance policy
        in
        respect thereof. Such flood insurance shall be in an amount equal to the
        lesser
        of (i) the unpaid principal balance of the related Mortgage Loan and (ii)
        the
        maximum amount of such insurance available for the related Mortgaged Property
        under the national flood insurance program (assuming that the area in which
        such
        Mortgaged Property is located is participating in such program), in each
        case in
        an amount not less than such amount as is necessary to avoid the application
        of
        any coinsurance clause contained in the related hazard insurance
        policy.

       

      In
        the
        event that any Servicer shall obtain and maintain a blanket policy with an
        insurer having a General Policy Rating of B:VI or better in Best’s Key Rating
        Guide or otherwise acceptable to Fannie Mae or Freddie Mac insuring against
        hazard losses on all of the related Mortgage Loans, it shall conclusively
        be
        deemed to have satisfied its obligations to cause fire and hazard insurance
        to
        be maintained on the Mortgaged Properties, it being understood and agreed
        that
        such policy may contain a deductible clause, in which case the Servicer shall,
        in the event that there shall not have been maintained on the related Mortgaged
        Property or REO Property a policy complying with this Section 3.11, and there
        shall have been one or more losses which would have been covered by such
        policy,
        deposit into the Collection Account from its own funds the amount not otherwise
        payable under the blanket policy because of such deductible clause. In
        connection with its activities as administrator and servicer of the related
        Mortgage Loans, the Servicer agrees to prepare and present, on behalf of
        itself,
        the Trustee, the Trust Fund, the Class A Certificate Insurer, the
        Certificateholders, claims under any such blanket policy in a timely fashion
        in
        accordance with the terms of such policy.

       

      
        
          
          

        

        
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      (b) The
        Servicer shall keep in force during the term of this Agreement a policy or
        policies of insurance covering errors and omissions for failure in the
        performance of its respective obligations under this Agreement, which policy
        or
        policies shall be in such form and amount that would meet the requirements
        of
        Fannie Mae or Freddie Mac if it were the purchaser of the related Mortgage
        Loans, unless the Servicer, has obtained a waiver of such requirements from
        Fannie Mae or Freddie Mac. The Servicer shall also maintain a fidelity bond
        in
        the form and amount that would meet the requirements of Fannie Mae or Freddie
        Mac, unless the Servicer, has obtained a waiver of such requirements from
        Fannie
        Mae or Freddie Mac. The Servicer shall be deemed to have complied with this
        provision if an Affiliate of the Servicer has such errors and omissions and
        fidelity bond coverage and, by the terms of such insurance policy or fidelity
        bond, the coverage afforded thereunder extends to the Servicer. Any such
        errors
        and omissions policy and fidelity bond shall by its terms not be cancelable
        without thirty (30) days’ prior written notice to the Trustee.

       

      (c) The
        Servicer need not obtain the approval of the Master Servicer prior to releasing
        any Insurance Proceeds to the Mortgagor to be applied to the restoration
        or
        repair of the Mortgaged Property if such release is in accordance with Accepted
        Servicing Practices. At a minimum, the Servicer shall comply with the following
        conditions in connection with any such release of Insurance Proceeds in excess
        of $10,000:

       

      (i) the
        Servicer shall receive satisfactory independent verification of completion
        of
        repairs and issuance of any required approvals with respect
        thereto;

       

      (ii) the
        Servicer shall take all steps necessary to preserve the priority of the lien
        of
        the Mortgage, including, but not limited to requiring waivers with respect
        to
        mechanics’ and materialmen’s liens; and

       

      (iii) pending
        repairs or restoration, the Servicer shall place the Insurance Proceeds in
        the
        related Escrow Account, if any.

       

      If
        the
        Trustee is named as an additional loss payee, the Servicer is hereby empowered
        to endorse any loss draft issued in respect of such a claim in the name of
        the
        Trustee.

       

      
        
          
          

        

        
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      SECTION
        3.12. Enforcement
        of Due-on-Sale Clauses; Assumption Agreements

       

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

       

      Notwithstanding
        the foregoing paragraph or any other provision of this Agreement, the Servicer
        shall not be deemed to be in default, breach or any other violation of its
        obligations hereunder by reason of any assumption of a Mortgage Loan by
        operation of law or by the terms of the Mortgage Note or any assumption which
        the Servicer may be restricted by law from preventing, for any reason whatever.
        For purposes of this Section 3.12, the term “assumption” is deemed to also
        include a sale (of the Mortgaged Property) subject to the Mortgage that is
        not
        accompanied by an assumption or substitution of liability
        agreement.

       

      
        
          
          

        

        
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      SECTION
        3.13. Realization
        Upon Defaulted Mortgage Loans.

       

      (a) (i) The
        Servicer shall use its commercially reasonable efforts, consistent with Accepted
        Servicing Practices, to foreclose upon or otherwise comparably convert the
        ownership of properties securing such of the Mortgage Loans as come into
        and
        continue in default and as to which no satisfactory arrangements can be made
        for
        collection of delinquent payments pursuant to Section 3.06. With respect
        to such
        of the Mortgage Loans as come into and continue in default, the Servicer
        will
        decide whether to (i) foreclose upon the Mortgaged Properties securing such
        Mortgage Loans, (ii) write off the unpaid principal balance of the Mortgage
        Loans as bad debt, (iii) take a deed in lieu of foreclosure, (iv) accept
        a short
        sale (a payoff of the Mortgage Loan for an amount less than the total amount
        contractually owed in order to facilitate a sale of the Mortgaged Property
        by
        the Mortgagor) or permit a short refinancing (a payoff of the Mortgage Loan
        for
        an amount less than the total amount contractually owed in order to facilitate
        refinancing transactions by the Mortgagor not involving a sale of the Mortgaged
        Property), (v) arrange for a repayment plan, or (vi) agree to a modification
        in
        accordance with this Agreement. In connection with such decision, the Servicer
        shall take such action as (i) the Servicer would take under similar
        circumstances with respect to a similar mortgage loan held for its own account
        for investment, (ii) shall be consistent with Accepted Servicing Practices
        and
        the Servicing Performance Standards, (iii) the Servicer shall determine
        consistently with Accepted Servicing Practices to be in the best interest
        of the
        Trustee and Certificateholders, provided, that actions taken by the Servicer
        in
        connection with its servicing of the related First Mortgage Loan shall not
        be
        considered relevant to a determination of whether the Servicer has met the
        standard set forth in this clause (iii) so long as in the Servicer’s
        determination, such action is not materially adverse to the value of the
        Mortgage Loans or to the interests of the Class A Certificate Insurer or
        the Certificateholders and (iv) is consistent with the requirements of the
        insurer under any insurance policy required to be maintained under this
        Agreement; provided, however, that the Servicer shall not be required to
        expend
        its own funds in connection with any foreclosure or towards the restoration
        of
        any property unless it shall determine in its sole discretion (i) that such
        restoration and/or foreclosure will increase the proceeds of liquidation
        of the
        related Mortgage Loan after reimbursement to itself of such expenses and
        (ii)
        that such expenses will be recoverable to it through Liquidation Proceeds
        (respecting which it shall have priority for purposes of withdrawals from
        the
        Collection Account). The Servicer shall be responsible for all costs and
        expenses incurred by it in any such proceedings; provided, however, that
        such
        costs and expenses will be recoverable as Servicing Advances by the Servicer
        as
        contemplated in Sections 3.09 and 3.22. The foregoing is subject to the
        provision that, in any case in which a Mortgaged Property shall have suffered
        damage from an Uninsured Cause, the Servicer shall not be required to expend
        its
        own funds toward the restoration of such property unless it shall determine
        in
        its discretion that such restoration will increase the proceeds of liquidation
        of the related Mortgage Loan after reimbursement to itself for such expenses.
        Notwithstanding any provision in this Agreement to the contrary, except in
        the
        case of Charged Off Loans, the Servicer shall not be permitted to sell the
        Mortgage Loans to third parties for loss mitigation or other reasons, provided,
        however, that this prohibition does not preclude the Servicer from repurchasing
        defaulted Mortgage Loans pursuant to Section 3.13(d) or the repurchase of
        Mortgage Loans in the event of breaches of representations and warranties
        pursuant to Section 3.03 of the Mortgage Loan Purchase Agreement or the
        termination of the Trust pursuant to Section 10.01.

       

      
        
          
          

        

        
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      (ii) [Reserved].

       

      (iii) The
        Servicer will be obligated to charge off a Mortgage Loan at the time such
        Mortgage Loan becomes 180 days delinquent under the OTS Method. Once a Mortgage
        Loan has been charged off, the Servicer will discontinue making P&I
        Advances, the Servicer will not be entitled to any additional servicing
        compensation (except as described in paragraph (a)(iv) of this Section 3.13)
        or
        reimbursement of expenses, the Charged Off Loan will give rise to a Realized
        Loss, and the Servicer will follow the procedures described in paragraph
        (a)(iv)
        below. 

       

      (iv) Any
        Mortgage Loan that becomes a Charged Off Loan will continue to be serviced
        by
        the Servicer for the Certificateholders using Special Servicing Practices.
        For
        as long as such Charged Off Loan remains part of the Trust, the Servicer
        will be
        entitled to retain the Recovery Fee in respect of such Charged Off Loan;
        provided, that the Servicer will not be entitled to any other servicing fees
        or
        reimbursement of expenses in connection with such Charged Off Loan after
        the
        date of charge off. Any such Mortgage Loans serviced in accordance with the
        Special Servicing Practices will be serviced until six months following the
        later of (i) the date on which such Mortgage Loans were charged off and (ii)
        the
        date on which any collections are received on such Mortgage Loans (the “Mortgage
        Loan Release Date”). Any net recoveries (less the Recovery Fee paid to the
        Servicer) received on such Charged Off Loans during such period will be treated
        as Subsequent Recoveries and included in the Interest Remittance Amount,
        to the
        extent allocable to interest payments, and to the Principal Remittance Amount,
        to the extent allocable to principal payments. 

       

      On
        the
        Mortgage Loan Release Date, such Charged Off Loan will be released from the
        Trust Fund, will no longer be an asset of any REMIC, and will be transferred
        to
        the Class CE Certificateholders, without recourse, and thereafter (i) the
        Class
        CE Certificateholders will be entitled to any amounts subsequently received
        in
        respect of any such Released Loans, (ii) the Holders of a majority in Percentage
        Interest in the Class CE Certificates may designate any servicer to service
        any
        such Released Loan and (iii) the Holders of a majority in Percentage Interest
        in
        the Class CE Certificates may sell any such Released Loan to a third party.
        The
        Servicer shall notify the Master Servicer and Securities Administrator on
        each
        Mortgage Loan Release Date of each Charged Off Loan being released from the
        Trust Fund, and shall thereafter remit any amounts collected on such Charged
        Off
        Loan to the Class CE Certificateholder net of any fees and expenses pursuant
        to
        the terms of a receivable collections agreement to be entered into between
        the
        Class CE Certificateholder and the Servicer. The Master Servicer shall not
        be
        responsible for collecting any payments on a Charged Off Loan after such
        Charged
        Off Loan is released from the Trust Fund on the related Mortgage Loan Release
        Date.

       

      Notwithstanding
        the foregoing, the procedures described above in this clause (iv) relating
        to
        the treatment of Charged Off Loans may be modified at any time at the discretion
        of the Holders of a majority in Percentage Interest in the Class CE
        Certificates, with the consent of the Servicer and the Class A Certificate
        Insurer; provided,
        however,
        that in
        no event shall the Holders of a majority in Percentage Interest in the Class
        CE
        Certificates or the Class A Certificate Insurer change the fee structure
        relating to Charged Off Loans in a manner that would cause fees to be paid
        to
        the Servicer other than from recoveries on Charged Off Loans.

       

      
        
          
          

        

        
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      The
        Master Servicer shall track collections received by the Servicer on any Charged
        Off Loans based upon loan level data provided to the Master Servicer by the
        Servicer on the date on which the Servicer provides its Servicer Report pursuant
        to Section 5.03(a), identifying the Charged Off Loans as of the related Due
        Period that the Servicer will continue to service until the related Mortgage
        Loan Release Date using Special Servicing Practices. On each Distribution
        Date,
        the Master Servicer shall verify, based on the recovery and expense information
        provided by the Servicer (i) the amount of Subsequent Recoveries on such
        Charged
        Off Loans for such Distribution Date and (ii) the aggregate amount of Recovery
        Fees to be paid to the Servicer in respect of such Charged Off Loans as of
        the
        related Due Period. The Master Servicer shall be entitled to rely, without
        independent verification, on the loan level data provided by the Servicer
        that
        identifies the recovery amounts on any Charged Off Loan in order to verify
        the
        amount in clause (i) of the previous sentence. The Master Servicer will be
        responsible for independently verifying the aggregate amount of the Recovery
        Fees described in clause (ii) of the second preceding sentence to be paid
        to the
        Servicer.

       

      (b) Notwithstanding
        the foregoing provisions of this Section 3.13 or any other provision of this
        Agreement, with respect to any Mortgage Loan as to which the Servicer has
        received actual notice of, or has actual knowledge of, the presence of any
        toxic
        or hazardous substance on the related Mortgaged Property, the Servicer shall
        not, on behalf of the Trust Fund, either (i) obtain title to such Mortgaged
        Property as a result of or in lieu of foreclosure or otherwise, or (ii)
        otherwise acquire possession of, or take any other action with respect to,
        such
        Mortgaged Property, if, as a result of any such action, the Trust Fund, the
        Trustee or the Certificateholders would be considered to hold title to, to
        be a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
        Mortgaged Property within the meaning of the Comprehensive Environmental
        Response, Compensation and Liability Act of 1980, as amended from time to
        time,
        or any comparable law, unless the Servicer has also previously determined,
        based
        on its reasonable judgment and a prudent report prepared by an Independent
        Person who regularly conducts environmental audits using customary industry
        standards, that:

       

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

       

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

       

      
        
          
          

        

        
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      The
        cost
        of the environmental audit report contemplated by this Section 3.13 shall
        be
        advanced by the Servicer, subject to the Servicer’s right to be reimbursed
        therefor from the Collection Account as provided in Section 3.09(a)(ix),
        such
        right of reimbursement being prior to the rights of Certificateholders to
        receive any amount in the Collection Account received in respect of the affected
        Mortgage Loan or other Mortgage Loans.

       

      If
        the
        Servicer determines, as described above, that it is in the best economic
        interest of the Trust Fund to take such actions as are necessary to bring
        any
        such Mortgaged Property into compliance with applicable environmental laws,
        or
        to take such action with respect to the containment, clean-up or remediation
        of
        hazardous substances, hazardous materials, hazardous wastes, or petroleum-based
        materials affecting any such Mortgaged Property, then the Servicer shall
        take
        such action as it deems to be in the best economic interest of the Trust
        Fund.
        The cost of any such compliance, containment, cleanup or remediation shall
        be
        advanced by the Servicer, subject to its right to be reimbursed therefor
        from
        the Collection Account as provided in Sections 3.09(a)(iii) or 3.09(a)(ix),
        such
        right of reimbursement being prior to the rights of Certificateholders to
        receive any amount in the Collection Account received in respect of the affected
        Mortgage Loan or other Mortgage Loans.

       

      (c) Proceeds
        received in connection with any Final Recovery Determination, as well as
        any
        recovery resulting from a partial collection of Insurance Proceeds or
        Liquidation Proceeds, in respect of any Mortgage Loan (other than a Charged
        Off
        Loan), will be applied in the following order of priority: first, to reimburse
        the Servicer for any related unreimbursed Servicing Advances and P&I
        Advances, pursuant to Section 3.09(a)(ii) or (a)(iii); second, to accrued
        and
        unpaid interest on the related Mortgage Loan, to the date of the Final Recovery
        Determination, or to the Due Date prior to the Distribution Date on which
        such
        amounts are to be distributed if not in connection with a Final Recovery
        Determination; and third, as a recovery of principal of the related Mortgage
        Loan. If the amount of the recovery so allocated to interest is less than
        the
        full amount of accrued and unpaid interest due on such Mortgage Loan, the
        amount
        of such recovery will be allocated by the Servicer as follows: first, to
        unpaid
        Servicing Fees; and second, to the balance of the interest then due and owing.
        The portion of the recovery so allocated to unpaid Servicing Fees shall be
        reimbursed to the Servicer pursuant to Section 3.09(a)(iii). The portion
        of the
        recovery allocated to interest (net of unpaid Servicing Fees) and the portion
        of
        the recovery allocated to principal of the related Mortgage Loan shall be
        applied as follows: first, to reimburse the Servicer for any related
        unreimbursed Servicing Advances or P&I Advances in accordance with Section
        3.09(a)(ii) and any other amounts reimbursable to the Servicer pursuant to
        Section 3.09, and second, as part of the amounts to be transferred to the
        Distribution Account in accordance with Section 3.08(b). Excess proceeds,
        if
        any, from the liquidation of a Liquidated Mortgage Loan will be retained
        by the
        Servicer as additional servicing compensation pursuant to Section
        3.15.

       

      (d) The
        Servicer shall have the right to purchase from REMIC I any defaulted Mortgage
        Loan that is 90 days or more delinquent (which purchase shall occur within
        the
        three month period following the date on which such Mortgage Loan becomes
        delinquent) up to an aggregate principal balance of such repurchased Mortgage
        Loans of 2.00% of the aggregate principal balance of the Mortgage Loans as
        of
        the Cut-off Date (or a greater amount solely with the prior written consent
        of
        the Class A Certificate Insurer), which the Servicer determines in good faith
        will otherwise become subject to foreclosure proceedings (evidence of such
        determination to be delivered in writing to the Trustee, in form and substance
        satisfactory to the Servicer and the Trustee prior to purchase), at a price
        equal to the Purchase Price. The Purchase Price for any Mortgage Loan purchased
        hereunder shall be deposited in the Collection Account, and the Trustee,
        upon
        receipt of written certification from the Servicer of such deposit, shall
        release or cause to be released to the Servicer the related Mortgage File
        and
        the Trustee shall execute and deliver such instruments of transfer or
        assignment, in each case without recourse, representation or warranty, as
        the
        Servicer shall furnish and as shall be necessary to vest in the Servicer
        title
        to any Mortgage Loan released pursuant hereto.

       

      
        
          
          

        

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

       

      (a) Upon
        becoming aware of the payment in full of any Mortgage Loan, or the receipt
        by
        the Servicer of a notification that payment in full has been escrowed in
        a
        manner customary for such purposes for payment to Certificateholders on the
        next
        Distribution Date, the Servicer will promptly furnish to the Custodian, on
        behalf of the Trustee, two copies of a request for release substantially
        in the
        form attached to the Custodial Agreement signed by a Servicing Officer or
        in a
        mutually agreeable electronic format which will, in lieu of a signature on
        its
        face, originate from a Servicing Officer (which certification shall include
        a
        statement to the effect that all amounts received in connection with such
        payment that are required to be deposited in the Collection Account have
        been or
        will be so deposited) and shall request that the Custodian, on behalf of
        the
        Trustee, deliver to the Servicer the related Mortgage File. Upon receipt
        of such
        certification and request, the Custodian, on behalf of the Trustee, shall
        within
        five (5) Business Days release the related Mortgage File to the Servicer
        and the
        Trustee and the Custodian shall have no further responsibility with regard
        to
        such Mortgage File. Upon any such payment in full, the Servicer is authorized,
        to give, as agent for the Trustee, as the mortgagee under the Mortgage that
        secured the Mortgage Loan, an instrument of satisfaction (or assignment of
        mortgage without recourse) regarding the Mortgaged Property subject to the
        Mortgage, which instrument of satisfaction or assignment, as the case may
        be,
        shall be delivered to the Person or Persons entitled thereto against receipt
        therefor of such payment, it being understood and agreed that no expenses
        incurred in connection with such instrument of satisfaction or assignment,
        as
        the case may be, shall be chargeable to the Collection Account, unless it
        shall
        represent a Servicing Advance.

       

      (b) From
        time
        to time and as appropriate for the servicing or foreclosure of any Mortgage
        Loan, the Trustee shall execute such documents as shall be prepared and
        furnished to the Trustee by the Servicer (in form reasonably acceptable to
        the
        Trustee) and as are necessary to the prosecution of any such proceedings.
        The
        Custodian, on behalf of the Trustee, shall, upon the request of the Servicer,
        and delivery to the Custodian, on behalf of the Trustee, of two copies of
        a
        request for release signed by a Servicing Officer substantially in the form
        attached to the Custodial Agreement (or in a mutually agreeable electronic
        format which will, in lieu of a signature on its face, originate from a
        Servicing Officer), release within five (5) Business Days the related Mortgage
        File held in its possession or control to the Servicer. Such trust receipt
        shall
        obligate the Servicer to return the Mortgage File to the Custodian on behalf
        of
        the Trustee, when the need therefor by the Servicer no longer exists unless
        the
        related Mortgage Loan shall be liquidated, in which case, upon receipt of
        a
        certificate of a Servicing Officer similar to that hereinabove specified,
        the
        Mortgage File shall be released by the Custodian, on behalf of the Trustee,
        to
        the Servicer.

       

      
        
          
          

        

        
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      Notwithstanding
        the foregoing, in connection with a Principal Prepayment in full of any Mortgage
        Loan, the Master Servicer may request release of the related Mortgage File
        from
        the Custodian, in accordance with the provisions of the Custodial Agreement,
        in
        the event the Servicer fails to do so.

       

      Upon
        written certification of a Servicing Officer, the Trustee shall execute and
        deliver to the Servicer, any court pleadings, requests for trustee’s sale or
        other documents prepared and delivered to the Trustee and reasonably acceptable
        to it and necessary to the foreclosure or trustee’s sale in respect of a
        Mortgaged Property or to any legal action brought to obtain judgment against
        any
        Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency judgment,
        or to enforce any other remedies or rights provided by the Mortgage Note
        or
        Mortgage or otherwise available at law or in equity. Each such certification
        shall include a request that such pleadings or documents be executed by the
        Trustee and a statement as to the reason such documents or pleadings are
        required and that the execution and delivery thereof by the Trustee will
        not
        invalidate or otherwise affect the lien of the Mortgage, except for the
        termination of such a lien upon completion of the foreclosure or trustee’s sale.
        So long as no Servicer Event of Default shall have occurred and be continuing,
        the Servicer shall have the right to execute any and all such court pleadings,
        requests and other documents as attorney-in-fact for, and on behalf of the
        Trustee. Notwithstanding the preceding sentence, the Trustee shall in no
        way be
        liable or responsible for the willful malfeasance of the Servicer, or for
        any
        wrongful or negligent actions taken by the Servicer, while the Servicer is
        acting in its capacity as attorney-in-fact for and on behalf of the
        Trustee.

       

      SECTION
        3.15. Servicing
        Compensation.

       

      As
        compensation for its activities hereunder, the Servicer shall be entitled
        to the
        Servicing Fee with respect to each Mortgage Loan payable solely from payments
        of
        interest in respect of such Mortgage Loan, subject to Section 3.23. In addition,
        the Servicer shall be entitled to recover unpaid Servicing Fees out of Insurance
        Proceeds or Liquidation Proceeds to the extent permitted by Section
        3.09(a)(iii), Section 3.09(a)(vi) and out of amounts derived from the operation
        and sale of an REO Property to the extent permitted by Section 3.22. The
        right
        to receive the Servicing Fee may not be transferred in whole or in part except
        in connection with the transfer of all of the Servicer’s responsibilities and
        obligations under this Agreement to the extent permitted herein.

       

      Additional
        servicing compensation in the form of Ancillary Income (other than Prepayment
        Charges) shall be retained by the Servicer only to the extent such fees or
        charges are received by the Servicer. The Servicer shall also be entitled
        pursuant to Section 3.09(a)(iv) to withdraw from the Collection Account and
        pursuant to Section 3.22(b) to withdraw from any REO Account, as additional
        servicing compensation, interest or other income earned on deposits therein,
        subject to Section 3.10. In addition, the Servicer shall be entitled to retain
        or withdraw from the Collection Account, pursuant to Section 3.09(a)(x),
        any
        Recovery Fees in respect of recoveries on Charged Off Loans as additional
        servicing compensation. The Servicer shall be required to pay all expenses
        incurred by it in connection with its servicing activities hereunder and
        shall
        not be entitled to reimbursement therefor except as specifically provided
        herein.

       

      
        
          
          

        

        
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      SECTION
        3.16. Collection
        Account Statements.

       

      Upon
        request, not later than fifteen (15) days after each Distribution Date, the
        Servicer shall forward to the Master Servicer, the Class A Certificate
        Insurer, the Securities Administrator and the Depositor, a statement prepared
        by
        the institution at which the Collection Account is maintained setting forth
        the
        status of the Collection Account as of the close of business on such
        Distribution Date and showing, for the period covered by such statement,
        the
        aggregate amount of deposits into and withdrawals from the Collection Account.
        Copies of such statement and any similar statements provided by the Servicer
        shall be provided by the Securities Administrator to any Certificateholder
        and
        to any Person identified to the Securities Administrator as a prospective
        transferee of a Certificate, upon request at the expense of the requesting
        party, provided such statement is delivered by the Servicer to the Securities
        Administrator.

       

      SECTION
        3.17. Annual
        Statement as to Compliance. 

       

      (a) The
        Servicer shall deliver (and shall cause any Sub-Servicer engaged by it to
        deliver) to the Master Servicer, the Class A Certificate Insurer and to the
        Depositor on or before March 15 of each year, commencing in March 2008, an
        Officer’s Certificate stating, as to the signer thereof, that (A) a review of
        such party’s activities during the preceding calendar year or portion thereof
        and of the Servicer’s performance under this Agreement, or such other applicable
        agreement in the case of a Sub-Servicer, has been made under such officer’s
        supervision and (B) to the best of such officer’s knowledge, based on such
        review, such party has fulfilled all its obligations under this Agreement,
        or
        such other applicable agreement in the case of a Sub-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 from the Servicer, any
        Sub-Servicer engaged by the Servicer, the Depositor shall review such Officer’s
        Certificate and, if applicable, consult with each such party, as applicable,
        as
        to the nature of any failures by such party, in the fulfillment of any of
        the
        Servicer’s obligations hereunder or, in the case of a Sub-Servicer, under such
        other applicable agreement.

       

      (b) Failure
        of the Servicer to comply timely with this Section 3.17 shall be deemed a
        Servicer Event of Default as to the Servicer, automatically, without notice
        and
        without any cure period, and the Master Servicer may, in addition to whatever
        rights the Master Servicer may have under this Agreement and at law or in
        equity
        or to damages, including injunctive relief and specific performance, terminate
        all the rights and obligations of the Servicer under this Agreement and in
        and
        to the related Mortgage Loans and the proceeds thereof without compensating
        the
        Servicer for the same (other than the Servicer’s right to reimbursement of
        unreimbursed P&I Advances and Servicing Advances and accrued and unpaid
        Servicing Fees in the manner provided in this Agreement). This paragraph
        shall
        supersede any other provision in this Agreement or any other agreement to
        the
        contrary.

       

      (c) In
        the
        event the Servicer or any Sub-Servicer engaged by the Servicer is terminated,
        assigns its rights and obligations under or resigns pursuant to the terms
        of
        this Agreement, or any applicable agreement in the case of a Sub-Servicer,
        as
        the case may be, such party shall provide an Officer’s Certificate with respect
        to the related year pursuant to this Section 3.17(c) or to such other applicable
        agreement, as the case may be, notwithstanding any such termination, assignment
        or resignation for the related year.

       

      
        
          
          

        

        
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      SECTION
        3.18. Assessments
        of Compliance and Attestation Reports.

       

      (a) By
        March
        15 of each year, commencing in March 2008, the 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 Master Servicer, a report on
        an
        assessment of compliance with the Relevant Servicing Criteria that contains
        (A)
        a statement by such party of its responsibility for assessing compliance
        with
        the Relevant Servicing Criteria, (B) a statement that such party used the
        Relevant Servicing Criteria to assess compliance with the Relevant Servicing
        Criteria, (C) such party’s assessment of compliance with the Relevant Servicing
        Criteria as of and for the fiscal year covered by the Form 10-K required
        to be
        filed pursuant to Section 5.06(d), including, if there has been any material
        instance of noncompliance with the Relevant Servicing Criteria, a discussion
        of
        each such failure and the nature and status thereof, and (D) a statement
        that a
        registered public accounting firm has issued an attestation report on such
        party’s assessment of compliance with the Relevant Servicing Criteria as of and
        for such period. Notwithstanding the foregoing, neither the Servicer nor
        any
        Servicing Function Participant engaged by the Servicer shall be required
        to
        deliver any assessments until March 31st in any given year so long as it
        has not
        received written confirmation from the Depositor that a Form 10-K is required
        to
        be filed in respect of the Trust for the preceding calendar year; provided
        however that, notwithstanding the foregoing, no Subcontractor will be required
        to deliver any assessments in any given year in which the Form 10-K is not
        required to be filed.

       

      (b) By
        March
        15 of each year, commencing in March 2008, the Servicer, at its own expense,
        shall cause, and the Servicer 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 Servicer or such other
        Servicing Function Participants, as the case may be) and that is a member
        of the
        American Institute of Certified Public Accountants to furnish a report to
        the
        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. Notwithstanding the
        foregoing, neither the Servicer nor any Servicing Function Participant engaged
        by the Servicer shall be required to deliver or cause the delivery of such
        reports until March 31st in any given year so long as the Servicer has not
        received written confirmation from the Depositor that a Form 10-K is required
        to
        be filed in respect of the Trust for the preceding fiscal year; provided
        however
        that, notwithstanding the foregoing, no Subcontractor will be required to
        deliver any reports in any given year in which the Form 10-K is not required
        to
        be filed.

       

      
        
          
          

        

        
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      (c) Failure
        of the Servicer to comply timely with this Section 3.18 shall be deemed a
        Servicer Event of Default as to the Servicer, automatically, without notice
        and
        without any cure period, and the Master Servicer may, in addition to whatever
        rights the Master Servicer may have under this Agreement and at law or in
        equity
        or to damages, including injunctive relief and specific performance, terminate
        all the rights and obligations of the Servicer under this Agreement and in
        and
        to the related Mortgage Loans and the proceeds thereof without compensating
        the
        Servicer for the same (other than the Servicer’s right to reimbursement of
        unreimbursed P&I Advances and Servicing Advances and accrued and unpaid
        Servicing Fees in the manner provided for in this Agreement). This paragraph
        shall supersede any other provision in this Agreement or any other agreement
        to
        the contrary.

       

      (d) In
        the
        event the Servicer or any Servicing Function Participant engaged by the Servicer
        is terminated, assigns its rights and obligations under, or resigns pursuant
        to
        the terms of this Agreement, or any applicable agreement in the case of a
        Servicing Function Participant, as the case may be, such party shall provide
        a
        report on assessment of compliance with respect to the related year pursuant
        to
        this Section 3.18(d) or to such other applicable agreement, notwithstanding
        any
        such termination, assignment or resignation for the related year.

       

      SECTION
        3.19. [Reserved].

       

      SECTION
        3.20. Annual
        Certification; Additional Information.

       

      (a) The
        Servicer shall and 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, a certification (each, a
        “Back-Up Certification”), in the form attached hereto as Exhibit C, 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 officer
        of the Master Servicer in charge of the master servicing function shall serve
        as
        the Certifying Person on behalf of the Trust. In the event the Servicer or
        any
        Servicing Function Participant engaged by it 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 3.20 with respect to the period
        of
        time it was subject to this Agreement or any applicable Sub-Servicing Agreement,
        as the case may be.

       

      (b) The
        Servicer shall indemnify and hold harmless the Master Servicer, the Securities
        Administrator, the Trustee, the Class A Certificate Insurer, the Depositor
        and their respective officers, directors, agents and affiliates from and
        against
        any losses, damages, penalties, fines, forfeitures, reasonable legal fees
        and
        related costs, judgments and other costs and expenses arising out of or based
        upon a breach by the Servicer or any of its officers, directors, agents or
        affiliates of its obligations under this Section 3.20 or the Servicer’s
        negligence, bad faith or willful misconduct in connection therewith. Such
        indemnity shall survive the termination or resignation of the parties hereto
        or
        the termination of this Agreement. If the indemnification provided for herein
        is
        unavailable or insufficient to hold harmless the Master Servicer, the Securities
        Administrator, the Class A Certificate Insurer, the Trustee and the
        Depositor, then the Servicer agrees that it shall contribute to the amount
        paid
        or payable by the Master Servicer, the Securities Administrator, the Trustee
        and
        the Depositor as a result of the losses, claims, damages or liabilities of
        the
        Master Servicer, the Securities Administrator, the Trustee and the Depositor
        in
        such proportion as is appropriate to reflect the relative fault of the Master
        Servicer, the Securities Administrator, the Trustee and the Depositor on
        the one
        hand and the Servicer on the other in connection with a breach of the Servicer’s
        obligations under this Section 3.20.

       

      
        
          
          

        

        
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      (c) The
        Servicer shall provide to the Master Servicer and the Class A Certificate
        Insurer prompt notice of the occurrence of any of the following: 

       

      (i) any
        Servicer Event of Default under the terms of this Agreement, any merger,
        consolidation or sale of substantially all of the assets of the Servicer,
        the
        Servicer’s engagement of any Sub-Servicer to perform or assist in the
        performance of any of the Servicer’s obligations under this Agreement, any
        material litigation involving the Servicer that is material to the
        Certificateholders, and to the extent disclosure is required under Regulation
        AB, any affiliation or other significant relationship between the Servicer
        and,
        American Home Mortgage Corp., the Class A Certificate Insurer, the Sponsor,
        the
        Depositor, the Master Servicer, the Securities Administrator, the Trustee,
        the
        Custodian and the Swap Provider.

       

      (ii) if
        the
        Servicer has knowledge of the occurrence of any of the events described in
        this
        clause (ii), then no later than ten days prior to the deadline for the filing
        of
        any Distribution Report on Form 10-D in respect of the Trust, the Servicer
        shall
        provide to the Master Servicer and the Class A Certificate Insurer notice
        of the occurrence of any of the following events along with all information,
        data, and materials related thereto as may be required to be included in
        the
        related Distribution Report on Form 10-D (as specified in the provisions
        of
        Regulation AB referenced below):

       

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

       

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

       

      (C) any
        material pool asset changes (such as, additions, substitutions or repurchases)
        relating to the Mortgage Loans serviced by the Servicer (Item 1121(a)(14)
        of
        Regulation AB).

       

      (d) The
        Servicer shall provide to the Securities Administrator and Master Servicer
        such
        additional information as the Securities Administrator and the Master Servicer
        may reasonably request, including evidence of the authorization of the person
        signing any certification or statement, financial information and reports
        and of
        the fidelity bond and errors and omissions insurance policy required to be
        maintained by the Servicer pursuant to this Agreement, and such other
        information related to the Servicer or its performance hereunder. 

       

      
        
          
          

        

        
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      SECTION
        3.21. Access
        to
        Certain Documentation.

       

      The
        Servicer shall provide to the Office of Thrift Supervision, the FDIC, and
        any
        other federal or state banking or insurance regulatory authority that may
        exercise authority over any Certificate Owner, access to the documentation
        regarding the related Mortgage Loans required by applicable laws and
        regulations. Such access shall be afforded without charge, but only upon
        reasonable request and during normal business hours at the offices of the
        Servicer designated by it. Nothing in this Section 3.21 shall limit the
        obligation of the Servicer to comply with any applicable law prohibiting
        disclosure of information regarding the Mortgagors and the failure of the
        Servicer to provide access as provided in this Section as a result of such
        obligation shall not constitute a breach of this Section. Nothing in this
        Section 3.21 shall require the Servicer to collect, create, collate or otherwise
        generate any information that it does not generate in its usual course of
        business. The Servicer shall not be required to make copies of or ship documents
        to any Person unless provisions have been made for the reimbursement of the
        costs thereof. 

       

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

       

      (a) The
        deed
        or certificate of sale of any REO Property related to a Mortgage Loan shall
        be
        taken in the name of the Trustee, or its nominee, on behalf of the Trust
        Fund
        and for the benefit of the Certificateholders. The Servicer, on behalf of
        REMIC
        I, shall either sell any REO Property by the close of the third calendar
        year
        following the calendar year in which REMIC I acquires ownership of such REO
        Property for purposes of Section 860(a)(8) of the Code or request from the
        Internal Revenue Service, no later than sixty (60) days before the day on
        which
        the three-year grace period would otherwise expire, an extension of the
        three-year grace period, unless the Servicer had delivered to the Trustee
        and
        the Class A Certificate Insurer an Opinion of Counsel, addressed to the
        Trustee, the Class A Certificate Insurer and the Depositor, to the effect
        that the holding by REMIC I of such REO Property subsequent to three (3)
        years
        after its acquisition will not result in the imposition on any Trust REMIC
        created hereunder of taxes on “prohibited transactions” thereof, as defined in
        Section 860F of the Code, or cause any Trust REMIC hereunder to fail to qualify
        as a REMIC under Federal law at any time that any Certificates are outstanding.
        The Servicer shall manage, conserve, protect and operate each REO Property
        for
        the Certificateholders solely for the purpose of its prompt disposition and
        sale
        in a manner which does not cause such REO Property to fail to qualify as
        “foreclosure property” within the meaning of Section 860G(a)(8) of the Code or
        result in the receipt by any Trust REMIC created hereunder of any “income from
        non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code,
        or any “net income from foreclosure property” which is subject to taxation under
        the REMIC Provisions.

       

      (b) The
        Servicer shall segregate and hold all funds collected and received in connection
        with the operation of any REO Property separate and apart from its own funds
        and
        general assets and shall establish and maintain with respect to REO Properties
        an account held in trust for the Trustee, on behalf of the Trust Fund and
        for
        the benefit of the Certificateholders (the “REO Account”), which shall be an
        Eligible Account. The Servicer shall be permitted to allow the Collection
        Account to serve as the REO Account, subject to the maintenance of separate
        ledgers for each REO Property. The Servicer shall be entitled to retain or
        withdraw any interest income paid on funds deposited in the REO
        Account.

       

      
        
          
          

        

        
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      (c) The
        Servicer shall have full power and authority, subject only to the specific
        requirements and prohibitions of this Agreement, to do any and all things
        in
        connection with any REO Property related to a Mortgage Loan serviced by it
        as
        are consistent with the manner in which the Servicer manages and operates
        similar property owned by it or any of its Affiliates, all on such terms
        and for
        such period as the Servicer deems to be in the best interests of
        Certificateholders. In connection therewith, the Servicer shall deposit,
        or
        cause to be deposited in the clearing account in which it customarily deposits
        payments and collections on mortgage loans in connection with its mortgage
        loan
        servicing activities on a daily basis, and in no event more than one (1)
        Business Day after the Servicer’s receipt thereof, and shall thereafter deposit
        in the REO Account, in no event more than two (2) Business Days after the
        deposit of good funds into the clearing account, all revenues received by
        it
        with respect to an REO Property related to a Mortgage Loan serviced by it
        and
        shall withdraw therefrom funds necessary for the proper operation, management
        and maintenance of such REO Property including, without limitation:

       

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

       

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

       

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

       

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

       

      Subject
        to compliance with applicable laws and regulations as shall at any time be
        in
        force, and notwithstanding the foregoing, the Servicer, on behalf of the
        Trust
        Fund, shall not:

       

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

       

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

       

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

       

      (iv) allow
        any
        Person to Directly Operate any REO Property on any date more than ninety
        (90)
        days after its date of acquisition by the Trust Fund.

       

      
        
          
          

        

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

       

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

       

      (ii) any
        such
        contract shall require, or shall be administered to require, that the
        Independent Contractor pay all costs and expenses incurred in connection
        with
        the operation and management of such REO Property, including those listed
        above
        and remit all related revenues (net of such costs and expenses) to the Servicer
        as soon as practicable, but in no event later than thirty (30) days following
        the receipt thereof by such Independent Contractor;

       

      (iii) none
        of
        the provisions of this Section 3.22(c) relating to any such contract or to
        actions taken through any such Independent Contractor shall be deemed to
        relieve
        the Servicer of any of its duties and obligations to the Trustee on behalf
        of
        the Trust Fund and for the benefit of the Certificateholders with respect
        to the
        operation and management of any such REO Property; and

       

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

       

      The
        Servicer shall be entitled to enter into any agreement with any Independent
        Contractor performing services for it related to its duties and obligations
        hereunder for indemnification of the Servicer by such Independent Contractor,
        and nothing in this Agreement shall be deemed to limit or modify such
        indemnification. The Servicer shall be solely liable for all fees owed by
        it to
        any such Independent Contractor, irrespective of whether the Servicer’s
        compensation pursuant to Section 3.15 is sufficient to pay such fees. Any
        such
        agreement shall include a provision that such agreement may be immediately
        terminated by any successor Servicer without fee, in the event the Servicer
        shall for any reason, no longer be the Servicer of the related Mortgage Loans
        (including termination due to a Servicer Event of Default).

       

      (d) In
        addition to the withdrawals permitted under Section 3.22(c), the Servicer
        may
        from time to time make withdrawals from the REO Account for any REO Property:
        (i) to pay itself unpaid Servicing Fees in respect of the related Mortgage
        Loan;
        and (ii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing
        Advances and Advances made in respect of such REO Property or the related
        Mortgage Loan. On the Servicer Remittance Date, the Servicer shall withdraw
        from
        each REO Account and deposit into the Distribution Account in accordance
        with
        Section 3.08(d)(ii), for distribution on the related Distribution Date in
        accordance with Section 5.01, the income from the related REO Property received
        during the prior calendar month, net of any withdrawals made pursuant to
        Section
        3.22(c) or this Section 3.22(d).

       

      (e) Subject
        to the time constraints set forth in Section 3.22(a), each REO Disposition
        shall
        be carried out by the Servicer at such price and upon such terms and conditions
        as the Servicer shall deem necessary or advisable, as shall be normal and
        usual
        in accordance with Accepted Servicing Practices.

       

      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

      (f) The
        proceeds from the REO Disposition, net of any amount required by law to be
        remitted to the Mortgagor under the related Mortgage Loan and net of any
        payment
        or reimbursement to the Servicer as provided above, shall be deposited in
        the
        Distribution Account in accordance with Section 3.08(d)(ii) on the Servicer
        Remittance Date in the month following the receipt thereof for distribution
        on
        the related Distribution Date in accordance with Section 5.01. Any REO
        Disposition shall be for cash only (unless changes in the REMIC Provisions
        made
        subsequent to the Startup Day allow a sale for other
        consideration).

       

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

       

      SECTION
        3.23. Obligations
        of the Servicer in Respect of Prepayment Interest Shortfalls; Relief Act
        Interest Shortfalls.

       

      The
        Servicer shall deliver to the Securities Administrator for deposit into the
        Distribution Account on or before 12:00 noon New York time on the Servicer
        Remittance Date from its own funds an amount equal to the lesser of (i) the
        aggregate amount of the Prepayment Interest Shortfalls attributable to Principal
        Prepayments in full on the related Mortgage Loans for the related Distribution
        Date resulting solely from voluntary Principal Prepayments received by the
        Servicer during the related Prepayment Period and (ii) the aggregate amount
        of
        the related Servicing Fees payable to the Servicer on such Distribution Date
        with respect to the Mortgage Loans. The Servicer shall not have the right
        to
        reimbursement for any amounts remitted to the Securities Administrator in
        respect of this Section 3.23. The Servicer shall not be obligated to pay
        the
        amounts set forth in this Section 3.23 with respect to shortfalls resulting
        from
        the application of the Relief Act.

       

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

       

      In
        the
        event that a shortfall in any collection on or liability with respect to
        any
        Mortgage Loan results from or is attributable to adjustments to Mortgage
        Rates,
        Monthly Payments or Stated Principal Balances that were made by the Servicer
        in
        a manner not consistent with the terms of the related Mortgage Note and this
        Agreement, the Servicer, upon discovery or receipt of notice thereof,
        immediately shall deliver to the Securities Administrator for deposit in
        the
        Distribution Account from its own funds the amount of any such shortfall
        and
        shall indemnify and hold harmless the Trust Fund, the Trustee, the Securities
        Administrator, the Master Servicer, the Depositor, the Class A Certificate
        Insurer and any successor servicer in respect of any such liability. Such
        indemnities shall survive the termination or discharge of this Agreement.
        Notwithstanding the foregoing, this Section 3.24 shall not limit the ability
        of
        the Servicer to seek recovery of any such amounts from the related Mortgagor
        under the terms of the related Mortgage Note and Mortgage, to the extent
        permitted by applicable law.

       

      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

      SECTION
        3.25. Reserve
        Fund.

       

      (a) No
        later
        than the Closing Date, the Securities Administrator shall establish and maintain
        a separate, segregated trust account entitled, “Reserve Fund, Wells Fargo Bank,
        National Association, in trust for the registered holders of SunTrust
        Acquisition Closed-End Seconds Trust, Series 2007-1, Asset Backed Pass-Through
        Certificates.” On the Closing Date, the Depositor will deposit, or cause to be
        deposited, into the Reserve Fund $1,000.

       

      (b) On
        each
        Distribution Date, the Securities Administrator shall deposit into the Reserve
        Fund the amounts described in Section 5.01(c)(5)(v), rather than distributing
        such amounts to the Class CE Certificateholders pursuant to Section
        5.01(c)(5)(x). On each such Distribution Date, the Securities Administrator
        shall hold all such amounts for the benefit of the Holders of the Class A
        Certificates and the Mezzanine Certificates and will distribute such amounts
        to
        the Holders of the Class A Certificates and the Mezzanine Certificates, in
        the
        amounts and priorities set forth in Section 5.01(c). If no Net WAC Rate
        Carryover Amounts are payable on a Distribution Date, the Securities
        Administrator shall deposit, into the Reserve Fund on behalf of the Class
        CE
        Certificateholders, from amounts otherwise distributable to the Class CE
        Certificateholders, an amount such that when added to other amounts already
        on
        deposit in the Reserve Fund, the aggregate amount on deposit therein is equal
        to
        $1,000.

       

      (c) The
        Reserve Fund constitutes an “outside reserve fund” within the meaning of
        Treasury Regulation § 1.860G-2(h) and is not an asset of any REMIC. It is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Reserve Fund be disregarded as an entity
        separate from the Holder of the Class CE Certificates unless and until the
        date
        when either (a) there is more than one Class CE Certificateholder or (b)
        any
        Class of Certificates in addition to the Class CE Certificates is
        recharacterized as an equity interest in the Reserve Fund for federal income
        tax
        purposes, in which case it is the intention of the parties hereto that, for
        federal and state income and state and local franchise tax purposes, the
        Reserve
        Fund be treated as a partnership. The Master Servicer shall not be required
        to
        prepare and file partnership tax returns in respect of such partnership unless
        it receives additional reasonable compensation (not to exceed $10,000 per
        year)
        for the preparation of such filings, written notification recognizing the
        creation of a partnership agreement or comparable documentation evidencing
        the
        partnership. All amounts deposited into the Reserve Fund (other than the
        initial
        deposit therein of $1,000) shall be treated as amounts distributed by REMIC
        III
        to the Holders of the Class CE Certificates. Upon the termination of the
        Trust
        Fund, or the payment in full of the Class A Certificates and the Mezzanine
        Certificates, all amounts remaining on deposit in the Reserve Fund will be
        released by the Trust Fund and distributed to the Class CE Certificateholders
        or
        their designees. The Reserve Fund will be part of the Trust Fund but not
        part of
        any REMIC and any payments to the Holders of the Class A Certificates or
        the
        Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments
        with respect to a “regular interest” in a REMIC within the meaning of Code
        Section 860(G)(a)(1).

       

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

      (d) By
        accepting a Class CE Certificate, each Class CE Certificateholder hereby
        agrees
        that the Securities Administrator will deposit into the Reserve Fund the
        amounts
        described above on each Distribution Date rather than distributing such amounts
        to the Class CE Certificateholders. By accepting a Class CE Certificate,
        each
        Class CE Certificateholder further agrees that its agreement to such action
        by
        the Securities Administrator is given for good and valuable consideration,
        the
        receipt and sufficiency of which is acknowledged by such
        acceptance.

       

      (e) At
        the
        direction of the Holders of a majority in Percentage Interest in the Class
        CE
        Certificates, the Securities Administrator shall direct any Depository
        Institution maintaining the Reserve Fund to invest the funds in such account
        in
        one or more Permitted Investments bearing interest or sold at a discount,
        and
        maturing, unless payable on demand, (i) no later than the Business Day
        immediately preceding the date on which such funds are required to be withdrawn
        from such account pursuant to this Agreement, if a Person other than the
        Securities Administrator or an Affiliate manages or advises such investment,
        and
        (ii) no later than the date on which such funds are required to be withdrawn
        from such account pursuant to this Agreement, if the Securities Administrator
        or
        an Affiliate manages or advises such investment. All income and gain earned
        upon
        such investment shall be deposited into the Reserve Fund. In no event shall
        the
        Securities Administrator be liable for any investments made pursuant to this
        clause (e). If the Holders of a majority in Percentage Interest in the Class
        CE
        Certificates fail to provide investment instructions, funds on deposit in
        the
        Reserve Fund shall be held uninvested by the Securities Administrator without
        liability for interest or compensation.

       

      (f) For
        federal tax return and information reporting, the right of the Class A
        Certificateholders and the Mezzanine Certificateholders to receive payments
        from
        the Reserve Fund and the Supplemental Interest Trust in respect of any Net
        WAC
        Rate Carryover Amount shall be assigned a value of $324,019.

       

      SECTION
        3.26. Advance
        Facility.

       

      (a) Notwithstanding
        anything to the contrary contained herein, (i) the Servicer is hereby authorized
        to enter into an advance facility (“Advance Facility”) but no more than two
        Advance Facilities without the prior written consent of the Trustee, which
        consent shall not be unreasonably withheld, under which (A) the Servicer
        sells,
        assigns or pledges to an advancing person (an “Advance Financing Person”) its
        rights under this Agreement to be reimbursed for any P&I Advances or
        Servicing Advances and/or (B) an Advance Financing Person agrees to finance
        some
        or all P&I Advances or Servicing Advances required to be made by the
        Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized
        to assign its rights to the Servicing Fee (which rights shall terminate upon
        the
        resignation, termination or removal of the Servicer pursuant to the terms
        of
        this Agreement) or pledge its servicing rights; it being understood that
        neither
        the Trust Fund nor any party hereto shall have a right or claim (including
        without limitation any right of offset) to any amounts for reimbursement
        of
        P&I Advances or Servicing Advances so assigned or to the portion of the
        Servicing Fee so assigned or the servicing rights so pledged. Subject to
        the
        provisions of the first sentence of this Section 3.26(a), no consent of the
        Depositor, Trustee, Master Servicer, Certificateholders or any other party
        is
        required before the Servicer may enter into an Advance Facility, but the
        Servicer shall provide notice to the Depositor, the Class A Certificate
        Insurer, Master Servicer and the Trustee of the existence of any such Advance
        Facility promptly upon the consummation thereof stating (a) the identity
        of the
        Advance Financing Person and (b) the identity of any Person (“Servicer’s
        Assignee”) who has the right to receive amounts in reimbursement of previously
        unreimbursed P&I Advances or Servicing Advances. Notwithstanding the
        existence of any Advance Facility under which an advancing person agrees
        to
        finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the
        Servicer shall remain obligated pursuant to this Agreement to make P&I
        Advances and Servicing Advances pursuant to and as required by this Agreement,
        and shall not be relieved of such obligations by virtue of such Advance
        Facility.

       

      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

      (b) Reimbursement
        amounts (“Advance Reimbursement Amounts”) shall consist solely of amounts in
        respect of P&I Advances and/or Servicing Advances made with respect to the
        related Mortgage Loans for which the Servicer would be permitted to reimburse
        itself in accordance with this Agreement, assuming the Servicer had made
        the
        related P&I Advance(s) and/or Servicing Advance(s).

       

      (c) The
        Servicer shall maintain and provide to any successor Servicer (with, upon
        request, a copy to the Trustee and/or the Class A Certificate Insurer) a
        detailed accounting on a loan-by-loan basis as to amounts advanced by, pledged
        or assigned to, and reimbursed to any Advance Financing Person. The successor
        Servicer shall be entitled to rely on any such information provided by the
        predecessor Servicer, and the successor Servicer shall not be liable for
        any
        errors in such information.

       

      (d) Reimbursement
        amounts distributed with respect to each Mortgage Loan shall be allocated
        to
        outstanding unreimbursed P&I Advances or Servicing Advances (as the case may
        be) made with respect to that Mortgage Loan on a “first-in, first out” (FIFO)
        basis. The documentation establishing any Advance Facility shall require
        the
        Servicer to provide to the related Advance Financing Person or its designee
        loan-by-loan information with respect to each such reimbursement amount
        distributed to such Advance Financing Person or Advance Facility trustee
        on each
        Distribution Date, to enable the Advance Financing Person or Advance Facility
        trustee to make the FIFO allocation of each such reimbursement amount with
        respect to each Mortgage Loan. The Servicer shall remain entitled to be
        reimbursed by the Advance Financing Person or Advance Facility trustee for
        all
        P&I Advances and Servicing Advances funded by the Servicer to the extent the
        related rights to be reimbursed therefor have not been sold, assigned or
        pledged
        to an Advance Financing Person.

       

      (e) Any
        amendment to this Section 3.26 or to any other provision of this Agreement
        that
        may be necessary or appropriate to effect the terms of an Advance Facility
        as
        described generally in this Section 3.26, including amendments to add provisions
        relating to a successor Servicer, may be entered into by the Trustee, the
        Depositor, and the Servicer with the prior written consent of the Class A
        Certificate Insurer but without the consent of any Certificateholder,
        notwithstanding anything to the contrary in this Agreement, provided, that
        the
        Trustee has been provided an Opinion of Counsel that such amendment is
        authorized hereunder and has no material adverse effect on the
        Certificateholders (without regard to the Policy), which opinion shall be
        an
        expense of the party requesting such opinion but in any case shall not be
        an
        expense of the Trustee or the Trust Fund; provided, further, that the amendment
        shall not be deemed to adversely affect in any material respect the interests
        of
        the Certificateholders if the Person requesting the amendment obtains a letter
        from each Rating Agency (instead of obtaining an Opinion of Counsel to such
        effect) stating that the amendment would not result in the downgrading or
        withdrawal of the respective ratings then assigned to the Certificates (without
        regard to the Policy); it being understood and agreed that any such rating
        letter in and of itself will not represent a determination as to the materiality
        of any such amendment and will represent a determination only as to the credit
        issues affecting any such rating. Prior to entering into an Advance Facility,
        the Servicer shall notify the lender under such facility in writing that:
        (a)
        the P&I Advances and/or Servicing Advances financed by and/or pledged to the
        lender are obligations owed to the Servicer on a non-recourse basis payable
        only
        from the cash flows and proceeds received under this Agreement for reimbursement
        of P&I Advances and/or Servicing Advances only to the extent provided
        herein, and none of the Master Servicer, the Securities Administrator, the
        Trustee, the Class A Certificate Insurer or the Trust are otherwise
        obligated or liable to repay any P&I Advances and/or Servicing Advances
        financed by the lender; (b) the Servicer will be responsible for remitting
        to
        the lender the applicable amounts collected by it as Servicing Fees and as
        reimbursement for P&I Advances and/or Servicing Advances funded by the
        lender, as applicable, subject to the restrictions and priorities created
        in
        this Agreement; and (c) none of the Master Servicer, the Securities
        Administrator, the Class A Certificate Insurer or the Trustee shall have
        any responsibility to calculate any amount payable under an Advance Facility
        or
        to track or monitor the administration of the financing arrangement between
        the
        Servicer and the lender or the payment of any amount under an Advance
        Facility.

       

      
        
          
          

        

        
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      (f) The
        Servicer shall indemnify the Master Servicer, the Securities Administrator,
        the
        Trustee, the Class A Certificate Insurer and the Trust Fund for any cost,
        liability or expense relating to the Advance Facility including, without
        limitation, a claim, pending or threatened, by an Advance Financing
        Person.

       

      SECTION
        3.27. Indemnification.

       

      The
        Servicer agrees to indemnify the Trustee, Master Servicer, the Class A
        Certificate Insurer and the Securities Administrator, from, and hold the
        Trustee, Master Servicer and the Securities Administrator harmless against,
        any
        loss, liability or expense (including reasonable attorney’s fees and expenses)
        incurred by any such Person by reason of the Servicer’s willful misfeasance, bad
        faith or gross negligence in the performance of its duties under this Agreement
        or by reason of the Servicer’s reckless disregard of its obligations and duties
        under this Agreement. Such indemnity shall survive the termination or discharge
        of this Agreement and the resignation or removal of the Servicer, the Trustee,
        the Master Servicer and the Securities Administrator. Any payment hereunder
        made
        by the Servicer to any such Person shall be from the Servicer’s own funds,
        without reimbursement from REMIC I therefor.

       

      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

      ARTICLE
        IV

       

      ADMINISTRATION
        AND MASTER SERVICING

      OF
        THE
        MORTGAGE LOANS BY THE MASTER SERVICER

      
      

      SECTION
        4.01. Master
        Servicer.

       

      The
        Master Servicer shall, from and after the Closing Date supervise, monitor
        and
        oversee the obligations of the Servicer under this Agreement to service and
        administer the Mortgage Loans in accordance with the terms of this Agreement
        and
        shall have full power and authority to do any and all things which it may
        deem
        necessary or desirable in connection with such master servicing and
        administration. In performing its obligations hereunder, the Master Servicer
        shall act in a manner consistent with Accepted Master Servicing Practices.
        Furthermore, the Master Servicer shall oversee and consult with the Servicer
        as
        necessary from time-to-time to carry out the Master Servicer’s obligations
        hereunder, shall receive, review and evaluate all reports, information and
        other
        data provided to the Master Servicer by the Servicer and shall cause the
        Servicer to perform and observe the covenants, obligations and conditions
        to be
        performed or observed by the Servicer under this Agreement. The Master Servicer
        shall independently and separately monitor the Servicer’s servicing activities
        with respect to each Mortgage Loan, reconcile the results of such monitoring
        with such information provided in the previous sentence on a monthly basis
        and
        coordinate corrective adjustments to the Servicer’s and Master Servicer’s
        records, and based on such reconciled and corrected information, prepare
        the
        statements specified in Section 5.03 and any other information and statements
        required to be provided by the Master Servicer hereunder. The Master Servicer
        shall reconcile the results of its Mortgage Loan monitoring with the actual
        remittances of the Servicer to the Distribution Account pursuant to the terms
        hereof based on information provided to the Master Servicer by the
        Servicer.

       

      The
        Trustee shall furnish the Servicer and the Master Servicer with any limited
        powers of attorney and other documents in form acceptable to it necessary
        or
        appropriate to enable the Servicer and the Master Servicer to service and
        administer the Mortgage Loans and REO Properties. The Trustee shall have
        no
        responsibility for any action of the Master Servicer or the Servicer pursuant
        to
        any such limited power of attorney and shall be indemnified by the Master
        Servicer or the Servicer, as applicable, for any cost, liability or expense
        incurred by the Trustee in connection with such Person’s misuse of any such
        power of attorney.

       

      The
        Trustee, the Custodian and the Securities Administrator shall provide access
        to
        the records and documentation in possession of the Trustee, the Custodian
        or the
        Securities Administrator regarding the Mortgage Loans and REO Property and
        the
        servicing thereof to the Class A Certificate Insurer, the
        Certificateholders, the FDIC, and the supervisory agents and examiners of
        the
        FDIC, such access being afforded only upon reasonable prior written request
        and
        during normal business hours at the office of the Trustee, the Custodian
        or the
        Securities Administrator; provided, however, that, unless otherwise required
        by
        law, none of the Trustee, the Custodian or the Securities Administrator shall
        be
        required to provide access to such records and documentation if the provision
        thereof would violate the legal right to privacy of any Mortgagor. The Trustee,
        the Custodian and the Securities Administrator shall allow representatives
        of
        the above entities to photocopy any of the records and documentation and
        shall
        provide equipment for that purpose at a charge that covers the Trustee’s, the
        Custodian’ or the Securities Administrator’s actual costs.

       

      
        
          
          

        

        
          110

          
            

          

        

        
          
          

        

      

      The
        Trustee shall execute and deliver to the Servicer or the Master Servicer
        upon
        request any court pleadings, requests for trustee’s sale or other documents
        necessary or desirable to (i) the foreclosure or trustee’s sale with respect to
        a Mortgaged Property; (ii) any legal action brought to obtain judgment against
        any Mortgagor on the Mortgage Note or any other Mortgage Loan Document; (iii)
        obtain a deficiency judgment against the Mortgagor; or (iv) enforce any other
        rights or remedies provided by the Mortgage Note or any other Mortgage Loan
        Document or otherwise available at law or equity.

       

      SECTION
        4.02. REMIC-Related
        Covenants.

       

      For
        as
        long as each REMIC shall exist, the Trustee and the Securities Administrator
        shall act in accordance herewith to treat such REMIC as a REMIC, and the
        Trustee
        and the Securities Administrator shall comply with any directions of the
        Sponsor, the Servicer or the Master Servicer to assure such continuing
        treatment. In particular, the Trustee shall not (a) sell or permit the sale
        of
        all or any portion of the Mortgage Loans or of any investment of deposits
        in an
        Account unless such sale is as a result of a repurchase of the Mortgage Loans
        pursuant to this Agreement or the Trustee has received a REMIC Opinion prepared
        at the expense of the Trust Fund; and (b) other than with respect to a
        substitution pursuant to the Mortgage Loan Purchase Agreement or Section
        2.03 of
        this Agreement, as applicable, accept any contribution to any REMIC after
        the
        Startup Day without receipt of an Opinion of Counsel stating that such
        contribution will not result in an Adverse REMIC Event as defined in Section
        11.01(f).

       

      SECTION
        4.03. Monitoring
        of Servicer.

       

      (a) The
        Master Servicer shall be responsible for monitoring the compliance by the
        Servicer with its duties under this Agreement. In the review of the Servicer’s
        activities, the Master Servicer may rely upon an Officer’s Certificate of the
        Servicer with regard to the Servicer’s compliance with the terms of this
        Agreement. In the event that the Master Servicer, in its judgment, determines
        that the Servicer should be terminated in accordance with the terms hereof
        or
        that a notice should be sent pursuant to the terms hereof with respect to
        the
        occurrence of an event that, unless cured, would constitute a Servicer Event
        of
        Default, the Master Servicer shall notify the Servicer, the Sponsor, the
        Class A Certificate Insurer and the Trustee thereof and the Master Servicer
        shall issue such notice or take such other action as it deems
        appropriate.

       

      (b) The
        Master Servicer, for the benefit of the Trustee and the Certificateholders,
        shall enforce the obligations of the Servicer under this Agreement and shall,
        in
        the event that the Servicer fails to perform its obligations in accordance
        with
        this Agreement, subject to this Section and Article VIII, notify the Trustee
        and
        the Class A Certificate Insurer and the Trustee may, with the prior written
        consent of the Class A Certificate Insurer or shall, at the prior written
        direction of the Class A Certificate Insurer, terminate the rights and
        obligations of the Servicer hereunder in accordance with the provisions of
        Article VIII. In the event the rights and obligations of the Servicer (or
        any
        successor thereto) are terminated, the Master Servicer shall act as servicer
        of
        the related Mortgage Loans or a successor servicer shall be appointed in
        accordance with the provisions of Article VIII. Such enforcement, including,
        without limitation, the legal prosecution of claims and the pursuit of other
        appropriate remedies, shall be in such form and carried out to such an extent
        and at such time as the Master Servicer, in its good faith business judgment,
        would require were it the owner of the Mortgage Loans. The Master Servicer
        shall
        pay the costs of such enforcement at its own expense, provided that the Master
        Servicer shall not be required to prosecute or defend any legal action except
        to
        the extent that the Master Servicer shall have received reasonable indemnity
        for
        its costs and expenses in pursuing such action.

       

      
        
          
          

        

        
          111

          
            

          

        

        
          
          

        

      

      (c) The
        Master Servicer shall be entitled to be reimbursed by the Servicer (or from
        amounts on deposit in the Distribution Account if the Servicer is unable
        to
        fulfill its obligations hereunder) for all reasonable out-of-pocket or third
        party costs associated with the transfer of servicing from the predecessor
        Servicer (or if the predecessor Servicer is the Master Servicer, from the
        Servicer immediately preceding the Master Servicer), including without
        limitation, any reasonable out-of-pocket or third party 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
        successor servicer to correct any errors or insufficiencies in the servicing
        data or otherwise to enable the successor servicer to service the related
        Mortgage Loans properly and effectively, upon presentation of reasonable
        documentation of such costs and expenses.

       

      (d) The
        Master Servicer shall require the Servicer to comply with the remittance
        requirements and other obligations set forth in this Agreement.

       

      (e) If
        the
        Master Servicer acts as a successor to the Servicer, it will not assume any
        liability for the representations and warranties of the terminated
        Servicer.

       

      SECTION
        4.04. Fidelity
        Bond.

       

      The
        Master Servicer, at its expense, shall maintain in effect a blanket fidelity
        bond and an errors and omissions insurance policy, affording coverage with
        respect to all directors, officers, employees and other Persons acting on
        such
        Master Servicer’s behalf, and covering errors and omissions in the performance
        of the Master Servicer’s obligations hereunder. The errors and omissions
        insurance policy and the fidelity bond shall be in such form and amount
        generally acceptable for entities serving as master servicers or
        trustees.

       

      SECTION
        4.05. Power
        to
        Act; Procedures.

       

      The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article XI, to do any and all things that it may deem necessary or desirable
        in
        connection with the master servicing and administration of the Mortgage Loans,
        including but not limited to the power and authority (i) to execute and deliver,
        on behalf of the Certificateholders and the Trustee, customary consents or
        waivers and other instruments and documents, (ii) to consent to transfers
        of any
        Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages,
        (iii) to collect any Insurance Proceeds and Liquidation Proceeds, and (iv)
        to
        effectuate foreclosure or other conversion of the ownership of the Mortgaged
        Property securing any Mortgage Loan, in each case, in accordance with the
        provisions of this Agreement; provided, however, that the Master Servicer
        shall
        not (and, consistent with its responsibilities under Section 4.03, shall
        not
        permit the Servicer to) knowingly or intentionally take any action, or fail
        to
        take (or fail to cause to be taken) any action reasonably within its control
        and
        the scope of duties more specifically set forth herein, that, under the REMIC
        Provisions, if taken or not taken, as the case may be, would cause REMIC
        I,
        REMIC II or REMIC III to fail to qualify as a REMIC or result in the imposition
        of a tax upon the Trust Fund (including but not limited to the tax on prohibited
        transactions as defined in Section 860F(a)(2) of the Code and the tax on
        contributions to a REMIC set forth in Section 860G(d) of the Code) unless
        the
        Master Servicer has received an Opinion of Counsel (but not at the expense
        of
        the Master Servicer) to the effect that the contemplated action will not
        cause
        REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC or result in
        the
        imposition of a tax upon REMIC I, REMIC II or REMIC III, as the case may
        be. The
        Trustee shall furnish the Master Servicer, upon written request from a Servicing
        Officer, with any powers of attorney prepared and delivered to it and reasonably
        acceptable to it by empowering the Master Servicer or the Servicer to execute
        and deliver instruments of satisfaction or cancellation, or of partial or
        full
        release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
        Property, and to appeal, prosecute or defend in any court action relating
        to the
        Mortgage Loans or the Mortgaged Property, in accordance with this Agreement,
        and
        the Trustee shall execute and deliver such other documents prepared and
        delivered to it and reasonably acceptable to it, as the Master Servicer or
        the
        Servicer may request, to enable the Master Servicer to master service and
        administer the Mortgage Loans and carry out its duties hereunder, in each
        case
        in accordance with Accepted Master Servicing Practices (and the Trustee shall
        have no liability for misuse of any such powers of attorney by the Master
        Servicer or the Servicer and shall be indemnified by the Master Servicer
        or the
        Servicer, as applicable, for any cost, liability or expense incurred by the
        Trustee in connection with such Person’s use or misuse of any such power of
        attorney). If the Master Servicer or the Trustee has been advised that it
        is
        likely that the laws of the state in which action is to be taken prohibit
        such
        action if taken in the name of the Trustee or that the Trustee would be
        adversely affected under the “doing business” or tax laws of such state if such
        action is taken in its name, the Master Servicer shall join with the Trustee
        in
        the appointment of a co-trustee pursuant to Section 9.10. In the performance
        of
        its duties hereunder, the Master Servicer shall be an independent contractor
        and
        shall not, except in those instances where it is taking action in the name
        of
        the Trustee, be deemed to be the agent of the Trustee.

       

      
        
          
          

        

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

       

      To
        the
        extent Mortgage Loans contain enforceable due-on-sale clauses, the Master
        Servicer shall cause the Servicer to enforce such clauses in accordance with
        this Agreement. If applicable law prohibits the enforcement of a due-on-sale
        clause or such clause is otherwise not enforced in accordance with this
        Agreement and, as a consequence, a Mortgage Loan is assumed, the original
        Mortgagor may be released from liability in accordance with this
        Agreement.

       

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

       

      (a) The
        Master Servicer shall transmit to the Trustee or the Custodian such documents
        and instruments coming into the possession of the Master Servicer from time
        to
        time as are required by the terms hereof to be delivered to the Trustee or
        the
        Custodian. Any funds received by the Master Servicer in respect of any Mortgage
        Loan or which otherwise are collected by the Master Servicer as Liquidation
        Proceeds or Insurance Proceeds in respect of any Mortgage Loan shall be remitted
        to the Securities Administrator for deposit in the Distribution Account.
        The
        Master Servicer shall, and, subject to Section 3.21 of this Agreement, shall
        cause the Servicer to, provide access to information and documentation regarding
        the related Mortgage Loans to the Trustee, its agents and accountants at
        any
        time upon reasonable request and during normal business hours, and to
        Certificateholders that are savings and loan associations, banks or insurance
        companies, the Office of Thrift Supervision, the FDIC and the supervisory
        agents
        and examiners of such Office and Corporation or examiners of any other federal
        or state banking or insurance regulatory authority if so required by applicable
        regulations of the Office of Thrift Supervision or other regulatory authority,
        such access to be afforded without charge but only upon reasonable request
        in
        writing and during normal business hours at the offices of the Master Servicer
        designated by it. In fulfilling such a request the Master Servicer shall
        not be
        responsible for determining the sufficiency of such information.

       

      
        
          
          

        

        
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      (b) All
        Mortgage Files and funds collected or held by, or under the control of, the
        Master Servicer, in respect of any Mortgage Loans, whether from the collection
        of principal and interest payments or from Liquidation Proceeds or Insurance
        Proceeds, shall be remitted to the Securities Administrator for deposit in
        the
        Distribution Account.

       

      SECTION
        4.08. Standard
        Hazard Insurance and Flood Insurance Policies.

       

      For
        each
        Mortgage Loan, the Master Servicer shall enforce the obligation of the Servicer
        under this Agreement to maintain or cause to be maintained standard fire
        and
        casualty insurance and, where applicable, flood insurance, all in accordance
        with the provisions of this Agreement. It is understood and agreed that such
        insurance shall be with insurers meeting the eligibility requirements set
        forth
        in Section 3.11 of this Agreement and that no earthquake or other additional
        insurance is to be required of any Mortgagor or to be maintained on property
        acquired in respect of a defaulted loan, other than pursuant to such applicable
        laws and regulations as shall at any time be in force and as shall require
        such
        additional insurance.

       

      SECTION
        4.09. Presentment
        of Claims and Collection of Proceeds.

       

      The
        Master Servicer shall enforce the Servicer’s obligations under this Agreement to
        prepare and present on behalf of the Trustee, the Class A Certificate
        Insurer and the Certificateholders all claims under any insurance policies
        and
        take such actions (including the negotiation, settlement, compromise or
        enforcement of the insured’s claim) as shall be necessary to realize recovery
        under such policies. Any proceeds disbursed to the Master Servicer (or disbursed
        to the Servicer and remitted to the Master Servicer) in respect of such
        policies, bonds or contracts shall be promptly deposited in the Distribution
        Account upon receipt, except that any amounts realized that are to be applied
        to
        the repair or restoration of the related Mortgaged Property as a condition
        precedent to the presentation of claims on the related Mortgage Loan to the
        insurer under any applicable insurance policy need not be so deposited or
        remitted.

       

      
        
          
          

        

        
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      SECTION
        4.10. Reserved.

       

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

       

      The
        Trustee or the Custodian, shall retain possession and custody of the originals
        (to the extent available) of any primary mortgage insurance policies, or
        certificate of insurance if applicable, and any certificates of renewal as
        to
        the foregoing as may be issued from time to time as contemplated by this
        Agreement. Until all amounts distributable in respect of the Certificates
        have
        been distributed in full and the Master Servicer and the Servicer have otherwise
        fulfilled their respective obligations under this Agreement the Trustee or
        the
        Custodian shall also retain possession and custody of each Mortgage File
        in
        accordance with and subject to the terms and conditions of this Agreement
        and
        the Custodial Agreement. The Master Servicer shall promptly deliver or cause
        to
        be delivered to the Trustee or the Custodian, upon the execution or receipt
        thereof the originals of any primary mortgage insurance policies, any
        certificates of renewal, and such other documents or instruments that constitute
        Mortgage Loan Documents that come into the possession of the Master Servicer
        from time to time.

       

      SECTION
        4.12. Realization
        Upon Defaulted Mortgage Loans.

       

      The
        Master Servicer shall cause the Servicer to foreclose upon, repossess or
        otherwise comparably convert the ownership of Mortgaged Properties securing
        such
        of the Mortgage Loans serviced by the Servicer as come into and continue
        in
        default and as to which no satisfactory arrangements can be made for collection
        of delinquent payments, all in accordance with this Agreement.

       

      SECTION
        4.13. Compensation
        for the Master Servicer.

       

      As
        compensation for the activities of the Master Servicer hereunder, the Master
        Servicer shall be entitled to the Master Servicing Fee and the income from
        investment of or earnings on the funds from time to time in the Distribution
        Account, as provided in Section 3.10. The compensation payable to the Master
        Servicer in respect of any Distribution Date shall be reduced in accordance
        with
        Section 4.19. The Master Servicer shall be required to pay all expenses incurred
        by it in connection with its activities hereunder and shall not be entitled
        to
        reimbursement therefor except as provided in this Agreement.

       

      SECTION
        4.14. REO
        Property.

       

      (a) In
        the
        event the Trust Fund acquires ownership of any REO Property in respect of
        any
        Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
        or to its nominee, on behalf of the related Certificateholders. The Master
        Servicer shall cause the Servicer to sell, any REO Property as expeditiously
        as
        possible and in accordance with the provisions of this Agreement. Further,
        the
        Master Servicer shall cause the Servicer to sell any REO Property prior to
        three
        years after the end of the calendar year of its acquisition by REMIC I unless
        (i) the Trustee and the Class A Certificate Insurer shall have been
        supplied by the Servicer with an Opinion of Counsel to the effect that the
        holding by the Trust Fund of such REO Property subsequent to such three-year
        period will not result in the imposition of taxes on “prohibited transactions”
of any REMIC hereunder as defined in section 860F of the Code or cause any
        REMIC
        hereunder to fail to qualify as a REMIC at any time that any Certificates
        are
        outstanding, in which case the Trust Fund may continue to hold such Mortgaged
        Property (subject to any conditions contained in such Opinion of Counsel)
        or
        (ii) the Servicer shall have applied for, prior to the expiration of such
        three-year period, an extension of such three-year period in the manner
        contemplated by Section 856(e)(3) of the Code, in which case the three-year
        period shall be extended by the applicable extension period. The Master Servicer
        shall cause the Servicer to protect and conserve, such REO Property in the
        manner and to the extent required by this Agreement in accordance with the
        REMIC
        Provisions and in a manner that does not result in a tax on “net income from
        foreclosure property” or cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the
        Code.

       

      
        
          
          

        

        
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      (b) The
        Master Servicer shall cause the Servicer to deposit all funds collected and
        received in connection with the operation of any REO Property into the related
        REO Account.

       

      SECTION
        4.15. Master
        Servicer Annual Statement of Compliance.

       

      (a) The
        Master Servicer and the Securities Administrator shall deliver (or otherwise
        make available) (and the Master Servicer and Securities Administrator shall
        cause any Additional Servicer or Servicing Function Participant engaged by
        it to
        deliver) to the Depositor, the Class A Certificate Insurer and the
        Securities Administrator on or before March 15 of each year, commencing in
        March
        2008, an Officer’s Certificate stating, as to the signer thereof, that (A) a
        review of such party’s activities during the preceding calendar year or portion
        thereof and of such party’s performance under this Agreement, or such other
        applicable agreement in the case of an Additional Servicer or Servicing Function
        Participant, has been made under such officer’s supervision and (B) to the best
        of such officer’s knowledge, based on such review, such party has fulfilled all
        its obligations under this Agreement, or such other applicable agreement
        in the
        case of an Additional Servicer or Servicing Function Participant, in all
        material respects throughout such year or portion thereof, or, if there has
        been
        a failure to fulfill any such obligation in any material respect, specifying
        each such failure known to such officer and the nature and status thereof.
        

       

      (b) The
        Master Servicer shall include all annual statements of compliance received
        by it
        with its own annual statement of compliance to be submitted to the Securities
        Administrator pursuant to this Section 4.15. 

       

      (c) In
        the
        event the Master Servicer, the Securities Administrator or any Servicing
        Function Participant engaged by the parties is terminated, assigns its rights
        and obligations under, or resigns pursuant to the terms of this Agreement,
        or
        any applicable agreement in the case of a Servicing Function Participant,
        as the
        case may be, such party shall provide an Officer’s Certificate pursuant to this
        Section 4.15 or to such applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or resignation.

       

      (d) Failure
        of the Master Servicer to comply timely with this Section 4.15 shall be deemed
        a
        Master Servicer Event of Default, automatically, without notice and without
        any
        cure period, and the Trustee may, in addition to whatever rights the Trustee
        may
        have under this Agreement and at law or in equity or to damages, including
        injunctive relief and specific performance, terminate all the rights and
        obligations of the Master Servicer under this Agreement and in and to the
        Mortgage Loans and the proceeds thereof without compensating the Master Servicer
        for the same. This paragraph shall supersede any other provision in this
        Agreement or any other agreement to the contrary.

       

      
        
          
          

        

        
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      (e) Copies
        of
        such Master Servicer annual statements of compliance shall be provided to
        any
        Certificateholder upon request, by the Master Servicer or by the Trustee
        at the
        Master Servicer’s expense if the Master Servicer failed to provide such copies
        (unless (i) the Master Servicer shall have failed to provide the Trustee
        with
        such statement or (ii) the Trustee shall be unaware of the Master Servicer’s
        failure to provide such statement).

       

      SECTION
        4.16. Master
        Servicer Assessments of Compliance. 

       

      (a) By
        March
        15 of each year, commencing in March 2008, the Master Servicer and the
        Securities Administrator, each at its own expense, shall furnish, or otherwise
        make available, 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 (A) a statement by such party
        of
        its responsibility for assessing compliance with the Relevant Servicing
        Criteria, (B) a statement that such party used the Relevant Servicing Criteria
        to assess compliance with the Relevant Servicing Criteria, (C) such party’s
        assessment of compliance with the Relevant Servicing Criteria as of and for
        the
        fiscal year covered by the Form 10-K required to be filed pursuant to Section
        5.06(d), including, if there has been any material instance of noncompliance
        with the Relevant Servicing Criteria, a discussion of each such failure and
        the
        nature and status thereof, and (D) a statement that a registered public
        accounting firm has issued an attestation report on such party’s assessment of
        compliance with the Relevant Servicing Criteria as of and for such period.
        

       

      (b) 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
        and
        to the Depositor the name of each Servicing Function Participant engaged
        by it
        and what Relevant Servicing Criteria will be addressed in the report on
        assessment of compliance prepared by such Servicing Function Participant
        (provided,
        however,
        that
        the Master Servicer need not provide such information to the Securities
        Administrator so long as the Master Servicer and the Securities Administrator
        are the same Person). When the Master Servicer and the Securities Administrator
        (or any Servicing Function Participant engaged by them) submit their assessments
        to the Securities Administrator, such parties will also at such time include
        the
        assessment (and attestation pursuant to Section 4.17) of each Servicing Function
        Participant engaged by it. 

       

      (c) 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 E and
        notify
        the Depositor of any exceptions.

       

      
        
          
          

        

        
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      (d) The
        Master Servicer shall include all annual reports on assessment of compliance
        received by it from the Servicer with its own assessment of compliance to
        be
        submitted to the Securities Administrator pursuant to this Section 4.16.
        

       

      (e) In
        the
        event the Master Servicer, the Securities Administrator or any Servicing
        Function Participant engaged by the parties is terminated, assigns its rights
        and obligations under, or resigns pursuant to the terms of this Agreement,
        or
        any other applicable agreement in the case of a Servicing Function Participant,
        as the case may be, such party shall provide a report on assessment of
        compliance pursuant to this Section 4.16 or to such other applicable agreement,
        notwithstanding any such termination, assignment or resignation. 

       

      (f) Failure
        of the Master Servicer to comply timely with this Section 4.16 shall be deemed
        a
        Master Servicer Event of Default, automatically, without notice and without
        any
        cure period, and the Trustee may, in addition to whatever rights the Trustee
        may
        have under this Agreement and at law or in equity or to damages, including
        injunctive relief and specific performance, terminate all the rights and
        obligations of the Master Servicer under this Agreement and in and to the
        Mortgage Loans and the proceeds thereof without compensating the Master Servicer
        for the same. This paragraph shall supersede any other provision in this
        Agreement or any other agreement to the contrary.

       

      (g) Delivery
        under this Section 4.16 of such reports, information and documents to the
        Trustee is for informational purposes only, and the Trustee’s receipt of such
        shall not constitute constructive notice of any information contained therein
        or
        determinable from information contained therein, including the Master Servicer’s
        compliance with any of its covenants hereunder (as to which the Trustee is
        entitled to conclusively rely exclusively on an Officer’s
        Certificate).

       

      SECTION
        4.17. Master
        Servicer Attestation Reports.

       

      (a) By
        March
        15 of each year, commencing in March 2008, the Master Servicer and the
        Securities Administrator, each at its own expense, shall cause, and each
        such
        party 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, the Securities Administrator,
        or
        such other Servicing Function Participants, as the case may be) and that
        is a
        member of the American Institute of Certified Public Accountants to furnish
        an
        attestation report to the Securities Administrator and the Depositor, to
        the
        effect that (i) it has obtained a representation regarding certain matters
        from
        the management of such party, which includes an assertion that such party
        has
        complied with the Relevant Servicing Criteria, and (ii) on the basis of an
        examination conducted by such firm in accordance with standards for attestation
        engagements issued or adopted by the PCAOB, it is expressing an opinion as
        to
        whether such party’s compliance with the Relevant Servicing Criteria was fairly
        stated in all material respects, or it cannot express an overall opinion
        regarding such party’s assessment of compliance with the Relevant Servicing
        Criteria. In the event that an overall opinion cannot be expressed, such
        registered public accounting firm shall state in such report why it was unable
        to express such an opinion. Such report must be available for general use
        and
        not contain restricted use language. 

       

      
        
          
          

        

        
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      (b) Promptly
        after receipt of such assessment of compliance and attestation report from
        the
        Master Servicer, the Securities Administrator or any Servicing Function
        Participant engaged by such parties, the Securities Administrator shall confirm
        that each assessment submitted pursuant to Section 4.16 is coupled with an
        attestation meeting the requirements of this Section and notify the Depositor
        of
        any exceptions.

       

      (c) The
        Master Servicer shall include each such attestation furnished to it from
        the
        Servicer with its own attestation to be submitted to the Securities
        Administrator pursuant to this Section 4.17. 

       

      (d) In
        the
        event the Master Servicer, the Securities Administrator or any Servicing
        Function Participant engaged by the parties is terminated assigns its rights
        and
        duties under, or resigns pursuant to the terms of this Agreement, or any
        applicable custodial agreement or servicing or sub-servicing agreement in
        the
        case of a Servicing Function Participant, as the case may be, such party
        shall
        cause a registered public accounting firm to provide an attestation pursuant
        to
        this Section 4.17, or such other applicable agreement, notwithstanding any
        such
        termination, assignment or resignation.

       

      (e) Failure
        of the Master Servicer to comply timely with this Section 4.17 shall be deemed
        a
        Master Servicer Event of Default, automatically, without notice and without
        any
        cure period, and the Trustee may, in addition to whatever rights the Trustee
        may
        have under this Agreement and at law or in equity or to damages, including
        injunctive relief and specific performance, terminate all the rights and
        obligations of the Master Servicer under this Agreement and in and to the
        Mortgage Loans and the proceeds thereof without compensating the Master Servicer
        for the same. This paragraph shall supersede any other provision in this
        Agreement or any other agreement to the contrary.

       

      SECTION
        4.18. Annual
        Certification.

       

      (a) Each
        Form
        10-K required to be filed for the Trust pursuant to Section 5.06 shall include
        a
        certification (the “Sarbanes-Oxley Certification”) required to be included
        therewith pursuant to the Sarbanes-Oxley Act. Each of the Master Servicer
        and
        the Securities Administrator shall provide, and 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 C,
        upon which the Certifying Person, the entity for which the Certifying Person
        acts as an officer, and such entity’s officers, directors and Affiliates
        (collectively with the Certifying Person, “Certification Parties”) can
        reasonably rely. The senior officer of the Master Servicer in charge of the
        master servicing function shall serve as the Certifying Person on behalf
        of the
        Trust. Such officer of the Certifying Person can be contacted by e-mail at
        cts.sec.notifications@wellsfargo.com or by facsimile at 410-715-2380. In
        the
        event any such party or any Servicing Function Participant engaged by any
        such
        party is terminated, assigns its rights or duties under, 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 4.18 with respect to the period of time it
        was
        subject to this Agreement or any applicable sub-servicing agreement, as the
        case
        may be. Notwithstanding the foregoing, (i) the Master Servicer and the
        Securities Administrator shall not be required to deliver a Back-Up
        Certification to each other if both are the same Person and the Master Servicer
        is the Certifying Person and (ii) the Master Servicer shall not be obligated
        to
        sign the Sarbanes-Oxley Certification in the event that it does not receive
        any
        Back-Up Certification required to be furnished to it pursuant to this
        Section.

       

      
        
          
          

        

        
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      SECTION
        4.19. Obligation
        of the Master Servicer in Respect of Prepayment Interest
        Shortfalls.

       

      In
        the
        event of any Prepayment Interest Shortfalls, the Master Servicer shall deposit
        into the Distribution Account not later than the related Distribution Date
        an
        amount equal to the lesser of (i) the aggregate amounts required to be paid
        by
        the Servicer with respect to Prepayment Interest Shortfalls attributable
        to
        Principal Prepayments in full on the Mortgage Loans for the related Distribution
        Date, and not so paid by the Servicer and (ii) the aggregate amount of the
        compensation payable to the Master Servicer for such Distribution Date in
        accordance with Section 4.13, without reimbursement therefor.

       

      SECTION
        4.20. Prepayment
        Penalty Verification.

       

      On
        or
        prior to the Servicer Remittance Date, the Servicer shall provide in an
        electronic format acceptable to the Master Servicer the data necessary for
        the
        Master Servicer to perform its verification duties set forth in this Section
        4.20. The Master Servicer or a third party reasonably acceptable to the Master
        Servicer and the Depositor (the “Verification Agent”) will perform such
        verification duties and will use its best efforts to issue its findings in
        a
        report (the “Verification Report”) delivered to the Master Servicer and the
        Depositor within ten (10) Business Days following the related Distribution
        Date;
        provided, however, that if the Verification Agent is unable to issue the
        Verification Report within ten (10) Business Days following the Distribution
        Date, the Verification Agent may issue and deliver to the Master Servicer
        and
        the Depositor the Verification Report upon the completion of its verification
        duties. The Master Servicer shall forward the Verification Report to the
        Servicer and shall notify the Servicer if the Master Servicer has determined
        that the Servicer did not deliver the appropriate Prepayment Charge to the
        Securities Administrator in accordance with this Agreement. Such written
        notification from the Master Servicer shall include the loan number, prepayment
        penalty code and prepayment penalty amount as calculated by the Master Servicer
        or the Verification Agent, as applicable, of each Mortgage Loan for which
        there
        is a discrepancy. If the Servicer agrees with the verified amounts, the Servicer
        shall adjust the immediately succeeding Servicer Report and the amount remitted
        to the Securities Administrator with respect to prepayments accordingly.
        If the
        Servicer disagrees with the determination of the Master Servicer, the Servicer
        shall, within five (5) Business Days of its receipt of the Verification Report,
        notify the Master Servicer of such disagreement and provide the Master Servicer
        with detailed information to support its position. The Servicer and the Master
        Servicer shall cooperate to resolve any discrepancy on or prior to the
        immediately succeeding Servicer Remittance Date, and the Servicer will indicate
        the effect of such resolution on the Servicer Report and shall adjust the
        amount
        remitted with respect to prepayments on the Servicer Remittance Date
        accordingly.

       

      
        
          
          

        

        
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      During
        such time as the Servicer and the Master Servicer are resolving discrepancies
        with respect to the Prepayment Charges, no payments in respect of any disputed
        Prepayment Charges will be remitted to the Securities Administrator for deposit
        in the Distribution Account and the Master Servicer shall not be obligated
        to
        deposit such payments, unless otherwise required pursuant to Section 8.01
        hereof. In connection with such duties, the Master Servicer shall be able
        to
        rely solely on the information provided to it by the Servicer in accordance
        with
        this Section. The Master Servicer shall not be responsible for verifying
        the
        accuracy of any of the information provided to it by the Servicer.

       

      
        
          
          

        

        
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      ARTICLE
        V

       

      PAYMENTS
        TO CERTIFICATEHOLDERS

       

      SECTION
        5.01. Distributions.

       

      (a)  On
        each
        Distribution Date, the following amounts, in the following order of priority,
        shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular
        Interests and distributed to the holders of the Class R Certificates (in
        respect
        of the Class R-I Interest), as the case may be: 

       

      (i) to
        Holders of REMIC I Regular Interest I and REMIC I Regular Interest I-1-A
        through
        I-53-B, pro
        rata,
        in an
        amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
        for such Distribution Date, plus (B) any amounts payable in respect thereof
        remaining unpaid from previous Distribution Dates;

       

      (ii) to
        the
        extent of amounts remaining after the distributions made pursuant to clause
        (i)
        above, to the Holders of REMIC I Regular Interest I, an amount of principal
        shall be distributed to such Holders until the Uncertificated Balance of
        REMIC I
        Regular Interest I is reduced to zero; and

       

      (iii) to
        the
        extent of amounts remaining after distributions made pursuant to clauses
        (i) and
        (ii) above, payments of principal shall be allocated to REMIC I Regular
        Interests I-1-A through I-53-B starting with the lowest numerical denomination
        until the Uncertificated Balance of each such REMIC I Regular Interest is
        reduced to zero, provided that, for REMIC I Regular Interests with the same
        numerical denomination, such payments of principal shall be allocated
pro
        rata
        between
        such REMIC I Regular Interests.

       

      (b) to
        the
        Holders of REMIC I Regular Interest I-53-B, all amounts representing Prepayment
        Charges in respect of the Mortgage Loans received during the related Prepayment
        Period.

       

      (c) (1)
        On
        each Distribution Date, the following amounts, in the following order of
        priority, shall be distributed by REMIC II to REMIC III on account of the
        REMIC
        II Regular Interests or withdrawn from the Distribution Account and distributed
        to the Holders of the Class R Certificates (in respect of the Class R-II
        Interest), as the case may be:

       

      (i) first
        to
        the Holders of REMIC II Regular Interest IO, in an amount equal to (A)
        Uncertificated Interest for such REMIC II Regular Interest for such Distribution
        Date, plus (B) any amounts in respect thereof remaining unpaid from previous
        Distribution Dates and second, to the Holders of REMIC II Regular Interest
        AA,
        REMIC II Regular Interest A, REMIC II Regular Interest M-1, REMIC II Regular
        Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4,
        REMIC II Regular Interest ZZ and REMIC II Regular Interest P, pro
        rata,
        in an
        amount equal to (A) the Uncertificated Interest for such Distribution Date,
        plus
        (B) any amounts in respect thereof remaining unpaid from previous Distribution
        Dates. Amounts payable as Uncertificated Interest in respect of REMIC II
        Regular
        Interest ZZ shall be reduced when the REMIC II Overcollateralization Amount
        is
        less than the REMIC II Required Overcollateralization Amount, by the lesser
        of
        (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Interest
        Deferral Amount and such amount will be payable to the Holders of REMIC II
        Regular Interest A, REMIC II Regular Interest M-1, REMIC II Regular Interest
        M-2, REMIC II Regular Interest M-3 and REMIC II Regular Interest M-4 in the
        same
        proportion as the Overcollateralization Increase Amount is allocated to the
        Corresponding Certificates and the Uncertificated Balance of REMIC II Regular
        Interest ZZ shall be increased by such amount;

       

      
        
          
          

        

        
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      (ii) to
        the
        Holders of REMIC II Regular Interests, in an amount equal to the remainder
        of
        available funds for such Distribution Date after the distributions made pursuant
        to clause (i) above, allocated as follows:

       

      (A) 98.00%
        of
        such remainder to the Holders of REMIC II Regular Interest AA, until the
        Uncertificated Balance of such REMIC II Regular Interest is reduced to
        zero;

       

      (B) 2.00%
        of
        such remainder, first, to the Holders of REMIC II Regular Interest A, REMIC
        II
        Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest
        M-3 and REMIC II Regular Interest M-4, 1% of and in the same proportion as
        principal payments are allocated to the Corresponding Certificates, until
        the
        Uncertificated Balances of such REMIC II Regular Interests are reduced to
        zero
        and second to the Holders of REMIC II Regular Interest ZZ, until the
        Uncertificated Balance of such REMIC II Regular Interest is reduced to
        zero;

       

      (C) to
        the
        Holders of REMIC II Regular Interest P, (1) 100% of the Prepayment Charges
        deemed distributed on REMIC I Regular Interest I-53-B and (2) on the
        Distribution Date immediately following the expiration of the latest Prepayment
        Charge as identified on the Prepayment Charge Schedule or any Distribution
        Date
        thereafter until $100 has been distributed pursuant to this clause;
        then

       

      (D) any
        remaining amount to the Holders of the Class R Certificate, in respect of
        the
        Class R-II Interest;

       

      provided,
        however, that 98.00% and 2.00% of any principal payments that are attributable
        to an Overcollateralization Reduction Amount shall be allocated to Holders
        of
        REMIC II Regular Interest AA and REMIC II Regular Interest ZZ,
        respectively.

       

      (iii) Notwithstanding
        the distributions described in Section 5.01(c)(1), distributions of funds
        shall
        be made to Certificateholders only in accordance with Section 5.01(c)(2)
        through
        (8) and Section 5.01(e).

       

      (2) On
        each
        Distribution Date, the Securities Administrator shall withdraw from the
        Distribution Account to the extent on deposit therein an amount equal to
        the
        Interest Remittance Amount and make the following disbursements and transfers
        in
        the order of priority described below, in each case to the extent of the
        Interest Remittance Amount remaining for such Distribution Date:

       

      
        
          
          

        

        
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      first,
        to the
        Class A Certificate Insurer, the Premium for such Distribution Date;

       

      second,
        to the
        Supplemental Interest Trust, an amount equal to the sum of any Net Swap Payment
        owed to the Swap Provider and any Swap Termination Payment owed to the Swap
        Provider not due to a Swap Provider Trigger Event (to the extent such amount
        has
        not been paid by the Securities Administrator from any upfront payment received
        pursuant to any related replacement interest rate swap agreement that may
        be
        entered into by the Supplemental Interest Trust Trustee);

       

      third,
        to the
        Holders of the Class A Certificates, the Senior Interest Distribution Amount
        allocable to the Class A Certificates;

       

      fourth,
        to the
        Class A Certificate Insurer, any reimbursement amounts owed to the Class
        A
        Certificate Insurer under the Insurance Agreement, the Policy or this Agreement;
        

       

      fifth,
        sequentially,
        to the Holders of the Class M-1, Class M-2, Class M-3 and Class M-4
        Certificates, in that order, to the extent of the Interest Distribution Amount
        allocable to each such Class; and

       

      sixth,
        any
        such
        Interest Remittance Amount remaining after application pursuant to clauses
        first,
        second, third,
        fourth
        and
fifth
        above
        will be applied as part of Net Monthly Excess Cashflow for such Distribution
        Date pursuant to Section 5.01(b)(5).

       

      (3) On
        each
        Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
        Event
        is in effect, the Securities Administrator shall withdraw from the Distribution
        Account to the extent on deposit therein an amount equal to the Principal
        Distribution Amount and distribute to the Certificateholders the following
        amounts, in the following order of priority:

       

      first,
        to the
        Class A Certificate Insurer, the amount owing to the Class A Certificate
        Insurer
        under the Insurance Agreement for the Premium to the extent not paid from
        the
        Interest Remittance Amount on such Distribution Date;

       

      second,
        to the
        Supplemental Interest Trust, an amount equal to the sum of any Net Swap Payment
        owed to the Swap Provider and any Swap Termination Payment owed to the Swap
        Provider not due to a Swap Provider Trigger Event to the extent not paid
        from
        the Interest Remittance Amount on such Distribution Date (to the extent such
        amount has not been paid by the Securities Administrator from any upfront
        payment received pursuant to any related replacement interest rate swap
        agreement that may be entered into by the Supplemental Interest Trust
        Trustee);

       

      third,
        to the
        Holders of the Class A Certificates until the Certificate Principal Balance
        of
        the Class A Certificates has been reduced to zero; 

       

      
        
          
          

        

        
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      fourth,
        to the
        Class A Certificate Insurer, to the extent not paid from the Interest Remittance
        Amount on such Distribution Date, any reimbursement amounts owed to the Class
        A
        Certificate Insurer under the Insurance Agreement, the Policy or this Agreement;
        and

       

      fifth,
        sequentially,
        to the Holders of the Class M-1, Class M-2, Class M-3 and Class M-4
        Certificates, in that order, until the Certificate Principal Balance of each
        such Class has been reduced to zero.

       

      (4) On
        each
        Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
        Event is not in effect, the Securities Administrator shall withdraw from
        the
        Distribution Account to the extent on deposit therein an amount equal to
        the
        Principal Distribution Amount and distribute to the Certificateholders the
        following amounts, in the following order of priority:

       

      first,
        to the
        Class A Certificate Insurer, the amount owing to the Class A Certificate
        Insurer
        under the Insurance Agreement for the Premium to the extent not paid from
        the
        Interest Remittance Amount on such Distribution Date;

       

      second,
        to the
        Supplemental Interest Trust, an amount equal to the sum of any Net Swap Payment
        owed to the Swap Provider and any Swap Termination Payment owed to the Swap
        Provider not due to a Swap Provider Trigger Event to the extent not paid
        from
        the Interest Remittance Amount on such Distribution Date (to the extent such
        amount has not been paid by the Securities Administrator from any upfront
        payment received pursuant to any related replacement interest rate swap
        agreement that may be entered into by the Supplemental Interest Trust
        Trustee);

       

      third,
        to the
        holders of the Class A Certificates, the lesser of (x) the excess of (i)
        the
        Principal Distribution Amount over (ii) the sum of the amounts distributed
        to
        the Class A Certificate Insurer under clause first
        above
        and to the Supplemental Interest Trust under clause second
        above,
        and (y) the Class A Principal Distribution Amount, until the Certificate
        Principal Balance of the Class A Certificates has been reduced to
        zero;

       

      fourth,
        to the
        Class A Certificate Insurer, to the extent not paid from the Interest Remittance
        Amount on such Distribution Date, any reimbursement amounts owed to the Class
        A
        Certificate Insurer under the Insurance Agreement, the Policy or this Agreement;
        

       

      fifth,
        to the
        holders of the Class M-1 Certificates, the lesser of (x) the excess of (i)
        the
        Principal Distribution Amount over (ii) the sum of the amounts distributed
        to
        the Class A Certificate Insurer under clause first
        above,
        to the Supplemental Interest Trust under clause second
        above,
        to the holders of the Class A Certificates under clause third
        above
        and to the Class A Certificate Insurer under clause fourth
        above,
        and (y) the Class M-1 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-1 Certificates has been reduced to
        zero;

       

      
        
          
          

        

        
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      sixth,
        to the
        holders of the Class M-2 Certificates, the lesser of (x) the excess of (i)
        the
        Principal Distribution Amount over (ii) the sum of the amounts distributed
        to
        the Class A Certificate Insurer under clause first
        above,
        to the Supplemental Interest Trust under clause second
        above,
        to the holders of the Class A Certificates under clause third
        above,
        to the Class A Certificate Insurer under clause fourth
        above
        and to the holders of the Class M-1 Certificates under clause fifth
        above,
        and (y) the Class M-2 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-2 Certificates has been reduced to zero;
        

       

      seventh,
        to the
        holders of the Class M-3 Certificates, the lesser of (x) the excess of (i)
        the
        Principal Distribution Amount over (ii) the sum of the amounts distributed
        to
        the Class A Certificate Insurer under clause first
        above,
        to the Supplemental Interest Trust under clause second
        above,
        to the holders of the Class A Certificates under clause third
        above,
        to the Class A Certificate Insurer under clause fourth
        above,
        to the holders of the Class M-1 Certificates under clause fifth
        above
        and to the holders of the Class M-2 Certificates under clause sixth
        above,
        and (y) the Class M-3 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-3 Certificates has been reduced to zero;
        and

       

      eighth,
        to the
        holders of the Class M-4 Certificates, the lesser of (x) the excess of (i)
        the
        Principal Distribution Amount over (ii) the sum of the amounts distributed
        to
        the Class A Certificate Insurer under clause first
        above,
        to the Supplemental Interest Trust under clause second
        above,
        to the holders of the Class A Certificates under clause third
        above,
        to the Class A Certificate Insurer under clause fourth
        above,
        to the holders of the Class M-1 Certificates under clause fifth
        above,
        to the holders of the Class M-2 Certificates under clause sixth
        above
        and to the holders of the Class M-3 Certificates under clause seventh
        above,
        and (y) the Class M-4 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-4 Certificates has been reduced to
        zero.

       

      (5) On
        each
        Distribution Date, the Net Monthly Excess Cashflow shall be distributed as
        follows:

       

      (i) first,
        to
        the
        Holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount equal to the
        Overcollateralization Increase Amount, payable to such Holders, to be paid
        as
        part of the Principal Distribution Amount;

       

      (ii) second,
        concurrently,
        to the holders of the Class A Certificates, in an amount equal to the Senior
        Interest Distribution Amount remaining undistributed;

       

      (iii) third,
        sequentially, to the holders of the Class M-1, Class M-2, Class M-3 and Class
        M-4 Certificates, in that order, in an amount equal to the Interest Distribution
        Amount and Interest Carry Forward Amount allocable to each such
        Class;

       

      
        
          
          

        

        
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      (iv) fourth,
        sequentially,
        to the Holders of the Class M-1, Class M-2, Class M-3 and Class M-4
        Certificates, in that order, in an amount equal to the Allocated Realized
        Loss
        Amount allocable to each such Class;

       

      (v) fifth,
        to
        the
        Reserve Fund, the amount by which the Net WAC Rate Carryover Amounts, if
        any,
        with respect to the Class A Certificates and Mezzanine Certificates exceeds
        any
        amounts in the Reserve Fund that were not distributed on prior Distribution
        Dates;

       

      (vi) sixth,
        to
        the
        holders of the Class A Certificates, in an amount equal to such certificates’
allocated share of any Prepayment Interest Shortfalls and any shortfalls
        resulting from the application of the Relief Act or similar state or local
        law
        or the Bankruptcy Code with respect to the related Mortgage Loans;

       

      (vii) seventh,
        sequentially, to the holders of the Class M-1, Class M-2, Class M-3 and Class
        M-4 Certificates, in that order, in an amount equal to each such Certificates’
allocated share of any Prepayment Interest Shortfalls and any shortfalls
        resulting from the application of the Relief Act or similar state or local
        law
        or the Bankruptcy Code with respect to the Mortgage Loans;

       

      (viii) eighth
        to the
        Supplemental Interest Trust, an amount equal to any Swap Termination Payment
        owed to the Swap Provider, due to a Swap Provider Trigger Event pursuant
        to the
        Swap Agreement; 

       

      (ix) ninth,
        sequentially, to pay the Class M-4 Certificates and the Class M-3 Certificates,
        in that order, 90% of the amount of any Net Monthly Excess Cashflow remaining
        after payments pursuant to clauses first through eighth above, in each case
        in
        reduction of the Certificate Principal Balance of such Class until it is
        reduced
        to zero; 

       

      (x) tenth,
        to
        the
        Holders of the Class CE Certificates the Interest Distribution Amount and
        any
        Overcollateralization Reduction Amount for such Distribution Date;
        and

       

      (xi) eleventh,
        to
        the
        Holders of the Class R Certificates, in respect of the Class R-III Interest,
        any
        remaining amounts; provided that if such Distribution Date is the Distribution
        Date immediately following the expiration of the latest Prepayment Charge
        term
        as identified on the Mortgage Loan Schedule or any Distribution Date thereafter,
        then any such remaining amounts will be distributed first, to the Holders
        of the
        Class P Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero and second, to the Holders of the Class R
        Certificates.

       

      The
        Class
        CE Certificates are intended to receive all principal and interest received
        by
        the Trust on the Mortgage Loans that is not otherwise distributable to any
        other
        Class of Regular Certificates or REMIC Regular Interests. If the Securities
        Administrator determines that the Residual Certificates are entitled to any
        distributions on any Distribution Date other than the final Distribution
        Date,
        the Securities Administrator, prior to any such distribution to any Residual
        Certificate, shall notify the Sponsor of such impending distribution. Upon
        such
        notification, the Sponsor will prepare and request that the other parties
        hereto
        enter into an amendment to this Agreement pursuant to Section 12.01, to
        revise such mistake in the distribution provisions.

       

      
        
          
          

        

        
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      On
        each
        Distribution Date, after making the distributions of the Available Distribution
        Amount as set forth above, the Securities Administrator will withdraw from
        the
        Reserve Fund all income from the investment of funds in the Reserve Fund
        and
        distribute such amount to the Holders of the Class CE Certificates. With
        respect
        to any amounts deposited in the Reserve Fund from the Net Monthly Excess
        Cashflow under Section 5.01(c)(5)(v) above and not distributed pursuant to
        the
        preceding sentence, first, concurrently, to the Holders of the Class A
        Certificates, the related Net WAC Rate Carryover Amount remaining unpaid
        for
        such Distribution Date; second, sequentially, to the Holders of the Class
        M-1,
        Class M-2, Class M-3 and Class M-4 Certificates, in that order, in respect
        of
        the related Net WAC Rate Carryover Amount remaining unpaid for each such
        Class
        for such Distribution Date; and third, to the Class CE
        Certificates.

       

      (d) As
        described in Section 5.01(c)(2), (3) and (4) above, Net Swap Payments and
        Swap Termination Payments (other than Swap Termination Payments resulting
        from a
        Swap Provider Trigger Event) payable by the Supplemental Interest Trust to
        the
        Swap Provider pursuant to the Swap Agreement (to the extent not paid by the
        Securities Administrator from any upfront payment received pursuant to any
        replacement interest rate swap agreement that may be entered into by the
        Supplemental Interest Trust Trustee) shall be deducted from the Interest
        Remittance Amount, and to the extent of any such remaining amounts due, from
        the
        Principal Remittance Amount, prior to any distributions to the
        Certificateholders. 

       

      Amounts
        payable by the Trust to the Securities Administrator in respect of Net Swap
        Payments and Swap Termination Payments other than Swap Termination Payments
        resulting from a Swap Provider Trigger Event (and to the extent not paid
        by the
        Securities Administrator from any upfront payment received pursuant to any
        replacement interest rate swap agreement that may be entered into by the
        Supplemental Interest Trust Trustee) will be deducted from related available
        funds before distributions to the holders of the Offered Certificates. On
        or
        before each Distribution Date, such amounts will be distributed to the
        Supplemental Interest Trust and paid by the Securities Administrator to the
        Swap
        Provider as follows:

       

      first,
        to make
        any Net Swap Payment owed to the Swap Provider pursuant to the Swap Agreement
        for such Distribution Date; and 

       

      second,
        to make
        any Swap Termination Payment (not due to a Swap Provider Trigger Event) owed
        to
        the Swap Provider pursuant to the Swap Agreement for such Distribution Date
        (to
        the extent not paid by the Securities Administrator from any upfront payment
        received pursuant to any replacement interest rate swap agreement that may
        be
        entered into by the Supplemental Interest Trust Trustee). 

       

      Any
        Swap
        Termination Payment triggered by a Swap Provider Trigger Event owed to the
        Swap
        Provider pursuant to the Swap Agreement will be subordinated to distributions
        to
        the Holders of the Offered Certificates and shall be paid pursuant to Section
        5.01(c)(5)(viii).

       

      
        
          
          

        

        
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      (e) On
        each
        Distribution Date commencing on the Distribution Date occurring in May 2007
        and
        ending immediately following the Distribution Date in September 2011, to
        the
        extent required, following the distribution of the Net Monthly Excess Cashflow
        and withdrawals from the Reserve Fund, any Net Swap Payments payable to the
        Securities Administrator on behalf of the Supplemental Interest Trust by
        the
        Swap Provider will be distributed on the related Distribution Date in the
        following order of priority: 

       

      first,
        to the
        Class A Certificates, the Senior Interest Distribution Amount remaining
        undistributed after the distributions of the Interest Remittance Amount and
        the
        Net Monthly Excess Cashflow;

       

      second,
        sequentially, to the Class M-1, Class M-2, Class M-3 and Class M-4 Certificates,
        in that order, the related Interest Distribution Amount and Interest Carry
        Forward Amount, to the extent remaining undistributed after the distributions
        of
        the Interest Remittance Amount and the Net Monthly Excess Cashflow;

       

      third,
        to the
        Class A Certificate Insurer, any remaining amounts owed to it under the
        Insurance Agreement or this Agreement or as reimbursement for draws on the
        Policy;

       

      fourth,
        to the
        holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount necessary to maintain
        or
        restore the Required Overcollateralization Amount after taking into account
        distributions made pursuant to Section 5.01(c)(5)(i) above;

       

      fifth,
        sequentially to the Class M-1, Class M-2, Class M-3 and Class M-4 Certificates,
        in that order, in each case up to the related Allocated Realized Loss Amount
        related to such Certificates for such Distribution Date remaining undistributed
        after distribution of the Net Monthly Excess Cashflow;

       

      sixth,
        to the
        Class A Certificates, the related Net WAC Rate Carryover Amount, to the extent
        remaining undistributed after distributions of amounts received by the
        Securities Administrator in respect of the Net Monthly Excess Cashflow on
        deposit in the Reserve Fund;

       

      seventh,
        sequentially, to the Class M-1, Class M-2, Class M-3 and Class M-4 Certificates,
        in that order, the related Net WAC Rate Carryover Amount, to the extent
        remaining undistributed after distributions of Net Monthly Excess Cashflow
        on
        deposit in the Reserve Fund;

       

      eighth,
        to the
        Swap Provider, an amount equal to any Swap Termination Payment owed to the
        Swap
        Provider due to a Swap Provider Trigger Event pursuant to the Swap Agreement;
        and

       

      ninth,
        to the
        Class CE Certificates, any remaining amounts.

       

      (f) On
        each
        Distribution Date, the Securities Administrator shall withdraw any amounts
        then
        on deposit in the Distribution Account that represent Prepayment Charges
        and
        shall distribute such amounts to the Class P Certificateholders as described
        above.

       

      
        
          
          

        

        
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      (g) All
        distributions made with respect to each Class of Certificates on each
        Distribution Date shall be allocated pro
        rata
        among
        the outstanding Certificates in such Class based on their respective Percentage
        Interests. Payments in respect of each Class of Certificates on each
        Distribution Date will be made to the Holders of the respective Class of
        record
        on the related Record Date (except as otherwise provided in Section 5.01(i)
        or
        Section 10.01 respecting the final distribution on such Class), based on
        the
        aggregate Percentage Interest represented by their respective Certificates,
        and
        shall be made by wire transfer of immediately available funds to the account
        of
        any such Holder at a bank or other entity having appropriate facilities
        therefor, if such Holder shall have so notified the Securities Administrator
        in
        writing at least five (5) Business Days prior to the Record Date immediately
        prior to such Distribution Date and is the registered owner of Certificates
        having an initial aggregate Certificate Principal Balance that is in excess
        of
        the lesser of (i) $5,000,000 or (ii) two-thirds of the initial Certificate
        Principal Balance of such Class of Certificates, or otherwise by check mailed
        by
        first class mail to the address of such Holder appearing in the Certificate
        Register. The final distribution on each Certificate will be made in like
        manner, but only upon presentment and surrender of such Certificate at the
        Corporate Trust Office of the Securities Administrator or such other location
        specified in the notice to Certificateholders of such final
        distribution.

       

      Each
        distribution with respect to a Book-Entry Certificate shall be paid to the
        Depository, as Holder thereof, and the Depository shall be responsible for
        crediting the amount of such distribution to the accounts of its Depository
        Participants in accordance with its normal procedures. Each Depository
        Participant shall be responsible for disbursing such distribution to the
        Certificate Owners that it represents and to each indirect participating
        brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
        it acts as agent. Each brokerage firm shall be responsible for disbursing
        funds
        to the Certificate Owners that it represents. None of the Trustee, the
        Depositor, the Servicer, the Securities Administrator or the Master Servicer
        shall have any responsibility therefor except as otherwise provided by this
        Agreement or applicable law.

       

      (h) The
        rights of the Certificateholders to receive distributions in respect of the
        Certificates, and all interests of the Certificateholders in such distributions,
        shall be as set forth in this Agreement. None of the Holders of any Class
        of
        Certificates, the Trustee, the Servicer, the Securities Administrator, the
        Class A Certificate Insurer or the Master Servicer shall in any way be
        responsible or liable to the Holders of any other Class of Certificates in
        respect of amounts properly previously distributed on the
        Certificates.

       

      (i) Except
        as
        otherwise provided in Section 10.01, whenever the Securities Administrator
        expects that the final distribution with respect to any Class of Certificates
        will be made on the next Distribution Date, the Securities Administrator
        shall,
        no later than three (3) days before the related Distribution Date, mail to
        each
        Holder on such date of such Class of Certificates a notice to the effect
        that:

       

      (i) the
        Securities Administrator expects that the final distribution with respect
        to
        such Class of Certificates will be made on such Distribution Date but only
        upon
        presentation and surrender of such Certificates at the office of the Securities
        Administrator therein specified, and

       

      
        
          
          

        

        
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      (ii) no
        interest shall accrue on such Certificates from and after the end of the
        related
        Interest Accrual Period.

       

      Any
        funds
        not distributed to any Holder or Holders of Certificates of such Class on
        such
        Distribution Date because of the failure of such Holder or Holders to tender
        their Certificates shall, on such date, be set aside and held in trust by
        the
        Securities Administrator and credited to the account of the appropriate
        non-tendering Holder or Holders. If any Certificates as to which notice has
        been
        given pursuant to this Section 5.01(i) shall not have been surrendered for
        cancellation within six months after the time specified in such notice, the
        Securities Administrator shall mail a second notice to the remaining
        non-tendering Certificateholders to surrender their Certificates for
        cancellation in order to receive the final distribution with respect thereto.
        If
        within one year after the second notice all such Certificates shall not have
        been surrendered for cancellation, the Securities Administrator shall, directly
        or through an agent, mail a final notice to the remaining non-tendering
        Certificateholders concerning surrender of their Certificates but shall continue
        to hold any remaining funds for the benefit of non-tendering Certificateholders.
        The costs and expenses of maintaining the funds in trust and of contacting
        such
        Certificateholders shall be paid out of the assets remaining in such trust
        fund.
        If within one year after the final notice any such Certificates shall not
        have
        been surrendered for cancellation, the Securities Administrator shall pay
        to the
        Depositor all such amounts, and all rights of non-tendering Certificateholders
        in or to such amounts shall thereupon cease. No interest shall accrue or
        be
        payable to any Certificateholder on any amount held in trust by the Securities
        Administrator as a result of such Certificateholder’s failure to surrender its
        Certificate(s) on the final Distribution Date for final payment thereof in
        accordance with this Section 5.01(i). Any such amounts held in trust by the
        Securities Administrator shall be held uninvested in an Eligible
        Account.

       

      (j) Notwithstanding
        anything to the contrary herein, (i) in no event shall the Certificate Principal
        Balance of a Class A Certificate or a Mezzanine Certificate be reduced more
        than
        once in respect of any particular amount both (a) allocated to such Certificate
        in respect of Realized Losses pursuant to Section 5.04 and (b) distributed
        to
        the Holder of such Certificate in reduction of the Certificate Principal
        Balance
        thereof pursuant to this Section 5.01 from Net Monthly Excess Cashflow and
        (ii)
        in no event shall the Uncertificated Balance of a REMIC Regular Interest
        be
        reduced more than once in respect of any particular amount both (a) allocated
        to
        such REMIC Regular Interest in respect of Realized Losses pursuant to Section
        5.04 and (b) distributed on such REMIC Regular Interest in reduction of the
        Uncertificated Balance thereof pursuant to this Section 5.01.

       

      SECTION
        5.02. Statements
        to Certificateholders.

       

      On
        each
        Distribution Date, the Securities Administrator (based on the information
        set
        forth in the Servicer Reports for such Distribution Date and information
        provided by the Swap Provider under the Swap Agreement with respect to payments
        made pursuant to the Swap Agreement) shall make available to each Holder
        of the
        Certificates, the Swap Provider, the Class A Certificate Insurer, the Servicer
        and the Credit Risk Manager, a statement as to the distributions made on
        such
        Distribution Date setting forth:

       

      
        
          
          

        

        
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      (i) the
        applicable Interest Accrual Periods and general Distribution Dates;

       

      (ii) 
        the
        total cash flows received and the general sources thereof;

       

      (iii) the
        aggregate Servicing Fee received by the Servicer and Master Servicing Fee
        received by the Master Servicer during the related Due Period;

       

      (iv) the
        amount, if any, of other fees or expenses accrued and paid, with an
        identification of the payee and the general purpose of such fees;

       

      (v) the
        amount of the related distribution to Holders of the Certificates (by class)
        allocable to principal, separately identifying (A) the aggregate amount of
        any
        Principal Prepayments included therein, (B) the aggregate of all scheduled
        payments of principal included therein and (C) any Overcollateralization
        Increase Amount included therein;

       

      (vi) the
        amount of such distribution to Holders of the Certificates (by class) allocable
        to interest and the portion thereof, if any, provided by the Swap Agreement
        in
        the aggregate;

       

      (vii) the
        Interest Carry Forward Amounts and any Net WAC Rate Carryover Amounts for
        the
        related Certificates (if any);

       

      (viii) the
        aggregate amount of Advances included in the distributions on the Distribution
        Date (including the general purpose of such Advances);

       

      (ix) the
        number and aggregate principal balance of any Mortgage Loans (not including
        a
        Liquidated Mortgage Loan as of the end of the Prepayment Period) that were
        delinquent (exclusive of Mortgage Loans in foreclosure) using the “OTS” method
        (1) one scheduled payment is delinquent, (2) two scheduled payments are
        delinquent, (3) three scheduled payments are delinquent and (4) foreclosure
        proceedings have been commenced, and loss information for the
        period;

       

      (x) the
        number, aggregate principal balance, weighted average remaining term to maturity
        and weighted average Mortgage Rate of the Mortgage Loans as of the related
        Due
        Date;

       

      (xi) with
        respect to any Mortgage Loan that was liquidated during the preceding calendar
        month, the loan number and Scheduled Principal Balance of, and Realized Loss
        on,
        such Mortgage Loan as of the end of the related Prepayment Period;

       

      (xii) the
        total
        number and principal balance of any real estate owned, or REO Properties,
        as of
        the end of the related Prepayment Period;

       

      (xiii) whether
        the Stepdown Date has occurred and whether Trigger Event is in
        effect;

       

      
        
          
          

        

        
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      (xiv) the
        cumulative Realized Losses through the end of the preceding month;

       

      (xv) the
        aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
        Distribution Account for such Distribution Date;

       

      (xvi) the
        Certificate Principal Balance of the related Certificates before and after
        giving effect to the distribution of principal and allocation of Allocated
        Realized Loss Amounts on such Distribution Date;

       

      (xvii) the
        number and Scheduled Principal Balance of all the Mortgage Loans for the
        following Distribution Date;

       

      (xviii) the
        three-month rolling average of the percent equivalent of a fraction, the
        numerator of which is the aggregate Scheduled Principal Balance of the Mortgage
        Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure
        or
        are REO Properties, and the denominator of which is the Scheduled Principal
        Balances of all of the Mortgage Loans;

       

      (xix) the
        Certificate Factor for each such Class of Certificates applicable to such
        Distribution Date;

       

      (xx) the
        Interest Distribution Amount in respect of the Class A Certificates, the
        Mezzanine Certificates and the Class CE Certificates for such Distribution
        Date
        and the Interest Carry Forward Amount, if any, with respect to the Class
        A
        Certificates and the Mezzanine Certificates on such Distribution Date, and
        in
        the case of the Class A Certificates and the Mezzanine Certificates separately
        identifying any reduction thereof due to allocations of Prepayment Interest
        Shortfalls and interest shortfalls including the Relief Act Interest Shortfalls
        and Net WAC Rate Carryover Amounts;

       

      (xxi) the
        aggregate amount of any Prepayment Interest Shortfall for such Distribution
        Date, to the extent not covered by payments by the Servicer pursuant to
        Section 3.23 of this Agreement, the Master Servicer pursuant to
        Section 4.19 of this Agreement; 

       

      (xxii) the
        aggregate amount of Relief Act Interest Shortfalls for such Distribution
        Date;

       

      (xxiii) the
        amount of, if any, of Net Monthly Excess Cashflow or excess spread and the
        application of such Net Monthly Excess Cashflow;

       

      (xxiv) the
        Required Overcollateralization Amount and the Credit Enhancement Percentage
        for
        such Distribution Date;

       

      (xxv) the
        Overcollateralization Increase Amount, if any, for such Distribution
        Date;

       

      
        
          
          

        

        
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      (xxvi) the
        Overcollateralization Reduction Amount, if any, for such Distribution
        Date;

       

      (xxvii) the
        Pass-Through Rate for each class of Certificates for such Distribution
        Date;

       

      (xxviii) 
        the
        amount of any deposit to the Reserve Fund contemplated by
        Section 3.25(b);

       

      (xxix) the
        balance of the Reserve Fund prior to the deposit or withdrawal of any amounts
        on
        such Distribution Date;

       

      (xxx) the
        amount of any deposit to the Reserve Fund pursuant to
        Section 5.01(c)(7)(vii);

       

      (xxxi) the
        Aggregate Loss Severity Percentage;

       

      (xxxii) the
        amount of the Prepayment Charges remitted by the Servicer;

       

      (xxxiii) the
        amount of any Net Swap Payment payable to the Trust, any related Net Swap
        Payment payable to the Swap Provider, any Swap Termination Payment payable
        to
        the Trust and any related Swap Termination Payment payable to the Swap Provider;
        and

       

      (xxxiv) the
        Credit Risk Management Fee received by the Credit Risk Manager. 

       

      The
        Securities Administrator will make such statement (and, at its option, any
        additional files containing the same information in an alternative format)
        available each month to the Certificateholders, the Class A Certificate
        Insurer and the Rating Agencies via the Securities Administrator’s internet
        website. The Securities Administrator’s internet website shall initially be
        located at http:\\www.ctslink.com and assistance in using the website can
        be
        obtained by calling the Securities Administrator’s customer service desk at
        1-866-846-4526. Parties that are unable to use the above distribution options
        are entitled to have a paper copy mailed to them via first class mail by
        calling
        the customer service desk and indicating such. The Securities Administrator
        shall have the right to change the way such statements are distributed in
        order
        to make such distribution more convenient and/or more accessible to the above
        parties and the Securities Administrator shall provide timely and adequate
        notification to all above parties regarding any such changes.

       

      In
        the
        case of information furnished pursuant to subclauses (i) and (ii) above,
        the
        amounts shall be expressed as a dollar amount per Single Certificate of the
        relevant Class.

       

      Within
        a
        reasonable period of time after the end of each calendar year, the Securities
        Administrator shall furnish upon request to each Person who at any time during
        the calendar year was a Holder of a Regular Certificate a statement containing
        the information set forth in subclauses (i) through (iii) above, aggregated
        for
        such calendar year or applicable portion thereof during which such person
        was a
        Certificateholder. Such obligation of the 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.

       

      
        
          
          

        

        
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      Within
        a
        reasonable period of time after the end of each calendar year, the Securities
        Administrator shall furnish upon request to each Person who at any time during
        the calendar year was a Holder of a Residual Certificate a statement setting
        forth the amount, if any, actually distributed with respect to the Residual
        Certificates, as appropriate, aggregated for such calendar year or applicable
        portion thereof during which such Person was a Certificateholder.

       

      The
        Securities Administrator shall, upon request, furnish to each Certificateholder
        and the Class A Certificate Insurer during the term of this Agreement, such
        periodic, special, or other reports or information, whether or not provided
        for
        herein, as shall be reasonable with respect to the Certificateholder or the
        Class A Certificate Insurer, as applicable, or otherwise with respect to
        the purposes of this Agreement, all such reports or information to be provided
        at the expense of the Certificateholder or the Class A Certificate Insurer,
        as applicable, in accordance with such reasonable and explicit instructions
        and
        directions as the Certificateholder or the Class A Certificate Insurer, as
        applicable, may provide.

       

      On
        each
        Distribution Date the Securities Administrator shall provide Bloomberg Financial
        Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates
        as of such Distribution Date, using a format and media mutually acceptable
        to
        the Securities Administrator and Bloomberg.

       

      SECTION
        5.03. Servicer
        Reports; P&I Advances.

       

      (a) On
        or
        before 12:00 noon New York time on the 18th calendar day of the month, and
        if
        the 18th calendar day is not a Business Day, the immediately following Business
        Day, the Servicer shall deliver to the Master Servicer and the Securities
        Administrator by telecopy or electronic mail (or by such other means as the
        Servicer, the Master Servicer and the Securities Administrator may agree
        from
        time to time) a remittance report containing such information with respect
        to
        the related Mortgage Loans and the related Distribution Date as is reasonably
        available to the Servicer as the Master Servicer or the Securities Administrator
        may reasonably require so as to enable the Master Servicer to master service
        the
        Mortgage Loans and oversee the servicing by the Servicer and the Securities
        Administrator to fulfill its obligations hereunder with respect to securities
        and tax reporting.

       

      (b) The
        amount of P&I Advances to be made by the Servicer on any Distribution Date
        shall equal, subject to Section 5.03(d), (i) the aggregate amount of Monthly
        Payments (net of the related Servicing Fees), due during the related Due
        Period
        in respect of the Mortgage Loans serviced by the Servicer, which Monthly
        Payments were delinquent as of the close of business on the related
        Determination Date and (ii) with respect to each REO Property, which was
        acquired during or prior to the related Prepayment Period and as to which
        an REO
        Disposition did not occur during the related Prepayment Period, an amount
        equal
        to the excess, if any, of the REO Imputed Interest on such REO Property for
        the
        most recently ended calendar month, over the net income from such REO Property
        deposited in the Collection Account pursuant to Section 3.22 of this Agreement
        for distribution on such Distribution Date; provided, however, the Servicer
        shall not be required to make P&I Advances with respect to Relief Act
        Interest Shortfalls, shortfalls due to bankruptcy proceedings or with respect
        to
        Prepayment Interest Shortfalls in excess of its obligations under Section
        3.23.
        For purposes of the preceding sentence, the Monthly Payment on each Balloon
        Mortgage Loan with a delinquent Balloon Payment is equal to the assumed monthly
        payment that would have been due on the related Due Date based on the original
        principal amortization schedule for such Balloon Mortgage Loan.

       

      
        
          
          

        

        
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      By
        12:00
        noon New York time on the Servicer Remittance Date, the Servicer shall remit
        in
        immediately available funds to the Securities Administrator for deposit in
        the
        Distribution Account an amount equal to the aggregate amount of P&I
        Advances, if any, to be made in respect of the related Mortgage Loans for
        the
        related Distribution Date either (i) from its own funds or (ii) from the
        Collection Account, to the extent of any Amounts Held For Future Distribution
        on
        deposit therein (in which case it will cause to be made an appropriate entry
        in
        the records of the Collection Account that Amounts Held For Future Distribution
        have been, as permitted by this Section 5.03, used by the Servicer in discharge
        of any such P&I Advance) or (iii) in the form of any combination of (i) and
        (ii) aggregating the total amount of P&I Advances to be made by the Servicer
        with respect to the Mortgage Loans. In addition, the Servicer shall have
        the
        right to reimburse itself for any outstanding P&I Advance made from its own
        funds from Amounts Held for Future Distribution. Any Amounts Held For Future
        Distribution used by the Servicer to make P&I Advances or to reimburse
        itself for outstanding P&I Advances shall be appropriately reflected in the
        Servicer’s records and replaced by the Servicer by deposit in the Collection
        Account no later than the close of business on the Servicer Remittance Date
        immediately following the Due Period or Prepayment Period for which such
        amounts
        relate. The Securities Administrator will notify the Servicer and the Master
        Servicer by the close of business on the Business Day prior to the Distribution
        Date in the event that the amount remitted by the Servicer to the Securities
        Administrator on such date is less than the P&I Advances required to be made
        by the Servicer for the related Distribution Date.

       

      In
        addition, the Servicer will be obligated to advance or cause to be advanced
        to
        the Master Servicer, from time to time, from (i) from its own funds or (ii)
        from
        the Collection Account, to the extent of any Amounts Held For Future
        Distribution on deposit therein (in which case it will cause to be made an
        appropriate entry in the records of the Collection Account that Amounts Held
        For
        Future Distribution have been, as permitted by this Section 5.03, used by
        the Servicer in discharge of any such Servicing Advance) or (iii) in the
        form of
        any combination of (i) and (ii), Servicing Advances. Any Amounts Held For
        Future
        Distribution used by the Servicer to make Servicing Advances shall be
        appropriately reflected in the Servicer’s records and replaced by the Servicer
        by deposit in the Collection Account no later than the close of business
        on the
        Servicer Remittance Date immediately following the Due Period or Prepayment
        Period for which such amounts relate.

       

      (c) The
        obligation of the Servicer to make such P&I Advances is mandatory,
        notwithstanding any other provision of this Agreement but subject to (d)
        below,
        and, with respect to any related Mortgage Loan or REO Property, shall continue
        until a Final Recovery Determination in connection therewith or the removal
        thereof from the Trust Fund pursuant to any applicable provision of this
        Agreement, except as otherwise provided in this Section.

       

      
        
          
          

        

        
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      (d) Notwithstanding
        anything herein to the contrary, no P&I Advance or Servicing Advance shall
        be required to be made hereunder by the Servicer if such P&I Advance or
        Servicing Advance would, if made, constitute a Nonrecoverable P&I Advance or
        Nonrecoverable Servicing Advance, respectively. The determination by the
        Servicer that it has made a Nonrecoverable P&I Advance or a Nonrecoverable
        Servicing Advance or that any proposed P&I Advance or Servicing Advance, if
        made, would constitute a Nonrecoverable P&I Advance or Nonrecoverable
        Servicing Advance, respectively, shall be evidenced by a certification of
        a
        Servicing Officer delivered to the Master Servicer.

       

      (e) In
        the
        event that the Servicer (or any successor thereto) fails to make a required
        P&I Advance, the Master Servicer (in its capacity as successor to the
        Servicer) will be required to make such P&I Advance on the Distribution Date
        on which the Servicer was required to make such P&I Advance, subject to its
        determination of recoverability.

       

      SECTION
        5.04. Allocation
        of Realized Losses.

       

      (a) Prior
        to
        the Determination Date, the Servicer shall determine as to each Mortgage
        Loan
        serviced by the Servicer and any related REO Property and include in the
        monthly
        remittance report provided to the Master Servicer and the Securities
        Administrator (substantially in the form of Schedule 4 hereto) such information
        as is reasonably available to the Servicer as the Master Servicer or the
        Securities Administrator may reasonably require so as to enable the Master
        Servicer to master service the related Mortgage Loans and oversee the servicing
        by the Servicer and the Securities Administrator to fulfill its obligations
        hereunder with respect to securities and tax reporting, which shall include,
        but
        not be limited to: (i) the total amount of Realized Losses, if any, incurred
        in
        connection with any Final Recovery Determinations made during the related
        Prepayment Period; and (ii) the respective portions of such Realized Losses
        allocable to interest and allocable to principal. Prior to each Determination
        Date, the Servicer shall also determine as to each related Mortgage Loan:
        (i)
        the total amount of Realized Losses, if any, incurred in connection with
        any
        Deficient Valuations made during the related Prepayment Period; and (ii)
        the
        total amount of Realized Losses, if any, incurred in connection with Debt
        Service Reductions in respect of Monthly Payments due during the related
        Due
        Period.

       

      Any
        Realized Losses on the Mortgage Loans will first,
        reduce
        the Net Monthly Excess Cashflow and second,
        reduce
        the Overcollateralization Amount. If on any Distribution Date, after all
        distributions of interest and principal on the Certificates are made, the
        aggregate Certificate Principal Balance of the Class A Certificates and the
        Mezzanine Certificates exceeds the aggregate principal balance of the Mortgage
        Loans as of the close of business on the Due Date in the month in which that
        Distribution Date occurs, after giving effect to principal prepayments received
        during the Prepayment Period that included such Due Date, such excess will
        be
        allocated first,
        to the
        Class M-4 Certificates until the Certificate Principal Balance of the Class
        M-4
        Certificates has been reduced to zero, second,
        to the
        Class M-3 Certificates until the Certificate Principal Balance of the Class
        M-3
        Certificates has been reduced to zero, third,
        to the
        Class M-2 Certificates until the Certificate Principal Balance of the Class
        M-2
        Certificates has been reduced to zero and fourth,
        to the
        Class M-1 Certificates until the Certificate Principal Balance of the Class
        M-1
        Certificates has been reduced to zero. All Realized Losses to be allocated
        to
        the Certificate Principal Balances of all Classes on any Distribution Date
        shall
        be so allocated after the actual distributions to be made on such date as
        provided above. All references above to the Certificate Principal Balance
        of any
        Class of Certificates shall be to the Certificate Principal Balance of such
        Class immediately prior to the relevant Distribution Date, before reduction
        thereof by any Realized Losses, in each case to be allocated to such Class
        of
        Certificates, on such Distribution Date. All Realized Losses and all other
        losses allocated to a Class of Certificates hereunder will be allocated among
        the, Certificates of such Class in proportion to the Percentage Interests
        evidenced thereby.

       

      
        
          
          

        

        
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      Any
        allocation of Realized Losses to a Mezzanine Certificate on any Distribution
        Date shall be made by reducing the Certificate Principal Balance thereof
        by the
        amount so allocated; any allocation of Realized Losses to a Class CE Certificate
        shall be made by reducing the amount otherwise payable in respect thereof
        pursuant to Section 5.01(c)(5)(x). No allocations of any Realized Losses
        shall
        be made to the Certificate Principal Balances of the Class A Certificates
        or
        Class P Certificates.

       

      In
        addition, in the event that any Servicer receives any Subsequent Recoveries
        with
        respect to a Mortgage Loan serviced by it, the Servicer shall deposit such
        funds
        into the Collection Account pursuant to Section 3.08. If, after taking into
        account such Subsequent Recoveries, the amount of a Realized Loss is reduced,
        the amount of such Subsequent Recoveries will be applied to increase the
        Certificate Principal Balance of the Class of Mezzanine Certificates with
        the
        highest payment priority to which Realized Losses have been allocated, but
        not
        by more than the amount of Realized Losses previously allocated to that Class
        of
        Mezzanine Certificates pursuant to this Section 5.04 and not previously
        reimbursed to such Class of Mezzanine Certificates with Net Monthly Excess
        Cashflow pursuant to Section 5.01(c)(5). The amount of any remaining Subsequent
        Recoveries will be applied to sequentially increase the Certificate Principal
        Balance of the Mezzanine Certificates, beginning with the Class of Mezzanine
        Certificates with the next highest payment priority, up to the amount of
        such
        Realized Losses previously allocated to such Class of Mezzanine Certificates
        pursuant to this Section 5.04 and not previously reimbursed to such Class
        of
        Mezzanine Certificates with Net Monthly Excess Cashflow pursuant to Section
        5.01(c)(5)(iv). Holders of such Certificates will not be entitled to any
        payment
        in respect of current interest on the amount of such increases for any Interest
        Accrual Period preceding the Distribution Date on which such increase occurs.
        Any such increases shall be applied to the Certificate Principal Balance
        of each
        Mezzanine Certificate of such Class in accordance with its respective Percentage
        Interest.

       

      (b)
        (i)   All
        Realized Losses on the Mortgage Loans shall be allocated on each Distribution
        Date first to REMIC I Regular Interest I until the Uncertificated Balance
        of
        such REMIC I Regular Interest has been reduced to zero and second, to REMIC
        I
        Regular Interest I-1-A through REMIC I Regular Interest I-53-B, starting
        with
        the lowest numerical denomination until such REMIC I Regular Interest has
        been
        reduced to zero, provided that, for REMIC I Regular Interests with the same
        numerical denomination, such Realized Losses shall be allocated pro
        rata
        between
        such REMIC I Regular Interests. 

       

      (ii) All
        Realized Losses on the Mortgage Loans shall be allocated by the Securities
        Administrator, on each Distribution Date to the following REMIC II Regular
        Interests in the specified percentages, as follows: first, to Uncertificated
        Interest payable to the REMIC II Regular Interest AA and REMIC II Regular
        Interest ZZ up to an aggregate amount equal to the REMIC II Interest Loss
        Allocation Amount, 98.00% and 2.00%, respectively; second, to the Uncertificated
        Balances of the REMIC II Regular Interest AA and REMIC II Regular Interest
        ZZ up
        to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount,
        98.00% and 2.00%, respectively; third, to the Uncertificated Balances of
        REMIC
        II Regular Interest AA, REMIC II Regular Interest M-4 and REMIC II Regular
        Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated
        Balance of REMIC II Regular Interest M-4 has been reduced to zero; fourth,
        to
        the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
        Interest M-3 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        M-3
        has been reduced to zero; fifth, to the Uncertificated Balances of REMIC
        II
        Regular Interest AA, REMIC II Regular Interest M-2 and REMIC II Regular Interest
        ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
        of
        REMIC II Regular Interest M-2 has been reduced to zero and sixth, to the
        Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
        Interest M-1 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        M-1
        has been reduced to zero.

       

      
        
          
          

        

        
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      SECTION
        5.05. Compliance
        with Withholding Requirements.

       

      Notwithstanding
        any other provision of this Agreement, the Securities Administrator shall
        comply
        with all federal withholding requirements respecting payments to
        Certificateholders of interest or original issue discount that the Securities
        Administrator reasonably believes are applicable under the Code. The consent
        of
        Certificateholders shall not be required for such withholding. In the event
        the
        Securities Administrator does withhold any amount from interest or original
        issue discount payments or advances thereof to any Certificateholder pursuant
        to
        federal withholding requirements, the Securities Administrator shall indicate
        the amount withheld to such Certificateholders.

       

      SECTION
        5.06. Reports
        Filed with Securities and Exchange Commission.

       

      (a) (i) Within
        15
        days after each Distribution Date (subject to permitted extensions under
        the
        Exchange Act), the Securities Administrator shall prepare and file on behalf
        of
        the Trust any Form 10-D required by the Exchange Act, in form and substance
        as
        required by the Exchange Act. The Securities Administrator shall file each
        Form
        10-D with a copy of the related 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 reported by the
        parties set forth on Exhibit G to the Depositor and the Securities Administrator
        and directed and approved by the Depositor pursuant to the following paragraph,
        and the Securities Administrator will have no duty or liability for any failure
        hereunder to determine or prepare any Additional Form 10-D Disclosure, except
        as
        set forth in the next paragraph. 

       

      (ii) As
        set
        forth on Exhibit G hereto, within 5 calendar days after the related Distribution
        Date, (A) certain parties to the SunTrust Acquisition Closed-End Seconds
        Trust,
        Series 2007-1 transaction shall be required to provide to the Securities
        Administrator and the Depositor, to the extent known by a responsible officer
        thereof, in EDGAR-compatible form, or in such other form as otherwise agreed
        upon by the Securities Administrator and such party, the form and substance
        of
        any Additional Form 10-D Disclosure, if applicable, together with an Additional
        Disclosure Notification in the form of Exhibit  H hereto (an “Additional
        Disclosure Notification”) and (B) 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 Sponsor will be responsible for any
        reasonable fees and expenses assessed or incurred by the Securities
        Administrator in connection with including any Additional Form 10-D Disclosure
        on Form 10-D pursuant to this paragraph. 

       

      
        
          
          

        

        
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      (iii) After
        preparing the Form 10-D, the Securities Administrator shall upon request,
        forward electronically a copy of the Form 10-D to the Depositor (provided
        that
        such Form 10-D includes any Additional Form 10-D Disclosure). Within two
        (2)
        Business Days after receipt of such copy but no later than the 12th
        calendar
        day after the Distribution Date, the Depositor shall notify the Securities
        Administrator in writing (which may be furnished electronically) of any changes
        to or approval of such Form 10-D. In the absence of receipt of any written
        changes or approval by the due date specified herein, or if the Depositor
        does
        not request a copy of a Form 10-D, the Securities Administrator shall be
        entitled to assume that such Form 10-D is in final form and the Securities
        Administrator may proceed with the execution and filing of the Form 10-D.
        A duly
        authorized representative of the Master Servicer shall sign the Form 10-D.
        If a
        Form 10-D cannot be filed on time or if a previously filed Form 10-D needs
        to be
        amended, the Securities Administrator will follow the procedures set forth
        in
        Section 5.06(c)(ii). Promptly (but no later than 1 Business Day) after filing
        with the Commission, the Securities Administrator will make available on
        its
        internet website a final executed copy of each Form 10-D prepared and filed
        by
        the Securities Administrator. Each party to this Agreement acknowledges that
        the
        performance by the Securities Administrator and the Master Servicer of their
        duties under this Section 5.06(a) related to the timely preparation, execution
        and filing of Form 10-D is contingent upon such parties strictly observing
        all
        applicable deadlines in the performance of their duties as set forth in this
        Agreement. Neither the Master Servicer nor the Securities Administrator shall
        have any liability for any loss, expense, damage, claim arising out of or
        with
        respect to any failure to properly prepare, execute and/or timely file such
        Form
        10-D, where such failure results from the Securities Administrator’s inability
        or failure to 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.

       

      (b) (i) Within
        four (4) Business Days after the occurrence of an event requiring disclosure
        on
        Form 8-K (each such event, a “Reportable Event”), and if requested by the
        Depositor, the Securities Administrator shall prepare and file on behalf
        of the
        Trust a Form 8-K, as required by the Exchange Act, provided that the Depositor
        shall file the initial Form 8-K in connection with the issuance of the
        Certificates. Any disclosure or information related to a Reportable Event
        or
        that is otherwise required to be included on Form 8-K other than the initial
        Form 8-K (“Form 8-K Disclosure Information”) shall be reported by the parties
        set forth on Exhibit G to the Depositor and the Securities Administrator
        and
        directed and approved by the Depositor pursuant to the following paragraph,
        and
        the Securities Administrator will have no duty or liability for any failure
        hereunder to determine or prepare any Form 8-K Disclosure Information or
        any
        Form 8-K, except as set forth in the next paragraph. In addition, in connection
        with the Sponsor’s reporting obligations under Item 6.03 of Form 8-K “Change in
        Credit Enhancement or Other External Support”, to the extent that the Securities
        Administrator has knowledge, the Securities Administrator shall notify the
        Sponsor upon the occurrence of any termination of any enhancement, the addition
        of an enhancement or a material change in the enhancement provided.

       

      
        
          
          

        

        
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      (ii) As
        set
        forth on Exhibit G hereto, for so long as the Trust is subject to the Exchange
        Act reporting requirements, no later than the close of business New York
        City
        time on the 2nd Business Day after the occurrence of a Reportable Event (i)
        the
        parties to the SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1
        transaction shall be required to provide to the Securities Administrator
        and
        Depositor, to the extent known by a responsible officer thereof, in
        EDGAR-compatible form, or in such other form as otherwise agreed upon by
        the
        Securities Administrator and such party, the form and substance of any Form
        8-K
        Disclosure Information, if applicable, together with an Additional Disclosure
        Notification and (ii) the Depositor will approve, as to form and substance,
        or
        disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
        Information. The Depositor will be responsible for any reasonable fees and
        expenses assessed or incurred by the Securities Administrator in connection
        with
        including any Form 8-K Disclosure Information on Form 8-K pursuant to this
        paragraph. 

       

      (iii) After
        preparing the Form 8-K, the Securities Administrator shall upon request,
        forward
        electronically a copy of the Form 8-K to the Depositor. Promptly, but no
        later
        than the close of business on the third Business Day after the Reportable
        Event,
        the Depositor shall notify the Securities Administrator in writing (which
        may be
        furnished electronically) of any changes to or approval of such Form 8-K.
        In the
        absence of receipt of any written changes or approval by the third Business
        Day,
        or if the Depositor does not request a copy of a Form 8-K, the Securities
        Administrator shall be entitled to assume that such Form 8-K is in final
        form
        and the Securities Administrator may proceed with the execution and filing
        of
        the Form 8-K. A duly authorized representative of the Master Servicer shall
        sign
        each Form 8-K. 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 5.06(c)(ii). Promptly (but no later than
        1
        Business Day) after filing with the Commission, the Securities Administrator
        will, make available on its internet website a final executed copy of each
        Form
        8-K that has been prepared and filed by the Securities Administrator. The
        parties to this Agreement acknowledge that the performance by the Master
        Servicer and the Securities Administrator of their duties under this Section
        5.06(b) related to the timely preparation, execution and filing of Form 8-K
        is
        contingent upon such parties strictly observing all applicable deadlines
        in the
        performance of their duties under this Agreement. Neither the Master Servicer
        nor the Securities Administrator shall have any liability for any loss, expense,
        damage, claim arising out of or with respect to any failure to properly prepare,
        execute and/or timely file such Form 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, execute or
        arrange for execution or file such Form 8-K, not resulting from its own
        negligence, bad faith or willful misconduct.

       

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

       

      
        
          
          

        

        
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      (ii) In
        the
        event that the Securities Administrator is unable to timely file with the
        Commission all or any required portion of any Form 8-K, 10-D or 10-K required
        to
        be filed by this Agreement because required disclosure information was either
        not delivered to it or delivered to it after the delivery deadlines set forth
        in
        this Agreement or for any other reason, the Securities Administrator will
        promptly electronically notify the Depositor. In the case of Form 10-D and
        10-K,
        the parties to this Agreement will cooperate to prepare and file a Form 12b-25
        and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the Exchange
        Act. In the case of Form 8-K, the Securities Administrator will, upon receipt
        of
        all required Form 8-K Disclosure Information and upon the approval and direction
        of the Depositor, include such disclosure information on the next Form 10-D.
        In
        the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended
        and such amendment includes any Additional Form 10-D Disclosure (other than
        for
        the purposes of restating any Monthly Report), any Additional Form 10-K
        Disclosure or any Form 8-K Disclosure Information or any amendment to such
        disclosure, the Securities Administrator will electronically notify the
        Depositor only if the amendment pertains to an additional reporting item
        being
        revised and/or amended on such form, but not if an amendment is being filed
        as a
        result of a Remittance Report revision, and the Depositor will cooperate
        with
        the Securities Administrator in preparing any necessary 8-KA, 10-DA or 10-KA.
        Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall
        be
        signed by a duly authorized representative, or senior officer in charge of
        master servicing, as applicable, of the Master Servicer. The parties to this
        Agreement acknowledge that the performance by the Securities Administrator
        and
        the Master Servicer of their duties under this Section 5.06(c) related to
        the
        timely preparation, execution and filing of Form 15, a Form 12b-25 or any
        amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
        performing its duties under this Agreement. Neither the Master Servicer nor
        the
        Securities Administrator shall have any liability for any loss, expense,
        damage,
        claim arising out of or with respect to any failure to properly prepare,
        execute
        and/or timely file any such Form 15, Form 12b-25 or any amendments to Forms
        8-K,
        10-D or 10-K, where such failure results from the Securities Administrator’s
        inability or failure to receive, on a timely basis, any information from
        any
        other party hereto needed to prepare, execute or 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.

       

      (d) (i) On
        or
        prior to the 90th
        day
        after the end of each fiscal year of the Trust or such earlier date as may
        be
        required by the Exchange Act (the “10-K Filing Deadline”) (it being understood
        that the fiscal year for the Trust ends on December 31st of each year),
        commencing in March 2008, the Securities Administrator shall prepare and
        file on
        behalf of the Trust a Form 10-K, in form and substance as required by the
        Exchange Act. Each such Form 10-K shall include the following items, in each
        case to the extent they have been delivered to the Securities Administrator
        within the applicable time frames set forth in this Agreement, the Mortgage
        Loan
        Purchase Agreement and Assignment Agreement, and the Custodial Agreement,
        (i) an
        annual compliance statement for the Servicer, each Additional Servicer, the
        Master Servicer and the Securities Administrator and any Servicing Function
        Participant engaged by such parties (each, a “Reporting Servicer”) as described
        under Section 3.17 and Section 4.15 and in such other agreements, (ii)(A)
        the
        annual reports on assessment of compliance with servicing criteria for each
        Reporting Servicer, as described under Section 3.18 and Section 4.16 and
        in such
        other agreements, and (B) if each Reporting Servicer’s report on assessment of
        compliance with servicing criteria described under Section 3.18 and Section
        4.16
        identifies any material instance of noncompliance, disclosure identifying
        such
        instance of noncompliance, or if each Reporting Servicer’s report on assessment
        of compliance with servicing criteria described under Section 3.18 and Section
        4.16 is not included as an exhibit to such Form 10-K, disclosure that such
        report is not included and an explanation why such report is not included,
        (iii)(A) the registered public accounting firm attestation report for each
        Reporting Servicer, as described under Section 3.18 and Section 4.17, or
        in such
        other agreement and (B) if any registered public accounting firm attestation
        report described under Section 3.18 and Section 4.17 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 3.20 and Section
        4.18 (provided, however, that the Securities Administrator, at its discretion,
        may omit from the Form 10-K any annual compliance statement, assessment of
        compliance or attestation report that is not required to be filed with such
        Form
        10-K pursuant to Regulation AB). Any disclosure or information in addition
        to
        (i) through (iv) above that is required to be included on Form 10-K (“Additional
        Form 10-K Disclosure”) shall be reported by the parties set forth on Exhibit G
        to the Depositor and the Securities Administrator and directed and approved
        by
        the Depositor pursuant to the following paragraph, and the Securities
        Administrator will have no duty or liability for any failure hereunder to
        determine or prepare any Additional Form 10-K Disclosure, except as set forth
        in
        the next paragraph.

       

      
        
          
          

        

        
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      (ii) As
        set
        forth on Exhibit G hereto, no later than March 15 of each year that the Trust
        is
        subject to the Exchange Act reporting requirements, commencing in 2008, (i)
        parties to the SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1
        transaction shall be required to provide to the Securities Administrator
        and
        Depositor, to the extent known, by a responsible officer thereof, in
        EDGAR-compatible form, or in such other form as otherwise agreed upon by
        the
        Securities Administrator and such party, the form and substance of any
        Additional Form 10-K Disclosure, if applicable, together with an Additional
        Disclosure Notification and (ii) the Depositor will approve, as to form and
        substance, or disapprove, as the case may be, the inclusion of the Additional
        Form 10-K Disclosure on Form 10-K. The Depositor will be responsible for
        any
        reasonable fees and expenses assessed or incurred by the Securities
        Administrator in connection with including any Additional Form 10-K Disclosure
        on Form 10-K pursuant to this paragraph.

       

      (iii) After
        preparing the Form 10-K, the Securities Administrator shall upon request,
        forward electronically a copy of the Form 10-K to the Depositor. Within three
        (3) Business Days after receipt of such copy, but in no event later than
        March
        25th
        of each
        year that the Trust is subject to Exchange Act reporting requirements, the
        Depositor shall notify the Securities Administrator in writing (which may
        be
        furnished electronically) of any changes to or approval of such Form 10-K.
        In
        the absence of receipt of any written changes or approval by March 25th,
        or if
        the Depositor does not request a copy of a Form 10-K, the Securities
        Administrator shall be entitled to assume that such Form 10-K is in final
        form
        and the Securities Administrator may proceed with the execution and filing
        of
        the Form 10-K. A senior officer of the Master Servicer in charge of the master
        servicing function shall sign the Form 10-K. If a Form 10-K cannot be filed
        on
        time or if a previously filed Form 10-K needs to be amended, the Securities
        Administrator will follow the procedures set forth in Section 5.06(c)(ii).
        Promptly (but no later than 1 Business Day) after filing with the Commission,
        the Securities Administrator will make available on its internet website
        a final
        executed copy of each Form 10-K prepared and filed by the Securities
        Administrator. The parties to this Agreement acknowledge that the performance
        by
        the Master Servicer and the Securities Administrator of their respective
        duties
        under this Section 5.06(d) related to the timely preparation, execution 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 5.06(d), Section 3.17,
        Section 3.18, Section 3.20, Section 4.16, Section 4.17 and Section 4.18.
        Neither
        the Master Servicer nor the Securities Administrator shall have any liability
        for any loss, expense, damage or claim arising out of or with respect to
        any
        failure to properly prepare, execute and/or timely file such Form 10-K, where
        such failure results from the Securities Administrator’s inability or failure to
        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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      (e) Each
        of
        Form 10-D and 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 the fifth calendar day
        after
        the related Distribution Date with respect to the filing of a report on Form
        10-D and no later than March 15th with respect to the filing of a report
        on Form
        10-K, if the answer to the question should be “no” as a result of filings that
        relate to other securitization transactions of the Depositor for which the
        Securities Administrator does not have the obligation to prepare and file
        Exchange Act reports.

       

      (f) The
        Securities Administrator shall indemnify and hold harmless the Depositor,
        the
        Trustee and their respective officers, directors and Affiliates from and
        against
        any losses, damages, penalties, fines, forfeitures, reasonable and necessary
        legal fees and related costs, judgments and other costs and expenses arising
        out
        of or based upon a breach of the Securities Administrator’s obligations under
        this Section 5.06 or the Securities Administrator’s negligence, bad faith or
        willful misconduct in connection therewith. 

       

      (g) Notwithstanding
        the provisions of Section 12.01, this Section 5.06 may be amended without
        the
        consent of the Certificateholders.

       

      SECTION
        5.07. Supplemental
        Interest Trust.

       

      (a) On
        the
        Closing Date, the Securities Administrator shall establish and maintain in
        the
        name of the Trustee a separate account for the benefit of the holders of
        the
        Offered Certificates (the “Supplemental Interest Trust”). The Supplemental
        Interest Trust shall be an Eligible Account, and funds on deposit therein
        shall
        be held separate and apart from, and shall not be commingled with, any other
        monies, including, without limitation, other monies of the Trustee or of
        the
        Securities Administrator held pursuant to this Agreement. 

       

      
        
          
          

        

        
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      (b) On
        the
        Business Day prior to each Distribution Date, the Securities Administrator
        shall
        deposit into the Supplemental Interest Trust amounts distributable to the
        Swap
        Provider by the Supplemental Interest Trust pursuant to Section 5.01 of
        this Agreement and shall distribute such amounts on the Business Day prior
        to
        such Distribution Date in accordance with the foregoing sections.

       

      (c) On
        the
        Business Day prior to each Distribution Date, the Securities Administrator
        shall
        deposit into the Supplemental Interest Trust amounts received by it from
        the
        Swap Provider and shall distribute from the Supplemental Interest Trust on
        the
        Distribution Date an amount equal to the amount of any Net Swap Payment received
        from the Swap Provider under the Swap Agreement in the order of priority
        set
        forth in Section 5.01.

       

      (d) The
        Supplemental Interest Trust constitutes an “outside reserve fund” within the
        meaning of Treasury Regulation § 1.860G-2(h) and is not an asset of any REMIC.
        The Holders of the Class CE Certificates shall be the beneficial owner of
        the
        Supplemental Interest Trust, subject to the power of the Securities
        Administrator to transfer amounts under this Agreement. The Securities
        Administrator shall keep records that accurately reflect the funds on deposit
        in
        the Supplemental Interest Trust. The Securities Administrator shall, at the
        written direction of the majority of the Class CE Certificateholders, invest
        amounts on deposit in the Supplemental Interest Trust in Permitted Investments.
        In the absence of written direction to the Securities Administrator from
        the
        majority of the Class CE Certificateholders, all funds in the Supplemental
        Interest Trust shall remain uninvested. On each Distribution Date, the
        Securities Administrator shall distribute, not in respect of any REMIC, any
        interest earned on the Supplemental Interest Trust to the Holders of the
        Class
        CE Certificates.

       

      (e) For
        federal income tax purposes, amounts paid to the Supplemental Interest Trust
        on
        each Distribution Date pursuant to Section 5.01 shall first be deemed paid
        to
        the Supplemental Interest Trust in respect of the Class IO Interest to the
        extent of the amount distributable on such Class IO Interest on such
        Distribution Date, and any remaining amount shall be deemed paid to the
        Supplemental Interest Trust in respect of a Class IO Distribution Amount.
        It is
        the intention of the parties hereto that, for federal and state income and
        state
        and local franchise tax purposes, the Supplemental Interest Trust be disregarded
        as an entity separate from the Holder of the Class CE Certificates unless
        and
        until the date when either (a) there is more than one Class CE Certificateholder
        or (b) any Class of Certificates in addition to the Class CE Certificates
        is
        recharacterized as an equity interest in the Supplemental Interest Trust
        for
        federal income tax purposes, in which case it is the intention of the parties
        hereto that, for federal and state income and state and local franchise tax
        purposes, the Supplemental Interest Trust be treated as a partnership. The
        Master Servicer shall not be required to prepare and file partnership tax
        returns in respect of such partnership unless it receives additional reasonable
        compensation (not to exceed $10,000 per year) for the preparation of such
        filings, written notification recognizing the creation of a partnership
        agreement or comparable documentation evidencing the partnership.

       

      (f) The
        Securities Administrator shall treat the Holders of Certificates (other than
        the
        Class P, Class CE and Class R Certificates) as having entered into a notional
        principal contract with respect to the Holders of the Class CE Certificates.
        Pursuant to each such notional principal contract, all Holders of Certificates
        (other than the Class P, Class CE and Class R Certificates) shall be treated
        as
        having agreed to pay, on each Distribution Date, to the Holder of the Class
        CE
        Certificates an aggregate amount equal to the excess, if any, of (i) the
        amount
        payable on such Distribution Date on the REMIC III Regular Interest ownership
        of
        which is represented by such Class of Certificates over (ii) the amount payable
        on such Class of Certificates on such Distribution Date (such excess, a “Class
        IO Distribution Amount”). A Class IO Distribution Amount payable from interest
        collections shall be allocated pro rata among such Certificates based on
        the
        amount of interest otherwise payable to such Certificates, and a Class IO
        Distribution Amount payable from principal collections shall be allocated
        to the
        most subordinate Class of such Certificates with an outstanding principal
        balance to the extent of such balance. In addition, pursuant to such notional
        principal contract, the Holder of the Class CE Certificates shall be treated
        as
        having agreed to pay Net WAC Rate Carryover Amounts to the Holders of the
        Certificates (other than the Class CE, Class P and Class R Certificates)
        in
        accordance with the terms of this Agreement. Any payments to such Certificates
        from amounts deemed received in respect of this notional principal contract
        shall not be payments with respect to a Regular Interest in a REMIC within
        the
        meaning of Code Section 860G(a)(1). However, any payment from the Certificates
        (other than the Class CE, Class P and Class R Certificates) of a Class IO
        Distribution Amount shall be treated for tax purposes as having been received
        by
        the Holders of such Certificates in respect of the REMIC III Regular Interest
        ownership of which is represented by such Certificates, and as having been
        paid
        by such Holders to the Supplemental Interest Trust pursuant to the notional
        principal contract. Thus, each Certificate (other than the Class P Certificates
        and Class R Certificates) shall be treated as representing not only ownership
        of
        a Regular Interest in REMIC III, but also ownership of an interest in, and
        obligations with respect to, a notional principal contract.

       

      
        
          
          

        

        
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      (g) For
        federal tax return and information reporting, the right of the Class A
        Certificateholders and the Mezzanine Certificateholders to receive payments
        from
        the Supplemental Interest Trust and the Reserve Fund in respect of any Net
        WAC
        Rate Carryover Amount shall be assigned a value of $324,019.

       

      (h) Upon
        a
        Swap Early Termination other than in connection with the optional termination
        of
        the trust, the Securities Administrator on behalf of the Supplemental Interest
        Trust, at the direction of the Depositor (upon instruction by the Sponsor),
        will
        use reasonable efforts to appoint a successor swap provider to enter into
        a new
        interest rate swap agreement on terms substantially similar to the Swap
        Agreement, with a successor swap provider meeting all applicable eligibility
        requirements. If the Securities Administrator receives a Swap Termination
        Payment from the Swap Provider in connection with such Swap Early Termination,
        the Securities Administrator will apply such Swap Termination Payment to
        any
        upfront payment required to appoint the successor swap provider. If the
        Securities Administrator is required to pay a Swap Termination Payment to
        the
        Swap Provider in connection with such Swap Early Termination, the Securities
        Administrator will apply any upfront payment received from the successor
        swap
        provider to pay such Swap Termination Payment. 

       

      If
        the
        Securities Administrator is unable to appoint a successor swap provider within
        30 days of the Swap Early Termination, then the Securities Administrator
        will
        deposit any Swap Termination Payment received from the original Swap Provider
        into a separate, non-interest bearing reserve account and will, on each
        subsequent Distribution Date, withdraw from the amount then remaining on
        deposit
        in such reserve account an amount equal to the Net Swap Payment, if any,
        that
        would have been paid to the Securities Administrator by the original Swap
        Provider calculated in accordance with the terms of the original Swap Agreement,
        and distribute such amount in accordance with the terms of this
        Agreement.

      
        
          
          

        

        
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      (i) In
        the
        event that the Swap Provider fails to perform any of its obligations under
        the
        Swap Agreement (including, without limitation, its obligation to make any
        payment or transfer collateral), or breaches any of its representations and
        warranties thereunder, or in the event that an Event of Default, Termination
        Event, or Additional Termination Event (each as defined in the Swap Agreement)
        occurs with respect to the Swap Agreement, the Securities Administrator on
        behalf of the Supplemental Interest Trust Trustee shall immediately, but
        no
        later than the next Business Day following such failure or breach, notify
        the
        Sponsor and send any notices and make any demands, on behalf of the Supplemental
        Interest Trust, in accordance with the Swap Agreement. 

       

      (j) In
        the
        event that the Swap Provider’s obligations are guaranteed by a third party under
        a guaranty relating to the Swap Agreement (such guaranty the “Swap Guaranty” and
        such third party the “Swap Guarantor”), then to the extent that the Swap
        Provider fails to make any payment by the close of business on the day it
        is
        required to make payment under the terms of the Swap Agreement, the Securities
        Administrator on behalf of the Supplemental Interest Trust Trustee shall,
        as
        soon as practicable, but no later than two (2) business days after the Swap
        Provider’s failure to pay, demand that the Swap Guarantor make any and all
        payments then required to be made by the Swap Guarantor pursuant to such
        Swap
        Guaranty; provided, that the Securities Administrator shall in no event be
        liable for any failure or delay in the performance by the Swap Provider or
        any
        Swap Guarantor of its obligations hereunder or pursuant to the Swap Agreement
        and the Swap Guaranty, nor for any special, indirect or consequential loss
        or
        damage of any kind whatsoever (including but not limited to lost profits)
        in
        connection therewith.

       

      SECTION
        5.08. Tax
        Treatment of Swap Payments and Swap Termination Payments.

       

      (a) For
        federal income tax purposes, each holder of an Offered Certificate is deemed
        to
        own an undivided beneficial ownership interest in a REMIC Regular Interest
        and
        the right to receive payments from either the Reserve Fund or the Supplemental
        Interest Trust in respect of any Net WAC Rate Carryover Amounts or the
        obligation to make payments to the Supplemental Interest Trust. For federal
        income tax purposes, the Securities Administrator will account for payments
        to
        each Offered Certificate as follows: each Offered Certificate will be treated
        as
        receiving their entire payment from REMIC III (regardless of any Swap
        Termination Payment or obligation under the Swap Agreement) and subsequently
        paying their portion of any Swap Termination Payment in respect of each such
        Class’s obligation under the Swap Agreement. In the event that any such Class is
        resecuritized in a REMIC, the obligation under the Swap Agreement to pay
        any
        such Swap Termination Payment (or any shortfall in Net Swap Payment), will
        be
        made by one or more of the REMIC Regular Interests issued by the
        resecuritization REMIC subsequent to such REMIC Regular Interest receiving
        its
        full payment from any such Offered Certificate.

       

      (b) The
        REMIC
        Regular Interest corresponding to an Offered Certificate will be entitled
        to
        receive interest and principal payments at the times and in the amounts equal
        to
        those made on the certificate to which it corresponds, except that (i) the
        maximum interest rate of that REMIC regular interest will equal the Net WAC
        Pass-Through Rate computed for this purpose by limiting the Swap Notional
        Amount
        of the Swap Agreement to the aggregate Stated Principal Balance of the Mortgage
        Loans and (ii) any Swap Termination Payment will be treated as being payable
        solely from amounts otherwise payable to the Class CE Certificates. As a
        result
        of the foregoing, the amount of distributions and taxable income on the REMIC
        Regular Interest corresponding to an Offered Certificate may exceed the actual
        amount of distributions on the Offered Certificate.

       

      
        
          
          

        

        
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      SECTION
        5.09. Swap
        Collateral Account.

       

      The
        Securities Administrator is hereby directed to perform the obligations of
        the
        Custodian as defined under the Swap Credit Support Annex (the “Swap Custodian”).

       

      On
        or
        before the Closing Date, the Swap Custodian shall establish a Swap Collateral
        Account. The Swap Collateral Account shall be held in the name of the Swap
        Custodian in trust for the benefit of the Offered Certificates. The Swap
        Collateral Account shall be an Eligible Account and shall be entitled “Swap
        Collateral Account, Wells Fargo Bank, National Association for the benefit
        of
        holders of SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1,
        Asset
        Backed Pass-Through Certificates.” 

       

      The
        Swap
        Custodian shall credit to the Swap Collateral Account all collateral (whether
        in
        the form of cash or securities) posted by the Swap Provider to secure the
        obligations of the Swap Provider in accordance with the terms of the Swap
        Agreement. If no investment direction is provided, funds shall remain
        uninvested. Except for investment earnings, the Swap Provider shall not have
        any
        legal, equitable or beneficial interest in the Swap Collateral Account other
        than in accordance with the Swap Agreement and applicable law. The Swap
        Custodian shall maintain and apply all collateral and earnings thereon on
        deposit in the Swap Collateral Account in accordance with Swap Credit Support
        Annex.

       

      Cash
        collateral posted by the Swap Provider in accordance with the Swap Credit
        Support Annex shall be invested at the direction of the Swap Provider in
        Permitted Investments in accordance with the requirements of the Swap Credit
        Support Annex. All amounts earned on amounts on deposit in the Swap Collateral
        Account (whether cash collateral or securities) shall be for the account
        of and
        taxable to the Swap Provider.

       

      Upon
        the
        occurrence of an Event of Default or Specified Condition (each as defined
        in the
        Swap Agreement) with respect to the Swap Provider or upon occurrence or
        designation of an Early Termination Date (as defined in the Swap Agreement)
        as a
        result of any such Event of Default or Specified Condition with respect to
        the
        Swap Provider, and, in either such case, unless the Swap Provider has paid
        in
        full all of its Obligations (as defined in the Swap Credit Support Annex)
        that
        are then due, then any collateral posted by the Swap Provider in accordance
        with
        the Swap Credit Support Annex shall be applied to the payment of any Obligations
        due to Party B (as defined in the Swap Agreement) in accordance with the
        Swap
        Credit Support Annex. Any excess amounts held in such Swap Collateral Account
        after payment of all amounts owing to Party B under the Swap Agreement shall
        be
        withdrawn from the Swap Collateral Account and paid to the Swap Provider
        in
        accordance with the Swap Credit Support Annex.

       

      
        
          
          

        

        
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      SECTION
        5.10. The
        Policy.

       

      (a) The
        Class
        A Certificate Insurer will issue the Policy for the benefit of the holders
        of
        the Insured Certificates. The Class A Certificate Insurer, in consideration
        of
        the payment of a premium and subject to the terms of the Policy, unconditionally
        guarantees the payment of Insured Amounts and Avoided Payments to the Securities
        Administrator on behalf of the holders of the Insured Certificates. The Class
        A
        Certificate Insurer will pay Insured Amounts which are due for payment to
        the
        Securities Administrator on the later of (1) the Distribution Date the Insured
        Amount is distributable to the holders of the Insured Certificates under
        this
        Agreement, and (2) the Business Day following the Business Day on which the
        Class A Certificate Insurer shall have received notice by facsimile,
        simultaneously confirmed by telephone and subsequently confirmed in writing,
        or
        written notice delivered to the Class A Certificate Insurer at its office
        specified in the Policy, from the Securities Administrator specifying that
        an
        Insured Amount is due in accordance with the terms of the Policy (a “Notice”);
        provided that, if such Notice is received after 10:00 a.m., New York City
        time,
        on such business day, it shall be deemed to be received at 9:00 a.m. New
        York
        City time on the following business day.

       

      (b) Pursuant
        to the Policy, the Class A Certificate Insurer will pay any Avoided Payment
        on
        the Business Day next following receipt on a Business Day by the Class A
        Certificate Insurer of (i) a certified copy of a final order of a court or
        other
        body exercising jurisdiction in an Insolvency Proceeding to the effect that
        the
        Securities Administrator or holder of an Insured Certificate, as applicable,
        is
        required to return such Avoided Payment paid during the Term of the Policy
        because such Avoided Payment was avoided under applicable law, with respect
        to
        which order the appeal period has expired without an appeal having been filed
        (the “Final Order”), (ii) an assignment (in the form provided in the Policy)
        properly completed and executed by the holder of an Insured Certificate,
        irrevocably assigning to the Class A Certificate Insurer all rights and claims
        of such holder relating to or arising under such Avoided Payment and (iii)
        a
        notice (in the form provided in the Policy) appropriately completed and executed
        by the Securities Administrator on the Trustee’s behalf; provided that, if such
        documents are received after 10:00 a.m. New York City time on such business
        day,
        they will be deemed to be received at 9:00 a.m. New York City time on the
        following business day. All payments made by the Class A Certificate Insurer
        in
        respect of Avoided Payments will be disbursed to the receiver, conservator,
        debtor-in-possession or trustee in bankruptcy named in the Final Order, and
        not
        to the Securities Administrator or the holders of the Insured Certificates
        directly, unless the holder has previously paid such Avoided Payment to such
        receiver, conservator, debtor-in-possession or trustee in bankruptcy named
        in
        the Final Order, in which case the Class A Certificate Insurer will pay the
        Securities Administrator on behalf of such holder, subject to the delivery
        of
        (a) the items referred to in clauses (i), (ii), and (iii) above to the Class
        A
        Certificate Insurer and (b) evidence satisfactory to the Class A Certificate
        Insurer that payment has been made to such receiver, conservator,
        debtor-in-possession or trustee in bankruptcy named in the Final Order.

       

      (c) The
        Class
        A Certificate Insurer will not be obligated to make any payment in respect
        of
        any Insured Amount or Avoided Payment representing a payment of principal
        on any
        Insured Certificate prior to the time the Class A Certificate Insurer would
        have
        been required to make a payment in respect of such principal pursuant to
        the
        Policy.

       

      
        
          
          

        

        
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      (d) The
        Class
        A Certificate Insurer’s obligation under the Policy will be discharged to the
        extent that funds are received by the Securities Administrator for payment
        to
        the holders of the Insured Certificates whether or not those funds are properly
        distributed by the Securities Administrator. Payments of Insured Amounts
        and
        Policy payments in respect of Avoided Payments will be made only at the times
        for such payments set forth in the Policy, and no payments which become due
        on
        an accelerated basis for any reason, including an optional termination, will
        be
        made regardless of any acceleration of the Insured Certificates, unless the
        Class A Certificate Insurer elects, in its sole discretion, to pay such amounts
        in whole or in part (in which case the Insured Amounts will include such
        accelerated payments as, when, and to the extent so elected by the Class
        A
        Certificate Insurer). 

       

      (e) For
        purposes of the Policy, a holder does not and may not include any of the
        Trustee, the Depositor, the Servicer, the Master Servicer, the Sponsor, the
        Securities Administrator or any of their respective affiliates. No person
        other
        than the Securities Administrator on the Trustee’s behalf will be entitled to
        present the Notice. The Class A Certificate Insurer will be subrogated to
        the
        rights of each holder of the Insured Certificates to the extent of any payment
        by the Class A Certificate Insurer under the Policy. The Class A Certificate
        Insurer has agreed that if it is subrogated to the rights of the holders
        of the
        Insured Certificates, the rights of subrogation will be subordinate and junior
        in right of payment to the prior indefeasible payment in full of any Insured
        Amounts due the holders on account of payments due under the Insured
        Certificates. In so doing, the Class A Certificate Insurer does not waive
        its
        rights to seek full payment of all Insurer Reimbursement Amounts owed to
        it
        under the Insurance Agreement and this Agreement. 

       

      (f) The
        Policy will not cover Net WAC Rate Carryover Amounts, Prepayment Interest
        Shortfalls or any shortfalls resulting from the application of the Relief
        Act or
        similar state or local laws, regulations or ordinances allocated to the Insured
        Certificates, nor does the Policy guarantee to the holders of the Insured
        Certificates any particular rate of principal payment. In addition, the Policy
        does not cover shortfalls, if any, attributable to the liability of the Trust,
        any Certificateholder, any REMIC, the Securities Administrator for withholding
        taxes, if any (including interest and penalties in respect of any liability
        for
        withholding taxes), nor any risk other than Nonpayment of Scheduled Payments,
        including the failure of the Securities Administrator to make any distribution
        required under this Agreement to the holders of the Insured Certificates.
        

       

      (g) The
        Policy will not be cancelable. The premium on the Policy will not be refundable
        for any reason including payment, or provision being made for payment, prior
        to
        maturity of the Insured Certificates.

       

      (h) The
        Policy and the obligations of the Class A Certificate Insurer thereunder
        will
        terminate without any action on the part of the Class A Certificate Insurer
        or
        any other person on the last date of the Term of the Policy. Upon termination
        of
        the Policy, the Securities Administrator on behalf of the Trustee is required
        to
        deliver the original of the Policy to the Class A Certificate
        Insurer.

       

      
        
          
          

        

        
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      (i) All
        notices, statements, reports, certificates or opinions required by this
        Agreement to be sent to the Rating Agencies or the Class A
        Certificateholders shall also be sent at such time to the Class A
        Certificate Insurer at the notice address set forth in
        Section 12.05.

       

      (j) All
        references herein to the ratings assigned to the Certificates and all references
        herein to the interests of the Certificateholders shall be without regard
        to the
        Policy.

       

      SECTION
        5.11. Class
        A
        Certificate Insurer Default; Termination of Class A Certificate Insurer’s
        Rights.

       

      (a) Notwithstanding
        anything elsewhere in this Agreement to the contrary, for so long as a Class
        A
        Certificate Insurer default exists, the provisions of this Article V and
        all
        other provisions of this Agreement which (i) permit the Class A Certificate
        Insurer to exercise rights of the Certificateholders, (ii) restrict the ability
        of the Certificateholders or the Trustee to act without the consent of approval
        of the Class A Certificate Insurer, (iii) provide that a particular act or
        thing
        must be acceptable to the Class A Certificate Insurer, (iv) permit the Class
        A
        Certificate Insurer to direct (or otherwise to require) the actions of the
        Trustee or the Certificateholders, (v) provide that any action or omission
        taken
        with the consent, approval or authorization or the Class A Certificate Insurer
        shall be authorized hereunder or shall not subject the party taking or omitting
        to take such action to any liability hereunder or (vi) which shall have a
        similar effect, shall be of no force and effect and the Trustee shall administer
        the Trust and perform its obligations hereunder solely for the benefit of
        the
        Certificateholders.

       

      (b) Notwithstanding
        anything to the contrary in this Agreement, all rights of the Class A
        Certificate Insurer shall permanently cease to be operable upon the date
        upon
        which the Certificate Principal Balance of the Class A Certificates has
        been reduced to zero and all Scheduled Payments have been made and the payment
        in full the Class A Certificate Insurer of all amounts paid under the
        Policy plus interest at the Late Payment Rate thereon from the date such
        payment
        was made and any other amounts owing the Class A Certificate Insurer under
        the Insurance Agreement.

       

      
        
          
          

        

        
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      ARTICLE
        VI

       

      THE
        CERTIFICATES

       

      SECTION
        6.01. The
        Certificates.

       

      (a) The
        Certificates in the aggregate will represent the entire beneficial ownership
        interest in the Mortgage Loans and all other assets included in REMIC I,
        REMIC
        II and REMIC III.

       

      The
        Certificates will be substantially in the forms annexed hereto as Exhibits
        A-1
        through A-5. The Certificates of each Class will be issuable in registered
        form
        only, 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 and authenticated by the
        Securities Administrator and delivered by the Trustee to and upon the written
        order of the Depositor. The Certificates shall be executed by manual or
        facsimile signature on behalf of the Trust by the Securities Administrator
        by an
        authorized signatory. Certificates bearing the manual or facsimile signatures
        of
        individuals who were at any time the proper officers of the Securities
        Administrator shall bind the Trust, 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 herein
        executed by the Securities Administrator 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
        authentication.

       

      (b) The
        Class
        A Certificates and the Mezzanine Certificates shall initially be issued as
        one
        or more Certificates held by the Book-Entry Custodian or, if appointed to
        hold
        such Certificates as provided below, the Depository and registered in the
        name
        of the Depository or its nominee and, except as provided below, registration
        of
        such Certificates may not be transferred by the Securities Administrator
        except
        to another Depository that agrees to hold such Certificates for the respective
        Certificate Owners with Ownership Interests therein. The Certificate Owners
        shall hold their respective Ownership Interests in and to such Certificates
        through the book-entry facilities of the Depository and, except as provided
        below, shall not be entitled to definitive, fully registered Certificates
        (“Definitive Certificates”) in respect of such Ownership Interests. All
        transfers by Certificate Owners of their respective Ownership Interests in
        the
        Book-Entry Certificates shall be made in accordance with the procedures
        established by the Depository Participant or brokerage firm representing
        such
        Certificate Owner. Each Depository Participant shall only transfer the Ownership
        Interests in the Book-Entry Certificates of Certificate Owners it represents
        or
        of brokerage firms for which it acts as agent in accordance with the
        Depository’s normal procedures. The Securities Administrator is hereby initially
        appointed as the Book-Entry Custodian and hereby agrees to act as such in
        accordance herewith and in accordance with the agreement that it has with
        the
        Depository authorizing it to act as such. 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, the Servicer
        and,
        if the Trustee is not the Book-Entry Custodian, the Trustee, any other transfer
        agent (including the Depository or any successor Depository) to act as
        Book-Entry Custodian under such conditions as the predecessor Book-Entry
        Custodian and the Depository or any successor Depository may prescribe, provided
        that the predecessor Book-Entry Custodian shall not be relieved of any of
        its
        duties or responsibilities by reason of any such appointment of other than
        the
        Depository. If the Securities Administrator resigns or is removed in accordance
        with the terms hereof, the successor Securities Administrator or, if it so
        elects, the Depository shall immediately succeed to its predecessor’s duties as
        Book-Entry Custodian. The Depositor and the Sponsor shall have the right
        to
        inspect, and to obtain copies of, any Certificates held as Book-Entry
        Certificates by the Book-Entry Custodian.

       

      
        
          
          

        

        
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      (c) The
        Class
        CE and Class P Certificates will be issued as Definitive
        Certificates.

       

      (d) The
        Class
        M-4 Certificates offered and sold to Qualified Institutional Buyers in reliance
        on Rule 144A under the Securities Act (“Rule 144A”) will be issued in the form
        of Book-Entry Certificates.

       

      (e) The
        Trustee, the Servicer, the Securities Administrator, the Master Servicer
        and the
        Depositor may for all purposes (including the making of payments due on the
        Book-Entry Certificates) deal with the Depository as the authorized
        representative of the Certificate Owners with respect to the Book-Entry
        Certificates for the purposes of exercising the rights of Certificateholders
        hereunder. The rights of Certificate Owners with respect to the Book-Entry
        Certificates shall be limited to those established by law and agreements
        between
        such Certificate Owners and the Depository Participants and brokerage firms
        representing such Certificate Owners. Multiple requests and directions from,
        and
        votes of, the Depository as Holder of the Book-Entry Certificates with respect
        to any particular matter shall not be deemed inconsistent if they are made
        with
        respect to different Certificate Owners. The Securities Administrator may
        establish a reasonable record date in connection with solicitations of consents
        from or voting by Certificateholders and shall give notice to the Depository
        of
        such record date.

       

      If
        (i)(A)
        the Depositor, at the direction of the Sponsor, advises the Securities
        Administrator in writing that the Depository is no longer willing or able
        to
        properly discharge its responsibilities as Depository, and (B) the Depositor,
        at
        the direction of the Sponsor, is unable to locate a qualified successor,
        (ii)
        the Depositor (at the direction of the Sponsor) at its option advises the
        Securities Administrator in writing that it elects to terminate the book-entry
        system through the Depository with the prior written consent to the Class A
        Certificate Insurer or (iii) after the occurrence of a Servicer Event of
        Default, the Class A Certificate Insurer, or during a continuing the
        Class A Certificate Insurer default under the Insurance Agreement, the
        Certificate Owners representing in the aggregate not less than 51% of the
        Ownership Interests of the Book-Entry Certificates advise the Securities
        Administrator through the Depository, in writing, that the continuation of
        a
        book-entry system through the Depository is no longer in the best interests
        of
        the Certificate Owners, the Securities Administrator shall notify all
        Certificate Owners, through the Depository, of the occurrence of any such
        event
        and of the availability of Definitive Certificates to Certificate Owners
        requesting the same. Upon surrender to the Securities Administrator of the
        Book-Entry Certificates by the Book-Entry Custodian or the Depository, as
        applicable, the Securities Administrator shall cause the Definitive Certificates
        to be issued. Such Definitive Certificates will be issued in minimum
        denominations of $10,000 except that any beneficial ownership that was
        represented by a Book-Entry Certificate in an amount less than $10,000
        immediately prior to the issuance of a Definitive Certificate shall be issued
        in
        a minimum denomination equal to the amount represented by such Book-Entry
        Certificate. None of the Depositor, the Sponsor, the Servicer, the Master
        Servicer, the Securities Administrator or the Trustee shall be liable for
        any
        delay in the delivery of such instructions and may conclusively rely on,
        and
        shall be protected in relying on, such instructions. Upon the issuance of
        Definitive Certificates all references herein to obligations imposed upon
        or to
        be performed by the Depository shall be deemed to be imposed upon and performed
        by the Securities Administrator, to the extent applicable with respect to
        such
        Definitive Certificates, and the Securities Administrator shall recognize
        the
        Holders of the Definitive Certificates as Certificateholders
        hereunder.

       

      
        
          
          

        

        
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      SECTION
        6.02. Registration
        of Transfer and Exchange of Certificates.

       

      (a) The
        Securities Administrator shall cause to be kept at one of the offices or
        agencies to be appointed by the Securities Administrator in accordance with
        the
        provisions of Section 9.11, a Certificate Register for the Certificates 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.

       

      (b) No
        transfer of any Class M-4 Certificate, Class CE Certificate, Class P Certificate
        or Residual 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.
        In
        the event that such a transfer of a Class M-4 Certificate, Class CE Certificate,
        Class P Certificate or Residual Certificate is to be made without registration
        or qualification (other than in connection with the initial transfer of any
        such
        Certificate by the Depositor), the Securities Administrator shall require
        receipt of: (i) if such transfer is purportedly being made in reliance upon
        Rule
        144A under the Securities Act, written certifications from the Certificateholder
        desiring to effect the transfer and from such Certificateholder’s prospective
        transferee, substantially in the form attached hereto as Exhibit B-1; (ii)
        if
        such transfer is purportedly being made in reliance upon Rule 501(a) under
        the
        Securities Act, written certifications from the Certificateholder desiring
        to
        effect the transfer and from such Certificateholder’s prospective transferee,
        substantially in the form attached hereto as Exhibit B-2; and (iii) in all
        other
        cases, an Opinion of Counsel satisfactory to the Securities Administrator
        that
        such transfer may be made without such registration or qualification (which
        Opinion of Counsel shall not be an expense of the Trust Fund or of the
        Depositor, the Trustee, the Master Servicer, the Securities Administrator
        or the
        Servicer), together with copies of the written certification(s) of the
        Certificateholder desiring to effect the transfer and/or such
        Certificateholder’s prospective transferee upon which such Opinion of Counsel is
        based, if any. Neither of the Depositor nor the Securities Administrator
        is
        obligated to register or qualify any such Certificates under the Securities
        Act
        or any other securities laws or to take any action not otherwise required
        under
        this Agreement to permit the transfer of such Certificates without registration
        or qualification. Any Certificateholder desiring to effect the transfer of
        any
        such Certificate shall, and does hereby agree to, indemnify the Trustee,
        the
        Depositor, the Sponsor, the Master Servicer, the Securities Administrator
        and
        the Servicer against any liability that may result if the transfer is not
        so
        exempt or is not made in accordance with such federal and state
        laws.

       

      
        
          
          

        

        
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      (c) No
        transfer of a Class CE Certificate, Class P Certificate or a Residual
        Certificate or any interest therein shall be made to any Plan, any Person
        acting, directly or indirectly, on behalf of any Plan or any Person acquiring
        such Certificates with “Plan Assets” of a Plan within the meaning of the
        Department of Labor regulation promulgated at 29 C.F.R. § 2510.3-101 (“Plan
        Assets”) unless the Securities Administrator is provided with an Opinion of
        Counsel on which the Depositor, the Master Servicer, the Securities
        Administrator, the Trustee, the Class A Certificate Insurer and the
        Servicer may rely, which establishes to the satisfaction of the Securities
        Administrator that the purchase of such Certificates is permissible under
        applicable law, will not constitute or result in any prohibited transaction
        under ERISA or Section 4975 of the Code and will not subject the Depositor,
        the
        Servicer, the Trustee, the Master Servicer, the Securities Administrator,
        the
        Class A Certificate Insurer or the Trust Fund to any obligation or
        liability (including obligations or liabilities under ERISA or Section 4975
        of
        the Code) in addition to those undertaken in this Agreement, which Opinion
        of
        Counsel shall not be an expense of the Depositor, the Servicer, the Trustee,
        the
        Master Servicer, the Securities Administrator, the Class A Certificate
        Insurer or the Trust Fund. An Opinion of Counsel will not be required in
        connection with the initial transfer of any such Certificate by the Depositor
        to
        the Sponsor or an affiliate of the Sponsor (in which case, the Sponsor or
        any
        affiliate thereof shall have deemed to have represented that such affiliate
        is
        not a Plan or a Person investing Plan Assets) and the Securities Administrator
        shall be entitled to conclusively rely upon a representation (which, upon
        the
        request of the Securities Administrator, shall be a written representation)
        from
        the Sponsor of the status of such transferee as an affiliate of the
        Sponsor.

       

      For
        so
        long as the Supplemental Interest Trust is in existence, each beneficial
        owner
        of a Offered Certificate or any interest therein, shall be deemed to have
        represented, by virtue of its acquisition or holding of the Offered Certificate,
        or interest therein, that either (i) it is not a Plan or (ii)(A) it is an
        accredited investor within the meaning of Prohibited Transaction Exemption
        2002-41, as amended from time to time (the “Exemption”) and (B) the acquisition
        and holding of such Certificate and the separate right to receive payments
        from
        the Supplemental Interest Trust are eligible for the exemptive relief available
        under Prohibited Transaction Class Exemption (“PTCE”) 84-14 (for transactions by
        independent “qualified professional asset managers”), 91-38 (for transactions by
        bank collective investment funds), 90-1 (for transactions by insurance company
        pooled separate accounts), 95-60 (for transactions by insurance company general
        accounts) or 96-23 (for transactions effected by “in-house asset managers”), in
        the case of an Offered Certificate other than a Class M-4 Certificate, or,
        in the case of a Class M-4 Certificate, PTE 95-60.

       

      Each
        Transferee of a Mezzanine Certificate or any interest therein that is acquired
        after the termination of the Supplemental Interest Trust shall certify or
        will
        be deemed to have represented by virtue of its purchase or holding of such
        Certificate (or interest therein) that either (a) such Transferee is not
        a Plan
        or purchasing such Certificate with Plan Assets, (b) other than in the case
        of
        the Class M-4 Certificates, it has acquired and is holding such Certificate
        in reliance on Prohibited Transaction Exemption (“PTE”) 94-84 59 Fed. Reg. 65400
        (December 19, 1994) or Final Authorization Number (FAN) 97-03E (December
        9,
        1996), as amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE 2000-58,
        65 Fed. Reg. 67765 (November 13, 2000) and PTE 2002-41, 67 Fed. Reg. 54487
        (August 22, 2002) and PTE 2007-05, 72 Fed. Reg. 13130 (the “Exemption”), and
        that it understands that there are certain conditions to the availability
        of
        such exemption including that such Certificate must be rated, at the time
        of
        purchase, not lower than “BBB-” (or its equivalent) by a Rating Agency
        authorized under the Exemption or (c) the following conditions are satisfied:
        (i) such Transferee is an insurance company, (ii) the source of funds used
        to
        purchase or hold such Certificate (or interest therein) is an “insurance company
        general account” (as defined in PTCE 95-60), and (iii) the conditions set forth
        in Sections I and III of PTCE 95-60 have been satisfied.

       

      
        
          
          

        

        
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      If
        any
        Certificate or any interest therein is acquired or held in violation of the
        conditions described in this Section 6.02(c), the next preceding permitted
        beneficial owner will be treated as the beneficial owner of that Certificate,
        retroactive to the date of transfer to the purported beneficial owner. Any
        purported beneficial owner whose acquisition or holding of any certificate
        or
        interest therein was effected in violation of the conditions described in
        this
        Section 6.02(c) shall indemnify and hold harmless the Depositor, the Trustee,
        the Servicer, the Master Servicer, the Securities Administrator, the
        Class A Certificate Insurer and the Trust Fund from and against any and all
        liabilities, claims, costs or expenses incurred by those parties as a result
        of
        that acquisition or holding.

       

      (d)
        (i)
 Each
        Person who has or who acquires any Ownership Interest in a Residual Certificate
        shall be deemed by the acceptance or acquisition of such Ownership Interest
        to
        have agreed to be bound by the following provisions and to have irrevocably
        authorized the Securities Administrator or its designee under clause (iii)(A)
        below to deliver payments to a Person other than such Person and to negotiate
        the terms of any mandatory sale under clause (iii)(B) below and to execute
        all
        instruments of Transfer and to do all other things necessary in connection
        with
        any such sale. The rights of each Person acquiring any Ownership Interest
        in a
        Residual Certificate are expressly subject to the following
        provisions:

       

      (A) Each
        Person holding or acquiring any Ownership Interest in a Residual Certificate
        shall be a Permitted Transferee and shall promptly notify the Securities
        Administrator of any change or impending change in its status as a Permitted
        Transferee.

       

      (B) In
        connection with any proposed Transfer of any Ownership Interest in a Residual
        Certificate, the Securities Administrator shall require delivery to it, and
        shall not register the Transfer of any Residual Certificate until its receipt
        of, an affidavit and agreement (a “Transfer Affidavit and Agreement,” in the
        form attached hereto as Exhibit B-3) from the proposed Transferee, in form
        and
        substance satisfactory to the Securities Administrator, representing and
        warranting, among other things, that such Transferee is a Permitted Transferee,
        that it is not acquiring its Ownership Interest in the Residual Certificate
        that
        is the subject of the proposed Transfer as a nominee, trustee or agent for
        any
        Person that is not a Permitted Transferee, that for so long as it retains
        its
        Ownership Interest in a Residual Certificate, it will endeavor to remain
        a
        Permitted Transferee, and that it has reviewed the provisions of this Section
        6.02(d) and agrees to be bound by them.

       

      
        
          
          

        

        
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      (C) Notwithstanding
        the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
        under clause (B) above, if an authorized officer of the Securities Administrator
        who is assigned to this transaction has actual knowledge that the proposed
        Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
        in a Residual Certificate to such proposed Transferee shall be
        effected.

       

      (D) Each
        Person holding or acquiring any Ownership Interest in a Residual Certificate
        shall agree (x) to require a Transfer Affidavit and Agreement from any other
        Person to whom such Person attempts to transfer its Ownership Interest in
        a
        Residual Certificate and (y) not to transfer its Ownership Interest unless
        it
        provides a Transferor Affidavit (in the form attached hereto as Exhibit B-2)
        to
        the Securities Administrator stating that, among other things, it has no
        actual
        knowledge that such other Person is not a Permitted Transferee.

       

      (E) Each
        Person holding or acquiring an Ownership Interest in a Residual Certificate,
        by
        purchasing an Ownership Interest in such Certificate, agrees to give the
        Securities Administrator written notice that it is a “pass-through interest
        holder” within the meaning of temporary Treasury regulation Section
        1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership Interest in a
        Residual Certificate, if it is, or is holding an Ownership Interest in a
        Residual Certificate on behalf of, a “pass-through interest
        holder.”

       

      (ii) The
        Securities Administrator will register the Transfer of any Residual Certificate
        only if it shall have received the Transfer Affidavit and Agreement and all
        of
        such other documents as shall have been reasonably required by the Securities
        Administrator as a condition to such registration. In addition, no Transfer
        of a
        Residual Certificate shall be made unless the Securities Administrator shall
        have received a representation letter from the Transferee of such Certificate
        to
        the effect that such Transferee is a Permitted Transferee.

       

      (iii) (A)
        If
        any purported Transferee shall become a Holder of a Residual Certificate
        in
        violation of the provisions of this Section 6.02(d), then the last preceding
        Permitted Transferee shall be restored, to the extent permitted by law, to
        all
        rights as holder thereof retroactive to the date of registration of such
        Transfer of such Residual Certificate. The Securities Administrator shall
        be
        under no liability to any Person for any registration of Transfer of a Residual
        Certificate that is in fact not permitted by this Section 6.02(d) or for
        making
        any payments due on such Certificate to the holder thereof or for taking
        any
        other action with respect to such holder under the provisions of this
        Agreement.

       

      (B) If
        any
        purported Transferee shall become a holder of a Residual Certificate in
        violation of the restrictions in this Section 6.02(d) and to the extent that
        the
        retroactive restoration of the rights of the holder of such Residual Certificate
        as described in clause (iii)(A) above shall be invalid, illegal or
        unenforceable, then the Securities Administrator shall have the right, without
        notice to the holder or any prior holder of such Residual Certificate, to
        sell
        such Residual Certificate to a purchaser selected by the Securities
        Administrator on such terms as the Securities Administrator may choose. Such
        purported Transferee shall promptly endorse and deliver each Residual
        Certificate in accordance with the instructions of the Securities Administrator.
        Such purchaser may be the Securities Administrator itself or any Affiliate
        of
        the Securities Administrator. The proceeds of such sale, net of the commissions
        (which may include commissions payable to the Securities Administrator or
        its
        Affiliates), expenses and taxes due, if any, will be remitted by the Securities
        Administrator to such purported Transferee. The terms and conditions of any
        sale
        under this clause (iii)(B) shall be determined in the sole discretion of
        the
        Securities Administrator, and the Securities Administrator shall not be liable
        to any Person having an Ownership Interest in a Residual Certificate as a
        result
        of its exercise of such discretion.

       

      
        
          
          

        

        
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      (iv) The
        Securities Administrator shall make available to the Internal Revenue Service
        and those Persons specified by the REMIC Provisions all information necessary
        to
        compute any tax imposed (A) as a result of the Transfer of an Ownership Interest
        in a Residual Certificate to any Person who is a Disqualified Organization,
        including the information described in Treasury regulations sections
        1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the “excess inclusions” of
        such Residual Certificate and (B) as a result of any regulated investment
        company, real estate investment trust, common trust fund, partnership, trust,
        estate or organization described in Section 1381 of the Code that holds an
        Ownership Interest in a Residual Certificate having as among its record holders
        at any time any Person which is a Disqualified Organization. Reasonable
        compensation for providing such information may be charged or collected by
        the
        Securities Administrator.

       

      (v) The
        provisions of this Section 6.02(d) set forth prior to this subsection (v)
        may be
        modified, added to or eliminated, provided that there shall have been delivered
        to the Securities Administrator at the expense of the party seeking to modify,
        add to or eliminate any such provision the following:

       

      (A) written
        notification from each Rating Agency to the effect that the modification,
        addition to or elimination of such provisions will not cause such Rating
        Agency
        to downgrade its then-current ratings of any Class of Certificates without
        regard to the Policy; and

       

      (B) an
        Opinion of Counsel, in form and substance satisfactory to the Securities
        Administrator upon which the Class A Certificate Insurer shall be entitled
        to rely, to the effect that such modification of, addition to or elimination
        of
        such provisions will not cause any Trust REMIC to cease to qualify as a REMIC
        and will not cause any Trust REMIC, as the case may be, to be subject to
        an
        entity-level tax caused by the Transfer of any Residual Certificate to a
        Person
        that is not a Permitted Transferee or a Person other than the prospective
        transferee to be subject to a REMIC-tax caused by the Transfer of a Residual
        Certificate to a Person that is not a Permitted Transferee.

       

      
        
          
          

        

        
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      (e) Subject
        to the preceding subsections, upon surrender for registration of transfer
        of any
        Certificate at any office or agency of the Securities Administrator maintained
        for such purpose pursuant to Section 9.11, the Securities Administrator shall
        execute, 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.

       

      (f) At
        the
        option of the Holder thereof, any Certificate may be exchanged for other
        Certificates of the same Class with authorized denominations and a like
        aggregate Percentage Interest, upon surrender of such Certificate to be
        exchanged at any office or agency of the Securities Administrator maintained
        for
        such purpose pursuant to Section 9.11. Whenever any Certificates are so
        surrendered for exchange, the Securities Administrator shall execute,
        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. In addition, with
        respect to each Class R Certificate, the holder thereof may exchange, in
        the
        manner described above, such Class R Certificate for three separate
        certificates, each representing such holder's respective Percentage Interest
        in
        the Class R-I Interest, the Class R-II Interest and the Class R-III Interest,
        respectively, in each case that was evidenced by the Class R Certificate
        being
        exchanged.

       

      (g) No
        transfer of any Class CE Certificate shall be made unless the proposed
        transferee of such Class CE Certificate (1) provides to the Securities
        Administrator the appropriate tax certification forms that would eliminate
        any
        withholding or deduction for taxes from amounts payable by the Swap Provider
        to
        the Securities Administrator pursuant to the Swap Agreement (i.e., IRS Form
        W-9
        or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or any successor
        form thereto), together with any applicable attachments) and (2) agrees to
        update such forms (a) upon expiration of any such form, (b) as required under
        then applicable U.S. Treasury regulations and (c) promptly upon learning
        that
        any such form has become obsolete or incorrect, each as a condition to such
        transfer so long as they are in physical form. In addition, no transfer of
        any
        Class CE Certificate shall be made if such transfer would cause the Supplemental
        Interest Trust to be beneficially owned by two or more persons for federal
        income tax purposes, or continue to be so treated, unless (i) each proposed
        transferee of such Class CE Certificate complies with the foregoing conditions,
        (ii) the proposed majority holder of the Class CE Certificates (or each holder,
        if there is or would be no majority holder) (A) provides, or causes to be
        provided, on behalf of the Supplemental Interest Trust, if applicable, the
        appropriate tax certification form that would be required from the Supplemental
        Interest Trust to eliminate any withholding or deduction for taxes from amounts
        payable by the Swap Provider to the Securities Administrator pursuant the
        Swap
        Agreement (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI,
        as
        applicable (or any successor form thereto), together with any applicable
        attachments) and (B) agrees to update such forms (x) upon expiration of any
        such
        form, (y) as required under then applicable U.S. Treasury regulations and
        (z)
        promptly upon learning that any such form has become obsolete or incorrect.
        If,
        under applicable U.S. Treasury regulations, such tax certification form may
        only
        be signed by a trustee acting on behalf of the Supplemental Interest Trust,
        then
        the Securities Administrator, the Trustee or the Supplemental Interest Trust
        Trustee, as appropriate, shall sign such certification form if so requested
        by a
        holder of the Class CE Certificates. Upon receipt of any tax certification
        form
        pursuant to the preceding conditions from a proposed transferee of any Class
        CE
        Certificate, the Securities Administrator shall forward each tax certification
        form attributable to the Swap Agreement to the Swap Provider so long as the
        Securities Administrator is permitted to provide such tax certification form.
        Each holder of a Class CE Certificate and each transferee thereof shall be
        deemed to have consented to the Securities Administrator forwarding to Swap
        Provider any tax certification form it has provided and updated in accordance
        with these transfer restrictions. Any purported sales or transfers of any
        Class
        CE Certificate to a transferee which does not comply with the requirements
        of
        this paragraph shall be deemed null and void under this Agreement. In the
        event
        that the Securities Administrator is unable to provide a tax certification
        pursuant to this paragraph, it shall immediately notify the Sponsor, the
        Depositor and the Swap Provider.

       

      
        
          
          

        

        
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      (h) 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.

       

      (i) All
        Certificates surrendered for transfer and exchange shall be canceled and
        destroyed by the Securities Administrator in accordance with its customary
        procedures.

       

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

       

      If
        (i)
        any mutilated Certificate is surrendered to the Securities Administrator,
        or the
        Securities Administrator receives evidence to its satisfaction of the
        destruction, loss or theft of any Certificate and of the ownership thereof,
        and
        (ii) there is delivered to each of the Securities Administrator and the
        Class A Certificate Insurer such security or indemnity as may be required
        by it to save it harmless, then, in the absence of actual knowledge by the
        Securities Administrator that such Certificate has been acquired by a protected
        purchaser, the Securities Administrator, shall execute, 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 denomination
        and Percentage Interest. Upon the issuance of any new Certificate under 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
        Securities Administrator) connected therewith. Any replacement Certificate
        issued pursuant to this Section shall constitute complete and indefeasible
        evidence of ownership in the applicable REMIC created hereunder, as if
        originally issued, whether or not the lost, stolen or destroyed Certificate
        shall be found at any time.

       

      SECTION
        6.04. Persons
        Deemed Owners.

       

      The
        Depositor, the Servicer, the Trustee, the Master Servicer, the Securities
        Administrator, the Class A Certificate Insurer 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 pursuant to Section
        5.01 and for all other purposes whatsoever, and none of the Depositor, the
        Servicer, the Trustee, the Master Servicer, the Securities Administrator,
        the
        Class A Certificate Insurer or any agent of any of them shall be affected
        by notice to the contrary.

       

      
        
          
          

        

        
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      SECTION
        6.05. Certain
        Available Information.

       

      On
        or
        prior to the date of the first sale of any Class CE Certificate, Class P
        Certificate or Residual Certificate to an Independent third party, the Depositor
        shall provide to the Securities Administrator ten copies of any private
        placement memorandum or other disclosure document used by the Depositor in
        connection with the offer and sale of such Certificate. In addition, if any
        such
        private placement memorandum or disclosure document is revised, amended or
        supplemented at any time following the delivery thereof to the Securities
        Administrator, the Depositor promptly shall inform the Securities Administrator
        of such event and shall deliver to the Securities Administrator ten copies
        of
        the private placement memorandum or disclosure document, as revised, amended
        or
        supplemented. The Securities Administrator shall maintain at its office as
        set
        forth in Section 12.05 hereof and shall make available free of charge during
        normal business hours for review by any Holder of a Certificate or any Person
        identified to the Securities Administrator as a prospective transferee of
        a
        Certificate, originals or copies of the following items: (i) in the case
        of a
        Holder or prospective transferee of a Class CE Certificate, Class P Certificate
        or Residual Certificate, the related private placement memorandum or other
        disclosure document relating to such Class of Certificates, in the form most
        recently provided to the Securities Administrator; and (ii) in all cases,
        (A)
        this Agreement and any amendments hereof entered into pursuant to Section
        12.01,
        (B) all monthly statements required to be delivered to Certificateholders
        of the
        relevant Class pursuant to Section 5.02 since the Closing Date, and all other
        notices, reports, statements and written communications delivered to the
        Class A Certificate Insurer and/or the Certificateholders of the relevant
        Class pursuant to this Agreement since the Closing Date and (C) any copies
        of
        all Officers’ Certificates of the Servicer since the Closing Date delivered to
        the Master Servicer to evidence such Person’s determination that any P&I
        Advance or Servicing Advance was, or if made, would be a Nonrecoverable P&I
        Advance or Nonrecoverable Servicing Advance. Copies and mailing of any and
        all
        of the foregoing items will be available from the Securities Administrator
        upon
        request at the expense of the Person requesting the same.

       

      
        
          
          

        

        
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      ARTICLE
        VII

       

      THE
        DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

       

      SECTION
        7.01. Liability
        of the Depositor, the Servicer and the Master Servicer.

       

      The
        Depositor, the Servicer and the Master Servicer each shall be liable in
        accordance herewith only to the extent of the obligations specifically imposed
        by this Agreement upon them in their respective capacities as Depositor,
        Servicer and Master Servicer and undertaken hereunder by the Depositor, the
        Servicer and the Master Servicer herein.

       

      SECTION
        7.02. Merger
        or
        Consolidation of the Depositor, the Servicer or the Master Servicer.

       

      Subject
        to the following paragraph, the Depositor will keep in full effect its
        existence, rights and franchises as a corporation under the laws of the
        jurisdiction of its incorporation. Subject to the following paragraph, the
        Servicer will keep in full effect its existence, rights and franchises as
        a
        limited liability company under the laws of the jurisdiction of its formation.
        Subject to the following paragraph, the Master Servicer will keep in full
        effect
        its existence, rights and franchises as a national banking association. The
        Depositor, the Servicer and the Master Servicer each will obtain and preserve
        its qualification to do business as a foreign entity in each jurisdiction
        in
        which such qualification is or shall be necessary to protect the validity
        and
        enforceability of this Agreement, the Certificates or any of the Mortgage
        Loans
        and to perform its respective duties under this Agreement.

       

      The
        Depositor, the Servicer or the Master Servicer may be merged or consolidated
        with or into any Person, or transfer all or substantially all of its assets
        to
        any Person, in which case any Person resulting from any merger or consolidation
        to which the Depositor, the Servicer or the Master Servicer shall be a party,
        or
        any Person succeeding to the business of the Depositor, the Servicer or the
        Master Servicer, shall be the successor of the Depositor, the Servicer or
        the
        Master Servicer, as the case may be, hereunder, without the execution or
        filing
        of any paper or any further act on the part of any of the parties hereto,
        anything herein to the contrary notwithstanding; provided, however, that
        any
        successor to the Servicer or the Master Servicer shall meet the eligibility
        requirements set forth in clauses (i) and (iii) of the last paragraph of
        Section
        8.02(a) or Section 7.06, as applicable.

       

      SECTION
        7.03. Limitation
        on Liability of the Depositor, the Servicer, the Master Servicer and
        Others.

       

      None
        of
        the Depositor, the Servicer, the Securities Administrator, the Master Servicer
        or any of the directors, officers, employees or agents of the Depositor,
        the
        Servicer or the Master Servicer shall be under any liability to the Trust
        Fund
        or the Certificateholders for any action taken or for refraining from the
        taking
        of any action in good faith pursuant to this Agreement, or for errors in
        judgment; provided, however, that this provision shall not protect the
        Depositor, the Servicer, the Securities Administrator, the Master Servicer
        or
        any such person against any breach of warranties, representations or covenants
        made herein or against any specific liability imposed on any such Person
        pursuant hereto or against any liability which would otherwise be imposed
        by
        reason of willful misfeasance, bad faith or gross negligence in the performance
        of duties or by reason of reckless disregard of obligations and duties
        hereunder. The Depositor, the Servicer, the Securities Administrator, the
        Master
        Servicer and any director, officer, employee or agent of the Depositor, the
        Servicer, the Securities Administrator and the Master Servicer may rely in
        good
        faith on any document of any kind which, prima facie, is properly executed
        and
        submitted by any Person respecting any matters arising hereunder. The Depositor,
        the Servicer, the Securities Administrator, the Master Servicer and any
        director, officer, employee or agent of the Depositor, the Servicer, the
        Securities Administrator or the Master Servicer shall be indemnified and
        held
        harmless by the Trust Fund against any loss, liability or expense incurred
        in
        connection with any legal action relating to this Agreement, the Certificates,
        the Mortgage Loan Purchase Agreement, the Assignment Agreement or any Credit
        Risk Management Agreement or any loss, liability or expense incurred other
        than
        by reason of willful misfeasance, bad faith or gross negligence in the
        performance of duties hereunder or by reason of reckless disregard of
        obligations and duties hereunder and with respect to the Servicer, the Master
        Servicer and the Securities Administrator, up to an aggregate total amount
        as
        set forth below. None of the Depositor, the Servicer, the Securities
        Administrator or the Master Servicer shall be under any obligation to appear
        in,
        prosecute or defend any legal action unless such action is related to its
        respective duties under this Agreement and, in its opinion, does not involve
        it
        in any expense or liability; provided, however, that each of the Depositor,
        the
        Servicer, the Securities Administrator and the Master Servicer may in its
        discretion undertake any such action which it may deem necessary or desirable
        with respect to this Agreement and the rights and duties of the parties hereto
        and the interests of the Class A Certificate Insurer and/or the
        Certificateholders hereunder. In such event, the legal expenses and costs
        of
        such action and any liability resulting therefrom (except any loss, liability
        or
        expense incurred by reason of willful misfeasance, bad faith or gross negligence
        in the performance of duties hereunder or by reason of reckless disregard
        of
        obligations and duties hereunder) shall be expenses, costs and liabilities
        of
        the Trust Fund, the Depositor, the Servicer, the Securities Administrator
        and
        the Master Servicer shall be entitled to be reimbursed therefor from the
        Collection Account or the Distribution Account as and to the extent provided
        in
        Article III and Article IV, and with respect to the Servicer, the Master
        Servicer and the Securities Administrator, up to an aggregate total amount
        as
        set forth below, any such right of reimbursement being prior to the rights
        of
        the Certificateholders to receive any amount in the Collection Account and
        the
        Distribution Account. The cumulative aggregate amount to be distributed pursuant
        to this Section 7.03 with respect to the Servicer, the Master Servicer and
        the
        Securities Administrator and pursuant to Section 9.05 with respect to the
        Trustee, shall not exceed $500,000 per annum; provided, that, if the
        indemnification expenses in any given year exceed $500,000, such excess amount
        shall be carried forward to the following year and any subsequent year(s)
        thereafter until the indemnified party or parties are reimbursed in
        full.

       

      
        
          
          

        

        
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      Notwithstanding
        anything to the contrary contained herein, the Servicer shall not be liable
        for
        any actions or inactions prior to the Cut-off Date of any prior servicer
        of the
        related Mortgage Loans and the Master Servicer shall not be liable for any
        action or inaction of the Servicer, except to the extent expressly provided
        herein, or the Credit Risk Management Agreement.

       

      
        
          
          

        

        
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      SECTION
        7.04. Limitation
        on Resignation of the Servicer.

       

      (a) Except
        as
        expressly provided herein, the Servicer shall not assign all or substantially
        all of its rights under this Agreement or the servicing hereunder nor delegate
        all or substantially all of its duties hereunder or sell or otherwise dispose
        of
        all or substantially all of its property or assets without, in each case,
        the
        prior written consent of the Master Servicer and the Class A Certificate
        Insurer, which consent shall not be unreasonably withheld; provided, that
        in
        each case, there must be delivered to the Trustee, the Master Servicer and
        the
        Class A Certificate Insurer a letter from each Rating Agency to the effect
        that such transfer of servicing or sale or disposition of assets will not
        result
        in a qualification, withdrawal or downgrade of the then-current rating of
        any of
        the Certificates without regard to the Policy (the “Rating Condition”).
        Notwithstanding the foregoing, the Servicer, without the consent of the Trustee,
        the Master Servicer or the Class A Certificate Insurer, may retain
        third-party contractors to perform certain servicing and loan administration
        functions, including without limitation hazard insurance administration,
        tax
        payment and administration, flood certification and administration, collection
        services and similar functions, provided, however, that the retention of
        such
        contractors by the Servicer shall not limit the obligation of the Servicer
        to
        service the related Mortgage Loans pursuant to the terms and conditions of
        this
        Agreement. No Servicer shall resign from the obligations and duties hereby
        imposed on it except (i) upon determination that its duties hereunder are
        no
        longer permissible under applicable law or (ii) upon the Servicer’s written
        proposal of a successor servicer reasonably acceptable to each of the Sponsor,
        the Depositor, the Class A Certificate Insurer and the Master Servicer. No
        such resignation under clause (i) above shall become effective unless evidenced
        by an Opinion of Counsel to such effect obtained at the expense of the Servicer
        and delivered to the Trustee, the Class A Certificate Insurer and the
        Rating Agencies. No such resignation of the Servicer under clause (ii) shall
        be
        effective unless:

       

      (i) the
        proposed successor Servicer is (1) an affiliate of the Master Servicer that
        services mortgage loans similar to the Mortgage Loans in the jurisdictions
        in
        which the related Mortgaged Properties are located or (2) the proposed successor
        Servicer has a rating of at least “Above Average” by S&P and either a rating
        of at least “RPS2” by Fitch or a rating of at least “SQ2” by
        Moody’s;

       

      (ii) the
        Rating Agencies have confirmed to the Trustee and the Class A Certificate
        Insurer that the appointment of the proposed successor servicer as the servicer
        under this Agreement will not result in the reduction or withdrawal of the
        then
        current ratings of any of the Certificates (without regard to the Policy);
        and

       

      (iii) the
        proposed successor servicer has a net worth of at least
        $25,000,000.

       

      Notwithstanding
        anything to the contrary, no resignation of the Servicer shall become effective
        until the Master Servicer or a successor servicer shall have assumed the
        Servicer’s responsibilities, duties, liabilities (other than those liabilities
        arising prior to the appointment of such successor) and obligations under
        this
        Agreement and, if such successor is appointed during the period in which
        the
        Trust is subject to the Exchange Act reporting requirements, the successor
        servicer shall have provided any disclosure or other information required
        under
        Regulation AB. The Master Servicer shall notify the Credit Risk Manager of
        any
        transfer of servicing pursuant to this Section 7.04. 

       

      
        
          
          

        

        
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      (b) Except
        as
        expressly provided herein, no Servicer shall 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 Servicer hereunder.
        The
        foregoing prohibition on assignment shall not prohibit the Servicer from
        designating a Sub-Servicer as payee of any indemnification amount payable
        to the
        Servicer hereunder; provided, however, that as provided in Section 3.02,
        no
        Sub-Servicer shall be a third-party beneficiary hereunder and the parties
        hereto
        shall not be required to recognize any Sub-Servicer as an indemnitee under
        this
        Agreement. 

       

      SECTION
        7.05. Limitation
        on Resignation of the Master Servicer.

       

      The
        Master Servicer shall not resign from the obligations and duties hereby imposed
        on it except upon determination that its duties hereunder are no longer
        permissible under applicable law. Any such determination pursuant to the
        preceding sentence permitting the resignation of the Master Servicer shall
        be
        evidenced by an Opinion of Counsel to such effect obtained at the expense
        of the
        Master Servicer and delivered to the Trustee, the Class A Certificate
        Insurer and the Rating Agencies. No resignation of the Master Servicer shall
        become effective until the Trustee or a successor Master Servicer meeting
        the
        criteria specified in Section 7.06 shall have assumed the Master Servicer’s
        responsibilities, duties, liabilities (other than those liabilities arising
        prior to the appointment of such successor) and obligations under this
        Agreement.

       

      SECTION
        7.06. Assignment
        of Master Servicing.

      
      

      The
        Master Servicer may sell and assign its rights and delegate its duties and
        obligations in its entirety as Master Servicer under this Agreement; provided,
        however, that: (i) the purchaser or transferee accept in writing such assignment
        and delegation and assume the obligations of the Master Servicer hereunder
        (a)
        shall have a net worth of not less than $25,000,000 (unless otherwise approved
        by each Rating Agency pursuant to clause (ii) below); (b) shall be reasonably
        satisfactory to the Trustee (as evidenced in a writing signed by the Trustee)
        and satisfactory to the Class A Certificate Insurer (as evidenced in a
        writing signed by the Class A Certificate Insurer); and (c) shall execute
        and deliver to the Trustee an agreement, in form and substance reasonably
        satisfactory to the Trustee, which contains an assumption by such Person
        of the
        due and punctual performance and observance of each covenant and condition
        to be
        performed or observed by it as master servicer under this Agreement, any
        custodial agreement from and after the effective date of such agreement;
        (ii)
        each Rating Agency shall be given prior written notice of the identity of
        the
        proposed successor to the Master Servicer and each Rating Agency’s rating of the
        Certificates in effect immediately prior to such assignment, sale and delegation
        will not be downgraded, qualified or withdrawn as a result of such assignment,
        sale and delegation (without regard to the Policy), as evidenced by a letter
        to
        such effect delivered to the Master Servicer and the Trustee; and (iii) the
        Master Servicer assigning and selling the master servicing shall deliver
        to the
        Trustee and the Class A Certificate Insurer an Officer’s Certificate and an
        Opinion of Independent counsel, each stating that all conditions precedent
        to
        such action under this Agreement have been completed and such action is
        permitted by and complies with the terms of this Agreement. No such assignment
        or delegation shall affect any liability of the Master Servicer arising out
        of
        acts or omissions prior to the effective date thereof.

       

      
        
          
          

        

        
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      SECTION
        7.07. Rights
        of
        the Depositor in Respect of the Servicer and the Master Servicer.

       

      Each
        of
        the Master Servicer and the Servicer shall afford (and any Sub-Servicing
        or
        sub-contracting agreement shall provide that each Sub-Servicer or Subcontractor,
        as applicable shall afford) the Depositor, the Class A Certificate Insurer
        and the Trustee, upon reasonable notice, during normal business hours, access
        to
        all records maintained by the Master Servicer or the Servicer (and any such
        Sub-Servicer or Subcontractor, as applicable) in respect of the Servicer’s
        rights and obligations hereunder and access to officers of the Master Servicer
        or the Servicer (and those of any such Sub-Servicer or Subcontractor, as
        applicable) responsible for such obligations, and the Master Servicer shall
        have
        access to all such records maintained by the Servicer and any Sub-Servicer
        or
        Subcontractors. Upon request, each of the Master Servicer and the Servicer
        shall
        furnish to the Depositor, the Class A Certificate Insurer and the Trustee
        its (and any such Sub-Servicer’s or Subcontractor’s) most recent financial
        statements and such other information relating to the Master Servicer’s or the
        Servicer’s capacity to perform its obligations under this Agreement as it
        possesses (and that any such Sub-Servicer or Subcontractor possesses). To
        the
        extent that the Master Servicer or the Servicer informs the Depositor, the
        Class A Certificate Insurer and the Trustee that such information is not
        otherwise available to the public, the Depositor, the Class A Certificate
        Insurer and the Trustee shall not disseminate any information obtained pursuant
        to the preceding two sentences without the Master Servicer’s or the Servicer’s
        written consent, except as required pursuant to this Agreement or to the
        extent
        that it is appropriate to do so (i) to its legal counsel, auditors, taxing
        authorities or other governmental agencies and the Certificateholders, (ii)
        pursuant to any law, rule, regulation, order, judgment, writ, injunction
        or
        decree of any court or governmental authority having jurisdiction over the
        Depositor, the Class A Certificate Insurer and the Trustee or the Trust
        Fund, and in any case, the Depositor, the Class A Certificate Insurer or
        the Trustee, (iii) disclosure of any and all information that is or becomes
        publicly known, or information obtained by the Trustee or the Class A
        Certificate Insurer from sources other than the Depositor, the Servicer or
        the
        Master Servicer, (iv) disclosure as required pursuant to this Agreement or
        (v)
        disclosure of any and all information (A) in any preliminary or final offering
        circular, registration statement or contract or other document pertaining
        to the
        transactions contemplated by the Agreement approved in advance by the Depositor,
        the Class A Certificate Insurer, the Servicer or the Master Servicer or (B)
        to any affiliate, independent or internal auditor, agent, employee or attorney
        of the Trustee or the Class A Certificate Insurer having a need to know the
        same, provided that the Trustee or the Class A Certificate Insurer advises
        such recipient of the confidential nature of the information being disclosed,
        shall use its best efforts to assure the confidentiality of any such
        disseminated non-public information. Nothing in this Section 7.07 shall limit
        the obligation of the Servicer to comply with any applicable law prohibiting
        disclosure of information regarding the Mortgagors and the failure of the
        Servicer to provide access as provided in this Section 7.07 as a result of
        such
        obligation shall not constitute a breach of this Section. Nothing in this
        Section 7.07 shall require the Servicer to collect, create, collate or otherwise
        generate any information that it does not generate in its usual course of
        business. The Servicer shall not be required to make copies of or ship documents
        to any party unless provisions have been made for the reimbursement of the
        costs
        thereof. The Depositor and the Sponsor, each, may, but is not obligated to,
        enforce the obligations of the Master Servicer and the Servicer under this
        Agreement and may, but is not obligated to, perform, or cause a designee
        to
        perform, any defaulted obligation of the Master Servicer or the Servicer
        under
        this Agreement or exercise the rights of the Master Servicer or the Servicer
        under this Agreement; provided that neither the Master Servicer nor the Servicer
        shall be relieved of any of its obligations under this Agreement by virtue
        of
        such performance by the Depositor, the Sponsor or their designees. Neither
        the
        Depositor nor the Sponsor shall have any responsibility or liability for
        any
        action or failure to act by the Master Servicer or the Servicer and is not
        obligated to supervise the performance of the Master Servicer or the Servicer
        under this Agreement or otherwise.

       

      
        
          
          

        

        
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      SECTION
        7.08. Duties
        of
        the Credit Risk Manager. 

       

      For
        and
        on behalf of the Depositor and the Sponsor, the Credit Risk Manager will
        provide
        reports and recommendations concerning certain delinquent and defaulted Mortgage
        Loans, and as to the collection of any Prepayment Charges with respect to
        the
        Mortgage Loans. Such reports and recommendations will be based upon information
        provided to the Credit Risk Manager pursuant to the Credit Risk Management
        Agreements, and the Credit Risk Manager shall look solely to the Servicer
        and/or
        Master Servicer for all information and data (including loss and delinquency
        information and data) relating to the servicing of the related Mortgage Loans.
        

       

      SECTION
        7.09. Limitation
        Upon Liability of the Credit Risk Manager. 

       

      Neither
        the Credit Risk Manager, nor any of its directors, officers, employees, or
        agents shall be under any liability to the Trustee, the Certificateholders,
        or
        the Depositor for any action taken or for refraining from the taking of any
        action made in good faith pursuant to this Agreement, in reliance upon
        information provided by the Servicer or the Master Servicer under the related
        Credit Risk Management Agreement, or for errors in judgment; provided, however,
        that this provision shall not protect the Credit Risk Manager or any such
        person
        against liability that would otherwise be imposed by reason of willful
        malfeasance or bad faith in its performance of its duties. The Credit Risk
        Manager and any director, officer, employee, or agent of the Credit Risk
        Manager
        may rely in good faith on any document of any kind prima facie properly executed
        and submitted by any Person respecting any matters arising hereunder, and
        may
        rely in good faith upon the accuracy of information furnished by the Servicer
        or
        the Master Servicer pursuant to the related Credit Risk Management Agreement
        in
        the performance of its duties thereunder and hereunder.

       

      SECTION
        7.10. Removal
        of the Credit Risk Manager.

       

      
        
          
          

        

        
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      The
        Credit Risk Manager may be removed as Credit Risk Manager by the Class A
        Certificate Insurer or if there has been a continuing Class A Certificate
        Insurer default under the Insurance Agreement by Certificateholders holding
        not
        less than 66 2/3% of the Voting Rights in the Trust Fund, in the exercise
        of its
        or their sole discretion. The Class A Certificate Insurer, shall provide
        written
        notice of the Credit Risk Manager’s removal to the Trustee. Upon receipt of such
        notice and in the instance of removal of the Credit Risk Manager by
        certificateholders as described above, the Trustee shall provide written
        notice
        to the Credit Risk Manager of its removal, which shall be effective upon
        receipt
        of such notice by the Credit Risk Manager, with a copy to the Sponsor, the
        Securities Administrator, the Master Servicer, the Servicer, the Class A
        Certificate Insurer and each Rating Agency. Notwithstanding the foregoing,
        the
        termination of the Credit Risk Manager pursuant to this Section shall not
        become
        effective until the appointment of a successor Credit Risk Manager.

       

      

       

      
        
          
          

        

        
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      ARTICLE
        VIII

       

      DEFAULT

       

      SECTION
        8.01. Servicer
        Events of Default.

       

      (a) “Servicer
        Event of Default,” wherever used herein, means any one of the following
        events:

       

      (i) any
        failure by the Servicer to remit to the Securities Administrator for
        distribution to the Certificateholders any payment (other than a P&I Advance
        required to be made from its own funds on any Servicer Remittance Date pursuant
        to Section 5.03 of this Agreement) required to be made by the Servicer under
        the
        terms of the Certificates and this Agreement which continues unremedied until
        3:00 p.m. New York time on the Business Day immediately following the date
        upon
        which written notice of such failure, requiring the same to be remedied,
        shall
        have been given to the Servicer by the Depositor, the Sponsor, the Securities
        Administrator or the Trustee (in which case notice shall be provided by
        telecopy), or to the Servicer, the Depositor, the Sponsor and the Trustee
        by the
        Holders of Certificates entitled to at least 25% of the Voting Rights;
        or

       

      (ii) any
        failure on the part of the Servicer duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Servicer
        contained in this Agreement, or the material breach by the Servicer of any
        representation and warranty contained in Section 2.05, which 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 Servicer by the Depositor, the Sponsor or the Trustee or to the Servicer,
        the Depositor, the Sponsor, and the Trustee by the Holders of Certificates
        entitled to at least 25% of the Voting Rights; provided, however, that in
        the
        case of a failure that cannot be cured within thirty (30) days, the cure
        period
        may be extended for an additional thirty (30) days if the Servicer can
        demonstrate to the reasonable satisfaction of the Trustee that the Servicer
        is
        diligently pursuing remedial action; or

       

      (iii) a
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        in
        the premises in an involuntary case under any present or future federal or
        state
        bankruptcy, insolvency or similar law or the appointment of a conservator
        or
        receiver or liquidator in any insolvency, readjustment of debt, marshalling
        of
        assets and liabilities or similar proceeding, or for the winding-up or
        liquidation of its affairs, shall have been entered against the Servicer
        and
        such decree or order shall have remained in force undischarged or unstayed
        for a
        period of ninety (90) days; or

       

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

       

      
        
          
          

        

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

       

      (vi) failure
        by the Servicer to duly perform, within the required time period, its
        obligations under Sections 3.17, 3.18 or 3.20; or 

       

      (vii) any
        failure of the Servicer to make any P&I Advance on any Servicer Remittance
        Date required to be made from its own funds pursuant to Section 5.03 which
        continues unremedied until 3:00 p.m. New York time on the Business Day
        immediately following the Servicer Remittance Date; or

       

      (viii) failure
        of the Servicer to maintain at least an “average” rating from the Rating
        Agencies.

       

      If
        a
        Servicer Event of Default described in clauses (i) through (vi) or (viii)
        of
        this Section shall occur, then, and in each and every such case, so long
        as the
        Servicer Event of Default shall not have been remedied, the Depositor (at
        the
        Sponsor’s written direction) or the Trustee may, in each such case with the
        prior written consent of the Class A Certificate Insurer or the Trustee,
        shall,
        at the prior written direction of the Class A Certificate Insurer, in each
        case,
        so long as a default by the Class A Certificate Insurer has not occurred
        and is
        not continuing or, if a Class A Certificate Insurer default has occurred
        and is
        continuing, at the written direction of the Holders of Certificates entitled
        to
        at least 51% of Voting Rights, the Trustee shall, by notice in writing to
        the
        defaulting Servicer (and to the Class A Certificate Insurer, the Sponsor
        and the
        Depositor if given by the Trustee or to the Trustee if given by the Depositor)
        with a copy to the Master Servicer and each Rating Agency, terminate all
        of the
        rights and obligations of the defaulting Servicer in its capacity as the
        Servicer under this Agreement, to the extent permitted by law, and in and
        to the
        related Mortgage Loans and the proceeds thereof. If a Servicer Event of Default
        described in clause (vii) hereof shall occur, the Trustee shall, by notice
        in
        writing to the defaulting Servicer, the Depositor, the Sponsor, the Class A
        Certificate Insurer and the Master Servicer, terminate all of the rights
        and
        obligations of the defaulting Servicer in its capacity as the Servicer under
        this Agreement and in and to the related Mortgage Loans and the proceeds
        thereof. Subject to Section 8.02, on or after the receipt by the defaulting
        Servicer of such written notice, all authority and power of the defaulting
        Servicer under this Agreement, whether with respect to the Certificates (other
        than as a Holder of any Certificate) or the Mortgage Loans or otherwise,
        shall
        pass to and be vested in the Master Servicer pursuant to and under this Section,
        and, without limitation, the Master Servicer is hereby authorized and empowered,
        as attorney-in-fact or otherwise, to execute and deliver, on behalf of and
        at
        the expense of the defaulting Servicer, any and all documents and other
        instruments and to do or accomplish all other acts or things necessary or
        appropriate to effect the purposes of such notice of termination, whether
        to
        complete the transfer and endorsement or assignment of the Mortgage Loans
        and
        related documents, or otherwise. The defaulting Servicer agrees promptly
        (and in
        any event no later than ten (10) Business Days subsequent to such notice)
        to
        provide the Master Servicer with all documents and records requested by it
        to
        enable it to assume the defaulting Servicer’s functions under this Agreement,
        and to cooperate with the Master Servicer in effecting the termination of
        the
        defaulting Servicer’s responsibilities and rights under this Agreement,
        including, without limitation, the transfer within one (1) Business Day to
        the
        Master Servicer for administration by it of all cash amounts which at the
        time
        shall be or should have been credited by the defaulting Servicer to the
        Collection Account held by or on behalf of the defaulting Servicer or thereafter
        be received with respect to the related Mortgage Loans or any related REO
        Property (provided, however, that the defaulting Servicer shall continue
        to be
        entitled to receive all amounts accrued or owing to it under this Agreement
        on
        or prior to the date of such termination, whether in respect of P&I
        Advances, Servicing Advances, accrued and unpaid Servicing Fees or otherwise,
        and shall continue to be entitled to the benefits of Section 7.03,
        notwithstanding any such termination, with respect to events occurring prior
        to
        such termination). Reimbursement of unreimbursed P&I Advances, Servicing
        Advances and accrued and unpaid Servicing Fees shall be made on a first in,
        first out (“FIFO”) basis no later than the Servicer Remittance Date. For
        purposes of this Section 8.01(a), the Trustee shall not be deemed to have
        knowledge of a Servicer Event of Default unless a Responsible Officer of
        the
        Trustee assigned to and working in the Trustee’s Corporate Trust Office has
        actual knowledge thereof or unless written notice of any event which is in
        fact
        such a Servicer Event of Default is received by the Trustee at its Corporate
        Trust Office and such notice references the Certificates, the Trust or this
        Agreement. The Trustee shall promptly notify the Master Servicer, the
        Class A Certificate Insurer and the Rating Agencies of the occurrence of a
        Servicer Event of Default of which it has knowledge as provided
        above.

       

      
        
          
          

        

        
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      The
        Master Servicer shall be entitled to be reimbursed by the defaulting Servicer
        (or from amounts on deposit in the Distribution Account if the defaulting
        Servicer is unable to fulfill its obligations hereunder) for all reasonable
        out-of-pocket or third party costs associated with the transfer of servicing
        from the defaulting Servicer, including without limitation, any reasonable
        out-of-pocket or third party 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 Master Servicer to correct
        any
        errors or insufficiencies in the servicing data or otherwise to enable the
        Master Servicer to service the related Mortgage Loans properly and effectively,
        upon presentation of reasonable documentation of such costs and
        expenses.

       

      (b) “Master
        Servicer Event of Default,” wherever used herein, means any one of the following
        events:

       

      (i) any
        failure on the part of the Master Servicer duly to observe or perform in
        any
        material respect any other of the covenants or agreements on the part of
        the
        Master Servicer contained in this Agreement, or the breach by the Master
        Servicer of any representation and warranty contained in Section 2.04, which
        continues unremedied for a period of 30 days after the date on which written
        notice of such failure, or after such other period as set forth in this
        Agreement, requiring the same to be remedied, shall have been given to the
        Master Servicer by the Depositor, the Sponsor or the Trustee or to the Master
        Servicer, the Depositor and the Trustee by the Holders of Certificates entitled
        to at least 25% of the Voting Rights; or

       

      (ii) a
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        in
        the premises in an involuntary case under any present or future federal or
        state
        bankruptcy, insolvency or similar law or the appointment of a conservator
        or
        receiver or liquidator in any insolvency, readjustment of debt, marshalling
        of
        assets and liabilities or similar proceeding, 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 90 days; or

       

      
        
          
          

        

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

       

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

       

      (v) failure
        by the Master Servicer to duly perform, within the required time period,
        its
        obligations under Sections 4.15, 4.16, 4.17 or 4.18.

       

      If
        a
        Master Servicer Event of Default shall occur, then, and in each and every
        such
        case, so long as such Master Servicer Event of Default shall not have been
        remedied, the Depositor (at the Sponsor’s written direction) or the Trustee may,
        in each such case with the written consent of the Class A Certificate Insurer
        and the Trustee shall at the written direction of the Class A Certificate
        Insurer or, if a Class A Certificate Insurer default has occurred and is
        continuing, the Holders of Certificates entitled to at least 51% of the Voting
        Rights, by notice in writing to the Master Servicer (and to the Class A
        Certificate Insurer, the Sponsor and the Depositor if given by the Trustee
        or to
        the Trustee if given by the Depositor), with a copy to each Rating Agency,
        terminate all of the rights and obligations of the Master Servicer in its
        capacity as Master Servicer under this Agreement, to the extent permitted
        by
        law, and in and to the Mortgage Loans and the proceeds thereof. On or after
        the
        receipt by the Master Servicer of such written notice, all authority and
        power
        of the Master Servicer under this Agreement, whether with respect to the
        Certificates (other than as a Holder of any Certificate) or the Mortgage
        Loans
        or otherwise including, without limitation, the compensation payable to the
        Master Servicer under this Agreement, shall pass to and be vested in the
        Trustee
        pursuant to and under this Section, and, without limitation, the Trustee
        is
        hereby authorized and empowered, as attorney-in-fact or otherwise, to execute
        and deliver, on behalf of and at the expense of the Master Servicer, any
        and all
        documents and other instruments and to do or accomplish all other acts or
        things
        necessary or appropriate to effect the purposes of such notice of termination,
        whether to complete the transfer and endorsement or assignment of the Mortgage
        Loans and related documents, or otherwise. The Master Servicer agrees promptly
        (and in any event no later than ten Business Days subsequent to such notice)
        to
        provide the Trustee with all documents and records requested by it to enable
        it
        to assume the Master Servicer’s functions under this Agreement, and to cooperate
        with the Trustee in effecting the termination of the Master Servicer’s
        responsibilities and rights under this Agreement (provided, however, that
        the
        Master Servicer shall continue to be entitled to receive all amounts accrued
        or
        owing to it under this Agreement on or prior to the date of such termination
        and
        shall continue to be entitled to the benefits of Section 7.03, notwithstanding
        any such termination, with respect to events occurring prior to such
        termination). For purposes of this Section 8.01(b), the Trustee shall not be
        deemed to have knowledge of a Master Servicer Event of Default unless a
        Responsible Officer of the Trustee assigned to and working in the Trustee’s
        Corporate Trust Office has actual knowledge thereof or unless written notice
        of
        any event which is in fact such a Master Servicer Event of Default is received
        by the Trustee and such notice references the Certificates, the Trust or
        this
        Agreement. The Trustee shall promptly notify the Rating Agencies and the
        Class A Certificate Insurer of the occurrence of a Master Servicer Event of
        Default of which it has knowledge as provided above.

       

      
        
          
          

        

        
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      On
        and
        after the time the Master Servicer receives a notice of termination, the
        Trustee
        shall be the successor in all respects to the Master Servicer (and, if
        applicable, the Securities Administrator) in its capacity as Master Servicer
        (and, if applicable, the Securities Administrator) under this Agreement and
        the
        transactions set forth or provided for herein, and all the responsibilities,
        duties and liabilities relating thereto and arising thereafter shall be assumed
        by the Trustee (except for any representations or warranties of the Master
        Servicer under this Agreement, the responsibilities, duties and liabilities
        contained in Section 2.03 and the obligation to deposit amounts in respect
        of
        losses pursuant to Section 3.10) by the terms and provisions hereof including,
        without limitation, but subject to the Master Servicer’s and Trustee’s
        determination of recoverability, the Master Servicer’s obligations to make
        P&I Advances no later than each Distribution Date pursuant to Section 5.03;
        provided, however, that if the Trustee is prohibited by law or regulation
        from
        obligating itself to make advances regarding delinquent mortgage loans, then
        the
        Trustee shall not be obligated to make P&I Advances pursuant to Section
        5.03; and provided further, that any failure to perform such duties or
        responsibilities caused by the Master Servicer’s failure to provide information
        required by Section 8.01 shall not be considered a default by the Trustee
        as
        successor to the Master Servicer hereunder and neither the Trustee nor any
        other
        successor master servicer shall be liable for any acts or omissions of the
        terminated master servicer. As compensation therefor, the Trustee shall be
        entitled to the Master Servicing Fee and all funds relating to the Loans,
        investment earnings on the Distribution Account and all other remuneration
        to
        which the Master Servicer would have been entitled if it had continued to
        act
        hereunder.

       

      To
        the
        extent that the costs and expenses of the Trustee related to the termination
        of
        the Master Servicer, appointment of a successor Master Servicer or the transfer
        and assumption of the master servicing by the Trustee (including, without
        limitation, (i) all legal costs and expenses and all due diligence costs
        and
        expenses associated with an evaluation of the potential termination of the
        Master Servicer as a result of a Master Servicer Event of Default and (ii)
        all
        costs and expenses associated with the complete transfer of the master
        servicing, including all servicing files and all servicing data and the
        completion, correction or manipulation of such servicing data as may be required
        by the successor Master Servicer to correct any errors or insufficiencies
        in the
        servicing data or otherwise to enable the successor Master Servicer to master
        service the Mortgage Loans in accordance with this Agreement) are not fully
        and
        timely reimbursed by the terminated Master Servicer, the Trustee shall be
        entitled to reimbursement of such costs and expenses from the Distribution
        Account up to an aggregate total amount of $500,000 per annum; provided,
        that,
        if such costs and expenses relating to any master servicing transfer exceed
        $500,000 in any given year, such excess amount will be carried forward to
        the
        following year and any subsequent year(s) thereafter until the Trustee is
        reimbursed in full. 

       

      Notwithstanding
        the foregoing, the Trustee may, if it shall be unwilling to continue to act,
        or
        shall, if it is unable to so act, appoint, or petition a court of competent
        jurisdiction to appoint on its own behalf, any established housing and home
        finance institution servicer, master servicer, servicing or mortgage servicing
        institution (provided, the appointment of such institution shall be subject
        to
        the prior written consent of the Class A Certificate Insurer, which consent
        shall not be unreasonably withheld) having a net worth of not less than
        $25,000,000 and meeting such other standards for a successor master servicer
        as
        are set forth in this Agreement, as the successor to such Master Servicer
        in the
        assumption of all of the responsibilities, duties or liabilities of a master
        servicer.

       

      
        
          
          

        

        
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      Neither
        the Trustee nor any other successor master servicer shall be deemed to be
        in
        default hereunder by reason of any failure to make, or any delay in making,
        any
        distribution hereunder or any portion thereof or any failure to perform,
        or any
        delay in performing, any duties or responsibilities hereunder, in either
        case
        caused by the failure of the Master Servicer to deliver or provide, or any
        delay
        in delivering or providing, any cash, information, documents or records to
        it.

       

      SECTION
        8.02. Master
        Servicer to Act; Appointment of Successor.

       

      (a) Subject
        to the following paragraph, on and after the time the Servicer receives a
        notice
        of termination, the Master Servicer shall be the successor in all respects
        to
        the Servicer in its capacity as the Servicer under this Agreement and the
        transactions set forth or provided for herein, and all the responsibilities,
        duties and liabilities relating thereto and arising thereafter shall be assumed
        by the Master Servicer (except for any representations or warranties of the
        Servicer under this Agreement, the responsibilities, duties and liabilities
        contained in Section 2.03 and the obligation to deposit amounts in respect
        of
        losses pursuant to Section 3.10(b)) by the terms and provisions hereof
        including, without limitation, the Servicer’s obligations to make P&I
        Advances pursuant to Section 5.03 of this Agreement; provided, however, that
        if
        the Master Servicer is prohibited by law or regulation as evidenced in an
        opinion of counsel provided to the Trustee and the Class A Certificate
        Insurer from obligating itself to make advances regarding delinquent mortgage
        loans, then the Master Servicer shall not be obligated to make P&I Advances
        pursuant to Section 5.03 of this Agreement; and provided further, that any
        failure to perform such duties or responsibilities caused by the Servicer’s
        failure to provide information required by Section 8.01 shall not be considered
        a default by the Master Servicer as successor to the Servicer hereunder;
        provided, however, that while all advancing obligations shall begin immediately
        (1) it is understood and acknowledged by the parties hereto that there will
        be a
        period of transition (not to exceed 120 days) before the actual servicing
        functions can be fully transferred to the Master Servicer or any successor
        servicer appointed in accordance with the following provisions and (2) any
        failure to perform such duties or responsibilities caused by the Servicer’s
        failure to provide information required by Section 8.01 of this Agreement
        shall
        not be considered a default by the Master Servicer as successor to the Servicer.
        As compensation therefor, the Master Servicer shall be entitled to the Servicing
        Fee and all funds relating to the Mortgage Loans to which the terminated
        Servicer would have been entitled if it had continued to act hereunder.
        Notwithstanding the above and subject to the immediately following paragraph,
        the Master Servicer may, if it shall be unwilling to so act, or shall, if
        it is
        unable to so act promptly appoint or petition a court of competent jurisdiction
        to appoint, a Person that satisfies the eligibility criteria set forth below
        as
        the successor to the terminated Servicer under this Agreement in the assumption
        of all or any part of the responsibilities, duties or liabilities of the
        terminated Servicer under this Agreement.

       

      
        
          
          

        

        
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      Notwithstanding
        anything herein to the contrary, in no event shall the Trustee or the Master
        Servicer be liable for any Servicing Fee or Master Servicing Fee, as applicable,
        or for any differential in the amount of the Servicing Fee or Master Servicing
        Fee, as applicable, or paid hereunder and the amount necessary to induce
        any
        successor Servicer or successor Master Servicer to act as successor Servicer
        or
        successor Master Servicer under this Agreement and the transactions set forth
        or
        provided for herein.

       

      Any
        successor servicer appointed under this Agreement must (i) be an established
        mortgage loan servicing institution that is a Fannie Mae and Freddie Mac
        approved seller/servicer, (ii) be approved by each Rating Agency by a written
        confirmation from each Rating Agency that the appointment of such successor
        servicer would not result in the reduction or withdrawal of the then current
        ratings of any outstanding Class of Certificates, (iii) have a net worth
        of not
        less than $25,000,000 and (iv) assume all the responsibilities, duties or
        liabilities of the Servicer (other than liabilities of the Servicer hereunder
        incurred prior to termination of the Servicer under Section 8.01 herein)
        under
        this Agreement as if originally named as a party to this Agreement.

       

      (b) (1)
        All
        servicing transfer costs (including, without limitation, servicing transfer
        costs of the type described in Section 8.02(a) and incurred by the Trustee,
        the
        Master Servicer and any successor servicer under paragraph (b)(2) below)
        in
        connection with the termination of the Servicer shall be paid by the terminated
        Servicer upon presentation of reasonable documentation of such costs, and
        if
        such predecessor or initial Servicer, as applicable, defaults in its obligation
        to pay such costs, the successor servicer, the Master Servicer and the Trustee
        shall be entitled to reimbursement therefor from the assets of the Trust
        Fund up
        to an aggregate total amount of $500,000 per annum; provided, that, if such
        servicing transfer costs exceed $500,000 in any given year, such excess will
        be
        carried forward to the following year and any subsequent year(s) thereafter
        until the Master Servicer and/or Trustee are reimbursed in full.

       

      (2)
        No
        appointment of a successor to the Servicer under this Agreement shall be
        effective until the assumption by the successor of all of the Servicer’s
        responsibilities, duties and liabilities hereunder. In connection with such
        appointment and assumption described herein, the Trustee may make such
        arrangements for the compensation of such successor out of payments on the
        related Mortgage Loans as it and such successor shall agree; provided, however,
        that no such compensation shall be in excess of 50 basis points. The Depositor
        (at the written direction of the Sponsor), the Trustee and such successor
        shall
        take such action, consistent with this Agreement, as shall be necessary to
        effectuate any such succession. Pending appointment of a successor to the
        Servicer under this Agreement, the Master Servicer shall act in such capacity
        as
        hereinabove provided.

       

      SECTION
        8.03. Notification
        to Certificateholders.

       

      (a) Upon
        any
        termination of any Servicer or the Master Servicer pursuant to Section 8.01(a)
        or (b) or any appointment of a successor to the Servicer or the Master Servicer
        pursuant to Section 8.02, the Trustee shall give prompt written notice thereof
        to the Certificateholders at their respective addresses appearing in the
        Certificate Register.

       

      
        
          
          

        

        
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      (b) Not
        later
        than the later of sixty (60) days after the occurrence of any event, which
        constitutes or which, with notice or lapse of time or both, would constitute
        a
        Servicer Event of Default or a Master Servicer Event of Default or five (5)
        days
        after a Responsible Officer of the Trustee becomes aware of the occurrence
        of
        such an event, the Trustee shall transmit by mail to the Class A
        Certificate Insurer and all Holders of Certificates notice of each such
        occurrence, unless such default or Servicer Event of Default or Master Servicer
        Event of Default shall have been cured or waived.

       

      SECTION
        8.04. Waiver
        of
        Events of Default.

       

      Prior
        to
        and after the curing of a Class A Certificate Insurer, default under the
        Insurance Agreement, the Class A Certificate Insurer shall have the sole
        right to waive any Servicer Event of Default or Master Servicer Event of
        Default. During the continuance of a Class A Certificate Insurer default
        under the Insurance Agreement, the Holders representing at least 66% of the
        Voting Rights evidenced by all Classes of Certificates affected by any default,
        Servicer Event of Default or Master Servicer Event of Default hereunder may
        waive such default, Servicer Event of Default or Master Servicer Event of
        Default; provided, however, that a Servicer Event of Default under clause
        (i) or
        (vii) of Section 8.01(a) may be waived only by all of the Holders of the
        Regular
        Certificates. Upon any such waiver of a default, Servicer Event of Default
        or
        Master Servicer Event of Default, such default, Servicer Event of Default
        or
        Master Servicer Event of Default shall cease to exist and shall be deemed
        to
        have been remedied for every purpose hereunder. No such waiver shall extend
        to
        any subsequent or other default, Servicer Event of Default or Master Servicer
        Event of Default or impair any right consequent thereon except to the extent
        expressly so waived.

       

      
        
          
          

        

        
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      ARTICLE
        IX

       

      CONCERNING
        THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

       

      SECTION
        9.01. Duties
        of
        Trustee and Securities Administrator.

       

      The
        Trustee, prior to the occurrence of a Master Servicer Event of Default and
        after
        the curing or waiver of all Master Servicer Events of Default which may have
        occurred, and the Securities Administrator each undertake to perform such
        duties
        and only such duties as are specifically set forth in this Agreement as duties
        of the Trustee and the Securities Administrator, respectively. During the
        continuance of a Master Servicer Event of Default, the Trustee shall exercise
        such of the rights and powers vested in it by this Agreement, and use the
        same
        degree of care and skill in its exercise as a prudent person would exercise
        or
        use under the circumstances in the conduct of such person’s own affairs. Any
        permissive right of the Trustee enumerated in this Agreement shall not be
        construed as a duty.

       

      Each
        of
        the Trustee and the Securities Administrator, upon receipt of all resolutions,
        certificates, statements, opinions, reports, documents, orders or other
        instruments furnished to it, which are specifically required to be furnished
        pursuant to any provision of this Agreement, shall examine them to determine
        whether they conform to the requirements of this Agreement. If any such
        instrument is found not to conform to the requirements of this Agreement
        in a
        material manner, the Trustee or the Securities Administrator, as the case
        may
        be, shall take such action as it deems appropriate to have the instrument
        corrected, and if the instrument is not corrected to its satisfaction, the
        Securities Administrator will provide notice to the Trustee thereof and the
        Trustee will provide notice to the Certificateholders.

       

      The
        Trustee shall promptly remit to the Servicer any complaint, claim, demand,
        notice or other document (collectively, the “Notices”) delivered to the Trustee
        as a consequence of the assignment of any Mortgage Loan hereunder and relating
        to the servicing of the Mortgage Loans; provided than any such notice (i)
        is
        delivered to the Trustee at its Corporate Trust Office, (ii) contains
        information sufficient to permit the Trustee to make a determination that
        the
        real property to which such document relates is a Mortgaged Property. The
        Trustee shall have no duty hereunder with respect to any Notice it may receive
        or which may be alleged to have been delivered to or served upon it unless
        such
        Notice is delivered to it or served upon it at its Corporate Trust Office
        and
        such Notice contains the information required pursuant to clause (ii) of
        the
        preceding sentence.

       

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

       

      (i) Prior
        to
        the occurrence of a Master Servicer Event of Default and after the curing
        or
        waiver of all such Master Servicer Events of Default which may have occurred
        with respect to the Trustee and at all times with respect to the Securities
        Administrator, the duties and obligations of the Trustee shall be determined
        solely by the express provisions of this Agreement, neither the Trustee nor
        the
        Securities Administrator shall be liable except for the performance of such
        duties and obligations as are specifically set forth in this Agreement, no
        implied covenants or obligations shall be read into this Agreement against
        the
        Trustee or the Securities Administrator and, in the absence of bad faith
        on the
        part of the Trustee or the Securities Administrator, respectively, the Trustee
        or the Securities Administrator, respectively, may conclusively rely, as
        to the
        truth of the statements and the correctness of the opinions expressed therein,
        upon any certificates or opinions furnished to the Trustee or the Securities
        Administrator, respectively, that conform to the requirements of this
        Agreement;

       

      
        
          
          

        

        
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      (ii) Neither
        the Trustee nor the Securities Administrator shall be liable for an error
        of
        judgment made in good faith by a Responsible Officer or Responsible Officers
        of
        the Trustee or an officer or officers of the Securities Administrator,
        respectively, unless it shall be proved that the Trustee or the Securities
        Administrator, respectively, was negligent in ascertaining the pertinent
        facts;
        and

       

      (iii) Neither
        the Trustee nor the Securities Administrator shall be liable with respect
        to any
        action taken, suffered or omitted to be taken by it in good faith in accordance
        with the direction of the 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 the Securities
        Administrator or exercising any trust or power conferred upon the Trustee
        or the
        Securities Administrator under this Agreement.

       

      SECTION
        9.02. Certain
        Matters Affecting Trustee and Securities Administrator.

       

      (a) Except
        as
        otherwise provided in Section 9.01:

       

      (i) Before
        taking any action hereunder, the Trustee and the Securities Administrator
        may
        request and rely upon and shall be protected in acting or refraining from
        acting
        upon any resolution, Officers’ Certificate, certificate of auditors or any other
        certificate, statement, instrument, opinion, report, notice, request, consent,
        order, appraisal, bond or other paper or document reasonably believed by
        it to
        be genuine and to have been signed or presented by the proper party or
        parties;

       

      (ii) The
        Trustee and the Securities Administrator may consult with counsel of its
        selection and any 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;

       

      (iii) Neither
        the Trustee nor the Securities Administrator shall be under any obligation
        to
        exercise any of the trusts or powers vested in it by this Agreement or to
        institute, conduct or defend any litigation hereunder or in relation hereto
        at
        the request, order or direction of any of the Certificateholders, pursuant
        to
        the provisions of this Agreement, unless such Certificateholders shall have
        offered to the Trustee or the Securities Administrator, as the case may be,
        reasonable security or indemnity satisfactory to it against the costs, expenses
        and liabilities which may be incurred therein or thereby; nothing contained
        herein shall, however, relieve the Trustee of the obligation, upon the
        occurrence of a Master Servicer Event of Default (which has not been cured
        or
        waived), to exercise such of the rights and powers vested in it by this
        Agreement, and to 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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      (iv) Neither
        the Trustee nor the Securities Administrator shall 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
        this Agreement;

       

      (v) Prior
        to
        the occurrence of a Master Servicer Event of Default hereunder and after
        the
        curing or waiver of all Master Servicer Events of Default which may have
        occurred with respect to the Trustee and at all times with respect to the
        Securities Administrator, neither the Trustee nor the Securities Administrator
        shall be bound to make any investigation into the facts or matters stated
        in any
        resolution, certificate, statement, instrument, opinion, report, notice,
        request, consent, order, approval, bond or other paper or document, unless
        requested in writing to do so by the Holders of Certificates entitled to
        at
        least 25% of the Voting Rights; provided, however, that if the payment within
        a
        reasonable time to the Trustee or 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 Trustee or the Securities Administrator,
        as applicable, not reasonably assured to the Trustee or the Securities
        Administrator by such Certificateholders, the Trustee or the Securities
        Administrator, as applicable, may require reasonable indemnity satisfactory
        to
        it against such expense, or liability from such Certificateholders as a
        condition to taking any such action;

       

      (vi) The
        Trustee may execute any of the trusts or powers hereunder or perform any
        duties
        hereunder either directly or by or through agents or attorneys 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 hereunder;

       

      (vii) The
        Trustee shall not be liable for any loss resulting from (a) the investment
        of
        funds held in the Collection Account, (b) the investment of funds held in
        the
        Distribution Account, (c) the investment of funds held in the Reserve Fund
        or
        (d) the redemption or sale of any such investment as therein
        authorized;

       

      (viii) The
        Trustee shall not be deemed to have notice of any default, Master Servicer
        Event
        of Default or Servicer Event of Default unless a Responsible Officer of the
        Trustee has actual knowledge thereof or unless written notice of any event
        which
        is in fact such a default is received by a Responsible Officer of the Trustee
        at
        the Corporate Trust Office of the Trustee, and such notice references the
        Certificates and this Agreement;

       

      (ix) The
        rights, privileges, protections, immunities and benefits given to the Trustee,
        including, without limitation, its right to be indemnified, are extended
        to, and
        shall be enforceable by, each agent, custodian and other Person employed
        to act
        hereunder; and

       

      
        
          
          

        

        
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      (x) Should
        the Trustee deem the nature of any action required on its part to be unclear,
        the Trustee may require prior to such action that it be provided by the Sponsor
        with reasonable further instructions.

       

      (xi) No
        provision of this Agreement shall require the Trustee (regardless of the
        capacity in which it is acting) to expend or risk its own funds or otherwise
        incur any financial liability in the performance of any of its duties hereunder,
        or in the exercise of any of its rights or powers, if it shall have reasonable
        grounds for believing that repayment of such funds or adequate indemnity
        against
        risk or liability is not reasonably assured to it.

       

      (xii) The
        Trustee shall not have any duty to conduct any affirmative investigation
        as to
        the occurrence of any condition requiring the repurchase of any Mortgage
        Loan by
        the Sponsor pursuant to this Agreement or the Mortgage Loan Purchase Agreement,
        as applicable, or the eligibility of any Mortgage Loan for purposes of this
        Agreement.

       

      (b) All
        rights of action under this 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 this Agreement.

       

      (c) The
        Trustee, not in its individual capacity but solely in its separate capacity
        as
        Supplemental Interest Trust Trustee, is hereby directed to exercise the rights,
        perform the obligations, and make any representations to be exercised,
        performed, or made by the Supplemental Interest Trust Trustee, as described
        herein. The Supplemental Interest Trust Trustee is hereby directed to execute
        and deliver the Swap Agreement on behalf of Party B (as defined therein)
        and to
        exercise the rights, perform the obligations, and make the representations
        of
        Party B thereunder, solely in its capacity as Supplemental Interest Trust
        Trustee on behalf of Party B (as defined therein) and not in its individual
        capacity. 

       

      The
        Servicer, the Sponsor, the Depositor and the Certificateholders (by acceptance
        of their Certificates) acknowledge and agree that:

       

      (i) the
        Supplemental Interest Trust Trustee shall execute and deliver the Swap Agreement
        on behalf of Party B (as defined therein), 

       

      (ii) the
        Supplemental Interest Trust Trustee shall exercise the rights, perform the
        obligations, and make the representations of Party B thereunder, solely in
        its
        capacity as Supplemental Interest Trust Trustee on behalf of Party B (as
        defined
        therein) and not in its individual capacity, and

       

      (iii) the
        Securities Administrator shall also be entitled to exercise the rights and
        obligated to perform the obligations of Party B under the Swap
        Agreement.

       

      
        
          
          

        

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

       

      Every
        provision of this Agreement relating to the conduct or affecting the liability
        of or affording protection to the Securities Administrator shall apply to
        the
        Securities Administrator’s performance of its duties and satisfaction of its
        obligations under the Swap Agreement.

       

      (d) None
        of
        the Securities Administrator, the Master Servicer, the Servicer, the Sponsor,
        the Depositor, the Custodian or the Trustee shall be responsible for the
        acts or
        omissions of the others or the Swap Provider, it being understood that this
        Agreement shall not be construed to render those partners joint venturers
        or
        agents of one another.

       

      SECTION
        9.03. Trustee
        and Securities Administrator not Liable for Certificates or Mortgage
        Loans.

       

      The
        recitals contained herein and in the Certificates (other than the signature
        of
        the Securities Administrator, the authentication of the Securities Administrator
        on the Certificates, the acknowledgments of the Trustee contained in Article
        II
        and the representations and warranties of the Trustee in Section 9.12) shall
        be
        taken as the statements of the Depositor and neither the Trustee nor the
        Securities Administrator assumes any responsibility for their correctness.
        Neither the Trustee nor the Securities Administrator makes any representations
        or warranties as to the validity or sufficiency of this Agreement (other
        than as
        specifically set forth in Section 9.12), the Swap Agreement or of the
        Certificates (other than the signature of the Securities Administrator and
        authentication of the Securities Administrator on the Certificates) or of
        any
        Mortgage Loan or related document. The Trustee and 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 or the Master Servicer in
        respect
        of the Mortgage Loans or deposited in or withdrawn from the Collection Account
        by the Servicer, other than with respect to the Securities Administrator
        any
        funds held by it or on behalf of the Trustee in accordance with Sections
        3.24,
        3.25 and 5.07 of this Agreement.

       

      SECTION
        9.04. Trustee
        and Securities Administrator May Own Certificates.

       

      Each
        of
        the Trustee and the Securities Administrator in its individual capacity or
        any
        other capacity may become the owner or pledgee of Certificates and may transact
        business with other interested parties and their Affiliates with the same
        rights
        it would have if it were not Trustee or the Securities
        Administrator.

       

      SECTION
        9.05. Fees
        and
        Expenses of Trustee, Custodian and Securities Administrator.

       

      The
        fees
        of the Trustee and the Securities Administrator hereunder, of the Custodian
        under the Custodial Agreement shall be paid in accordance with a side letter
        agreement with the Master Servicer and at the sole expense of the Master
        Servicer. In addition, to the extent such amounts are not paid by the Master
        Servicer or the Sponsor as set forth below, the Trustee, the Securities
        Administrator, the Custodian and any director, officer, employee or agent
        of the
        Trustee, the Securities Administrator and the Custodian shall be indemnified
        by
        the Trust and held harmless against any loss, liability or expense (including
        reasonable attorney’s fees and expenses) incurred by the Trustee, the Custodian
        or the Securities Administrator in connection with any claim or legal action
        or
        any pending or threatened claim or legal action arising out of or in connection
        with the acceptance or administration of its respective obligations and duties
        under this Agreement, including the Swap Agreement and any and all other
        agreements related hereto; provided, however, that the Trustee’s and the
        Securities Administrator’s right to indemnification shall be limited as provided
        in the last sentence of the first paragraph of Section 7.03, other than any
        loss, liability or expense, as applicable (i) for which the Trustee is
        indemnified by the Master Servicer or the Servicer, (ii) that constitutes
        a
        specific liability of the Trustee or the Securities Administrator pursuant
        to
        Section 11.01(g) or (iii) any loss, liability or expense incurred by reason
        of
        willful misfeasance, bad faith or negligence in the performance of duties
        hereunder by the Trustee or the Securities Administrator or by reason of
        reckless disregard of obligations and duties hereunder. In no event shall
        the
        Trustee, the Custodian, the Master Servicer or 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 it has been
        advised of the likelihood of such loss or damage and regardless of the form
        of
        action. The Master Servicer agrees to indemnify the Trustee, from, and hold
        the
        Trustee harmless against, any loss, liability or expense (including reasonable
        attorney’s fees and expenses) incurred by the Trustee by reason of the Master
        Servicer’s willful misfeasance, bad faith or gross negligence in the performance
        of its duties under this Agreement or by reason of the Master Servicer’s
        reckless disregard of its obligations and duties under this Agreement. In
        addition, the Sponsor agrees to indemnify the Trustee for, and to hold the
        Trustee harmless against, any loss, liability or expense arising out of,
        or in
        connection with, the provisions set forth in the last paragraph of Section
        2.01,
        including, without limitation, all costs, liabilities and expenses (including
        reasonable legal fees and expenses) of investigating and defending itself
        against any claim, action or proceeding, pending or threatened, relating
        to the
        provisions of such paragraph. The indemnities in this Section 9.05 shall
        survive
        the termination or discharge of this Agreement and the resignation or removal
        of
        the Master Servicer, the Trustee, the Securities Administrator or the Custodian.
        Any payment under this Section 9.05 made by the Master Servicer to the Trustee
        in respect of the Trustee’s fees or the Master Servicer’s indemnification
        obligation to the Trustee shall be from the Master Servicer’s own funds, without
        reimbursement from REMIC I therefor.

       

      
        
          
          

        

        
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      SECTION
        9.06. Eligibility
        Requirements for Trustee and Securities Administrator.

       

      The
        Trustee and the Securities Administrator shall at all times be a corporation
        or
        an association (other than the Depositor, the Sponsor, the Master Servicer
        or
        any Affiliate of the foregoing) 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 (or a member of a bank holding company whose capital and
        surplus is at least $50,000,000) and subject to supervision or examination
        by
        federal or state authority. If such corporation or association publishes
        reports
        of 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 or association
        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
        or the
        Securities Administrator, as applicable, shall cease to be eligible in
        accordance with the provisions of this Section, the Trustee or the Securities
        Administrator, as applicable, shall resign immediately in the manner and
        with
        the effect specified in Section 9.07.

       

      
        
          
          

        

        
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      Additionally,
        the Securities Administrator (i) may not be an originator, Servicer, the
        Depositor or an affiliate of the Depositor unless the Securities Administrator
        is in an institutional trust department, (ii) must be authorized to exercise
        corporate trust powers under the laws of its jurisdiction of organization,
        (iii)
        must be rated at least "A/F1" by Fitch, if Fitch is a Rating Agency, or the
        equivalent rating by S&P (or such rating acceptable to Fitch pursuant to a
        rating confirmation) and (iv) must be acceptable to the Class A Certificate
        Insurer. If no successor securities administrator shall have been appointed
        and
        shall have accepted appointment within 60 days after Wells Fargo Bank, National
        Association, as Securities Administrator, ceases to be the securities
        administrator pursuant to this Section 9.06, then the Trustee shall petition
        any
        court of competent jurisdiction, at the expense of the Trust, for the
        appointment of a successor securities administrator which satisfies the
        eligibility criteria set forth herein. The Trustee shall notify the Rating
        Agencies of any change of Securities Administrator.

       

      SECTION
        9.07. Resignation
        and Removal of Trustee and Securities Administrator.

       

      The
        Trustee and the Securities Administrator may at any time resign and be
        discharged from the trust hereby created by giving written notice thereof
        to the
        Depositor, to the Master Servicer, to the Securities Administrator (or the
        Trustee, if the Securities Administrator resigns), to the Class A
        Certificate Insurer and to the Certificateholders. Upon receiving such notice
        of
        resignation, the Depositor (at the Sponsor’s written direction) shall promptly
        appoint a successor trustee or successor securities administrator by written
        instrument, in duplicate, which instrument shall be delivered to the resigning
        Trustee or Securities Administrator, as applicable, and to the successor
        trustee
        or successor securities administrator, as applicable. A copy of such instrument
        shall be delivered to the Certificateholders, the Depositor, the Trustee,
        the
        Securities Administrator, to the Class A Certificate Insurer and the Master
        Servicer by the successor trustee or securities administrator. If no successor
        trustee or successor securities administrator shall have been so appointed
        and
        have accepted appointment within thirty (30) days after the giving of such
        notice of resignation, the resigning Trustee or Securities Administrator,
        as the
        case may be, may, at the expense of the Trust Fund, petition any court of
        competent jurisdiction for the appointment of a successor trustee, successor
        securities administrator, Trustee or Securities Administrator, as
        applicable.

       

      If
        at any
        time the Trustee or the Securities Administrator shall cease to be eligible
        in
        accordance with the provisions of Section 9.06 and shall fail to resign after
        written request therefor by the Depositor, or if at any time the Trustee
        or the
        Securities Administrator shall become incapable of acting, or shall be adjudged
        bankrupt or insolvent, or a receiver of the Trustee or the Securities
        Administrator or of its property shall be appointed, or any public officer
        shall
        take charge or control of the Trustee or the Securities Administrator or
        of its
        property or affairs for the purpose of rehabilitation, conservation or
        liquidation, then the Depositor (at the Sponsor’s written direction) may, with
        the prior written consent of the Class A Certificate Insurer, or shall, at
        the
        prior written direction of the Class A Certificate Insurer, in each case,
        so
        long as a default by the Class A Certificate Insurer has not occurred and
        is not
        continuing, remove the Trustee or the Securities Administrator, as applicable
        and appoint a successor trustee or successor securities administrator, as
        applicable, by written instrument, in duplicate, which instrument shall be
        delivered to the Trustee or the Securities Administrator so removed and to
        the
        successor trustee or successor securities administrator. A copy of such
        instrument shall be delivered to the Certificateholders, the Trustee, the
        Securities Administrator, the Depositor and the Master Servicer by the successor
        trustee or securities administrator, as applicable.

       

      
        
          
          

        

        
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      The
        Class
        A Certificate Insurer may, and during the continuance of a Class A
        Certificate Insurer default under the Insurance Agreement, the Holders of
        Certificates entitled to at least 51% of the Voting Rights may, at any time
        remove the Trustee or the Securities Administrator and appoint a successor
        trustee or 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 the
        Depositor and the Sponsor, one complete set to the Trustee or the Securities
        Administrator so removed and one complete set to the successor so appointed.
        A
        copy of such instrument shall be delivered to the Certificateholders, the
        Depositor, the Trustee (in the case of the removal of the Securities
        Administrator), the Securities Administrator (in the case of the removal
        of the
        Trustee) and the Master Servicer by the successor trustee or securities
        administrator, as applicable.

       

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

       

      Any
        Person appointed as successor trustee pursuant to Section 9.07 shall also
        be
        required to serve as successor supplemental interest trust trustee.

       

      Notwithstanding
        anything to the contrary contained herein, the Master Servicer and the
        Securities Administrator shall at all times be the same Person.

       

      SECTION
        9.08. Successor
        Trustee or Securities Administrator.

       

      Any
        successor trustee or successor securities administrator appointed as provided
        in
        Section 9.07 shall execute, acknowledge and deliver to the Depositor, the
        Sponsor and its predecessor trustee or predecessor securities administrator
        an
        instrument accepting such appointment hereunder, and thereupon the resignation
        or removal of the predecessor trustee or predecessor securities administrator
        shall become effective and such successor trustee or successor securities
        administrator without any further act, deed or conveyance, shall become fully
        vested with all the rights, powers, duties and obligations of its predecessor
        hereunder, with the like effect as if originally named as trustee or securities
        administrator herein. The predecessor trustee or predecessor securities
        administrator shall deliver to the successor trustee or successor securities
        administrator all Mortgage Loan Documents and related documents and statements
        to the extent held by it hereunder, as well as all monies, held by it hereunder,
        and the Depositor, the Sponsor and the predecessor trustee or 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 trustee or successor securities administrator
        all such rights, powers, duties and obligations.

       

      
        
          
          

        

        
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      No
        successor trustee or successor securities administrator shall accept appointment
        as provided in this Section unless at the time of such acceptance such successor
        trustee or successor securities administrator shall be eligible under the
        provisions of Section 9.06 and the appointment of such successor trustee
        or
        successor securities administrator shall not result in a downgrading of any
        Class of Certificates by any Rating Agency, as evidenced by a letter from
        each
        Rating Agency.

       

      Upon
        acceptance of appointment by a successor trustee, successor supplemental
        interest trust trustee or successor securities administrator as provided
        in this
        Section, the related successor shall mail notice of the succession of such
        trustee hereunder to all Holders of Certificates at their addresses as shown
        in
        the Certificate Register, the Depositor and the Swap Provider. 

       

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

       

      Any
        corporation or association into which the Trustee or the Securities
        Administrator may be merged or converted or with which it may be consolidated
        or
        any corporation or association resulting from any merger, conversion or
        consolidation to which the Trustee or the Securities Administrator shall
        be a
        party, or any corporation or association succeeding to the business of the
        Trustee or the Securities Administrator shall be the successor of the Trustee
        or
        the Securities Administrator hereunder, provided such corporation or association
        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.

       

      Notwithstanding
        any other provisions hereof, at any time, for the purpose of meeting any
        legal
        requirements of any jurisdiction in which any part of the REMIC I or property
        securing the same may at the time be located, the Trustee 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 separate trustees, of all or any part of
        REMIC
        I, and to vest in such Person or Persons, in such capacity, and for the benefit
        of the Holders of the Certificates, such title to REMIC I, or any part thereof,
        and, subject to the other provisions of this Section 9.10, such powers, duties,
        obligations, rights and trusts as the Trustee may consider necessary or
        desirable. No co-trustee or separate trustee hereunder shall be required
        to meet
        the terms of eligibility as a successor trustee under Section 9.06 hereunder
        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.

       

      
        
          
          

        

        
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      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 by the Trustee (whether as Trustee hereunder or
        as
        successor to a defaulting Master Servicer hereunder), the Trustee shall be
        incompetent or unqualified to perform such act or acts, in which event such
        rights, powers, duties and obligations (including the holding of title to
        REMIC
        I 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.

       

      Any
        notice, request or other writing given to the Trustee shall be deemed to
        have
        been given to each of the then separate trustees and co-trustees, as effectively
        as if given to each of them. Every instrument appointing any separate trustee
        or
        co-trustee shall refer to this Agreement and the conditions of this Article
        IX.
        Each separate trustee and co-trustee, upon its acceptance of the trust
        conferred, shall be vested with the estates or property specified in its
        instrument of appointment, either jointly with the Trustee, or separately,
        as
        may be provided therein, subject to all the provisions of this Agreement,
        specifically including every provision of this Agreement relating to the
        conduct
        of, affecting the liability of, or affording protection to, the Trustee.
        Every
        such instrument shall be filed with the Trustee.

       

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

       

      SECTION
        9.11. Appointment
        of Office or Agency.

       

      The
        Certificates may be surrendered for registration of transfer or exchange
        at the
        Securities Administrator’s office located at Sixth Street and Marquette Avenue,
        Minneapolis, Minnesota 55479, and presented for final distribution at the
        Corporate Trust Office of the Securities Administrator where notices and
        demands
        to or upon the Securities Administrator in respect of the Certificates and
        this
        Agreement may be served.

       

      SECTION
        9.12. Representations
        and Warranties.

       

      The
        Trustee hereby represents and warrants to the Master Servicer, the Securities
        Administrator, the Servicer and the Depositor as applicable, as of the Closing
        Date, that:

       

      (i) It
        is a
        national banking association duly organized, validly existing and in good
        standing under the laws of the United States of America.

       

      (ii) The
        execution and delivery of this Agreement by it, and the performance and
        compliance with the terms of this Agreement by it, will not violate its articles
        of association or bylaws or 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 agreement or other instrument to which it is a party
        or
        which is applicable to it or any of its assets.

       

      
        
          
          

        

        
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      (iii) It
        has
        the full power and authority to enter into and consummate all transactions
        contemplated by this Agreement, has duly authorized the execution, delivery
        and
        performance of this Agreement, and has duly executed and delivered this
        Agreement.

       

      (iv) This
        Agreement, assuming due authorization, execution and delivery by the other
        parties hereto, constitutes a valid, legal and binding obligation of it,
        enforceable against it in accordance with the terms hereof, subject to (A)
        applicable bankruptcy, insolvency, receivership, reorganization, moratorium
        and
        other laws affecting the enforcement of creditors’ rights generally, and (B)
        general principles of equity, regardless of whether such enforcement is
        considered in a proceeding in equity or at law.

       

      (v) It
        is not
        in violation of, and its execution and delivery of this Agreement and its
        performance and compliance with the terms of this Agreement will not constitute
        a violation of, any law, any order or decree of any court or arbiter, or
        any
        order, regulation or demand of any federal, state or local governmental or
        regulatory authority, which violation, in its good faith and reasonable
        judgment, is likely to affect materially and adversely either the ability
        of it
        to perform its obligations under this Agreement or its financial
        condition.

       

      (vi) No
        litigation is pending or, to the best of its knowledge, threatened against
        it,
        which would prohibit it from entering into this Agreement or, in its good
        faith
        reasonable judgment, is likely to materially and adversely affect either
        the
        ability of it to perform its obligations under this Agreement or its financial
        condition.

       

      
        
          
          

        

        
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      ARTICLE
        X

      
      

      TERMINATION

       

      SECTION
        10.01. Termination
        Upon Repurchase or Liquidation of All Mortgage Loans.

       

      (a) Subject
        to Section 10.02, the respective obligations and responsibilities under this
        Agreement of the Depositor, the Master Servicer, the Securities Administrator,
        the Servicer and the Trustee (other than the obligations of the Master Servicer
        to the Trustee pursuant to Section 9.05 and of the Servicer to make remittances
        to the Securities Administrator and the Securities Administrator to make
        payments in respect of the REMIC I Regular Interests, REMIC I Regular Interests
        or the Classes of Certificates as hereinafter set forth) shall terminate
        upon
        payment to the Certificateholders and the deposit of all amounts held by
        or on
        behalf of the Trustee and required hereunder to be so paid or deposited on
        the
        Distribution Date coinciding with or following the earlier to occur of (i)
        the
        purchase by the Terminator (as defined below) of all Mortgage Loans and each
        REO
        Property remaining in REMIC I and (ii) the final payment or other liquidation
        (or any advance with respect thereto) of the last Mortgage Loan or REO Property
        remaining in REMIC I; provided, however, that in no event shall the trust
        created hereby continue beyond the earlier of (i) the expiration of 21 years
        from the death of the last survivor of the descendants of Joseph P. Kennedy,
        the
        late ambassador of the United States to the Court of St. James, living on
        the
        date hereof and (ii) the Last Scheduled Distribution Date. The purchase by
        the
        Terminator of all Mortgage Loans and each REO Property remaining in REMIC
        I
        shall be at a price (the “Termination Price”) equal to the sum of (i) the
        aggregate Purchase Price of all the Mortgage Loans included in REMIC I, plus
        the
        appraised value of each REO Property, if any, included in REMIC I, such
        appraisal to be conducted by an appraiser mutually agreed upon by the Terminator
        and the Trustee in their reasonable discretion, (ii) any amounts due and
        owing
        to the Swap Provider under the Swap Agreement and any previous swap provider
        as
        of the termination date (including a Swap Termination Payment owed to the
        Swap
        Provider in connection with such optional termination) plus (iii) any amounts
        due the Servicer and the Master Servicer in respect of unpaid Servicing Fees,
        Master Servicing Fees and outstanding P&I Advances and Servicing Advances.

       

      (b) The
        Servicer or, if the Servicer fails to exercise such optional termination
        right
        within 90 days after the first date that it is able to exercise such right,
        the
        Master Servicer (either the Servicer or Master Servicer, the “Terminator”) also
        shall have the right to purchase all of the Mortgage Loans and each REO Property
        remaining in REMIC I pursuant to clause (i) of the preceding paragraph no
        later
        than the Determination Date in the month immediately preceding the Distribution
        Date on which the Certificates will be retired; provided, however, that the
        Terminator may elect to purchase all of the Mortgage Loans on a servicing
        retained basis and each REO Property remaining in REMIC I pursuant to clause
        (i)
        above only if the aggregate Scheduled Principal Balance of the Mortgage Loans
        and each REO Property remaining in the Trust Fund at the time of such election
        is reduced to less than or equal to 10% of the aggregate Scheduled Principal
        Balance of the Mortgage Loans as of the Cut-off Date. If either the Servicer
        or
        Master Servicer exercises such optional termination right, such party will
        be
        required to obtain the consent of the Class A Certificate Insurer if (i)
        any
        amounts are owed to the Class A Certificate Insurer under the Insurance
        Agreement or this Agreement or (ii) the optional termination would result
        in a
        draw on the Policy. By acceptance of the Residual Certificates, the Holder
        of
        the Residual Certificates agrees, in connection with any termination hereunder,
        to assign and transfer any portion of the Termination Price in excess of
        par,
        and to the extent received in respect of such termination, to pay any such
        amounts to the Holders of the Class CE Certificates. Notwithstanding the
        foregoing, the optional termination right may only be exercised by the Master
        Servicer if (1) the Master Servicer receives written notification from the
        Servicer that the Servicer will not exercise such optional termination right
        or
        (2) the Master Servicer does not receive such written notification from the
        Servicer, and the Servicer fails to exercise its optional termination right
        by
        the third Distribution Date following the date such right became exercisable.
        In
        the event the optional termination right is exercised by the Master Servicer,
        the Servicer shall remain the servicer of record of the related Mortgage
        Loan
        unless the Servicer was terminated as Servicer prior to the exercise of such
        optional termination right.

       

      
        
          
          

        

        
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      (c) In
        connection with any optional termination, four Business Days prior to the
        final
        Distribution Date specified in the notice required pursuant to Section 10.01(f),
        the Securities Administrator shall, no later than 4:00 pm New York City time
        on
        such day, request in writing (in accordance with the applicable provision
        of the
        Swap Agreement and by phone from the Swap Provider the amount of the Estimated
        Swap Termination Payment (as defined in the Swap Agreement). The Swap Provider
        shall, no later than 2:00 pm on the following Business Day, notify in writing
        (which may be done in electronic format) the Securities Administrator of
        the
        amount of the Estimated Swap Termination Payment; the Securities Administrator
        shall promptly on the same day notify the Terminator of the amount of the
        Estimated Swap Termination Payment. 

       

      (d) Two
        Business Days prior to the final Distribution Date specified in the notice
        required pursuant to Section 10.01(f), (i) the Terminator shall, no
        later than 1:00 pm New
        York
        City time on such day, deposit funds in the Distribution Account in an amount
        equal to the sum of the Termination Price (other than the Swap Termination
        Payment) and the Estimated Swap Termination Payment, and (ii) if the Securities
        Administrator shall have determined that the aggregate Stated Principal Balance
        of all of the Mortgage Loans as of the related Determination Date is
not
        more than 10% of the aggregate Principal Balance of the Mortgage
        Loans
        as of
        the Cut-off Date and that all other requirements of the optional termination
        have been met, including without limitation, the deposit required pursuant
        to
        the immediately preceding clause (i) as well as the requirements specified
        in
        Section 10.03, then the Securities Administrator shall, on the same Business
        Day, provide written notice to the Depositor, the Sponsor, the Master Servicer,
        the Servicer, the Supplemental Interest Trust Trustee, the Trustee and the
        Swap
        Provider confirming (in accordance with the applicable provisions of the
        Swap
        Agreement) (a) its receipt of the Termination Price (other than the Swap
        Termination Payment) and the Estimated Swap Termination Payment and (b) that
        all
        other requirements of the optional termination have been met. Upon the
        Securities Administrator’s providing the notice described in the preceding
        sentence, the optional termination shall become irrevocable, the notice to
        Certificateholders of such optional termination provided pursuant to the
        Section
        10.01(f) shall become unrescindable, the Swap Provider shall determine the
        Swap
        Termination Payment in accordance with the Swap Agreement, and the Swap Provider
        shall provide to the Securities Administrator written notice of the amount
        of
        the Swap Termination Payment not later than one Business Day prior to the
        final
        Distribution Date specified in the notice required pursuant to Section 10.01(f).
        

       

      
        
          
          

        

        
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      (e) In
        connection with any optional termination, only an amount equal to the
        Termination Price less any Swap Termination Payment shall be made available
        for
        distribution to the Regular Certificates. Any Estimated Swap Termination
        Payment
        deposited into the Distribution Account by the Terminator shall be withdrawn
        by
        the Securities Administrator from the Distribution Account on the related
        final
        Distribution Date and distributed as follows: (i) to the Supplemental Interest
        Trust for payment to the Swap Provider in accordance with Section 5.07, an
        amount equal to the Swap Termination Payment calculated pursuant to the Swap
        Agreement, provided that in no event shall the amount distributed to the
        Swap
        Provider in respect of the Swap Termination Payment exceed the Estimated
        Swap
        Termination Payment, and (ii) to the Terminator an amount equal to the excess,
        if any, of the Estimated Swap Termination Payment over the Swap Termination
        Payment. The Swap Termination Payment shall not be part of any REMIC and
        shall
        not be paid into any account which is part of any REMIC. 

       

      (f) Notice
        of
        the liquidation of the Certificates shall be given promptly by the Securities
        Administrator by letter to the Class A Certificate Insurer and the
        Certificateholders mailed (a) in the event such notice is given in connection
        with the purchase of the Mortgage Loans and each REO Property by the Master
        Servicer, not earlier than the 15th day and not later than the 25th day of
        the
        month next preceding the month of the final distribution on the Certificates
        or
        (b) otherwise during the month of such final distribution on or before the
        Determination Date in such month, in each case specifying (i) the Distribution
        Date upon which the Trust Fund will terminate and the final payment in respect
        of the REMIC I Regular Interests or the Certificates will be made upon
        presentation and surrender of the related Certificates at the office of the
        Securities Administrator therein designated, (ii) the amount of any such
        final
        payment, (iii) that no interest shall accrue in respect of the REMIC I Regular
        Interests or the Certificates from and after the Interest Accrual Period
        relating to the final Distribution Date therefor and (iv) that the Record
        Date
        otherwise applicable to such Distribution Date is not applicable, payments
        being
        made only upon presentation and surrender of the Certificates at the office
        of
        the Securities Administrator. In the event such notice is given in connection
        with the purchase of all of the Mortgage Loans and each REO Property remaining
        in REMIC I by the Terminator, the Terminator shall deliver to the Securities
        Administrator for deposit in the Distribution Account not later than the
        Business Day prior to the Distribution Date on which the final distribution
        on
        the Certificates an amount in immediately available funds equal to the
        above-described Termination Price. The Securities Administrator shall remit
        to
        the Servicer, the Master Servicer, the Trustee, the Class A Certificate
        Insurer and the Custodian from such funds deposited in the Distribution Account
        (i) any amounts which the Servicer would be permitted to withdraw and retain
        from the Collection Account pursuant to Section 3.09 as if such funds had
        been
        deposited therein (including all unpaid Servicing Fees, Master Servicing
        Fees
        and all outstanding P&I Advances and Servicing Advances) and (ii) any other
        amounts otherwise payable by the Securities Administrator to the Master
        Servicer, the Trustee, the Custodian, the Swap Provider, the Class A
        Certificate Insurer and the Servicer from amounts on deposit in the Distribution
        Account pursuant to the terms of this Agreement prior to making any final
        distributions pursuant to Section 10.01(g) below. Upon certification to the
        Trustee by the Securities Administrator of the making of such final deposit,
        the
        Trustee shall promptly release or cause to be released to the Terminator
        the
        Mortgage Files for the remaining Mortgage Loans, and Trustee shall execute
        all
        assignments, endorsements and other instruments delivered to it and necessary
        to
        effectuate such transfer.

       

      
        
          
          

        

        
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      (g) Upon
        presentation of the Certificates by the Certificateholders on the final
        Distribution Date, the Securities Administrator shall distribute to each
        Certificateholder so presenting and surrendering its Certificates the amount
        otherwise distributable on such Distribution Date in accordance with Section
        5.01 in respect of the Certificates so presented and surrendered. Any funds
        not
        distributed to any Holder or Holders of Certificates being retired on such
        Distribution Date because of the failure of such Holder or Holders to tender
        their Certificates shall, on such date, be set aside and held in trust and
        credited to the account of the appropriate non-tendering Holder or Holders.
        If
        any Certificates as to which notice has been given pursuant to this Section
        10.01 shall not have been surrendered for cancellation within six months
        after
        the time specified in such notice, the Securities Administrator shall mail
        a
        second notice to the remaining non-tendering Certificateholders to surrender
        their Certificates for cancellation in order to receive the final distribution
        with respect thereto. If within one year after the second notice all such
        Certificates shall not have been surrendered for cancellation, the Securities
        Administrator shall, directly or through an agent, mail a final notice to
        the
        remaining non-tendering Certificateholders concerning surrender of their
        Certificates. The costs and expenses of maintaining the funds in trust and
        of
        contacting such Certificateholders shall be paid out of the assets remaining
        in
        the trust funds. If within one (1) year after the final notice any such
        Certificates shall not have been surrendered for cancellation, the Securities
        Administrator shall pay to the Depositor all such amounts, and all rights
        of
        non-tendering Certificateholders in or to such amounts shall thereupon cease.
        No
        interest shall accrue or be payable to any Certificateholder on any amount
        held
        in trust by the Securities Administrator as a result of such Certificateholder’s
        failure to surrender its Certificate(s) on the final Distribution Date for
        final
        payment thereof in accordance with this Section 10.01. Any such amounts held
        in
        trust by the Securities Administrator shall be held uninvested in an Eligible
        Account.

       

      SECTION
        10.02. Additional
        Termination Requirements.

       

      (a) In
        the
        event that the Terminator purchases all the Mortgage Loans and each REO Property
        or the final payment on or other liquidation of the last Mortgage Loan or
        REO
        Property remaining in REMIC I pursuant to Section 10.01, the Trust Fund shall
        be
        terminated in accordance with the following additional
        requirements:

       

      (i) The
        Securities Administrator shall specify the first day in the 90-day liquidation
        period in a statement attached to each Trust REMIC’s final Tax Return pursuant
        to Treasury regulation Section 1.860F-1 and shall satisfy all requirements
        of a
        qualified liquidation under Section 860F of the Code and any regulations
        thereunder, as evidenced by an Opinion of Counsel obtained by and at the
        expense
        of the Terminator;

       

      (ii) During
        such 90-day liquidation period and, at or prior to the time of making of
        the
        final payment on the Certificates, the Trustee shall sell all of the assets
        of
        REMIC I to the Terminator for cash; and

       

      (iii) At
        the
        time of the making of the final payment on the Certificates, the Securities
        Administrator shall distribute or credit, or cause to be distributed or
        credited, to the Holders of the Residual Certificates all cash on hand in
        the
        Trust Fund (other than cash retained to meet claims), and the Trust Fund
        shall
        terminate at that time.

       

      
        
          
          

        

        
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      (b) At
        the
        expense of the Terminator (or, if the Trust Fund is being terminated as a
        result
        of the occurrence of the event described in clause (ii) of the first paragraph
        of Section 10.01, at the expense of the Trust Fund), the Terminator shall
        prepare or cause to be prepared the documentation required in connection
        with
        the adoption of a plan of liquidation of each Trust REMIC pursuant to this
        Section 10.02.

       

      (c) By
        their
        acceptance of Certificates, the Holders thereof hereby agree to authorize
        the
        Securities Administrator to specify the 90-day liquidation period for each
        Trust
        REMIC, which authorization shall be binding upon all successor
        Certificateholders.

       

      
        
          
          

        

        
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      ARTICLE
        XI

       

      REMIC
        PROVISIONS

       

      SECTION
        11.01. REMIC
        Administration.

       

      (a) The
        Securities Administrator shall elect to treat each Trust REMIC as a REMIC
        under
        the Code and, if necessary, under applicable state law. Each such election
        will
        be made by the Securities Administrator on Form 1066 or other appropriate
        federal tax or information return or any appropriate state return for the
        taxable year ending on the last day of the calendar year in which the
        Certificates are issued. For the purposes of the REMIC election in respect
        of
        REMIC I, the REMIC I Regular Interests shall be designated as the “regular
        interests” in REMIC I and the Class R-I Interest shall be designated as the
“residual interest” in REMIC I. For the purposes of the REMIC election in
        respect of REMIC II, the REMIC II Regular Interests shall be designated as
        the
“regular interests” in REMIC II and the Class R-II Interest shall be designated
        as the “residual interest” in REMIC II. The Class A Certificates, the Mezzanine
        Certificates, the Class P Certificates, Class IO Interest and the Class CE
        Certificates (exclusive of any right to receive payments from or obligation
        to
        make payments to the Reserve Fund or the Supplemental Interest Trust) shall
        be
        designated as the “regular interests” in REMIC III and the Class R-III Interest
        shall be designated as the “residual interest” in REMIC III. The Trustee shall
        not permit the creation of any “interests” in each Trust REMIC (within the
        meaning of Section 860G of the Code) other than the REMIC I Regular Interests,
        REMIC II Regular Interests, Class IO Interest and the interests represented
        by
        the Certificates.

       

      (b) The
        Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
        within the meaning of Section 860G(a)(9) of the Code.

       

      (c) The
        Securities Administrator shall be reimbursed for any and all expenses relating
        to any tax audit of the Trust Fund (including, but not limited to, any
        professional fees or any administrative or judicial proceedings with respect
        to
        each Trust REMIC that involve the Internal Revenue Service or state tax
        authorities), including the expense of obtaining any tax related Opinion
        of
        Counsel except as specified herein. The Securities Administrator, as agent
        for
        each Trust REMIC’s tax matters person shall (i) act on behalf of the Trust Fund
        in relation to any tax matter or controversy involving any Trust REMIC and
        (ii)
        represent the Trust Fund in any administrative or judicial proceeding relating
        to an examination or audit by any governmental taxing authority with respect
        thereto. The holder of the largest Percentage Interest of each Class of Residual
        Certificates shall be designated, in the manner provided under Treasury
        regulations section 1.860F-4(d) and Treasury regulations section
        301.6231(a)(7)-1, as the tax matters person of the related REMIC created
        hereunder. By their acceptance thereof, the holder of the largest Percentage
        Interest of the Residual Certificates hereby agrees to irrevocably appoint
        the
        Securities Administrator or an Affiliate as its agent to perform all of the
        duties of the tax matters person for the Trust Fund.

       

      (d) The
        Securities Administrator shall prepare and file and the Trustee shall sign
        all
        of the Tax Returns in respect of each REMIC created hereunder. The expenses
        of
        preparing and filing such returns shall be borne by the Securities Administrator
        without any right of reimbursement therefor.

       

      
        
          
          

        

        
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      (e) The
        Securities Administrator shall perform on behalf of each Trust REMIC all
        reporting and other tax compliance duties that are the responsibility of
        such
        REMIC under the Code, the REMIC Provisions or other compliance guidance issued
        by the Internal Revenue Service or any state or local taxing authority. Among
        its other duties, as required by the Code, the REMIC Provisions or other
        such
        compliance guidance, the Securities Administrator shall provide (i) to any
        Transferor of a Residual Certificate such information as is necessary for
        the
        application of any tax relating to the transfer of a Residual Certificate
        to any
        Person who is not a Permitted Transferee upon receipt of additional reasonable
        compensation, (ii) to the Certificateholders such information or reports
        as are
        required by the Code or the REMIC Provisions including reports relating to
        interest, original issue discount and market discount or premium (using the
        Prepayment Assumption as required) and (iii) to the Internal Revenue Service
        the
        name, title, address and telephone number of the person who will serve as
        the
        representative of each Trust REMIC. The Sponsor 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 as to the valuations and issue
        prices
        of the Certificates, including, without limitation, the price, yield, prepayment
        assumption and projected cash flow of the Certificates.

       

      (f) To
        the
        extent in the control of the Trustee or the Securities Administrator, each
        such
        Person (i) shall take such action and shall cause each REMIC created hereunder
        to take such action as shall be necessary to create or maintain the status
        thereof as a REMIC under the REMIC Provisions, (ii) shall not take any action,
        cause the Trust Fund to take any action or fail to take (or fail to cause
        to be
        taken) any action that, under the REMIC Provisions, if taken or not taken,
        as
        the case may be, could (A) endanger the status of each Trust REMIC as a REMIC
        or
        (B) result in the imposition of a tax upon the Trust Fund (including but
        not
        limited to the tax on prohibited transactions as defined in Section 860F(a)(2)
        of the Code and the tax on contributions to a REMIC set forth in Section
        860G(d)
        of the Code) (either such event, an “Adverse REMIC Event”) unless such action or
        inaction is permitted under this Agreement or the Trustee and the Securities
        Administrator have received an Opinion of Counsel, addressed to the them
        (at the
        expense of the party seeking to take such action but in no event at the expense
        of the Trustee or the Securities Administrator) to the effect that the
        contemplated action will not, with respect to any Trust REMIC, endanger such
        status or result in the imposition of such a tax, nor (iii) shall the Securities
        Administrator take or fail to take any action (whether or not authorized
        hereunder) as to which the Trustee has advised it in writing that it has
        received an Opinion of Counsel to the effect that an Adverse REMIC Event
        could
        occur with respect to such action; provided that the Securities Administrator
        may conclusively rely on such Opinion of Counsel and shall incur no liability
        for its action or failure to act in accordance with such Opinion of Counsel.
        In
        addition, prior to taking any action with respect to any Trust REMIC or the
        respective assets of each, or causing any Trust REMIC to take any action,
        which
        is not contemplated under the terms of this Agreement, the Securities
        Administrator will consult with the Trustee or its designee, in writing,
        with
        respect to whether such action could cause an Adverse REMIC Event to occur
        with
        respect to any Trust REMIC, and the Securities Administrator shall not take
        any
        such action or cause any Trust REMIC to take any such action as to which
        the
        Trustee has advised it in writing that an Adverse REMIC Event could occur.
        The
        Trustee may consult with counsel (and conclusively rely upon the advice of
        such
        counsel) to make such written advice, and the cost of same shall be borne
        by the
        party seeking to take the action not permitted by this Agreement, but in
        no
        event shall such cost be an expense of the Trustee.

       

      
        
          
          

        

        
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      (g) In
        the
        event that any tax is imposed on “prohibited transactions” of any REMIC created
        hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from
        foreclosure property” of such REMIC as defined in Section 860G(c) of the Code,
        on any contributions to any such REMIC after the Startup Day therefor pursuant
        to Section 860G(d) of the Code, or any other tax is imposed by the Code or
        any
        applicable provisions of state or local tax laws, such tax shall be charged
        (i)
        to the Trustee pursuant to Section 11.03, if such tax arises out of or results
        from a breach by the Trustee of any of its obligations under this Article
        XI,
        (ii) to the Securities Administrator pursuant to Section 11.03, if such tax
        arises out of or results from a breach by the Securities Administrator of
        any of
        its obligations under this Article XI, (iii) to the Master Servicer pursuant
        to
        Section 11.03, if such tax arises out of or results from a breach by the
        Master
        Servicer of any of its obligations under Article IV or under this Article
        XI,
        (iv) to the Servicer pursuant to Section 11.03, if such tax arises out of
        or
        results from a breach by the Servicer of any of its obligations under Article
        III or under this Article XI, or (v) in all other cases, against amounts
        on
        deposit in the Distribution Account and shall be paid by withdrawal
        therefrom.

       

      (h) The
        Securities Administrator shall, for federal income tax purposes, maintain
        books
        and records with respect to each Trust REMIC on a calendar year and on an
        accrual basis.

       

      (i) Following
        the Startup Day, neither the Securities Administrator nor the Trustee shall
        accept any contributions of assets to any Trust REMIC other than in connection
        with any Qualified Substitute Mortgage Loan delivered in accordance with
        Section
        2.03 unless it shall have received an Opinion of Counsel to the effect that
        the
        inclusion of such assets in the Trust Fund will not cause the related REMIC
        to
        fail to qualify as a REMIC at any time that any Certificates are outstanding
        or
        subject such REMIC to any tax under the REMIC Provisions or other applicable
        provisions of federal, state and local law or ordinances.

       

      (j) Neither
        the Trustee nor the Securities Administrator shall knowingly enter into any
        arrangement by which any Trust REMIC will receive a fee or other compensation
        for services nor permit either REMIC to receive any income from assets other
        than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or
“permitted investments” as defined in Section 860G(a)(5) of the
        Code.

       

      (k) The
        Securities Administrator shall apply for an employer identification number
        with
        the Internal Revenue Service via a Form SS-4 or other comparable method for
        each
        REMIC. In connection with the foregoing, the Securities Administrator 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.

       

      SECTION
        11.02. Prohibited
        Transactions and Activities.

       

      None
        of
        the Depositor, the Servicer, the Securities Administrator, the Master Servicer
        or the Trustee shall sell, dispose of or substitute for any of the Mortgage
        Loans (except in connection with (i) the foreclosure of a Mortgage Loan,
        including but not limited to, the acquisition or sale of a Mortgaged Property
        acquired by deed in lieu of foreclosure, (ii) the bankruptcy of REMIC I,
        (iii)
        the termination of REMIC I pursuant to Article X of this Agreement, (iv)
        a
        substitution pursuant to Article II of this Agreement or (v) a purchase of
        Mortgage Loans pursuant to Article II of this Agreement), nor acquire any
        assets
        for any Trust REMIC (other than REO Property acquired in respect of a defaulted
        Mortgage Loan), nor sell or dispose of any investments in the Collection
        Account
        or the Distribution Account for gain, nor accept any contributions to any
        Trust
        REMIC after the Closing Date (other than a Qualified Substitute Mortgage
        Loan
        delivered in accordance with Section 2.03), unless it has received an Opinion
        of
        Counsel, addressed to the Trustee and the Securities Administrator (at the
        expense of the party seeking to cause such sale, disposition, substitution,
        acquisition or contribution but in no event at the expense of the Trustee)
        that
        such sale, disposition, substitution, acquisition or contribution will not
        (a)
        affect adversely the status of any Trust REMIC as a REMIC or (b) cause any
        Trust
        REMIC to be subject to a tax on “prohibited transactions” or “contributions”
pursuant to the REMIC Provisions.

       

      
        
          
          

        

        
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      SECTION
        11.03. Indemnification.

       

      (a) The
        Trustee agrees to be liable for any taxes and costs incurred by the Trust
        Fund,
        the Depositor, the Master Servicer, the Securities Administrator or the Servicer
        including, without limitation, any reasonable attorneys fees imposed on or
        incurred by the Trust Fund, the Depositor, the Master Servicer, the Securities
        Administrator or the Servicer as a result of the Trustee’s failure to perform
        its covenants set forth in this Article XI in accordance with the standard
        of
        care of the Trustee set forth in this Agreement.

       

      (b) The
        Servicer agrees to indemnify the Trust Fund, the Depositor, the Master Servicer,
        the Securities Administrator and the Trustee for any taxes and costs including,
        without limitation, any reasonable attorneys’ fees imposed on or incurred by the
        Trust Fund, the Depositor, the Master Servicer, the Securities Administrator
        or
        the Trustee, as a result of the Servicer’s failure to perform its covenants set
        forth in Article III in accordance with the standard of care of the Servicer
        set
        forth in this Agreement.

       

      (c) The
        Master Servicer agrees to indemnify the Trust Fund, the Depositor, the Servicer
        and the Trustee for any taxes and costs including, without limitation, any
        reasonable attorneys’ fees imposed on or incurred by the Trust Fund, the
        Depositor, the Servicer or the Trustee, as a result of the Master Servicer’s
        failure to perform its covenants set forth in Article IV in accordance with
        the
        standard of care of the Master Servicer set forth in this
        Agreement.

       

      (d) The
        Securities Administrator agrees to be liable for any taxes and costs incurred
        by
        the Trust Fund, the Depositor, the Servicer or the Trustee including, without
        limitation, any reasonable attorneys’ fees imposed on or incurred by the Trust
        Fund, the Depositor, the Servicer or the Trustee as a result of the Securities
        Administrator’s failure to perform its covenants set forth in this Article XI in
        accordance with the standard of care of the Securities Administrator set
        forth
        in this Agreement.

       

      
        
          
          

        

        
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      ARTICLE
        XII

       

      MISCELLANEOUS
        PROVISIONS

       

      SECTION
        12.01. Amendment.

       

      This
        Agreement may be amended from time to time by the Depositor, the Servicer,
        the
        Master Servicer, the Securities Administrator and the Trustee with the written
        consent of the Class A Certificate Insurer but without the consent of any
        of the Certificateholders, (i) to cure any ambiguity or defect, (ii) to correct,
        modify or supplement any provisions herein (including to give effect to the
        expectations of Certificateholders), (iii) to ensure compliance with Regulation
        AB or (iv) to make any other provisions with respect to matters or questions
        arising under this Agreement which shall not be inconsistent with the provisions
        of this Agreement and that such action shall not, as evidenced by an Opinion
        of
        Counsel delivered to the Trustee, adversely affect in any material respect
        the
        interests of any Certificateholder without regard to the Policy; provided
        that
        any such amendment shall be deemed not to adversely affect in any material
        respect the interests of the Certificateholders and no such Opinion of Counsel
        shall be required if the Person requesting such amendment obtains a letter
        from
        each Rating Agency stating that such amendment would not result in the
        downgrading or withdrawal of the respective ratings then assigned to the
        Certificates without regard to the Policy. No amendment shall be deemed to
        adversely affect in any material respect the interests of any Certificateholder
        who shall have consented thereto, and no Opinion of Counsel shall be required
        to
        address the effect of any such amendment on any such consenting
        Certificateholder.

       

      This
        Agreement may also be amended from time to time by the Depositor, the Servicer,
        the Master Servicer, the Securities Administrator and the Trustee with the
        consent of the Class A Certificate Insurer (unless a Class A Certificate
        Insurer
        default under the Insurance Agreement has occurred, in which case no consent
        shall be necessary) and the Holders of Certificates entitled to at least
        66% of
        the Voting Rights (subject to the last sentence of the definition of “Voting
        Rights” set forth in this Agreement) for the purpose of adding any provisions to
        or changing in any manner or eliminating any of the provisions of this Agreement
        or of modifying in any manner the rights of the Holders of Certificates;
        provided, however, that no such amendment shall (i) reduce in any manner
        the
        amount of, or delay the timing of, payments received on Mortgage Loans which
        are
        required to be distributed on any Certificate without the consent of the
        Holder
        of such Certificate, (ii) adversely affect in any material respect the interests
        of the Holders of any Class of Certificates in a manner, other than as described
        in (i), without the consent of the Holders of Certificates of such Class
        evidencing at least 66% of the Voting Rights allocated to such Class, or
        (iii)
        modify the consents required by the immediately preceding clauses (i) and
        (ii)
        without the consent of the Holders of all Certificates then outstanding.
        Notwithstanding any other provision of this Agreement, for purposes of the
        giving or withholding of consents pursuant to this Section 12.01, Certificates
        registered in the name of the Depositor or the Servicer or any Affiliate
        thereof
        shall be entitled to Voting Rights with respect to matters affecting such
        Certificates. Without limiting the generality of the foregoing, any amendment
        to
        this Agreement required in connection with the compliance with or the
        clarification of any reporting obligations described in Section 5.06 hereof
        shall not require the consent of any Certificateholder and without the need
        for
        any Opinion of Counsel or Rating Agency confirmation.

       

      
        
          
          

        

        
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      Notwithstanding
        any contrary provision of this Agreement, the Trustee shall not consent to
        any
        amendment to this Agreement unless it shall have first received an Opinion
        of
        Counsel to the effect that all conditions precedent to the execution of such
        amendment have been satisfied, such amendment is permitted hereunder and
        will
        not result in the imposition of any tax on any Trust REMIC pursuant to the
        REMIC
        Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any
        time
        that any Certificates are outstanding and that such amendment is authorized
        or
        permitted by this Agreement. 

       

      Promptly
        after the execution of any such amendment the Trustee shall furnish a copy
        of
        such amendment to each Certificateholder.

       

      It
        shall
        not be necessary for the consent of Certificateholders under this Section
        12.01
        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 Trustee may prescribe.

       

      The
        cost
        of any Opinion of Counsel to be delivered pursuant to this Section 12.01
        shall
        be borne by the Person seeking the related amendment, but in no event shall
        such
        Opinion of Counsel be an expense of the Trustee.

       

      The
        Trustee may, but shall not be obligated to enter into any amendment pursuant
        to
        this Section that affects its rights, duties and immunities under this Agreement
        or otherwise.

       

      Notwithstanding
        any of the other provisions of this Section 12.01, none of the parties to
        this
        Agreement shall enter into any amendment to this Agreement that could reasonably
        be expected to have a material adverse effect on the interests of the Swap
        Provider hereunder (excluding, for the avoidance of doubt, any amendment
        to this
        Agreement that is entered into solely for the purpose of appointing a successor
        servicer, master servicer, securities administrator, trustee or other service
        provider) without the prior written consent of the Swap Provider, which consent
        shall not be unreasonably withheld.

       

      SECTION
        12.02. Recordation
        of Agreement; Counterparts.

       

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any or all of the properties subject
        to
        the Mortgages are situated, and in any other appropriate public recording
        office
        or elsewhere, such recordation to be effected by the Depositor at the expense
        of
        the Certificateholders, but only upon direction of the Trustee accompanied
        by an
        Opinion of Counsel (which opinion shall not be at the expense of the Trustee)
        to
        the effect that such recordation materially and beneficially affects the
        interests of the Certificateholders.

       

      For
        the
        purpose of facilitating the recordation of this Agreement as herein provided
        and
        for other purposes, this Agreement may be executed simultaneously in any
        number
        of counterparts, each of which counterparts shall be deemed to be an original,
        and such counterparts shall constitute but one and the same
        instrument.

       

      
        
          
          

        

        
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      SECTION
        12.03. Limitation
        on Rights of Certificateholders.

       

      The
        death
        or incapacity of any Certificateholder shall not operate to terminate this
        Agreement or the Trust Fund, 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 Fund,
        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 Fund, or the obligations of the parties hereto, nor shall anything
        herein
        set forth, or contained in the terms of any of the Certificates, be construed
        so
        as to constitute the Certificateholders from time to time as partners or
        members
        of an association; nor shall any Certificateholder be under any liability
        to any
        third person by reason of any action taken by the parties to this Agreement
        pursuant to any provision hereof.

       

      No
        Certificateholder shall have any right by virtue of any provision of this
        Agreement to institute any suit, action or proceeding in equity or at law
        upon
        or under or with respect to this Agreement, unless such Holder previously
        shall
        have given to the Trustee a written notice of default and of the continuance
        thereof, as hereinbefore provided, and unless also the Holders of Certificates
        entitled to at least 25% of the Voting Rights shall have made written request
        upon the Trustee to institute such action, suit or proceeding in its own
        name as
        Trustee hereunder and shall have offered to the Trustee such reasonable
        indemnity as it may require against the costs, expenses and liabilities to
        be
        incurred therein or thereby, and the Trustee, for 15 days after its receipt
        of
        such notice, request and offer of indemnity, shall have neglected or refused
        to
        institute any such action, suit or proceeding. It is understood and intended,
        and expressly covenanted by each Certificateholder with every other
        Certificateholder. and the Trustee, that no one or more Holders of Certificates
        shall have any right in any manner whatsoever by virtue of any provision
        of this
        Agreement to affect, disturb or prejudice the rights of the Holders of any
        other
        of such Certificates, or to obtain or seek to obtain priority over or preference
        to any other such Holder, or to enforce any right under this Agreement, except
        in the manner herein provided and for the equal, ratable and common benefit
        of
        all Certificateholders. For the protection and enforcement of the provisions
        of
        this Section, each and every Certificateholder and the Trustee shall be entitled
        to such relief as can be given either at law or in equity.

       

      SECTION
        12.04. Governing
        Law.

       

      This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York and the obligations, rights and remedies of the parties hereunder shall
        be
        determined in accordance with such laws without regard to conflicts of laws
        principles thereof other than Section 5-1401 of the New York General Obligations
        Law which shall govern.

       

      
        
          
          

        

        
          199

          
            

          

        

        
          
          

        

      

      SECTION
        12.05. Notices.

       

      All
        directions, demands and notices hereunder shall be in writing and shall be
        deemed to have been duly given when received if sent by facsimile, receipt
        confirmed, if personally delivered at or mailed by first class mail, postage
        prepaid, or by express delivery service or delivered in any other manner
        specified herein, to (a) in the case of the Depositor, ACE Securities Corp.,
        AMACAR GROUP, 6525 Morrison Boulevard, Suite 318, Charlotte, North Carolina
        28211, Attention: Juliana Johnson (telecopy number: (704) 365-1362) with
        a copy
        to Deutsche Bank Securities, Inc. 60 Wall Street, New York, New York, Attention:
        Legal Department (telecopy number: (212) 797-4561), or such other address
        or
        telecopy number as may hereafter be furnished to the Servicer, the Master
        Servicer, the Securities Administrator and the Trustee in writing by the
        Depositor, (b) in the case of the Servicer, GMAC Mortgage, LLC, 100 Witmer
        Road,
        Horsham, Pennsylvania 19044, Attention: STACS 2007-1, or such other address
        or
        telecopy number as may hereafter be furnished to the Trustee, the Master
        Servicer, the Securities Administrator and the Depositor in writing by GMAC
        (c)
        in the case of the Master Servicer and the Securities Administrator, P.O.
        Box
        98, Columbia, Maryland 21046 and for overnight delivery to 9062 Old Annapolis
        Road, Columbia, Maryland 21045, Attention: STACS 2007-1 (telecopy number:
        (410)
        715-2380), or such other address or telecopy number as may hereafter be
        furnished to the Trustee, the Depositor and the Servicer in writing by the
        Master Servicer or the Securities Administrator, (d) in the case of the Trustee,
        at the Corporate Trust Office or such other address or telecopy number as
        the
        Trustee may hereafter be furnished to the Servicer, the Master Servicer,
        the
        Securities Administrator and the Depositor in writing by the Trustee,
        (e) in the case of the Class A Certificate Insurer, XL Capital
        Assurance Inc., 1221 Avenue of the Americas, New York, New York 10020-1001,
        Attention: Surveillance, (f) in the case of the Swap Provider, Bear Stearns
        Financial Products Inc., 383 Madison Avenue, 36th
        Floor,
        New York, New York 10179 Attn: DPC Manager and (g) in the case of the Sponsor,
        SunTrust Asset Funding, LLC, 303 Peachtree Street, 23rd Floor, Atlanta, Georgia
        30309, Attn: STACS 2007-1. Any notice required or permitted to be given to
        a
        Certificateholder shall be given by first class mail, postage prepaid, at
        the
        address of such Holder as shown in the Certificate Register. Any notice so
        mailed within the time prescribed in this Agreement shall be conclusively
        presumed to have been duly given when mailed, 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.

       

      SECTION
        12.06. Severability
        of Provisions.

       

      If
        any
        one or more of the covenants, agreements, provisions or terms of this 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 this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this Agreement
        or of the Certificates or the rights of the Holders thereof.

       

      
        
          
          

        

        
          200

          
            

          

        

        
          
          

        

      

      SECTION
        12.07. Notice
        to
        Rating Agencies and the Class A Certificate Insurer.

       

      The
        Trustee shall use its best efforts promptly to provide notice to the Rating
        Agencies, the Swap Provider and the Class A Certificate Insurer with
        respect to each of the following of which a Responsible Officer has actual
        knowledge:

       

      1. Any
        material change or amendment to this Agreement;

       

      2. The
        occurrence of any Servicer Event of Default or Master Servicer Event of Default
        that has not been cured or waived;

       

      3. The
        resignation or termination of the Servicer, the Master Servicer or the
        Trustee;

       

      4. The
        repurchase or substitution of Mortgage Loans pursuant to or as contemplated
        by
        Section 2.03;

       

      5. The
        final
        payment to the Holders of any Class of Certificates; and

       

      6. Any
        change in the location of the Distribution Account.

       

      In
        addition, the Securities Administrator shall promptly make available to each
        Rating Agency copies of each report to Certificateholders described in Section
        5.02.

       

      The
        Servicer shall make available to each Rating Agency copies of the
        following:

       

      1. Each
        annual statement of compliance described in Section 3.17 of this Agreement;
        and

       

      2. Each
        assessment of compliance and attestation report described in
        Section 3.18.

       

      Any
        such
        notice pursuant to this Section 12.07 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 Standard & Poor’s, a
        division of the McGraw-Hill Companies, Inc., 55 Water Street, New York, New
        York
        10041; and to Moody’s Investors Service, Inc., 99 Church Street, New York, New
        York 10007 or such other addresses as the Rating Agencies may designate in
        writing to the parties hereto.

       

      SECTION
        12.08. Article
        and Section References.

       

      All
        article and section references used in this Agreement, unless otherwise
        provided, are to articles and sections in this Agreement.

       

      SECTION
        12.09. Grant
        of
        Security Interest.

       

      It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by the Depositor to the Trustee, on behalf of the Trust and for the benefit
        of
        the Class A Certificate Insurer and the Certificateholders, be, and be
        construed as, a sale of the Mortgage Loans by the Depositor and not a pledge
        of
        the Mortgage Loans to secure a debt or other obligation of the Depositor.
        However, in the event that, notwithstanding the aforementioned intent of
        the
        parties, the Mortgage Loans are held to be property of the Depositor, then,
        (a)
        it is the express intent of the parties that such conveyance be deemed a
        pledge
        of the Mortgage Loans by the Depositor to the Trustee, on behalf of the Trust
        and for the benefit of the Class A Certificate Insurer and the
        Certificateholders, to secure a debt or other obligation of the Depositor
        and
        (b)(1) this Agreement shall also be deemed to be a security agreement within
        the
        meaning of Articles 8 and 9 of the Uniform Commercial Code as in effect from
        time to time in the State of New York; (2) the conveyance provided for in
        Section 2.01 shall be deemed to be a grant by the Depositor to the Trustee,
        on
        behalf of the Trust and for the benefit of the Class A Certificate Insurer
        and the Certificateholders, 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 the Collection Account and the Distribution Account, whether in the form
        of
        cash, instruments, securities or other property; (3) the obligations secured
        by
        such security agreement shall be deemed to be all of the Depositor’s obligations
        under this Agreement, including the obligation to provide to the
        Certificateholders the benefits of this Agreement relating to the Mortgage
        Loans
        and the Trust Fund; and (4) 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.
        Accordingly, the Depositor hereby grants to the Trustee, on behalf of the
        Trust
        and for the benefit of the Class A Certificate Insurer and the
        Certificateholders, a security interest in the Mortgage Loans and all other
        property described in clause (2) of the preceding sentence, for the purpose
        of
        securing to the Trustee the performance by the Depositor of the obligations
        described in clause (3) of the preceding sentence. Notwithstanding the
        foregoing, the parties hereto intend the conveyance pursuant to Section 2.01
        to
        be a true, absolute and unconditional sale of the Mortgage Loans and assets
        constituting the Trust Fund by the Depositor to the Trustee, on behalf of
        the
        Trust and for the benefit of the Class A Certificate Insurer and the
        Certificateholders.

       

      
        
          
          

        

        
          201

          
            

          

        

        
          
          

        

      

      SECTION
        12.10. Survival
        of Indemnification.

       

      Any
        and
        all indemnities to be provided by any party to this Agreement shall survive
        the
        termination and resignation of any party hereto and the termination of this
        Agreement.

       

      SECTION
        12.11. Intention
        of the Parties and Interpretation.

       

      Each
        of
        the parties acknowledges and agrees that the purpose of Sections 3.17, 3.18,
        3.20, 4.15, 4.16, 4.17, 4.18 and 5.06 of this Agreement is to facilitate
        compliance by the Sponsor, the Master Servicer, the Securities Administrator
        and
        the Depositor with the provisions of Regulation AB promulgated by the Commission
        under the Exchange Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be
        amended from time to time and subject to clarification and interpretive advice
        as may be issued by the staff of the Commission from time to time. Therefore,
        each of the parties agrees that (a) the obligations of the parties hereunder
        shall be interpreted in such a manner as to accomplish that purpose, (b)
        the
        parties’ obligations hereunder will be supplemented and modified as necessary to
        be consistent with any such amendments, interpretive advice or guidance,
        convention or consensus among active participants in the asset-backed securities
        markets, advice of counsel, or otherwise in respect of the requirements of
        Regulation AB and (c) the parties shall comply with requests made by the
        Master
        Servicer, Securities Administrator, Sponsor or the Depositor for delivery
        of
        additional or different information as the Master Servicer, Securities
        Administrator, Sponsor or the Depositor may determine in good faith is necessary
        to comply with the provisions of Regulation AB.

       

      
        
          
          

        

        
          202

          
            

          

        

        
          
          

        

      

      SECTION
        12.12. Indemnification.

       

      Each
        of
        the Depositor, Master Servicer, Securities Administrator, Servicer and any
        Servicing Function Participant engaged by such party, respectively, shall
        indemnify and hold harmless (1) the Custodian, for any material misstatement
        or
        omissions in any Form 10-D or 10-K filing, or failure to file timely as required
        under the 1934 Act other than any information, reports, or exhibits in such
        filing that are provided by the Custodian pursuant to Section 4 of the Custodial
        Agreement and (2) the Master Servicer, the Servicer, the Sponsor, the Securities
        Administrator and the Depositor, respectively, and each of its directors,
        officers, employees, agents, and affiliates from and against any and all
        claims,
        losses, damages, penalties, fines, forfeitures, reasonable legal fees and
        related costs, judgments and other costs and expenses arising out of or based
        upon (a) any breach by such party of any of its obligations under hereunder,
        including particularly its obligations to provide any assessment of compliance,
        attestation report, annual statement of compliance or any information, data
        or
        materials required to be included in any 1934 Act report, (b) any material
        misstatement or omission in any information, data or materials provided by
        such
        party (or, in the case of the Securities Administrator, the Servicer or Master
        Servicer, any material misstatement or material omission in (i) any assessment
        of compliance, attestation report or annual statement of compliance delivered
        by
        it, or by any Servicing Function Participant engaged by it, pursuant to this
        Agreement, or (ii) any Additional Form 10-D Disclosure, Additional Form 10-K
        Disclosure or Form 8-K Disclosure concerning the Master Servicer, the Servicer
        or the Securities Administrator), or (c) the negligence, bad faith or willful
        misconduct of such indemnifying party in connection with its performance
        hereunder. If the indemnification provided for herein is unavailable or
        insufficient to hold harmless the Master Servicer, the Servicer, the Sponsor,
        the Securities Administrator, the Custodian or the Depositor, as the case
        may
        be, then each such party agrees that it shall contribute to the amount paid
        or
        payable by the Master Servicer, the Servicer, the Sponsor, the Securities
        Administrator, the Custodian or the Depositor, as applicable, as a result
        of any
        claims, losses, damages or liabilities incurred by such party in such proportion
        as is appropriate to reflect the relative fault of the indemnified party
        on the
        one hand and the indemnifying party on the other. This indemnification shall
        survive the termination of this Agreement or the termination of any party
        to
        this Agreement.

       

      SECTION
        12.13. Third
        Party Beneficiaries.

       

      Each
        of
        the Swap Provider and the Class A Certificate Insurer shall be express
        third-party beneficiaries of this Agreement to the extent of its express
        rights
        to receive any payments under this Agreement or any other express rights
        of the
        Swap Provider or the Class A Certificate Insurer explicitly stated in this
        Agreement, and shall have the right to enforce such rights under this Agreement
        as if it were a party hereto.

       

      
        
          
          

        

        
          203

          
            

          

        

        
          
          

        

      

      The
        Sponsor shall be an express third-party beneficiary of this Agreement to
        the
        extent of its express rights explicitly stated in this Agreement.

       

      
        
          
          

        

        
          204

          
            

          

        

        
          
          

        

      

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

       

      ACE
        SECURITIES CORP.,

      as
        Depositor

       

      By:
        /s/
        Douglas K. Johnson

      Name:
        Douglas K. Johnson

      Title:
        President 

       

      By:
        /s/
        Doris J. Hearn

      Name:
        Doris J. Hearn

      Title:
        Vice President

       

      GMAC
        MORTGAGE, LLC

      as
        Servicer

      

      By:
        /s/
        William J. Maguire

      Name:
        William J. Maguire

      Title:
        Senior Vice President 

       

      

      HSBC
        BANK
        USA, NATIONAL ASSOCIATION

      not
        in
        its individual capacity but solely as Trustee

       

      By:
        /s/
        Fernando Acebedo

      Name:
        Fernando Acebedo

      Title:
        Vice President 

       

      WELLS
        FARGO BANK, NATIONAL ASSOCIATION

      as
        Master
        Servicer and Securities Administrator

       

      By:
        /s/
        Benjamin F. Jordan

      Name:
        Benjamin F. Jordan

      Title:
        Assistant Vice President 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Acknowledged
        and Agreed:

       

      SUNTRUST
        ASSET FUNDING, LLC, the Sponsor

       

      By:
        /s/
        Tony Atkins

      Name:
        Tony Atkins

      Title:
        Officer 

       

      By:
        /s/
        David Scalzetti

      Name:
        David Scalzetti

      Title:
        Officer 

       

      Acknowledged
        and Agreed for purposes of Sections 7.08, 7.09 and 7.10:

       

      CLAYTON
        FIXED INCOME SERVICES INC.

       

      By:
        /s/
        Kevin J. Kanouff

      Name:
        Kevin J. Kanouff

      Title:
        President and General Counsel

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Acknowledged
        and Agreed for purposes of Section 12.12:

       

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY

      as
        Custodian

       

      By:
        /s/
        Christopher Corcoran

      Name:
        Christopher Corcoran

      Title:
        Vice President

       

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF North Carolina

              	
                )

              

      

      
        	 	
                )
                  ss.:

              

      

      
        	
                COUNTY
                  OF Mecklenburg

              	
                )

              

      

      
      

      On
        the
        11th day of May 2007, before me, a notary public in and for said State,
        personally appeared Douglas K. Johnson known to me to be a Officer of ACE
        Securities Corp., one of the entities that executed the within instrument,
        and
        also known to me to be the person who executed it on behalf of said corporation,
        and acknowledged to me that such corporation executed the within
        instrument.

       

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

       

      /s/
        Patricia C. Harris

      Notary
        Public

       

      [Notarial
        Seal]         My
        commission expires October 14, 2011

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF North Carolina

              	
                )

              

      

      
        	 	
                )
                  ss.:

              

      

      
        	
                COUNTY
                  OF Mecklenburg

              	
                )

              

      

       

      On
        the
        11th day of May 2007, before me, a notary public in and for said State,
        personally appeared Doris J. Hearn known to me to be a Officer of ACE Securities
        Corp., one of the entities that executed the within instrument, and also
        known
        to me to be the person who executed it on behalf of said corporation, and
        acknowledged to me that such corporation executed the within
        instrument.

       

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

       

      /s/
        Patricia C. Harris

      Notary
        Public

       

      [Notarial
        Seal]           My
        commission expires October 14,
        2011

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF

              	
                )

              

      

      
        	 	
                )
                  ss.:

              

      

      
        	
                COUNTY
                  OF

              	
                )

              

      

       

      On
        the 15
        day of May 2007, before me, a notary public in and for said State, personally
        appeared William J. Maguire known to me to be a Officer of GMAC Mortgage,
        LLC,
        one of the entities that executed the within instrument, and also known to
        me to
        be the person who executed it on behalf of said entity, and acknowledged
        to me
        that such entity executed the within instrument.

       

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

       

      /s/
        Joan Gadler

      Notary
        Public

       

      [Notarial
        Seal]           My
        commission expires 6/12/2007

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF Maryland

              	
                )

              

      

      
        	 	
                )
                  ss.:

              

      

      
        	
                COUNTY
                  OF Howard

              	
                )

              

      

       

      On
        the
        11th day of May 2007, before me, a notary public in and for said State,
        personally appeared Benjamin F. Jordan known to me to be a Assistant Vice
        President of Wells Fargo Bank, National Association, one of the entities
        that
        executed the within instrument, and also known to me to be the person who
        executed it on behalf of said national banking association, and acknowledged
        to
        me that such national banking association executed the within
        instrument.

       

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

       

      /s/
        Graham M. Oglesby

      Notary
        Public

       

      [Notarial
        Seal]           My
        commission expires January 7, 2009

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                STATE
                  OF

              	
                )

              

      

      
        	 	
                )
                  ss.:

              

      

      
        	
                COUNTY
                  OF

              	
                )

              

      

       

      On
        the 14
        day of May 2007, before me, a notary public in and for said State, personally
        appeared Fernando Acebedo known to me to be a Vice President of HSBC Bank
        USA,
        National Association, one of the entities that executed the within instrument,
        and also known to me to be the person who executed it on behalf of said national
        banking association, and acknowledged to me that such national banking
        association executed the within instrument.

       

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

       

      /s/
        Audrey H. Zabriskie

      Notary
        Public

       

      [Notarial
        Seal]          My
        commission expires 10/16/2011

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS A CERTIFICATE

     

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

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    PRIOR
      TO THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY PERSON ACQUIRING
      THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 6.02(c)
      OF THE AGREEMENT REFERRED TO HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2007-1, Class A

            	 	
              Aggregate
                Certificate Principal Balance of the Class A Certificates as of the
                Issue
                Date: $_____________

            
	 	 	 
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $____________

            
	 	 	 
	
              Date
                of Pooling and Servicing Agreement 

              and
                Cut-off Date: April 1, 2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: May 25, 2007

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No.__

            	 	
              Issue
                Date: May 15, 2007

            
	 	 	 
	 	 	
              CUSIP:________________

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    SUNTRUST
      ACQUISITION CLOSED-END SECONDS TRUST, SERIES 2007-1

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE SPONSOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE
      SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that ________________ is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A Certificates as of the Issue Date)
      in that certain beneficial ownership interest evidenced by all of the Class
      A
      Certificates in REMIC III created pursuant to a Pooling and Servicing Agreement,
      dated as specified above (the “Agreement”), among ACE Securities Corp., as
      depositor (hereinafter called the “Depositor”, which term includes any successor
      entity under the Agreement), Wells Fargo Bank, National Association as master
      servicer (the “Master Servicer”) and securities administrator (the “Securities
      Administrator”), GMAC Mortgage, LLC as servicer (the “Servicer”) and HSBC Bank
      USA, National Association as trustee (the “Trustee”), a summary of certain of
      the pertinent provisions of which is set forth hereafter. To the extent not
      defined herein, the capitalized terms used herein have the meanings assigned
      in
      the Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    
      
        
        

      

      
        A-1-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (the “Record Date”), in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A Certificates
      on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class A Certificates the
      aggregate initial Certificate Principal Balance of which is in excess of the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class A Certificates, or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall be a rate per annum equal
      to
      the lesser of (i) One-Month LIBOR plus [_____]%, in the case of each
      Distribution Date through and including the first Distribution Date on which
      the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund as of the last day of the related
      Due Period has been reduced to less than or equal to 10% of the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date, or One-Month
      LIBOR plus [_____]%, in the case of any Distribution Date thereafter and (ii)
      the applicable Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans and payments received pursuant to
      the
      Swap Agreement all as more specifically set forth herein and in the Agreement.
      As provided in the Agreement, withdrawals from the Collection Account and the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage Loans.
      

     

    
      
        
        

      

      
        A-1-3

        
          

        

      

      
        
        

      

    

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Class A Certificate Insurer (unless a
      Class
      A Certificate Insurer default under the Insurance Agreement has occurred, in
      which case no consent shall be necessary) and the Holders of Certificates
      entitled to at least 66% of the Voting Rights (subject to the last sentence
      of
      the definition of “Voting Rights” set forth in the Agreement). Any such consent
      by the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, with the
      consent of the Class A Certificate Insurer, but without the consent of the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

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

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate shall be deemed to have made the representations in Section 6.02(e)
      of the Agreement.

     

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

     

    
      
        
        

      

      
        A-1-4

        
          

        

      

      
        
        

      

    

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assumes any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        A-1-5

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May ___, 2007

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class A Certificates referred to in the within-mentioned
      Agreement.

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Signatory

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to ____%
      evidenced by the within Asset Backed Pass-Through Certificate and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ________________________________________________

    
      	 	 	
              .

            

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      A-2

     

    FORM
      OF
      CLASS M-[1][2][3] CERTIFICATE

     

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

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES [[,/AND] CLASS M-1
      CERTIFICATES [AND] CLASS M-2 CERTIFICATES] TO THE EXTENT DESCRIBED IN THE
      AGREEMENT REFERRED TO HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO MAKE THE REPRESENTATIONS
      SET
      FORTH IN SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
      IN
      THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE
      OF
      THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
      BE
      DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
      MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
      ADMINISTRATOR NAMED HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2007-1, Class M-[1][2][3]

            	 	
              Aggregate
                Certificate Principal Balance of the Class M-[1][2][3] Certificates
                as of
                the Issue Date: $______________

            
	 	 	 
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $______________

            
	 	 	 
	
              Date
                of Pooling and Servicing Agreement 

              and
                Cut-off Date: April 1, 2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: May 25, 2007

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No.___

            	 	
              Issue
                Date: May 15, 2007

            
	 	 	 
	 	 	
              CUSIP:_________________

            

    

    

    SUNTRUST
      ACQUISITION CLOSED-END SECONDS TRUST, SERIES 2007-1

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE SPONSOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE
      SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that _____________________ is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class M-[1][2][3] Certificates
      as
      of the Issue Date) in that certain beneficial ownership interest evidenced
      by
      all of the Class M-[1][2][3] Certificates in REMIC III created pursuant to
      a
      Pooling and Servicing Agreement, dated as specified above (the “Agreement”),
      among ACE Securities Corp., as depositor (hereinafter called the “Depositor”,
      which term includes any successor entity under the Agreement), Wells Fargo
      Bank,
      National Association as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), GMAC Mortgage, LLC as servicer
      (the “Servicer”) and HSBC Bank USA, National Association as trustee (the
“Trustee”), a summary of certain of the pertinent provisions of which is set
      forth hereafter. To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    
      
        
        

      

      
        A-2-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (the “Record Date”), in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-[1][2][3]
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class M-[1][2][3] Certificates
      the aggregate initial Certificate Principal Balance of which is in excess of
      the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class M-[1][2][3] Certificates, or otherwise by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register. Notwithstanding
      the above, the final distribution on this Certificate will be made after due
      notice by the Securities Administrator of the pendency of such distribution
      and
      only upon presentation and surrender of this Certificate at the office or agency
      appointed by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) One-Month LIBOR plus [____]% , in the case of each
      Distribution Date through and including the first Distribution Date on which
      the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund as of the last day of the related
      Due Period has been reduced to less than or equal to 10% of the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date, or One-Month
      LIBOR plus [____]%, in the case of any Distribution Date thereafter and (ii)
      the
      applicable Net WAC Pass-Through Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans and payments received pursuant to
      the
      Swap Agreement, all as more specifically set forth herein and in the Agreement.
      As provided in the Agreement, withdrawals from the Collection Account and the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    
      
        
        

      

      
        A-2-3

        
          

        

      

      
        
        

      

    

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Class A Certificate Insurer (unless a
      Class
      A Certificate Insurer default under the Insurance Agreement has occurred, in
      which case no consent shall be necessary) and the Holders of Certificates
      entitled to at least 66% of the Voting Rights (subject to the last sentence
      of
      the definition of “Voting Rights” set forth in the Agreement). Any such consent
      by the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, with the
      consent of the Class A Certificate Insurer, but without the consent of the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

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

     

    Any
      transferee of this Certificate shall be deemed to make the representations
      set
      forth in Section 6.02(c) of the Agreement.

     

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

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    
      
        
        

      

      
        A-2-4

        
          

        

      

      
        
        

      

    

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        A-2-5

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May ___, 2007

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class M-[1][2][3] Certificates referred to in the within-mentioned
      Agreement.

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Signatory

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

     (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to _____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-2A

     

    FORM
      OF
      CLASS M-4 CERTIFICATE

     

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

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, CLASS M-1 CERTIFICATES,
      CLASS M-2 CERTIFICATES, AND CLASS M-3 CERTIFICATES TO THE EXTENT DESCRIBED
      IN
      THE AGREEMENT REFERRED TO HEREIN.

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
      IN
      THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE
      OF
      THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
      BE
      DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
      MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
      ADMINISTRATOR NAMED HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES
      LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
      CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
      IN
      COMPLIANCE WITH THE ACT AND OTHER APPLICABLE LAWS OR (2) WITHIN THE UNITED
      STATES TO “QUALIFIED INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN
      COMPLIANCE WITH RULE 144A UNDER THE ACT (“RULE 144A”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    NO
      TRANSFER OF THIS CERTIFICATE TO A PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE CODE, ANY
      PERSON ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF ANY SUCH PLAN OR ANY PERSON
      USING “PLAN ASSETS” TO ACQUIRE THIS CERTIFICATE SHALL BE MADE EXCEPT IN
      ACCORDANCE WITH SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    
      
        
        

      

      
        A-2A-2

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2007-1, Class M-4

            	 	
              Aggregate
                Certificate Principal Balance of the Class M-4 Certificates as of
                the
                Issue Date: $______________

            
	 	 	 
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $______________

            
	 	 	 
	 	 	 
	
              Date
                of Pooling and Servicing Agreement 

              and
                Cut-off Date: April 1, 2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: May 25, 2007

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No.___

            	 	
              Issue
                Date: May 15, 2007

            
	 	 	 
	 	 	
              CUSIP:_________________

            

    

    

    SUNTRUST
      ACQUISITION CLOSED-END SECONDS TRUST, SERIES 2007-1

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that _____________________ is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class M-4 Certificates as of
      the
      Issue Date) in that certain beneficial ownership interest evidenced by of all
      the Class M-4 Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp. as depositor (hereinafter called the “Depositor”, which term
      includes any successor entity under the Agreement), Wells Fargo Bank, N.A.
      as
      master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), GMAC Mortgage, LLC as servicer (the “Servicer”) and
      HSBC Bank USA, National Association as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Certificate is issued under and is subject
      to
      the terms, provisions and conditions of the Agreement, to which Agreement the
      Holder of this Certificate by virtue of the acceptance hereof assents and by
      which such Holder is bound.

     

    
      
        
        

      

      
        A-2A-3

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (the “Record Date”), in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-4
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of Class M-4 Certificates the
      aggregate initial Certificate Principal Balance of which is in excess of the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class M-4 Certificates, or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) One-Month LIBOR plus [____]% , in the case of each
      Distribution Date through and including the first Distribution Date on which
      the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund as of the last day of the related
      Due Period is reduced to less than or equal to 10% of the aggregate principal
      balance of the Mortgage Loans as of the Cut-off Date, or One-Month LIBOR plus
      [____]%, in the case of any Distribution Date thereafter and (ii) the applicable
      Net WAC Pass-Through Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans and payments received pursuant to
      the
      Swap Agreement, all as more specifically set forth herein and in the Agreement.
      As provided in the Agreement, withdrawals from the Collection Account and the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    
      
        
        

      

      
        A-2A-4

        
          

        

      

      
        
        

      

    

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Class A Certificate Insurer (unless a
      Class
      A Certificate Insurer default under the Insurance Agreement has occurred, in
      which case no consent shall be necessary) and the Holders of Certificates
      entitled to at least 66% of the Voting Rights (subject to the last sentence
      of
      the definition of “Voting Rights” set forth in the Agreement). Any such consent
      by the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, with the
      consent of the Class A Certificate Insurer, but without the consent of the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

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

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Act, and an effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that such a transfer of this Certificate is to be made without
      registration or qualification, the Securities Administrator shall require
      receipt of (i) if such transfer is purportedly being made in reliance upon
      Rule
      144A under the Act, written certifications from the Holder of the Certificate
      desiring to effect the transfer, and from such Holder’s prospective transferee,
      substantially in the forms attached to the Agreement as Exhibit B-1 and (ii)
      in
      all other cases, an Opinion of Counsel satisfactory to it that such transfer
      may
      be made without such registration or qualification (which Opinion of Counsel
      shall not be an expense of the Trust Fund or of the Depositor, the Trustee,
      the
      Master Servicer or the Securities Administrator in their respective capacities
      as such), together with copies of the written certification(s) of the Holder
      of
      the Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the Act or any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    
      
        
        

      

      
        A-2A-5

        
          

        

      

      
        
        

      

    

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 6.02(c) of the Agreement.

     

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

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        A-2A-6

        
          

        

      

      
        
        

      

    

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

     

    Dated:

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class M-4 Certificates referred to in the within-mentioned
      Agreement.

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Signatory

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

     (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to _____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-3

     

    FORM
      OF
      CLASS CE CERTIFICATE

     

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

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE MEZZANINE
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND WITHIN THE UNITED STATES TO (A) “QUALIFIED
      INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN COMPLIANCE WITH RULE 144A
      UNDER THE ACT (“RULE 144A”) OR (B) TO INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF
“REGULATION D” UNDER THE ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE AGREEMENT AND
      COMPLIES WITH SECTION 6.02(g) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2007-1, Class CE

            	 	
              Aggregate
                Certificate Principal Balance of the Class CE Certificates as of
                the Issue
                Date: $_____________

            
	 	 	 
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $_________________

            
	 	 	 
	
              Cut-off
                Date and date of Pooling and Servicing Agreement: April 1,
                2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: May 25, 2007

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No.
                __

            	 	
              Issue
                Date: May 15, 2007

            

    

    

    SUNTRUST
      ACQUISITION CLOSED-END SECONDS TRUST, SERIES 2007-1

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE SPONSOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE
      SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that ________________ is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class CE Certificates as of the Issue
      Date)
      in that certain beneficial ownership interest evidenced by all of the Class
      CE
      Certificates in REMIC III created pursuant to a Pooling and Servicing Agreement,
      dated as specified above (the “Agreement”), among ACE Securities Corp., as
      depositor (hereinafter called the “Depositor,” which term includes any successor
      entity under the Agreement), Wells Fargo Bank, National Association as master
      servicer (the “Master Servicer”) and securities administrator (the “Securities
      Administrator”), GMAC Mortgage, LLC as servicer (the “Servicer”) and HSBC Bank
      USA, National Association as trustee (the “Trustee”), a summary of certain of
      the pertinent provisions of which is set forth hereafter. To the extent not
      defined herein, the capitalized terms used herein have the meanings assigned
      in
      the Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Interest
      on this Certificate will accrue during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the Notional Amount (as
      defined in the Agreement) hereof at a per annum rate equal to the applicable
      Pass-Through Rate as set forth in the Agreement. Pursuant to the terms of the
      Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the calendar month immediately preceding the month in which the related
      Distribution Date occurs (the “Record Date”), in an amount equal to the product
      of the Percentage Interest evidenced by this Certificate and the amount required
      to be distributed to the Holders of Class CE Certificates on such Distribution
      Date pursuant to the Agreement.

     

    
      
        
        

      

      
        A-3-2

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class CE Certificates the
      aggregate initial Certificate Principal Balance of which is in excess of the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class CE Certificates, or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Class A Certificate Insurer (unless a
      Class
      A Certificate Insurer default under the Insurance Agreement has occurred, in
      which case no consent shall be necessary) and the Holders of Certificates
      entitled to at least 66% of the Voting Rights (subject to the last sentence
      of
      the definition of “Voting Rights” set forth in the Agreement). Any such consent
      by the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, with the
      consent of the Class A Certificate Insurer, but without the consent of the
      Holders of any of the Certificates.

     

    
      
        
        

      

      
        A-3-3

        
          

        

      

      
        
        

      

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the 1933 Act, (iii)
      written certifications from the Holder of the Certificate desiring to effect
      the
      transfer, and from such Holder’s prospective transferee, substantially in the
      forms attached to the Agreement as Exhibit B-1, (ii) if such transfer is
      purportedly being made in reliance upon Rule 501(a) under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer and from such Holder’s prospective transferee, substantially in the
      form attached to the Agreement as Exhibit B-2 and (iv) in all other cases,
      an
      Opinion of Counsel satisfactory to it that such transfer may be made without
      such registration or qualification (which Opinion of Counsel shall not be an
      expense of the Trust Fund or of the Depositor, the Trustee, the Master Servicer
      or the Securities Administrator in their respective capacities as such),
      together with copies of the written certification(s) of the Holder of the
      Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in connection
      with any transfer or exchange of Certificates.

     

    
      
        
        

      

      
        A-3-4

        
          

        

      

      
        
        

      

    

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        A-3-5

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May ___, 2007

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class CE Certificates referred to in the within-mentioned
      Agreement.

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Officer

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

     

    a
      Percentage Interest equal to ____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-4

     

    FORM
      OF
      CLASS P CERTIFICATE

     

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

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND WITHIN THE UNITED STATES TO (A) “QUALIFIED
      INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN COMPLIANCE WITH RULE 144A
      UNDER THE ACT (“RULE 144A”) OR (B) TO INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF
“REGULATION D” UNDER THE ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE AGREEMENT REFERRED
      TO HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2007-1, Class P

            	 	
              Aggregate
                Certificate Principal Balance of the Class P Certificates as of the
                Issue
                Date: $100.00

            
	 	 	 
	
              Cut-off
                Date and date of Pooling and Servicing Agreement: April 1,
                2007

            	 	
              Denomination:
                $100.00

            
	 	 	 
	
              First
                Distribution Date: May 25, 2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              No.
                __

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	 	 	
              Issue
                Date: May 15, 2007

            

    

    

    SUNTRUST
      ACQUISITION CLOSED-END SECONDS TRUST, SERIES 2007-1

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE SPONSOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE
      SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that____________________ is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class P Certificates as of the
      Issue Date) in that certain beneficial ownership interest evidenced by all
      of
      the Class P Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp., as depositor (hereinafter called the “Depositor”, which term
      includes any successor entity under the Agreement), Wells Fargo Bank, National
      Association as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), GMAC Mortgage, LLC as servicer
      (the “Servicer”) and HSBC Bank USA, National Association as trustee (the
“Trustee”), a summary of certain of the pertinent provisions of which is set
      forth hereafter. To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    
      
        
        

      

      
        A-4-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the calendar month immediately preceding the month in which the related
      Distribution Date occurs (the “Record Date”), in an amount equal to the product
      of the Percentage Interest evidenced by this Certificate and the amount required
      to be distributed to the Holders of Class P Certificates on such Distribution
      Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class P Certificates the
      aggregate initial Certificate Principal Balance of which is in excess of the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class P Certificates, or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing a Percentage Interest
      in the Class of Certificates specified on the face hereof equal to the
      denomination specified on the face hereof divided by the aggregate Certificate
      Principal Balance of the Class of Certificates specified on the face
      hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Class A Certificate Insurer (unless a
      Class
      A Certificate Insurer default under the Insurance Agreement has occurred, in
      which case no consent shall be necessary) and the Holders of Certificates
      entitled to at least 66% of the Voting Rights (subject to the last sentence
      of
      the definition of “Voting Rights” set forth in the Agreement). Any such consent
      by the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, with the
      consent of the Class A Certificate Insurer, but without the consent of the
      Holders of any of the Certificates.

     

    
      
        
        

      

      
        A-4-3

        
          

        

      

      
        
        

      

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer, and from such Holder’s prospective transferee, substantially in the
      forms attached to the Agreement as Exhibit B-1, (ii) if such transfer is
      purportedly being made in reliance upon Rule 501(a) under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer and from such Holder’s prospective transferee, substantially in the
      form attached to the Agreement as Exhibit B-2 and (iii) in all other cases,
      an
      Opinion of Counsel satisfactory to it that such transfer may be made without
      such registration or qualification (which Opinion of Counsel shall not be an
      expense of the Trust Fund or of the Depositor, the Trustee, the Master Servicer
      or the Securities Administrator in their respective capacities as such),
      together with copies of the written certification(s) of the Holder of the
      Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in connection
      with any transfer or exchange of Certificates.

     

    
      
        
        

      

      
        A-4-4

        
          

        

      

      
        
        

      

    

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        A-4-5

        
          

        

      

      
        
        

      

    

     

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

     

    Dated:
      May ___, 2007

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class P Certificates referred to in the within-mentioned
      Agreement.

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Officer

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to ____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-5

     

    FORM
      OF
      CLASS R CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES
      PERSON.

     

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

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 6.02 OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 6.02 OF THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED IN SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE SECURITIES
      ADMINISTRATOR THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY
      POSSESSION THEREOF, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN
      GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY
      OF
      ANY OF THE FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED
      IN SECTION 521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER
      1 OF
      THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION
      511
      OF THE CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE
      CODE
      (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL
      HEREINAFTER BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF
      A DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
      THE
      ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
      ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
      TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF
      ANY
      TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
      SHALL
      BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
      NOT
      BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT
      NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
      OF
      THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
      THE
      PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 6.02(d) OF THE
      AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
      IS
      PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS
      CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2007-1, Class R

            	 	
              Aggregate
                Percentage Interest of the Class R Certificates as of the Issue Date:
                100.00%

            
	 	 	 
	
              Date
                of Pooling and Servicing Agreement

              and
                Cut-off Date: April 1, 2007

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: May 25, 2007

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No
                __

            	 	
              Issue
                Date: May 15, 2007

            

    

    

    SUNTRUST
      ACQUISITION CLOSED-END SECONDS TRUST, SERIES 2007-1

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE SPONSOR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE
      SERVICER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    

    This
      certifies that _______________ is the registered owner of a Percentage Interest
      set forth above in that certain beneficial ownership interest evidenced by
      all
      of the Class R Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp., as depositor (hereinafter called the “Depositor”, which term
      includes any successor entity under the Agreement), Wells Fargo Bank, National
      Association as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), GMAC Mortgage, LLC as servicer
      (the “Servicer”) and HSBC Bank USA, National Association as trustee (the
“Trustee”), a summary of certain of the pertinent provisions of which is set
      forth hereafter. To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th day of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (a “Distribution Date”), commencing on the First
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the last Business Day of the calendar month immediately
      preceding the month in which the related Distribution Date occurs (the “Record
      Date”), in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class R Certificates on such Distribution Date pursuant to the
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class R Certificates, or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Securities Administrator of the pendency
      of
      such distribution and only upon presentation and surrender of this Certificate
      at the office or agency appointed by the Securities Administrator for that
      purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificates of the Series specified on the face
      hereof (herein called the “Certificates”) and representing the Percentage
      Interest in the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Class A Certificate Insurer (unless a
      Class
      A Certificate Insurer default under the Insurance Agreement has occurred, in
      which case no consent shall be necessary) and the Holders of Certificates
      entitled to at least 66% of the Voting Rights (subject to the last sentence
      of
      the definition of “Voting Rights” set forth in the Agreement). Any such consent
      by the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, with the
      consent of the Class A Certificate Insurer, but without the consent of the
      Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer, and from such Holder’s prospective transferee, substantially in the
      forms attached to the Agreement as Exhibit B-1, or (ii) if such transfer is
      purportedly being made in reliance upon Rule 501(a) under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer and from such Holder’s prospective transferee, substantially in the
      form attached to the Agreement as Exhibit B-2 and a transfer affidavit and
      agreement substantially in the form of Exhibit B-3 to the Agreement and (iii)
      in
      all other cases, an Opinion of Counsel satisfactory to it that such transfer
      may
      be made without such registration or qualification (which Opinion of Counsel
      shall not be an expense of the Trust Fund or of the Depositor, the Trustee,
      the
      Master Servicer or the Securities Administrator in their respective capacities
      as such), together with copies of the written certification(s) of the Holder
      of
      the Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02 of the Agreement.

     

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Securities Administrator (i) an
      affidavit to the effect that such transferee is any Person other than a
      Disqualified Organization or the agent (including a broker, nominee or
      middleman) of a Disqualified Organization, and (ii) a certificate that
      acknowledges that (A) the Class R Certificates have been designated as
      representing the beneficial ownership of the residual interests in each of
      REMIC
      I, REMIC II and REMIC III, (B) it will include in its income a pro
      rata
      share of
      the net income of the Trust Fund and that such income may be an “excess
      inclusion,” as defined in the Code, that, with certain exceptions, cannot be
      offset by other losses or benefits from any tax exemption, and (C) it expects
      to
      have the financial means to satisfy all of its tax obligations including those
      relating to holding the Class R Certificates. Notwithstanding the registration
      in the Certificate Register of any transfer, sale or other disposition of this
      Certificate to a Disqualified Organization or an agent (including a broker,
      nominee or middleman) of a Disqualified Organization, such registration shall
      be
      deemed to be of no legal force or effect whatsoever and such Person shall not
      be
      deemed to be a Certificateholder for any purpose, including, but not limited
      to,
      the receipt of distributions in respect of this Certificate.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed to have
      consented to the provisions of Section 6.02 of the Agreement and to any
      amendment of the Agreement deemed necessary by counsel of the Depositor to
      ensure that the transfer of this Certificate to any Person other than a
      Permitted Transferee or any other Person will not cause any portion of the
      Trust
      Fund to cease to qualify as a REMIC or cause the imposition of a tax upon any
      REMIC.

     

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

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      May ___, 2007

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class R Certificates referred to in the within-mentioned
      Agreement.

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Authorized
                Signatory

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	 	 	 	 
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	 	 	 	 
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to _____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-1

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust STACS 2007-1

     

    
      	 	
              Re:

            	
              SunTrust
                Acquisition Closed-End Seconds Trust, Series 2007-1 Asset Backed
                Pass-Through Certificates

              [Class
                M-4 Certificates][Class CE Certificates][Class P Certificates][Class
                R
                Certificates]

            

    

    

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ______________________ (the “Transferor”) to
      ___________________ (the “Transferee”) of the captioned asset backed
      pass-through certificates (the “Certificates”), the Transferor hereby certifies
      as follows:

     

    Neither
      the Transferor nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      (e)
      has taken any other action, that (in the case of each of subclauses (a) through
      (e) above) would constitute a distribution of the Certificates under the
      Securities Act of 1933, as amended (the “1933 Act”), or would render the
      disposition of any Certificate a violation of Section 5 of the 1933 Act or
      any
      state securities law or would require registration or qualification pursuant
      thereto. The Transferor will not act, nor has it authorized or will it authorize
      any person to act, in any manner set forth in the foregoing sentence with
      respect to any Certificate. The Transferor will not sell or otherwise transfer
      any of the Certificates, except in compliance with the provisions of that
      certain Pooling and Servicing Agreement, dated as of April 1, 2007, among ACE
      Securities Corp. as Depositor, Wells Fargo Bank, N.A. as Master Servicer and
      Securities Administrator, GMAC Mortgage, LLC as Servicer, and HSBC Bank USA,
      National Association as Trustee (the “Pooling and Servicing Agreement”),
      pursuant to which Pooling and Servicing Agreement the Certificates were
      issued.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used but not defined herein shall have the meanings assigned thereto
      in
      the Pooling and Servicing Agreement.

    
      	 	 	 
	 	
              Very
                truly yours,

               

              
                [Transferor]

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

              
                Title:

              

            

    

     

    
      
        
        

      

      
        B-1-2

        
          

        

      

      
        
        

      

    

     

    FORM
      OF
      TRANSFEREE REPRESENTATION LETTER

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust STACS 2007-1

     

    
      	 	
              Re:

            	
              SunTrust
                Acquisition Closed-End Seconds Trust, Series 2007-1 

              Asset
                Backed Pass-Through Certificates 

              [Class
                M-4 Certificates][Class CE Certificates][Class P Certificates][Class
                R
                Certificates]

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the purchase from ______________________________ (the
“Transferor”) on the date hereof of the captioned asset backed pass-through
      certificates (the “Certificates”), (the “Transferee”) hereby certifies as
      follows:

     

    1. The
      Transferee is a “qualified institutional buyer” as that term is defined in Rule
      144A (“Rule 144A”) under the Securities Act of 1933 (the “1933 Act”) and has
      completed either of the forms of certification to that effect attached hereto
      as
      Annex 1 or Annex 2. The Transferee is aware that the sale to it is being made
      in
      reliance on Rule 144A. The Transferee is acquiring the Certificates for its
      own
      account or for the account of a qualified institutional buyer, and understands
      that such Certificate may be resold, pledged or transferred only (i) to a person
      reasonably believed to be a qualified institutional buyer that purchases for
      its
      own account or for the account of a qualified institutional buyer to whom notice
      is given that the resale, pledge or transfer is being made in reliance on Rule
      144A, or (ii) pursuant to another exemption from registration under the 1933
      Act.

     

    2. The
      Transferee has been furnished with all information regarding (a) the
      Certificates and distributions thereon, (b) the nature, performance and
      servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
      referred to below, and (d) any credit enhancement mechanism associated with
      the
      Certificates, that it has requested.

     

    3. The
      Transferee: (a) is not an employee benefit plan or other plan subject to the
      prohibited transaction provisions 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”) (each, a “Plan”), or any other person (including
      an investment manager, a named fiduciary or a trustee of any Plan) acting,
      directly or indirectly, on behalf of or purchasing any Certificate with “plan
      assets” of any Plan within the meaning of the Department of Labor (“DOL”)
      regulation at 29 C.F.R. § 2510.3-101 or (b) has provided the Securities
      Administrator with an Opinion of Counsel on which the Trustee, the Depositor,
      the Master Servicer, the Securities Administrator and the Servicer may rely,
      acceptable to and in form and substance satisfactory to the Securities
      Administrator to the effect that the purchase of Certificates is permissible
      under applicable law, will not constitute or result in any non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Trust Fund, the Trustee, the Depositor, the Master Servicer, the Securities
      Administrator or the Servicer to any obligation or liability (including
      obligations or liabilities under ERISA or Section 4975 of the Code) in addition
      to those undertaken in the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        B-1-3

        
          

        

      

      
        
        

      

    

    

    In
      addition, the Transferee hereby certifies, represents and warrants to, and
      covenants with, the Depositor, the Trustee, the Securities Administrator, the
      Master Servicer and the Servicer that the Transferee will not transfer such
      Certificates to any Plan or person unless such Plan or person meets the
      requirements set forth in paragraph 3 above.

     

    All
      capitalized terms used but not otherwise defined herein have the respective
      meanings assigned thereto in the Pooling and Servicing Agreement, dated as
      of
      April 1, 2007, among ACE Securities Corp. as Depositor, Wells Fargo Bank, N.A.
      as Master Servicer and Securities Administrator, GMAC Mortgage, LLC as Servicer
      and HSBC Bank USA, National Association as Trustee, pursuant to which the
      Certificates were issued.

    
      	 	 	 
	 	
              [TRANSFEREE]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                
                Title:

              

            

    

     

    
      
        
        

      

      
        B-1-4

        
          

        

      

      
        
        

      

    

     

    ANNEX
      1 TO EXHIBIT B-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Securities Administrator, with
      respect to the asset backed pass-through certificates (the “Certificates”)
      described in the Transferee Certificate to which this certification relates
      and
      to which this certification is an Annex:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the entity purchasing the
      Certificates (the “Transferee”).

     

    2. In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933 (“Rule 144A”) because (i) the Transferee owned and/or invested on a
      discretionary basis $________________1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Transferee’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in
      the
      category marked below.

     

    
      	 	
              
                ·

              

            	
              Corporation,
                etc.
                The Transferee is a corporation (other than a bank, savings and loan
                association or similar institution), Massachusetts or similar business
                trust, partnership, or any organization described in Section 501(c)(3)
                of
                the Internal Revenue Code of 1986.

            
	 	 	 
	 	
              
                ·

              

            	
              Bank.
                The Transferee (a) is a national bank or banking institution organized
                under the laws of any State, territory or the District of Columbia,
                the
                business of which is substantially confined to banking and is supervised
                by the State or territorial banking commission or similar official
                or is a
                foreign bank or equivalent institution, and (b) has an audited net
                worth
                of at least $25,000,000 as demonstrated in its latest annual financial
                statements, a
                copy of which is attached hereto.

            
	 	 	 
	 	
              
                ·

              

            	
              Savings
                and Loan.
                The Transferee (a) is a savings and loan association, building and
                loan
                association, cooperative bank, homestead association or similar
                institution, which is supervised and examined by a State or Federal
                authority having supervision over any such institutions or is a foreign
                savings and loan association or equivalent institution and (b) has
                an
                audited net worth of at least $25,000,000 as demonstrated in its
                latest
                annual financial statements, a
                copy of which is attached hereto.

            

    

     

    
      

    

    
      	1	
              Transferee
                must own and/or invest on a discretionary basis at least $100,000,000
                in
                securities unless Transferee is a dealer, and, in that case, Transferee
                must own and/or invest on a discretionary basis at least $10,000,000
                in
                securities.

            

    

     

    
      
        
        

      

      
        B-1-5

        
          

        

      

      
        
        

      

    

     

    
      	 	
              
                ·

              

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

            
	 	 	 
	 	
              
                ·

              

            	
              Insurance
                Company.
                The Transferee is an insurance company whose primary and predominant
                business activity is the writing of insurance or the reinsuring of
                risks
                underwritten by insurance companies and which is subject to supervision
                by
                the insurance commissioner or a similar official or agency of a State,
                territory or the District of Columbia.

            
	 	 	 
	 	
              
                ·

              

            	
              State
                or Local Plan.
                The Transferee is a plan established and maintained by a State, its
                political subdivisions, or any agency or instrumentality of the State
                or
                its political subdivisions, for the benefit of its
                employees.

            
	 	 	 
	 	
              
                ·

              

            	
              ERISA
                Plan.
                The Transferee is an employee benefit plan within the meaning of
                Title I
                of the Employee Retirement Income Security Act of 1974, as
                amended.

            
	 	 	 
	 	
              
                ·

              

            	
              Investment
                Advisor
                The Transferee is an investment advisor registered under the Investment
                Advisers Act of 1940.

            

    

     

    3. The
      term
“securities”
as
      used
      herein does
      not include
      (i)
      securities of issuers that are affiliated with the Transferee, (ii) securities
      that are part of an unsold allotment to or subscription by the Transferee,
      if
      the Transferee is a dealer, (iii) securities issued or guaranteed by the U.S.
      or
      any instrumentality thereof, (iv) bank deposit notes and certificates of
      deposit, (v) loan participations, (vi) repurchase agreements, (vii)
      securities owned but subject to a repurchase agreement and (viii) currency,
      interest rate and commodity swaps.

     

    4. For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Transferee, the Transferee used the cost of
      such
      securities to the Transferee and did not include any of the securities referred
      to in the preceding paragraph. Further, in determining such aggregate amount,
      the Transferee may have included securities owned by subsidiaries of the
      Transferee, but only if such subsidiaries are consolidated with the Transferee
      in its financial statements prepared in accordance with generally accepted
      accounting principles and if the investments of such subsidiaries are managed
      under the Transferee’s direction. However, such securities were not included if
      the Transferee is a majority-owned, consolidated subsidiary of another
      enterprise and the Transferee is not itself a reporting company under the
      Securities Exchange Act of 1934.

     

    5. The
      Transferee acknowledges that it is familiar with Rule 144A and understands
      that
      the Transferor and other parties related to the Certificates are relying and
      will continue to rely on the statements made herein because one or more sales
      to
      the Transferee may be in reliance on Rule 144A.

     

    
      	
              ___

            	
              ___

            	
              Will
                the Transferee be purchasing the Certificates

            
	
              Yes

            	
              No

            	
              only
                for the Transferee’s own account?

            

    

     

    
      
        
        

      

      
        B-1-6

        
          

        

      

      
        
        

      

    

     

    6. If
      the
      answer to the foregoing question is “no”, the Transferee agrees that, in
      connection with any purchase of securities sold to the Transferee for the
      account of a third party (including any separate account) in reliance on Rule
      144A, the Transferee will only purchase for the account of a third party that
      at
      the time is a “qualified institutional buyer” within the meaning of Rule 144A.
      In addition, the Transferee agrees that the Transferee will not purchase
      securities for a third party unless the Transferee has obtained a current
      representation letter from such third party or taken other appropriate steps
      contemplated by Rule 144A to conclude that such third party independently meets
      the definition of “qualified institutional buyer” set forth in Rule
      144A.

     

    7. The
      Transferee will notify each of the parties to which this certification is made
      of any changes in the information and conclusions herein. Until such notice
      is
      given, the Transferee’s purchase of the Certificates will constitute a
      reaffirmation of this certification as of the date of such purchase. In
      addition, if the Transferee is a bank or savings and loan as provided above,
      the
      Transferee agrees that it will furnish to such parties updated annual financial
      statements promptly after they become available.

     

    Dated:

    
      	 	 	 
	 	
              
                

                Print
                  Name of Transferee

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                
                Title:

              

            

    

     

    
      
        
        

      

      
        B-1-7

        
          

        

      

      
        
        

      

    

     

    ANNEX
      2 TO EXHIBIT B-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That Are Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Securities Administrator, with
      respect to the asset backed pass-through certificates (the “Certificates”)
      described in the Transferee Certificate to which this certification relates
      and
      to which this certification is an Annex:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the entity purchasing the Certificates (the
“Transferee”) or, if the Transferee is a “qualified institutional buyer” as that
      term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
      because the Transferee is part of a Family of Investment Companies (as defined
      below), is such an officer of the investment adviser (the
“Adviser”).

     

    2. In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as defined in Rule 144A because (i) the Transferee is an
      investment company registered under the Investment Company Act of 1940, and
      (ii)
      as marked below, the Transferee alone, or the Transferee’s Family of Investment
      Companies, owned at least $100,000,000 in securities (other than the excluded
      securities referred to below) as of the end of the Transferee’s most recent
      fiscal year. For purposes of determining the amount of securities owned by
      the
      Transferee or the Transferee’s Family of Investment Companies, the cost of such
      securities was used.

     

    
      	
              
                ·

              

            	
              The
                Transferee owned $________________________ in securities (other than
                the
                excluded securities referred to below) as of the end of the Transferee’s
                most recent fiscal year (such amount being calculated in accordance
                with
                Rule 144A).

            
	 	 
	
              
                ·

              

            	
              The
                Transferee is part of a Family of Investment Companies which owned
                in the
                aggregate $_______________ in securities (other than the excluded
                securities referred to below) as of the end of the Transferee’s most
                recent fiscal year (such amount being calculated in accordance with
                Rule
                144A).

            

    

     

    3. The
      term
“Family
      of Investment Companies”
as
      used
      herein means two or more registered investment companies (or series thereof)
      that have the same investment adviser or investment advisers that are affiliated
      (by virtue of being majority owned subsidiaries of the same parent or because
      one investment adviser is a majority owned subsidiary of the
      other).

     

    4. The
      term
“securities”
as
      used
      herein does not include (i) securities of issuers that are affiliated with
      the
      Transferee or are part of the Transferee’s Family of Investment Companies, (ii)
      securities issued or guaranteed by the U.S. or any instrumentality thereof,
      (iii) bank deposit notes and certificates of deposit, (iv) loan participations,
      (v) repurchase agreements, (vi) securities owned but subject to a
      repurchase agreement and (vii) currency, interest rate and commodity
      swaps.

     

    
      
        
        

      

      
        B-1-8

        
          

        

      

      
        
        

      

    

     

    5. The
      Transferee is familiar with Rule 144A and understands that the parties to which
      this certification is being made are relying and will continue to rely on the
      statements made herein because one or more sales to the Transferee will be
      in
      reliance on Rule 144A. In addition, the Transferee will only purchase for the
      Transferee’s own account.

     

    6. The
      undersigned will notify the parties to which this certification is made of
      any
      changes in the information and conclusions herein. Until such notice, the
      Transferee’s purchase of the Certificates will constitute a reaffirmation of
      this certification by the undersigned as of the date of such
      purchase.

     

    Dated:

    
      	 	 	 
	 	
              
                

                
                  Print
                    Name of Transferee or Advisor

                

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                
                Title:

              

            

    

    
      	 	        
              	 
	 	IF AN ADVISER:
	 	
               

               

            
	 	
              

              Print
                Name of Transferee 

            

    

     

    
      
        
        

      

      
        B-1-9

        
          

        

      

      
        
        

      

    

     

    FORM
      OF
      TRANSFEREE REPRESENTATION LETTER

     

    The
      undersigned hereby certifies on behalf of the purchaser named below (the
“Purchaser”) as follows:

     

    1. I
      am an
      executive officer of the Purchaser.

     

    2. The
      Purchaser is a “qualified institutional buyer”, as defined in Rule 144A, (“Rule
      144A”) under the Securities Act of 1933, as amended.

     

    3. As
      of the
      date specified below (which is not earlier than the last day of the Purchaser’s
      most recent fiscal year), the amount of “securities”, computed for purposes of
      Rule 144A, owned and invested on a discretionary basis by the Purchaser was
      in
      excess of $100,000,000.

     

    
      	
              Name
                of Purchaser 

            	 
	 	 
	
              By:
                (Signature) 

            	 
	 	 
	
              Name
                of Signatory 

            	 
	 	 
	
              Title
                

            	 
	 	 
	
              Date
                of this certificate 

            	 
	 	 
	
              Date
                of information provided in paragraph 3 

            	 

    

     

    
      
        
        

      

      
        B-1-10

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-2

     

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    ____________,
      20__

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust STACS 2007-1

     

    
      	 	
              Re:

            	
              SunTrust
                Acquisition Closed-End Seconds Trust, Series 2007-1

              Asset
                Backed Pass-Through Certificates, 

              [Class
                CE Certificates][Class P Certificates][Class R
                Certificates]

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ________________ (the “Transferor”) to
      __________________________ (the “Transferee”) of the captioned asset backed
      pass-through certificates (the “Certificates”), the Transferor hereby certifies
      as follows:

     

    Neither
      the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      or
      (e) has taken any other action, that (as to any of (a) through (e) above) would
      constitute a distribution of the Certificates under the Securities Act of 1933
      (the “Act’), that would render the disposition of any Certificate a violation of
      Section 5 of the Act or any state securities law, or that would require
      registration or qualification pursuant thereto. The Seller will not act, in
      any
      manner set forth in the foregoing sentence with respect to any Certificate.
      The
      Seller has not and will not sell or otherwise transfer any of the Certificates,
      except in compliance with the provisions of the Pooling and Servicing Agreement,
      dated as of April 1, 2007, among ACE Securities Corp. as Depositor, Wells Fargo
      Bank, N.A. as Master Servicer and Securities Administrator, GMAC Mortgage,
      LLC
      as Servicer and HSBC Bank USA, National Association as Trustee, pursuant to
      which the Certificates were issued.

    
      	 	 	 
	 	
              Very
                truly yours,

               

               

              
                

              

              
                (Transferor)

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                
                Title:

              

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    FORM
      OF
      TRANSFEREE LETTER

     

    _______________,
      20__

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust STACS 2007-1

     

    
      	
              Re:

            	
              SunTrust
                Acquisition Closed-End Seconds Trust, Series 2007-1 

              Asset
                Backed Pass-Through Certificates, 

              [Class
                CE Certificates][Class P Certificates][Class R
                Certificates]

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ______________________ (the “Transferor”) to
      __________________________ (the “Transferee”) of the captioned asset backed
      pass-through certificates (the “Certificates”), the Transferee hereby certifies
      as follows:

     

    1. The
      Transferee understands that (a) the Certificates have not been and will not
      be
      registered or qualified under the Securities Act of 1933, as amended (the “Act”)
      or any state securities law, (b) the ACE Securities Corp. (the “Depositor”) is
      not required to so register or qualify the Certificates, (c) the Certificates
      may be resold only if registered and qualified pursuant to the provisions of
      the
      Act or any state securities law, or if an exemption from such registration
      and
      qualification is available, (d) the Pooling and Servicing Agreement contains
      restrictions regarding the transfer of the Certificates and (e) the Certificates
      will bear a legend to the foregoing effect.

     

    2. The
      Transferee is acquiring the Certificates for its own account for investment
      only
      and not with a view to or for sale in connection with any distribution thereof
      in any manner that would violate the Act or any applicable state securities
      laws.

     

    3. The
      Transferee is (a) a substantial, sophisticated institutional investor having
      such knowledge and experience in financial and business matters, and, in
      particular, in such matters related to securities similar to the Certificates,
      such that it is capable of evaluating the merits and risks of investment in
      the
      Certificates, (b) able to bear the economic risks of such an investment and
      (c)
      an “accredited investor” within the meaning of Rule 501(a) promulgated pursuant
      to the Act.

     

    4. The
      Transferee has been furnished with, and has had an opportunity to review (a)
      a
      copy of the Pooling and Servicing Agreement, dated as of April 1, 2007, among
      the Depositor, Wells Fargo Bank, N.A. as Master Servicer and Securities
      Administrator, GMAC Mortgage, LLC as Servicer and HSBC Bank USA, National
      Association as Trustee and (b) such other information concerning the
      Certificates, the Mortgage Loans and the Depositor as has been requested by
      the
      Transferee from the Depositor or the Transferor and is relevant to the
      Transferee’s decision to purchase the Certificates. The Transferee has had any
      questions arising from such review answered by the Depositor or the Transferor
      to the satisfaction of the Transferee.

     

    
      
        
        

      

      
        B-2-2

        
          

        

      

      
        
        

      

    

     

    5. The
      Transferee has not and will not nor has it authorized or will it authorize
      any
      person to (a) offer, pledge, sell, dispose of or otherwise transfer any
      Certificate, any interest in any Certificate or any other similar security
      to
      any person in any manner, (b) solicit any offer to buy or to accept a pledge,
      disposition of other transfer of any Certificate, any interest in any
      Certificate or any other similar security from any person in any manner, (c)
      otherwise approach or negotiate with respect to any Certificate, any interest
      in
      any Certificate or any other similar security with any person in any manner,
      (d)
      make any general solicitation by means of general advertising or in any other
      manner or (e) take any other action, that (as to any of (a) through (e) above)
      would constitute a distribution of any Certificate under the Act, that would
      render the disposition of any Certificate a violation of Section 5 of the 1933
      Act or any state securities law, or that would require registration or
      qualification pursuant thereto. The Transferee will not sell or otherwise
      transfer any of the Certificates, except in compliance with the provisions
      of
      the Pooling and Servicing Agreement.

     

    6. The
      Transferee: (a) is not an employee benefit plan or other plan subject to the
      prohibited transaction provisions 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”) (each, a “Plan”), or any other person (including
      an investment manager, a named fiduciary or a trustee of any Plan) acting,
      directly or indirectly, on behalf of or purchasing any Certificate with “plan
      assets” of any Plan within the meaning of the Department of Labor (“DOL”)
      regulation at 29 C.F.R. § 2510.3-101 or (b) has provided the Securities
      Administrator with an Opinion of Counsel on which the Depositor, the Master
      Servicer, the Securities Administrator, the Trustee and the Servicer may rely,
      acceptable to and in form and substance satisfactory to the Securities
      Administrator to the effect that the purchase of Certificates is permissible
      under applicable law, will not constitute or result in any non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Trust Fund, the Trustee, the Master Servicer, the Securities Administrator,
      the
      Depositor or the Servicer to any obligation or liability (including obligations
      or liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in the Pooling and Servicing Agreement.

     

    In
      addition, the Transferee hereby certifies, represents and warrants to, and
      covenants with, the Depositor, the Trustee, the Securities Administrator, the
      Master Servicer and the Servicer that the Transferee will not transfer such
      Certificates to any Plan or person unless such Plan or person meets the
      requirements set forth in paragraph 6 above.

    
      	 	 	 
	 	
              Very
                truly yours,

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                
                Title:

              

            

    

     

    
      
        
        

      

      
        B-2-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-3

     

    TRANSFER
      AFFIDAVIT AND AGREEMENT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    ___________________________
      being duly sworn, deposes, represents and warrants as follows:

     

    
      	 	
              1.

            	
              I
                am a _____________________ of _______________________________ (the
                “Owner”) a corporation duly organized and existing under the laws of
                _________________________, the record owner of SunTrust Acquisition
                Closed-End Seconds Trust, Series 2007-1 Asset Backed Pass-Through
                Certificates, Class R Certificates (the “Class R Certificates”), on behalf
                of whom I make this affidavit and agreement. Capitalized terms used
                but
                not defined herein have the respective meanings assigned thereto
                in the
                Pooling and Servicing Agreement, dated as of April 1, 2007, among
                ACE
                Securities Corp. as Depositor, Wells Fargo Bank, N.A. as Master Servicer
                and Securities Administrator, GMAC Mortgage, LLC as Servicer and
                HSBC Bank
                USA, National Association as Trustee, pursuant to which the Class
                R
                Certificates were issued.

            

    

     

    
      	 	
              2.

            	
              The
                Owner (i) is and will be a “Permitted Transferee” as of
                ____________________. ____ and (ii) is acquiring the Class R Certificates
                for its own account or for the account of another Owner from which
                it has
                received an affidavit in substantially the same form as this affidavit.
                A
                “Permitted Transferee” is any person other than a “disqualified
                organization” or a possession of the United States. For this purpose, a
                “disqualified organization” means the United States, any state or
                political subdivision thereof, any agency or instrumentality of any
                of the
                foregoing (other than an instrumentality all of the activities of
                which
                are subject to tax and, except for the Federal Home Loan Mortgage
                Corporation, a majority of whose board of directors is not selected
                by any
                such governmental entity) or any foreign government, international
                organization or any agency or instrumentality of such foreign government
                or organization, any real electric or telephone cooperative, or any
                organization (other than certain farmers’ cooperatives) that is generally
                exempt from federal income tax unless such organization is subject
                to the
                tax on unrelated business taxable
                income.

            

    

     

    
      	 	
              3.

            	
              The
                Owner is aware (i) of the tax that would be imposed on transfers
                of the
                Class R Certificates to disqualified organizations under the Internal
                Revenue Code of 1986 that applies to all transfers of the Class R
                Certificates after April 31, 1988; (ii) that such tax would be on
                the
                transferor or, if such transfer is through an agent (which person
                includes
                a broker, nominee or middleman) for a non-Permitted Transferee, on
                the
                agent; (iii) that the person otherwise liable for the tax shall be
                relieved of liability for the tax if the transferee furnishes to
                such
                person an affidavit that the transferee is a Permitted Transferee
                and, at
                the time of transfer, such person does not have actual knowledge
                that the
                affidavit is false; and (iv) that each of the Class R Certificates
                may be
                a “noneconomic residual interest” within the meaning of proposed Treasury
                regulations promulgated under the Code and that the transferor of
                a
                “noneconomic residual interest” will remain liable for any taxes due with
                respect to the income on such residual interest, unless no significant
                purpose of the transfer is to impede the assessment or collection
                of
                tax.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              4.

            	
              The
                Owner is aware of the tax imposed on a “pass-through entity” holding the
                Class R Certificates if, at any time during the taxable year of the
                pass-through entity, a non-Permitted Transferee is the record holder
                of an
                interest in such entity. (For this purpose, a “pass-through entity”
                includes a regulated investment company, a real estate investment
                trust or
                common trust fund, a partnership, trust or estate, and certain
                cooperatives.)

            

    

     

    
      	 	
              5.

            	
              The
                Owner is aware that the Securities Administrator will not register
                the
                transfer of any Class R Certificate unless the transferee, or the
                transferee’s agent, delivers to the Securities Administrator, among other
                things, an affidavit in substantially the same form as this affidavit.
                The
                Owner expressly agrees that it will not consummate any such transfer
                if it
                knows or believes that any of the representations contained in such
                affidavit and agreement are false.

            

    

     

    
      	 	
              6.

            	
              The
                Owner consents to any additional restrictions or arrangements that
                shall
                be deemed necessary upon advice of counsel to constitute a reasonable
                arrangement to ensure that the Class R Certificates will only be
                owned,
                directly or indirectly, by an Owner that is a Permitted
                Transferee.

            

    

     

    
      	 	
              7.

            	
              The
                Owner’s taxpayer identification number is
                ________________.

            

    

     

    
      	 	
              8.

            	
              The
                Owner has reviewed the restrictions set forth on the face of the
                Class R
                Certificates and the provisions of Section 6.02(d) of the Pooling
                and
                Servicing Agreement under which the Class R Certificates were issued
                (in
                particular, clauses (iii)(A) and (iii)(B) of Section 6.02(d) which
                authorize the Securities Administrator to deliver payments to a person
                other than the Owner and negotiate a mandatory sale by the Securities
                Administrator in the event that the Owner holds such Certificate
                in
                violation of Section 6.02(d)); and that the Owner expressly agrees
                to be
                bound by and to comply with such restrictions and
                provisions.

            

    

     

    
      	 	
              9.

            	
              The
                Owner is not acquiring and will not transfer the Class R Certificates
                in
                order to impede the assessment or collection of any
                tax.

            

    

     

    
      	 	
              10.

            	
              The
                Owner anticipates that it will, so long as it holds the Class R
                Certificates, have sufficient assets to pay any taxes owed by the
                holder
                of such Class R Certificates, and hereby represents to and for the
                benefit
                of the person from whom it acquired the Class R Certificates that
                the
                Owner intends to pay taxes associated with holding such Class R
                Certificates as they become due, fully understanding that it may
                incur tax
                liabilities in excess of any cash flows generated by the Class R
                Certificates.

            

    

     

    
      
        
        

      

      
        B-3-2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              11.

            	
              The
                Owner has no present knowledge that it may become insolvent or subject
                to
                a bankruptcy proceeding for so long as it holds the Class R
                Certificates.

            

    

     

    
      	 	
              12.

            	
              The
                Owner has no present knowledge or expectation that it will be unable
                to
                pay any United States taxes owed by it so long as any of the Certificates
                remain outstanding.

            

    

     

    
      	 	
              13.

            	
              The
                Owner is not acquiring the Class R Certificates with the intent to
                transfer the Class R Certificates to any person or entity that will
                not
                have sufficient assets to pay any taxes owed by the holder of such
                Class R
                Certificates, or that may become insolvent or subject to a bankruptcy
                proceeding, for so long as the Class R Certificates remain
                outstanding.

            

    

     

    
      	 	
              14.

            	
              The
                Owner will, in connection with any transfer that it makes of the
                Class R
                Certificates, obtain from its transferee the representations required
                by
                Section 6.02(d) of the Pooling and Servicing Agreement under which
                the
                Class R Certificate were issued and will not consummate any such
                transfer
                if it knows, or knows facts that should lead it to believe, that
                any such
                representations are false.

            

    

     

    
      	 	
              15.

            	
              The
                Owner will, in connection with any transfer that it makes of the
                Class R
                Certificates, deliver to the Securities Administrator an affidavit,
                which
                represents and warrants that it is not transferring the Class R
                Certificates to impede the assessment or collection of any tax and
                that it
                has no actual knowledge that the proposed transferee: (i) has insufficient
                assets to pay any taxes owed by such transferee as holder of the
                Class R
                Certificates; (ii) may become insolvent or subject to a bankruptcy
                proceeding for so long as the Class R Certificates remains outstanding;
                and (iii) is not a “Permitted
                Transferee”.

            

    

     

    
      	 	
              16.

            	
              The
                Owner is a citizen or resident of the United States, a corporation,
                partnership or other entity created or organized in, or under the
                laws of,
                the United States or any political subdivision thereof, or an estate
                or
                trust whose income from sources without the United States may be
                included
                in gross income for United States federal income tax purposes regardless
                of its connection with the conduct of a trade or business within
                the
                United States.

            

    

     

    
      	 	
              17.

            	
              The
                Owner of the Class R Certificate, hereby agrees that in the event
                that the
                Trust Fund created by the Pooling and Servicing Agreement is terminated
                pursuant to Section 10.01 thereof, the undersigned shall assign and
                transfer to the Holders of the Class CE Certificates any amounts
                in excess
                of par received in connection with such termination. Accordingly,
                in the
                event of such termination, the Securities Administrator is hereby
                authorized to withhold any such amounts in excess of par and to pay
                such
                amounts directly to the Holders of the Class CE Certificates. This
                agreement shall bind and be enforceable against any successor, transferee
                or assigned of the undersigned in the Class R Certificate. In connection
                with any transfer of the Class R Certificate, the Owner shall obtain
                an
                agreement substantially similar to this clause from any subsequent
                owner.

            

    

     

    
      
        
        

      

      
        B-3-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of
      _________________, ____.

    
      	 	 	 
	 	
              [OWNER]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                
                Title:
                  [Vice] President

              

            

    

     

    ATTEST:

     

    
      	
              By:

            	 
	 	
              
                
Name:

            
	 	
              Title:
                [Assistant] Secretary

            

    

     

    Personally
      appeared before me the above-named __________________, known or proved to me
      to
      be the same person who executed the foregoing instrument and to be a [Vice]
      President of the Owner, and acknowledged to me that [he/she] executed the same
      as [his/her] free act and deed and the free act and deed of the
      Owner.

     

    Subscribed
      and sworn before me this ______________ day of __________, ____.

     

    
      	 	 
	 	
              
                

                Notary
                  Public

              

            
	 	 
	 	
              County
                of 

              
                

              

              
              

            
	 	
              State
                of 

              
                

              

            
	 	
              My
                Commission expires:

            

    

    

    
      
        
        

      

      
        B-3-4

        
          

        

      

      
        
        

      

    

    FORM
      OF
      TRANSFEROR AFFIDAVIT

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    _________________________,
      being duly sworn, deposes, represents and warrants as follows:

     

    1. I
      am
      a ____________________
      of _________________________ (the “Owner”), a corporation duly organized and
      existing under the laws of _____________, on behalf of whom I make this
      affidavit.

     

    2. The
      Owner
      is not transferring the Class R Certificates (the “Residual Certificates”) to
      impede the assessment or collection of any tax.

     

    3. The
      Owner
      has no actual knowledge that the Person that is the proposed transferee (the
      “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
      any taxes owed by such proposed transferee as holder of the Residual
      Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
      for so long as the Residual Certificates remain outstanding and (iii) is not
      a
      Permitted Transferee.

     

    4. The
      Owner
      understands that the Purchaser has delivered to the Securities Administrator
      a
      transfer affidavit and agreement in the form attached to the Pooling and
      Servicing Agreement as Exhibit B-3. The Owner does not know or believe that
      any
      representation contained therein is false.

     

    5. At
      the
      time of transfer, the Owner has conducted a reasonable investigation of the
      financial condition of the Purchaser as contemplated by Treasury Regulations
      Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner
      has
      determined that the Purchaser has historically paid its debts as they became
      due
      and has found no significant evidence to indicate that the Purchaser will not
      continue to pay its debts as they become due in the future. The Owner
      understands that the transfer of a Residual Certificate may not be respected
      for
      United States income tax purposes (and the Owner may continue to be liable
      for
      United States income taxes associated therewith) unless the Owner has conducted
      such an investigation.

     

    6. Capitalized
      terms not otherwise defined herein shall have the meanings ascribed to them
      in
      the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        B-3-5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of
      ________________, ____.

    
      	 	 	 
	 	
              [OWNER]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                
                Title:
                  [Vice] President

              

            

    

     

    ATTEST:

     

    
      	
              By:

            	 
	 	
              
                

                Name:

              

            
	 	
              Title:
                [Assistant] Secretary

            

    

     

    Personally
      appeared before me the above-named _________________, known or proved to me
      to
      be the same person who executed the foregoing instrument and to be a [Vice]
      President of the Owner, and acknowledged to me that [he/she] executed the same
      as [his/her] free act and deed and the free act and deed of the
      Owner.

     

    Subscribed
      and sworn before me this ______ day of _____________, ____.

     

    
      	 	 
	 	
              
                
Notary
                Public

            
	 	 
	 	
              County
                of 

              
                
  

            
	 	
              State
                of 

              
                

              

            
	 	
              My
                Commission expires:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    BACK-UP
      CERTIFICATION

     

    Re: __________
      (the “Trust”)

     

    Asset
      Backed Pass-Through Certificates, Series 2007-1

     

    I,
      [identify the certifying individual], certify to ACE Securities Corp. (the
      “Depositor”), HSBC Bank USA, National Association (the “Trustee”) and Wells
      Fargo Bank, National Association (the “Master Servicer”), and their respective
      officers, directors and affiliates, and with the knowledge and intent that
      they
      will rely upon this certification, that:

     

    
      	
              (1)

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

            

    

     

    
      	
              (2)

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

            

    

     

    
      	
              (3)

            	 	
              Based
                on my knowledge, all of the Servicer Servicing Information required
                to be
                provided by the Servicer under the Agreement has been provided to
                the
                Master Servicer;

            

    

     

    
      	
              (4)

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

            

    

     

    
      	
              (5)

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

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Capitalized
      terms used and not otherwise defined herein have the meanings assigned thereto
      in the Pooling and Servicing Agreement (the “Agreement”), dated as of April 1,
      2007, among ACE Securities Corp., GMAC Mortgage, LLC, Wells Fargo Bank, National
      Association and HSBC Bank USA, National Association.

     

    
      	
              Date: 

              
                

              

            
	 
	
              
                
[Signature]

            
	 
	
              
                
[Title]

            

    

    

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    FORM
      OF
      POWER OF ATTORNEY

     

    RECORDING
      REQUESTED BY

    AND
      WHEN
      RECORDED MAIL TO

    

    
      	
              GMAC
                Mortgage, LLC

              100
                Witmer Road

              Horsham,
                Pennsylvania 19044

            
	
              Attn:
                _________________________

            

    

    

    LIMITED
      POWER OF ATTORNEY

    

    KNOW
      ALL
      MEN BY THESE PRESENTS, that HSBC Bank USA, National Association, having its
      principal place of business at ____________________, as Trustee (the “Trustee”)
      pursuant to that Pooling and Servicing Agreement among ACE Securities Corp.
      (the
“Depositor”), Wells Fargo Bank, National Association, as Master Servicer and
      Securities Administrator, GMAC Mortgage, LLC as Servicer (“Servicer”) and the
      Trustee, dated as of April 1, 2007 (the “Pooling and Servicing Agreement”),
      hereby constitutes and appoints the Servicer by and through the Servicer’s
      officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name,
      place and stead and for the Trustee’s benefit, in connection with all mortgage
      loans serviced by the Servicer pursuant to the Pooling and Servicing Agreement
      for the purpose of performing all acts and executing all documents in the name
      of the Trustee as may be customarily and reasonably necessary and appropriate
      to
      effectuate the following enumerated transactions in respect of any of the
      mortgages or deeds of trust (the “Mortgages” and the “Deeds of Trust”,
      respectively) and promissory notes secured thereby (the “Mortgage Notes”) for
      which the undersigned is acting as Trustee for various certificateholders
      (whether the undersigned is named therein as mortgagee or beneficiary or has
      become mortgagee by virtue of endorsement of the Mortgage Note secured by any
      such Mortgage or Deed of Trust) and for which the Servicer is acting as
      servicer, all subject to the terms of the Pooling and Servicing
      Agreement.

    

    This
      appointment shall apply to the following enumerated transactions
      only:

    

    
      	
              1.

            	
              The
                modification or re-recording of a Mortgage or Deed of Trust, where
                said
                modification or re-recordings is for the purpose of correcting the
                Mortgage or Deed of Trust to conform same to the original intent
                of the
                parties thereto or to correct title errors discovered after such
                title
                insurance was issued and said modification or re-recording, in either
                instance, does not adversely affect the lien of the Mortgage or Deed
                of
                Trust as insured.

            

    

    

    
      	
              2.

            	
              The
                subordination of the lien of a Mortgage or Deed of Trust to an easement
                in
                favor of a public utility company of a government agency or unit
                with
                powers of eminent domain; this section shall include, without limitation,
                the execution of partial satisfactions/releases, partial reconveyances
                or
                the execution or requests to trustees to accomplish
                same.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              3.

            	
              The
                conveyance of the properties to the mortgage insurer, or the closing
                of
                the title to the property to be acquired as real estate owned, or
                conveyance of title to real estate
                owned.

            

    

    

    
      	4.	
              The
                completion of loan assumption
                agreements.

            

    

    

    
      	
              5.

            	
              The
                full satisfaction/release of a Mortgage or Deed of Trust or full
                conveyance upon payment and discharge of all sums secured thereby,
                including, without limitation, cancellation of the related Mortgage
                Note.

            

    

    

    
      	
              6.

            	
              The
                assignment of any Mortgage or Deed of Trust and the related Mortgage
                Note,
                in connection with the repurchase of the mortgage loan secured and
                evidenced thereby.

            

    

    

    
      	
              7.

            	
              The
                full assignment of a Mortgage or Deed of Trust upon payment and discharge
                of all sums secured thereby in conjunction with the refinancing thereof,
                including, without limitation, the assignment of the related Mortgage
                Note.

            

    

    

    
      	
              8.

            	
              With
                respect to a Mortgage or Deed of Trust, the foreclosure, the taking
                of a
                deed in lieu of foreclosure, or the completion of judicial or non-judicial
                foreclosure or termination, cancellation or rescission of any such
                foreclosure, including, without limitation, any and all of the following
                acts:

            

    

    

    
      	 	
              a.

            	
              the
                substitution of trustee(s) serving under a Deed of Trust, in accordance
                with state law and the Deed of
                Trust;

            

    

    

    
      	 	
              b.

            	
              the
                preparation and issuance of statements of breach or
                non-performance;

            

    

    

    
      	 	
              c.

            	
              the
                preparation and filing of notices of default and/or notices of
                sale;

            

    

    

    
      	 	
              d.

            	
              the
                cancellation/rescission of notices of default and/or notices of
                sale;

            

    

    

    
      	 	
              e.

            	
              the
                taking of a deed in lieu of foreclosure;
                and

            

    

    

    
      	 	
              f.

            	
              the
                preparation and execution of such other documents and performance
                of such
                other actions as may be necessary under the terms of the Mortgage,
                Deed of
                Trust or state law to expeditiously complete said transactions in
                paragraphs 8.a. through 8.e.,
                above.

            

    

    

    The
      undersigned gives said Attorney-in-Fact full power and authority to execute
      such
      instruments and to do and perform all and every act and thing necessary and
      proper to carry into effect the power or powers granted by or under this Limited
      Power of Attorney as fully as the undersigned might or could do, and hereby
      does
      ratify and confirm to all that said Attorney-in-Fact shall lawfully do or cause
      to be done by authority hereof. 

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

    

    Third
      parties without actual notice may rely upon the exercise of the power granted
      under this Limited Power of attorney; and may be satisfied that this Limited
      Power of Attorney shall continue in full force and effect and has not been
      revoked unless an instrument of revocation has been made in writing by the
      undersigned.

    

    IN
      WITNESS WHEREOF, HSBC Bank USA, National Association as Trustee pursuant to
      that
      Pooling and Servicing Agreement among the Depositor, Wells Fargo Bank, National
      Association, GMAC Mortgage, LLC and the Trustee, dated as of April 1, 2007
      (SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1, Asset Backed
      Pass-Through Certificates), has caused its corporate seal to be hereto affixed
      and these presents to be signed and acknowledged in its name and behalf by
      ____________ its duly elected and authorized Vice President this _________
      day
      of _________, 200__.

     

    
      	 	 	 
	 	 	
              
                
as
                Trustee for SunTrust Acquisition Closed-End Seconds Trust, Series
                2007-1,
                Asset Backed Pass-Through Certificates

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
                

              

               

              
                

              

            

    

    

    
      	
              STATE
                OF _____________

            
	 
	
              COUNTY
                OF ___________

            

    

     

    On
      _______________, 200__, before me, the undersigned, a Notary Public in and
      for
      said state, personally appeared ____________, Vice President of
      ____________________ as Trustee for SunTrust Acquisition Closed-End Seconds
      Trust, Series 2007-1 Asset Backed Certificates, personally known to me to be
      the
      person whose name is subscribed to the within instrument and acknowledged to
      me
      that he/she executed that same in his/her authorized capacity, and that by
      his/her signature on the instrument the entity upon behalf of which the person
      acted and executed the instrument.

    

    WITNESS
      my hand and official seal.

    (SEAL)

    
      	 	 
	 	
              Notary
                Public

            
	 	
              My
                Commission Expires
                _________________

            

    

    

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

     

    SERVICING
      CRITERIA

     

    Schedule
      1122 (Pooling and Servicing Agreement)

     

    Assessments
      of Compliance and Attestation Reports Servicing Criteria2 

    

    
      	
              Reg.
                AB Item 1122(d) Servicing Criteria

            	
               

            	
              Depositor

            	
               

            	
              Seller

            	
               

            	
              Servicer

            	
               

            	
              Trustee

            	
               

            	
              Custodian

            	
               

            	
              Paying
                Agent

            	
               

            	
              Master
                Servicer

            	
               

            	
              Securities
                Administrator

            
	
              (1) General
                Servicing Considerations

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (i) monitoring
                performance or other triggers and events of default

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (ii) monitoring
                performance of vendors of activities outsourced

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	
              X

            	 	 
	
               

            	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (iii) maintenance
                of back-up servicer for pool assets

            	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (iv) fidelity
                bond and E&O policies in effect

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (2) Cash
                Collection and Administration

            	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (i) timing
                of deposits to custodial account

            	 	 	 	 	 	
              X

            	 	 	 	 	 	
              X

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (ii) wire
                transfers to investors by authorized personnel

            	 	 	 	 	 	
              X

            	 	 	 	 	 	
              X

            	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (iii) advances
                or guarantees made, reviewed and approved as required

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (iv) accounts
                maintained as required

            	 	 	 	 	 	
              X

            	 	 	 	 	 	
              X

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (v) accounts
                at federally insured depository institutions

            	 	 	 	 	 	
              X

            	 	 	 	 	 	
              X

            	 	
              X

            	 	
              X

            

    

    
       

      
        

      

      
        	*	
                The
                  descriptions of the Item 1122(d) servicing criteria use key words
                  and
                  phrases and are not verbatim recitations of the servicing criteria.
                  Refer
                  to Regulation AB, Item 1122 for a full description of servicing
                  criteria.

              

      

    

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

     

      	
              Reg.
                AB Item 1122(d) Servicing Criteria

            	
               

            	
              Depositor

            	
               

            	
              Seller

            	
               

            	
              Servicer

            	
               

            	
              Trustee

            	
               

            	
              Custodian

            	
               

            	
              Paying
                Agent

            	
               

            	
              Master
                Servicer

            	
               

            	
              Securities
                Administrator

            

    

    
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (vi) unissued
                checks safeguarded

            	 	 	 	 	 	
              X

            	 	 	 	 	 	
              X

            	 	 	 	
              X

            

    

    
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (vii) monthly
                reconciliations of accounts

            	 	 	 	 	 	
              X

            	 	 	 	 	 	
              X

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (3) Investor
                Remittances and Reporting

            	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (i) investor
                reports

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (ii) remittances

            	 	 	 	 	 	
              X

            	 	 	 	 	 	
              X

            	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (iii) proper
                posting of distributions

            	 	 	 	 	 	
              X

            	 	 	 	 	 	
              X

            	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (iv) reconciliation
                of remittances and payment statements

            	 	 	 	 	 	
              X

            	 	 	 	 	 	
              X

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (4) Pool
                Asset Administration

            	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (i) maintenance
                of pool collateral

            	 	 	 	 	 	
              X

            	 	 	 	
              X

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (ii) safeguarding
                of pool assets/documents

            	 	 	 	 	 	
              X

            	 	 	 	
              X

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (iii) additions,
                removals and substitutions of pool assets

            	 	 	 	
              X

            	 	
              X

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (iv) posting
                and allocation of pool asset payments to pool assets

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (v) reconciliation
                of servicer records

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (vi) modifications
                or other changes to terms of pool assets

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (vii) loss
                mitigation and recovery actions

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (viii)
                records regarding collection efforts

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        E-3

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg.
                AB Item 1122(d) Servicing Criteria

            	
               

            	
              Depositor

            	
               

            	
              Seller

            	
               

            	
              Servicer

            	
               

            	
              Trustee

            	
               

            	
              Custodian

            	
               

            	
              Paying
                Agent

            	
               

            	
              Master
                Servicer

            	
               

            	
              Securities
                Administrator

            

    

    
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (ix) adjustments
                to variable interest rates on pool assets

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (x) matters
                relating to funds held in trust for obligors

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (xi) payments
                made on behalf of obligors (such as for taxes or
                insurance)

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (xii) late
                payment penalties with respect to payments made on behalf of obligors
                

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (xiii)
                records with respect to payments made on behalf of
                obligors

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (xiv) recognition
                and recording of delinquencies, charge-offs and uncollectible
                accounts

            	 	 	 	 	 	
              X

            	 	 	 	 	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              (xv) maintenance
                of external credit enhancement or other support

            	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
              X

            

    

    

    
      
        
        

      

      
        E-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F-1

     

    MORTGAGE
      LOAN PURCHASE AND SALE AGREEMENT

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      
        	
                EXECUTION
                  COPY

              

      

       

    

     

    GMAC
      MORTGAGE, LLC

     

    Purchaser

     

    and

     

    SUNTRUST
      ASSET FUNDING, LLC

     

    Company

    

    

    

     

    MORTGAGE
      LOAN PURCHASE AND SALE AGREEMENT

     

    Dated
      as of May 15, 2007

    

    

     

    Fixed-Rate
      Residential Mortgage Loans

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    
      	
              ARTICLE
                I DEFINITIONS

            	
              1

            
	 	
               

            
	
              ARTICLE
                II CONVEYANCE OF MORTGAGE LOANS

            	
              10

            
	 	
               

            
	
              Section
                2.01.

            	
              Agreement
                to Purchase; Purchase Price.

            	
              10

            
	
              Section
                2.02.

            	
              Books
                and Records.

            	
              11

            
	
              Section
                2.03.

            	
              Delivery
                of Documents.

            	
              11

            
	
              Section
                2.04.

            	
              Closing
                Conditions.

            	
              12

            
	
              Section
                2.05.

            	
              Acceptance
                of Mortgage Loans.

            	
              13

            
	 	
               

            
	
              ARTICLE
                III
                REPRESENTATIONS AND WARRANTIES; REMEDIES AND BREACH

            	
              13

            
	 	
               

            
	
              Section
                3.01.

            	
              Company
                Representations and Warranties.

            	
              13

            
	
              Section
                3.02.

            	
              Representations
                and Warranties Regarding Individual Mortgage Loans.

            	
              13

            
	
              Section
                3.03.

            	
              Repurchase
                and Other Remedies.

            	
              13

            
	
              Section
                3.04.

            	
              Repurchase
                of Mortgage Loans With Early Payment Defaults.

            	
              15

            
	 	
               

            
	
              ARTICLE
                IV SECURITIZATIONS

            	
              16

            
	 	
               

            
	
              Section
                4.01.

            	
              Removal
                of Mortgage Loans from Inclusion Under this Agreement Upon
                Reconstitution.

            	
              16

            
	
              Section
                4.02.

            	
              Regulation
                AB Compliance.

            	
              16

            
	 	
               

            
	
              ARTICLE
                V GUARANTY

            	
              17

            
	 	
               

            
	
              ARTICLE
                VI MISCELLANEOUS PROVISIONS

            	
              17

            
	 	
               

            
	
              Section
                6.01.

            	
              Amendment.

            	
              17

            
	
              Section
                6.02.

            	
              Governing
                Law; Waiver of Jury Trial.

            	
              17

            
	
              Section
                6.03.

            	
              Notices.

            	
              18

            
	
              Section
                6.04.

            	
              Severability
                of Provisions.

            	
              19

            
	
              Section
                6.05.

            	
              Relationship
                of Parties.

            	
              19

            
	
              Section
                6.06.

            	
              Successors
                and Assigns.

            	
              19

            
	
              Section
                6.07.

            	
              Recordation
                of Assignments of Mortgage.

            	
              19

            
	
              Section
                6.08.

            	
              Solicitation
                of Mortgagor.

            	
              19

            
	
              Section
                6.09.

            	
              Further
                Agreements.

            	
              20

            
	
              Section
                6.10.

            	
              Confidential
                Information.

            	
              20

            
	
              Section
                6.11.

            	
              Equal
                Opportunity.

            	
              21

            
	
              Section
                6.12.

            	
              Counterparts.

            	
              21

            
	
              Section
                6.13.

            	
              Exhibits.

            	
              21

            
	
              Section
                6.14.

            	
              General
                Interpretive Principles.

            	
              21

            
	
              Section
                6.15.

            	
              Reproduction
                of Documents.

            	
              22

            
	
              Section
                6.16.

            	
              Judicial
                Interpretation.

            	
              22

            
	
              Section
                6.17.

            	
              Headings.

            	
              22

            
	
              Section
                6.18.

            	
              Intention
                of the Company.

            	
              22

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    EXHIBITS

     

    
      	
              Exhibit
                A

            	
              [Reserved]

            
	 	 
	
              Exhibit
                B

            	
              Contents
                of Each Mortgage File

            
	 	 
	
              Exhibit
                C

            	
              Form
                of Memorandum of Sale

            
	 	 
	
              Exhibit
                D

            	
              Form
                of Assignment, Assumption and Recognition Agreement

            
	 	 
	
              Exhibit
                E

            	
              Underwriting
                Guidelines

            
	 	 
	
              Exhibit
                F

            	
              Representations
                and Warranties of the Company

            
	 	 
	
              Exhibit
                G

            	
              Representations
                and Warranties Regarding Individual Mortgage Loans

            
	 	 
	
              Exhibit
                H

            	
              Mortgage
                Loan Schedule

            
	 	 
	
              Exhibit
                I

            	
              Schedule
                of Underlying Sellers and Underlying
                Agreements

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    This
      is a
      Mortgage Loan Purchase and Sale Agreement for fixed-rate residential second
      lien
      mortgage loans, dated and effective as of May 14, 2007 (the “Agreement”) and is
      by and between GMAC Mortgage, LLC, a Delaware limited liability company, as
      purchaser (the “Purchaser”), and SunTrust Asset Funding, LLC, a Delaware limited
      liability company, as seller (the “Company”), as acknowledged and agreed to by
      SunTrust Bank, a Georgia banking corporation (“SunTrust Bank”).

     

    WITNESSETH

     

    WHEREAS,
      the Purchaser has agreed to purchase from the Company and the Company has agreed
      to sell to the Purchaser certain second lien fixed-rate residential mortgage
      loans set forth on the Mortgage Loan Schedule attached hereto as Exhibit
      H
      (the
“Mortgage Loans”), together with the servicing rights associated with the
      Mortgage Loans; 

     

    WHEREAS,
      the Company acquired the Mortgage Loans from the Underlying Sellers listed
      on
Exhibit
      I
      pursuant
      the related purchase agreements (the “Underlying Agreements”) listed on the same
Exhibit
      I;
      

     

    WHEREAS,
      the Purchaser is currently servicing the Mortgage Loans on behalf of the Company
      pursuant to a Servicing Agreement between the Purchaser and the
      Company;

     

    WHEREAS,
      the Mortgage Loans will be sold by the Company and purchased by the Purchaser
      servicing released (the “Mortgage Loan Package”) on the Closing Date as provided
      herein;

     

    WHEREAS,
      each of the Mortgage Loans will be secured by a mortgage, deed of trust or
      other
      security instrument creating a second lien on a residential dwelling located
      in
      the jurisdiction indicated on the Mortgage Loan Schedule which will be annexed
      to the Memorandum of Sale (as defined herein) on the Closing Date;
      and

     

    WHEREAS,
      the Purchaser and the Company wish to prescribe the manner of purchase of the
      Mortgage Loans and the conveyance of the Mortgage Loans.

     

    NOW,
      THEREFORE, in consideration of the mutual agreements hereinafter set forth,
      and
      for $10.00 and other good and valuable consideration, the receipt and adequacy
      of which is hereby acknowledged, the Purchaser and the Company agree as
      follows:

     

    ARTICLE
      I

     

    DEFINITIONS

     

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

     

    Accepted
      Servicing Practices:
      With
      respect to any Mortgage Loan, procedures (including collection procedures)
      that
      comply with applicable federal, state and local law customarily employed and
      exercised in servicing and administering mortgage loans and that are in
      accordance with the accepted mortgage servicing practices of prudent mortgage
      lending institutions which service mortgage loans of the same type as the
      Mortgage Loans in the jurisdiction where the related Mortgaged Property is
      located.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Agreement:
      This
      Mortgage Loan Purchase and Sale Agreement and all amendments hereof and
      supplements hereto.

     

    ALTA:
      The
      American Land Title Association or any successor thereto.

     

    Appraisal:
      A
      written appraisal of a Mortgaged Property made by a Qualified Appraiser, which
      appraisal must be written, in form and substance, to Fannie Mae and Freddie
      Mac
      standards, and satisfy the requirements of Title XI of the Financial
      Institution, Reform, Recovery and Enforcement Act of 1989 and the regulations
      promulgated thereunder, in effect as of the date of the appraisal.

     

    Appraised
      Value:
      With
      respect to any Mortgage Loan, the lesser of (i) the value set forth on the
      Appraisal made in connection with the origination of the related Mortgage Loan
      as the value of the related Mortgaged Property, or (ii) the purchase price
      paid
      for the Mortgaged Property, provided,
      however,
      that in
      the case of a refinanced Mortgage Loan, such value shall be based solely on
      the
      Appraisal made in connection with the origination of such Mortgage Loan and
      provided, further to the extent reflected on the Mortgage Loan Schedule, that
      in
      the case of conforming Mortgage Loans approved through the Fannie
      Mae Desktop Underwriter (“DU”) which
      have qualified for a property inspection waiver, such value shall be based
      solely on the value established through DU.

     

    Assignment,
      Assumption and Recognition Agreement:
      An
      agreement substantially in the form of Exhibit
      D
      attached
      hereto.

     

    Assignment
      of Mortgage:
      An
      assignment of the Mortgage, notice of transfer or equivalent instrument in
      recordable form (except for the name of the assignee and recording information),
      sufficient under the laws of the jurisdiction wherein the related Mortgaged
      Property is located to reflect the sale of the Mortgage to the
      Purchaser.

     

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

     

    Class
      A Certificate Insurer:
      XL
      Capital Assurance, Inc.

     

    Closing
      Date:
      May 14,
      2007.

     

    Combined
      Loan-to-Value Ratio or CLTV:
      With
      respect to any Mortgage Loan, the ratio of (i) the original loan amount of
      the
      Mortgage Loan at its origination (unless otherwise indicated) plus
      the
      amount of any related First Lien as of the date of origination of the Mortgage
      Loan to (ii) the Appraised Value of the Mortgaged Property.

     

    Code:
      The
      Internal Revenue Code of 1986, as it may be amended from time to time or any
      successor statute thereto, and applicable U.S. Department of the Treasury
      regulations issued pursuant thereto.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Company:
      SunTrust Asset Funding, LLC, or its successor in interest or assigns, or any
      successor to the Company under this Agreement appointed as herein
      provided.

     

    Company
      Specific Representations:
      As
      defined in Section 3.01.

     

    Condemnation
      Proceeds:
      All
      awards or settlements in respect of a Mortgaged Property, whether permanent
      or
      temporary, partial or entire, by exercise of the power of eminent domain or
      condemnation, to the extent not required to be released to a Mortgagor in
      accordance with the terms of the related Mortgage Loan Documents.

     

    Consumer
      Information:
      Any
      personally identifiable information in any form (written electronic or
      otherwise) relating to a Mortgagor, including, but not limited to: a Mortgagor’s
      name, address, telephone number, Mortgage Loan number, Mortgage Loan payment
      history, delinquency status, insurance carrier or payment information, tax
      amount or payment information; the fact that the Mortgagor has a relationship
      with the Company or the originator of the related Mortgage Loan; and any other
      non-public personally identifiable information.

     

    Custodian:
      The
      custodian appointed by the Purchaser, or its successor in interest or assigns,
      or any successor to the Custodian.

     

    Cut-off
      Date:
      April
      1, 2007.

     

    DBRS:
      DBRS,
      Inc. and
      any
      successor or successors thereto.

     

    Deleted
      Mortgage Loan:
      As
      defined in Section 3.03.

     

    DU:
      Fannie
      Mae Desktop Underwriter.

     

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

     

    Fannie
      Mae:
      The
      entity formally known as Federal National Mortgage Association (FNMA), or any
      successor thereto.

     

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

     

    First
      Lien:
      With
      respect to each Mortgaged Property, the lien of the mortgage, deed of trust
      or
      other instrument securing a mortgage note which creates a first lien on such
      Mortgaged Property.

     

    Freddie
      Mac:
      The
      entity formally known as the Federal Home Loan Mortgage Corporation (FHLMC),
      or
      any successor thereto.

     

    GAAP:
      Generally accepted accounting principles, consistently applied.

     

    Insurance
      Proceeds:
      With
      respect to each Mortgage Loan, proceeds of insurance policies insuring the
      Mortgage Loan or the related Mortgaged Property.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Investor:
      With
      respect to each MERS Designated Mortgage Loan, the Person named on the MERS
      System as the investor pursuant to the MERS Procedures Manual.

     

    Liquidation
      Proceeds:
      Cash
      received in connection with the liquidation of a defaulted Mortgage Loan,
      whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
      foreclosure sale or otherwise, or the sale of the related Mortgaged Property
      if
      the Mortgaged Property is acquired in satisfaction (in whole or in part) of
      the
      Mortgage Loan.

     

    Memorandum
      of Sale:
      With
      respect to each Mortgage Loan and the Mortgage Loan Package, the memorandum
      of
      sale, substantially in the form of Exhibit
      C
      attached
      hereto, confirming the sale by Company and the purchase by Purchaser of the
      Mortgage Loans on the Closing Date.

     

    MERS:
      MERSCORP, Inc., its successors and assigns.

     

    MERS
      Designated Mortgage Loan:
      A
      Mortgage Loan for which (a) such action has been taken as is necessary to cause
      MERS to be, the mortgagee of record, as nominee for the Company, in accordance
      with MERS Procedures Manual and (b) the Company has designated or will designate
      the Custodian or the Purchaser’s designee as the Investor on the MERS
      System.

     

    MERS
      Procedures Manual:
      The
      MERS Procedures Manual, as it may be amended, supplemented or otherwise modified
      from time to time.

     

    MERS
      Report:
      The
      report from the MERS System listing MERS Designated Mortgage Loans and other
      information.

     

    MERS
      System:
      MERS
      mortgage electronic registry system, as more particularly described in the
      MERS
      Procedures Manual.

     

    Monthly
      Payment:
      The
      scheduled monthly payment of principal and interest on a Mortgage
      Loan.

     

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

     

    Mortgage:
      The
      mortgage, deed of trust or other instrument securing a Mortgage Note, which
      creates a second lien on an unsubordinated estate in fee simple in real property
      which secures the Mortgage Note.

     

    Mortgage
      File:
      The
      items pertaining to a particular Mortgage Loan referred to in Exhibit B
      annexed
      hereto, and any additional documents required to be added to the Mortgage File
      pursuant to this Agreement.

     

    Mortgage
      Interest Rate:
      The
      annual rate of interest borne on a Mortgage Note in accordance with the
      provisions of the Mortgage Note.

     

    Mortgage
      Loan:
      An
      individual Mortgage Loan which is the subject of this Agreement, each Mortgage
      Loan originally sold and subject to this Agreement being identified on the
      Mortgage Loan Schedule, which Mortgage Loan includes without limitation the
      Mortgage File, the Monthly Payments, Principal Prepayments, Liquidation
      Proceeds, Condemnation Proceeds, Insurance Proceeds, REO disposition proceeds
      and all other rights, benefits, proceeds and obligations arising from or in
      connection with such Mortgage Loan.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Mortgage
      Loan Documents:
      The
      documents referred to in Exhibit
      B
      as items
      1 through 9.

     

    Mortgage
      Loan Package:
      The
      pool of Mortgage Loans purchased on the Closing Date, as described in the
      Mortgage Loan Schedule.

     

    Mortgage
      Loan Representations:
      As
      defined in Section 3.02.

     

    Mortgage
      Loan Schedule:
      With
      respect to the Mortgage Loan Package, the schedule of Mortgage Loans annexed
      hereto as Exhibit
      H
      (and
      delivered in electronic format to the Purchaser), such schedule setting forth
      the data fields set forth in the Pooling and Servicing Agreement .

     

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

     

    Mortgaged
      Property:
      The
      underlying real property securing repayment of a Mortgage Note, consisting
      of a
      fee simple parcel of real estate or a leasehold estate, the term of which is
      equal to or longer than the term of the related Mortgage Note. 

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Negative
      Amortization:
      A
      gradual increase in the mortgage debt that occurs when the monthly fixed
      installment is not sufficient for full application to both principal and
      interest. The interest shortage is added to the unpaid principal balance to
      create “negative” amortization.

     

    Officer’s
      Certificate:
      A
      certificate signed by the Chairman of the Board or the Vice Chairman of the
      Board or the President, a Senior Vice President, a First Vice President, a
      Vice
      President or an Assistant Vice President and by the Treasurer or the Secretary
      or one of the Assistant Treasurers or Assistant Secretaries of the Company
      or an
      Originator, and delivered to the Purchaser as required by this
      Agreement.

     

    Originator:
      With
      respect to any Mortgage Loan, the entity that (i) took the Mortgagor’s loan
      application (ii) processed the Mortgagor’s loan application, or (iii) closed
      and/or funded the Mortgagor’s Mortgage Loan.

     

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

     

    PMI
      Policy:
      A
      policy of primary mortgage guaranty insurance issued by a Qualified Insurer,
      as
      required by this Agreement with respect to certain Mortgage Loans.

     

    
      
        
        

      

      
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    Pooling
      and Servicing Agreement:
      That
      certain pooling and servicing agreement, dated as of April 1, 2007, by and
      among
      ACE Securities Corp., as depositor, Purchaser, as servicer, Wells Fargo Bank,
      National Association, as master servicer and securities administrator, and
      HSBC
      Bank USA, National Association, as trustee.

     

    Prepayment
      Premium:
      Payments received on a Mortgage Loan as a result of a Principal Prepayment
      thereon,
      not
      otherwise due thereon in respect of principal or interest, which are intended
      to
      be a disincentive to prepayment.

     

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

     

    Purchase
      Price:
      The
      price paid on a Closing Date by the Purchaser to the Company for the Mortgage
      Loan Package, as set forth in the Memorandum of Sale.

     

    Purchaser:
      GMAC
      Mortgage, LLC, or its successor in interest or any successor or assignee to
      the
      Purchaser under this Agreement as herein provided.

     

    Qualified
      Appraiser:
      An
      appraiser, duly appointed by the Company, who had no interest, direct or
      indirect in the Mortgaged Property or in any loan made on the security thereof,
      and whose compensation was not affected by the approval or disapproval of the
      Mortgage Loan, and such appraiser and the appraisal made by such appraiser
      both
      satisfied the requirements of Title XI of the Financial Institution Reform,
      Recovery, and Enforcement Act and the regulations promulgated thereunder, all
      as
      in effect on the date the Mortgage Loan was originated. 

     

    Qualified
      Correspondent:
      Any
      Person from which the Seller purchased Mortgage Loans, provided that the
      following conditions are satisfied: (i) such Mortgage Loans were originated
      pursuant to an agreement between the Seller and such Person that contemplated
      that such Person would underwrite mortgage loans from time to time, for sale
      to
      the Seller, in accordance with underwriting guidelines designated by the Seller
      (“Designated
      Guidelines”)
      or
      guidelines that do not vary materially from such Designated Guidelines; (ii)
      such Mortgage Loans were in fact underwritten as described in clause (i) above
      and were acquired by the Seller within 180 days after origination; (iii) either
      (x) the Designated Guidelines were, at the time such Mortgage Loans were
      originated, used by the Seller in origination of mortgage loans of the same
      type
      as the Mortgage Loans for the Seller’s own account or (y) the Designated
      Guidelines were, at the time such Mortgage Loans were underwritten, designated
      by the Seller on a consistent basis for use by lenders in originating mortgage
      loans to be purchased by the Seller; and (iv) the Seller employed, at the time
      such Mortgage Loans were acquired by the Seller, pre-purchase or post-purchase
      quality assurance procedures (which may involve, among other things, review
      of a
      sample of mortgage loans purchased during a particular time period or through
      particular channels) designed to ensure that Persons from which it purchased
      mortgage loans properly applied the underwriting criteria designated by the
      Seller.

     

    Qualified
      Insurer:
      A
      mortgage guaranty insurance company duly authorized and licensed where required
      by law to transact mortgage guaranty insurance business. 

     

    
      
        
        

      

      
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    Qualified
      Substitute Mortgage Loan:
      A
      mortgage loan substituted for a Deleted Mortgage Loan pursuant to the terms
      of
      this Agreement which must, on the date of such substitution, (i) have an
      outstanding principal balance, after application of all scheduled payments
      of
      principal and interest due during or prior to the month of substitution, not
      in
      excess of the Stated Principal Balance of the Deleted Mortgage Loan as of the
      due date in the calendar month during which the substitution occurs, (ii) have
      a
      Mortgage Interest Rate not less than (and not more than one percentage point
      in
      excess of) the Mortgage Interest Rate of the Deleted Mortgage Loan, (iii) have
      a
      remaining term to maturity not greater than (and not more than one year less
      than) that of the Deleted Mortgage Loan, (iv) have the same due date as the
      due
      date on the Deleted Mortgage Loan, (v) have a Combined Loan-to-Value Ratio
      as of
      the date of substitution equal to or lower than the Combined Loan-to-Value
      Ratio
      of the Deleted Mortgage Loan as of such date, (vi) be secured by the same lien
      priority on the related Mortgaged Property as the Deleted Mortgage Loan, (vii)
      have a credit grade at least equal to the credit grading assigned on the Deleted
      Mortgage Loan, (viii) be a “qualified mortgage” as defined in the REMIC
      Provisions and (ix) conform to each Mortgage Loan Representation and each
      Company Specific Representation. In the event that one or more mortgage loans
      are substituted for one or more Deleted Mortgage Loans, the amounts described
      in
      clause (i) hereof shall be determined on the basis of aggregate principal
      balances, the Mortgage Rates described in clause (ii) hereof shall be determined
      on the basis of weighted average Mortgage Rates, the terms described in clause
      (iii) hereof shall be determined on the basis of weighted average remaining
      term
      to maturity, the Combined Loan-to-Value Ratios described in clause (v) hereof
      shall be satisfied as to each such mortgage loan, the credit grades described
      in
      clause (vii) hereof shall be satisfied as to each such mortgage loan and, except
      to the extent otherwise provided in this sentence, the representations and
      warranties described in clause (ix) hereof must be satisfied as to each
      Qualified Substitute Mortgage Loan or in the aggregate, as the case may
      be..

     

    Rating
      Agency:
      Each of
      DBRS, Moody’s and S&P, or any successor thereto.

     

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

     

    Regulation
      AB Compliance Addendum:
      Certain
      addendum attached to the Underlying Agreements.

     

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

     

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

     

    
      
        
        

      

      
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    Remittance
      Date:
      The
      18th
      day (or
      if such 18th
      day is
      not a Business Day, the first Business Day immediately preceding such
      18th
      day) of
      any month.

     

    REO
      Property:
      A
      Mortgaged Property acquired by the Company on behalf of the Purchaser through
      foreclosure or by deed in lieu of foreclosure.

     

    Repurchase
      Price:
      With
      respect to any Mortgage Loan, (i) the unpaid principal balance of the Mortgage
      Loan as of the date of repurchase, plus
      (ii)
      interest on such unpaid principal balance at the Mortgage Loan Interest Rate
      from the date on which interest has last been paid and distributed to the
      Purchaser to the last day of the month in which such repurchase occurs, less
      amounts received or advanced in respect of such repurchased Mortgage Loan,
      plus
      (iii)
      the amount of any unreimbursed Servicing Advances, plus
      (iv)
      actual and out-of-pocket costs and expenses incurred in the enforcement of
      the
      Company’s repurchase obligation hereunder plus,
      (v)
      with respect to any Mortgage Loan subject to a Securitization, any costs and
      damages incurred by the related trust in connection with any violation by such
      Mortgage Loan of any predatory or abusive lending law.

     

    RESPA:
      The
      Real Estate Settlement Procedures Act, as amended.

     

    Second
      Lien:
      With
      respect to each Mortgaged Property, the lien of the mortgage, deed of trust
      or
      other instrument securing a Mortgage Note which creates a second lien on the
      Mortgaged Property.

     

    Second
      Lien Mortgage Loan:
      A
      Mortgage Loan secured by the lien on the Mortgaged Property, subject to one
      prior lien on such Mortgaged Property securing financing obtained by the related
      Mortgagor.

     

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

     

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

     

    Securitization:
      Any
      transaction involving either (1) a sale or other transfer of some or all of
      the
      Mortgage Loans directly or indirectly by the Purchaser to an issuing entity
      in
      connection with an issuance of publicly offered or privately placed, rated
      or
      unrated mortgage-backed securities or (2) an issuance of publicly offered or
      privately placed, rated or unrated securities, the payments on which are
      determined primarily by reference to one or more portfolios of residential
      mortgage loans consisting, in whole or in part, of some or all of the Mortgage
      Loans.

     

    Servicemembers
      Civil Relief Act:
      The
      Servicemembers Civil Relief Act of 2003.

     

    Servicer:
      GMAC
      Mortgage, LLC, or its successor in interest or assigns, or any successor
      servicer.

     

    Servicing
      Advances:
      All
      customary, reasonable and necessary “out of pocket” costs and expenses
      (including reasonable attorneys’ fees and disbursements) incurred in the
      performance by the Company of its servicing obligations, including, but not
      limited to, the cost of (a) the preservation, restoration and protection of
      the
      Mortgaged Property, (b) any enforcement or judicial proceedings, including
      foreclosures and (c) the management and liquidation of any REO
      Property.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    Servicing
      File:
      With
      respect to each Mortgage Loan, the file held by the Servicer consisting of
      originals or copies, which may be imaged copies, of all documents in the
      Mortgage File which are not delivered to the Custodian and copies of the
      Mortgage Loan Documents listed herein, the originals of which (or imaged copies
      of the original mortgagee policy of title insurance and/or the irrevocable
      binder or commitment to issue the same) are delivered to the Custodian pursuant
      to Section 2.03.

     

    Servicing
      Rights:
      With
      respect to the Mortgage Loans identified on the Mortgage Loan Schedule, all
      of
      the Servicer’s right, title and interest in and to the servicing of such
      Mortgage Loans, including all rights to receive or retain amounts in respect
      of
      servicing fees, late fees and similar payments (other than Prepayment Premiums),
      reimbursement for any servicing and delinquency advances made by the Servicer,
      or other expenses and costs, and investment earnings or other benefits from
      positive account balances, together with all collection account balances, escrow
      account balances, contract rights, incidental income and benefits to the extent
      related to the servicing rights, and exclusive rights to possession and use
      of
      Servicing Files and records directly or indirectly related thereto, including,
      without limitation, borrower lists, insurance policies and tax service
      agreements.

     

    Stated
      Principal Balance:
      As to
      each Mortgage Loan and any date of determination, (i) the principal balance
      of
      such Mortgage Loan at the Cut-off Date after giving effect to payments of
      principal due on or before such date, whether or not received, minus (ii) all
      amounts previously distributed to the Purchaser with respect to the Mortgage
      Loan representing payments or recoveries of principal or advances in lieu
      thereof.

     

    SunTrust
      Bank:
      SunTrust Bank or its successor in interest or assigns.

     

    Third-Party
      Originator:
      Each
      Person, other than a Qualified Correspondent, that originated Mortgage Loans
      acquired by the Seller that, with respect to providing information or
      representing related to Item 1110(a) of Regulation AB, originated 10% or more
      of
      the Mortgage Loans, or, with respect to all other usage of “Third-Party
      Originator”, originated 20% or more of the Mortgage Loans. 

     

    Underlying
      Agreements:
      Shall
      have the meaning assigned to such term in the recitals to this Agreement.

     

    Underlying
      Seller:
      The
      loans sellers listed on Exhibit
      I
      from
      whom the Company acquired the related Mortgage Loans pursuant to the Underlying
      Agreements. 

     

    Underwriting
      Guidelines:
      The
      underwriting guidelines of the Underlying Sellers with respect to Mortgage
      Loans, attached as Exhibit
      E
      hereto.

     

    
      
        
        

      

      
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    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS

     

    Section
      2.01. Agreement
      to Purchase; Purchase Price.

     

    (a) Agreement
      to Purchase.

     

    In
      exchange for the payment of the Purchase Price to the Company on the Closing
      Date, the Company agrees to sell and the Purchaser agrees to purchase (without
      recourse but subject to the terms of this Agreement) on a servicing released
      basis, all the right, title and interest of the Company in and to the Mortgage
      Loans, including the Servicing Rights relating to the Mortgage Loans, having
      an
      aggregate Stated Principal Balance as of the Cut-off Date in an amount as set
      forth in the Memorandum of Sale. The Company shall deliver the Mortgage Loan
      Schedule for the Mortgage Loan Package to the Purchaser at least three (3)
      Business Days prior to the Closing Date.

     

    (b) Purchase
      Price.

     

    The
      Purchase Price for the Mortgage Loan Package shall be equal to the amount set
      forth in the Memorandum of Sale. The payment of the Purchase Price shall be
      made
      to the account designated by the Company by wire transfer in immediately
      available funds or to the location designated by the Purchaser with respect
      to
      the non-cash portion of the Purchase Price by 3:00 p.m. New York City time
      on
      the Closing Date.

     

    With
      respect to each Mortgage Loan, the Purchaser shall be entitled to (1) the
      principal portion of all monthly payments due after the Cut-off Date, (2) all
      other recoveries of principal collected on or after the Cut-off Date
      (provided,
      however,
      that
      the principal portion of all Monthly Payments due on or before the Cut-off
      Date
      and collected by the Servicer or any successor servicer after the Cut-off Date
      shall belong to the Seller), and (3) all payments of interest at the Mortgage
      Interest Rate on the Mortgage Loans (minus that portion of any such payment
      which is allocable to the period prior to the Cut-off Date). The Stated
      Principal Balance of each Mortgage Loan as of the Cut-off Date is determined
      after application of payments of principal due on or before the Cut-off Date
      whether or not collected, together with any unscheduled Principal Prepayments
      collected prior to the Cut-off Date; provided,
      however,
      that
      Monthly Payments for a Due Date due after the Cut-off Date shall not be applied
      to the principal balance as of the Cut-off Date. Such monthly payments shall
      be
      the property of the Purchaser. 

     

    (c) Possession
      of Mortgage Files and Servicing Files.

     

    Upon
      the
      sale of the Mortgage Loans the ownership of each Mortgage Note, the related
      Mortgage and the related Mortgage File and Servicing File shall vest immediately
      in the Purchaser, and the ownership of all records and documents with respect
      to
      the related Mortgage Loan prepared by or which come into the possession of
      the
      Company shall vest immediately in the Purchaser and shall be retained and
      maintained by the Company, in trust, at the will of the Purchaser and only
      in
      such custodial capacity. Complete Servicing Files for the Mortgage Loans shall
      be delivered to the Purchaser or its designee on or before the Closing
      Date.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Section
      2.02. Books
      and Records.

     

    From
      and
      after the sale of the Mortgage Loans to the Purchaser all rights arising out
      of
      the Mortgage Loans, including, but not limited to, all funds received on or
      in
      connection with the Mortgage Loans, shall be for the benefit of the Purchaser
      as
      owner of the Mortgage Loans. The sale of each Mortgage Loan shall be reflected
      on the Company’s balance sheet and other financial statements, tax returns and
      business records as a sale of assets by the Company. 

     

    Section
      2.03. Delivery
      of Documents.

     

    The
      Company will, with respect to each Mortgage Loan, deliver and release the
      Mortgage Loan Documents to the Custodian at least five (5) Business Days prior
      to the Closing Date. In addition, in connection with the assignment of any
      MERS
      Designated Mortgage Loan, the Company agrees that on or prior to each Closing
      Date it will cause the MERS System to indicate that the related Mortgage Loans
      have been assigned by the Company to the Purchaser in accordance with this
      Agreement by entering in the MERS System the information required by the MERS
      System to identify the Purchaser or its designee as owner of such Mortgage
      Loans. The Company shall be responsible for recording the Assignments of
      Mortgage, if necessary, in accordance with this Agreement. 

     

    The
      Company shall be responsible for recording the Assignments of Mortgage, if
      necessary, in accordance with this Agreement. All recording fees and other
      costs
      associated with the recording of Assignments of Mortgage and other relevant
      documents to the Purchaser or its designee will be borne by the Company. For
      Mortgage Loans not registered under the MERS System, if the Purchaser requests
      that the Assignments of Mortgage be recorded, the Company shall cause such
      Assignments of Mortgage which were delivered in blank to be completed and to
      be
      recorded. The Company shall be required to deliver such Assignments of Mortgage
      for recording within thirty (30) days of the date on which the Company is
      notified that recording will be required pursuant to this Section 2.03. The
      Company shall furnish the Custodian with a copy of each Assignment of Mortgage
      submitted for recording. In the event that any such Assignment is lost or
      returned unrecorded because of a defect therein, the Company shall promptly
      have
      a substitute Assignment of Mortgage prepared or have such defect cured, as
      the
      case may be, and thereafter cause such Assignment of Mortgage to be duly
      recorded.

     

    Except
      as
      otherwise provided in this Section 2.03, upon discovery or receipt of notice
      of
      any materially defective Mortgage Loan Document or missing Mortgage Loan
      Document (“Defective Document”), the Company shall have ninety (90) days to cure
      such defect or deliver such missing document to the Custodian. If the Company
      does not cure such defect or deliver such missing document within such time
      period and such defect materially and adversely affects the value of the related
      Mortgage Loan or the Purchaser’s interest in the related Mortgage Loan, the
      Company shall either repurchase or substitute for such Mortgage Loan in
      accordance with Section 3.03.

     

    If
      the
      original or a copy certified by the appropriate recording office of any document
      submitted for recordation to the appropriate public recording office is not
      so
      delivered to the Custodian
      two-hundred
      and seventy (270) days following the Closing Date, and if the Company does
      not
      cure such failure within sixty (60) days after receipt of written notification
      of such failure from the Purchaser, the related Mortgage Loan shall, upon the
      request of the Purchaser, be repurchased by the Company at a price and in the
      manner specified in Section 3.03.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    In
      the
      event the public recording office is delayed in returning any original document,
      the Company shall deliver to the Custodian within two-hundred and seventy (270)
      days of its submission for recordation, a copy of such document and an Officer’s
      Certificate, which shall (i) identify the recorded document; (ii) state that
      the
      recorded document has not been delivered to the Custodian due solely to a delay
      by the public recording office, (iii) state the amount of time generally
      required by the applicable recording office to record and return a document
      submitted for recordation, and (iv) specify the date the applicable recorded
      document will be delivered to the Custodian. The Company will be required to
      deliver the document to the Custodian by the date specified in (iv) above.
      An
      extension of the date specified in (iv) above may be requested from the
      Purchaser, which consent shall not be unreasonably withheld. However, if the
      Company cannot deliver such original or clerk-certified copy of any document
      submitted for recordation to the appropriate public recording office within
      the
      specified time for any reason, within sixty (60) days after receipt of written
      notification of such failure from the Purchaser, the Company shall repurchase
      the related Mortgage Loan at a price and in the manner specified in Section
      3.03.

     

    Section
      2.04. Closing
      Conditions.

     

    The
      closing for the purchase and sale of the Mortgage Loan Package shall take place
      on the Closing Date. The closing shall be either by telephone, confirmed by
      letter or wire as the parties shall agree, or conducted in person, at such
      place
      as the parties may agree.

     

    The
      closing for the Mortgage Loan Package shall be subject to the satisfaction
      of
      each of the following conditions:

     

    (a) with
      respect to the Purchaser’s obligations to close:

     

    (i) the
      Company shall have delivered to the Purchaser the Mortgage Loan Schedule and
      an
      electronic data file containing information on a loan-level basis;

     

    (ii) all
      of
      the representations and warranties of the Company under this Agreement shall
      be
      true and correct as of the Closing Date (or, with respect to the Mortgage Loan
      Representations, such other date specified therein) in all material respects;
      

     

    (iii) the
      Purchaser shall have received from the Custodian an initial certification with
      respect to its receipt of the Mortgage Loan Documents for the Mortgage Loans;
      

     

    (iv) all
      other
      terms and conditions of this Agreement to be satisfied by the Company shall
      have
      been complied with in all material respects; and

     

    (v) the
      Purchaser shall have received the original Memorandum of Sale, executed on
      behalf of the Company;

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    (b) with
      respect to the Company’s obligations to close:

     

    (i) the
      Company shall have received a copy of the initial certification of the Custodian
      with respect to its receipt of the Mortgage Loan Documents for the Mortgage
      Loans;

     

    (ii) the
      Company shall have received an original of the Memorandum of Sale, executed
      on
      behalf of the Purchaser; and

     

    (iii) all
      terms
      and conditions of this Agreement to be satisfied by the Purchaser shall have
      been materially complied with.

     

    Upon
      satisfaction of the foregoing conditions, the Purchaser shall pay to the Company
      on the Closing Date the Purchase Price for the Mortgage Loan Package, including
      accrued interest pursuant to Section 2.01 of this Agreement.

     

    Section
      2.05. Acceptance
      of Mortgage Loans.

     

    The
      documents delivered pursuant to Section 2.03 hereof shall be reviewed by the
      Purchaser or any assignee, transferee or designee of the Purchaser at any time
      before or after the Closing Date (and with respect to each document permitted
      to
      be delivered after the Closing Date, within seven days of its delivery) to
      ascertain that all required documents have been executed and received and that
      such documents relate to the Mortgage Loans identified on the Mortgage Loan
      Schedule.

     

    ARTICLE
      III

     

    REPRESENTATIONS
      AND WARRANTIES; REMEDIES AND BREACH

     

    Section
      3.01. Company
      Representations and Warranties.

     

    The
      Company hereby makes the representations and warranties set forth in
Exhibit
      F
      hereto
      to the Purchaser as of the date hereof and the Closing Date (collectively,
      the
“Company Specific Representations”).

     

    Section
      3.02. Representations
      and Warranties Regarding Individual Mortgage Loans.

     

    As
      to
      each Mortgage Loan, the Company hereby makes the representations and warranties
      set forth in Exhibit
      G
      hereto
      to the Purchaser as of the Closing Date (collectively, the “Mortgage Loan
      Representations”).

     

    Section
      3.03. Repurchase
      and Other Remedies.

     

    It
      is
      understood and agreed that the Company Specific Representations and the Mortgage
      Loan Representations shall survive the sale of the Mortgage Loans to the
      Purchaser and the delivery of the Mortgage Loan Documents to the Custodian
      and
      shall inure to the benefit of the Purchaser and shall not be impaired by any
      restrictive or qualified endorsement on any Mortgage Note or Assignment of
      Mortgage or the examination of or failure to examine any Mortgage File. Upon
      discovery by either the Company, the Purchaser or the Servicer of any Defective
      Document or a breach of any of the Mortgage Loan Representations that materially
      and adversely affects the value of a Mortgage Loan or the interests of the
      Purchaser (or that materially and adversely affects the interests of the
      Purchaser in the related Mortgage Loan in the case of a representation and
      warranty relating to a particular Mortgage Loan), the party discovering such
      Defective Document or a breach shall give prompt written notice to the other.
      Any such breach or Defective Document that causes a Mortgage Loan not to be
      a
“qualified mortgage” within the meaning of Section 860G(a)(3) of the Code shall
      be deemed to materially and adversely affect the interests of the Purchaser.
      

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Within
      ninety (90) days of the earlier of either discovery by, or notice to, the
      Company of any Defective Document or a breach of a representation or warranty
      which materially and adversely affects the value of a Mortgage Loan or the
      interest of the Purchaser therein, the Company shall use reasonable efforts
      promptly to cure such breach in all material respects and, if such Defective
      Document or breach cannot be cured, the Company shall repurchase such Mortgage
      Loan at the Repurchase Price. However, if the breach or Defective Document
      shall
      involve a Mortgage Loan Representation and the Company discovers or receives
      notice of any such breach within ninety (90) days of the Closing Date, the
      Company shall, if the breach or Defective Document cannot be cured in all
      material respects, at the Company’s option and provided that the Company has a
      Qualified Substitute Mortgage Loan, rather than repurchase the Mortgage Loan
      as
      provided above, remove such Mortgage Loan (a “Deleted Mortgage Loan”) and
      substitute in its place a Qualified Substitute Mortgage Loan or Loans, provided
      that any such substitution shall be effected not later than one hundred twenty
      (120) days after the Closing Date. Notwithstanding any of the foregoing, if
      a
      breach or Defective Document would cause the Mortgage Loan to be other than
      a
“qualified mortgage,” as defined in Section 860G(a)(3) of the Code, any such
      repurchase or substitution must occur within ninety (90) days from the date
      the
      breach or Defective Document was discovered unless such breach is cured during
      such period.

     

    If
      the
      Company has no Qualified Substitute Mortgage Loan, it shall repurchase the
      deficient Mortgage Loan within ninety (90) days after discovery or the written
      notice of the foregoing breach or Defective Document. Any repurchase of a
      Mortgage Loan or Loans pursuant to the foregoing provisions of this Section
      3.03
      shall be accomplished by deposit to such account as the Purchaser shall identify
      to the Company, of the amount of the Repurchase Price for distribution to the
      Purchaser on the next scheduled Remittance Date, after deducting therefrom
      any
      amount received in respect of such repurchased Mortgage Loan or
      Loans.

     

    At
      the
      time of repurchase or substitution, the Purchaser and the Company shall arrange
      for the reassignment of the Deleted Mortgage Loan to the Company and the
      delivery to the Company of any documents held by the Custodian relating to
      the
      Deleted Mortgage Loan. In the event of a repurchase or substitution, the Company
      shall, simultaneously with such reassignment, give written notice to the
      Purchaser that such repurchase or substitution has taken place, amend the
      Mortgage Loan Schedule to reflect the withdrawal of the Deleted Mortgage Loan
      from this Agreement, and, in the case of substitution, identify a Qualified
      Substitute Mortgage Loan and amend the Mortgage Loan Schedule to reflect the
      addition of such Qualified Substitute Mortgage Loan to this Agreement. In
      connection with any such substitution, the Company shall be deemed to have
      made
      as to such Qualified Substitute Mortgage Loan each Mortgage Loan Representation
      as of the date of such substitution. The Company shall effect such substitution
      by delivering to the Custodian for such Qualified Substitute Mortgage Loan
      the
      documents required by Section 2.03, with the Mortgage Note endorsed as required
      by Section 2.03. The Company shall deposit in such account as the Purchaser
      shall identify to the Company, the Monthly Payment due on such Qualified
      Substitute Mortgage Loan or Loans in the month following the date of such
      substitution. Monthly Payments due with respect to Qualified Substitute Mortgage
      Loans in the month of substitution shall be retained by the Company. With
      respect to any Deleted Mortgage Loan, distributions to the Purchaser shall
      include the Monthly Payment due on any Deleted Mortgage Loan in the month of
      substitution, and the Company shall thereafter be entitled to retain all amounts
      subsequently received by the Company in respect of such Deleted Mortgage
      Loan.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    For
      any
      month in which the Company substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the amount (if any) by which
      the
      aggregate principal balance of all such Qualified Substitute Mortgage Loans
      as
      of the date of substitution is less than the aggregate unpaid principal balance
      of all such Deleted Mortgage Loans (after application of the principal portion
      of the Monthly Payments due in the month of substitution) (the “Substitution
      Adjustment Amount”) shall be deposited into such account as the Purchaser shall
      identify to the Company, by the Company on or before the Remittance Date in
      the
      month succeeding the calendar month during which the related Mortgage Loan
      is
      required to be purchased or replaced hereunder.

     

    It
      is
      understood and agreed that the obligations of the Company set forth in this
      Section 3.03 to cure, substitute for or repurchase a defective Mortgage Loan
      as
      provided in this Section 3.03 constitute the sole remedies of the Purchaser
      and
      the Servicer respecting a breach of the Mortgage Loan
      Representations.

     

    If
      the
      representation made by the Company
      in
Exhibit
      G(qq)
      is
      breached, the Company shall not have the right or obligation to cure, substitute
      or repurchase the affected Mortgage Loan but shall remit to the Purchaser the
      amount of the Prepayment Premium indicated on the applicable part of the
      Mortgage Loan Schedule to be due from the Mortgagor in the circumstances less
      any amount collected and remitted to the Purchaser.

     

    Any
      cause
      of action against the Company relating to or arising out of the breach of any
      Company Specific Representation or Mortgage Loan Representation shall accrue
      as
      to any Mortgage Loan upon (i) discovery of such breach by the Purchaser or
      notice thereof by the Company to the Purchaser, (ii) failure by the Company
      to
      cure such breach or repurchase such Mortgage Loan as specified above, and (iii)
      demand upon the Company by the Purchaser for compliance with this
      Agreement.

     

    Section
      3.04. Repurchase
      of Mortgage Loans With Early Payment Defaults.

     

    The
      Underlying Agreements provide that the Underlying Sellers shall repurchase
      Mortgage Loans in the event of specified delinquencies occurring during a
      specified period following the acquisition of the Mortgage Loans by the
      Purchaser. The Company agrees to use commercially reasonable efforts to enforce
      such obligations of the Underlying Sellers in the event such delinquencies
      occur
      after the sale of the Mortgage Loans to the Purchaser if the Purchaser provides
      the Company with reasonable notice of such delinquencies. 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    ARTICLE
      IV

     

    SECURITIZATIONS

     

    Section
      4.01. Removal
      of Mortgage Loans from Inclusion Under this Agreement Upon
      Reconstitution.

     

    The
      Company shall cooperate with the Purchaser in connection with the
      Securitization. In connection therewith the Company shall:

     

    (a) make
      all
      representations and warranties made herein with respect to the Mortgage Loans
      and the Company itself as of the Closing Date;

     

    (b) execute
      an Assignment, Assumption and Recognition Agreement;

     

    (c) provide
      as applicable such
      additional Opinions of Counsel, letters from auditors, and certificates of
      public officials or officers of the Company as are reasonably believed necessary
      by the trustee, any Rating Agency or any credit enhancement provider, as the
      case may be, in connection with Securitizations.

     

    Section
      4.02. Regulation
      AB Compliance.

     

    The
      Underlying Agreements provide that the Underlying Sellers shall provide certain
      information and perform certain other compliance with Regulation AB pursuant
      to
      the Regulation AB Compliance Addendum attached to each of the Underlying
      Agreements. The Company agrees to use commercially reasonable efforts to enforce
      such obligations of the Underlying Sellers provided the Purchaser provides
      the
      Company with reasonable notice of any request for information or compliance
      with
      such Regulation AB Compliance Addendum. 

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

     

    GUARANTY

     

    SunTrust
      Bank agrees with the Purchaser for the sole and exclusive benefit of Purchaser
      and its assignees to hereby absolutely, unconditionally and irrevocably
      guarantee to the Purchaser, the full and prompt performance by the Company
      of
      any and all obligations of the Company under Section 3.03 of this Agreement.
      SunTrust Bank agrees that its obligations pursuant to this Article V shall
      be a
      continuing, absolute and unconditional guarantee of the full and punctual
      performance by the Company of its obligations under Section 3.03 of this
      Agreement. It shall not be necessary for such claimant to first pursue any
      remedy from or exhaust any proceedings against Company; provided,
      however,
      that
      the Purchaser demand payment from the Company which payment is not made for
      a
      period of thirty (30) calendar days. This Article V shall continue to be
      effective if the Company merges or consolidates with or into another entity,
      loses its separate legal identity or ceases to exist.

     

    ARTICLE
      VI

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      6.01. Amendment.

     

    This
      Agreement may be amended from time to time by written agreement signed by the
      Company and the Purchaser.

     

    Section
      6.02. Governing
      Law; Waiver of Jury Trial.

     

    THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK (EXCLUDING THE CHOICE OF LAW PROVISIONS) AND THE OBLIGATIONS, RIGHTS AND
      REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
      LAWS.

     

    EACH
      OF
      THE COMPANY AND THE PURCHASER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
      WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OR ANY
      LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS
      AGREEMENT, OR ANY OTHER DOCUMENTS AND INSTRUMENTS EXECUTED IN CONNECTION
      HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
      ORAL
      OR WRITTEN), OR ACTIONS OF THE COMPANY OR THE PURCHASER. THIS PROVISION IS
      A
      MATERIAL INDUCEMENT FOR THE PURCHASER TO ENTER INTO THIS AGREEMENT.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    Section
      6.03. Notices.

     

    All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given if personally delivered at or mailed by
      registered mail, postage prepaid, addressed as follows:

     

    
      	 	
              (i)

            	
              if
                to the Company:

            

    

     

    SunTrust
      Asset Funding, LLC

    Mail
      Code
      3950

    303
      Peachtree Street NE, 23rd
      Floor

    Atlanta,
      Georgia 30308

    Attention:
      Tony D. Atkins

    Telephone:
      (404) 813-5244

    Fax:
      (404) 813-5000

    or
      such
      other address as may hereafter be furnished to the Purchaser in writing by
      the
      Company;

     

    with
      a
      copy to:

     

    SunTrust
      Banks, Inc.

    303
      Peachtree Street NE, 23rd
      Floor

    Atlanta,
      Georgia 30308

    Attention:
      Woodruff A. Polk

    Telephone:
      (404) 813-7094

    Fax:
      (404) 581-1637

    or
      such
      other address as may hereafter be furnished to the Company in writing by the
      Purchaser;

     

    
      	 	
              (ii)

            	
              if
                to Purchaser:

            

    

     

    GMAC
      Mortgage, LLC

    100
      Witmer Road 

    Horsham,
      PA 19044

    Attention:
      General Manager

    or
      such
      other address as may hereafter be furnished to the Company in writing by the
      Purchaser; 

     

    and

     

    
      	 	
              (iii)

            	
              if
                to SunTrust Bank:

            

    

     

    SunTrust
      Bank

    303
      Peachtree Street NE, 26th
      Floor

    Atlanta,
      Georgia 30308

    Attention:
      Woodruff A. Polk

    Telephone:
      (404) 813-7094

    Fax:
      (404) 581-1637

    or
      such
      other address as may hereafter be furnished to the Purchaser in writing by the
      Company.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    Section
      6.04. Severability
      of Provisions.

     

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

     

    Section
      6.05. Relationship
      of Parties.

     

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

     

    Section
      6.06. Successors
      and Assigns.

     

    This
      Agreement shall inure to the benefit of and be binding upon the Company and
      the
      Purchaser and their respective successors and assigns. The Company may not
      assign this Agreement without the consent of the Purchaser. The Purchaser shall
      have the right, without the consent of the Company but subject to the limits
      set
      forth in Section 2.02 hereof, to assign, in whole or in part, its interest
      under
      this Agreement with respect to some or all of the Mortgage Loans, and designate
      any person to exercise any rights of the Purchaser hereunder, by executing
      an
      Assignment, Assumption and Recognition Agreement and the assignee or designee
      shall accede to the rights and obligations hereunder of the Purchaser with
      respect to such Mortgage Loans. All references to the Purchaser in this
      Agreement shall be deemed to include its assignee or designee. In the event
      the
      Purchaser assigns this Agreement, and the assignee assumes any of the
      Purchaser’s obligations hereunder, the Company acknowledges and agrees to look
      solely to such assignee, and not the Purchaser, for performance of the
      obligations so assumed and the Purchaser shall be relieved from any liability
      to
      the Company with respect thereto. 

     

    Section
      6.07. Recordation
      of Assignments of Mortgage.

     

    To
      the
      extent permitted by applicable law, each of the Assignments of Mortgage is
      subject to recordation in all appropriate public offices for real property
      records in all the counties or other comparable jurisdictions in which any
      or
      all of the Mortgaged Properties are situated, and in any other appropriate
      public recording office or elsewhere, such recordation to be effected at the
      Company’s expense, in the event recordation is either necessary or advisable in
      accordance with Acceptable Servicing Practices or under applicable law or is
      requested by the Purchaser at its sole option in the case of Mortgage Loans
      that
      are not registered on MERS.

     

    Section
      6.08. Solicitation
      of Mortgagor.

     

    From
      and
      after the Closing Date, the Company agrees that it will not take any action
      or
      permit or cause any action to be taken by any of its agents or affiliates,
      or by
      any independent contractors or independent mortgage brokerage companies on
      the
      Company’s behalf, to personally, by telephone, mail, facsimile or electronic
      mail, solicit any Mortgagor under any Mortgage Loan for the purpose of
      refinancing such Mortgage Loan. It is understood and agreed that promotions
      undertaken by the Company or any of its affiliates which are directed to the
      general public at large or which are not specifically directed toward the
      Mortgagors under the Mortgage Loans, including, without limitation, mass
      mailings based on commercially acquired mailing lists, newspaper, radio or
      television advertisements shall not constitute solicitation under this Section,
      nor is the Company prohibited from responding to unsolicited requests or
      inquiries made by a Mortgagor or an agent of a Mortgagor. This subsection 6.09
      shall not be deemed to preclude the Company or any of its agents or affiliates
      from soliciting any Mortgagor for any other financial products or
      services.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    Section
      6.09. Further
      Agreements.

     

    The
      Purchaser and the Company each agree to execute and deliver to the other such
      additional documents, instruments or agreements as may be necessary or
      appropriate to effectuate the purposes of this Agreement.

     

    Section
      6.10. Confidential
      Information.

     

    The
      Company shall keep confidential and shall not divulge to any party, without
      the
      Purchaser’s prior written consent, the price paid by the Purchaser for the
      Mortgage Loans, except to the extent that it is reasonable and necessary for
      the
      Company to do so in working with legal counsel, auditors, taxing authorities
      or
      other governmental agencies.

     

    The
      Purchaser and the Company agree they (i) shall comply with all applicable laws
      and regulations regarding the privacy or security of Consumer Information,
      (ii)
      shall not collect, create, use, store, access, disclose or otherwise handle
      Consumer Information in any manner inconsistent with any applicable laws or
      regulations regarding the privacy or security of Consumer Information, (iii)
      shall not disclose Consumer Information to any affiliated or non-affiliated
      third party except to enforce or preserve its rights, as otherwise permitted
      or
      required by applicable law (or by regulatory authorities having jurisdiction
      in
      the premises), (iv) shall maintain appropriate administrative, technical and
      physical safeguards to protect the security, confidentiality and integrity
      of
      Consumer Information, including maintaining security measures designed to meet
      the Interagency Guidelines Establishing Standards for Safeguarding Consumer
      Information published in final form on February 1, 2001, 66 Fed. Reg. 8616,
      and
      the rules promulgated thereunder and (v) shall promptly notify the other party
      in writing upon becoming aware of any actual breach and of any suspected breach
      of this section. The Company shall promptly provide the Purchaser’s regulators
      information regarding such security measures upon the reasonable request of
      the
      Purchaser, which information shall include, but not be limited to, any SAS
      70 or
      similar independent audit reports, summaries of test results or equivalent
      measures taken by the Company with respect to its security measures, as agreed
      upon by the parties. Each party shall indemnify and defend the other party
      against, and shall hold the other party harmless from, any cost, expense, loss,
      claim or other liability that such other party may suffer as a result of or
      in
      connection with its failure to comply with or perform the obligations set forth
      in this section. The restrictions set forth herein shall survive the termination
      of this Agreement.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    Section
      6.11. Equal
      Opportunity.

     

    The
      Purchaser and the Company represent that they are equal opportunity employers
      and do not discriminate in employment of persons or awarding of subcontracts
      because of a person’s race, sex, age, religion, national origin, veteran or
      handicap status. The Company is aware of and fully informed of the Purchaser’s
      responsibilities and agrees to the provisions under the following: (a) Executive
      Order 11246, as amended or superseded in whole or in part, and as contained
      in
      Section 202 of said Executive Order as found at 41 C.F.R. § 60-1.4(a)(1-7);
      (b) Section 503 of the Rehabilitation Act of 1973 as contained in 41 C.F.R.
§ 60-741.4; and (c) The Vietnam Era Veterans' Readjustment Assistance Act
      of 1974 as contained in 41 C.F.R. § 60-250.4.

     

    Section
      6.12. Counterparts.

     

    This
      Agreement may be executed simultaneously in any number of counterparts. Each
      counterpart shall be deemed to be an original, and all such counterparts shall
      constitute one and the same instrument.

     

    Section
      6.13. Exhibits.

     

    The
      exhibits to this Agreement are hereby incorporated and made a part hereof and
      are an integral part of this Agreement. 

     

    Section
      6.14. General
      Interpretive Principles.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    Section
      6.15. Reproduction
      of Documents.

     

    This
      Agreement and all documents relating thereto, including, without limitation,
      (a) consents, waivers and modifications which may hereafter be executed,
      (b) documents received by any party at the closing, and (c) financial
      statements, certificates and other information previously or hereafter
      furnished, may be reproduced by any photographic, photostatic, microfilm,
      micro-card, miniature photographic or other similar process. The parties agree
      that any such reproduction shall be admissible in evidence as the original
      itself in any judicial or administrative proceeding, whether or not the original
      is in existence and whether or not such reproduction was made by a party in
      the
      regular course of business, and that any enlargement, facsimile or further
      reproduction of such reproduction shall likewise be admissible in
      evidence.

     

    Section
      6.16. Judicial
      Interpretation.

     

    Should
      any provision of this Agreement require judicial interpretation, the parties
      hereto agree that the court interpreting or construing the same shall not apply
      a presumption that the terms hereof or thereof shall be more strictly construed
      against one party by reason of the rule of construction that a document is
      to be
      more strictly construed against the party who itself or through its agents
      prepared the same.

     

    Section
      6.17. Headings.

     

    The
      headings and captions of the articles, sections, subsections, paragraphs, and
      subdivisions of this Agreement are for the convenience of reference only, are
      not to be considered a part hereof and shall not limit or otherwise affect
      any
      of the terms hereof.

     

    Section
      6.18. Intention
      of the Company.

     

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

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

     

    [Intentionally
      Blank - Next Page Signature Page]

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

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

     

    
      
        	 	 	 
	GMAC MORTGAGE, LLC	 	SUNTRUST ASSET FUNDING,
                LLC
	 	 	 
	Purchaser	 	Company
	 	 	 
	 	 	 
	By:
/s/
                William Petersohn	 	By:
/s/
                Tony Atkins
	
                
                  

                
Name: William
                Petersohn	 	
                
                  

                
Name: Tony
                Atkins
	Title:
Director	 	Title:
Officer

      

       

    

    

    Acknowledged
      and Agreed:

    
       

      
        
          	 	 	 
	
                  SUNTRUST
                    BANK

                	 	
                
	 	 	 
	 	 	 
	
                  By:
                    /s/
                    Fred D. Woolf

                	 	
                
	
                  
                    

                  

                  Name:
                     Fred
                    D. Woolf

                	 	
                
	Title:
 Vice
                  President	 	
                

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

         

      

    

    EXHIBIT
      A

     

    [RESERVED]

     

    
      
        
        

      

      
        Exhibit
          A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    CONTENTS
      OF EACH MORTGAGE FILE

     

    With
      respect to each Mortgage Loan, the Mortgage File shall include each of the
      following items, which shall be available for inspection by the Purchaser and
      any prospective Purchaser, and which shall be retained by the Company in the
      Servicing File or delivered to the Custodian pursuant to Sections 2.01, 2.02
      and
      2.03 of the Mortgage Loan Purchase and Sale Agreement to which this Exhibit
      is
      attached (the “Agreement”):

     

    
      	 	
              1.

            	
              The
                original Mortgage Note endorsed “Pay to the order of _____________,
                without recourse” and signed in the name of the Company by an authorized
                officer (provided
                that, in the event that the Mortgage Loan was acquired by the Company
                in a
                merger, the signature must be in the following form: [Company], successor
                by merger to [name of predecessor]”; and in the event that the Mortgage
                Loan was acquired or originated by the Underlying Seller while doing
                business under another name, the signature must be in the following
                form:
                [Underlying Seller], formerly known as [previous name]”). The Mortgage
                Note must contain all necessary intervening endorsements showing
                a
                complete chain of endorsement from the Originator (each such endorsement
                being sufficient to transfer all right, title and interest of the
                party so
                endorsing, as noteholder or assignee thereof, in and to that Mortgage
                Note) or a copy of the Mortgage Note together with a lost note
                affadavit;

            

    

     

    
      	 	
              2.

            	
              The
                original of any guarantee executed in connection with the Mortgage
                Note
                (if any).

            

    

     

    
      	 	
              3.

            	
              The
                original Mortgage, with evidence of recording thereon, except as
                follows.
                If in connection with any Mortgage Loan, the Company cannot deliver
                or
                cause to be delivered the original Mortgage with evidence of recording
                thereon on or prior to the Closing Date because of a delay caused
                by the
                public recording office where such Mortgage has been delivered for
                recordation or because such Mortgage has been lost or because such
                public
                recording office retains the original recorded Mortgage, the Company
                shall
                deliver or cause to be delivered to the Custodian, a photocopy of
                such
                Mortgage, together with (i) in the case of a delay caused by the
                public
                recording office, an Officer’s Certificate of the Company or the
                Underlying Seller stating that such Mortgage has been dispatched
                to the
                appropriate public recording office for recordation and that the
                original
                recorded Mortgage or a copy of such Mortgage certified by such public
                recording office to be a true and complete copy of the original recorded
                Mortgage will be promptly delivered to the Custodian upon receipt
                thereof
                by the Company; or (ii) in the case of a Mortgage where a public
                recording
                office retains the original recorded Mortgage or in the case where
                a
                Mortgage is lost after recordation in a public recording office,
                a copy of
                such Mortgage certified by such public recording office or by the
                title
                insurance company that issued the title policy to be a true and complete
                copy of the original recorded
                Mortgage.

            

    

     

    
      
        
        

      

      
        Exhibit
          B-1

        
          

        

      

      
        
        

      

    

    
      	 	
              4.

            	
              The
                originals or certified true copies of any document sent for recordation
                of
                all assumption, modification, consolidation or extension agreements,
                with
                evidence of recording thereon, or, if the original of any such agreement
                with evidence of recording thereon has not been returned by the public
                recording office where such agreement has been delivered for recordation
                or such agreement has been lost or such public recording office retains
                the original recorded agreement, a photocopy of such agreement, certified
                by the Company, the Underlying Seller or an agent to be a true and
                correct
                copy of the agreement delivered to the appropriate public recording
                office
                for recordation. The original recorded agreement or, in the case
                of a
                agreement where a public recording office retains the original recorded
                agreement or in the case where an agreement is lost after recordation
                in a
                public recording office, a copy of such agreement certified by such
                public
                recording office to be a true and complete copy of the original recorded
                agreement, will be promptly delivered to the Custodian upon receipt
                thereof by the Company.

            

    

     

    
      	 	
              5.

            	
              The
                original Assignment of Mortgage, in blank, for each Mortgage Loan,
                in form
                and substance acceptable for recording (except for the insertion
                of the
                name of the assignee and recording information). If the Mortgage
                Loan was
                acquired by the Underlying Seller in a merger, the Assignment of
                Mortgage
                must be made by Underlying Seller, successor by merger to [name of
                predecessor].” If the Mortgage Loan was acquired or originated by the
                Underlying Seller while doing business under another name, the Assignment
                of Mortgage must be made by Underlying Seller, formerly know as [previous
                name].” Subject to the foregoing and where permitted under the applicable
                laws of the jurisdiction wherein the Mortgaged property is located,
                such
                Assignments of Mortgage may be made by blanket assignments for Mortgage
                Loans secured by the Mortgaged Properties located in the same county.
                If
                the related Mortgage has been recorded in the name of Mortgage Electronic
                Registration Systems, Inc. (“MERS”) or its designee, no Assignment of
                Mortgage will be required to be prepared or delivered and instead,
                the
                Underlying Seller shall take all actions as are necessary to cause
                the
                Purchaser or its designee to be shown as the owner of the related
                Mortgage
                Loan on the records of MERS for purposes of the system of recording
                transfers of beneficial ownership of mortgages maintained by
                MERS.

            

    

     

    
      	 	
              6.

            	
              For
                any Mortgage Loan not recorded in the name of MERS, originals or
                certified
                true copies of documents sent for recordation of all intervening
                assignments of the Mortgage with evidence of recording thereon, or
                if any
                such intervening assignment has not been returned from the applicable
                recording office or has been lost or if such public recording office
                retains the original recorded assignments of mortgage, the Company
                shall
                deliver or cause to be delivered to the Custodian, a photocopy of
                such
                intervening assignment, together with (i) in the case of a delay
                caused by
                the public recording office, an Officer’s Certificate of the Company or
                the Underlying Seller stating that such intervening Assignment of
                Mortgage
                has been dispatched to the appropriate public recording office for
                recordation and that such original recorded intervening Assignment
                of
                Mortgage or a copy of such intervening Assignment of Mortgage certified
                by
                the appropriate public recording office or by the title insurance
                company
                that issued the title policy to be a true and complete copy of the
                original recorded intervening Assignment of Mortgage will be promptly
                delivered to the Custodian upon receipt thereof by the Company; or
                (ii) in
                the case of an intervening assignment where a public recording office
                retains the original recorded intervening Assignment of Mortgage
                or in the
                case where an intervening Assignment of Mortgage is lost after recordation
                in a public recording office, a copy of such intervening Assignment
                of
                Mortgage certified by such public recording office to be a true and
                complete copy of the original recorded intervening Assignment of
                Mortgage.

            

    

     

    
      
        
        

      

      
        Exhibit
          B-2

        
          

        

      

      
        
        

      

    

    
      	 	
              7.

            	
              The
                original mortgagee policy of title insurance or evidence of title,
                which
                may be in electronic form.

            

    

     

    
      	 	
              8.

            	
              Any
                security agreement, chattel mortgage or equivalent executed in connection
                with the Mortgage.

            

    

     

    
      	 	
              9.

            	
              For
                each Mortgage Loan which is secured by a residential long-term lease,
                if
                any, a copy of the lease with evidence of recording indicated thereon,
                or,
                if the lease is in the process of being recorded, a photocopy of
                the
                lease, certified by an officer of the respective prior owner of such
                Mortgage Loan or by the applicable title insurance company,
                closing/settlement/escrow agent or company or closing attorney to
                be a
                true and correct copy of the lease transmitted for
                recordation.

            

    

     

    With
      respect to each Mortgage Loan, the Mortgage File shall include original or
      imaged copies of each of the following items to the extent in the possession
      of
      the Company or in the possession of the Company’s agent(s):

     

    
      	 	
              10.

            	
              Original
                hazard insurance policy and, if required by law, flood insurance
                policy.

            

    

     

    
      	 	
              11.

            	
              Residential
                loan application.

            

    

     

    
      	 	
              12.

            	
              Mortgage
                Loan closing statement.

            

    

     

    
      	 	
              13.

            	
              Verification
                of employment and income, if
                applicable.

            

    

     

    
      	 	
              14.

            	
              Verification
                of acceptable evidence of source and amount of down
                payment.

            

    

     

    
      	 	
              15.

            	
              Credit
                report on the Mortgagor.

            

    

     

    
      	 	
              16.

            	
              Residential
                appraisal report.

            

    

     

    
      	 	
              17.

            	
              Photograph
                of the Mortgaged Property.

            

    

     

    
      	 	
              18.

            	
              Survey
                of the Mortgaged Property, if required by the title company or applicable
                law.

            

    

     

    
      	 	
              19.

            	
              If
                available, a copy of each instrument necessary to complete identification
                of any exception set forth in the exception schedule in the title
                policy,
                i.e. map or plat, restrictions, easements, sewer agreements, home
                association declarations, etc.

            

    

     

    
      
        
        

      

      
        Exhibit
          B-3

        
          

        

      

      
        
        

      

    

    
      	 	
              20.

            	
              All
                required disclosure statements.

            

    

     

    
      	 	
              21.

            	
              If
                available, termite report, structural engineer’s report, water potability
                and septic certification.

            

    

     

    
      	 	
              22.

            	
              Sales
                contract, if applicable.

            

    

     

    
      	 	
              23.

            	
              Evidence
                of payment of taxes and insurance premiums, insurance claim files,
                correspondence, current and historical computerized data files, and
                all
                other processing, underwriting and closing papers and records which
                are
                customarily contained in a mortgage file and which are required to
                document the Mortgage Loan or to service the Mortgage
                Loan.

            

    

     

    
      	 	
              24.

            	
              Amortization
                schedule, if available.

            

    

     

    
      	 	
              25.

            	
              Original
                power of attorney, if applicable.

            

    

     

    In
      the
      event of a delay by the public recording office in returning any recorded
      document, the Company shall deliver to the Custodian, within 270 days of the
      Closing Date, an Officer’s Certificate which shall (i) identify the recorded
      document, (ii) state that the recorded document has not been delivered to the
      Custodian due solely to a delay caused by the public recording office, (iii)
      state the amount of time generally required by the applicable recording office
      to record and return a document submitted for recordation, and (iv) specify
      the
      date the applicable recorded document will be delivered to the Custodian. The
      Company shall be required to deliver to the Custodian the applicable recorded
      document by the date specified in (iv) above. An extension of the date specified
      in (iv) above may be requested form the Purchaser, which consent shall not
      be
      unreasonably withheld.

     

    
      
        
        

      

      
        Exhibit
          B-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    FORM
      OF
      MEMORANDUM OF SALE

    

    CLOSING
      DATE: May 14, 2007

    

    This
      Memorandum of Sale (this “Memorandum”), dated as of May 14, 2007
      (the “Closing Date”), confirms the sale by SunTrust Asset Funding, LLC (the
“Company”), to GMAC Mortgage, LLC (the “Purchaser”), and the purchase by the
      Purchaser from the Company, of the second lien residential mortgage loans on
      a
      servicing released basis described on the Mortgage Loan Schedule attached hereto
      as Schedule I (the “Mortgage Loans”), pursuant to the terms of the Mortgage Loan
      Purchase and Sale Agreement (the “Mortgage Loan Purchase and Sale Agreement”),
      dated as of May 14, 2007, and is by and between the Purchaser and the
      Company.

    

    For
      good
      and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the Company does hereby bargain, sell, convey, assign and transfer
      to Purchaser without recourse, except as provided in the Mortgage Loan Purchase
      and Sale Agreement, and on a servicing released basis, all right, title and
      interest of the Company in and to each of the Mortgage Loans, together with
      all
      documents maintained as part of the related Mortgage Files, all Mortgaged
      Properties which secure any Mortgage Loan but are acquired by foreclosure,
      deed
      in lieu of foreclosure after the Cut-off Date or otherwise, all scheduled
      payments of principal and interest on the Mortgage Loans after the Cut-off
      Date,
      and all proceeds of the foregoing, subject, however, to the rights of the
      Company under the Mortgage Loan Purchase and Sale Agreement.

    

    The
      Mortgage Loans are to be sold in a whole loan format on a servicing released
      basis. The Mortgage Loans have an aggregate Stated Principal Balance as of
      April
      1, 2007 (the “Cut-off Date”) of $[__________].
      The
      purchase price for the Mortgage Loans shall be equal to the proceeds from the
      sale of the Offered Certificates to the Underwriters pursuant to, and as such
      terms are defined in, that certain Pooling and Servicing Agreement dated April
      1, 2007 entered into by the Purchaser, as servicer, ACE Securities Corp., as
      depositor, Wells Fargo Bank, National Association, as master servicer and
      securities administrator, and HSBC Bank USA, National Association, as trustee
      (the “PSA”), plus 100% interests in the SunTrust Acquisition Closed-End Seconds
      Trust, Series 2007-1 Class CE, Class P and Class R Certificates issued pursuant
      to the PSA. 

     

    The
      Company has delivered to the Custodian prior to the date hereof the documents
      with respect to each Mortgage Loan required to be delivered under the Mortgage
      Loan Purchase and Sale Agreement.

    

    Capitalized
      terms that are used herein but are not defined herein shall have the respective
      meanings set forth in the Mortgage Loan Purchase and Sale
      Agreement.

    

    [Signatures
      on following page]

    
      
        
        

      

      
        Exhibit
          C-1

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto, by the hands of their duly authorized
      officers, execute this Memorandum as of the Closing Date referred to
      above.

    
       

      
        
          	 	 	 
	GMAC MORTGAGE, LLC	 	SUNTRUST ASSET FUNDING, LLC
	as Purchaser	 	as Company
	 	 	 
	 	 	 
	By: 
                  	 	By: 
                  
	
                  
                    

                  
Name: 
                  	 	
                  
                    

                  
Name: 
                  
	
                  
                    

                  

                  Its:
                    

                	 	
                  
                    

                  

                  Its:
                    

                
	
                  
                    

                  

                   

                	 	
                  
                    

                  

                   

                

        

        

          
            
              
              

            

            
              Exhibit
                C-2

              
                

              

            

            
              
              

            

          

        

         

      

    

    SCHEDULE
      I

    MORTGAGE
      LOAN SCHEDULE

     

    [Provided
      Upon Request]

    
      
        
        

      

      
        Exhibit
          C-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    FORM
      OF
      ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

     

    [DATE
      OF
      ASSIGNMENT]

     

    ASSIGNMENT,
      ASSUMPTION AND RECOGNITION AGREEMENT (this “AAR”) dated ___________________,
      among _________________, a _________________ [ENTITY TYPE] having an office
      at
      _________________ (“Assignor”), _________________, having an office at
      _________________ (“Assignee”) and SunTrust Assset Funding, LLC (the “Company”),
      having an office at 303
      Peachtree Street, 23rd
      Floor,
      Atlanta, Georgia 30308 and acknowledged
      and agreed to by SunTrust Bank, a Georgia banking corporation (“SunTrust
      Bank”):

    

    WHEREAS,
      on the date hereof, the Assignor is transferring all of its right, title and
      interest in and to the Mortgage Loans (except for any right, title or interest
      related to the Servicing Rights) to the Assignee on a servicing-retained basis;
      and

    

    WHEREAS,
      on the date hereof, the Assignee is entering into a Pooling and Servicing
      Agreement, dated as of [_________], by and among the Assignor, as servicer,
      [_________], as depositor, [______________], as master servicer and securities
      administrator and _________, as trustee (the “Trustee”), pursuant to which the
      Mortgage Loans will be transferred to the Trustee.

    

    NOW
      THEREFORE, for and in consideration of the sum of one dollar ($1.00) and other
      valuable consideration the receipt and sufficiency of which are hereby
      acknowledged, and of the mutual covenants herein contained, the parties hereto
      hereby agree as follows:

     

    1. With
      respect to the Mortgage Loans listed on Exhibit
      A
      hereto,
      the Assignor hereby grants, transfers and assigns to Assignee all of the right,
      title and interest of Assignor, as the Purchaser, in, to and under that certain
      Mortgage Loan Purchase and Sale Agreement, (the “Mortgage
      Loan Purchase and Sale Agreement”),
      dated
      as of May 14, 2007, and the Memorandum of Sale dated May 14, 2007 (together
      with
      the Mortgage Loan Purchase and Sale Agreement, the “Sale Agreement”) each by and
      between GMAC Mortgage, LLC (the “Purchaser”) and the Company, and the Mortgage
      Loans delivered thereunder by the Company to the Assignor. The
      Assignor is not assigning to the Assignee, but instead is expressly reserving
      for the Assignor’s exclusive right and benefit only, the following:

    

    a. Any
      of the
      Servicing Rights relating to the Mortgage Loans, as the term “Servicing Rights”
is defined in the Sale Agreement and further described herein; and

    

    b. All
      rights
      and benefits accorded the Assignor, as it relates to servicing or Servicing
      Rights under the Sale Agreement.

    

     2. The
      Assignor warrants and represents to, and covenants with, the Assignee
      that:

     

    a. The
      Assignor is the lawful owner of the Mortgage Loans with the full right to
      transfer the Mortgage Loans free from any and all claims and encumbrances
      whatsoever;

     

    
      
        
        

      

      
        Exhibit
          D-1

        
          

        

      

      
        
        

      

    

    b. The
      Assignor has not received notice of, and has no knowledge of, any offsets,
      counterclaims or other defenses available to the Company with respect to the
      Sale
      Agreement
      or the
      Mortgage Loans;

     

    c. The
      Assignor has not waived or agreed to any waiver under, or agreed to any
      amendment or other modification of, the Sale
      Agreement
      or the
      Mortgage Loans. The Assignor has no knowledge of, and has not received notice
      of, any waivers under or amendments or other modifications of, or assignments
      of
      rights or obligations under, the Sale
      Agreement
      or the
      Mortgage Loans; and

     

    d. Neither
      the Assignor nor anyone acting on its behalf has offered, transferred, pledged,
      sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
      Loans or any other similar security to, or solicited any offer to buy or accept
      a transfer, pledge or other disposition of the Mortgage Loans, any interest
      in
      the Mortgage Loans or any other similar security from, or otherwise approached
      or negotiated with respect to the Mortgage Loans, any interest in the Mortgage
      Loans or any other similar security with, any person in any manner, or made
      any
      general solicitation by means of general advertising or in any other manner,
      or
      taken any other action which would constitute a distribution of the Mortgage
      Loans under the Securities Act of 1933 (the “Securities Act”) or which would
      render the disposition of the Mortgage Loans a violation of Section 5 of the
      Securities Act or require registration pursuant thereto.

     

    3. That
      the
      Assignee warrants and represent to, and covenants with, the Assignor and the
      Company that:

     

    a. The
      Assignee agrees to be bound, as the Purchaser, by all of the terms, covenants
      and conditions of the Sale
      Agreement
      and the
      Mortgage Loans, and from and after the date hereof, the Assignee assumes for
      the
      benefit of each of the Company and the Assignor all of the Assignor’s
      obligations as Purchaser thereunder (except
      for any obligations relating to the Servicing Rights);

     

    b. The
      Assignee understands that the Mortgage Loans have not been registered under
      the
      Securities Act or the securities laws of any state;

     

    c. The
      purchase price being paid by the Assignee for the Mortgage Loans is in excess
      of
      $250,000.00 and will be paid by cash remittance of the full purchase price
      within 60 days of the sale;

     

    d. The
      Assignee is acquiring the Mortgage Loans for investment for its own account
      only
      and not for any other person. In this connection, neither the Assignee nor
      any
      person authorized to act therefor has offered to sell the Mortgage Loans by
      means of any general advertising or general solicitation within the meaning
      of
      Rule 502(c) Regulation D, promulgated under the Securities Act;

     

    e. The
      Assignee considers itself a substantial sophisticated institutional investor
      having such knowledge and experience in financial and business matters that
      it
      is capable of evaluating the merits and risks of investment in the Mortgage
      Loans;

     

    
      
        
        

      

      
        Exhibit
          D-2

        
          

        

      

      
        
        

      

    

    f. The
      Assignee has been furnished with all information regarding the Mortgage Loans
      that it has requested from the Assignor or the Company;

     

    g. Neither
      the Assignee nor anyone acting on its behalf has offered, transferred, pledged,
      sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
      Loans or any other similar security to, or solicited any offer to buy or
      accepted a transfer, pledge or other disposition of the Mortgage Loans, any
      interest in the Mortgage Loans or any other similar security from, or otherwise
      approached or negotiated with respect to the Mortgage Loans, any interest in
      the
      Mortgage Loans or any other similar security with, any person in any manner
      which would constitute a distribution of the Mortgage Loans under the Securities
      Act or which would render the disposition of the Mortgage Loans a violation
      of
      Section 5 of the Securities Act or require registration pursuant thereto, nor
      will it act, nor has it authorized or will it authorize any person to act,
      in
      such manner with respect to the Mortgage Loans; and

     

    h. Either
      (1) the Assignee is not an employee benefit plan (“Plan”) within the meaning of
      section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
      (“ERISA”) or a plan (“Plan”) within the meaning of section 4975(e)(1) of the
      Internal Revenue Code of 1986 (“Code”), and the Assignee is not directly or
      indirectly purchasing the Mortgage Loans on behalf of, investment manager of,
      as
      named fiduciary of, as trustee of, or with assets of, a Plan; or (2) the
      Assignee’s purchase of the Mortgage Loans will not result in a prohibited
      transaction under section 406 of ERISA or section 4975 of the Code.

     

    The
      Assignee’s address for purposes of all notices and correspondence related to the
      Mortgage Loans and the Sale
      Agreement
      is:

     

    [NAME
      AND
      ADDRESS OF ASSIGNEE]

    Attention:
      _____________________

    Telephone:
      ____________________

    Fax:
      _________________________

     

    The
      Assignee’s wire transfer instructions for purposes of all remittances and
      payments related to the Mortgage Loans and the Sale Agreement is:

     

    For
      the
      account of [NAME OF ASSIGNEE]

    A/C#:
      _________________________

    ABA#:
      ________________________

    Attention:
      ______________________

    Taxpayer
      ID#: __________________

     

    4. Accuracy
      of the Sale Agreement.

     

    The
      Company and the Assignor represent and warrant to the Assignee that (i) attached
      hereto as Exhibit
      B
      are
      true, accurate and complete copies of the Sale Agreement and all amendments
      and
      modifications, if any, thereto, (ii) the Sale Agreement has not been amended
      or
      modified in any respect, except as set forth in this Agreement, and (iii) no
      notice of termination has been given to the Company under the Sale Agreement.
      

     

    
      
        
        

      

      
        Exhibit
          D-3

        
          

        

      

      
        
        

      

    

    5. Recognition
      of Assignee.

     

    From
      and
      after the date hereof, the Company shall note the transfer of the Mortgage
      Loans
      to the Assignee in its books and records, the Company shall recognize the
      Assignee as the owner of the Mortgage Loans. It is the intention of the
      Assignor, the Company and the Assignee that the Sale Agreement shall be binding
      upon and inure to the benefit of the Company and the Assignee and their
      respective successors and assigns.

     

    6. Governing
      Law.

     

    THIS
      AAR SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
      AND
      THE OBLIGATIONS, RIGHTS AND REMEDIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
      WITH THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS
      OF LAWS PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL
      OBLIGATIONS LAW), EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL
      LAW.

     

    7. Counterparts.

     

    This
      AAR
      may be executed simultaneously in any number of counterparts. Each such
      counterpart shall be deemed an original and all such counterparts taken together
      shall constitute one and the same instrument. Delivery of executed signature
      pages by facsimile shall constitute delivery of originals for the purpose of
      this AAR.

     

    [Signatures
      Follow]

     

    
      
        
        

      

      
        Exhibit
          D-4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have caused this Assignment, Assumption and
      Recognition Agreement be executed by their duly authorized officers as of the
      date first above written.

     

    
      	 	 	 
	[NAME OF ASSIGNOR]	 	[NAME OF ASSIGNEE]
	 	 	 
	 	 	 
	By: 
              	 	By: 
              
	
              
                

              
Name: 
              	 	
              
                

              
Name: 
              
	
              
                

              

              Its:
                

            	 	
              
                

              

              Its:
                

            
	
              
                

              

               

            	 	
              
                

              

               

            

    

     

    
      	 	 	 
	
              SUNTRUST
                ASSET FUNDING, LLC  

              Company

            	 	
            
	 	 	 
	 	 	 
	By: 
              	 	
            
	
              
                

              
Name: 
              	 	
            
	
              
                

              

              Its:
                

            	 	
            
	
              
                

              

               

            	 	
               

            

    

     

    
      	 	 	 
	
              
                Acknowledged
                  and Agreed:

                

                SUNTRUST
                  BANK

              

            	 	
            
	 	 	 
	 	 	 
	By: 
              	 	
            
	
              
                

              
Name: 
              	 	
            
	
              
                

              

              Title:  

            	 	
            
	
              
                

              

               

            	 	
               

            

    

     

    
      
        
        

      

      
        Exhibit
          D-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    to
      the
      Assignment, Assumption and Recognition Agreement

     

    MORTGAGE
      LOAN SCHEDULE

    
      
        
        

      

      
        Exhibit
          A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    to
      the
      Assignment, Assumption and Recognition Agreement

     

    EXECUTED
      COPIES
      OF

    MORTGAGE
      LOAN PURCHASE AND SALE AGREEMENT

    AND
      MEMORANDUM OF SALE

    
      
        
        

      

      
        Exhibit
          B-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    UNDERWRITING
      GUIDELINES

    OF
      LOAN
      SELLERS

     

    

    [Provided
      Upon Request]

    
      
        
        

      

      
        Exhibit
          E-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    REPRESENTATIONS
      AND WARRANTIES OF THE COMPANY

     

    Company
      Specific Representations

     

    The
      Company hereby represents, warrants and covenants that, as of the Closing Date,
      or as of such date specifically provided herein:

     

    (a) Due
      Organization and Authority:
      The
      Company is duly organized, validly existing and in good standing under the
      laws
      of the jurisdiction of its formation and has all licenses necessary to carry
      on
      its business as now being conducted and is licensed, qualified and in good
      standing in each state where a Mortgaged Property is located if the laws of
      such
      state require licensing or qualification in order to conduct business of the
      type conducted by the Company, and in any event the Company is in compliance
      with the laws of any such state to the extent necessary to ensure the
      enforceability of the related Mortgage Loan; the Company has the full corporate
      power and authority to execute and deliver this Agreement and to perform in
      accordance herewith; the execution, delivery and performance of this Agreement
      (including all instruments of transfer to be delivered pursuant to this
      Agreement) by the Company and the consummation of the transactions contemplated
      hereby have been duly and validly authorized; this Agreement evidences the
      valid, binding and enforceable obligation of the Company, subject to bankruptcy,
      insolvency, moratorium and other principles of equity affecting the rights
      of
      creditors generally, whether considered in a proceeding at law or in equity;
      and
      all requisite corporate action has been taken by the Company to make this
      Agreement valid and binding upon the Company in accordance with its
      terms;

     

    (b) Ordinary
      Course of Business:
      The
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Company, who is in the business of acquiring
      and selling mortgage loans, and the transfer, assignment and conveyance of
      the
      Mortgage Notes and the Mortgages by the Company pursuant to this Agreement
      are
      not subject to the bulk transfer or any similar statutory provisions in effect
      in any applicable jurisdiction;

     

    (c) No
      Conflicts:
      Neither
      the execution and delivery of this Agreement, the acquisition of the Mortgage
      Loans by the Company, the sale of the Mortgage Loans to the Purchaser or the
      transactions contemplated hereby, nor the fulfillment of or compliance with
      the
      terms and conditions of this Agreement will conflict with or result in a breach
      of any of the terms or provisions of the organizational documents of the Company
      or any agreement or instrument to which the Company is now a party or by which
      it is bound, or constitute a default or result in the violation of any law,
      rule, regulation, order, judgment or decree to which the Company or its property
      is subject, or impair the ability of the Purchaser to realize on the Mortgage
      Loans, or impair the value of the Mortgage Loans or will create or impose and
      will not result in the creation or imposition of any lien, charge or encumbrance
      (other than any created hereby in favor of the Purchaser and its assignees)
      which would have a material adverse effect upon the Mortgage Loans or any
      documents or instruments evidencing or securing the Mortgage Loans;

     

    
      
        
        

      

      
        Exhibit
          F-1

        
          

        

      

      
        
        

      

    

    (d) Fair
      Consideration:
      The
      consideration received by the Company upon the sale of the Mortgage Loans under
      this Agreement shall constitute fair consideration and reasonably equivalent
      value for the Mortgage Loans;

     

    (e) Ability
      to Perform; Solvency:
      The
      Company does not believe, nor does it have any reason or cause to believe,
      that
      it cannot perform each and every covenant contained in this Agreement. The
      Company is solvent and the sale of the Mortgage Loans will not cause the Company
      to become insolvent. The sale of the Mortgage Loans is not undertaken to hinder,
      delay or defraud any of the Company’s creditors;

     

    (f) No
      Litigation Pending:
      There
      is no action, suit, proceeding or investigation pending or, to its knowledge,
      threatened against the Company which, either in any one instance or in the
      aggregate, may result in any material adverse change in the business,
      operations, financial condition, properties or assets of the Company, or in
      any
      material impairment of the right or ability of the Company to carry on its
      business substantially as now conducted, or in any material liability on the
      part of the Company, or which would draw into question the validity of this
      Agreement or the Mortgage Loans or of any action taken or to be contemplated
      herein, or which would be likely to impair materially the ability of the Company
      to perform under the terms of this Agreement;

     

    (g) No
      Consent Required:
      No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Company
      of,
      or compliance by the Company with, this Agreement or the sale of the Mortgage
      Loans as evidenced by the consummation of the transactions contemplated by
      this
      Agreement, or if required, such consent, approval, authorization or order has
      been obtained prior to the Closing Date;

     

    (h) No
      Untrue Information:
      No
      statement, report or other document furnished or to be furnished by or on behalf
      of the Company pursuant to this Agreement or in connection with the transactions
      contemplated hereby contains any untrue statement of material fact or omits
      to
      state a material fact necessary to make the statements contained therein, in
      light of the circumstances in which they were made, not misleading;

     

    (i) Sale
      Treatment:
      The
      disposition of the Mortgage Loans pursuant to this Agreement will be afforded
      sale treatment for accounting and tax purposes; 

     

    (j) No
      Brokers’ Fees:
      The
      Company has not dealt with any broker, investment banker, agent or other Person
      that may be entitled to any commission or compensation in connection with the
      sale of the Mortgage Loans;

     

    (k) Purchase
      and Sale:
      Immediately prior to the sale of the Mortgage Loans to the Purchaser as herein
      contemplated, the Seller was the owner of the related Mortgage and the
      indebtedness evidenced by the related Mortgage Note, and, upon the payment
      to
      the Seller of the Purchase Price, in the event that the Seller retains or has
      retained record title, the Seller shall retain such record title to each
      Mortgage, each related Mortgage Note and the related Mortgage Files with respect
      thereto in trust for the Purchaser as the owner thereof from and after the
      date
      hereof; and

     

    (l) Selection
      Process:
      The
      Mortgage Loans will be selected on such Closing Date from among the outstanding
      fixed rate second lien one- to four-family mortgage loans in the Company’s
      portfolio at such Closing Date as to which the representations and warranties
      set forth in this Agreement could be made and such selection will not be made
      in
      a manner so as to affect adversely the interests of the Purchaser. 

     

    
      
        
        

      

      
        Exhibit
          F-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    REPRESENTATIONS
      AND WARRANTIES REGARDING

    INDIVIDUAL
      MORTGAGE LOANS

     

    Mortgage
      Loan Representations

     

    The
      Company hereby represents, warrants, and covenants with respect to the Mortgage
      Loans that as of the Closing Date:

     

    (a) Mortgage
      Loans as Described:
      The
      information set forth in the Mortgage Loan Schedule annexed to the Memorandum
      of
      Sale and the information contained on the related electronic data file delivered
      to the Purchaser is complete, true and correct in all material respects and
      information provided to the Rating Agencies, including loan level detail, is
      true and correct according to the rating agency requirements;

     

    (b) Payments
      Current:
      All
      payments required to be made prior to the Cut-off Date for the Mortgage Loan
      under the terms of the Mortgage Note have been made and credited. No payment
      under any Mortgage Loan has been thirty (30) calendar days or more delinquent
      since the origination of such Mortgage Loan;

     

    (c) No
      Outstanding Charges:
      All
      taxes, governmental assessments, insurance premiums, leasehold payments, ground
      rents, water, sewer and municipal charges, which previously became due and
      owing
      have been paid, or an escrow of funds has been established in an amount
      sufficient to pay for every such item which remains unpaid and which has been
      assessed but is not yet due and payable. The Company has not advanced funds,
      or
      induced, or solicited directly or indirectly, the payment of any amount required
      under the Mortgage Loan, except for (i) payments in the nature of escrow
      payments and (ii) interest accruing from the date of the Mortgage Note or date
      of disbursement of the Mortgage Loan proceeds, whichever is later, to the day
      which precedes by one month the Due Date of the first installment of principal
      and interest;

     

    (d) Original
      Terms Unmodified:
      The
      terms of the Mortgage Note and Mortgage have not been impaired, waived, altered
      or modified in any respect, except by a written instrument which has been
      recorded, if necessary, to protect the interests of the Purchaser and maintain
      the lien priority of the Mortgage and which has been delivered to the Custodian.
      The substance of any such waiver, alteration or modification has been approved
      by the issuer of any related PMI Policy and the title insurer, to the extent
      required by the policy. No instrument of waiver, alteration or modification
      has
      been executed, and no Mortgagor has been released, in whole or in part, except
      in connection with an assumption agreement approved by the issuer of any related
      PMI Policy and the title insurer, to the extent required by the
      policy;

     

    (e) No
      Defenses:
      The
      Mortgage Note and the Mortgage are not subject to any right of rescission,
      set-off, counterclaim or defense, including without limitation the defense
      of
      usury, nor will the operation of any of the terms of the Mortgage Note or the
      Mortgage, or the exercise of any right thereunder, render either the Mortgage
      Note or the Mortgage unenforceable, in whole or in part, or subject to any
      right
      of rescission, set-off, counterclaim or defense, including without limitation
      the defense of usury, and no such right of rescission, set-off, counterclaim
      or
      defense has been asserted with respect thereto, and no Mortgagor was a debtor
      in
      any state or federal bankruptcy or insolvency proceeding at the time the
      Mortgage Loan was originated;

     

    
      
        
        

      

      
        Exhibit
          G-1

        
          

        

      

      
        
        

      

    

    (f) No
      Satisfaction of Mortgage:
      The
      Mortgage has not been satisfied, canceled, subordinated (except with respect
      to
      the subordination of any Second Lien Mortgage Loan to the related First Lien)
      or
      rescinded, in whole or in part, and the Mortgaged Property has not been released
      from the lien of the Mortgage, in whole or in part, nor has any instrument
      been
      executed that would effect any such satisfaction, release, cancellation,
      subordination (except with respect to the subordination of any Second Lien
      Mortgage Loan to the related First Lien) or rescission;

     

    (g) Validity
      of Mortgage Documents:
      The
      Mortgage Note, the Mortgage and related documents are genuine, and each is
      the
      legal, valid and binding obligation of the Mortgagor enforceable in accordance
      with its terms, subject to bankruptcy, insolvency, moratorium and other
      principles of equity affecting the rights of creditors generally, whether
      considered in the proceeding at law or in equity. All parties to the Mortgage
      Note and the Mortgage had legal capacity to enter into the Mortgage Loan and
      to
      execute and deliver the Mortgage Note and the Mortgage, and the Mortgage Note
      and the Mortgage have been duly and properly executed by such
      parties;

     

    (h) Note
      as “Instrument”:
      Each
      Mortgage Note is comprised of one original promissory note and each such
      promissory note constitutes an “instrument” for purposes of Section 9-102(a)(65)
      of the Uniform Commercial Code in effect in the applicable
      jurisdiction;

     

    (i) No
      Fraud:
      No
      fraud, error, omission, misrepresentation, negligence, or similar occurrence
      with respect to a Mortgage Loan has taken place on the part of the Company
      or
      the Mortgagor, any appraiser, any builder or any developer or any other party
      involved in the solicitation or origination of the Mortgage Loan or in the
      application for any insurance in relation to such Mortgage Loan or in connection
      with the sale of such Mortgage Loan to the Purchaser, and there are no
      circumstances existing with respect to the Mortgage Loan which would permit
      the
      primary mortgage guaranty insurer to deny coverage under any insurance policy.
      If a mortgage insurer fails to pay a claim submitted with respect to the related
      Mortgage Loan as a result of the mortgage insurer successfully asserting a
      defense based on fraud, then such failure to pay shall constitute a breach
      of
      this representation which materially and adversely affects the interests of
      the
      owner of the Mortgage Loan;

     

    (j) Compliance
      with Applicable Laws:
      All
      requirements of any applicable federal, state or local law including, without
      limitation, all applicable predatory and abusive lending, usury,
      truth-in-lending, real estate settlement procedures, consumer credit protection
      (including Uniform Consumer Credit Code laws), fair credit reporting, unfair
      collection practices, equal credit opportunity or fair housing and disclosure
      laws applicable to the solicitation, origination, servicing and collection
      of
      the Mortgage Loan have been complied with in all material respects, the
      Mortgagor received all disclosure materials required by applicable law with
      respect to the making of mortgage loans of the same type as the Mortgage Loan
      and, if the Mortgage Loan is a refinanced Mortgage Loan, rescission materials
      required by applicable laws, and the Company shall maintain in its possession,
      available for the Purchaser’s inspection, and shall deliver to the Purchaser
      upon demand, evidence of compliance with all such requirements. All inspections,
      licenses and certificates required to be made or issued with respect to all
      occupied portions of the Mortgaged Property and, with respect to the use and
      occupancy of the same, including, but not limited to, certificates of occupancy
      and fire underwriting certificates, have been made or obtained from the
      appropriate authorities;

     

    
      
        
        

      

      
        Exhibit
          G-2

        
          

        

      

      
        
        

      

    

    (k) Location
      and Type of Mortgaged Property:
      The
      Mortgaged Property is located in the state identified in the Mortgage Loan
      Schedule and consists of a contiguous parcel of real property with a detached
      single family residence erected thereon, or a two- to four-family dwelling,
      or
      an individual condominium unit in a condominium project, an individual unit
      in a
      planned unit development, or a townhouse or, in the case of a Mortgage Loan
      secured by Cooperative Shares, leases or occupancy agreements. None of the
      Mortgaged Properties are manufactured homes, log homes, mobile homes or geodesic
      domes. As of the respective appraisal date for each Mortgaged Property, no
      portion of the Mortgaged Property was being used for commercial or mixed-use
      purposes and, to the Company’s knowledge, since the date of such Appraisal, no
      portion of the Mortgaged Property has been used for commercial purposes;
      provided, however, that Mortgaged Properties which contain a home office shall
      not be considered as being used for commercial purposes as long as the Mortgaged
      Property has not been altered for commercial purposes and is not storing any
      chemicals or raw materials other than those commonly used for homeowner repair,
      maintenance or household purposes. No Mortgage Loan finances builder inventory.
      If the Mortgaged Property is a condominium unit or a planned unit development
      (other than a de minimus planned unit development) such condominium or planned
      unit development project meets Fannie Mae or Freddie Mac eligibility
      requirements or is located in a condominium or planned unit development project
      which has received Fannie Mae or Freddie Mac project approval and the
      representations and warranties required by Fannie Mae or Freddie Mac with
      respect to such condominium or planned unit development have been made and
      remain true and correct in all respects;

     

    (l) Valid
      Second Lien:
      The
      Mortgage is a valid, subsisting and enforceable second lien on the Mortgaged
      Property, including all buildings on the Mortgaged Property and all
      installations and mechanical, electrical, plumbing, heating and air conditioning
      systems located in or annexed to such buildings, and all additions, alterations
      and replacements made at any time with respect to the foregoing. The lien of
      the
      Mortgage is subject only to:

     

    (i) the
      lien
      of current real property taxes and assessments not yet due and
      payable;

     

    (ii) covenants,
      conditions and restrictions, rights of way, easements and other matters of
      the
      public record as of the date of recording acceptable to mortgage lending
      institutions generally and specifically referred to in the lender’s title
      insurance policy delivered to the Originator of the Mortgage Loan and (i)
      referred to or otherwise considered in the Appraisal made for the Originator
      of
      the Mortgage Loan and (ii) which do not adversely affect the Appraised Value
      of
      the Mortgaged Property set forth in such Appraisal; 

     

    (iii) other
      matters to which like properties are commonly subject which do not individually
      or in the aggregate, materially interfere with the benefits of the security
      intended to be provided by the mortgage or the use, enjoyment, value or
      marketability of the related Mortgaged Property; and

     

    
      
        
        

      

      
        Exhibit
          G-3

        
          

        

      

      
        
        

      

    

    (iv) the
      First
      Lien on the related Mortgaged Property;

     

    Any
      security agreement, chattel mortgage or equivalent document related to and
      delivered in connection with the Mortgage Loan establishes and creates a valid,
      subsisting and enforceable second lien and second priority security interest
      on
      the property described therein and the Company has full right to sell and assign
      the same to the Purchaser;

     

    (m) Full
      Disbursement of Proceeds:
      The
      proceeds of the Mortgage Loan have been fully disbursed or credited to or for
      the account of the Mortgagor, and there is no requirement for future advances
      thereunder and any and all requirements as to completion of any on-site or
      off-site improvement and as to disbursements of any escrow funds therefor have
      been complied with. Any and all requirements as to completion of any on-site
      or
      off-site improvements and any and all requirements as to disbursements of escrow
      funds for such improvements have been complied with. All costs, fees and
      expenses incurred in making or closing the Mortgage Loan and the recording
      of
      the Mortgage were paid, and the Mortgagor is not entitled to any refund of
      any
      amounts paid or due under the Mortgage Note or Mortgage;

     

    (n) Consolidation
      of Future Advances:
      Any
      future advances made prior to the Cut-off Date have been consolidated with
      the
      outstanding principal amount secured by the Mortgage, and the secured principal
      amount, as consolidated, bears a single interest rate and single repayment
      term
      reflected on the Mortgage Loan Schedule. The lien of the Mortgage securing
      the
      consolidated principal amount is expressly insured as having second lien
      priority by a title insurance policy, an endorsement to the policy insuring
      the
      mortgagee’s consolidated interest or by other title evidence acceptable to
      Fannie Mae or Freddie Mac; the consolidated principal amount does not exceed
      the
      original principal amount of the Mortgage Loan; the Company shall not make
      future advances after the Cut-off Date;

     

    (o) Ownership:
      The
      Company is a sole legal, beneficial and equitable owner of the Mortgage Note
      and
      the Mortgage. The Company has full right and authority under all governmental
      and regulatory bodies having jurisdiction over the Company, subject to no
      interest or participation of, or agreement with, any party, to transfer and
      sell
      the Mortgage Loan to the Purchaser pursuant to this Agreement free and clear
      of
      any encumbrance or right of others, equity, lien, pledge, charge, mortgage,
      claim, participation interest or security interest of any nature (collectively,
      a “Lien”); and immediately upon the transfers and assignments herein
      contemplated, the Company shall have transferred and sold all of its right,
      title and interest in and to each Mortgage Loan to the Purchaser and the
      Purchaser will hold good, marketable and indefeasible title to, and be the
      owner
      of, each Mortgage Loan subject to no Lien;

     

    (p) Origination/Doing
      Business:
      The
      Mortgage Loan was originated by a savings and loan association, a savings bank,
      a commercial bank, a credit union, an insurance company, or similar institution
      that is supervised and examined by a federal or state authority or by a
      mortgagee approved by the Secretary of Housing and Urban Development pursuant
      to
      Sections 203 and 211 of the National Housing Act. All parties which have had
      any
      legal interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee
      or
      otherwise, are (or, during the period in which they held and disposed of such
      interest, were) (1) in compliance with any and all applicable licensing
      requirements of the laws of the state wherein the Mortgaged Property is located,
      and (2) either (A) organized under the laws of such state, (B) qualified or
      exempt from qualification to do business in such state, (C) federal savings
      and
      loan associations or national banks having principal offices in such state,
      or
      (D) not doing business in such state;

     

    
      
        
        

      

      
        Exhibit
          G-4

        
          

        

      

      
        
        

      

    

    (q) CLTV:
      No
      Mortgage Loan has an CLTV at origination in excess of 100%. 

     

    (r) Title
      Insurance:
      Unless
      the Mortgaged Property is located in the State of Iowa and an attorney’s
      certificate and/or a certificate of title guaranty has been obtained, each
      Mortgage Loan is covered by either an ALTA lender’s title insurance policy
      acceptable to Fannie Mae or Freddie Mac, issued by a title insurer acceptable
      to
      Fannie Mae or Freddie Mac, and qualified to do business in the jurisdiction
      where the Mortgaged Property is located, insuring the Company, its successors
      and assigns, as to the first priority lien of the Mortgage in the original
      principal amount of the Mortgage Loan subject only to the exceptions contained
      in clauses (i), (ii), (iii) and (iv) of Paragraph (l) of this Exhibit G, or
      a
      last vested deed or title search showing the Mortgagor as the owner of the
      Mortgaged Property. Additionally, such lender’s title insurance policy
      affirmatively insures ingress and egress, and against encroachments by or upon
      the Mortgaged Property or any interest therein. Where required by state law
      or
      regulation, the Mortgagor has been given the opportunity to choose the carrier
      of such lender’s title insurance policy. The Company, its successors and
      assigns, are the sole insureds of such lender’s title insurance policy, and such
      lender’s title insurance policy is valid and remains in full force and effect
      and will be in full force and effect upon the consummation of the purchase
      of
      the Mortgage Loans as contemplated by this Agreement. No claims have been made
      under such lender’s title insurance policy, and no prior holder of the Mortgage,
      including the Company, has done, by act or omission, anything which would impair
      the coverage of such lender’s title insurance policy;

     

    (s) No
      Defaults:
      Other
      than payments due but not yet thirty (30) days or more delinquent, there is
      no
      default, breach, violation or event of acceleration existing under the Mortgage
      or the Mortgage Note and no event which, with the passage of time or with notice
      and the expiration of any grace or cure period, would constitute a default,
      breach, violation or event of acceleration, and neither the Company nor its
      predecessors have waived any default, breach, violation or event of
      acceleration. With
      respect to each Mortgage Loan, (i) any more senior mortgage on the related
      Mortgaged Property is in full force and effect, (ii) there is no default,
      breach, violation or event of acceleration existing under such senior mortgage
      or the related mortgage note, (iii) no event which, with the passage of time
      or
      with notice and the expiration of any grace or cure period, would constitute
      a
      default, breach, violation or event of acceleration thereunder, and (iv)
      applicable law requires, the mortgagee under the Mortgage Loan to receive notice
      of, and affords such mortgagee an opportunity to cure, any default by payment
      in
      full or otherwise under the prior mortgage;

     

    (t) No
      Mechanics’ Liens:
      There
      are no mechanics’ or similar liens or claims which have been filed for work,
      labor or material (and no rights are outstanding that under the law could give
      rise to such liens) affecting the related Mortgaged Property which are or may
      be
      liens prior to, or equal with, the lien of the related Mortgage;

     

    (u) Location
      of Improvements; No Encroachments:
      Except
      as insured against by the title insurance policy referenced in Paragraph (r)
      above, all improvements which were considered in determining the Appraised
      Value
      of the Mortgaged Property lay wholly within the boundaries and building
      restriction lines of the Mortgaged Property and no improvements on adjoining
      properties encroach upon the Mortgaged Property. No improvement located on
      or
      being part of the Mortgaged Property is in violation of any applicable zoning
      law or regulation;

     

    
      
        
        

      

      
        Exhibit
          G-5

        
          

        

      

      
        
        

      

    

    (v) Payment
      Terms:
      Payments commenced no more than sixty (60) calendar days after the funds were
      disbursed to the Mortgagor in connection with the Mortgage Loan. The Mortgage
      Loans have an original term to maturity of not more than thirty (30) years,
      with
      interest payable in arrears on the date specified on the Mortgage Loan
      Schedule;

     

    (w) Balloon
      Payments, Graduated Payments or Contingent Interests:
      With
      respect to any Mortgage Loan which is identified on the Mortgage Loan Schedule
      as a Balloon Mortgage Loan, the Mortgage Note is payable in Monthly Payments
      which is sufficient to amortize the remaining principal balance of the Balloon
      Mortgage Loan. The Mortgage Loan is not a graduated payment mortgage loan and
      the Mortgage Loan does not have a shared appreciation or other contingent
      interest feature;

     

    (x) Customary
      Provisions:
      The
      Mortgage and related Mortgage Note contain customary and enforceable provisions
      such as to render the rights and remedies of the holder thereof adequate for
      the
      realization against the Mortgaged Property of the benefits of the security
      provided thereby, including, (i) in the case of a Mortgage designated as a
      deed
      of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure. There
      is no homestead or other exemption (other than under the Servicemembers Civil
      Relief Act) available to a Mortgagor which would interfere with the right to
      sell the Mortgaged Property at a trustee’s sale or the right to foreclose the
      Mortgage;

     

    (y) Occupancy
      of the Mortgaged Property:
      As of
      the date of origination the Mortgaged Property was lawfully occupied under
      applicable law;

     

    (z) No
      Additional Collateral:
      The
      Mortgage Note is not and has not been secured by any collateral, pledged account
      or other security except the lien of the corresponding Mortgage and the security
      interest of any applicable security agreement or chattel mortgage referred
      to in
      Paragraph (l) above;

     

    (aa) Deeds
      of Trust:
      In the
      event the Mortgage constitutes a deed of trust, a trustee, duly qualified under
      applicable law to serve as such, has been properly designated and currently
      so
      serves and is named in the Mortgage, and no fees or expenses are or will become
      payable by the Mortgagee to the trustee under the deed of trust, except in
      connection with a trustee’s sale after default by the Mortgagor;

     

    (bb) Transfer
      of Mortgage Loans:
      With
      respect to each Mortgage that is not recorded in the name of MERS or its
      designee, the Assignment of Mortgage, upon the insertion of the name of MERS
      as
      assignee and recording information, is in recordable form and is acceptable
      for
      recording under the laws of the jurisdiction in which the related Mortgaged
      Property is located;

     

    (cc) Mortgaged
      Property Undamaged:
      The
      Mortgaged Property (and with respect to a Cooperative Loan, the related
      Cooperative Project and Cooperative Unit) is in good repair and undamaged by
      waste, fire, earthquake or earth movement, windstorm, hurricane, flood, tornado,
      mold or other casualty so as to affect adversely the value of the Mortgaged
      Property as security for the Mortgage Loan or the use for which the premises
      were intended;

     

    
      
        
        

      

      
        Exhibit
          G-6

        
          

        

      

      
        
        

      

    

    (dd) Customary
      Origination, Servicing and Collection Practices:
      The
      origination, collection and servicing practices used with respect to each
      Mortgage Loan have been in all respects legal, proper, prudent and customary
      in
      the mortgage origination and servicing industry;

     

    (ee) No
      Condemnation:
      There
      is no proceeding pending or, to the best of the Company’s knowledge, threatened,
      for the total or partial condemnation of the related Mortgaged
      Property;

     

    (ff) The
      Appraisal:
      With
      the exception of Mortgage Files related to conforming Mortgage Loans approved
      through DU which have qualified for a property inspection waiver, the Mortgage
      File contains an Appraisal of the related Mortgaged Property signed prior to
      the
      approval of the Mortgage Loan application by a Qualified Appraiser and the
      Appraisal and appraiser both satisfy the requirements of Fannie Mae or Freddie
      Mac, and Title XI of the Financial Institutions Reform, Recovery, and
      Enforcement Act of 1989 and the regulations promulgated thereunder, all as
      in
      effect on the date the Mortgage Loan was originated, to the extent required
      in
      the Underwriting Guidelines with respect to mortgage loans of the same type
      as
      the Mortgage Loan. If an automated valuation model (“AVM”) was used in lieu of a
      full Appraisal, such AVM was completed in accordance with the applicable
      Underwriting Guidelines;

     

    (gg) Hazard
      Insurance:
      All
      buildings on the Mortgaged Property are insured by an insurer acceptable to
      Fannie Mae or Freddie Mac and to prudent mortgage lending institutions, against
      loss by fire and such hazards as are covered under a standard extended coverage
      endorsement and such other hazards as are provided for in the Fannie Mae Guides
      or Freddie Mac Guides, as applicable, pursuant to insurance policies conforming
      to Accepted Practices, in an amount which is not less than the lesser of 100%
      of
      the insurable value of the Mortgaged Property (as established by the insurer)
      or
      the outstanding principal balance of the Mortgage Loan (plus,
      with
      respect to any Second Lien Mortgage Loan, the outstanding principal balance
      of
      the related first lien mortgage loan, if any), as long as it equals the minimum
      amount (80% of the insurable value of the Mortgaged Property) required to
      compensate for any damage or loss on a replacement cost basis. If the Mortgaged
      Property is a condominium unit, it may be included under the coverage afforded
      by a blanket policy for the project. If the improvements on the Mortgaged
      Property are in an area identified in the Federal Register by the Federal
      Emergency Management Agency as having special flood hazards, then a flood
      insurance policy meeting the requirements of the current guidelines of the
      Federal Insurance Administration is in effect with a generally acceptable
      insurance carrier and such policy conforms to the requirements of Fannie Mae
      or
      Freddie Mac. Such flood insurance policy is in an amount representing coverage
      not less than the least of (A) 100% of the replacement cost of the dwelling,
      (B)
      the unpaid principal balance of the Mortgage Loan (subject to a minimum of
      80%
      of the replacement cost of the structure) and (C) the maximum amount of
      insurance which was available under the Flood Disaster Protection Act of 1973,
      as amended. All individual insurance policies contain a standard mortgagee
      clause naming the Company and its successors and assigns as mortgagee, and
      all
      premiums thereon have been paid. The Mortgage obligates the Mortgagor thereunder
      to maintain a hazard insurance policy at the Mortgagor’s cost and expense, and
      on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to
      obtain and maintain such insurance at such Mortgagor’s cost and expense, and to
      seek reimbursement therefor from the Mortgagor. Each such insurance policy
      is
      the valid and binding obligation of the insurer, is in full force and effect,
      and will be in full force and effect and inure to the benefit of the Purchaser
      upon the consummation of the purchase of the Mortgage Loans as contemplated
      by
      this Agreement. The Company has not acted or failed to act so as to impair
      the
      coverage of any such insurance policy or the validity, binding effect and
      enforceability thereof;

     

    
      
        
        

      

      
        Exhibit
          G-7

        
          

        

      

      
        
        

      

    

    (hh) No
      Impairment of Insurance Coverage:
      No
      action, inaction, or event has occurred and no state of facts exists or has
      existed that has resulted or will result in the exclusion from, denial of,
      or
      defense to coverage under any applicable hazard insurance policy, PMI Policy
      or
      bankruptcy bond, irrespective of the cause of such failure of coverage. In
      connection with the placement of any such insurance, no commission, fee, or
      other compensation has been or will be received by the Company or any designee
      of the Company or any corporation or other entity which the Company or any
      officer, director, or employee had a financial interest at the time of placement
      of such insurance;

     

    (ii) Servicemembers
      Civil Relief Act:
      The
      Mortgagor has not notified the Company, and the Company has no knowledge of
      any
      relief requested by or allowed to the Mortgagor under the Servicemembers Civil
      Relief Act, as amended, or any similar state or local laws;

     

    (jj) No
      Construction Loans:
      No
      Mortgage Loan was made in connection with (i) the construction or rehabilitation
      of a Mortgaged Property or (ii) facilitating the trade-in or exchange of a
      Mortgaged Property other than a construction-to-permanent loan which has
      converted to a permanent Mortgage Loan;

     

    (kk) Underwriting:
      Each
      Mortgage Loan was underwritten in accordance with the applicable Underwriting
      Guidelines or if eligible for sale to Fannie Mae or Freddie Mac, through the
      DU,
      which Underwriting Guidelines satisfy the standards of prudent mortgage lenders
      of the same type of mortgage loans as the Mortgage Loans in the secondary
      market;

     

    (ll) Mortgage
      Loan Documents:
      The
      Mortgage Note and the Mortgage and all other documents in the related Mortgage
      File are on Fannie Mae or Freddie Mac uniform instruments or are on forms
      acceptable to Fannie Mae or Freddie Mac;

     

    (mm) No
      Bankruptcy:
      No
      Mortgagor was a debtor in any state or federal bankruptcy or insolvency
      proceeding at the time the Mortgage Loan was originated and, to the best of
      the
      Company’s knowledge, following the date of origination of the Mortgage Loan, the
      Mortgagor with respect to the Mortgage Loan was not a debtor in any state or
      federal bankruptcy or insolvency proceeding, and the Mortgaged Property has
      not
      been subject to any bankruptcy or foreclosure proceedings;

     

    (nn) Delivery
      of Mortgage Files:
      The
      Mortgage Loan Documents for the Mortgage Loans have been delivered to the
      Custodian, subject to the delivery requirements of this Agreement. The Company
      is in possession of a complete Mortgage File for each Mortgage Loan, except
      for
      such documents the originals of which have been delivered to the Custodian,
      and
      all documents required to be included in the Mortgage File shall be complete,
      executed as required and in compliance with applicable law. With respect to
      each
      Mortgage Loan for which a lost note affidavit has been delivered to the
      Custodian in place of the original Mortgage Note, the related Mortgage Note
      is
      no longer in existence, and, if such Mortgage Loan is subsequently in default,
      the enforcement of such Mortgage Loan or of the related Mortgage by or on behalf
      of the Purchaser will not be affected by the absence of the original Mortgage
      Note;

     

    
      
        
        

      

      
        Exhibit
          G-8

        
          

        

      

      
        
        

      

    

    (oo) Interest
      Calculation:
      Interest on each Mortgage Loan is calculated on the basis of a three hundred
      sixty (360) day year consisting of twelve (12) thirty (30) day months. No
      Mortgage Loan provides for interest payable on a simple interest basis. No
      Mortgage Loan provides for an increase in the related Mortgage Interest Rate
      upon the occurrence of a default under the terms of the related Mortgage
      Note;

     

    (pp) No
      Violation of Environmental Laws:
      The
      Mortgaged Property is free from any and all toxic or hazardous substances and
      there exists no violation of any local, state or federal environmental law,
      rule
      or regulation. There is no pending action or proceeding directly involving
      any
      Mortgaged Property of which the Company is aware in which compliance with any
      environmental law, rule or regulation is an issue;

     

    (qq) Prepayment
      Premiums:
      The
      information set forth in the applicable part of the Mortgage Loan Schedule
      relating to the existence of a Prepayment Premium
      is
      complete, true and correct in all material respects at the date or dates
      respecting which such information is furnished and each Prepayment Premium
      is
      permissible and enforceable in accordance with its terms upon the mortgagor’s
      full and voluntary principal prepayment under applicable law, except to the
      extent that: (1) the enforceability thereof may be limited by bankruptcy,
      insolvency, moratorium, receivership and other similar laws relating to
      creditors’ rights; (2) the collectability thereof may be limited due to
      acceleration in connection with a foreclosure or other involuntary prepayment;
      or (3) subsequent changes in applicable law may limit or prohibit enforceability
      thereof under applicable law;

     

    (rr) The
      Mortgagor:
      The
      Mortgagor is one or more natural persons and/or an Illinois land trust or a
      “living trust” and such “living trust” is in compliance with Fannie Mae or
      Freddie Mac guidelines. In the event the Mortgagor is a trust, the trustee
      of
      such trust is a natural person and is a Mortgagor in his or her individual
      capacity;

     

    (ss) Texas
      Mortgage Loans:
      Each
      Mortgage Loan originated in the state of Texas pursuant to Article XVI, Section
      50(a)(6) of the Texas Constitution (a “Texas Refinance Loan”) has been
      originated in compliance with the provisions of Article XVI, Section 50(a)(6)
      of
      the Texas Constitution, Texas Civil Statutes and the Texas Finance Code. With
      respect to each Texas Refinance Loan that is a cash-out refinancing, the related
      Mortgage Loan Documents state that the Mortgagor may prepay such Texas Refinance
      Loan in whole or in part without incurring a Prepayment Charge;

     

    (tt) Homeownership
      and Equity Protection Act; No High Cost Loans:
      No
      Mortgage Loan is (a) covered by the Home Ownership and Equity Protection Act
      of
      1994 as amended (“HOEPA”), (b) a “high cost,” “threshold,” “covered,”
“predatory,” “abusive,” “high risk home” or similarly defined loan, including
      refinance loans, under any other applicable law (or a similarly classified
      loan
      using different terminology under a law imposing heightened regulatory scrutiny
      or additional legal liability for residential mortgage loans having high
      interest rates, points and/or fees), provided
      that any
      Mortgage Loan secured by a Mortgaged Property in Illinois characterized as
      a
“threshold” loan shall not be a “high cost” loan unless it is characterized as
“predatory” under applicable local law; the Company has implemented and
      conducted compliance procedures to determine if each Mortgage Loan is
“high-cost” home loan under any applicable federal, state or local law or (c) a
“High Cost Loan” or “Covered Loan,” as defined in the then current Standard
& Poor’s LEVELS®
      Version
      5.6 Glossary Revised, Appendix
      E.
      No
      Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
      Ownership Act effective November 27, 2003 or as defined in the New Mexico Home
      Loan Protection Act effective January 1, 2004, as defined in the Massachusetts
      Predatory Home Loan Practices Act, effective November 7, 2004 (Mass.Ann. Laws
      Ch. 183C) or as defined in the Indiana Home Loan Practices Act, effective
      January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9) or a “high risk
      home loan” under the Illinois High Risk Home Loan Act, effective as of January
      1, 2004. Any breach of this representation shall be deemed to materially and
      adversely affect the interests of the owner of the Mortgage Loan;

     

    
      
        
        

      

      
        Exhibit
          G-9

        
          

        

      

      
        
        

      

    

    (uu) Due
      on
      Sale:
      The
      Mortgage contains an enforceable provision, to the extent not prohibited by
      applicable law as of the date of such Mortgage, for the acceleration of the
      payment of the unpaid principal balance of the Mortgage Loan in the event that
      the Mortgaged Property is sold or transferred without the prior written consent
      of the mortgagee thereunder;

     

    (vv) Adjustments:
      All of
      the terms of the related Mortgage Note pertaining to interest adjustments,
      payment adjustments and adjustments of the outstanding principal balance, if
      any, are enforceable and such adjustments on such Mortgage Loan have been made
      properly and in accordance with the provisions of such Mortgage Loan, including
      any required notices, and such adjustments do not and will not affect the
      priority of the Mortgage lien;

     

    (ww) Leaseholds:
      If a
      Mortgage Loan is secured by a leasehold estate, then (A) the Mortgagor is the
      owner of a valid and subsisting leasehold interest under such ground lease;
      (B)
      such ground lease is in full force and effect, unmodified and not supplemented
      by any writing or otherwise; (C) all rent, additional rent and other charges
      reserved therein have been fully paid to the extent payable as of the related
      Closing Date; (D) the Mortgagor enjoys the quiet and peaceful possession of
      the
      leasehold estate; (E) the Mortgagor is not in default under any of the terms
      of
      such ground lease, and there are no circumstances which, with the passage of
      time or the giving of notice, or both, would result in a default under such
      ground lease; (F) the lessor under such ground lease is not in default under
      any
      of the terms or provisions of such ground lease on the part of the lessor to
      be
      observed or performed; (G) the lessor under such ground lease has satisfied
      any
      repair or construction obligations due as of the related Closing Date pursuant
      to the terms of such ground lease; (H) the execution, delivery and performance
      of the Mortgage do not require the consent (other than those consents which
      have
      been obtained and are in full force and effect) under, and will not contravene
      any provision of or cause a default under, such ground lease; (I) the term
      of
      such lease does not terminate earlier than five (5) years after the maturity
      date of the Mortgage Note; (J) the ground lease is assignable or transferable;
      (K) the ground lease does not provide for termination of the lease in the event
      of lessee’s default without the mortgagee being entitled to receive written
      notice of, and a reasonable opportunity to cure the default; (L) the ground
      lease permits the mortgaging of the related Mortgaged Property; (M) the ground
      lease protects the mortgagee’s interests in the event of a property
      condemnation; and (N) the use of leasehold estates for residential properties
      is
      a widely accepted practice in the jurisdiction in which the Mortgaged Property
      is located;

     

    
      
        
        

      

      
        Exhibit
          G-10

        
          

        

      

      
        
        

      

    

    (xx) Compliance
      with Anti-Money Laundering Laws:
      No
      Mortgage Loan is subject to nullification pursuant to Executive Order 13224
      (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
      Assets Control of the United States Department of the Treasury (the “OFAC
      Regulations”) or in violation of the Executive Order or the OFAC Regulations,
      and no Mortgagor is subject to the provisions of such Executive Order or the
      OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
      Regulations;

     

    (yy) Refinanced
      Mortgage Loans:
      No
      Mortgage Loan is a refinanced subsidized mortgage loan that contains terms
      more
      favorable to the related Mortgagor;

     

    (zz) Prepayment
      Premiums:
      Prepayment Premiums on the Mortgage Loans are applicable to prepayments
      resulting from both refinancings and sales of the related Mortgaged Properties
      and the terms of such Prepayment Premiums do not provide for a waiver or release
      (i.e., “holidays”) during the term of the Prepayment Premium. No Mortgage Loan
      provides for the payment of a Prepayment Premium beyond the three-year term
      following the origination of the Mortgage Loan. With respect to any Mortgage
      Loan that contains a provision permitting imposition of a Prepayment Premium:
      (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed to such
      Prepayment Premium in exchange for a monetary benefit, including, but not
      limited to, a rate or fee reduction, (ii) prior to the Mortgage Loan’s
      origination, the Mortgagor was offered the choice of another mortgage product
      that did not require payment of such a premium, (iii) the Prepayment Premium
      is
      disclosed to the Mortgagor in the loan documents pursuant to applicable state
      and federal law, and (iv) notwithstanding any state or federal law to the
      contrary, the Company shall not impose such Prepayment Premium in any instance
      when the mortgage debt is accelerated as the result of the Mortgagor’s default
      in making the Monthly Payments;

     

    (aaa) Credit
      Information:
      As to
      each consumer report (as defined in the Fair Credit Reporting Act, Public Law
      91-508) or other credit information furnished by the Company to the Purchaser,
      the Company has full right and authority and is not precluded by the Fair Credit
      Act or contract from furnishing such information to the Purchaser;

     

    (bbb) No
      Litigation Pending:
      There
      is no action, suit, proceeding or investigation pending, or to the Company’s
      knowledge threatened, that is related to the Mortgage Loan and likely to affect
      materially and adversely the servicing of such Mortgage Loan;

     

    (ccc) No
      Arbitration Provisions:
      No
      Mortgagor agreed to submit to arbitration to resolve any dispute arising out
      of
      or relating in any way to the related Mortgage Loan or the origination thereof;
      and

     

    (ddd) Down
      Payment:
      The
      source of the down payment, if any, with respect to each Mortgage Loan has
      been
      fully verified by the Originator as and if required pursuant to the Underwriting
      Guidelines.

     

    (eee) Georgia
      Mortgage Loans:
      No
      Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
      is
      governed by the Georgia Fair Lending Act. 

    
      
        
        

      

      
        Exhibit
          G-11

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    MORTGAGE
      LOAN SCHEDULE

     

    (attached)

    
      
        
        

      

      
        Exhibit
          H-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      I

     

    SCHEDULE
      OF UNDERLYING SELLERS AND UNDERLYING AGREEMENTS

     

    
      	
              Underlying
                Seller

            	 	
              Underlying
                Agreement related to Underlying Seller

            
	
              American
                Home Mortgage Corp.

            	 	
              Mortgage
                Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                January 1, 2007 by and among SunTrust Asset Funding, LLC, as
                Purchaser, American Home Mortgage Corp., as Company, and American
                Home
                Mortgage Servicing, Inc., as Interim Servicer

            
	 	 	 
	
              New
                Century Mortgage Corporation

            	 	
              Mortgage
                Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                December 1, 2006 by and among SunTrust Asset Funding, LLC, as
                Purchaser, and New Century Mortgage Corporation, as
                Company

            
	 	 	 
	
              Quicken
                Loans Inc.

            	 	
              Mortgage
                Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                February 1, 2007 by and among SunTrust Asset Funding, LLC, as
                Purchaser, and Quicken Loans Inc., as Company

            
	 	 	 
	
              People’s
                Choice Home Loan, Inc.

            	 	
              Mortgage
                Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                January 1, 2007 by and among SunTrust Asset Funding, LLC, as
                Purchaser, and People’s Choice Home Loan, Inc., as
                Company

            
	 	 	 
	
              Lancaster
                Mortgage Bankers, LLC

            	 	
              Mortgage
                Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                February 1, 2007 by and among SunTrust Asset Funding, LLC, as
                Purchaser, and Lancaster Mortgage Bankers, LLC, as
                Company

            
	 	 	 
	
              Fidelity
                & Trust Mortgage, Inc.

            	 	
              Mortgage
                Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                January 1, 2007 by and among SunTrust Asset Funding, LLC, as
                Purchaser, and Fidelity & Trust Mortgage, Inc., as
                Company

            
	 	 	 
	
              DB
                Structured Products, Inc.

            	 	
              Mortgage
                Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                March 1, 2007 by and among SunTrust Asset Funding, LLC, as
                Purchaser, and DB Structured Products, Inc., as
                Company

            

    

     

    
      
        
        

      

      
        Exhibit
          I-1

        
          

        

      

      
        
        

      

    

     

    
      	
              (i)
                Option One Mortgage Corporation, (ii) Option One Mortgage Capital
                Corporation, 

              (iii)
                Option One Owner Trust 2001-1A, 

              (iv)
                Option One Owner Trust 2001-1B, (v) Option One Owner Trust 2001-2,
                (vi) Option One Owner Trust 2002-3, (vii) Option One Owner Trust
                2003-4, (viii) Option One Owner Trust 2003-5, (ix) Option One
                Owner Trust 2005-6, (x) Option One Owner Trust 2005-7,
                (xi) Option One Owner Trust 2005-8, and (xii) Option One Owner
                Trust 2005-9

            	 	
              Mortgage
                Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                December 1, 2006 by and among SunTrust Asset Funding, LLC, as
                Purchaser, Option One Mortgage Corporation, as Company and Seller,
                Option
                One Mortgage Capital Corporation, as Seller and Obligor, Option One
                Owner
                Trust 2001-1A, as Seller, Option One Owner Trust 2001-1B, as Seller,
                Option One Owner Trust 2001-2, as Seller, Option One Owner Trust
                2002-3,
                as Seller, Option One Owner Trust 2003-4, as Seller, Option One Owner
                Trust 2003-5, as Seller, Option One Owner Trust 2005-6, as Seller,
                Option
                One Owner Trust 2005-7, as Seller, Option One Owner Trust 2005-8,
                as
                Seller, and Option One Owner Trust 2005-9, as Seller

            
	 	 	 
	
              First
                Financial Equities, Inc.

            	 	
              Mortgage
                Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                March 1, 2007 by and among SunTrust Asset Funding, LLC, as
                Purchaser, and First Financial Equities, Inc., as
                Company

            

    

     

     

    
      
         

      

      
        Addendum
          I-2

        
          

        

      

      
         

      

    

     

    EXHIBIT
      F-2

     

    ASSIGNMENT,
      ASSUMPTION & RECOGNITION AGREEMENT

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXECUTION
      COPY

     

    ASSIGNMENT,
      ASSUMPTION AND RECOGNITION AGREEMENT

     

    May
      15,
      2007

     

    ASSIGNMENT,
      ASSUMPTION AND RECOGNITION AGREEMENT (this “AAR”)
      dated
      May 15, 2007 (the “Closing
      Date”)
      by and
      among GMAC Mortgage, LLC, a Delaware limited liability company having an office
      at 100 Witmer Road, Horsham, Pennsylvania 19044 (“Assignor”),
      ACE
      Securities Corp., a Delaware corporation, having an office at 6525 Morrison
      Blvd., Suite 318, Charlotte, North Carolina 28211 (“Assignee”),
      SunTrust Asset Funding, LLC (“Company”),
      having an office at 303
      Peachtree Street, 23rd
      Floor,
      Atlanta, Georgia 30308
      and
      Wells Fargo Bank, National Association, a national banking association having
      an
      office at 9062 Old Annapolis Road, Columbia, Maryland 21045 (“Master
      Servicer”)
      and
acknowledged
      and agreed to by SunTrust Bank, a Georgia banking corporation having
      an
      office at 303
      Peachtree Street, 23rd
      Floor,
      Atlanta, Georgia 30308 (“SunTrust
      Bank”): 

    

    WHEREAS,
      on the date hereof, Company is transferring all of its right, title and interest
      in and to those certain mortgage loans listed on Exhibit
      A
      attached
      hereto (the “Mortgage
      Loans”)
      to
      Assignor on a servicing released basis pursuant to that certain Mortgage Loan
      Purchase and Sale Agreement, dated as of May 14, 2007 (the “Purchase
      Agreement”),
      by
      and between Assignor and Company;

    

    WHEREAS,
      on the date hereof, Assignor is transferring all of its right, title and
      interest in and to the Mortgage Loans and under the Purchase Agreement, except
      for any right, title or interest related to the Servicing Rights (as defined
      below), to Assignee on a servicing-retained basis; and

    

    WHEREAS,
      on the date hereof, pursuant to that certain Pooling and Servicing Agreement,
      dated as of April 1, 2007 (the “Pooling
      and Servicing Agreement”),
      by
      and among Assignor, as servicer, Assignee, as depositor, Master Servicer, as
      master servicer and securities administrator, and HSBC
      Bank
      USA, National Association, a national banking association having an office
      at
      452 Fifth Avenue, New York, New York 10018 (“Trustee”),
      as
      trustee of SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1, a
      New
      York common law trust (the
      “Trust”),
      as
      trustee, the Assignee is transferring all of its right, title and interest
      in
      and to the Mortgage Loans and under the Purchase Agreement and this AAR to
      the
      Trustee.

    

    NOW
      THEREFORE, for and in consideration of the sum of one dollar ($1.00) and other
      valuable consideration the receipt and sufficiency of which are hereby
      acknowledged, and of the mutual covenants herein contained, the parties hereto
      hereby agree as follows:

     

    1. Company
      has sold, assigned, set over and otherwise conveyed all of its rights in, to
      and
      under the Mortgage Loans delivered under the Purchase Agreement to Assignor
      on a
      servicing released basis.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    2. With
      respect to the Mortgage Loans, Assignor hereby grants, transfers and assigns
      to
      Assignee all of the right, title and interest of Assignor, in, to and under
      the
      Purchase Agreement and the Mortgage Loans delivered thereunder by Company to
      Assignor. Notwithstanding
      anything to the contrary contained herein, Assignor is not assigning to
      Assignee any
      of
      its right, title and interest in, to and under the Purchase Agreement with
      respect to any other mortgage loan other than those set forth on Exhibit
      A
      and,
      furthermore, Assignor is not assigning to Assignee,
      but
      instead is expressly reserving for Assignor’s exclusive right and benefit only,
      the following:

    

    a. Any
      of the
      Servicing Rights relating to the Mortgage Loans, as the term “Servicing
      Rights”
is
      defined in the Purchase Agreement and further described herein; and

    

    b. All
      rights
      and benefits accorded Assignor, as it relates to servicing or Servicing Rights
      under the Purchase Agreement.

    

     3. Assignor
      warrants and represents to, and covenants with, Assignee as of the Closing
      Date
      that:

     

    a. Assignor
      is duly organized, validly existing and in good standing under the laws of
      the
      jurisdiction of its formation and has the full corporate power and authority
      to
      execute and deliver this Agreement and to perform in accordance herewith and
      this Agreement evidences the valid, binding and enforceable obligation of the
      Company, subject to bankruptcy, insolvency, moratorium and other principles
      of
      equity affecting the rights of creditors generally, whether considered in a
      proceeding at law or in equity and all requisite corporate action has been
      taken
      by the Company to make this Agreement valid and binding upon the Company in
      accordance with its terms; 

     

    b. Assignor
      is the lawful owner of the Mortgage Loans with the full right to transfer the
      Mortgage Loans free from any and all claims and encumbrances
      whatsoever;

     

    c. Assignor
      has not received notice of, and has no knowledge of, any offsets, counterclaims
      or other defenses available to Company with respect to the Purchase
      Agreement
      or the
      Mortgage Loans;

     

    d. Assignor
      has not waived or agreed to any waiver under, or agreed to any amendment or
      other modification of, the Purchase
      Agreement
      or the
      Mortgage Loans. Assignor has no knowledge of, and has not received notice of,
      any waivers under or amendments or other modifications of, or assignments of
      rights or obligations under, the Purchase
      Agreement
      or the
      Mortgage Loans; and

     

    e. Neither
      Assignor nor anyone acting on its behalf has offered, transferred, pledged,
      sold
      or otherwise disposed of the Mortgage Loans, any interest in the Mortgage Loans
      or any other similar security to, or solicited any offer to buy or accept a
      transfer, pledge or other disposition of the Mortgage Loans, any interest in
      the
      Mortgage Loans or any other similar security from, or otherwise approached
      or
      negotiated with respect to the Mortgage Loans, any interest in the Mortgage
      Loans or any other similar security with, any person in any manner, or made
      any
      general solicitation by means of general advertising or in any other manner,
      or
      taken any other action which would constitute a distribution of the Mortgage
      Loans under the Securities Act of 1933 (the “Securities
      Act”)
      or
      which would render the disposition of the Mortgage Loans a violation of Section
      5 of the Securities Act or require registration pursuant thereto.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    f. Following
      the transfer of servicing of the Mortgage Loans to Assignor, Assignor has
      serviced the Mortgage Loans in accordance with the terms of the Servicing
      Agreement, dated as of January 26, 2007 and as amended on March 20, 2007
      (“Servicing
      Agreement”)
      by and
      between Company and Assignor, the Assignor represents and warrants that it
      has
      taken no action nor omitted to take any required action the omission of which
      would have the effect of impairing any mortgage insurance or guarantee on the
      Mortgage Loans and that any information provided by it on or before the date
      hereof to any of the parties hereto is true and correct. Effective as of the
      Closing Date, Assignor shall service the Mortgage Loans pursuant to the Pooling
      and Servicing Agreement and the Servicing Agreement shall no longer govern
      the
      servicing of the Mortgage Loans.

     

    4. Company
      and SunTrust Bank acknowledge that Master
      Servicer,
      pursuant to the Pooling and Servicing Agreement, will administer on behalf
      of
      the Trust the terms and conditions of the Purchase Agreement with respect to
      the
      Mortgage Loans. Master Servicer shall be authorized to enforce directly against
      Company and SunTrust Bank any of the obligations of Company and SunTrust Bank
      to
      Assignor or its assignees provided for in the Purchase Agreement relating to
      the
      Mortgage Loans.

     

    5. Regulation
      AB Compliance by Company.

     

    (a) The
      Company represents and warrants to the Master Servicer, the Issuing Entity
      and
      the Assignee, as of the date of the Preliminary Prospectus Supplement, the
      Prospectus Supplement and the Closing Date that: (i) there are no legal or
      governmental proceedings pending (or known to be contemplated) against the
      Company or any Third-Party Originator material to Certificateholders; and (ii)
      there are no affiliations, relationships or transactions relating to the Company
      or any Third-Party Originators with respect to the SunTrust Acquisition
      Closed-End Seconds Trust, Series 2007-1 (the “Transaction”) and any party
      thereto identified by the Assignee of a type described in Item 1119 of
      Regulation AB, as set forth on Exhibit
      C
      attached
      hereto, other than SunTrust Capital Markets, Inc. 

     

    (b) For
      so
      long as the Assignee is required to file Exchange Act Reports in respect of
      the
      Issuing Entity (which the parties hereto may assume shall be for the period
      covering the calendar year following the Closing Date, unless otherwise notified
      in writing by the Company), the Company, at its own expense, shall no later
      than
      five (5) calendar days after the related Distribution Date, notify the Assignee
      in writing of (i) any known material legal or governmental proceedings pending
      (or known to be contemplated) against the Company or any Third-Party Originator
      material to Certificateholders and (ii) any affiliations or relationships of
      the
      type described that develop following the Closing Date between the Company
      or
      any Third-Party Originator and any of the parties specified in Exhibit
      C
      hereto
      (and any other parties identified in writing by the Assignee) with respect
      to
      the Securitization other than SunTrust Capital Markets, Inc., and provide to
      the
      Assignee a description of such litigation, affiliations or
      relationships.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (c) Within
      5
      calendar days after the related Distribution Date, the Company shall provide
      to
      the Securities Administrator and the Assignee, to the extent known by a
      responsible officer thereof, in EDGAR-compatible form, or in such other form
      as
      otherwise agreed upon by the Securities Administrator and the Company, the
      form
      and substance of any information that is, as set forth on Exhibit
      D
      hereto,
      required to be provided by the Company for inclusion on Form 10-D (“Additional
      Form 10-D Disclosure”), together with an Additional Disclosure Notification in
      the form of Exhibit
      E
      hereto
      (an “Additional Disclosure Notification”).

     

    (d) No
      later
      than the close of business New York City time on the 2nd Business Day after
      the
      occurrence of an event requiring disclosure on Form 8-K (each such event, a
      “Reportable Event”), the Company shall provide to the Securities Administrator
      and Assignee, to the extent known by a responsible officer thereof, in
      EDGAR-compatible form, or in such other form as otherwise agreed upon by the
      Securities Administrator and the Company, the form and substance of any Form
      8-K
      Disclosure Information applicable to it , as set forth on Exhibit
      D hereto,
      together with an Additional Disclosure Notification

     

    (e) The
      Company shall indemnify the Assignee and each Person (including, but not limited
      to, the Master Servicer) responsible for the preparation, execution or filing
      of
      any report required to be filed with the United States Securities and Exchange
      Commission (the “Commission”) with respect to the Transaction, or for execution
      of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the
      Exchange Act with respect to the Transaction; each broker dealer acting as
      underwriter, placement agent or initial purchaser, each Person who controls
      any
      of such parties or the Assignee (within the meaning of Section 15 of the
      Securities Act and Section 20 of the Exchange Act); and the respective present
      and former directors, officers, employees, agents and affiliates of each of
      the
      foregoing (each, an “Indemnified Party”), and shall hold each of them harmless
      from and against any claims, losses, damages, penalties, fines, forfeitures,
      legal fees and expenses and related costs, judgments, and any other costs,
      fees
      and expenses that any of them may sustain arising out of or based
      upon:

     

    (i)(A)
      any untrue statement of a material fact contained or alleged to be contained
      in
      any information, report, certification, data, accountants’ letter or other
      material provided under this Section 5 by or on behalf of the Company, or
      provided under this Section 5 by or on behalf of any Third-Party Originator
      (collectively, the “Company Information”), or (B) the omission or alleged
      omission to state in the Company Information a material fact required to be
      stated in the Company Information or necessary in order to make the statements
      therein, in the light of the circumstances under which they were made, not
      misleading; provided, by way of clarification, that clause (B) of this paragraph
      shall be construed solely by reference to the Company Information and not to
      any
      other information communicated in connection with a sale or purchase of
      securities, without regard to whether the Company Information or any portion
      thereof is presented together with or separately from such other information;
      or

     

    (ii) any
      breach by the Company of its obligations under this Section 5, including any
      failure by the Company or any Third-Party Originator to deliver any information,
      report, certification, accountants’ letter or other material when and as
      required under this Section 5; or

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (iii) any
      breach by the Company of a representation or warranty set forth in this
      Section 5 or
      in a
      writing furnished pursuant to this Section 5 and made as of a date prior to
      the
      Closing Date, to the extent that such breach is not cured by the Closing Date,
      or any breach by the Company of a representation or warranty in a writing
      furnished pursuant to this Section 5 to the extent made as of a date subsequent
      to the Closing Date.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless an Indemnified Party, then the Company agrees that it shall contribute
      to the amount paid or payable by such Indemnified Party as a result of any
      claims, losses, damages or liabilities incurred by such Indemnified Party in
      such proportion as is appropriate to reflect the relative fault of such
      Indemnified Party on the one hand and the Company on the other.

     

    In
      the
      case of any failure of performance described in clause (e)(ii) of this Section
      5, the Company shall promptly reimburse the Master Servicer, the Assignee and
      each Person responsible for the preparation, execution or filing of any report
      required to be filed with the Commission with respect to the Transaction, or
      for
      execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under
      the Exchange Act with respect to the Transaction, for all costs reasonably
      incurred by each such party in order to obtain the information, report,
      certification, accountants’ letter or other material not delivered as required
      by the Company or any Third-Party Originator.

     

    This
      indemnification shall survive the termination of this AAR or the Purchase
      Agreement or the termination of any party to this AAR or the Purchase
      Agreement.

     

    6. Assignor
      hereby agrees that, in connection with respect to each Mortgage Loan for which
      the related mortgage has been recorded in the name of MERS or its designee,
      it
      shall take all actions as are necessary to cause the Trustee, as trustee of
      the
      Trust pursuant to the Pooling and Servicing Agreement, to be shown as the owner
      of such Mortgage Loan on the records of MERS for purposes of the system of
      recording transfers of beneficial ownership of mortgages maintained by
      MERS.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    7. Notices.

     

    a. The
      Assignee’s address for purposes of all notices and correspondence related to the
      Mortgage Loans and the Purchase
      Agreement
      is:

     

    ACE
      Securities Corp.

    AMACAR
      Group

    6525
      Morrison Blvd.

    Suite
      318

    Charlotte,
      NC 28211

    Attention:
      Juliana Johnson

    Telephone:
      (704) 365-0569

    Fax:
       (704)
      365-1362

     

    or
      such
      other address as may hereafter be furnished to the parties hereto in writing
      by
      Assignee

    

    With
      a
      copy to:

    

    Deutsche
      Bank Securities, Inc.

    60
      Wall
      Street

    New
      York,
      New York 10005

    Attention:
      Legal Department

    Fax:
      (212) 797-4561

    

    b. The
      Assignor’s address for purposes of all notices and correspondence related to the
      Mortgage Loans and the Purchase
      Agreement
      is:

     

    GMAC
      Mortgage, LLC 

    100
      Witmer Road 

    Horsham,
      PA 19044

    Attention:
      Executive Vice President of National Loan Administration 

     

    or
      such
      other address as may hereafter be furnished to the parties hereto in writing
      by
      Assignor

     

    With
      a
      copy to: 

    

    GMAC
      Mortgage, LLC

    3451
      Hammond Ave. 

    Waterloo,
      IA 50702-5345 

    Attention:
      General Manager 

    

    With
      a
      copy to: 

     

    GMAC
      Mortgage, LLC 

    100
      Witmer Road 

    Horsham,
      PA 19044 

    Attention:
      General Counsel 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    c. The
      Company’s address for purposes of all notices and correspondence related to the
      Mortgage Loans and the Purchase
      Agreement
      is:

     

    SunTrust
      Asset Funding, LLC

    Mail
      Code
      3950

    303
      Peachtree Street, 23rd Floor

    Atlanta,
      Georgia 30308

    Attention:
      Tony D. Atkins

    Telephone:
      (404) 813-5244

    Fax:
      (404) 813-5000

     

    or
      such
      other address as may hereafter be furnished to the parties hereto in writing
      by
      Company;

    

    with
      a
      copy to:

    

    SunTrust
      Banks, Inc.

    303
      Peachtree Street, 23rd Floor

    Atlanta,
      Georgia 30308

    Attention:
      Woodruff A. Polk

    Telephone:
      (404) 813-7094

    Fax:
      (404) 581-1637

    

    8. Accuracy
      of the Purchase Agreement.

     

    Company
      and Assignor represent and warrant to Assignee that (i) attached hereto as
      Exhibit
      B
      are
      true, accurate and complete copies of the Purchase Agreement and all amendments
      and modifications, if any, thereto, (ii) the Purchase Agreement is in full
      force
      and effect and has not been amended or modified in any respect, except as set
      forth in this Agreement, and (iii) no notice of termination has been given
      to
      Company under the Purchase Agreement. 

     

    9. Recognition
      of Assignee.

     

    From
      and
      after the date hereof, Company shall note the transfer of the Mortgage Loans
      to
      Assignee in its books and records, Company shall recognize the Assignee as
      the
      owner of the Mortgage Loans. It is the intention of Assignor, Company, SunTrust
      Bank and Assignee that the Purchase Agreement shall be binding upon and inure
      to
      the benefit of Company and Assignee and their respective successors and
      assigns.

     

    10. Governing
      Law.

     

    THIS
      AAR SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
      AND
      THE OBLIGATIONS, RIGHTS AND REMEDIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
      WITH THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS
      OF LAWS PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL
      OBLIGATIONS LAW), EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL
      LAW.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    11. Counterparts.

     

    This
      AAR
      may be executed simultaneously in any number of counterparts. Each such
      counterpart shall be deemed an original and all such counterparts taken together
      shall constitute one and the same instrument. Delivery of executed signature
      pages by facsimile shall constitute delivery of originals for the purpose of
      this AAR.

     

    12. Intention
      of Assignor and Assignee.

     

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

     

    13. Defined
      Terms

     

    Capitalized
      terms used but not defined herein shall have the meanings set forth in the
      Purchase Agreement. 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have caused this Assignment, Assumption and
      Recognition Agreement be executed by their duly authorized officers as of the
      date first above written.

     

    
      	
              GMAC
                MORTGAGE, LLC

              
                Assignor

              

            	 	 	
              ACE
                SECURITIES CORP.

              
                Assignee

              

            
	 	 	 	 	 
	 	 	 	 	 
	By: 	/s/ William
              Petersohn	 	By:
	/s/ Doris
              J.
              Hearn
	 	
              

              Name:
                William
                Petersohn

            	 	 	
              

              Name:
                Doris
                J. Hearn

            
	 	
              Its:
                Director

            	 	 	
              Its:
                Vice
                President

            

    

     

    
       

      
        	
                
                  SUNTRUST
                    ASSET FUNDING, LLC 
                    Company

                  

                

              	 	 	
                
                  WELLS
                    FARGO BANK, 
                    NATIONAL
                      ASSOCIATION

                  

                

              
	 	 	 	 	
                Master
                  Servicer

              
	 	 	 	 	 
	By: 	/s/ Tony
                Atkins 	 	By:
	/s/
                Benjamin F.
                Jordan
	 	
                

                
                  Name:
                    Tony
                    Atkins

                

              	 	 	
                

                
                  Name:
                     Benjamin
                    F. Jordan

                

              
	 	
                Its:
                  Director

              	 	 	
                
                  Title:
                     Assistant
                    Vice President

                

              

      

       

    

    
      
         

        
          	
                  
                    
                      Acknowledged
                        and Agreed:

                       

                      
                        SUNTRUST
                          BANK

                      

                    

                  

                	 	 	
                   

                
	 	 	 	 	 
	 	 	 	 	 
	By: 	/s/ Fred
                  D.
                  Woolf	 	
                	
                
	 	
                  

                  
                    
                      Name:
                         Fred
                        D. Woolf

                    

                  

                	 	 	
                   

                
	 	
                  
                    Title:
                       Vice
                      President

                  

                	 	 	
                   

                

        

        

          
            
              
              

            

            
              9

              
                

              

            

             

          

        

      

    

     

    EXHIBIT
      A

     

    MORTGAGE
      LOAN SCHEDULE

     

    [Provided
      Upon Request]

     

    
      
        
        

      

      
        1

        
          

        

      

       

    

    EXHIBIT
      B

     

    EXECUTED
      COPY
      OF

    PURCHASE
      AGREEMENT

     

     

    
      
        
        

      

      
        Exhibit
          B-1

        
          

        

      

       

    

     

    
      
        

        
          	
                  EXECUTION
                    COPY

                

        

         

      

       

      GMAC
        MORTGAGE, LLC

       

      Purchaser

       

      and

       

      SUNTRUST
        ASSET FUNDING, LLC

       

      Company

      

      

      

       

      MORTGAGE
        LOAN PURCHASE AND SALE AGREEMENT

       

      Dated
        as of May 15, 2007

      

      

       

      Fixed-Rate
        Residential Mortgage Loans

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      TABLE
        OF CONTENTS

       

      
        	
                ARTICLE
                  I DEFINITIONS

              	
                1

              
	 	
                 

              
	
                ARTICLE
                  II CONVEYANCE OF MORTGAGE LOANS

              	
                10

              
	 	
                 

              
	
                Section
                  2.01.

              	
                Agreement
                  to Purchase; Purchase Price.

              	
                10

              
	
                Section
                  2.02.

              	
                Books
                  and Records.

              	
                11

              
	
                Section
                  2.03.

              	
                Delivery
                  of Documents.

              	
                11

              
	
                Section
                  2.04.

              	
                Closing
                  Conditions.

              	
                12

              
	
                Section
                  2.05.

              	
                Acceptance
                  of Mortgage Loans.

              	
                13

              
	 	
                 

              
	
                ARTICLE
                  III
                  REPRESENTATIONS AND WARRANTIES; REMEDIES AND BREACH

              	
                13

              
	 	
                 

              
	
                Section
                  3.01.

              	
                Company
                  Representations and Warranties.

              	
                13

              
	
                Section
                  3.02.

              	
                Representations
                  and Warranties Regarding Individual Mortgage Loans.

              	
                13

              
	
                Section
                  3.03.

              	
                Repurchase
                  and Other Remedies.

              	
                13

              
	
                Section
                  3.04.

              	
                Repurchase
                  of Mortgage Loans With Early Payment Defaults.

              	
                15

              
	 	
                 

              
	
                ARTICLE
                  IV SECURITIZATIONS

              	
                16

              
	 	
                 

              
	
                Section
                  4.01.

              	
                Removal
                  of Mortgage Loans from Inclusion Under this Agreement Upon
                  Reconstitution.

              	
                16

              
	
                Section
                  4.02.

              	
                Regulation
                  AB Compliance.

              	
                16

              
	 	
                 

              
	
                ARTICLE
                  V GUARANTY

              	
                17

              
	 	
                 

              
	
                ARTICLE
                  VI MISCELLANEOUS PROVISIONS

              	
                17

              
	 	
                 

              
	
                Section
                  6.01.

              	
                Amendment.

              	
                17

              
	
                Section
                  6.02.

              	
                Governing
                  Law; Waiver of Jury Trial.

              	
                17

              
	
                Section
                  6.03.

              	
                Notices.

              	
                18

              
	
                Section
                  6.04.

              	
                Severability
                  of Provisions.

              	
                19

              
	
                Section
                  6.05.

              	
                Relationship
                  of Parties.

              	
                19

              
	
                Section
                  6.06.

              	
                Successors
                  and Assigns.

              	
                19

              
	
                Section
                  6.07.

              	
                Recordation
                  of Assignments of Mortgage.

              	
                19

              
	
                Section
                  6.08.

              	
                Solicitation
                  of Mortgagor.

              	
                19

              
	
                Section
                  6.09.

              	
                Further
                  Agreements.

              	
                20

              
	
                Section
                  6.10.

              	
                Confidential
                  Information.

              	
                20

              
	
                Section
                  6.11.

              	
                Equal
                  Opportunity.

              	
                21

              
	
                Section
                  6.12.

              	
                Counterparts.

              	
                21

              
	
                Section
                  6.13.

              	
                Exhibits.

              	
                21

              
	
                Section
                  6.14.

              	
                General
                  Interpretive Principles.

              	
                21

              
	
                Section
                  6.15.

              	
                Reproduction
                  of Documents.

              	
                22

              
	
                Section
                  6.16.

              	
                Judicial
                  Interpretation.

              	
                22

              
	
                Section
                  6.17.

              	
                Headings.

              	
                22

              
	
                Section
                  6.18.

              	
                Intention
                  of the Company.

              	
                22

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      EXHIBITS

       

      
        	
                Exhibit
                  A

              	
                [Reserved]

              
	 	 
	
                Exhibit
                  B

              	
                Contents
                  of Each Mortgage File

              
	 	 
	
                Exhibit
                  C

              	
                Form
                  of Memorandum of Sale

              
	 	 
	
                Exhibit
                  D

              	
                Form
                  of Assignment, Assumption and Recognition Agreement

              
	 	 
	
                Exhibit
                  E

              	
                Underwriting
                  Guidelines

              
	 	 
	
                Exhibit
                  F

              	
                Representations
                  and Warranties of the Company

              
	 	 
	
                Exhibit
                  G

              	
                Representations
                  and Warranties Regarding Individual Mortgage Loans

              
	 	 
	
                Exhibit
                  H

              	
                Mortgage
                  Loan Schedule

              
	 	 
	
                Exhibit
                  I

              	
                Schedule
                  of Underlying Sellers and Underlying
                  Agreements

              

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

      This
        is a
        Mortgage Loan Purchase and Sale Agreement for fixed-rate residential second
        lien
        mortgage loans, dated and effective as of May 14, 2007 (the “Agreement”) and is
        by and between GMAC Mortgage, LLC, a Delaware limited liability company,
        as
        purchaser (the “Purchaser”), and SunTrust Asset Funding, LLC, a Delaware limited
        liability company, as seller (the “Company”), as acknowledged and agreed to by
        SunTrust Bank, a Georgia banking corporation (“SunTrust Bank”).

       

      WITNESSETH

       

      WHEREAS,
        the Purchaser has agreed to purchase from the Company and the Company has
        agreed
        to sell to the Purchaser certain second lien fixed-rate residential mortgage
        loans set forth on the Mortgage Loan Schedule attached hereto as Exhibit
        H
        (the
“Mortgage Loans”), together with the servicing rights associated with the
        Mortgage Loans; 

       

      WHEREAS,
        the Company acquired the Mortgage Loans from the Underlying Sellers listed
        on
Exhibit
        I
        pursuant
        the related purchase agreements (the “Underlying Agreements”) listed on the same
Exhibit
        I;
        

       

      WHEREAS,
        the Purchaser is currently servicing the Mortgage Loans on behalf of the
        Company
        pursuant to a Servicing Agreement between the Purchaser and the
        Company;

       

      WHEREAS,
        the Mortgage Loans will be sold by the Company and purchased by the Purchaser
        servicing released (the “Mortgage Loan Package”) on the Closing Date as provided
        herein;

       

      WHEREAS,
        each of the Mortgage Loans will be secured by a mortgage, deed of trust or
        other
        security instrument creating a second lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule which will be annexed
        to the Memorandum of Sale (as defined herein) on the Closing Date;
        and

       

      WHEREAS,
        the Purchaser and the Company wish to prescribe the manner of purchase of
        the
        Mortgage Loans and the conveyance of the Mortgage Loans.

       

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for $10.00 and other good and valuable consideration, the receipt and adequacy
        of which is hereby acknowledged, the Purchaser and the Company agree as
        follows:

       

      ARTICLE
        I

       

      DEFINITIONS

       

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

       

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, procedures (including collection procedures)
        that
        comply with applicable federal, state and local law customarily employed
        and
        exercised in servicing and administering mortgage loans and that are in
        accordance with the accepted mortgage servicing practices of prudent mortgage
        lending institutions which service mortgage loans of the same type as the
        Mortgage Loans in the jurisdiction where the related Mortgaged Property is
        located.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      Agreement:
        This
        Mortgage Loan Purchase and Sale Agreement and all amendments hereof and
        supplements hereto.

       

      ALTA:
        The
        American Land Title Association or any successor thereto.

       

      Appraisal:
        A
        written appraisal of a Mortgaged Property made by a Qualified Appraiser,
        which
        appraisal must be written, in form and substance, to Fannie Mae and Freddie
        Mac
        standards, and satisfy the requirements of Title XI of the Financial
        Institution, Reform, Recovery and Enforcement Act of 1989 and the regulations
        promulgated thereunder, in effect as of the date of the appraisal.

       

      Appraised
        Value:
        With
        respect to any Mortgage Loan, the lesser of (i) the value set forth on the
        Appraisal made in connection with the origination of the related Mortgage
        Loan
        as the value of the related Mortgaged Property, or (ii) the purchase price
        paid
        for the Mortgaged Property, provided,
        however,
        that in
        the case of a refinanced Mortgage Loan, such value shall be based solely
        on the
        Appraisal made in connection with the origination of such Mortgage Loan and
        provided, further to the extent reflected on the Mortgage Loan Schedule,
        that in
        the case of conforming Mortgage Loans approved through the Fannie
        Mae Desktop Underwriter (“DU”) which
        have qualified for a property inspection waiver, such value shall be based
        solely on the value established through DU.

       

      Assignment,
        Assumption and Recognition Agreement:
        An
        agreement substantially in the form of Exhibit
        D
        attached
        hereto.

       

      Assignment
        of Mortgage:
        An
        assignment of the Mortgage, notice of transfer or equivalent instrument in
        recordable form (except for the name of the assignee and recording information),
        sufficient under the laws of the jurisdiction wherein the related Mortgaged
        Property is located to reflect the sale of the Mortgage to the
        Purchaser.

       

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

       

      Class
        A Certificate Insurer:
        XL
        Capital Assurance, Inc.

       

      Closing
        Date:
        May 14,
        2007.

       

      Combined
        Loan-to-Value Ratio or CLTV:
        With
        respect to any Mortgage Loan, the ratio of (i) the original loan amount of
        the
        Mortgage Loan at its origination (unless otherwise indicated) plus
        the
        amount of any related First Lien as of the date of origination of the Mortgage
        Loan to (ii) the Appraised Value of the Mortgaged Property.

       

      Code:
        The
        Internal Revenue Code of 1986, as it may be amended from time to time or
        any
        successor statute thereto, and applicable U.S. Department of the Treasury
        regulations issued pursuant thereto.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Company:
        SunTrust Asset Funding, LLC, or its successor in interest or assigns, or
        any
        successor to the Company under this Agreement appointed as herein
        provided.

       

      Company
        Specific Representations:
        As
        defined in Section 3.01.

       

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

       

      Consumer
        Information:
        Any
        personally identifiable information in any form (written electronic or
        otherwise) relating to a Mortgagor, including, but not limited to: a Mortgagor’s
        name, address, telephone number, Mortgage Loan number, Mortgage Loan payment
        history, delinquency status, insurance carrier or payment information, tax
        amount or payment information; the fact that the Mortgagor has a relationship
        with the Company or the originator of the related Mortgage Loan; and any
        other
        non-public personally identifiable information.

       

      Custodian:
        The
        custodian appointed by the Purchaser, or its successor in interest or assigns,
        or any successor to the Custodian.

       

      Cut-off
        Date:
        April
        1, 2007.

       

      DBRS:
        DBRS,
        Inc. and
        any
        successor or successors thereto.

       

      Deleted
        Mortgage Loan:
        As
        defined in Section 3.03.

       

      DU:
        Fannie
        Mae Desktop Underwriter.

       

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

       

      Fannie
        Mae:
        The
        entity formally known as Federal National Mortgage Association (FNMA), or
        any
        successor thereto.

       

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

       

      First
        Lien:
        With
        respect to each Mortgaged Property, the lien of the mortgage, deed of trust
        or
        other instrument securing a mortgage note which creates a first lien on such
        Mortgaged Property.

       

      Freddie
        Mac:
        The
        entity formally known as the Federal Home Loan Mortgage Corporation (FHLMC),
        or
        any successor thereto.

       

      GAAP:
        Generally accepted accounting principles, consistently applied.

       

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      Investor:
        With
        respect to each MERS Designated Mortgage Loan, the Person named on the MERS
        System as the investor pursuant to the MERS Procedures Manual.

       

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
        foreclosure sale or otherwise, or the sale of the related Mortgaged Property
        if
        the Mortgaged Property is acquired in satisfaction (in whole or in part)
        of the
        Mortgage Loan.

       

      Memorandum
        of Sale:
        With
        respect to each Mortgage Loan and the Mortgage Loan Package, the memorandum
        of
        sale, substantially in the form of Exhibit
        C
        attached
        hereto, confirming the sale by Company and the purchase by Purchaser of the
        Mortgage Loans on the Closing Date.

       

      MERS:
        MERSCORP, Inc., its successors and assigns.

       

      MERS
        Designated Mortgage Loan:
        A
        Mortgage Loan for which (a) such action has been taken as is necessary to
        cause
        MERS to be, the mortgagee of record, as nominee for the Company, in accordance
        with MERS Procedures Manual and (b) the Company has designated or will designate
        the Custodian or the Purchaser’s designee as the Investor on the MERS
        System.

       

      MERS
        Procedures Manual:
        The
        MERS Procedures Manual, as it may be amended, supplemented or otherwise modified
        from time to time.

       

      MERS
        Report:
        The
        report from the MERS System listing MERS Designated Mortgage Loans and other
        information.

       

      MERS
        System:
        MERS
        mortgage electronic registry system, as more particularly described in the
        MERS
        Procedures Manual.

       

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage
        Loan.

       

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

       

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note, which
        creates a second lien on an unsubordinated estate in fee simple in real property
        which secures the Mortgage Note.

       

      Mortgage
        File:
        The
        items pertaining to a particular Mortgage Loan referred to in Exhibit B
        annexed
        hereto, and any additional documents required to be added to the Mortgage
        File
        pursuant to this Agreement.

       

      Mortgage
        Interest Rate:
        The
        annual rate of interest borne on a Mortgage Note in accordance with the
        provisions of the Mortgage Note.

       

      Mortgage
        Loan:
        An
        individual Mortgage Loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule, which Mortgage Loan includes without limitation the
        Mortgage File, the Monthly Payments, Principal Prepayments, Liquidation
        Proceeds, Condemnation Proceeds, Insurance Proceeds, REO disposition proceeds
        and all other rights, benefits, proceeds and obligations arising from or
        in
        connection with such Mortgage Loan.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      Mortgage
        Loan Documents:
        The
        documents referred to in Exhibit
        B
        as items
        1 through 9.

       

      Mortgage
        Loan Package:
        The
        pool of Mortgage Loans purchased on the Closing Date, as described in the
        Mortgage Loan Schedule.

       

      Mortgage
        Loan Representations:
        As
        defined in Section 3.02.

       

      Mortgage
        Loan Schedule:
        With
        respect to the Mortgage Loan Package, the schedule of Mortgage Loans annexed
        hereto as Exhibit
        H
        (and
        delivered in electronic format to the Purchaser), such schedule setting forth
        the data fields set forth in the Pooling and Servicing Agreement .

       

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

       

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        fee simple parcel of real estate or a leasehold estate, the term of which
        is
        equal to or longer than the term of the related Mortgage Note. 

       

      Mortgagor:
        The
        obligor on a Mortgage Note.

       

      Negative
        Amortization:
        A
        gradual increase in the mortgage debt that occurs when the monthly fixed
        installment is not sufficient for full application to both principal and
        interest. The interest shortage is added to the unpaid principal balance
        to
        create “negative” amortization.

       

      Officer’s
        Certificate:
        A
        certificate signed by the Chairman of the Board or the Vice Chairman of the
        Board or the President, a Senior Vice President, a First Vice President,
        a Vice
        President or an Assistant Vice President and by the Treasurer or the Secretary
        or one of the Assistant Treasurers or Assistant Secretaries of the Company
        or an
        Originator, and delivered to the Purchaser as required by this
        Agreement.

       

      Originator:
        With
        respect to any Mortgage Loan, the entity that (i) took the Mortgagor’s loan
        application (ii) processed the Mortgagor’s loan application, or (iii) closed
        and/or funded the Mortgagor’s Mortgage Loan.

       

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

       

      PMI
        Policy:
        A
        policy of primary mortgage guaranty insurance issued by a Qualified Insurer,
        as
        required by this Agreement with respect to certain Mortgage Loans.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      Pooling
        and Servicing Agreement:
        That
        certain pooling and servicing agreement, dated as of April 1, 2007, by and
        among
        ACE Securities Corp., as depositor, Purchaser, as servicer, Wells Fargo Bank,
        National Association, as master servicer and securities administrator, and
        HSBC
        Bank USA, National Association, as trustee.

       

      Prepayment
        Premium:
        Payments received on a Mortgage Loan as a result of a Principal Prepayment
        thereon,
        not
        otherwise due thereon in respect of principal or interest, which are intended
        to
        be a disincentive to prepayment.

       

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

       

      Purchase
        Price:
        The
        price paid on a Closing Date by the Purchaser to the Company for the Mortgage
        Loan Package, as set forth in the Memorandum of Sale.

       

      Purchaser:
        GMAC
        Mortgage, LLC, or its successor in interest or any successor or assignee
        to the
        Purchaser under this Agreement as herein provided.

       

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the Mortgaged Property or in any loan made on the security thereof,
        and whose compensation was not affected by the approval or disapproval of
        the
        Mortgage Loan, and such appraiser and the appraisal made by such appraiser
        both
        satisfied the requirements of Title XI of the Financial Institution Reform,
        Recovery, and Enforcement Act and the regulations promulgated thereunder,
        all as
        in effect on the date the Mortgage Loan was originated. 

       

      Qualified
        Correspondent:
        Any
        Person from which the Seller purchased Mortgage Loans, provided that the
        following conditions are satisfied: (i) such Mortgage Loans were originated
        pursuant to an agreement between the Seller and such Person that contemplated
        that such Person would underwrite mortgage loans from time to time, for sale
        to
        the Seller, in accordance with underwriting guidelines designated by the
        Seller
        (“Designated
        Guidelines”)
        or
        guidelines that do not vary materially from such Designated Guidelines; (ii)
        such Mortgage Loans were in fact underwritten as described in clause (i)
        above
        and were acquired by the Seller within 180 days after origination; (iii)
        either
        (x) the Designated Guidelines were, at the time such Mortgage Loans were
        originated, used by the Seller in origination of mortgage loans of the same
        type
        as the Mortgage Loans for the Seller’s own account or (y) the Designated
        Guidelines were, at the time such Mortgage Loans were underwritten, designated
        by the Seller on a consistent basis for use by lenders in originating mortgage
        loans to be purchased by the Seller; and (iv) the Seller employed, at the
        time
        such Mortgage Loans were acquired by the Seller, pre-purchase or post-purchase
        quality assurance procedures (which may involve, among other things, review
        of a
        sample of mortgage loans purchased during a particular time period or through
        particular channels) designed to ensure that Persons from which it purchased
        mortgage loans properly applied the underwriting criteria designated by the
        Seller.

       

      Qualified
        Insurer:
        A
        mortgage guaranty insurance company duly authorized and licensed where required
        by law to transact mortgage guaranty insurance business. 

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      Qualified
        Substitute Mortgage Loan:
        A
        mortgage loan substituted for a Deleted Mortgage Loan pursuant to the terms
        of
        this Agreement which must, on the date of such substitution, (i) have an
        outstanding principal balance, after application of all scheduled payments
        of
        principal and interest due during or prior to the month of substitution,
        not in
        excess of the Stated Principal Balance of the Deleted Mortgage Loan as of
        the
        due date in the calendar month during which the substitution occurs, (ii)
        have a
        Mortgage Interest Rate not less than (and not more than one percentage point
        in
        excess of) the Mortgage Interest Rate of the Deleted Mortgage Loan, (iii)
        have a
        remaining term to maturity not greater than (and not more than one year less
        than) that of the Deleted Mortgage Loan, (iv) have the same due date as the
        due
        date on the Deleted Mortgage Loan, (v) have a Combined Loan-to-Value Ratio
        as of
        the date of substitution equal to or lower than the Combined Loan-to-Value
        Ratio
        of the Deleted Mortgage Loan as of such date, (vi) be secured by the same
        lien
        priority on the related Mortgaged Property as the Deleted Mortgage Loan,
        (vii)
        have a credit grade at least equal to the credit grading assigned on the
        Deleted
        Mortgage Loan, (viii) be a “qualified mortgage” as defined in the REMIC
        Provisions and (ix) conform to each Mortgage Loan Representation and each
        Company Specific Representation. In the event that one or more mortgage loans
        are substituted for one or more Deleted Mortgage Loans, the amounts described
        in
        clause (i) hereof shall be determined on the basis of aggregate principal
        balances, the Mortgage Rates described in clause (ii) hereof shall be determined
        on the basis of weighted average Mortgage Rates, the terms described in clause
        (iii) hereof shall be determined on the basis of weighted average remaining
        term
        to maturity, the Combined Loan-to-Value Ratios described in clause (v) hereof
        shall be satisfied as to each such mortgage loan, the credit grades described
        in
        clause (vii) hereof shall be satisfied as to each such mortgage loan and,
        except
        to the extent otherwise provided in this sentence, the representations and
        warranties described in clause (ix) hereof must be satisfied as to each
        Qualified Substitute Mortgage Loan or in the aggregate, as the case may
        be..

       

      Rating
        Agency:
        Each of
        DBRS, Moody’s and S&P, or any successor thereto.

       

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

       

      Regulation
        AB Compliance Addendum:
        Certain
        addendum attached to the Underlying Agreements.

       

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

       

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

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      Remittance
        Date:
        The
        18th
        day (or
        if such 18th
        day is
        not a Business Day, the first Business Day immediately preceding such
        18th
        day) of
        any month.

       

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser through
        foreclosure or by deed in lieu of foreclosure.

       

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, (i) the unpaid principal balance of the Mortgage
        Loan as of the date of repurchase, plus
        (ii)
        interest on such unpaid principal balance at the Mortgage Loan Interest Rate
        from the date on which interest has last been paid and distributed to the
        Purchaser to the last day of the month in which such repurchase occurs, less
        amounts received or advanced in respect of such repurchased Mortgage Loan,
        plus
        (iii)
        the amount of any unreimbursed Servicing Advances, plus
        (iv)
        actual and out-of-pocket costs and expenses incurred in the enforcement of
        the
        Company’s repurchase obligation hereunder plus,
        (v)
        with respect to any Mortgage Loan subject to a Securitization, any costs
        and
        damages incurred by the related trust in connection with any violation by
        such
        Mortgage Loan of any predatory or abusive lending law.

       

      RESPA:
        The
        Real Estate Settlement Procedures Act, as amended.

       

      Second
        Lien:
        With
        respect to each Mortgaged Property, the lien of the mortgage, deed of trust
        or
        other instrument securing a Mortgage Note which creates a second lien on
        the
        Mortgaged Property.

       

      Second
        Lien Mortgage Loan:
        A
        Mortgage Loan secured by the lien on the Mortgaged Property, subject to one
        prior lien on such Mortgaged Property securing financing obtained by the
        related
        Mortgagor.

       

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

       

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

       

      Securitization:
        Any
        transaction involving either (1) a sale or other transfer of some or all
        of the
        Mortgage Loans directly or indirectly by the Purchaser to an issuing entity
        in
        connection with an issuance of publicly offered or privately placed, rated
        or
        unrated mortgage-backed securities or (2) an issuance of publicly offered
        or
        privately placed, rated or unrated securities, the payments on which are
        determined primarily by reference to one or more portfolios of residential
        mortgage loans consisting, in whole or in part, of some or all of the Mortgage
        Loans.

       

      Servicemembers
        Civil Relief Act:
        The
        Servicemembers Civil Relief Act of 2003.

       

      Servicer:
        GMAC
        Mortgage, LLC, or its successor in interest or assigns, or any successor
        servicer.

       

      Servicing
        Advances:
        All
        customary, reasonable and necessary “out of pocket” costs and expenses
        (including reasonable attorneys’ fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement or judicial proceedings, including
        foreclosures and (c) the management and liquidation of any REO
        Property.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file held by the Servicer consisting of
        originals or copies, which may be imaged copies, of all documents in the
        Mortgage File which are not delivered to the Custodian and copies of the
        Mortgage Loan Documents listed herein, the originals of which (or imaged
        copies
        of the original mortgagee policy of title insurance and/or the irrevocable
        binder or commitment to issue the same) are delivered to the Custodian pursuant
        to Section 2.03.

       

      Servicing
        Rights:
        With
        respect to the Mortgage Loans identified on the Mortgage Loan Schedule, all
        of
        the Servicer’s right, title and interest in and to the servicing of such
        Mortgage Loans, including all rights to receive or retain amounts in respect
        of
        servicing fees, late fees and similar payments (other than Prepayment Premiums),
        reimbursement for any servicing and delinquency advances made by the Servicer,
        or other expenses and costs, and investment earnings or other benefits from
        positive account balances, together with all collection account balances,
        escrow
        account balances, contract rights, incidental income and benefits to the
        extent
        related to the servicing rights, and exclusive rights to possession and use
        of
        Servicing Files and records directly or indirectly related thereto, including,
        without limitation, borrower lists, insurance policies and tax service
        agreements.

       

      Stated
        Principal Balance:
        As to
        each Mortgage Loan and any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

       

      SunTrust
        Bank:
        SunTrust Bank or its successor in interest or assigns.

       

      Third-Party
        Originator:
        Each
        Person, other than a Qualified Correspondent, that originated Mortgage Loans
        acquired by the Seller that, with respect to providing information or
        representing related to Item 1110(a) of Regulation AB, originated 10% or
        more of
        the Mortgage Loans, or, with respect to all other usage of “Third-Party
        Originator”, originated 20% or more of the Mortgage Loans. 

       

      Underlying
        Agreements:
        Shall
        have the meaning assigned to such term in the recitals to this Agreement.
        

       

      Underlying
        Seller:
        The
        loans sellers listed on Exhibit
        I
        from
        whom the Company acquired the related Mortgage Loans pursuant to the Underlying
        Agreements. 

       

      Underwriting
        Guidelines:
        The
        underwriting guidelines of the Underlying Sellers with respect to Mortgage
        Loans, attached as Exhibit
        E
        hereto.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      ARTICLE
        II

       

      CONVEYANCE
        OF MORTGAGE LOANS

       

      Section
        2.01. Agreement
        to Purchase; Purchase Price.

       

      (a) Agreement
        to Purchase.

       

      In
        exchange for the payment of the Purchase Price to the Company on the Closing
        Date, the Company agrees to sell and the Purchaser agrees to purchase (without
        recourse but subject to the terms of this Agreement) on a servicing released
        basis, all the right, title and interest of the Company in and to the Mortgage
        Loans, including the Servicing Rights relating to the Mortgage Loans, having
        an
        aggregate Stated Principal Balance as of the Cut-off Date in an amount as
        set
        forth in the Memorandum of Sale. The Company shall deliver the Mortgage Loan
        Schedule for the Mortgage Loan Package to the Purchaser at least three (3)
        Business Days prior to the Closing Date.

       

      (b) Purchase
        Price.

       

      The
        Purchase Price for the Mortgage Loan Package shall be equal to the amount
        set
        forth in the Memorandum of Sale. The payment of the Purchase Price shall
        be made
        to the account designated by the Company by wire transfer in immediately
        available funds or to the location designated by the Purchaser with respect
        to
        the non-cash portion of the Purchase Price by 3:00 p.m. New York City time
        on
        the Closing Date.

       

      With
        respect to each Mortgage Loan, the Purchaser shall be entitled to (1) the
        principal portion of all monthly payments due after the Cut-off Date, (2)
        all
        other recoveries of principal collected on or after the Cut-off Date
        (provided,
        however,
        that
        the principal portion of all Monthly Payments due on or before the Cut-off
        Date
        and collected by the Servicer or any successor servicer after the Cut-off
        Date
        shall belong to the Seller), and (3) all payments of interest at the Mortgage
        Interest Rate on the Mortgage Loans (minus that portion of any such payment
        which is allocable to the period prior to the Cut-off Date). The Stated
        Principal Balance of each Mortgage Loan as of the Cut-off Date is determined
        after application of payments of principal due on or before the Cut-off Date
        whether or not collected, together with any unscheduled Principal Prepayments
        collected prior to the Cut-off Date; provided,
        however,
        that
        Monthly Payments for a Due Date due after the Cut-off Date shall not be applied
        to the principal balance as of the Cut-off Date. Such monthly payments shall
        be
        the property of the Purchaser. 

       

      (c) Possession
        of Mortgage Files and Servicing Files.

       

      Upon
        the
        sale of the Mortgage Loans the ownership of each Mortgage Note, the related
        Mortgage and the related Mortgage File and Servicing File shall vest immediately
        in the Purchaser, and the ownership of all records and documents with respect
        to
        the related Mortgage Loan prepared by or which come into the possession of
        the
        Company shall vest immediately in the Purchaser and shall be retained and
        maintained by the Company, in trust, at the will of the Purchaser and only
        in
        such custodial capacity. Complete Servicing Files for the Mortgage Loans
        shall
        be delivered to the Purchaser or its designee on or before the Closing
        Date.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      Section
        2.02. Books
        and Records.

       

      From
        and
        after the sale of the Mortgage Loans to the Purchaser all rights arising
        out of
        the Mortgage Loans, including, but not limited to, all funds received on
        or in
        connection with the Mortgage Loans, shall be for the benefit of the Purchaser
        as
        owner of the Mortgage Loans. The sale of each Mortgage Loan shall be reflected
        on the Company’s balance sheet and other financial statements, tax returns and
        business records as a sale of assets by the Company. 

       

      Section
        2.03. Delivery
        of Documents.

       

      The
        Company will, with respect to each Mortgage Loan, deliver and release the
        Mortgage Loan Documents to the Custodian at least five (5) Business Days
        prior
        to the Closing Date. In addition, in connection with the assignment of any
        MERS
        Designated Mortgage Loan, the Company agrees that on or prior to each Closing
        Date it will cause the MERS System to indicate that the related Mortgage
        Loans
        have been assigned by the Company to the Purchaser in accordance with this
        Agreement by entering in the MERS System the information required by the
        MERS
        System to identify the Purchaser or its designee as owner of such Mortgage
        Loans. The Company shall be responsible for recording the Assignments of
        Mortgage, if necessary, in accordance with this Agreement. 

       

      The
        Company shall be responsible for recording the Assignments of Mortgage, if
        necessary, in accordance with this Agreement. All recording fees and other
        costs
        associated with the recording of Assignments of Mortgage and other relevant
        documents to the Purchaser or its designee will be borne by the Company.
        For
        Mortgage Loans not registered under the MERS System, if the Purchaser requests
        that the Assignments of Mortgage be recorded, the Company shall cause such
        Assignments of Mortgage which were delivered in blank to be completed and
        to be
        recorded. The Company shall be required to deliver such Assignments of Mortgage
        for recording within thirty (30) days of the date on which the Company is
        notified that recording will be required pursuant to this Section 2.03. The
        Company shall furnish the Custodian with a copy of each Assignment of Mortgage
        submitted for recording. In the event that any such Assignment is lost or
        returned unrecorded because of a defect therein, the Company shall promptly
        have
        a substitute Assignment of Mortgage prepared or have such defect cured, as
        the
        case may be, and thereafter cause such Assignment of Mortgage to be duly
        recorded.

       

      Except
        as
        otherwise provided in this Section 2.03, upon discovery or receipt of notice
        of
        any materially defective Mortgage Loan Document or missing Mortgage Loan
        Document (“Defective Document”), the Company shall have ninety (90) days to cure
        such defect or deliver such missing document to the Custodian. If the Company
        does not cure such defect or deliver such missing document within such time
        period and such defect materially and adversely affects the value of the
        related
        Mortgage Loan or the Purchaser’s interest in the related Mortgage Loan, the
        Company shall either repurchase or substitute for such Mortgage Loan in
        accordance with Section 3.03.

       

      If
        the
        original or a copy certified by the appropriate recording office of any document
        submitted for recordation to the appropriate public recording office is not
        so
        delivered to the Custodian
        two-hundred
        and seventy (270) days following the Closing Date, and if the Company does
        not
        cure such failure within sixty (60) days after receipt of written notification
        of such failure from the Purchaser, the related Mortgage Loan shall, upon
        the
        request of the Purchaser, be repurchased by the Company at a price and in
        the
        manner specified in Section 3.03.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      In
        the
        event the public recording office is delayed in returning any original document,
        the Company shall deliver to the Custodian within two-hundred and seventy
        (270)
        days of its submission for recordation, a copy of such document and an Officer’s
        Certificate, which shall (i) identify the recorded document; (ii) state that
        the
        recorded document has not been delivered to the Custodian due solely to a
        delay
        by the public recording office, (iii) state the amount of time generally
        required by the applicable recording office to record and return a document
        submitted for recordation, and (iv) specify the date the applicable recorded
        document will be delivered to the Custodian. The Company will be required
        to
        deliver the document to the Custodian by the date specified in (iv) above.
        An
        extension of the date specified in (iv) above may be requested from the
        Purchaser, which consent shall not be unreasonably withheld. However, if
        the
        Company cannot deliver such original or clerk-certified copy of any document
        submitted for recordation to the appropriate public recording office within
        the
        specified time for any reason, within sixty (60) days after receipt of written
        notification of such failure from the Purchaser, the Company shall repurchase
        the related Mortgage Loan at a price and in the manner specified in Section
        3.03.

       

      Section
        2.04. Closing
        Conditions.

       

      The
        closing for the purchase and sale of the Mortgage Loan Package shall take
        place
        on the Closing Date. The closing shall be either by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties may agree.

       

      The
        closing for the Mortgage Loan Package shall be subject to the satisfaction
        of
        each of the following conditions:

       

      (a) with
        respect to the Purchaser’s obligations to close:

       

      (i) the
        Company shall have delivered to the Purchaser the Mortgage Loan Schedule
        and an
        electronic data file containing information on a loan-level basis;

       

      (ii) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        true and correct as of the Closing Date (or, with respect to the Mortgage
        Loan
        Representations, such other date specified therein) in all material respects;
        

       

      (iii) the
        Purchaser shall have received from the Custodian an initial certification
        with
        respect to its receipt of the Mortgage Loan Documents for the Mortgage Loans;
        

       

      (iv) all
        other
        terms and conditions of this Agreement to be satisfied by the Company shall
        have
        been complied with in all material respects; and

       

      (v) the
        Purchaser shall have received the original Memorandum of Sale, executed on
        behalf of the Company;

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      (b) with
        respect to the Company’s obligations to close:

       

      (i) the
        Company shall have received a copy of the initial certification of the Custodian
        with respect to its receipt of the Mortgage Loan Documents for the Mortgage
        Loans;

       

      (ii) the
        Company shall have received an original of the Memorandum of Sale, executed
        on
        behalf of the Purchaser; and

       

      (iii) all
        terms
        and conditions of this Agreement to be satisfied by the Purchaser shall have
        been materially complied with.

       

      Upon
        satisfaction of the foregoing conditions, the Purchaser shall pay to the
        Company
        on the Closing Date the Purchase Price for the Mortgage Loan Package, including
        accrued interest pursuant to Section 2.01 of this Agreement.

       

      Section
        2.05. Acceptance
        of Mortgage Loans.

       

      The
        documents delivered pursuant to Section 2.03 hereof shall be reviewed by
        the
        Purchaser or any assignee, transferee or designee of the Purchaser at any
        time
        before or after the Closing Date (and with respect to each document permitted
        to
        be delivered after the Closing Date, within seven days of its delivery) to
        ascertain that all required documents have been executed and received and
        that
        such documents relate to the Mortgage Loans identified on the Mortgage Loan
        Schedule.

       

      ARTICLE
        III

       

      REPRESENTATIONS
        AND WARRANTIES; REMEDIES AND BREACH

       

      Section
        3.01. Company
        Representations and Warranties.

       

      The
        Company hereby makes the representations and warranties set forth in
Exhibit
        F
        hereto
        to the Purchaser as of the date hereof and the Closing Date (collectively,
        the
“Company Specific Representations”).

       

      Section
        3.02. Representations
        and Warranties Regarding Individual Mortgage Loans.

       

      As
        to
        each Mortgage Loan, the Company hereby makes the representations and warranties
        set forth in Exhibit
        G
        hereto
        to the Purchaser as of the Closing Date (collectively, the “Mortgage Loan
        Representations”).

       

      Section
        3.03. Repurchase
        and Other Remedies.

       

      It
        is
        understood and agreed that the Company Specific Representations and the Mortgage
        Loan Representations shall survive the sale of the Mortgage Loans to the
        Purchaser and the delivery of the Mortgage Loan Documents to the Custodian
        and
        shall inure to the benefit of the Purchaser and shall not be impaired by
        any
        restrictive or qualified endorsement on any Mortgage Note or Assignment of
        Mortgage or the examination of or failure to examine any Mortgage File. Upon
        discovery by either the Company, the Purchaser or the Servicer of any Defective
        Document or a breach of any of the Mortgage Loan Representations that materially
        and adversely affects the value of a Mortgage Loan or the interests of the
        Purchaser (or that materially and adversely affects the interests of the
        Purchaser in the related Mortgage Loan in the case of a representation and
        warranty relating to a particular Mortgage Loan), the party discovering such
        Defective Document or a breach shall give prompt written notice to the other.
        Any such breach or Defective Document that causes a Mortgage Loan not to
        be a
“qualified mortgage” within the meaning of Section 860G(a)(3) of the Code shall
        be deemed to materially and adversely affect the interests of the Purchaser.
        

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      Within
        ninety (90) days of the earlier of either discovery by, or notice to, the
        Company of any Defective Document or a breach of a representation or warranty
        which materially and adversely affects the value of a Mortgage Loan or the
        interest of the Purchaser therein, the Company shall use reasonable efforts
        promptly to cure such breach in all material respects and, if such Defective
        Document or breach cannot be cured, the Company shall repurchase such Mortgage
        Loan at the Repurchase Price. However, if the breach or Defective Document
        shall
        involve a Mortgage Loan Representation and the Company discovers or receives
        notice of any such breach within ninety (90) days of the Closing Date, the
        Company shall, if the breach or Defective Document cannot be cured in all
        material respects, at the Company’s option and provided that the Company has a
        Qualified Substitute Mortgage Loan, rather than repurchase the Mortgage Loan
        as
        provided above, remove such Mortgage Loan (a “Deleted Mortgage Loan”) and
        substitute in its place a Qualified Substitute Mortgage Loan or Loans, provided
        that any such substitution shall be effected not later than one hundred twenty
        (120) days after the Closing Date. Notwithstanding any of the foregoing,
        if a
        breach or Defective Document would cause the Mortgage Loan to be other than
        a
“qualified mortgage,” as defined in Section 860G(a)(3) of the Code, any such
        repurchase or substitution must occur within ninety (90) days from the date
        the
        breach or Defective Document was discovered unless such breach is cured during
        such period.

       

      If
        the
        Company has no Qualified Substitute Mortgage Loan, it shall repurchase the
        deficient Mortgage Loan within ninety (90) days after discovery or the written
        notice of the foregoing breach or Defective Document. Any repurchase of a
        Mortgage Loan or Loans pursuant to the foregoing provisions of this Section
        3.03
        shall be accomplished by deposit to such account as the Purchaser shall identify
        to the Company, of the amount of the Repurchase Price for distribution to
        the
        Purchaser on the next scheduled Remittance Date, after deducting therefrom
        any
        amount received in respect of such repurchased Mortgage Loan or
        Loans.

       

      At
        the
        time of repurchase or substitution, the Purchaser and the Company shall arrange
        for the reassignment of the Deleted Mortgage Loan to the Company and the
        delivery to the Company of any documents held by the Custodian relating to
        the
        Deleted Mortgage Loan. In the event of a repurchase or substitution, the
        Company
        shall, simultaneously with such reassignment, give written notice to the
        Purchaser that such repurchase or substitution has taken place, amend the
        Mortgage Loan Schedule to reflect the withdrawal of the Deleted Mortgage
        Loan
        from this Agreement, and, in the case of substitution, identify a Qualified
        Substitute Mortgage Loan and amend the Mortgage Loan Schedule to reflect
        the
        addition of such Qualified Substitute Mortgage Loan to this Agreement. In
        connection with any such substitution, the Company shall be deemed to have
        made
        as to such Qualified Substitute Mortgage Loan each Mortgage Loan Representation
        as of the date of such substitution. The Company shall effect such substitution
        by delivering to the Custodian for such Qualified Substitute Mortgage Loan
        the
        documents required by Section 2.03, with the Mortgage Note endorsed as required
        by Section 2.03. The Company shall deposit in such account as the Purchaser
        shall identify to the Company, the Monthly Payment due on such Qualified
        Substitute Mortgage Loan or Loans in the month following the date of such
        substitution. Monthly Payments due with respect to Qualified Substitute Mortgage
        Loans in the month of substitution shall be retained by the Company. With
        respect to any Deleted Mortgage Loan, distributions to the Purchaser shall
        include the Monthly Payment due on any Deleted Mortgage Loan in the month
        of
        substitution, and the Company shall thereafter be entitled to retain all
        amounts
        subsequently received by the Company in respect of such Deleted Mortgage
        Loan.

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      For
        any
        month in which the Company substitutes one or more Qualified Substitute Mortgage
        Loans for one or more Deleted Mortgage Loans, the amount (if any) by which
        the
        aggregate principal balance of all such Qualified Substitute Mortgage Loans
        as
        of the date of substitution is less than the aggregate unpaid principal balance
        of all such Deleted Mortgage Loans (after application of the principal portion
        of the Monthly Payments due in the month of substitution) (the “Substitution
        Adjustment Amount”) shall be deposited into such account as the Purchaser shall
        identify to the Company, by the Company on or before the Remittance Date
        in the
        month succeeding the calendar month during which the related Mortgage Loan
        is
        required to be purchased or replaced hereunder.

       

      It
        is
        understood and agreed that the obligations of the Company set forth in this
        Section 3.03 to cure, substitute for or repurchase a defective Mortgage Loan
        as
        provided in this Section 3.03 constitute the sole remedies of the Purchaser
        and
        the Servicer respecting a breach of the Mortgage Loan
        Representations.

       

      If
        the
        representation made by the Company
        in
Exhibit
        G(qq)
        is
        breached, the Company shall not have the right or obligation to cure, substitute
        or repurchase the affected Mortgage Loan but shall remit to the Purchaser
        the
        amount of the Prepayment Premium indicated on the applicable part of the
        Mortgage Loan Schedule to be due from the Mortgagor in the circumstances
        less
        any amount collected and remitted to the Purchaser.

       

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        Company Specific Representation or Mortgage Loan Representation shall accrue
        as
        to any Mortgage Loan upon (i) discovery of such breach by the Purchaser or
        notice thereof by the Company to the Purchaser, (ii) failure by the Company
        to
        cure such breach or repurchase such Mortgage Loan as specified above, and
        (iii)
        demand upon the Company by the Purchaser for compliance with this
        Agreement.

       

      Section
        3.04. Repurchase
        of Mortgage Loans With Early Payment Defaults.

       

      The
        Underlying Agreements provide that the Underlying Sellers shall repurchase
        Mortgage Loans in the event of specified delinquencies occurring during a
        specified period following the acquisition of the Mortgage Loans by the
        Purchaser. The Company agrees to use commercially reasonable efforts to enforce
        such obligations of the Underlying Sellers in the event such delinquencies
        occur
        after the sale of the Mortgage Loans to the Purchaser if the Purchaser provides
        the Company with reasonable notice of such delinquencies. 

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      ARTICLE
        IV

       

      SECURITIZATIONS

       

      Section
        4.01. Removal
        of Mortgage Loans from Inclusion Under this Agreement Upon
        Reconstitution.

       

      The
        Company shall cooperate with the Purchaser in connection with the
        Securitization. In connection therewith the Company shall:

       

      (a) make
        all
        representations and warranties made herein with respect to the Mortgage Loans
        and the Company itself as of the Closing Date;

       

      (b) execute
        an Assignment, Assumption and Recognition Agreement;

       

      (c) provide
        as applicable such
        additional Opinions of Counsel, letters from auditors, and certificates of
        public officials or officers of the Company as are reasonably believed necessary
        by the trustee, any Rating Agency or any credit enhancement provider, as
        the
        case may be, in connection with Securitizations.

       

      Section
        4.02. Regulation
        AB Compliance.

       

      The
        Underlying Agreements provide that the Underlying Sellers shall provide certain
        information and perform certain other compliance with Regulation AB pursuant
        to
        the Regulation AB Compliance Addendum attached to each of the Underlying
        Agreements. The Company agrees to use commercially reasonable efforts to
        enforce
        such obligations of the Underlying Sellers provided the Purchaser provides
        the
        Company with reasonable notice of any request for information or compliance
        with
        such Regulation AB Compliance Addendum. 

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        V

       

      GUARANTY

       

      SunTrust
        Bank agrees with the Purchaser for the sole and exclusive benefit of Purchaser
        and its assignees to hereby absolutely, unconditionally and irrevocably
        guarantee to the Purchaser, the full and prompt performance by the Company
        of
        any and all obligations of the Company under Section 3.03 of this Agreement.
        SunTrust Bank agrees that its obligations pursuant to this Article V shall
        be a
        continuing, absolute and unconditional guarantee of the full and punctual
        performance by the Company of its obligations under Section 3.03 of this
        Agreement. It shall not be necessary for such claimant to first pursue any
        remedy from or exhaust any proceedings against Company; provided,
        however,
        that
        the Purchaser demand payment from the Company which payment is not made for
        a
        period of thirty (30) calendar days. This Article V shall continue to be
        effective if the Company merges or consolidates with or into another entity,
        loses its separate legal identity or ceases to exist.

       

      ARTICLE
        VI

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        6.01. Amendment.

       

      This
        Agreement may be amended from time to time by written agreement signed by
        the
        Company and the Purchaser.

       

      Section
        6.02. Governing
        Law; Waiver of Jury Trial.

       

      THIS
        AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
        NEW
        YORK (EXCLUDING THE CHOICE OF LAW PROVISIONS) AND THE OBLIGATIONS, RIGHTS
        AND
        REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
        SUCH
        LAWS.

       

      EACH
        OF
        THE COMPANY AND THE PURCHASER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
        WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OR ANY
        LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS
        AGREEMENT, OR ANY OTHER DOCUMENTS AND INSTRUMENTS EXECUTED IN CONNECTION
        HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
        ORAL
        OR WRITTEN), OR ACTIONS OF THE COMPANY OR THE PURCHASER. THIS PROVISION IS
        A
        MATERIAL INDUCEMENT FOR THE PURCHASER TO ENTER INTO THIS AGREEMENT.

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      Section
        6.03. Notices.

       

      All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered at or mailed by
        registered mail, postage prepaid, addressed as follows:

       

      
        	 	
                (i)

              	
                if
                  to the Company:

              

      

       

      SunTrust
        Asset Funding, LLC

      Mail
        Code
        3950

      303
        Peachtree Street NE, 23rd
        Floor

      Atlanta,
        Georgia 30308

      Attention:
        Tony D. Atkins

      Telephone:
        (404) 813-5244

      Fax:
        (404) 813-5000

      or
        such
        other address as may hereafter be furnished to the Purchaser in writing by
        the
        Company;

       

      with
        a
        copy to:

       

      SunTrust
        Banks, Inc.

      303
        Peachtree Street NE, 23rd
        Floor

      Atlanta,
        Georgia 30308

      Attention:
        Woodruff A. Polk

      Telephone:
        (404) 813-7094

      Fax:
        (404) 581-1637

      or
        such
        other address as may hereafter be furnished to the Company in writing by
        the
        Purchaser;

       

      
        	 	
                (ii)

              	
                if
                  to Purchaser:

              

      

       

      GMAC
        Mortgage, LLC

      100
        Witmer Road 

      Horsham,
        PA 19044

      Attention:
        General Manager

      or
        such
        other address as may hereafter be furnished to the Company in writing by
        the
        Purchaser; 

       

      and

       

      
        	 	
                (iii)

              	
                if
                  to SunTrust Bank:

              

      

       

      SunTrust
        Bank

      303
        Peachtree Street NE, 26th
        Floor

      Atlanta,
        Georgia 30308

      Attention:
        Woodruff A. Polk

      Telephone:
        (404) 813-7094

      Fax:
        (404) 581-1637

      or
        such
        other address as may hereafter be furnished to the Purchaser in writing by
        the
        Company.

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

      Section
        6.04. Severability
        of Provisions.

       

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

       

      Section
        6.05. Relationship
        of Parties.

       

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

       

      Section
        6.06. Successors
        and Assigns.

       

      This
        Agreement shall inure to the benefit of and be binding upon the Company and
        the
        Purchaser and their respective successors and assigns. The Company may not
        assign this Agreement without the consent of the Purchaser. The Purchaser
        shall
        have the right, without the consent of the Company but subject to the limits
        set
        forth in Section 2.02 hereof, to assign, in whole or in part, its interest
        under
        this Agreement with respect to some or all of the Mortgage Loans, and designate
        any person to exercise any rights of the Purchaser hereunder, by executing
        an
        Assignment, Assumption and Recognition Agreement and the assignee or designee
        shall accede to the rights and obligations hereunder of the Purchaser with
        respect to such Mortgage Loans. All references to the Purchaser in this
        Agreement shall be deemed to include its assignee or designee. In the event
        the
        Purchaser assigns this Agreement, and the assignee assumes any of the
        Purchaser’s obligations hereunder, the Company acknowledges and agrees to look
        solely to such assignee, and not the Purchaser, for performance of the
        obligations so assumed and the Purchaser shall be relieved from any liability
        to
        the Company with respect thereto. 

       

      Section
        6.07. Recordation
        of Assignments of Mortgage.

       

      To
        the
        extent permitted by applicable law, each of the Assignments of Mortgage is
        subject to recordation in all appropriate public offices for real property
        records in all the counties or other comparable jurisdictions in which any
        or
        all of the Mortgaged Properties are situated, and in any other appropriate
        public recording office or elsewhere, such recordation to be effected at
        the
        Company’s expense, in the event recordation is either necessary or advisable in
        accordance with Acceptable Servicing Practices or under applicable law or
        is
        requested by the Purchaser at its sole option in the case of Mortgage Loans
        that
        are not registered on MERS.

       

      Section
        6.08. Solicitation
        of Mortgagor.

       

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        or by
        any independent contractors or independent mortgage brokerage companies on
        the
        Company’s behalf, to personally, by telephone, mail, facsimile or electronic
        mail, solicit any Mortgagor under any Mortgage Loan for the purpose of
        refinancing such Mortgage Loan. It is understood and agreed that promotions
        undertaken by the Company or any of its affiliates which are directed to
        the
        general public at large or which are not specifically directed toward the
        Mortgagors under the Mortgage Loans, including, without limitation, mass
        mailings based on commercially acquired mailing lists, newspaper, radio or
        television advertisements shall not constitute solicitation under this Section,
        nor is the Company prohibited from responding to unsolicited requests or
        inquiries made by a Mortgagor or an agent of a Mortgagor. This subsection
        6.09
        shall not be deemed to preclude the Company or any of its agents or affiliates
        from soliciting any Mortgagor for any other financial products or
        services.

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      Section
        6.09. Further
        Agreements.

       

      The
        Purchaser and the Company each agree to execute and deliver to the other
        such
        additional documents, instruments or agreements as may be necessary or
        appropriate to effectuate the purposes of this Agreement.

       

      Section
        6.10. Confidential
        Information.

       

      The
        Company shall keep confidential and shall not divulge to any party, without
        the
        Purchaser’s prior written consent, the price paid by the Purchaser for the
        Mortgage Loans, except to the extent that it is reasonable and necessary
        for the
        Company to do so in working with legal counsel, auditors, taxing authorities
        or
        other governmental agencies.

       

      The
        Purchaser and the Company agree they (i) shall comply with all applicable
        laws
        and regulations regarding the privacy or security of Consumer Information,
        (ii)
        shall not collect, create, use, store, access, disclose or otherwise handle
        Consumer Information in any manner inconsistent with any applicable laws
        or
        regulations regarding the privacy or security of Consumer Information, (iii)
        shall not disclose Consumer Information to any affiliated or non-affiliated
        third party except to enforce or preserve its rights, as otherwise permitted
        or
        required by applicable law (or by regulatory authorities having jurisdiction
        in
        the premises), (iv) shall maintain appropriate administrative, technical
        and
        physical safeguards to protect the security, confidentiality and integrity
        of
        Consumer Information, including maintaining security measures designed to
        meet
        the Interagency Guidelines Establishing Standards for Safeguarding Consumer
        Information published in final form on February 1, 2001, 66 Fed. Reg. 8616,
        and
        the rules promulgated thereunder and (v) shall promptly notify the other
        party
        in writing upon becoming aware of any actual breach and of any suspected
        breach
        of this section. The Company shall promptly provide the Purchaser’s regulators
        information regarding such security measures upon the reasonable request
        of the
        Purchaser, which information shall include, but not be limited to, any SAS
        70 or
        similar independent audit reports, summaries of test results or equivalent
        measures taken by the Company with respect to its security measures, as agreed
        upon by the parties. Each party shall indemnify and defend the other party
        against, and shall hold the other party harmless from, any cost, expense,
        loss,
        claim or other liability that such other party may suffer as a result of
        or in
        connection with its failure to comply with or perform the obligations set
        forth
        in this section. The restrictions set forth herein shall survive the termination
        of this Agreement.

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      Section
        6.11. Equal
        Opportunity.

       

      The
        Purchaser and the Company represent that they are equal opportunity employers
        and do not discriminate in employment of persons or awarding of subcontracts
        because of a person’s race, sex, age, religion, national origin, veteran or
        handicap status. The Company is aware of and fully informed of the Purchaser’s
        responsibilities and agrees to the provisions under the following: (a) Executive
        Order 11246, as amended or superseded in whole or in part, and as contained
        in
        Section 202 of said Executive Order as found at 41 C.F.R. § 60-1.4(a)(1-7);
        (b) Section 503 of the Rehabilitation Act of 1973 as contained in 41 C.F.R.
§ 60-741.4; and (c) The Vietnam Era Veterans' Readjustment Assistance Act
        of 1974 as contained in 41 C.F.R. § 60-250.4.

       

      Section
        6.12. Counterparts.

       

      This
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original, and all such counterparts
        shall
        constitute one and the same instrument.

       

      Section
        6.13. Exhibits.

       

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement. 

       

      Section
        6.14. General
        Interpretive Principles.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

      Section
        6.15. Reproduction
        of Documents.

       

      This
        Agreement and all documents relating thereto, including, without limitation,
        (a) consents, waivers and modifications which may hereafter be executed,
        (b) documents received by any party at the closing, and (c) financial
        statements, certificates and other information previously or hereafter
        furnished, may be reproduced by any photographic, photostatic, microfilm,
        micro-card, miniature photographic or other similar process. The parties
        agree
        that any such reproduction shall be admissible in evidence as the original
        itself in any judicial or administrative proceeding, whether or not the original
        is in existence and whether or not such reproduction was made by a party
        in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

       

      Section
        6.16. Judicial
        Interpretation.

       

      Should
        any provision of this Agreement require judicial interpretation, the parties
        hereto agree that the court interpreting or construing the same shall not
        apply
        a presumption that the terms hereof or thereof shall be more strictly construed
        against one party by reason of the rule of construction that a document is
        to be
        more strictly construed against the party who itself or through its agents
        prepared the same.

       

      Section
        6.17. Headings.

       

      The
        headings and captions of the articles, sections, subsections, paragraphs,
        and
        subdivisions of this Agreement are for the convenience of reference only,
        are
        not to be considered a part hereof and shall not limit or otherwise affect
        any
        of the terms hereof.

       

      Section
        6.18. Intention
        of the Company.

       

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

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

       

      [Intentionally
        Blank - Next Page Signature Page]

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

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

       

      
        
          	 	 	 
	GMAC MORTGAGE, LLC	 	SUNTRUST ASSET FUNDING,
                  LLC
	 	 	 
	Purchaser	 	Company
	 	 	 
	 	 	 
	By:
/s/
                  William Petersohn	 	By:
/s/
                  Tony Atkins
	
                  
                    

                  
Name: William
                  Petersohn	 	
                  
                    

                  
Name: Tony
                  Atkins
	Title:
Director	 	Title:
Officer

        

         

      

      

      Acknowledged
        and Agreed:

      
         

        
          
            	 	 	 
	
                    SUNTRUST
                      BANK

                  	 	
                  
	 	 	 
	 	 	 
	
                    By:
                      /s/
                      Fred D. Woolf

                  	 	
                  
	
                    
                      

                    

                    Name:
                       Fred
                      D. Woolf

                  	 	
                  
	Title:
 Vice
                    President	 	
                  

          

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

           

           

        

      

      EXHIBIT
        A

       

      [RESERVED]

       

      
        
          
          

        

        
          Exhibit
            A-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

       

      CONTENTS
        OF EACH MORTGAGE FILE

       

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser
        and
        any prospective Purchaser, and which shall be retained by the Company in
        the
        Servicing File or delivered to the Custodian pursuant to Sections 2.01, 2.02
        and
        2.03 of the Mortgage Loan Purchase and Sale Agreement to which this Exhibit
        is
        attached (the “Agreement”):

       

      
        	 	
                1.

              	
                The
                  original Mortgage Note endorsed “Pay to the order of _____________,
                  without recourse” and signed in the name of the Company by an authorized
                  officer (provided
                  that, in the event that the Mortgage Loan was acquired by the Company
                  in a
                  merger, the signature must be in the following form: [Company],
                  successor
                  by merger to [name of predecessor]”; and in the event that the Mortgage
                  Loan was acquired or originated by the Underlying Seller while
                  doing
                  business under another name, the signature must be in the following
                  form:
                  [Underlying Seller], formerly known as [previous name]”). The Mortgage
                  Note must contain all necessary intervening endorsements showing
                  a
                  complete chain of endorsement from the Originator (each such endorsement
                  being sufficient to transfer all right, title and interest of the
                  party so
                  endorsing, as noteholder or assignee thereof, in and to that Mortgage
                  Note) or a copy of the Mortgage Note together with a lost note
                  affadavit;

              

      

       

      
        	 	
                2.

              	
                The
                  original of any guarantee executed in connection with the Mortgage
                  Note
                  (if any).

              

      

       

      
        	 	
                3.

              	
                The
                  original Mortgage, with evidence of recording thereon, except as
                  follows.
                  If in connection with any Mortgage Loan, the Company cannot deliver
                  or
                  cause to be delivered the original Mortgage with evidence of recording
                  thereon on or prior to the Closing Date because of a delay caused
                  by the
                  public recording office where such Mortgage has been delivered
                  for
                  recordation or because such Mortgage has been lost or because such
                  public
                  recording office retains the original recorded Mortgage, the Company
                  shall
                  deliver or cause to be delivered to the Custodian, a photocopy
                  of such
                  Mortgage, together with (i) in the case of a delay caused by the
                  public
                  recording office, an Officer’s Certificate of the Company or the
                  Underlying Seller stating that such Mortgage has been dispatched
                  to the
                  appropriate public recording office for recordation and that the
                  original
                  recorded Mortgage or a copy of such Mortgage certified by such
                  public
                  recording office to be a true and complete copy of the original
                  recorded
                  Mortgage will be promptly delivered to the Custodian upon receipt
                  thereof
                  by the Company; or (ii) in the case of a Mortgage where a public
                  recording
                  office retains the original recorded Mortgage or in the case where
                  a
                  Mortgage is lost after recordation in a public recording office,
                  a copy of
                  such Mortgage certified by such public recording office or by the
                  title
                  insurance company that issued the title policy to be a true and
                  complete
                  copy of the original recorded
                  Mortgage.

              

      

       

      
        
          
          

        

        
          Exhibit
            B-1

          
            

          

        

        
          
          

        

      

      
        	 	
                4.

              	
                The
                  originals or certified true copies of any document sent for recordation
                  of
                  all assumption, modification, consolidation or extension agreements,
                  with
                  evidence of recording thereon, or, if the original of any such
                  agreement
                  with evidence of recording thereon has not been returned by the
                  public
                  recording office where such agreement has been delivered for recordation
                  or such agreement has been lost or such public recording office
                  retains
                  the original recorded agreement, a photocopy of such agreement,
                  certified
                  by the Company, the Underlying Seller or an agent to be a true
                  and correct
                  copy of the agreement delivered to the appropriate public recording
                  office
                  for recordation. The original recorded agreement or, in the case
                  of a
                  agreement where a public recording office retains the original
                  recorded
                  agreement or in the case where an agreement is lost after recordation
                  in a
                  public recording office, a copy of such agreement certified by
                  such public
                  recording office to be a true and complete copy of the original
                  recorded
                  agreement, will be promptly delivered to the Custodian upon receipt
                  thereof by the Company.

              

      

       

      
        	 	
                5.

              	
                The
                  original Assignment of Mortgage, in blank, for each Mortgage Loan,
                  in form
                  and substance acceptable for recording (except for the insertion
                  of the
                  name of the assignee and recording information). If the Mortgage
                  Loan was
                  acquired by the Underlying Seller in a merger, the Assignment of
                  Mortgage
                  must be made by Underlying Seller, successor by merger to [name
                  of
                  predecessor].” If the Mortgage Loan was acquired or originated by the
                  Underlying Seller while doing business under another name, the
                  Assignment
                  of Mortgage must be made by Underlying Seller, formerly know as
                  [previous
                  name].” Subject to the foregoing and where permitted under the applicable
                  laws of the jurisdiction wherein the Mortgaged property is located,
                  such
                  Assignments of Mortgage may be made by blanket assignments for
                  Mortgage
                  Loans secured by the Mortgaged Properties located in the same county.
                  If
                  the related Mortgage has been recorded in the name of Mortgage
                  Electronic
                  Registration Systems, Inc. (“MERS”) or its designee, no Assignment of
                  Mortgage will be required to be prepared or delivered and instead,
                  the
                  Underlying Seller shall take all actions as are necessary to cause
                  the
                  Purchaser or its designee to be shown as the owner of the related
                  Mortgage
                  Loan on the records of MERS for purposes of the system of recording
                  transfers of beneficial ownership of mortgages maintained by
                  MERS.

              

      

       

      
        	 	
                6.

              	
                For
                  any Mortgage Loan not recorded in the name of MERS, originals or
                  certified
                  true copies of documents sent for recordation of all intervening
                  assignments of the Mortgage with evidence of recording thereon,
                  or if any
                  such intervening assignment has not been returned from the applicable
                  recording office or has been lost or if such public recording office
                  retains the original recorded assignments of mortgage, the Company
                  shall
                  deliver or cause to be delivered to the Custodian, a photocopy
                  of such
                  intervening assignment, together with (i) in the case of a delay
                  caused by
                  the public recording office, an Officer’s Certificate of the Company or
                  the Underlying Seller stating that such intervening Assignment
                  of Mortgage
                  has been dispatched to the appropriate public recording office
                  for
                  recordation and that such original recorded intervening Assignment
                  of
                  Mortgage or a copy of such intervening Assignment of Mortgage certified
                  by
                  the appropriate public recording office or by the title insurance
                  company
                  that issued the title policy to be a true and complete copy of
                  the
                  original recorded intervening Assignment of Mortgage will be promptly
                  delivered to the Custodian upon receipt thereof by the Company;
                  or (ii) in
                  the case of an intervening assignment where a public recording
                  office
                  retains the original recorded intervening Assignment of Mortgage
                  or in the
                  case where an intervening Assignment of Mortgage is lost after
                  recordation
                  in a public recording office, a copy of such intervening Assignment
                  of
                  Mortgage certified by such public recording office to be a true
                  and
                  complete copy of the original recorded intervening Assignment of
                  Mortgage.

              

      

       

      
        
          
          

        

        
          Exhibit
            B-2

          
            

          

        

        
          
          

        

      

      
        	 	
                7.

              	
                The
                  original mortgagee policy of title insurance or evidence of title,
                  which
                  may be in electronic form.

              

      

       

      
        	 	
                8.

              	
                Any
                  security agreement, chattel mortgage or equivalent executed in
                  connection
                  with the Mortgage.

              

      

       

      
        	 	
                9.

              	
                For
                  each Mortgage Loan which is secured by a residential long-term
                  lease, if
                  any, a copy of the lease with evidence of recording indicated thereon,
                  or,
                  if the lease is in the process of being recorded, a photocopy of
                  the
                  lease, certified by an officer of the respective prior owner of
                  such
                  Mortgage Loan or by the applicable title insurance company,
                  closing/settlement/escrow agent or company or closing attorney
                  to be a
                  true and correct copy of the lease transmitted for
                  recordation.

              

      

       

      With
        respect to each Mortgage Loan, the Mortgage File shall include original or
        imaged copies of each of the following items to the extent in the possession
        of
        the Company or in the possession of the Company’s agent(s):

       

      
        	 	
                10.

              	
                Original
                  hazard insurance policy and, if required by law, flood insurance
                  policy.

              

      

       

      
        	 	
                11.

              	
                Residential
                  loan application.

              

      

       

      
        	 	
                12.

              	
                Mortgage
                  Loan closing statement.

              

      

       

      
        	 	
                13.

              	
                Verification
                  of employment and income, if
                  applicable.

              

      

       

      
        	 	
                14.

              	
                Verification
                  of acceptable evidence of source and amount of down
                  payment.

              

      

       

      
        	 	
                15.

              	
                Credit
                  report on the Mortgagor.

              

      

       

      
        	 	
                16.

              	
                Residential
                  appraisal report.

              

      

       

      
        	 	
                17.

              	
                Photograph
                  of the Mortgaged Property.

              

      

       

      
        	 	
                18.

              	
                Survey
                  of the Mortgaged Property, if required by the title company or
                  applicable
                  law.

              

      

       

      
        	 	
                19.

              	
                If
                  available, a copy of each instrument necessary to complete identification
                  of any exception set forth in the exception schedule in the title
                  policy,
                  i.e. map or plat, restrictions, easements, sewer agreements, home
                  association declarations, etc.

              

      

       

      
        
          
          

        

        
          Exhibit
            B-3

          
            

          

        

        
          
          

        

      

      
        	 	
                20.

              	
                All
                  required disclosure statements.

              

      

       

      
        	 	
                21.

              	
                If
                  available, termite report, structural engineer’s report, water potability
                  and septic certification.

              

      

       

      
        	 	
                22.

              	
                Sales
                  contract, if applicable.

              

      

       

      
        	 	
                23.

              	
                Evidence
                  of payment of taxes and insurance premiums, insurance claim files,
                  correspondence, current and historical computerized data files,
                  and all
                  other processing, underwriting and closing papers and records which
                  are
                  customarily contained in a mortgage file and which are required
                  to
                  document the Mortgage Loan or to service the Mortgage
                  Loan.

              

      

       

      
        	 	
                24.

              	
                Amortization
                  schedule, if available.

              

      

       

      
        	 	
                25.

              	
                Original
                  power of attorney, if applicable.

              

      

       

      In
        the
        event of a delay by the public recording office in returning any recorded
        document, the Company shall deliver to the Custodian, within 270 days of
        the
        Closing Date, an Officer’s Certificate which shall (i) identify the recorded
        document, (ii) state that the recorded document has not been delivered to
        the
        Custodian due solely to a delay caused by the public recording office, (iii)
        state the amount of time generally required by the applicable recording office
        to record and return a document submitted for recordation, and (iv) specify
        the
        date the applicable recorded document will be delivered to the Custodian.
        The
        Company shall be required to deliver to the Custodian the applicable recorded
        document by the date specified in (iv) above. An extension of the date specified
        in (iv) above may be requested form the Purchaser, which consent shall not
        be
        unreasonably withheld.

       

      
        
          
          

        

        
          Exhibit
            B-4

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      FORM
        OF
        MEMORANDUM OF SALE

      

      CLOSING
        DATE: May 14, 2007

      

      This
        Memorandum of Sale (this “Memorandum”), dated as of May 14, 2007
        (the “Closing Date”), confirms the sale by SunTrust Asset Funding, LLC (the
“Company”), to GMAC Mortgage, LLC (the “Purchaser”), and the purchase by the
        Purchaser from the Company, of the second lien residential mortgage loans
        on a
        servicing released basis described on the Mortgage Loan Schedule attached
        hereto
        as Schedule I (the “Mortgage Loans”), pursuant to the terms of the Mortgage Loan
        Purchase and Sale Agreement (the “Mortgage Loan Purchase and Sale Agreement”),
        dated as of May 14, 2007, and is by and between the Purchaser and the
        Company.

      

      For
        good
        and valuable consideration, the receipt and sufficiency of which is hereby
        acknowledged, the Company does hereby bargain, sell, convey, assign and transfer
        to Purchaser without recourse, except as provided in the Mortgage Loan Purchase
        and Sale Agreement, and on a servicing released basis, all right, title and
        interest of the Company in and to each of the Mortgage Loans, together with
        all
        documents maintained as part of the related Mortgage Files, all Mortgaged
        Properties which secure any Mortgage Loan but are acquired by foreclosure,
        deed
        in lieu of foreclosure after the Cut-off Date or otherwise, all scheduled
        payments of principal and interest on the Mortgage Loans after the Cut-off
        Date,
        and all proceeds of the foregoing, subject, however, to the rights of the
        Company under the Mortgage Loan Purchase and Sale Agreement.

      

      The
        Mortgage Loans are to be sold in a whole loan format on a servicing released
        basis. The Mortgage Loans have an aggregate Stated Principal Balance as of
        April
        1, 2007 (the “Cut-off Date”) of $[__________].
        The
        purchase price for the Mortgage Loans shall be equal to the proceeds from
        the
        sale of the Offered Certificates to the Underwriters pursuant to, and as
        such
        terms are defined in, that certain Pooling and Servicing Agreement dated
        April
        1, 2007 entered into by the Purchaser, as servicer, ACE Securities Corp.,
        as
        depositor, Wells Fargo Bank, National Association, as master servicer and
        securities administrator, and HSBC Bank USA, National Association, as trustee
        (the “PSA”), plus 100% interests in the SunTrust Acquisition Closed-End Seconds
        Trust, Series 2007-1 Class CE, Class P and Class R Certificates issued pursuant
        to the PSA. 

       

      The
        Company has delivered to the Custodian prior to the date hereof the documents
        with respect to each Mortgage Loan required to be delivered under the Mortgage
        Loan Purchase and Sale Agreement.

      

      Capitalized
        terms that are used herein but are not defined herein shall have the respective
        meanings set forth in the Mortgage Loan Purchase and Sale
        Agreement.

      

      [Signatures
        on following page]

      
        
          
          

        

        
          Exhibit
            C-1

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto, by the hands of their duly authorized
        officers, execute this Memorandum as of the Closing Date referred to
        above.

      
         

        
          
            	 	 	 
	GMAC MORTGAGE, LLC	 	SUNTRUST ASSET FUNDING, LLC
	as Purchaser	 	as Company
	 	 	 
	 	 	 
	By: 
                    	 	By: 
                    
	
                    
                      

                    
Name: 
                    	 	
                    
                      

                    
Name: 
                    
	
                    
                      

                    

                    Its:
                      

                  	 	
                    
                      

                    

                    Its:
                      

                  
	
                    
                      

                    

                     

                  	 	
                    
                      

                    

                     

                  

          

          

            
              
                
                

              

              
                Exhibit
                  C-2

                
                  

                

              

              
                
                

              

            

          

           

        

      

      SCHEDULE
        I

      MORTGAGE
        LOAN SCHEDULE

       

      [Provided
        Upon Request]

      
        
          
          

        

        
          Exhibit
            C-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

       

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

       

      [DATE
        OF
        ASSIGNMENT]

       

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT (this “AAR”) dated ___________________,
        among _________________, a _________________ [ENTITY TYPE] having an office
        at
        _________________ (“Assignor”), _________________, having an office at
        _________________ (“Assignee”) and SunTrust Assset Funding, LLC (the “Company”),
        having an office at 303
        Peachtree Street, 23rd
        Floor,
        Atlanta, Georgia 30308 and acknowledged
        and agreed to by SunTrust Bank, a Georgia banking corporation (“SunTrust
        Bank”):

      

      WHEREAS,
        on the date hereof, the Assignor is transferring all of its right, title
        and
        interest in and to the Mortgage Loans (except for any right, title or interest
        related to the Servicing Rights) to the Assignee on a servicing-retained
        basis;
        and

      

      WHEREAS,
        on the date hereof, the Assignee is entering into a Pooling and Servicing
        Agreement, dated as of [_________], by and among the Assignor, as servicer,
        [_________], as depositor, [______________], as master servicer and securities
        administrator and _________, as trustee (the “Trustee”), pursuant to which the
        Mortgage Loans will be transferred to the Trustee.

      

      NOW
        THEREFORE, for and in consideration of the sum of one dollar ($1.00) and
        other
        valuable consideration the receipt and sufficiency of which are hereby
        acknowledged, and of the mutual covenants herein contained, the parties hereto
        hereby agree as follows:

       

      1. With
        respect to the Mortgage Loans listed on Exhibit
        A
        hereto,
        the Assignor hereby grants, transfers and assigns to Assignee all of the
        right,
        title and interest of Assignor, as the Purchaser, in, to and under that certain
        Mortgage Loan Purchase and Sale Agreement, (the “Mortgage
        Loan Purchase and Sale Agreement”),
        dated
        as of May 14, 2007, and the Memorandum of Sale dated May 14, 2007 (together
        with
        the Mortgage Loan Purchase and Sale Agreement, the “Sale Agreement”) each by and
        between GMAC Mortgage, LLC (the “Purchaser”) and the Company, and the Mortgage
        Loans delivered thereunder by the Company to the Assignor. The
        Assignor is not assigning to the Assignee, but instead is expressly reserving
        for the Assignor’s exclusive right and benefit only, the following:

      

      a. Any
        of the
        Servicing Rights relating to the Mortgage Loans, as the term “Servicing Rights”
is defined in the Sale Agreement and further described herein; and

      

      b. All
        rights
        and benefits accorded the Assignor, as it relates to servicing or Servicing
        Rights under the Sale Agreement.

      

       2. The
        Assignor warrants and represents to, and covenants with, the Assignee
        that:

       

      a. The
        Assignor is the lawful owner of the Mortgage Loans with the full right to
        transfer the Mortgage Loans free from any and all claims and encumbrances
        whatsoever;

       

      
        
          
          

        

        
          Exhibit
            D-1

          
            

          

        

        
          
          

        

      

      b. The
        Assignor has not received notice of, and has no knowledge of, any offsets,
        counterclaims or other defenses available to the Company with respect to
        the
Sale
        Agreement
        or the
        Mortgage Loans;

       

      c. The
        Assignor has not waived or agreed to any waiver under, or agreed to any
        amendment or other modification of, the Sale
        Agreement
        or the
        Mortgage Loans. The Assignor has no knowledge of, and has not received notice
        of, any waivers under or amendments or other modifications of, or assignments
        of
        rights or obligations under, the Sale
        Agreement
        or the
        Mortgage Loans; and

       

      d. Neither
        the Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
        Loans or any other similar security to, or solicited any offer to buy or
        accept
        a transfer, pledge or other disposition of the Mortgage Loans, any interest
        in
        the Mortgage Loans or any other similar security from, or otherwise approached
        or negotiated with respect to the Mortgage Loans, any interest in the Mortgage
        Loans or any other similar security with, any person in any manner, or made
        any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Mortgage
        Loans under the Securities Act of 1933 (the “Securities Act”) or which would
        render the disposition of the Mortgage Loans a violation of Section 5 of
        the
        Securities Act or require registration pursuant thereto.

       

      3. That
        the
        Assignee warrants and represent to, and covenants with, the Assignor and
        the
        Company that:

       

      a. The
        Assignee agrees to be bound, as the Purchaser, by all of the terms, covenants
        and conditions of the Sale
        Agreement
        and the
        Mortgage Loans, and from and after the date hereof, the Assignee assumes
        for the
        benefit of each of the Company and the Assignor all of the Assignor’s
        obligations as Purchaser thereunder (except
        for any obligations relating to the Servicing Rights);

       

      b. The
        Assignee understands that the Mortgage Loans have not been registered under
        the
        Securities Act or the securities laws of any state;

       

      c. The
        purchase price being paid by the Assignee for the Mortgage Loans is in excess
        of
        $250,000.00 and will be paid by cash remittance of the full purchase price
        within 60 days of the sale;

       

      d. The
        Assignee is acquiring the Mortgage Loans for investment for its own account
        only
        and not for any other person. In this connection, neither the Assignee nor
        any
        person authorized to act therefor has offered to sell the Mortgage Loans
        by
        means of any general advertising or general solicitation within the meaning
        of
        Rule 502(c) Regulation D, promulgated under the Securities Act;

       

      e. The
        Assignee considers itself a substantial sophisticated institutional investor
        having such knowledge and experience in financial and business matters that
        it
        is capable of evaluating the merits and risks of investment in the Mortgage
        Loans;

       

      
        
          
          

        

        
          Exhibit
            D-2

          
            

          

        

        
          
          

        

      

      f. The
        Assignee has been furnished with all information regarding the Mortgage Loans
        that it has requested from the Assignor or the Company;

       

      g. Neither
        the Assignee nor anyone acting on its behalf has offered, transferred, pledged,
        sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
        Loans or any other similar security to, or solicited any offer to buy or
        accepted a transfer, pledge or other disposition of the Mortgage Loans, any
        interest in the Mortgage Loans or any other similar security from, or otherwise
        approached or negotiated with respect to the Mortgage Loans, any interest
        in the
        Mortgage Loans or any other similar security with, any person in any manner
        which would constitute a distribution of the Mortgage Loans under the Securities
        Act or which would render the disposition of the Mortgage Loans a violation
        of
        Section 5 of the Securities Act or require registration pursuant thereto,
        nor
        will it act, nor has it authorized or will it authorize any person to act,
        in
        such manner with respect to the Mortgage Loans; and

       

      h. Either
        (1) the Assignee is not an employee benefit plan (“Plan”) within the meaning of
        section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
        (“ERISA”) or a plan (“Plan”) within the meaning of section 4975(e)(1) of the
        Internal Revenue Code of 1986 (“Code”), and the Assignee is not directly or
        indirectly purchasing the Mortgage Loans on behalf of, investment manager
        of, as
        named fiduciary of, as trustee of, or with assets of, a Plan; or (2) the
        Assignee’s purchase of the Mortgage Loans will not result in a prohibited
        transaction under section 406 of ERISA or section 4975 of the Code.

       

      The
        Assignee’s address for purposes of all notices and correspondence related to the
        Mortgage Loans and the Sale
        Agreement
        is:

       

      [NAME
        AND
        ADDRESS OF ASSIGNEE]

      Attention:
        _____________________

      Telephone:
        ____________________

      Fax:
        _________________________

       

      The
        Assignee’s wire transfer instructions for purposes of all remittances and
        payments related to the Mortgage Loans and the Sale Agreement is:

       

      For
        the
        account of [NAME OF ASSIGNEE]

      A/C#:
        _________________________

      ABA#:
        ________________________

      Attention:
        ______________________

      Taxpayer
        ID#: __________________

       

      4. Accuracy
        of the Sale Agreement.

       

      The
        Company and the Assignor represent and warrant to the Assignee that (i) attached
        hereto as Exhibit
        B
        are
        true, accurate and complete copies of the Sale Agreement and all amendments
        and
        modifications, if any, thereto, (ii) the Sale Agreement has not been amended
        or
        modified in any respect, except as set forth in this Agreement, and (iii)
        no
        notice of termination has been given to the Company under the Sale Agreement.
        

       

      
        
          
          

        

        
          Exhibit
            D-3

          
            

          

        

        
          
          

        

      

      5. Recognition
        of Assignee.

       

      From
        and
        after the date hereof, the Company shall note the transfer of the Mortgage
        Loans
        to the Assignee in its books and records, the Company shall recognize the
        Assignee as the owner of the Mortgage Loans. It is the intention of the
        Assignor, the Company and the Assignee that the Sale Agreement shall be binding
        upon and inure to the benefit of the Company and the Assignee and their
        respective successors and assigns.

       

      6. Governing
        Law.

       

      THIS
        AAR SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
        AND
        THE OBLIGATIONS, RIGHTS AND REMEDIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
        WITH THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS
        OF LAWS PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK
        GENERAL
        OBLIGATIONS LAW), EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL
        LAW.

       

      7. Counterparts.

       

      This
        AAR
        may be executed simultaneously in any number of counterparts. Each such
        counterpart shall be deemed an original and all such counterparts taken together
        shall constitute one and the same instrument. Delivery of executed signature
        pages by facsimile shall constitute delivery of originals for the purpose
        of
        this AAR.

       

      [Signatures
        Follow]

       

      
        
          
          

        

        
          Exhibit
            D-4

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have caused this Assignment, Assumption and
        Recognition Agreement be executed by their duly authorized officers as of
        the
        date first above written.

       

      
        	 	 	 
	[NAME OF ASSIGNOR]	 	[NAME OF ASSIGNEE]
	 	 	 
	 	 	 
	By: 
                	 	By: 
                
	
                
                  

                
Name: 
                	 	
                
                  

                
Name: 
                
	
                
                  

                

                Its:
                  

              	 	
                
                  

                

                Its:
                  

              
	
                
                  

                

                 

              	 	
                
                  

                

                 

              

      

       

      
        	 	 	 
	
                SUNTRUST
                  ASSET FUNDING, LLC  

                Company

              	 	
              
	 	 	 
	 	 	 
	By: 
                	 	
              
	
                
                  

                
Name: 
                	 	
              
	
                
                  

                

                Its:
                  

              	 	
              
	
                
                  

                

                 

              	 	
                 

              

      

       

      
        	 	 	 
	
                
                  Acknowledged
                    and Agreed:

                  

                  SUNTRUST
                    BANK

                

              	 	
              
	 	 	 
	 	 	 
	By: 
                	 	
              
	
                
                  

                
Name: 
                	 	
              
	
                
                  

                

                Title:  

              	 	
              
	
                
                  

                

                 

              	 	
                 

              

      

       

      
        
          
          

        

        
          Exhibit
            D-5

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      to
        the
        Assignment, Assumption and Recognition Agreement

       

      MORTGAGE
        LOAN SCHEDULE

      
        
          
          

        

        
          Exhibit
            A-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

       

      to
        the
        Assignment, Assumption and Recognition Agreement

       

      EXECUTED
        COPIES
        OF

      MORTGAGE
        LOAN PURCHASE AND SALE AGREEMENT

      AND
        MEMORANDUM OF SALE

      
        
          
          

        

        
          Exhibit
            B-7

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      UNDERWRITING
        GUIDELINES

      OF
        LOAN
        SELLERS

       

      

      [Provided
        Upon Request]

      
        
          
          

        

        
          Exhibit
            E-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

       

      REPRESENTATIONS
        AND WARRANTIES OF THE COMPANY

       

      Company
        Specific Representations

       

      The
        Company hereby represents, warrants and covenants that, as of the Closing
        Date,
        or as of such date specifically provided herein:

       

      (a) Due
        Organization and Authority:
        The
        Company is duly organized, validly existing and in good standing under the
        laws
        of the jurisdiction of its formation and has all licenses necessary to carry
        on
        its business as now being conducted and is licensed, qualified and in good
        standing in each state where a Mortgaged Property is located if the laws
        of such
        state require licensing or qualification in order to conduct business of
        the
        type conducted by the Company, and in any event the Company is in compliance
        with the laws of any such state to the extent necessary to ensure the
        enforceability of the related Mortgage Loan; the Company has the full corporate
        power and authority to execute and deliver this Agreement and to perform
        in
        accordance herewith; the execution, delivery and performance of this Agreement
        (including all instruments of transfer to be delivered pursuant to this
        Agreement) by the Company and the consummation of the transactions contemplated
        hereby have been duly and validly authorized; this Agreement evidences the
        valid, binding and enforceable obligation of the Company, subject to bankruptcy,
        insolvency, moratorium and other principles of equity affecting the rights
        of
        creditors generally, whether considered in a proceeding at law or in equity;
        and
        all requisite corporate action has been taken by the Company to make this
        Agreement valid and binding upon the Company in accordance with its
        terms;

       

      (b) Ordinary
        Course of Business:
        The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Company, who is in the business of acquiring
        and selling mortgage loans, and the transfer, assignment and conveyance of
        the
        Mortgage Notes and the Mortgages by the Company pursuant to this Agreement
        are
        not subject to the bulk transfer or any similar statutory provisions in effect
        in any applicable jurisdiction;

       

      (c) No
        Conflicts:
        Neither
        the execution and delivery of this Agreement, the acquisition of the Mortgage
        Loans by the Company, the sale of the Mortgage Loans to the Purchaser or
        the
        transactions contemplated hereby, nor the fulfillment of or compliance with
        the
        terms and conditions of this Agreement will conflict with or result in a
        breach
        of any of the terms or provisions of the organizational documents of the
        Company
        or any agreement or instrument to which the Company is now a party or by
        which
        it is bound, or constitute a default or result in the violation of any law,
        rule, regulation, order, judgment or decree to which the Company or its property
        is subject, or impair the ability of the Purchaser to realize on the Mortgage
        Loans, or impair the value of the Mortgage Loans or will create or impose
        and
        will not result in the creation or imposition of any lien, charge or encumbrance
        (other than any created hereby in favor of the Purchaser and its assignees)
        which would have a material adverse effect upon the Mortgage Loans or any
        documents or instruments evidencing or securing the Mortgage Loans;

       

      
        
          
          

        

        
          Exhibit
            F-1

          
            

          

        

        
          
          

        

      

      (d) Fair
        Consideration:
        The
        consideration received by the Company upon the sale of the Mortgage Loans
        under
        this Agreement shall constitute fair consideration and reasonably equivalent
        value for the Mortgage Loans;

       

      (e) Ability
        to Perform; Solvency:
        The
        Company does not believe, nor does it have any reason or cause to believe,
        that
        it cannot perform each and every covenant contained in this Agreement. The
        Company is solvent and the sale of the Mortgage Loans will not cause the
        Company
        to become insolvent. The sale of the Mortgage Loans is not undertaken to
        hinder,
        delay or defraud any of the Company’s creditors;

       

      (f) No
        Litigation Pending:
        There
        is no action, suit, proceeding or investigation pending or, to its knowledge,
        threatened against the Company which, either in any one instance or in the
        aggregate, may result in any material adverse change in the business,
        operations, financial condition, properties or assets of the Company, or
        in any
        material impairment of the right or ability of the Company to carry on its
        business substantially as now conducted, or in any material liability on
        the
        part of the Company, or which would draw into question the validity of this
        Agreement or the Mortgage Loans or of any action taken or to be contemplated
        herein, or which would be likely to impair materially the ability of the
        Company
        to perform under the terms of this Agreement;

       

      (g) No
        Consent Required:
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of,
        or compliance by the Company with, this Agreement or the sale of the Mortgage
        Loans as evidenced by the consummation of the transactions contemplated by
        this
        Agreement, or if required, such consent, approval, authorization or order
        has
        been obtained prior to the Closing Date;

       

      (h) No
        Untrue Information:
        No
        statement, report or other document furnished or to be furnished by or on
        behalf
        of the Company pursuant to this Agreement or in connection with the transactions
        contemplated hereby contains any untrue statement of material fact or omits
        to
        state a material fact necessary to make the statements contained therein,
        in
        light of the circumstances in which they were made, not misleading;

       

      (i) Sale
        Treatment:
        The
        disposition of the Mortgage Loans pursuant to this Agreement will be afforded
        sale treatment for accounting and tax purposes; 

       

      (j) No
        Brokers’ Fees:
        The
        Company has not dealt with any broker, investment banker, agent or other
        Person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans;

       

      (k) Purchase
        and Sale:
        Immediately prior to the sale of the Mortgage Loans to the Purchaser as herein
        contemplated, the Seller was the owner of the related Mortgage and the
        indebtedness evidenced by the related Mortgage Note, and, upon the payment
        to
        the Seller of the Purchase Price, in the event that the Seller retains or
        has
        retained record title, the Seller shall retain such record title to each
        Mortgage, each related Mortgage Note and the related Mortgage Files with
        respect
        thereto in trust for the Purchaser as the owner thereof from and after the
        date
        hereof; and

       

      (l) Selection
        Process:
        The
        Mortgage Loans will be selected on such Closing Date from among the outstanding
        fixed rate second lien one- to four-family mortgage loans in the Company’s
        portfolio at such Closing Date as to which the representations and warranties
        set forth in this Agreement could be made and such selection will not be
        made in
        a manner so as to affect adversely the interests of the Purchaser. 

       

      
        
          
          

        

        
          Exhibit
            F-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

       

      REPRESENTATIONS
        AND WARRANTIES REGARDING

      INDIVIDUAL
        MORTGAGE LOANS

       

      Mortgage
        Loan Representations

       

      The
        Company hereby represents, warrants, and covenants with respect to the Mortgage
        Loans that as of the Closing Date:

       

      (a) Mortgage
        Loans as Described:
        The
        information set forth in the Mortgage Loan Schedule annexed to the Memorandum
        of
        Sale and the information contained on the related electronic data file delivered
        to the Purchaser is complete, true and correct in all material respects and
        information provided to the Rating Agencies, including loan level detail,
        is
        true and correct according to the rating agency requirements;

       

      (b) Payments
        Current:
        All
        payments required to be made prior to the Cut-off Date for the Mortgage Loan
        under the terms of the Mortgage Note have been made and credited. No payment
        under any Mortgage Loan has been thirty (30) calendar days or more delinquent
        since the origination of such Mortgage Loan;

       

      (c) No
        Outstanding Charges:
        All
        taxes, governmental assessments, insurance premiums, leasehold payments,
        ground
        rents, water, sewer and municipal charges, which previously became due and
        owing
        have been paid, or an escrow of funds has been established in an amount
        sufficient to pay for every such item which remains unpaid and which has
        been
        assessed but is not yet due and payable. The Company has not advanced funds,
        or
        induced, or solicited directly or indirectly, the payment of any amount required
        under the Mortgage Loan, except for (i) payments in the nature of escrow
        payments and (ii) interest accruing from the date of the Mortgage Note or
        date
        of disbursement of the Mortgage Loan proceeds, whichever is later, to the
        day
        which precedes by one month the Due Date of the first installment of principal
        and interest;

       

      (d) Original
        Terms Unmodified:
        The
        terms of the Mortgage Note and Mortgage have not been impaired, waived, altered
        or modified in any respect, except by a written instrument which has been
        recorded, if necessary, to protect the interests of the Purchaser and maintain
        the lien priority of the Mortgage and which has been delivered to the Custodian.
        The substance of any such waiver, alteration or modification has been approved
        by the issuer of any related PMI Policy and the title insurer, to the extent
        required by the policy. No instrument of waiver, alteration or modification
        has
        been executed, and no Mortgagor has been released, in whole or in part, except
        in connection with an assumption agreement approved by the issuer of any
        related
        PMI Policy and the title insurer, to the extent required by the
        policy;

       

      (e) No
        Defenses:
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including without limitation the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render either the Mortgage
        Note or the Mortgage unenforceable, in whole or in part, or subject to any
        right
        of rescission, set-off, counterclaim or defense, including without limitation
        the defense of usury, and no such right of rescission, set-off, counterclaim
        or
        defense has been asserted with respect thereto, and no Mortgagor was a debtor
        in
        any state or federal bankruptcy or insolvency proceeding at the time the
        Mortgage Loan was originated;

       

      
        
          
          

        

        
          Exhibit
            G-1

          
            

          

        

        
          
          

        

      

      (f) No
        Satisfaction of Mortgage:
        The
        Mortgage has not been satisfied, canceled, subordinated (except with respect
        to
        the subordination of any Second Lien Mortgage Loan to the related First Lien)
        or
        rescinded, in whole or in part, and the Mortgaged Property has not been released
        from the lien of the Mortgage, in whole or in part, nor has any instrument
        been
        executed that would effect any such satisfaction, release, cancellation,
        subordination (except with respect to the subordination of any Second Lien
        Mortgage Loan to the related First Lien) or rescission;

       

      (g) Validity
        of Mortgage Documents:
        The
        Mortgage Note, the Mortgage and related documents are genuine, and each is
        the
        legal, valid and binding obligation of the Mortgagor enforceable in accordance
        with its terms, subject to bankruptcy, insolvency, moratorium and other
        principles of equity affecting the rights of creditors generally, whether
        considered in the proceeding at law or in equity. All parties to the Mortgage
        Note and the Mortgage had legal capacity to enter into the Mortgage Loan
        and to
        execute and deliver the Mortgage Note and the Mortgage, and the Mortgage
        Note
        and the Mortgage have been duly and properly executed by such
        parties;

       

      (h) Note
        as “Instrument”:
        Each
        Mortgage Note is comprised of one original promissory note and each such
        promissory note constitutes an “instrument” for purposes of Section 9-102(a)(65)
        of the Uniform Commercial Code in effect in the applicable
        jurisdiction;

       

      (i) No
        Fraud:
        No
        fraud, error, omission, misrepresentation, negligence, or similar occurrence
        with respect to a Mortgage Loan has taken place on the part of the Company
        or
        the Mortgagor, any appraiser, any builder or any developer or any other party
        involved in the solicitation or origination of the Mortgage Loan or in the
        application for any insurance in relation to such Mortgage Loan or in connection
        with the sale of such Mortgage Loan to the Purchaser, and there are no
        circumstances existing with respect to the Mortgage Loan which would permit
        the
        primary mortgage guaranty insurer to deny coverage under any insurance policy.
        If a mortgage insurer fails to pay a claim submitted with respect to the
        related
        Mortgage Loan as a result of the mortgage insurer successfully asserting
        a
        defense based on fraud, then such failure to pay shall constitute a breach
        of
        this representation which materially and adversely affects the interests
        of the
        owner of the Mortgage Loan;

       

      (j) Compliance
        with Applicable Laws:
        All
        requirements of any applicable federal, state or local law including, without
        limitation, all applicable predatory and abusive lending, usury,
        truth-in-lending, real estate settlement procedures, consumer credit protection
        (including Uniform Consumer Credit Code laws), fair credit reporting, unfair
        collection practices, equal credit opportunity or fair housing and disclosure
        laws applicable to the solicitation, origination, servicing and collection
        of
        the Mortgage Loan have been complied with in all material respects, the
        Mortgagor received all disclosure materials required by applicable law with
        respect to the making of mortgage loans of the same type as the Mortgage
        Loan
        and, if the Mortgage Loan is a refinanced Mortgage Loan, rescission materials
        required by applicable laws, and the Company shall maintain in its possession,
        available for the Purchaser’s inspection, and shall deliver to the Purchaser
        upon demand, evidence of compliance with all such requirements. All inspections,
        licenses and certificates required to be made or issued with respect to all
        occupied portions of the Mortgaged Property and, with respect to the use
        and
        occupancy of the same, including, but not limited to, certificates of occupancy
        and fire underwriting certificates, have been made or obtained from the
        appropriate authorities;

       

      
        
          
          

        

        
          Exhibit
            G-2

          
            

          

        

        
          
          

        

      

      (k) Location
        and Type of Mortgaged Property:
        The
        Mortgaged Property is located in the state identified in the Mortgage Loan
        Schedule and consists of a contiguous parcel of real property with a detached
        single family residence erected thereon, or a two- to four-family dwelling,
        or
        an individual condominium unit in a condominium project, an individual unit
        in a
        planned unit development, or a townhouse or, in the case of a Mortgage Loan
        secured by Cooperative Shares, leases or occupancy agreements. None of the
        Mortgaged Properties are manufactured homes, log homes, mobile homes or geodesic
        domes. As of the respective appraisal date for each Mortgaged Property, no
        portion of the Mortgaged Property was being used for commercial or mixed-use
        purposes and, to the Company’s knowledge, since the date of such Appraisal, no
        portion of the Mortgaged Property has been used for commercial purposes;
        provided, however, that Mortgaged Properties which contain a home office
        shall
        not be considered as being used for commercial purposes as long as the Mortgaged
        Property has not been altered for commercial purposes and is not storing
        any
        chemicals or raw materials other than those commonly used for homeowner repair,
        maintenance or household purposes. No Mortgage Loan finances builder inventory.
        If the Mortgaged Property is a condominium unit or a planned unit development
        (other than a de minimus planned unit development) such condominium or planned
        unit development project meets Fannie Mae or Freddie Mac eligibility
        requirements or is located in a condominium or planned unit development project
        which has received Fannie Mae or Freddie Mac project approval and the
        representations and warranties required by Fannie Mae or Freddie Mac with
        respect to such condominium or planned unit development have been made and
        remain true and correct in all respects;

       

      (l) Valid
        Second Lien:
        The
        Mortgage is a valid, subsisting and enforceable second lien on the Mortgaged
        Property, including all buildings on the Mortgaged Property and all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems located in or annexed to such buildings, and all additions, alterations
        and replacements made at any time with respect to the foregoing. The lien
        of the
        Mortgage is subject only to:

       

      (i) the
        lien
        of current real property taxes and assessments not yet due and
        payable;

       

      (ii) covenants,
        conditions and restrictions, rights of way, easements and other matters of
        the
        public record as of the date of recording acceptable to mortgage lending
        institutions generally and specifically referred to in the lender’s title
        insurance policy delivered to the Originator of the Mortgage Loan and (i)
        referred to or otherwise considered in the Appraisal made for the Originator
        of
        the Mortgage Loan and (ii) which do not adversely affect the Appraised Value
        of
        the Mortgaged Property set forth in such Appraisal; 

       

      (iii) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate, materially interfere with the benefits of the security
        intended to be provided by the mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property; and

       

      
        
          
          

        

        
          Exhibit
            G-3

          
            

          

        

        
          
          

        

      

      (iv) the
        First
        Lien on the related Mortgaged Property;

       

      Any
        security agreement, chattel mortgage or equivalent document related to and
        delivered in connection with the Mortgage Loan establishes and creates a
        valid,
        subsisting and enforceable second lien and second priority security interest
        on
        the property described therein and the Company has full right to sell and
        assign
        the same to the Purchaser;

       

      (m) Full
        Disbursement of Proceeds:
        The
        proceeds of the Mortgage Loan have been fully disbursed or credited to or
        for
        the account of the Mortgagor, and there is no requirement for future advances
        thereunder and any and all requirements as to completion of any on-site or
        off-site improvement and as to disbursements of any escrow funds therefor
        have
        been complied with. Any and all requirements as to completion of any on-site
        or
        off-site improvements and any and all requirements as to disbursements of
        escrow
        funds for such improvements have been complied with. All costs, fees and
        expenses incurred in making or closing the Mortgage Loan and the recording
        of
        the Mortgage were paid, and the Mortgagor is not entitled to any refund of
        any
        amounts paid or due under the Mortgage Note or Mortgage;

       

      (n) Consolidation
        of Future Advances:
        Any
        future advances made prior to the Cut-off Date have been consolidated with
        the
        outstanding principal amount secured by the Mortgage, and the secured principal
        amount, as consolidated, bears a single interest rate and single repayment
        term
        reflected on the Mortgage Loan Schedule. The lien of the Mortgage securing
        the
        consolidated principal amount is expressly insured as having second lien
        priority by a title insurance policy, an endorsement to the policy insuring
        the
        mortgagee’s consolidated interest or by other title evidence acceptable to
        Fannie Mae or Freddie Mac; the consolidated principal amount does not exceed
        the
        original principal amount of the Mortgage Loan; the Company shall not make
        future advances after the Cut-off Date;

       

      (o) Ownership:
        The
        Company is a sole legal, beneficial and equitable owner of the Mortgage Note
        and
        the Mortgage. The Company has full right and authority under all governmental
        and regulatory bodies having jurisdiction over the Company, subject to no
        interest or participation of, or agreement with, any party, to transfer and
        sell
        the Mortgage Loan to the Purchaser pursuant to this Agreement free and clear
        of
        any encumbrance or right of others, equity, lien, pledge, charge, mortgage,
        claim, participation interest or security interest of any nature (collectively,
        a “Lien”); and immediately upon the transfers and assignments herein
        contemplated, the Company shall have transferred and sold all of its right,
        title and interest in and to each Mortgage Loan to the Purchaser and the
        Purchaser will hold good, marketable and indefeasible title to, and be the
        owner
        of, each Mortgage Loan subject to no Lien;

       

      (p) Origination/Doing
        Business:
        The
        Mortgage Loan was originated by a savings and loan association, a savings
        bank,
        a commercial bank, a credit union, an insurance company, or similar institution
        that is supervised and examined by a federal or state authority or by a
        mortgagee approved by the Secretary of Housing and Urban Development pursuant
        to
        Sections 203 and 211 of the National Housing Act. All parties which have
        had any
        legal interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee
        or
        otherwise, are (or, during the period in which they held and disposed of
        such
        interest, were) (1) in compliance with any and all applicable licensing
        requirements of the laws of the state wherein the Mortgaged Property is located,
        and (2) either (A) organized under the laws of such state, (B) qualified or
        exempt from qualification to do business in such state, (C) federal savings
        and
        loan associations or national banks having principal offices in such state,
        or
        (D) not doing business in such state;

       

      
        
          
          

        

        
          Exhibit
            G-4

          
            

          

        

        
          
          

        

      

      (q) CLTV:
        No
        Mortgage Loan has an CLTV at origination in excess of 100%. 

       

      (r) Title
        Insurance:
        Unless
        the Mortgaged Property is located in the State of Iowa and an attorney’s
        certificate and/or a certificate of title guaranty has been obtained, each
        Mortgage Loan is covered by either an ALTA lender’s title insurance policy
        acceptable to Fannie Mae or Freddie Mac, issued by a title insurer acceptable
        to
        Fannie Mae or Freddie Mac, and qualified to do business in the jurisdiction
        where the Mortgaged Property is located, insuring the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan subject only to the exceptions contained
        in clauses (i), (ii), (iii) and (iv) of Paragraph (l) of this Exhibit G,
        or a
        last vested deed or title search showing the Mortgagor as the owner of the
        Mortgaged Property. Additionally, such lender’s title insurance policy
        affirmatively insures ingress and egress, and against encroachments by or
        upon
        the Mortgaged Property or any interest therein. Where required by state law
        or
        regulation, the Mortgagor has been given the opportunity to choose the carrier
        of such lender’s title insurance policy. The Company, its successors and
        assigns, are the sole insureds of such lender’s title insurance policy, and such
        lender’s title insurance policy is valid and remains in full force and effect
        and will be in full force and effect upon the consummation of the purchase
        of
        the Mortgage Loans as contemplated by this Agreement. No claims have been
        made
        under such lender’s title insurance policy, and no prior holder of the Mortgage,
        including the Company, has done, by act or omission, anything which would
        impair
        the coverage of such lender’s title insurance policy;

       

      (s) No
        Defaults:
        Other
        than payments due but not yet thirty (30) days or more delinquent, there
        is no
        default, breach, violation or event of acceleration existing under the Mortgage
        or the Mortgage Note and no event which, with the passage of time or with
        notice
        and the expiration of any grace or cure period, would constitute a default,
        breach, violation or event of acceleration, and neither the Company nor its
        predecessors have waived any default, breach, violation or event of
        acceleration. With
        respect to each Mortgage Loan, (i) any more senior mortgage on the related
        Mortgaged Property is in full force and effect, (ii) there is no default,
        breach, violation or event of acceleration existing under such senior mortgage
        or the related mortgage note, (iii) no event which, with the passage of time
        or
        with notice and the expiration of any grace or cure period, would constitute
        a
        default, breach, violation or event of acceleration thereunder, and (iv)
        applicable law requires, the mortgagee under the Mortgage Loan to receive
        notice
        of, and affords such mortgagee an opportunity to cure, any default by payment
        in
        full or otherwise under the prior mortgage;

       

      (t) No
        Mechanics’ Liens:
        There
        are no mechanics’ or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under the law could
        give
        rise to such liens) affecting the related Mortgaged Property which are or
        may be
        liens prior to, or equal with, the lien of the related Mortgage;

       

      (u) Location
        of Improvements; No Encroachments:
        Except
        as insured against by the title insurance policy referenced in Paragraph
        (r)
        above, all improvements which were considered in determining the Appraised
        Value
        of the Mortgaged Property lay wholly within the boundaries and building
        restriction lines of the Mortgaged Property and no improvements on adjoining
        properties encroach upon the Mortgaged Property. No improvement located on
        or
        being part of the Mortgaged Property is in violation of any applicable zoning
        law or regulation;

       

      
        
          
          

        

        
          Exhibit
            G-5

          
            

          

        

        
          
          

        

      

      (v) Payment
        Terms:
        Payments commenced no more than sixty (60) calendar days after the funds
        were
        disbursed to the Mortgagor in connection with the Mortgage Loan. The Mortgage
        Loans have an original term to maturity of not more than thirty (30) years,
        with
        interest payable in arrears on the date specified on the Mortgage Loan
        Schedule;

       

      (w) Balloon
        Payments, Graduated Payments or Contingent Interests:
        With
        respect to any Mortgage Loan which is identified on the Mortgage Loan Schedule
        as a Balloon Mortgage Loan, the Mortgage Note is payable in Monthly Payments
        which is sufficient to amortize the remaining principal balance of the Balloon
        Mortgage Loan. The Mortgage Loan is not a graduated payment mortgage loan
        and
        the Mortgage Loan does not have a shared appreciation or other contingent
        interest feature;

       

      (x) Customary
        Provisions:
        The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (i) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure. There
        is no homestead or other exemption (other than under the Servicemembers Civil
        Relief Act) available to a Mortgagor which would interfere with the right
        to
        sell the Mortgaged Property at a trustee’s sale or the right to foreclose the
        Mortgage;

       

      (y) Occupancy
        of the Mortgaged Property:
        As of
        the date of origination the Mortgaged Property was lawfully occupied under
        applicable law;

       

      (z) No
        Additional Collateral:
        The
        Mortgage Note is not and has not been secured by any collateral, pledged
        account
        or other security except the lien of the corresponding Mortgage and the security
        interest of any applicable security agreement or chattel mortgage referred
        to in
        Paragraph (l) above;

       

      (aa) Deeds
        of Trust:
        In the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Mortgagee to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (bb) Transfer
        of Mortgage Loans:
        With
        respect to each Mortgage that is not recorded in the name of MERS or its
        designee, the Assignment of Mortgage, upon the insertion of the name of MERS
        as
        assignee and recording information, is in recordable form and is acceptable
        for
        recording under the laws of the jurisdiction in which the related Mortgaged
        Property is located;

       

      (cc) Mortgaged
        Property Undamaged:
        The
        Mortgaged Property (and with respect to a Cooperative Loan, the related
        Cooperative Project and Cooperative Unit) is in good repair and undamaged
        by
        waste, fire, earthquake or earth movement, windstorm, hurricane, flood, tornado,
        mold or other casualty so as to affect adversely the value of the Mortgaged
        Property as security for the Mortgage Loan or the use for which the premises
        were intended;

       

      
        
          
          

        

        
          Exhibit
            G-6

          
            

          

        

        
          
          

        

      

      (dd) Customary
        Origination, Servicing and Collection Practices:
        The
        origination, collection and servicing practices used with respect to each
        Mortgage Loan have been in all respects legal, proper, prudent and customary
        in
        the mortgage origination and servicing industry;

       

      (ee) No
        Condemnation:
        There
        is no proceeding pending or, to the best of the Company’s knowledge, threatened,
        for the total or partial condemnation of the related Mortgaged
        Property;

       

      (ff) The
        Appraisal:
        With
        the exception of Mortgage Files related to conforming Mortgage Loans approved
        through DU which have qualified for a property inspection waiver, the Mortgage
        File contains an Appraisal of the related Mortgaged Property signed prior
        to the
        approval of the Mortgage Loan application by a Qualified Appraiser and the
        Appraisal and appraiser both satisfy the requirements of Fannie Mae or Freddie
        Mac, and Title XI of the Financial Institutions Reform, Recovery, and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated, to the extent required
        in
        the Underwriting Guidelines with respect to mortgage loans of the same type
        as
        the Mortgage Loan. If an automated valuation model (“AVM”) was used in lieu of a
        full Appraisal, such AVM was completed in accordance with the applicable
        Underwriting Guidelines;

       

      (gg) Hazard
        Insurance:
        All
        buildings on the Mortgaged Property are insured by an insurer acceptable
        to
        Fannie Mae or Freddie Mac and to prudent mortgage lending institutions, against
        loss by fire and such hazards as are covered under a standard extended coverage
        endorsement and such other hazards as are provided for in the Fannie Mae
        Guides
        or Freddie Mac Guides, as applicable, pursuant to insurance policies conforming
        to Accepted Practices, in an amount which is not less than the lesser of
        100% of
        the insurable value of the Mortgaged Property (as established by the insurer)
        or
        the outstanding principal balance of the Mortgage Loan (plus,
        with
        respect to any Second Lien Mortgage Loan, the outstanding principal balance
        of
        the related first lien mortgage loan, if any), as long as it equals the minimum
        amount (80% of the insurable value of the Mortgaged Property) required to
        compensate for any damage or loss on a replacement cost basis. If the Mortgaged
        Property is a condominium unit, it may be included under the coverage afforded
        by a blanket policy for the project. If the improvements on the Mortgaged
        Property are in an area identified in the Federal Register by the Federal
        Emergency Management Agency as having special flood hazards, then a flood
        insurance policy meeting the requirements of the current guidelines of the
        Federal Insurance Administration is in effect with a generally acceptable
        insurance carrier and such policy conforms to the requirements of Fannie
        Mae or
        Freddie Mac. Such flood insurance policy is in an amount representing coverage
        not less than the least of (A) 100% of the replacement cost of the dwelling,
        (B)
        the unpaid principal balance of the Mortgage Loan (subject to a minimum of
        80%
        of the replacement cost of the structure) and (C) the maximum amount of
        insurance which was available under the Flood Disaster Protection Act of
        1973,
        as amended. All individual insurance policies contain a standard mortgagee
        clause naming the Company and its successors and assigns as mortgagee, and
        all
        premiums thereon have been paid. The Mortgage obligates the Mortgagor thereunder
        to maintain a hazard insurance policy at the Mortgagor’s cost and expense, and
        on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to
        obtain and maintain such insurance at such Mortgagor’s cost and expense, and to
        seek reimbursement therefor from the Mortgagor. Each such insurance policy
        is
        the valid and binding obligation of the insurer, is in full force and effect,
        and will be in full force and effect and inure to the benefit of the Purchaser
        upon the consummation of the purchase of the Mortgage Loans as contemplated
        by
        this Agreement. The Company has not acted or failed to act so as to impair
        the
        coverage of any such insurance policy or the validity, binding effect and
        enforceability thereof;

       

      
        
          
          

        

        
          Exhibit
            G-7

          
            

          

        

        
          
          

        

      

      (hh) No
        Impairment of Insurance Coverage:
        No
        action, inaction, or event has occurred and no state of facts exists or has
        existed that has resulted or will result in the exclusion from, denial of,
        or
        defense to coverage under any applicable hazard insurance policy, PMI Policy
        or
        bankruptcy bond, irrespective of the cause of such failure of coverage. In
        connection with the placement of any such insurance, no commission, fee,
        or
        other compensation has been or will be received by the Company or any designee
        of the Company or any corporation or other entity which the Company or any
        officer, director, or employee had a financial interest at the time of placement
        of such insurance;

       

      (ii) Servicemembers
        Civil Relief Act:
        The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested by or allowed to the Mortgagor under the Servicemembers
        Civil
        Relief Act, as amended, or any similar state or local laws;

       

      (jj) No
        Construction Loans:
        No
        Mortgage Loan was made in connection with (i) the construction or rehabilitation
        of a Mortgaged Property or (ii) facilitating the trade-in or exchange of
        a
        Mortgaged Property other than a construction-to-permanent loan which has
        converted to a permanent Mortgage Loan;

       

      (kk) Underwriting:
        Each
        Mortgage Loan was underwritten in accordance with the applicable Underwriting
        Guidelines or if eligible for sale to Fannie Mae or Freddie Mac, through
        the DU,
        which Underwriting Guidelines satisfy the standards of prudent mortgage lenders
        of the same type of mortgage loans as the Mortgage Loans in the secondary
        market;

       

      (ll) Mortgage
        Loan Documents:
        The
        Mortgage Note and the Mortgage and all other documents in the related Mortgage
        File are on Fannie Mae or Freddie Mac uniform instruments or are on forms
        acceptable to Fannie Mae or Freddie Mac;

       

      (mm) No
        Bankruptcy:
        No
        Mortgagor was a debtor in any state or federal bankruptcy or insolvency
        proceeding at the time the Mortgage Loan was originated and, to the best
        of the
        Company’s knowledge, following the date of origination of the Mortgage Loan, the
        Mortgagor with respect to the Mortgage Loan was not a debtor in any state
        or
        federal bankruptcy or insolvency proceeding, and the Mortgaged Property has
        not
        been subject to any bankruptcy or foreclosure proceedings;

       

      (nn) Delivery
        of Mortgage Files:
        The
        Mortgage Loan Documents for the Mortgage Loans have been delivered to the
        Custodian, subject to the delivery requirements of this Agreement. The Company
        is in possession of a complete Mortgage File for each Mortgage Loan, except
        for
        such documents the originals of which have been delivered to the Custodian,
        and
        all documents required to be included in the Mortgage File shall be complete,
        executed as required and in compliance with applicable law. With respect
        to each
        Mortgage Loan for which a lost note affidavit has been delivered to the
        Custodian in place of the original Mortgage Note, the related Mortgage Note
        is
        no longer in existence, and, if such Mortgage Loan is subsequently in default,
        the enforcement of such Mortgage Loan or of the related Mortgage by or on
        behalf
        of the Purchaser will not be affected by the absence of the original Mortgage
        Note;

       

      
        
          
          

        

        
          Exhibit
            G-8

          
            

          

        

        
          
          

        

      

      (oo) Interest
        Calculation:
        Interest on each Mortgage Loan is calculated on the basis of a three hundred
        sixty (360) day year consisting of twelve (12) thirty (30) day months. No
        Mortgage Loan provides for interest payable on a simple interest basis. No
        Mortgage Loan provides for an increase in the related Mortgage Interest Rate
        upon the occurrence of a default under the terms of the related Mortgage
        Note;

       

      (pp) No
        Violation of Environmental Laws:
        The
        Mortgaged Property is free from any and all toxic or hazardous substances
        and
        there exists no violation of any local, state or federal environmental law,
        rule
        or regulation. There is no pending action or proceeding directly involving
        any
        Mortgaged Property of which the Company is aware in which compliance with
        any
        environmental law, rule or regulation is an issue;

       

      (qq) Prepayment
        Premiums:
        The
        information set forth in the applicable part of the Mortgage Loan Schedule
        relating to the existence of a Prepayment Premium
        is
        complete, true and correct in all material respects at the date or dates
        respecting which such information is furnished and each Prepayment Premium
        is
        permissible and enforceable in accordance with its terms upon the mortgagor’s
        full and voluntary principal prepayment under applicable law, except to the
        extent that: (1) the enforceability thereof may be limited by bankruptcy,
        insolvency, moratorium, receivership and other similar laws relating to
        creditors’ rights; (2) the collectability thereof may be limited due to
        acceleration in connection with a foreclosure or other involuntary prepayment;
        or (3) subsequent changes in applicable law may limit or prohibit enforceability
        thereof under applicable law;

       

      (rr) The
        Mortgagor:
        The
        Mortgagor is one or more natural persons and/or an Illinois land trust or
        a
“living trust” and such “living trust” is in compliance with Fannie Mae or
        Freddie Mac guidelines. In the event the Mortgagor is a trust, the trustee
        of
        such trust is a natural person and is a Mortgagor in his or her individual
        capacity;

       

      (ss) Texas
        Mortgage Loans:
        Each
        Mortgage Loan originated in the state of Texas pursuant to Article XVI, Section
        50(a)(6) of the Texas Constitution (a “Texas Refinance Loan”) has been
        originated in compliance with the provisions of Article XVI, Section 50(a)(6)
        of
        the Texas Constitution, Texas Civil Statutes and the Texas Finance Code.
        With
        respect to each Texas Refinance Loan that is a cash-out refinancing, the
        related
        Mortgage Loan Documents state that the Mortgagor may prepay such Texas Refinance
        Loan in whole or in part without incurring a Prepayment Charge;

       

      (tt) Homeownership
        and Equity Protection Act; No High Cost Loans:
        No
        Mortgage Loan is (a) covered by the Home Ownership and Equity Protection
        Act of
        1994 as amended (“HOEPA”), (b) a “high cost,” “threshold,” “covered,”
“predatory,” “abusive,” “high risk home” or similarly defined loan, including
        refinance loans, under any other applicable law (or a similarly classified
        loan
        using different terminology under a law imposing heightened regulatory scrutiny
        or additional legal liability for residential mortgage loans having high
        interest rates, points and/or fees), provided
        that any
        Mortgage Loan secured by a Mortgaged Property in Illinois characterized as
        a
“threshold” loan shall not be a “high cost” loan unless it is characterized as
“predatory” under applicable local law; the Company has implemented and
        conducted compliance procedures to determine if each Mortgage Loan is
“high-cost” home loan under any applicable federal, state or local law or (c) a
“High Cost Loan” or “Covered Loan,” as defined in the then current Standard
& Poor’s LEVELS®
        Version
        5.6 Glossary Revised, Appendix
        E.
        No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
        Ownership Act effective November 27, 2003 or as defined in the New Mexico
        Home
        Loan Protection Act effective January 1, 2004, as defined in the Massachusetts
        Predatory Home Loan Practices Act, effective November 7, 2004 (Mass.Ann.
        Laws
        Ch. 183C) or as defined in the Indiana Home Loan Practices Act, effective
        January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9) or a “high risk
        home loan” under the Illinois High Risk Home Loan Act, effective as of January
        1, 2004. Any breach of this representation shall be deemed to materially
        and
        adversely affect the interests of the owner of the Mortgage Loan;

       

      
        
          
          

        

        
          Exhibit
            G-9

          
            

          

        

        
          
          

        

      

      (uu) Due
        on
        Sale:
        The
        Mortgage contains an enforceable provision, to the extent not prohibited
        by
        applicable law as of the date of such Mortgage, for the acceleration of the
        payment of the unpaid principal balance of the Mortgage Loan in the event
        that
        the Mortgaged Property is sold or transferred without the prior written consent
        of the mortgagee thereunder;

       

      (vv) Adjustments:
        All of
        the terms of the related Mortgage Note pertaining to interest adjustments,
        payment adjustments and adjustments of the outstanding principal balance,
        if
        any, are enforceable and such adjustments on such Mortgage Loan have been
        made
        properly and in accordance with the provisions of such Mortgage Loan, including
        any required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien;

       

      (ww) Leaseholds:
        If a
        Mortgage Loan is secured by a leasehold estate, then (A) the Mortgagor is
        the
        owner of a valid and subsisting leasehold interest under such ground lease;
        (B)
        such ground lease is in full force and effect, unmodified and not supplemented
        by any writing or otherwise; (C) all rent, additional rent and other charges
        reserved therein have been fully paid to the extent payable as of the related
        Closing Date; (D) the Mortgagor enjoys the quiet and peaceful possession
        of the
        leasehold estate; (E) the Mortgagor is not in default under any of the terms
        of
        such ground lease, and there are no circumstances which, with the passage
        of
        time or the giving of notice, or both, would result in a default under such
        ground lease; (F) the lessor under such ground lease is not in default under
        any
        of the terms or provisions of such ground lease on the part of the lessor
        to be
        observed or performed; (G) the lessor under such ground lease has satisfied
        any
        repair or construction obligations due as of the related Closing Date pursuant
        to the terms of such ground lease; (H) the execution, delivery and performance
        of the Mortgage do not require the consent (other than those consents which
        have
        been obtained and are in full force and effect) under, and will not contravene
        any provision of or cause a default under, such ground lease; (I) the term
        of
        such lease does not terminate earlier than five (5) years after the maturity
        date of the Mortgage Note; (J) the ground lease is assignable or transferable;
        (K) the ground lease does not provide for termination of the lease in the
        event
        of lessee’s default without the mortgagee being entitled to receive written
        notice of, and a reasonable opportunity to cure the default; (L) the ground
        lease permits the mortgaging of the related Mortgaged Property; (M) the ground
        lease protects the mortgagee’s interests in the event of a property
        condemnation; and (N) the use of leasehold estates for residential properties
        is
        a widely accepted practice in the jurisdiction in which the Mortgaged Property
        is located;

       

      
        
          
          

        

        
          Exhibit
            G-10

          
            

          

        

        
          
          

        

      

      (xx) Compliance
        with Anti-Money Laundering Laws:
        No
        Mortgage Loan is subject to nullification pursuant to Executive Order 13224
        (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
        Assets Control of the United States Department of the Treasury (the “OFAC
        Regulations”) or in violation of the Executive Order or the OFAC Regulations,
        and no Mortgagor is subject to the provisions of such Executive Order or
        the
        OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
        Regulations;

       

      (yy) Refinanced
        Mortgage Loans:
        No
        Mortgage Loan is a refinanced subsidized mortgage loan that contains terms
        more
        favorable to the related Mortgagor;

       

      (zz) Prepayment
        Premiums:
        Prepayment Premiums on the Mortgage Loans are applicable to prepayments
        resulting from both refinancings and sales of the related Mortgaged Properties
        and the terms of such Prepayment Premiums do not provide for a waiver or
        release
        (i.e., “holidays”) during the term of the Prepayment Premium. No Mortgage Loan
        provides for the payment of a Prepayment Premium beyond the three-year term
        following the origination of the Mortgage Loan. With respect to any Mortgage
        Loan that contains a provision permitting imposition of a Prepayment Premium:
        (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed to such
        Prepayment Premium in exchange for a monetary benefit, including, but not
        limited to, a rate or fee reduction, (ii) prior to the Mortgage Loan’s
        origination, the Mortgagor was offered the choice of another mortgage product
        that did not require payment of such a premium, (iii) the Prepayment Premium
        is
        disclosed to the Mortgagor in the loan documents pursuant to applicable state
        and federal law, and (iv) notwithstanding any state or federal law to the
        contrary, the Company shall not impose such Prepayment Premium in any instance
        when the mortgage debt is accelerated as the result of the Mortgagor’s default
        in making the Monthly Payments;

       

      (aaa) Credit
        Information:
        As to
        each consumer report (as defined in the Fair Credit Reporting Act, Public
        Law
        91-508) or other credit information furnished by the Company to the Purchaser,
        the Company has full right and authority and is not precluded by the Fair
        Credit
        Act or contract from furnishing such information to the Purchaser;

       

      (bbb) No
        Litigation Pending:
        There
        is no action, suit, proceeding or investigation pending, or to the Company’s
        knowledge threatened, that is related to the Mortgage Loan and likely to
        affect
        materially and adversely the servicing of such Mortgage Loan;

       

      (ccc) No
        Arbitration Provisions:
        No
        Mortgagor agreed to submit to arbitration to resolve any dispute arising
        out of
        or relating in any way to the related Mortgage Loan or the origination thereof;
        and

       

      (ddd) Down
        Payment:
        The
        source of the down payment, if any, with respect to each Mortgage Loan has
        been
        fully verified by the Originator as and if required pursuant to the Underwriting
        Guidelines.

       

      (eee) Georgia
        Mortgage Loans:
        No
        Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
        is
        governed by the Georgia Fair Lending Act. 

      
        
          
          

        

        
          Exhibit
            G-11

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

       

      MORTGAGE
        LOAN SCHEDULE

       

      (attached)

      
        
          
          

        

        
          Exhibit
            H-1

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        I

       

      SCHEDULE
        OF UNDERLYING SELLERS AND UNDERLYING AGREEMENTS

       

      
        	
                Underlying
                  Seller

              	 	
                Underlying
                  Agreement related to Underlying Seller

              
	
                American
                  Home Mortgage Corp.

              	 	
                Mortgage
                  Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                  January 1, 2007 by and among SunTrust Asset Funding, LLC, as
                  Purchaser, American Home Mortgage Corp., as Company, and American
                  Home
                  Mortgage Servicing, Inc., as Interim Servicer

              
	 	 	 
	
                New
                  Century Mortgage Corporation

              	 	
                Mortgage
                  Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                  December 1, 2006 by and among SunTrust Asset Funding, LLC, as
                  Purchaser, and New Century Mortgage Corporation, as
                  Company

              
	 	 	 
	
                Quicken
                  Loans Inc.

              	 	
                Mortgage
                  Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                  February 1, 2007 by and among SunTrust Asset Funding, LLC, as
                  Purchaser, and Quicken Loans Inc., as Company

              
	 	 	 
	
                People’s
                  Choice Home Loan, Inc.

              	 	
                Mortgage
                  Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                  January 1, 2007 by and among SunTrust Asset Funding, LLC, as
                  Purchaser, and People’s Choice Home Loan, Inc., as
                  Company

              
	 	 	 
	
                Lancaster
                  Mortgage Bankers, LLC

              	 	
                Mortgage
                  Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                  February 1, 2007 by and among SunTrust Asset Funding, LLC, as
                  Purchaser, and Lancaster Mortgage Bankers, LLC, as
                  Company

              
	 	 	 
	
                Fidelity
                  & Trust Mortgage, Inc.

              	 	
                Mortgage
                  Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                  January 1, 2007 by and among SunTrust Asset Funding, LLC, as
                  Purchaser, and Fidelity & Trust Mortgage, Inc., as
                  Company

              
	 	 	 
	
                DB
                  Structured Products, Inc.

              	 	
                Mortgage
                  Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                  March 1, 2007 by and among SunTrust Asset Funding, LLC, as
                  Purchaser, and DB Structured Products, Inc., as
                  Company

              

      

       

      
        
          
          

        

        
          Exhibit
            I-1

          
            

          

        

        
          
          

        

      

       

      
        	
                (i)
                  Option One Mortgage Corporation, (ii) Option One Mortgage Capital
                  Corporation, 

                (iii)
                  Option One Owner Trust 2001-1A, 

                (iv)
                  Option One Owner Trust 2001-1B, (v) Option One Owner Trust 2001-2,
                  (vi) Option One Owner Trust 2002-3, (vii) Option One Owner Trust
                  2003-4, (viii) Option One Owner Trust 2003-5, (ix) Option One
                  Owner Trust 2005-6, (x) Option One Owner Trust 2005-7,
                  (xi) Option One Owner Trust 2005-8, and (xii) Option One Owner
                  Trust 2005-9

              	 	
                Mortgage
                  Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                  December 1, 2006 by and among SunTrust Asset Funding, LLC, as
                  Purchaser, Option One Mortgage Corporation, as Company and Seller,
                  Option
                  One Mortgage Capital Corporation, as Seller and Obligor, Option
                  One Owner
                  Trust 2001-1A, as Seller, Option One Owner Trust 2001-1B, as Seller,
                  Option One Owner Trust 2001-2, as Seller, Option One Owner Trust
                  2002-3,
                  as Seller, Option One Owner Trust 2003-4, as Seller, Option One
                  Owner
                  Trust 2003-5, as Seller, Option One Owner Trust 2005-6, as Seller,
                  Option
                  One Owner Trust 2005-7, as Seller, Option One Owner Trust 2005-8,
                  as
                  Seller, and Option One Owner Trust 2005-9, as Seller

              
	 	 	 
	
                First
                  Financial Equities, Inc.

              	 	
                Mortgage
                  Loan Flow Purchase, Sale and Interim Servicing Agreement dated
                  March 1, 2007 by and among SunTrust Asset Funding, LLC, as
                  Purchaser, and First Financial Equities, Inc., as
                  Company

              

      

       

       

      
        
           

        

        
          Addendum
            I-2

          
            

          

        

        
           

        

      

      
 

    

    EXHIBIT
      C

     

    TRANSACTION
      PARTIES

    

    (i) SunTrust
      Asset Funding, LLC (the sponsor);

    

    (ii) ACE
      Securities Corp. (the depositor);

    

    (iii) SunTrust
      Acquisition Closed-End Seconds Trust, Series 2007-1 (the issuing
      entity);

    

    (iv) GMAC
      Mortgage LLC (servicer);

    

    (v) Wells
      Fargo Bank, National Association (master servicer and securities administrator);
      

    

    (vi) American
      Home Mortgage Corp. (an originator);

    

    (vii) New
      Century Mortgage Corporation (an originator);

    

    (viii) Bear
      Stearns Financial Products, Inc. (swap provider);

    

    (ix) Clayton
      Fixed Income Services Inc. (credit risk manager);

    

    (x) XL
      Capital Assurance Inc. (certificate insurer);

    

    (xi) Deutsche
      Bank National Trust Company (custodian); 

    

    (xii) HSBC
      Bank
      USA, National Association (the trustee);

    

    (xiii) SunTrust
      Robinson Humphrey (lead underwriter), a division of SunTrust Capital Markets,
      Inc.;

     

    (xiv) Deutsche
      Bank Securities (lead underwriter); and

    

    (xv) Bear,
      Stearns & Co, Inc. (co-manager).

     

    
      
        
        

      

      
        Exhibit
          C-1

        
          

        

      

       

    

    EXHIBIT
      D

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 5.06(a)(ii) of the Pooling and Servicing Agreement. 

    

    Under
      Item 1 of Form 10-D: a) items marked “monthly statement” are required to be
      included in the periodic Distribution Date statement under Section 5.02 of
      the
      Pooling and Servicing Agreement, provided by the Securities Administrator based
      on information received from the Master Servicer; and b) items marked “Form 10-D
      report” are required to be in the Form 10-D report but not the monthly
      statement, provided by the party indicated. Information under all other Items
      of
      Form 10-D is to be included in the Form 10-D report.

     

    
      
        	
                Form

              	 	
                Item

              	 	
                Description 

              	 	 
	 	 	 	 	 	 	 
	
                10-D

              	 	 	 	 	 	 
	 	 	
                1

              	 	
                Distribution
                  and Pool Performance Information

              	 	
                Sponsor

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Item
                  1121(a) –
                  Distribution and Pool Performance Information

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	 	 

      

       

      
        
          
          

        

        
          Exhibit
            D-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Form

              	 	
                Item

              	 	
                Description 

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average remaining term, pool factors and prepayment
                  amounts.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (9)
                  Delinquency and loss information for the period.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool assets.
                  (methodology)

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, any pool asset changes (other than in connection
                  with a pool asset converting into cash in accordance with its terms),
                  such
                  as additions or removals in connection with a prefunding or revolving
                  period and pool asset substitutions and repurchases (and purchase
                  rates,
                  if applicable), and cash flows available for future purchases,
                  such as the
                  balances of any prefunding or revolving accounts, if
                  applicable.

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                 

                Updated
                  pool information as required under Item 1121(b).

              	 	 

      

       

      
        
          
          

        

        
          Exhibit
            D-2

          
            

          

        

        
          
          

        

      

       

      
        	
                Form

              	 	
                Item

              	 	
                Description 

              	 	 
	 	 	 	 	 	 	 
	 	 	
                2

              	 	
                Legal
                  Proceedings

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Sponsor
                  (Seller)

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Depositor

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Trustee

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Issuing
                  entity

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Securities
                  Administrator

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Custodian

              	 	 
	 	 	 	 	 	 	 
	 	 	
                3

              	 	
                Sales
                  of Securities and Use of Proceeds

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

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, as applicable, 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.

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	
                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)

              	 	 
	 	 	 	 	 	 	 
	 	 	
                5

              	 	
                Submission
                  of Matters to a Vote of Security Holders

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

              	 	 
	 	 	 	 	 	 	 
	 	 	
                6

              	 	
                Significant
                  Obligors of Pool Assets

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

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

              	 	 
	 	 	 	 	 	 	 
	 	 	
                7

              	 	
                Significant
                  Enhancement Provider Information

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

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Determining
                  applicable disclosure threshold

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information*

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Determining
                  current maximum probable exposure

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Determining
                  current significance percentage

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 

      

       

      
        
          
          

        

        
          Exhibit
            D-3

          
            

          

        

        
          
          

        

      

       

      
        	
                Form

              	 	
                Item

              	 	
                Description

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

              	 	 
	 	 	 	 	 	 	 
	 	 	
                8

              	 	
                Other
                  Information

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

              	 	 
	 	 	 	 	 	 	 
	 	 	
                9

              	 	
                Exhibits

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Distribution
                  report

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

              	 	 
	 	 	 	 	 	 	 
	
                8-K

              	 	 	 	 	 	 
	 	 	
                1.01

              	 	
                Entry
                  into a Material Definitive Agreement

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                 

                Examples:
                  servicing agreement, custodial agreement.

                 

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	 	
                X
                  (if Master Servicer, Securities Administrator and Trustee not a
                  party)

              
	 	 	 	 	 	 	 
	 	 	
                1.02

              	 	
                Termination
                  of a Material Definitive Agreement

              	 	
                X
                  (if Master Servicer, Securities Administrator and Trustee not a
                  party)

              
	 	 	 	 	
                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.

              	 	 
	 	 	 	 	 	 	 
	 	 	
                1.03

              	 	
                Bankruptcy
                  or Receivership

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Sponsor, with respect to any of the following: 

                 

                Sponsor
                  (Seller), Depositor, Master Servicer, affiliated Servicer, other
                  Servicer
                  servicing 20% or more of pool assets at time of report, other material
                  servicers, Certificate Administrator, Trustee, significant obligor,
                  credit
                  enhancer (10% or more), derivatives counterparty,
                  Custodian

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	
                2.04

              	 	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

              	 	 

      

       

      
        
          
          

        

        
          Exhibit
            D-4

          
            

          

        

        
          
          

        

      

       

      
        	
                Form

              	 	
                Item

              	 	
                Description

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                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 statement

              	 	 
	 	 	 	 	 	 	 
	 	 	
                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

              	 	
                X
                  (if Master Servicer, Securities Administrator and Trustee not a
                  party)

              
	 	 	 	 	 	 	 
	 	 	
                5.03

              	 	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	 	 
	 	 	 	 	 	 	 
	 	 	
                5.06

              	 	
                Change
                  in Shell Company Status

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                [Not
                  applicable to ABS issuers]

              	 	 
	 	 	 	 	 	 	 
	 	 	
                6.01

              	 	
                ABS
                  Informational and Computational Material

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                [Not
                  included in reports to be filed under Section 3.18]

              	 	 
	 	 	 	 	 	 	 
	 	 	
                6.02

              	 	
                Change
                  of Servicer or Trustee

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers, certificate
                  administrator or trustee. 

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Reg
                  AB disclosure about any new servicer (from entity appointing new
                  servicer)
                  or trustee (from Depositor) is also required.

              	 	 
	 	 	 	 	 	 	 
	 	 	
                6.03

              	 	
                Change
                  in Credit Enhancement or Other External Support

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

              	 	
                X

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

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	
                6.04

              	 	
                Failure
                  to Make a Required Distribution

              	 	 
	 	 	 	 	 	 	 
	 	 	
                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.

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                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.

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	
                7.01

              	 	
                Regulation
                  FD Disclosure

              	 	
                X

              

      

       

      
        
          
          

        

        
          Exhibit
            D-5

          
            

          

        

        
          
          

        

      

       

      
        	
                Form

              	 	
                Item

              	 	
                Description

              	 	 
	 	 	 	 	 	 	 
	 	 	
                8.01

              	 	
                Other
                  Events

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the Sponsor deems of importance to security
                  holders.

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	
                9.01

              	 	
                Financial
                  Statements and Exhibits

              	 	 
	 	 	 	 	 	 	 
	
                10-K

              	 	 	 	 	 	 
	 	 	
                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

              	 	 
	 	 	 	 	 	 	 
	 	 	
                15

              	 	
                Exhibits
                  and Financial Statement Schedules

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	 	
                X

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

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Determining
                  applicable disclosure threshold

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Determining
                  current maximum probable exposure

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Determining
                  current significance percentage

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

              	 	 
	 	 	 	 	
                Sponsor
                  (Seller)

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Depositor

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Trustee

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Issuing
                  entity

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Securities
                  Administrator

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Custodian

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Sponsor
                  (Seller)

              	 	
                X

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Depositor

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Trustee

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Securities
                  Administrator

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	 	
                X

              

      

       

      
        
          
          

        

        
          Exhibit
            D-6

          
            

          

        

        
          
          

        

      

       

      
        	
                Form

              	
                 

              	
                Item

              	 	
                Description

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Custodian

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Credit
                  Enhancer/Support Provider

              	 	
                X
                  (to the extent provided to the Sponsor)

              
	 	 	 	 	 	 	 
	 	 	 	 	
                Significant
                  Obligor

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	 	 
	 	 	 	 	 	 	 
	 	 	 	 	
                Item
                  1123 - Servicer Compliance Statement

              	 	 

      

    

     

    
      
        
        

      

      
        Exhibit
          D-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    **SENT
      VIA FAX TO [_XXX)XXX-XXXX] AND VIA EMAIL TO [_________________] AND VIA
      OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW:

     

    Wells
      Fargo Bank, N.A. as Securities Administrator

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

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

     

    Attn:
      Corporate Trust Services - STACS 2007-1 – SEC REPORT
      PROCESSING

     

    ACE
      Securities Corp.

    6525
      Morrison Boulevard, Suite 318

    Charlotte,
      North Carolina 28211

    Fax:
      (704) 365-1362)

    Attn:
      Juliana Johnson

     

    RE:
      **
      Additional Form [10-D][10-K][8-K] Disclosure** Required

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [__] of the Pooling and Servicing Agreement, dated
      as of [________] [__], 2007 among [_____________], as [______], [_____________],
      as [______], [_____________], as [______] and [_____________], as [______],
      the
      undersigned, as [______], hereby notifies you that certain events have come
      to
      our attention that [will] [may] need to be disclosed on Form
      [10-D][10-K][8-K].

     

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

     

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure: 

     

    Any
      inquiries related to this notification should be directed to [_____________],
      phone number: [______]; email address: [_________________].

     

    
      
        
        

      

      
        Exhibit
          E-1

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              [NAME
                OF PARTY],

              
                as
                  [role]

              

            
	 
 	 
 	 
 
	
            	By:  	 
	 	
              
Name:
	 	Title: 

    

     

    
      
        
        

      

      
        Exhibit
          E-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      G

     

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

     

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 5.06(a)(ii). 

    

    Under
      Item 1 of Form 10-D: a) items marked “monthly statement” are required to be
      included in the periodic Distribution Date statement under Section 5.02,
      provided by the Securities Administrator based on information received from
      the
      Master Servicer; and b) items marked “Form 10-D report” are required to be in
      the Form 10-D report but not the monthly statement, provided by the party
      indicated. Information under all other Items of Form 10-D is to be included
      in
      the Form 10-D report.

    
      

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	
                  10-D

                	 	
                  Must
                    be filed within 15 days of the distribution date for the asset-backed
                    securities.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  1

                	 	
                  Distribution
                    and Pool Performance Information

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Item
                    1121(a) - Distribution and Pool Performance
                    Information

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (1)
                    Any applicable record dates, accrual dates, determination dates
                    for
                    calculating distributions and actual distribution dates for the
                    distribution period.

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (2)
                    Cash flows received and the sources thereof for distributions,
                    fees and
                    expenses.

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

          

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  (3)
                    Calculated amounts and distribution of the flow of funds for
                    the period
                    itemized by type and priority of payment, including:

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (i)
                    Fees or expenses accrued and paid, with an identification of
                    the general
                    purpose of such fees and the party receiving such fees or
                    expenses.

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (ii)
                    Payments accrued or paid with respect to enhancement or other
                    support
                    identified in Item 1114 of Regulation AB (such as insurance premiums
                    or
                    other enhancement maintenance fees), with an identification of
                    the general
                    purpose of such payments and the party receiving such
                    payments.

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 

        

         

        
          
            
            

          

          
            G-2

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  (iii)
                    Principal, interest and other distributions accrued and paid
                    on the
                    asset-backed securities by type and by class or series and any
                    principal
                    or interest shortfalls or carryovers.

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (iv)
                    The amount of excess cash flow or excess spread and the disposition
                    of
                    excess cash flow.

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (4)
                    Beginning and ending principal balances of the asset-backed
                    securities.

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (5)
                    Interest rates applicable to the pool assets and the asset-backed
                    securities, as applicable. Consider providing interest rate information
                    for pool assets in appropriate distributional groups or incremental
                    ranges.

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 

        

         

        
          
            
            

          

          
            G-3

            
              

            

          

          
            
            

          

        

          

        
          	 

                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  (6)
                    Beginning and ending balances of transaction accounts, such as
                    reserve
                    accounts, and material account activity during the period.

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (7)
                    Any amounts drawn on any credit enhancement or other support
                    identified in
                    Item 1114 of Regulation AB, as applicable, and the amount of
                    coverage
                    remaining under any such enhancement, if known and
                    applicable.

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (8)
                    Number and amount of pool assets at the beginning and ending
                    of each
                    period, and updated pool composition information, such as weighted
                    average
                    coupon, weighted average remaining term, pool factors and prepayment
                    amounts.

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	
                  Updated
                    pool composition information fields to be as specified by Depositor
                    from
                    time to time

                	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (9)
                    Delinquency and loss information for the period.

                	 	
                  X

                	 	
                  X

                	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  In
                    addition, describe any material changes to the information specified
                    in
                    Item 1100(b)(5) of Regulation AB regarding the pool assets.
                    (methodology)

                	 	
                  X

                	 	
                  X

                	 	 	 	 	 	 	 	 	 	 

        

         

        
          
            
            

          

          
            G-4

            
              

            

          

          
            
            

          

        

          

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  (10)
                    Information on the amount, terms and general purpose of any advances
                    made
                    or reimbursed during the period, including the general use of
                    funds
                    advanced and the general source of funds for
                    reimbursements.

                	 	
                  X

                	 	
                  X

                	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (11)
                    Any material modifications, extensions or waivers to pool asset
                    terms,
                    fees, penalties or payments during the distribution period or
                    that have
                    cumulatively become material over time.

                	 	
                  X

                	 	
                  X

                	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (12)
                    Material breaches of pool asset representations or warranties
                    or
                    transaction covenants.

                	 	
                  X

                	 	
                  X

                	 	 	 	 	 	 	 	 	 	
                  X

                

        

         

        
          
            
            

          

          
            G-5

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  (13)
                    Information on ratio, coverage or other tests used for determining
                    any
                    early amortization, liquidation or other performance trigger
                    and whether
                    the trigger was met.

                	 	 	 	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  (14)
                    Information regarding any new issuance of asset-backed securities
                    backed
                    by the same asset pool, any pool asset changes (other than in
                    connection
                    with a pool asset converting into cash in accordance with its
                    terms), such
                    as additions or removals in connection with a prefunding or revolving
                    period and pool asset substitutions and repurchases (and purchase
                    rates,
                    if applicable), and cash flows available for future purchases,
                    such as the
                    balances of any prefunding or revolving accounts, if
                    applicable.

                	 	
                  X

                	 	
                  X

                	 	
                  X

                	 	 	 	 	 	 	 	
                  X

                

        

         

        
          
            
            

          

          
            G-6

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  Disclose
                    any material changes in the solicitation, credit-granting, underwriting,
                    origination, acquisition or pool selection criteria or procedures,
                    as
                    applicable, used to originate, acquire or select the new pool
                    assets.

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Item
                    1121(b) - Pre-Funding or Revolving Period Information

                   

                  Updated
                    pool information as required under Item 1121(b).

                	 	
                  N/A

                	 	
                  N/A

                	 	
                  N/A

                	 	
                  N/A

                	 	
                  N/A

                	 	
                  N/A

                	 	
                  N/A

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  2

                	 	
                  Legal
                    Proceedings

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                

        

         

        
          
            
            

          

          
            G-7

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  Depositor

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Trustee

                	 	 	 	 	 	 	 	 	 	
                  X

                	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Issuing
                    entity

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Master
                    Servicer, affiliated Servicers, other Servicer servicing 20%
                    or more of
                    pool assets at time of report, other material servicers

                	 	
                  X

                	 	
                  X

                	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Securities
                    Administrator

                	 	 	 	 	 	
                  X

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Custodian

                	 	 	 	 	 	 	 	
                  X

                	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  3

                	 	
                  Sales
                    of Securities and Use of Proceeds

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

                   

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

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                

        

         

        
          
            
            

          

          
            G-8

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	
                  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)

                	 	 	 	 	 	
                  X

                	 	 	 	
                  X

                	 	 	 	 

        

         

        
          
            
            

          

          
            G-9

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	
                  5

                	 	
                  Submission
                    of Matters to a Vote of Security Holders

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

                	 	 	 	 	 	
                  X

                	 	 	 	
                  X

                	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  6

                	 	
                  Significant
                    Obligors of Pool Assets

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	 	
                  N/A

                	 	
                  N/A

                	 	
                  N/A

                	 	
                  N/A

                	 	
                  N/A

                	 	
                  N/A

                	 	
                  N/A

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

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  7

                	 	
                  Significant
                    Enhancement Provider Information

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

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Determining
                    applicable disclosure threshold

                	 	 	 	 	 	
                  X

                	 	 	 	 	 	 	 	
                  X

                

        

         

        
          
            
            

          

          
            G-10

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	 	
                  X

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information*

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Determining
                    current maximum probable exposure

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Determining
                    current significance percentage

                	 	 	 	 	 	
                  X

                	 	 	 	 	 	 	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	 	
                  X

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

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  8

                	 	
                  Other
                    Information

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

                	 	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    below.

                

        

         

        
          
            
            

          

          
            G-11

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	
                  9

                	 	
                  Exhibits

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Distribution
                    report

                	 	 	 	 	 	
                  X

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

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                  8-K

                	 	
                  Must
                    be filed within four business days of an event reportable on
                    Form
                    8-K.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  1.01

                	 	
                  Entry
                    into a Material Definitive Agreement

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a party.
                    

                   

                  Examples:
                    servicing agreement, custodial agreement.

                   

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	 	
                  X

                	 	
                  X

                	 	
                  X
                    (if Master Servicer is not a party)

                	 	 	 	
                  X
                    (if Master Servicer and Securities Administrator are not
                    parties)

                	 	 	 	
                  X
                    (if Master Servicer, Securities Administrator and Trustee are
                    not
                    parties)

                

        

         

        
          
            
            

          

          
            G-12

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	
                  1.02

                	 	
                  Termination
                    of a Material Definitive Agreement

                	 	
                  X

                	 	
                  X

                	 	
                  X(if
                    Master Servicer is not a party)

                	 	 	 	
                  X
                    (if Master Servicer and Securities Administrator are not
                    parties)

                	 	 	 	
                  X
                    (if Master Servicer, Securities Administrator and Trustee are
                    not
                    parties)

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  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.

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  1.03

                	 	
                  Bankruptcy
                    or Receivership

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  
                    Disclosure
                      is required regarding the bankruptcy or receivership, if known
                      to the
                      Master Servicer, with respect to any of the following: 

                     

                  

                  Sponsor
                    (Seller), Depositor, Master Servicer, affiliated Servicers, other
                    Servicer
                    servicing 20% or more of pool assets at time of report, other
                    material
                    servicers, Certificate Administrator, Trustee, significant obligor,
                    credit
                    enhancer (10% or more), derivatives counterparty,
                    Custodian

                	 	
                  X

                	 	
                  X

                	 	
                  X

                	 	
                  X

                	 	
                  X

                	 	
                  X

                	 	
                  X

                

        

         

        
          
            
            

          

          
            G-13

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	
                  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 statement

                	 	 	 	
                  X

                	 	
                  X

                	 	 	 	 	 	 	 	 

        

         

        
          
            
            

          

          
            G-14

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	
                  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

                	 	 	 	
                  X

                	 	
                  X

                	 	 	 	
                  X

                	 	 	 	
                  X
                    (if Master Servicer, Securities Administrator and Trustee are
                    not
                    parties)

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  5.03

                	 	
                  Amendments
                    to Articles of Incorporation or Bylaws; Change in Fiscal
                    Year

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Disclosure
                    is required of any amendment “to the governing documents of the issuing
                    entity”

                	 	 	 	 	 	 	 	 	 	
                  X

                	 	
                  X

                	 	 

        

         

        
          
            
            

          

          
            G-15

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	
                  5.06

                	 	
                  Change
                    in Shell Company Status

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  [Not
                    applicable to ABS issuers]

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  6.01

                	 	
                  ABS
                    Informational and Computational Material

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  [Not
                    included in reports to be filed under Section 3.18]

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  6.02

                	 	
                  Change
                    of Servicer or Trustee

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master servicer, affiliated servicer, other servicer servicing
                    10% or more
                    of pool assets at time of report, other material servicers, certificate
                    administrator or trustee. 

                	 	
                  X

                	 	
                  X

                	 	
                  X

                	 	 	 	
                  X

                	 	
                  X

                	 	 

        

         

        
          
            
            

          

          
            G-16

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  Reg
                    AB disclosure about any new servicer (from entity appointing
                    new servicer)
                    or trustee (from Depositor) is also required.

                	 	
                  X

                	 	 	 	 	 	 	 	
                  X

                	 	
                  X

                	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  6.03

                	 	
                  Change
                    in Credit Enhancement or Other External Support

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

                	 	 	 	 	 	
                  X

                	 	 	 	
                  X

                	 	 	 	
                  X

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

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  6.04

                	 	
                  Failure
                    to Make a Required Distribution

                	 	 	 	 	 	
                  X

                	 	 	 	
                  X

                	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  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.

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                

        

         

        
          
            
            

          

          
            G-17

            
              

            

          

          
            
            

          

        

         

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  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.

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  7.01

                	 	
                  Regulation
                    FD Disclosure

                	 	
                  X

                	 	
                  X

                	 	
                  X

                	 	 	 	
                  X

                	 	
                  X

                	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  8.01

                	 	
                  Other
                    Events

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Any
                    event, with respect to which information is not otherwise called
                    for in
                    Form 8-K, that the Sponsor deems of importance to security
                    holders.

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  9.01

                	 	
                  Financial
                    Statements and Exhibits

                	 	
                  The
                    Responsible Party applicable to reportable event.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                  10-K

                	 	
                  Must
                    be filed within 90 days of the fiscal year end for the
                    registrant.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                  9B

                	 	
                  Other
                    Information

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

                	 	
                  The
                    Responsible Party for the applicable Form 8-K as indicated
                    above.

                

        

         

        
          
            
            

          

          
            G-18

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	
                  15

                	 	
                  Exhibits
                    and Financial Statement Schedules

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	
                  X

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

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Determining
                    applicable disclosure threshold

                	 	 	 	 	 	
                  X

                	 	 	 	 	 	 	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	 	
                  X

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Determining
                    current maximum probable exposure

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                

        

         

        
          
            
            

          

          
            G-19

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  Determining
                    current significance percentage

                	 	 	 	 	 	
                  X

                	 	 	 	 	 	 	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	 	
                  X

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Depositor

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Trustee

                	 	 	 	 	 	 	 	 	 	
                  X

                	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Issuing
                    entity

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Master
                    Servicer, affiliated Servicers, other Servicer servicing 20%
                    or more of
                    pool assets at time of report, other material servicers

                	 	
                  X

                	 	
                  X

                	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Securities
                    Administrator

                	 	 	 	 	 	
                  X

                	 	 	 	 	 	 	 	 

        

         

        
          
            
            

          

          
            G-20

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Custodian

                	 	 	 	 	 	 	 	
                  X

                	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Item
                    1119 - Affiliations and relationships between the following entities,
                    or
                    their respective affiliates, that are material to
                    Certificateholders:

                	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	 	 	 	 	 	 	 	 	
                  X

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Depositor

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Trustee

                	 	 	 	 	 	 	 	 	 	
                  X (with
                    respect to 1119(a) affiliations only)

                	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Master
                    Servicer, affiliated Servicers, other Servicer servicing 20%
                    or more of
                    pool assets at time of report, other material servicers

                	 	
                  X

                	 	
                  X

                	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Securities
                    Administrator

                	 	 	 	 	 	
                  X

                	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	
                  X

                

        

         

        
          
            
            

          

          
            G-21

            
              

            

          

          
            
            

          

        

         

        
          	
                  Form

                	
                   

                	
                  Item

                	
                   

                	
                  Description

                	
                   

                	
                  Servicer

                	
                   

                	
                  Master
                    Servicer

                	
                   

                	
                  Securities
                    Administrator

                	
                   

                	
                  Custodian

                	
                   

                	
                  Trustee

                	
                   

                	
                  Depositor

                	
                   

                	
                  Sponsor

                
	 	 	 	 	
                  Custodian

                	 	 	 	 	 	 	 	
                  X (with
                    respect to affiliations only)

                	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Credit
                    Enhancer/Support Provider

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	
                  X (to
                    the extent provided to the Sponsor)

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Significant
                    Obligor

                	 	 	 	 	 	 	 	 	 	 	 	
                  X

                	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Item
                    1122 - Assessment of Compliance with Servicing
                    Criteria

                	 	
                  X

                	 	
                  X

                	 	
                  X

                	 	
                  X

                	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                  Item
                    1123 - Servicer Compliance Statement

                	 	
                  X

                	 	
                  X

                	 	 	 	 	 	 	 	 	 	 

        
 

      
        
          
          

        

        
          G-22

          
            

          

        

        
          
          

        

         

      

    

    EXHIBIT
      H

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    **SEND
      VIA FAX TO [XXX-XXX-XXXX] AND VIA EMAIL TO [_______________] AND VIA OVERNIGHT
      MAIL TO THE ADDRESS IMMEDIATELY BELOW

    

    Wells
      Fargo Bank, N.A. as [Securities Administrator] 

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

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

    Attn:
      Corporate Trust Services - STACS 2007-1 - SEC REPORT PROCESSING

    

    ACE
      Securities Corp.

    6525
      Morrison Boulevard, Suite 318, Charlotte

    North
      Carolina 28211

    Attention:
      Juliana Johnson

    Fax:
      (704) 365-1362

    Attn:
      STACS 2007-1

    

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section [__] of the Pooling and Servicing Agreement,
dated
      as
      of April 1, 2007 (the “Pooling and Servicing Agreement”), among ACE Securities
      Corp., as depositor, GMAC Mortgage, LLC, as servicer, Wells Fargo, National
      Association, as master servicer and as securities administrator, and HSBC Bank
      USA, National Association, as trustee, the undersigned, as
      [_____________________] hereby notifies you that certain events have come to
      our
      attention that [will][may] need to be disclosed on Form
      [10-D][10-K][8-K].

    

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

     

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure:

     

    Any
      inquiries related to this notification should be directed to [______________],
      phone number [__________]; email address [_______________].

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	 	 	 
	 	
              [NAME
                OF PARTY] 
                As
                  [role]

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                
                Title:

              

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      I

    

    SWAP
      AGREEMENT

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

      383
        MADISON AVENUE

      NEW
        YORK, NEW YORK 10179

      212-272-4009

      

      
        	
                DATE:

              	 	
                May
                  15, 2007

              
	 	 	 
	
                TO:

              	 	
                HSBC
                  Bank USA, National Association, not in its individual capacity,
                  but solely
                  as Supplemental Interest Trust Trustee on behalf of the Supplemental
                  Interest Trust with respect to the SunTrust Acquisition Closed-End
                  Seconds
                  Trust, Series 2007-1, Asset Backed Pass-Through
                  Certificates

              
	 	 	 
	
                ATTENTION:

              	 	
                CTLA-Structured
                  Finance/STACS 2007-1

              
	 	 	 
	
                TELEPHONE:

              	 	
                212-272-1362

              
	 	 	 
	
                FACSIMILE:

              	 	
                212-525-1300

              
	 	 	 
	
                FROM:

              	 	
                Derivatives
                  Documentation

              
	 	 	 
	
                TELEPHONE:

              	 	
                212-272-2711

              
	 	 	 
	
                FACSIMILE:
                  

              	 	
                212-272-9857

              
	 	 	 
	
                SUBJECT:

              	 	
                Fixed
                  Income Derivatives Confirmation and Agreement

              
	 	 	 
	
                REFERENCE
                  NUMBER:

              	 	
                FXNSC9506

              

      

      

      The
        purpose of this long-form confirmation (“Confirmation”)
        is to
        confirm the terms and conditions of the current Transaction entered into
        on the
        Trade Date specified below (the “Transaction”)
        between
        Bear Stearns Financial Products Inc. (“Party
        A”) and
        HSBC
        Bank USA, National Association, not in its individual capacity, but solely
        as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
        2007-1, Asset Backed Pass-Through Certificates (“Party
        B”).
        Reference is hereby made to the Pooling and Servicing Agreement, dated as
        of
        April 1, 2007, among ACE Securities Corp. as Depositor (“Depositor”), HSBC Bank
        USA, National Association as Trustee (the “Trustee”), GMAC Mortgage, LLC as
        Servicer (the “Servicer”) and Wells Fargo Bank, N.A. as Master Servicer and
        Securities Administrator (the “Master Servicer” and Securities Administrator”)
        (the “Pooling
        and Servicing Agreement”).
        This
        Confirmation evidences a complete and binding agreement between you and us
        to
        enter into the Transaction on the terms set forth below and replaces any
        previous agreement between us with respect to the subject matter hereof.
        This
        Confirmation constitutes a “Confirmation”
        and also
        constitutes a “Schedule”
        as
        referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit Support
        Annex to the Schedule. 

      

      
        	
                1.

              	
                This
                  Confirmation shall supplement, form a part of, and be subject to
                  an
                  agreement in the form of the ISDA Master Agreement (Multicurrency
                  - Cross
                  Border) as published and copyrighted in 1992 by the International
                  Swaps
                  and Derivatives Association, Inc. (the “ISDA
                  Master Agreement”),
                  as if Party A and Party B had executed an agreement in such form
                  on the
                  date hereof, with a Schedule as set forth in Item 3 of this Confirmation,
                  and an ISDA Credit Support Annex (Bilateral Form - ISDA Agreements
                  Subject
                  to New York Law Only version) as published and copyrighted in 1994
                  by the
                  International Swaps and Derivatives Association, Inc., with Paragraph
                  13
                  thereof as set forth in Annex A hereto (the “Credit
                  Support Annex”).
                  For the avoidance of doubt, the Transaction described herein shall
                  be the
                  sole Transaction governed by such ISDA Master Agreement. In the
                  event of
                  any inconsistency among any of the following documents, the relevant
                  document first listed shall govern: (i) this Confirmation, exclusive
                  of
                  the provisions set forth in Item 3 hereof and Annex A hereto; (ii)
                  the
                  provisions set forth in Item 3 hereof, which are incorporated by
                  reference
                  into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
                  and (v) the ISDA Master Agreement.

              

      

      

      Each
        reference herein to a “Section” (unless specifically referencing the Pooling and
        Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
        a reference to a Section of the ISDA Master Agreement; each herein reference
        to
        a “Part” will be construed as a reference to the provisions herein deemed
        incorporated in a Schedule to the ISDA Master Agreement; each reference herein
        to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
        Support Annex.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page 
          2 of
          27

         

      

      
        	2.	
                The
                  terms of the particular Transaction to which this Confirmation
                  relates are
                  as follows:

              

      

       

      
        
          	
                  Notional
                    Amount:

                	 	
                  With
                    respect to any Calculation Period, the amount set forth for such
                    period on
                    Schedule I attached hereto.

                
	 	 	 
	
                  Trade
                    Date:

                	 	
                  April
                    27, 2007

                
	 	 	 
	
                  Effective
                    Date:

                	 	
                  May
                    14, 2007

                
	 	 	 
	
                  Termination
                    Date:

                	 	
                  September
                    25, 2011, subject to adjustment in accordance with the Business
                    Day
                    Convention; provided, however, that for the purpose of determining
                    the
                    final Fixed Rate Payer Period End Date, Termination Date shall
                    be subject
                    to No Adjustment.

                
	 	 	 
	
                  Fixed
                    Amount:

                	 	 
	 	 	 
	
                  Fixed
                    Rate Payer:

                	 	
                  Party
                    B

                
	 	 	 
	
                  Fixed
                    Rate Payer

                	 	 
	
                  Period
                    End Dates:

                	 	
                  The
                    25th calendar day of each month during the Term of this Transaction,
                    commencing May 25, 2007 and ending on the Termination Date, with
                    No
                    Adjustment.

                
	 	 	 
	
                  Fixed
                    Rate Payer

                	 	 
	
                  Payment
                    Date:

                	 	
                  Early
                    Payment shall be applicable. One Business Day prior to each Fixed
                    Rate
                    Payer Period End Date.

                
	 	 	 
	
                  Fixed
                    Rate:

                	 	
                  5.06500%

                
	 	 	 
	
                  Fixed
                    Rate Day

                	 	 
	
                  Count
                    Fraction:

                	 	
                  30/360

                
	 	 	 
	
                  Floating
                    Amounts:

                	 	 
	 	 	 
	
                  Floating
                    Rate Payer:

                	 	
                  Party
                    A

                
	 	 	 
	
                  Floating
                    Rate Payer

                	 	 
	
                  Period
                    End Dates:

                	 	
                  The
                    25th calendar day of each month during the Term of this Transaction,
                    commencing May 25, 2007 and ending on the Termination Date, subject
                    to
                    adjustment in accordance with the Business Day
                    Convention.

                
	 	 	 
	
                  Floating
                    Rate Payer

                	 	 
	
                  Payment
                    Dates:

                	 	
                  Early
                    Payment shall be applicable. One Business Day prior to each Floating
                    Rate
                    Payer Period End Date.

                
	 	 	 
	
                  Floating
                    Rate for initial

                	 	 
	
                  Calculation
                    Period:

                	 	
                  To
                    be determined using Linear Interpolation by reference to a Designated
                    Maturity of 1 week and a Designated Maturity of 1
                    month.

                
	 	 	 
	
                  Floating
                    Rate Option:

                	 	
                  USD-LIBOR-BBA

                
	 	 	 
	
                  Designated
                    Maturity:

                	 	
                  One
                    month

                
	 	 	 
	
                  Floating
                    Rate Day

                	 	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          Reference
            Number: FXNSC9506

          HSBC
            Bank
            USA, National Association, not in its individual capacity, but solely
            as
            Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
            Trust
            with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
            2007-1, Asset Backed Pass-Through Certificates

          May
            14,
            2007

          Page
            3
of
            27

           

        

        
          	
                  Count
                    Fraction:

                	 	
                  Actual/360

                
	 	 	 
	
                  Reset
                    Dates:

                	 	
                  The
                    first day of each Calculation Period.

                
	 	 	 
	
                  Compounding:

                	 	
                  Inapplicable

                
	 	 	 
	
                  Business
                    Days:

                	 	
                  New
                    York

                
	 	 	 
	
                  Business
                    Day

                	 	 
	
                  Convention:

                	 	
                  Following

                
	 	 	 
	
                  Calculation
                    Agent:

                	 	
                  Party
                    A

                

        

      

       

      
        	
                3.

              	
                Provisions
                  Deemed Incorporated in a Schedule to the ISDA Master
                  Agreement:

              

      

      

      
        	
                Part
                  1.

              	
                Termination
                  Provisions.

              

      

      

      For
        the
        purposes of this Agreement:-

      

      
        	(a)	
                “Specified
                  Entity”
                  will not apply to Party A or Party B for any purpose.
                  

              

      

      

      
        	
                (b)

              	
                “Specified
                  Transaction”
                  will have the meaning specified in Section
                  14.

              

      

      

      
        	
                (c)

              	
                Events
                  of Default.

              

      

      

      The
        statement below that an Event of Default will apply to a specific party means
        that upon the occurrence of such an Event of Default with respect to such
        party,
        the other party shall have the rights of a Non-defaulting Party under Section
        6
        of this Agreement; conversely, the statement below that such event will not
        apply to a specific party means that the other party shall not have such
        rights.

      

      
        	 	
                (i)

              	
                The
                  “Failure
                  to Pay or Deliver”
                  provisions of Section 5(a)(i) will apply to Party A and will apply
                  to
                  Party B; provided, however, that notwithstanding anything to the
                  contrary
                  in Section 5(a)(i) or in Paragraph 7, any failure by Party A to
                  comply
                  with or perform any obligation to be complied with or performed
                  by Party A
                  under the Credit Support Annex shall not constitute an Event of
                  Default
                  under Section 5(a)(i) unless (A) a Required Ratings Downgrade Event
                  has
                  occurred and been continuing for 30 or more Local Business Days
                  and (B)
                  such failure is not remedied on or before the third Local Business
                  Day
                  after notice of such failure is given to Party
                  A.

              

      

      

      
        	 	
                (ii)

              	
                The
                  “Breach
                  of Agreement”
                  provisions of Section 5(a)(ii) will apply to Party A and will not
                  apply to
                  Party B.

              

      

      

      
        	 	
                (iii)

              	
                The
                  “Credit
                  Support Default”
                  provisions of Section 5(a)(iii) will apply to Party A and will
                  not apply
                  to Party B except that Section 5(a)(iii)(1) will apply to Party
                  B solely
                  in respect of Party B’s obligations under Paragraph 3(b); provided,
                  however, that notwithstanding anything to the contrary in Section
                  5(a)(iii)(1), any failure by Party A to comply with or perform
                  any
                  obligation to be complied with or performed by Party A under the
                  Credit
                  Support Annex shall not constitute an Event of Default under Section
                  5(a)(iii) unless (A) a Required Ratings Downgrade Event has occurred
                  and
                  been continuing for 30 or more Local Business Days and (B) such
                  failure is
                  not remedied on or before the third Local Business Day after notice
                  of
                  such failure is given to Party A.

              

      

      

      
        	 	
                (iv)

              	
                The
                  “Misrepresentation”
                  provisions of Section 5(a)(iv) will apply to Party A and will not
                  apply to
                  Party B. 

              

      

      

      
        	 	
                (v)

              	
                The
                  “Default
                  under Specified Transaction”
                  provisions of Section 5(a)(v) will apply to Party A and will not
                  apply to
                  Party B.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          4
of
          27

         

      

      
        	 	
                (vi)

              	
                The
                  “Cross
                  Default”
                  provisions of Section 5(a)(vi) will apply to Party A and will not
                  apply to
                  Party B. For purposes of Section 5(a)(vi), solely with respect
                  to Party
                  A:

              

      

      

      “Specified
        Indebtedness” will have the meaning specified in Section 14.

      

      “Threshold
        Amount” means USD 100,000,000.

      

      
        	 	
                (vii)

              	
                The
                  “Bankruptcy”
                  provisions of Section 5(a)(vii) will apply to Party A and will
                  apply to
                  Party B except that the provisions of Section 5(a)(vii)(2), (6)
                  (to the
                  extent that such provisions refer to any appointment contemplated
                  or
                  effected by the Pooling and Servicing Agreement or any appointment
                  to
                  which Party B has not become subject), (7) and (9) will not apply
                  to Party
                  B; provided that, with respect to Party B only, Section 5(a)(vii)(4)
                  is
                  hereby amended by adding after the words “against it” the words
                  “(excluding any proceeding or petition instituted or presented by
                  Party A
                  or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                  deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                  (4) as amended, (5), (6) as amended, or
                  (7)”.

              

      

      

      
        	 	
                (viii)

              	
                The
                  “Merger
                  Without Assumption”
                  provisions of Section 5(a)(viii) will apply to Party A and will
                  apply to
                  Party B.

              

      

      

      
        	(d)	
                Termination
                  Events.

              

      

      

      The
        statement below that a Termination Event will apply to a specific party means
        that upon the occurrence of such a Termination Event, if such specific party
        is
        the Affected Party with respect to a Tax Event, the Burdened Party with respect
        to a Tax Event Upon Merger (except as noted below) or the non-Affected Party
        with respect to a Credit Event Upon Merger, as the case may be, such specific
        party shall have the right to designate an Early Termination Date in accordance
        with Section 6 of this Agreement; conversely, the statement below that such
        an
        event will not apply to a specific party means that such party shall not
        have
        such right; provided, however, with respect to “Illegality” the statement that
        such event will apply to a specific party means that upon the occurrence
        of such
        a Termination Event with respect to such party, either party shall have the
        right to designate an Early Termination Date in accordance with Section 6
        of
        this Agreement.

      

      
        	
              	(i)	
                The
                  “Illegality”
                  provisions of Section 5(b)(i) will apply to Party A and will apply
                  to
                  Party B.

              

      

      

      
        	 	
                (ii)

              	
                The
                  “Tax
                  Event”
                  provisions of Section 5(b)(ii) will apply to Party A and will apply
                  to
                  Party B. 

              

      

      

      
        	 	
                (iii)

              	
                The
                  “Tax
                  Event Upon Merger”
                  provisions of Section 5(b)(iii) will apply to Party A and will
                  apply to
                  Party B, provided that Party A shall not be entitled to designate
                  an Early
                  Termination Date by reason of a Tax Event upon Merger in respect
                  of which
                  it is the Affected Party.

              

      

      

      
        	 	
                (iv)

              	
                The
                  “Credit
                  Event Upon Merger”
                  provisions of Section 5(b)(iv) will not apply to Party A and will
                  not
                  apply to Party B.

              

      

      

      
        	
                (e)

              	
                The
                  “Automatic
                  Early Termination”
                  provision of Section 6(a) will not apply to Party A and will not
                  apply to
                  Party B.

              

      

      

      
        	(f)	
                Payments
                  on Early Termination.
                  For the purpose of Section 6(e) of this
                  Agreement:

              

      

      

      
        	 	
                (i)

              	
                The
                  Second Method will apply.

              

      

      

      
        	 	
                (ii)

              	
                Market
                  Quotation will apply, provided, however, that, if Party A is the
                  Defaulting Party or the sole Affected Party, the following provisions
                  will
                  apply:

              

      

      

      
        	 	
                (A)

              	
                Section
                  6(e) is hereby amended by inserting on the first line thereof the
                  words
                  “or is effectively designated” after “If an Early Termination Date
                  occurs”;

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          5
of
          27

         

      

      
        	 	
                (B)
                  

              	
                The
                  definition of Market Quotation in Section 14 shall be deleted in
                  its
                  entirety and replaced with the following:

              

      

      

      “Market
        Quotation” means,
        with respect to one or more Terminated Transactions, and a party making the
        determination, an amount determined on the basis of one or more Firm Offers
        from
        Reference Market-makers that are Eligible Replacements. Each Firm Offer will
        be
        (1) for an amount that would be paid to Party B (expressed as a negative
        number)
        or by Party B (expressed as a positive number) in consideration of an agreement
        between Party B and such Reference Market-maker to enter into a Replacement
        Transaction, and (2) made on the basis that Unpaid Amounts in respect of
        the
        Terminated Transaction or group of Transactions are to be excluded but, without
        limitation, any payment or delivery that would, but for the relevant Early
        Termination Date, have been required (assuming satisfaction of each applicable
        condition precedent) after that Early Termination Date are to be included.
        The
        party making the determination (or its agent) will request each Reference
        Market-maker that is an Eligible Replacement to provide its Firm Offer to
        the
        extent reasonably practicable as of the same day and time (without regard
        to
        different time zones) on or as soon as reasonably practicable after the
        designation or occurrence of the relevant Early Termination Date. The day
        and
        time as of which those Firm Offers are to be provided (the “bid time”) will be
        selected in good faith by the party obliged to make a determination under
        Section 6(e), and, if each party is so obliged, after consultation with the
        other. If at least one Firm Offer from an Approved Replacement (which, if
        accepted, would determine the Market Quotation) is provided at the bid time,
        the
        Market Quotation will be the Firm Offer (among such Firm Offers as specified
        in
        clause (C) below) actually accepted by Party B no later than the Business
        Day
        immediately preceding the Early Termination Date. If no Firm Offer from an
        Approved Replacement (which, if accepted, would determine the Market Quotation)
        is provided at the bid time, it will be deemed that the Market Quotation
        in
        respect of such Terminated Transaction or group of Transactions cannot be
        determined.

      

      
        	 	
                (C)

              	
                If
                  more than one Firm Offer from an Approved Replacement (which, if
                  accepted,
                  would determine the Market Quotation) is provided at
                  the bid time,
                  Party B shall accept the Firm Offer (among such Firm Offers) which
                  would
                  require either (x) the lowest payment by Party B to the Reference
                  Market-maker, to the extent Party B would be required to make a
                  payment to
                  the Reference Market-maker or (y) the highest payment from the
                  Reference
                  Market-maker to Party B, to the extent the Reference Market-maker
                  would be
                  required to make a payment to Party B. If only one Firm Offer from
                  an
                  Approved Replacement (which, if accepted, would determine the Market
                  Quotation) is provided at the bid time, Party B shall accept such
                  Firm
                  Offer.

              

      

      

      
        	 	
                (D)

              	
                If
                  Party B requests Party A in writing to obtain Market Quotations,
                  Party A
                  shall use its reasonable efforts to do so.

              

      

      

      
        	 	
                (E)

              	
                If
                  the Settlement Amount is a negative number, Section 6(e)(i)(3)
                  shall be
                  deleted in its entirety and replaced with the
                  following:

              

      

      

      “(3)
        Second
        Method and Market Quotation.
        If the
        Second Method and Market Quotation apply, (I) Party B shall pay to Party
        A an
        amount equal to the absolute value of the Settlement Amount in respect of
        the
        Terminated Transactions, (II) Party B shall pay to Party A the Termination
        Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
        A
        shall pay to Party B the Termination Currency Equivalent of the Unpaid Amounts
        owing to Party B; provided, however, that (x) the amounts payable under the
        immediately preceding clauses (II) and (III) shall be subject to netting
        in
        accordance with Section 2(c) of this Agreement and (y) notwithstanding any
        other
        provision of this Agreement, any amount payable by Party A under the immediately
        preceding clause (III) shall not be netted-off against any amount payable
        by
        Party B under the immediately preceding clause (I).”

       

      
        	(g)	
                “Termination
                  Currency”
                  means USD.

              

      

      

      
        	(h)	
                Additional
                  Termination Events.
                  Additional Termination Events will apply as provided in Part 5(c).
                  

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          6
of
          27

         

      

      Part
        2.  Tax
        Matters.

      

      
        	(a)	
                Tax
                  Representations. 

              

      

      

      
        	 	
                (i)

              	
                Payer
                  Representations.
                  For the purpose of Section 3(e) of this Agreement:
                  

              

      

       

      
        	
              	(A)	
                Party
                  A makes the following
                  representation(s):

              

      

      

      It
        is not
        required by any applicable law, as modified by the practice of any relevant
        governmental revenue authority, of any Relevant Jurisdiction to make any
        deduction or withholding for or on account of any Tax from any payment (other
        than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to
        be made
        by it to the other party under this Agreement. 

      

      In
        making
        this representation, it may rely on: 

      

      
        	 	
                (1)

              	
                the
                  accuracy of any representations made by the other party pursuant
                  to
                  Section 3(f) of this Agreement; 

              

      

      

      
        	 	
                (2)

              	
                the
                  satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii)
                  of
                  this Agreement and the accuracy and effectiveness of any document
                  provided
                  by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of
                  this
                  Agreement; and 

              

      

      

      
        	 	
                (3)

              	
                the
                  satisfaction of the agreement of the other party contained in Section
                  4(d)
                  of this Agreement, provided that it shall not be a breach of this
                  representation where reliance is placed on clause (ii) and the
                  other party
                  does not deliver a form or document under Section 4(a)(iii) by
                  reason of
                  material prejudice to its legal or commercial
                  position.

              

      

       

      
        	
              	(B)	
                Party
                  B makes the following
                  representation(s):

              

      

      

      None.

      

      
        	
              	(ii)	
                Payee
                  Representations.
                  For the purpose of Section 3(f) of this Agreement:
                  

              

      

       

      
        	
              	(A)	
                Party
                  A makes the following
                  representation(s):

              

      

      

      Party
        A
        is a corporation organized under the laws of the State of Delaware and its
        U.S.
        taxpayer identification number is 13-3866307.

       

      
        	
              	(B)	
                Party
                  B makes the following
                  representation(s):

              

      

      

      None.

      

      
        	
                (b)

              	
                Tax
                  Provisions.

              

      

      

      
        	 	
                (i)

              	
                Gross
                  Up.
                  Section 2(d)(i)(4) shall not apply to Party B as X, such that Party
                  B
                  shall not be required to pay any additional amounts referred to
                  therein.

              

      

      

      
        	 	
                (ii)

              	
                Indemnifiable
                  Tax.
                  Notwithstanding the definition of “Indemnifiable Tax” in Section 14 of
                  this Agreement, all Taxes in relation to payments by Party A shall
                  be
                  Indemnifiable Taxes (including any Tax imposed in relation to a
                  Credit
                  Support Document or in relation to any payment thereunder) unless
                  (i) such
                  Taxes are assessed directly against Party B and not by deduction
                  or
                  withholding by Party A or (ii) arise as a result of a Change in
                  Tax Law
                  (in which case such Tax shall be an Indemnifiable Tax only if such
                  Tax
                  satisfies the definition of Indemnifiable Tax provided in Section
                  14). In
                  relation to payments by Party B, no Tax shall be an Indemnifiable
                  Tax.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          7
of
          27

         

      

      Part
        3.  Agreement
        to Deliver Documents.  

      

      
        	(a)	
                For
                  the purpose of Section 4(a)(i), tax forms, documents, or certificates
                  to
                  be delivered are:

              

      

      

      
        	
                Party
                  required to deliver document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              
	 	 	 	 	 
	
                Party
                  A

              	 	
                An
                  original properly completed and executed United States Internal
                  Revenue
                  Service Form W-9 (or any successor thereto) with respect to any
                  payments
                  received or to be received by Party A that eliminates U.S. federal
                  withholding and backup withholding Tax on payments to Party A under
                  this
                  Agreement.

              	 	
                (i)
                  upon execution of this Agreement, (ii) on or before the first payment
                  date
                  under this Agreement, including any Credit Support Document, (iii)
                  promptly upon the reasonable demand by Party B, (iv) prior to the
                  expiration or obsolescence of any previously delivered form, and
                  (v)
                  promptly upon the information on any such previously delivered
                  form
                  becoming inaccurate or incorrect.

              
	 	 	 	 	 
	
                Party
                  B

              	 	
                (i)
                  Upon execution of this Agreement, an original properly completed
                  and
                  executed United States Internal Revenue Service Form W-9 (or any
                  successor
                  thereto) with respect to any payments received or to be received
                  by the
                  initial beneficial owner of payments to Party B that eliminates
                  U.S.
                  federal withholding and backup withholding Tax on payments to Party
                  B
                  under this Agreement, and (ii) thereafter, the appropriate tax
                  certification form (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY,
                  W-8EXP
                  or W-8ECI, as applicable (or any successor form thereto)) with
                  respect to
                  any payments received or to be received by the beneficial owner
                  of
                  payments to Party B under this Agreement from time to time.
                  

              	 	
                (i)
                  upon execution of this Agreement, (ii) on or before the first payment
                  date
                  under this Agreement, including any Credit Support Document, (iii)
                  in the
                  case of a tax certification form other than a Form W-9, before
                  December 31
                  of each third succeeding calendar year, (iv) promptly upon the
                  reasonable
                  demand by Party B, (v) prior to the expiration or obsolescence
                  of any
                  previously delivered form, and (vi) promptly upon the information
                  on any
                  such previously delivered form becoming inaccurate or
                  incorrect.

              

      

      

      
        	(b)	
                For
                  the purpose of Section 4(a)(ii), other documents to be delivered
                  are:

              

      

      

      
        	
                Party
                  required to deliver document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              	 	
                Covered
                  by 

                Section
                  3(d) Representation

              
	 	 	 	 	 	 	 
	
                Party
                  A and

                Party
                  B

              	 	
                Any
                  documents required by the receiving party to evidence the authority
                  of the
                  delivering party or its Credit Support Provider, if any, for it
                  to execute
                  and deliver the Agreement, this Confirmation, and any Credit Support
                  Documents to which it is a party, and to evidence the authority
                  of the
                  delivering party or its Credit Support Provider to perform its
                  obligations
                  under the Agreement, this Confirmation and any Credit Support Document,
                  as
                  the case may be

              	 	
                Upon
                  the execution and delivery of this Agreement

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A and

                Party
                  B

              	 	
                A
                  certificate of an authorized officer of the party, as to the incumbency
                  and authority of the respective officers of the party signing the
                  Agreement, this Confirmation, and any relevant Credit Support Document,
                  as
                  the case may be

              	 	
                Upon
                  the execution and delivery of this Agreement

              	 	
                Yes

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          8
of
          27

         

      

      
        	
                Party
                  required to deliver document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              	 	
                Covered
                  by 

                Section
                  3(d) Representation

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Annual
                  Report of Party A containing consolidated financial statements
                  certified
                  by independent certified public accountants and prepared in accordance
                  with generally accepted accounting principles in the country in
                  which
                  Party A is organized

              	 	
                Upon
                  request by Party B

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Quarterly
                  Financial Statements of Party A containing unaudited, consolidated
                  financial statements of Party A’s fiscal quarter prepared in accordance
                  with generally accepted accounting principles in the country in
                  which
                  Party A is organized

              	 	
                Upon
                  request by Party B

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A and

                Party
                  B

              	 	
                An
                  opinion of counsel of such party regarding the enforceability of
                  this
                  Agreement in a form reasonably satisfactory to the other
                  party.

              	 	
                Upon
                  the execution and delivery of this Agreement

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                An
                  executed copy of the Pooling and Servicing Agreement

              	 	
                Promptly
                  upon filing of such agreement with the U.S. Securities and Exchange
                  Commission

              	 	
                No

              

      

      

      Part
        4. Miscellaneous. 

      

      
        	
                (a)

              	
                Address
                  for Notices:
                  For the purposes of Section 12(a) of this
                  Agreement:

              

      

      

      Address
        for notices or communications to Party A:

       

      
        	
                 Address:

              	 	
                383
                  Madison Avenue, New York, New York 10179

              
	
                 Attention:

              	 	
                DPC
                  Manager

              
	
                 Facsimile:

              	 	
                (212)
                  272-5823

              
	 	 	 
	
                with
                  a copy to:

              	 	 
	 	 	 
	
                 Address:

              	 	
                One
                  Metrotech Center North, Brooklyn, New York 11201

              
	
                 Attention:

              	 	
                
                  Derivative
                    Operations 7th Floor

                

              
	
                 Facsimile:

              	 	
                (212)
                  272-1634

              
	 	 	 
	
                (For
                  all purposes)

              	 	 

      

       

      Address
        for notices or communications to Party B:

      

      
        	
                Address:

              	 	
                HSBC
                  Bank USA, National Association, CTLA-Structured Finance, 452 Fifth
                  Avenue,
                  New York, New York 10018

              
	
                Attention:
                  

              	 	
                Susie
                  Moy

              
	 	 	 
	
                Facsimile:
                  

              	 	
                212-525-1300

              
	
                Phone:
                  

              	 	
                212-525-1362

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          9
of
          27

         

      

      
        	
                With
                  a copy to:

              	 	 
	 	 	 
	
                Wells
                  Fargo Bank, N.A.

              	 	 
	
                9062
                  Old Annapolis Road

              	 	 
	
                Columbia,
                  MD 21045

              	 	 
	
                Attention:
                  Client Service Manager STACS 2007-1

              	 	 
	
                Facsimile:
                  410-884-2000

              	 	 
	
                Phone:
                  410-715-2380

              	 	 
	 	 	 
	
                (For
                  all purposes)

              	 	 

      

      

      
        	(b)	
                Process
                  Agent.
                  For the purpose of Section 13(c):

              

      

      

      Party
        A
        appoints as its Process Agent: Not applicable.

      

      Party
        B
        appoints as its Process Agent: Not applicable.

      

      
        	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) will apply to this Agreement; neither
                  Party A nor Party B has any Offices other than as set forth in
                  the Notices
                  Section.

              

      

      

      
        	
                (d)

              	
                Multibranch
                  Party.
                  For the purpose of Section 10(c) of this
                  Agreement:

              

      

      

      Party
        A
        is not a Multibranch Party.

      

      
        	 	
                Party
                  B is not a Multibranch Party.

              

      

      

      
        	
                (e)

              	
                Calculation
                  Agent.
                  The Calculation Agent is Party A; provided that, if an Event of
                  Default
                  shall have occurred and be continuing, Party B shall have the right
                  to
                  designate a third-party Reference Market-maker as the Calculation
                  Agent.

              

      

      

      
        	(f)	
                Credit
                  Support Document. 

              

      

       

      
        	 	
                Party
                  A:

              	
                The
                  Credit Support Annex, and any guarantee in support of Party A’s
                  obligations under this Agreement.

              

      

      

      
        	
              	Party
                B:	
                The
                  Credit Support Annex.

              

      

      

      
        	
                (g)

              	
                Credit
                  Support Provider.

              

      

      

      
        	
              	Party
                A:	
                The
                  guarantor under any guarantee in support of Party A’s obligations under
                  this Agreement.

              

      

      

      
        	
              	Party
                B:	
                None.

              

      

      

      
        	
                (h)

              	
                Governing
                  Law.
                  The parties to this Agreement hereby agree that the law of the
                  State of
                  New York shall govern their rights and duties in whole, without
                  regard to
                  the conflict of law provisions thereof other than New York General
                  Obligations Law Sections 5-1401 and 5-1402.

              

      

      

      
        	
                (i)

              	
                Netting
                  of Payments.
                  The parties agree that subparagraph (ii) of Section 2(c) will apply
                  to
                  each Transaction hereunder. 

              

      

      

      
        	
                (j)

              	
                Affiliate.
                  “Affiliate”
                  shall have the meaning set forth in Section 12 of this Agreement;
                  provided
                  that Party A and Party B shall be deemed to have no Affiliates
                  for
                  purposes of this Agreement, including for purposes of Section
                  6(b)(ii).

              

      

       

      Part
        5.  Others
        Provisions.

      

      
        	
                (a)

              	
                Definitions.
                  Unless
                  otherwise specified in a Confirmation, this Agreement and each
                  Transaction
                  under this Agreement are subject to the 2000 ISDA Definitions as
                  published
                  and copyrighted in 2000 by the International Swaps and Derivatives
                  Association, Inc. (the “Definitions”),
                  and will be governed in all relevant respects by the provisions
                  set forth
                  in the Definitions, without regard to any amendment to the Definitions
                  subsequent to the date hereof. The provisions of the Definitions
                  are
                  hereby incorporated by reference in and shall be deemed a part
                  of this
                  Agreement, except that (i) references in the Definitions to a “Swap
                  Transaction” shall be deemed references to a “Transaction” for purposes of
                  this Agreement, and (ii) references to a “Transaction” in this Agreement
                  shall be deemed references to a “Swap Transaction” for purposes of the
                  Definitions. Each term capitalized but not defined in this Agreement
                  shall
                  have the meaning assigned thereto in the Pooling and Servicing
                  Agreement.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          10
of
          27

         

      

      
        	(b)	
                Amendments
                  to ISDA Master Agreement.

              

      

      

      
        	 	
                (i)

              	
                Single
                  Agreement.
                  Section 1(c) is hereby amended by the adding the words “including, for the
                  avoidance of doubt, the Credit Support Annex” after the words “Master
                  Agreement”. 

              

      

      

      
        	 	
                (ii)

              	
                [Reserved.]
                  

              

      

      

      
        	 	
                (iii)

              	
                [Reserved.]

              

      

      

      
        	 	
                (iv)

              	
                Representations.
                  Section 3 is hereby amended by adding at the end thereof the following
                  subsection (g): 

              

      

      

      
        	 	
                “(g)

              	
                Relationship
                  Between Parties. 

              

      

      

      
        	 	
                (1)

              	
                Nonreliance.
                  (i) It is not relying on any statement or representation of the
                  other
                  party regarding the Transaction (whether written or oral), other
                  than the
                  representations expressly made in this Agreement or the Confirmation
                  in
                  respect of that Transaction, (ii) it has consulted with its own
                  legal,
                  regulatory, tax, business, investment, financial and accounting
                  advisors
                  to the extent it has deemed necessary, and it has made its own
                  investment,
                  hedging and trading decisions based upon its own judgment and upon
                  any
                  advice from such advisors as it has deemed necessary and not upon
                  any view
                  expressed by the other party, (iii) it is not relying on any communication
                  (written or oral) of the other party as investment advice or as
                  a
                  recommendation to enter into this Transaction; it being understood
                  that
                  information and explanations related to the terms and conditions
                  of this
                  Transaction shall not be considered investment advice or a recommendation
                  to enter into this Transaction, and (iv) it has not received from
                  the
                  other party any assurance or guaranty as to the expected results
                  of this
                  Transaction.

              

      

       

      
        	 	
                (2)

              	
                Evaluation
                  and Understanding. (i) It has the capacity to evaluate (internally
                  or
                  through independent professional advice) the Transaction and has
                  made its
                  own decision to enter into the Transaction and (ii) it understands
                  the
                  terms, conditions and risks of the Transaction and is willing and
                  able to
                  accept those terms and conditions and to assume those risks, financially
                  and otherwise. 

              

      

      

      
        	 	
                (3)

              	
                Purpose.
                  It is entering into the Transaction for the purposes of managing
                  its
                  borrowings or investments, hedging its underlying assets or liabilities
                  or
                  in connection with a line of business.

              

      

      

      
        	 	
                (4)

              	
                Status
                  of Parties. The other party is not acting as an agent, fiduciary
                  or
                  advisor for it in respect of the Transaction.

              

      

      

      
        	 	
                (5)

              	
                Eligible
                  Contract Participant. It is an “eligible swap participant” as such term is
                  defined in, Section 35.1(b)(2) of the regulations (17 C.F.R. 35)
                  promulgated under, and an “eligible contract participant” as defined in
                  Section 1(a)(12) of the Commodity Exchange Act, as
                  amended.”

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          11
of 
          27

         

      

      
        	 	
                (v)

              	
                Transfer
                  to Avoid Termination Event.
                  Section 6(b)(ii) is hereby amended by (i) deleting the words “or if a Tax
                  Event Upon Merger occurs and the Burdened Party is the Affected
                  Party,”
                  and (ii) deleting the last paragraph thereof and inserting the
                  following
                  in lieu thereof:

              

      

      

      “Notwithstanding
        anything to the contrary in Section 7 (as amended herein) and Part 5(f),
        any
        transfer by Party A under this Section 6(b)(ii) shall not require the consent
        of
        Party B for such transfer if the following conditions are
        satisfied:

      

      
        	 	
                (1)

              	
                the
                  transferee (the “Section 6 Transferee”) is an Eligible
                  Replacement;

              

      

      

      
        	 	
                (2)

              	
                if
                  the Section 6 Transferee is domiciled in a different country or
                  political
                  subdivision thereof from both Party A and Party B, such transfer
                  satisfies
                  the Rating Agency Condition;

              

      

      

      
        	 	
                (3)

              	
                the
                  Section 6 Transferee will not, as a result of such transfer, be
                  required
                  on the next succeeding Scheduled Payment Date to withhold or deduct
                  on
                  account of any Tax (except in respect of default interest) amounts
                  in
                  excess of that which Party A would, on the next succeeding Scheduled
                  Payment Date have been required to so withhold or deduct unless
                  the
                  Section 6 Transferee would be required to make additional payments
                  pursuant to Section 2(d)(i)(4) corresponding to such excess;
                  

              

      

      

      
        	 	
                (4)

              	
                a
                  Termination Event or Event of Default does not occur as a result
                  of such
                  transfer; and

              

      

      

      
        	 	
                (5)

              	
                the
                  Section 6 Transferee confirms in writing that it will accept all
                  of the
                  interests and obligations in and under this Agreement which are
                  to be
                  transferred to it in accordance with the terms of this
                  provision.”

              

      

      

      
        	 	
                (vi)

              	
                Jurisdiction.
                  Section
                  13(b) is hereby amended by: (i) deleting in the second line of
                  subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                  end of subparagraph 1 and inserting “.” in lieu thereof, and (iii)
                  deleting the final paragraph
                  thereof.

              

      

      

      
        	 	
                (vii)

              	
                Local
                  Business Day.
                  The definition of Local Business Day in Section 14 is hereby amended
                  by
                  the addition of the words “or any Credit Support Document” after “Section
                  2(a)(i)” and the addition of the words “or Credit Support Document” after
                  “Confirmation”. 

              

      

      

      
        	
                (c)

              	
                Additional
                  Termination Events.
                  The following Additional Termination Events will
                  apply:

              

      

      

      
        	 	
                (i)

              	
                S&P
                  First Level Downgrade.
                  If
                  an S&P Approved Ratings Downgrade Event has occurred and is continuing
                  and Party A fails to take any action described under Part (5)(d)(i)(1),
                  within the time period specified therein, then an Additional Termination
                  Event shall have occurred with respect to Party A, Party A shall
                  be the
                  sole Affected Party with respect to such Additional Termination
                  Event and
                  all Transactions hereunder shall be Affected
                  Transaction.

              

      

      

      
        	 	
                (ii)

              	
                DBRS
                  First Level Downgrade.
                  If
                  an DBRS Approved Ratings Downgrade Event has occurred and is continuing
                  and Party A fails to take any action described under Part (5)(d)(i)(1),
                  within the time period specified therein, then an Additional Termination
                  Event shall have occurred with respect to Party A, Party A shall
                  be the
                  sole Affected Party with respect to such Additional Termination
                  Event and
                  all Transactions hereunder shall be Affected
                  Transaction.

              

      

       

      
        	 	
                (iii)

              	
                Moody’s
                  First Rating Trigger Collateral.
                  If
                  (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                  occurred and been continuing for 30 or more Local Business Days
                  and (B)
                  Party
                  A has failed to comply with or perform any obligation to be complied
                  with
                  or performed by Party A in accordance with the Credit Support Annex,
                  then
                  an Additional Termination Event shall have occurred with respect
                  to Party
                  A, Party A shall be the sole Affected Party with respect to such
                  Additional Termination Event and all Transactions hereunder shall
                  be
                  Affected Transactions. 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          12
of
          27

         

      

      
        	 	
                (iv)

              	
                S&P
                  Second Level Downgrade.
                  If
                  an S&P Required Ratings Downgrade Event has occurred and is continuing
                  and Party A fails to take any action described under Part (5)(d)(i)(2)
                  within the time period specified therein, then an Additional Termination
                  Event shall have occurred with respect to Party A, Party A shall
                  be the
                  sole Affected Party with respect to such Additional Termination
                  Event and
                  all Transactions hereunder shall be Affected
                  Transaction.

              

      

      

      
        	 	
                (v)

              	
                DBRS
                  Second Level Downgrade.
                  If
                  an DBRS Required Ratings Downgrade Event has occurred and is continuing
                  and Party A fails to take any action described under Part (5)(d)(i)(2)
                  within the time period specified therein, then an Additional Termination
                  Event shall have occurred with respect to Party A, Party A shall
                  be the
                  sole Affected Party with respect to such Additional Termination
                  Event and
                  all Transactions hereunder shall be Affected
                  Transaction.

              

      

      

      
        	 	
                (vi)

              	
                Moody’s
                  Second Rating Trigger Replacement.
                  If
                  (A) a Moody’s Second Trigger Ratings Event has occurred and been
                  continuing for 30 or more Local Business Days and (B) (i) at least
                  one
                  Eligible Replacement has made a Firm Offer to be the transferee
                  of all of
                  Party A’s rights and obligations under this Agreement (and such Firm Offer
                  remains an offer that will become legally binding upon such Eligible
                  Replacement upon acceptance by the offeree) and/or (ii) an Eligible
                  Guarantor has made a Firm Offer to provide an Eligible Guarantee
                  (and such
                  Firm Offer remains an offer that will become legally binding upon
                  such
                  Eligible Guarantor immediately upon acceptance by the offeree),
                  then an
                  Additional Termination Event shall have occurred with respect to
                  Party A,
                  Party A shall be the sole Affected Party with respect to such Additional
                  Termination Event and all Transactions hereunder shall be Affected
                  Transactions. 

              

      

       

      
        	 	
                (vii)
                  

              	
                Amendment
                  of the Pooling and Servicing Agreement.
                  If, without the prior written consent of Party A where such consent
                  is
                  required under the Pooling and Servicing Agreement (such consent
                  not to be
                  unreasonably withheld, delayed or conditioned), an amendment is
                  made to
                  the Pooling and Servicing Agreement which amendment could reasonably
                  be
                  expected to have a material adverse effect on the interests of
                  Party A
                  under this Agreement, an Additional Termination Event shall have
                  occurred
                  with respect to Party B, Party B shall be the sole Affected Party
                  with
                  respect to such Additional Termination Event and all Transactions
                  hereunder shall be Affected Transactions.

              

      

      

      
        	 	
                (viii)

              	
                [Reserved].

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          13
of
          27

         

      

      
        	 	
                (ix)
                  

              	 	
                Optional
                  Termination of Securitization.
                  An
                  Additional Termination Event shall occur upon the notice to
                  Certificateholders of an Optional Termination becoming unrescindable
                  in
                  accordance with Article X of the Pooling and Servicing Agreement
                  (such
                  notice, the “Optional
                  Termination Notice”).
                  With respect to such Additional Termination Event: (A) Party B
                  shall be
                  the sole Affected Party; (B) notwithstanding anything to the contrary
                  in
                  Section 6(b)(iv) or Section 6(c)(i), the final Distribution Date
                  specified
                  in the Optional Termination Notice is hereby designated as the
                  Early
                  Termination Date for this Additional Termination Event in respect
                  of all
                  Affected Transactions; (C) Section 2(a)(iii)(2) shall not be applicable
                  to
                  any Affected Transaction in connection with the Early Termination
                  Date
                  resulting from this Additional Termination Event; notwithstanding
                  anything
                  to the contrary in Section 6(c)(ii), payments and deliveries under
                  Section
                  2(a)(i) or Section 2(e) in respect of the Terminated Transactions
                  resulting from this Additional Termination Event will be required
                  to be
                  made through and including the Early Termination Date designated
                  as a
                  result of this Additional Termination Event; provided, for the
                  avoidance
                  of doubt, that any such payments or deliveries that are made on
                  or prior
                  to such Early Termination Date will not be treated as Unpaid Amounts
                  in
                  determining the amount payable in respect of such Early Termination
                  Date;
                  (D) notwithstanding anything to the contrary in Section 6(d)(i),
                  (I) if,
                  no later than 4:00 pm New York City time on the day that is four
                  Business
                  Days prior to the final Distribution Date specified in the Optional
                  Termination Notice, the Securities Administrator requests the amount
                  of
                  the Estimated Swap Termination Payment, Party A shall provide to
                  the
                  Securities Administrator in writing (which may be done in electronic
                  format) the amount of the Estimated Swap Termination Payment no
                  later than
                  2:00 pm New York City time on the following Business Day and (II)
                  if the
                  Securities Administrator provides written notice (which may be
                  done in
                  electronic format) to Party A no later than two Business Days prior
                  to the
                  final Distribution Date specified in the Optional Termination Notice
                  that
                  all requirements of the Optional Termination have been met, then
                  Party A
                  shall, no later than one Business Day prior to the final Distribution
                  Date
                  specified in the Optional Termination Notice, make the calculations
                  contemplated by Section 6(e) (as amended herein) and provide to
                  the
                  Securities Administrator in writing (which may be done in electronic
                  format) the amount payable by either Party B or Party A in respect
                  of the
                  related Early Termination Date in connection with this Additional
                  Termination Event; provided, however, that the amount payable by
                  Party B,
                  if any, in respect of the related Early Termination Date shall
                  be the
                  lesser of (x) the amount calculated to be due by Party B pursuant
                  to
                  Section 6(e) and (y) the Estimated Swap Termination Payment; and
                  (E)
                  notwithstanding anything to the contrary in this Agreement, any
                  amount due
                  from Party B to Party A in respect of this Additional Termination
                  Event
                  will be payable on the final Distribution Date specified in the
                  Optional
                  Termination Notice and any amount due from Party A to Party B in
                  respect
                  of this Additional Termination Event will be payable one Business
                  Day
                  prior to the final Distribution Date specified in the Optional
                  Termination
                  Notice.

              

      

      

      The
        Securities Administrator shall be an express third party beneficiary of this
        Agreement as if a party hereto to the extent of the Securities Administrator’s
        rights specified herein. 

      

      
        	 	
                (x)
                  

              	
                Failure
                  to Pay Class A Certificates.
                  If the Class A Certificate Insurer is unable to pay, or fails or
                  admits in
                  writing its inability to pay on any Distribution Date, any Insured
                  Amount
                  with respect to the Class A Certificates upon a draw on and as
                  required
                  under the Class A Certificate Insurance Policy, then an Additional
                  Termination Event shall have occurred with respect to Party B,
                  Party B
                  shall be the sole Affected Party and all Transactions hereunder
                  shall be
                  Affected Transactions.

              

      

      

      
        	
                (d)

              	
                Rating
                  Agency Downgrade.  

              

      

      

      
        	
              	(i)	
                S&P
                  Downgrade:

              

      

      

      
        	 	
                (1)

              	
                In
                  the event that an S&P Approved Ratings Downgrade Event occurs and is
                  continuing, then within 30 days after such rating downgrade, Party
                  A
                  shall, subject to the Rating Agency Condition with respect to S&P, at
                  its own expense, either (i) procure a Permitted Transfer, (ii)
                  obtain an
                  Eligible Guarantee or (iii) post collateral in accordance with
                  the Credit
                  Support Annex.

              

      

      

      
        	 	
                (2)

              	
                In
                  the event that an S&P Required Ratings Downgrade Event occurs and is
                  continuing, then within 10 Local Business Days after such rating
                  withdrawal or downgrade, Party A shall, subject to the Rating Agency
                  Condition with respect to S&P, at its own expense, procure either (i)
                  a Permitted Transfer or (ii) an Eligible
                  Guarantee.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          14
of
          27

         

      

      
        	
              	(ii)	
                DBRS
                  Downgrade:

              

      

      

      
        	 	
                (1)

              	
                In
                  the event that an DBRS Approved Ratings Downgrade Event occurs
                  and is
                  continuing, then within 30 days after such rating downgrade, Party
                  A
                  shall, subject to the Rating Agency Condition with respect to DBRS,
                  at its
                  own expense, either (i) procure a Permitted Transfer, (ii) obtain
                  an
                  Eligible Guarantee or (iii) post collateral in accordance with
                  the Credit
                  Support Annex.

              

      

      

      
        	 	
                (2)

              	
                In
                  the event that a DBRS Required Ratings Downgrade Event occurs and
                  is
                  continuing, then within 10 Local Business Days after such rating
                  withdrawal or downgrade, Party A shall, subject to the Rating Agency
                  Condition with respect to DBRS, at its own expense, procure either
                  (i) a
                  Permitted Transfer or (ii) an Eligible
                  Guarantee.

              

      

      

      
        	
              	(iii)	
                Moody’s
                  Downgrade.

              

      

      

      
        	 	
                (1)
                  

              	
                In
                  the event that a Moody’s Second Trigger Ratings Event occurs and is
                  continuing, Party A shall, as soon as reasonably practicable thereafter,
                  at its own expense and using commercially reasonable efforts, either
                  (i)
                  procure a Permitted Transfer or (ii) obtain an Eligible Guarantee.
                  

              

      

      

      
        	
                (e)
                  

              	
                Item
                  1115 Agreement.
                  Party A and Party B hereby agree that the terms of the Item 1115
                  Agreement, dated as of May 15, 2007 (the “Item 1115 Agreement”), among
                  SunTrust Asset Funding, LLC (the “Sponsor”), ACE Securities Corp. (the
                  “Depositor”) and Bear Stearns Financial Products Inc. (the “Derivative
                  Provider”), shall be incorporated by reference into this Agreement and
                  Party B shall be an express third party beneficiary of the Item
                  1115
                  Agreement. A copy of the Item 1115 Agreement is annexed hereto
                  at Annex
                  B.

              

      

      

      
        	
                (f)

              	
                Transfers. 

              

      

       

      (i) Section
        7
        is hereby amended to read in its entirety as follows:

       

      “Except
        with respect to a Permitted Transfer pursuant to Section 6(b)(ii), Part 5(d),
        Part 5(b)(v) or the succeeding sentence, neither Party A nor Party B is
        permitted to assign, novate or transfer (whether by way of security or
        otherwise) as a whole or in part any of its rights, obligations or interests
        under the Agreement or any Transaction unless (a) the prior written consent
        of
        the other party is obtained and (b) the Rating Agency Condition has been
        satisfied with respect to S&P and DBRS. At any time at which no Relevant
        Entity has credit ratings at least equal to the Approved Ratings Threshold,
        Party A may make a Permitted Transfer.” 

       

      
        	 	
                (ii)

              	
                If
                  an Eligible Replacement has made a Firm Offer (which remains an
                  offer that
                  will become legally binding upon acceptance by Party B) to be the
                  transferee pursuant to a Permitted Transfer, Party B shall, at
                  Party A’s
                  written request and at Party A’s expense, execute such documentation
                  provided to it as is reasonably deemed necessary by Party A to
                  effect such
                  transfer. 

              

      

       

      
        	
                (g)

              	
                Non-Recourse.
                  Party A acknowledges and agree that, notwithstanding any provision
                  in this
                  Agreement to the contrary, the obligations of Party B hereunder
                  are
                  limited recourse obligations of Party B, payable solely from the
                  Supplemental Interest Trust and the proceeds thereof, in accordance
                  with
                  the priority of payments and other terms of the Pooling and Servicing
                  Agreement and that Party A will not have any recourse to any of
                  the
                  directors, officers, agents, employees, shareholders or affiliates
                  of
                  Party B with respect to any claims, losses, damages, liabilities,
                  indemnities or other obligations in connection with any transactions
                  contemplated hereby. In the event that the Supplemental Interest
                  Trust and
                  the proceeds thereof, should be insufficient to satisfy all claims
                  outstanding and following the realization of the Supplemental Interest
                  Trust and the proceeds thereof, any claims against or obligations
                  of Party
                  B under this Agreement or any other confirmation thereunder still
                  outstanding shall be extinguished and thereafter not revive. Neither
                  the
                  Supplemental Interest Trust Trustee or the Securities Administrator
                  shall
                  not have liability for any failure or delay in making a payment
                  hereunder
                  to Party A due to any failure or delay in receiving amounts in
                  the
                  Supplemental Interest Trust from the Trust created pursuant to
                  the Pooling
                  and Servicing Agreement. This provision will survive the termination
                  of
                  this Agreement.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          15
of
          27

         

      

      
        	
                (h)

              	
                Timing
                  of Payments
                  by Party B upon Early Termination.
                  Notwithstanding anything to the contrary in Section 6(d)(ii), to
                  the
                  extent that all or a portion (in either case, the “Unfunded Amount”) of
                  any amount that is calculated as being due in respect of any Early
                  Termination Date under Section 6(e) from Party B to Party A will
                  be paid
                  by Party B from amounts other than any upfront payment paid to
                  Party B by
                  an Eligible Replacement that has entered a Replacement Transaction
                  with
                  Party B, then such Unfunded Amount shall be due on the next subsequent
                  Distribution Date following the date on which the payment would
                  have been
                  payable as determined in accordance with Section 6(d)(ii), and
                  on any
                  subsequent Distribution Dates until paid in full (or if such Early
                  Termination Date is the final Distribution Date, on such final
                  Distribution Date); provided, however, that if the date on which
                  the
                  payment would have been payable as determined in accordance with
                  Section
                  6(d)(ii) is a Distribution Date, such payment will be payable on
                  such
                  Distribution Date.

              

      

      

      
        	
                (i)

              	
                Rating
                  Agency Notifications. Notwithstanding
                  any other provision of this Agreement, no Early Termination Date
                  shall be
                  effectively designated hereunder by Party B and no transfer of
                  any rights
                  or obligations under this Agreement shall be made by either party
                  unless
                  each Swap Rating Agency has been given prior written notice of
                  such
                  designation or transfer. 

              

      

      

      
        	
                (j)

              	
                No
                  Set-off.
                  Except as expressly provided for in Section 2(c), Section 6 or
                  Part
                  1(f)(i)(D) hereof, and notwithstanding any other provision of this
                  Agreement or any other existing or future agreement, each party
                  irrevocably waives any and all rights it may have to set off, net,
                  recoup
                  or otherwise withhold or suspend or condition payment or performance
                  of
                  any obligation between it and the other party hereunder against
                  any
                  obligation between it and the other party under any other agreements.
                  Section 6(e) shall be amended by deleting the following sentence:
“The
                  amount, if any, payable in respect of an Early Termination Date
                  and
                  determined pursuant to this Section will be subject to any
                  Set-off.”.

              

      

       

      
        	
                (k)

              	
                Amendment.
                  Notwithstanding any provision to the contrary in this Agreement,
                  no
                  amendment of either this Agreement or any Transaction under this
                  Agreement
                  shall be permitted by either party unless each of the Swap Rating
                  Agencies
                  has been provided prior written notice of the same and such amendment
                  satisfies the Rating Agency Condition with respect to S&P and
                  DBRS.

              

      

      

      
        	
                (l)

              	
                Notice
                  of Certain Events or Circumstances.
                  Each Party agrees, upon learning of the occurrence or existence
                  of any
                  event or condition that constitutes (or that with the giving of
                  notice or
                  passage of time or both would constitute) an Event of Default or
                  Termination Event with respect to such party, promptly to give
                  the other
                  Party and to each Swap Rating Agency notice of such event or condition;
                  provided that failure to provide notice of such event or condition
                  pursuant to this Part 5(l) shall not constitute an Event of Default
                  or a
                  Termination Event.

              

      

       

      
        	(m)	
                Proceedings.
                  No
                  Relevant Entity shall institute against, or cause any other person
                  to
                  institute against, or join any other person in instituting against
                  Party
                  B, the Supplemental Interest Trust, or the trust formed pursuant
                  to the
                  Pooling and Servicing Agreement, in any bankruptcy, reorganization,
                  arrangement, insolvency or liquidation proceedings or other proceedings
                  under any federal or state bankruptcy or similar law for a period
                  of one
                  year (or, if longer, the applicable preference period) and one
                  day
                  following payment in full of the Certificates and any Notes. This
                  provision will survive the termination of this Agreement. 

              

      

      

      
        	
                (n)

              	
                Supplemental
                  Interest Trust Trustee Liability Limitations.
                  It
                  is expressly understood and agreed by the parties hereto that (a)
                  this
                  Agreement is executed by HSBC Bank USA, National Association (“HSBC”) not
                  in its individual capacity, but solely as Supplemental Interest
                  Trust
                  Trustee under the Pooling and Servicing Agreement in the exercise
                  of the
                  powers and authority conferred and invested in it thereunder; (b)
                  HSBC has
                  been directed pursuant to the Pooling and Servicing Agreement to
                  enter
                  into this Agreement and HSBC and the Securities Administrator have
                  been
                  directed to perform its obligations hereunder; (c) each of the
                  representations, undertakings and agreements herein made on behalf
                  of the
                  Supplemental Interest Trust is made and intended not as personal
                  representations of HSBC or the Securities Administrator but is
                  made and
                  intended for the purpose of binding only the Supplemental Interest
                  Trust
                  Trustee; and (d) under no circumstances shall HSBC
                  or the Securities Administrator in its individual capacity be personally
                  liable for any payments hereunder or for the breach or failure
                  of any
                  obligation, representation, warranty or covenant made or undertaken
                  under
                  this Agreement.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          16
of
          27

         

      

      
        	
                (o)

              	
                Severability.
                  If
                  any term, provision, covenant, or condition of this Agreement,
                  or the
                  application thereof to any party or circumstance, shall be held
                  to be
                  invalid or unenforceable (in whole or in part) in any respect,
                  the
                  remaining terms, provisions, covenants, and conditions hereof shall
                  continue in full force and effect as if this Agreement had been
                  executed
                  with the invalid or unenforceable portion eliminated, so long as
                  this
                  Agreement as so modified continues to express, without material
                  change,
                  the original intentions of the parties as to the subject matter
                  of this
                  Agreement and the deletion of such portion of this Agreement will
                  not
                  substantially impair the respective benefits or expectations of
                  the
                  parties; provided, however, that this severability provision shall
                  not be
                  applicable if any provision of Section 2, 5, 6, or 13 (or any definition
                  or provision in Section 14 to the extent it relates to, or is used
                  in or
                  in connection with any such Section) shall be so held to be invalid
                  or
                  unenforceable. 

              

      

      

      The
        parties shall endeavor to engage in good faith negotiations to replace any
        invalid or unenforceable term, provision, covenant or condition with a valid
        or
        enforceable term, provision, covenant or condition, the economic effect of
        which
        comes as close as possible to that of the invalid or unenforceable term,
        provision, covenant or condition. 

      

      
        	
                (p)

              	
                Agent
                  for Party B. Party
                  A acknowledges that Party B has appointed the Supplemental Interest
                  Trust
                  Trustee and the Securities Administrator as its agents under the
                  Pooling
                  and Servicing Agreement to carry out certain functions on behalf
                  of Party
                  B, and that the Supplemental Interest Trust Trustee and the Securities
                  Administrator shall be entitled to give notices and to perform
                  and satisfy
                  the obligations of Party B hereunder on behalf of Party
                  B.

              

      

       

      
        	
                (q)

              	
                [Reserved] 

              

      

      

      
        	
                (r)

              	
                Consent
                  to Recording.
                  Each party hereto consents to the monitoring or recording, at any
                  time and
                  from time to time, by the other party of any and all communications
                  between trading, marketing, and operations personnel of the parties
                  and
                  their Affiliates, waives any further notice of such monitoring
                  or
                  recording, and agrees to notify such personnel of such monitoring
                  or
                  recording. 

              

      

      

      
        	
                (s)

              	
                Waiver
                  of Jury Trial.
                  Each party waives any right it may have to a trial by jury in respect
                  of
                  any suit, action or proceeding relating to this Agreement or any
                  Credit
                  Support Document. 

              

      

      

      
        	
                (t)

              	
                Form
                  of ISDA Master Agreement. Party
                  A and Party B hereby agree that the text of the body of the ISDA
                  Master
                  Agreement is intended to be the printed form of the ISDA Master
                  Agreement
                  (Multicurrency -
                  Crossborder) as published and copyrighted in 1992 by the International
                  Swaps and Derivatives Association,
                  Inc.

              

      

      

      
        	
                (u)

              	
                Payment
                  Instructions.
                  Party A hereby agrees that, unless notified in writing by Party
                  B of other
                  payment instructions, any and all amounts payable by Party A to
                  Party B
                  under this Agreement shall be paid to the account specified in
                  Item 4 of
                  this Confirmation, below. 

              

      

      

      
        	
                (v)

              	
                Capacity.
                  Party A represents to Party B on the date on which Party A enters
                  into
                  this Agreement
                  that it is entering into the Agreement and the Transaction as principal
                  and not as agent of any person. The Supplemental Interest Trust
                  Trustee
                  represents to Party A on the date on which Party
                  B enters
                  into this Agreement the Supplemental Interest Trust Trustee is
                  executing
                  the Agreement not in its individual capacity, but solely as Supplemental
                  Interest Trust Trustee on behalf of the Supplemental Interest
                  Trust.

              

      

      

      
        	
                (w)

              	
                Substantial
                  financial transactions.
                  Each party hereto is hereby advised and acknowledges as of the
                  date hereof
                  that the other party has engaged in (or refrained from engaging
                  in)
                  substantial financial transactions and has taken (or refrained
                  from
                  taking) other material actions in reliance upon the entry by the
                  parties
                  into the Transaction being entered into on the terms and conditions
                  set
                  forth herein and in the Pooling and Servicing Agreement relating
                  to such
                  Transaction, as applicable. This paragraph shall be deemed repeated
                  on the
                  trade date of each Transaction.

              

      

      

      
        	
                (x)

              	
                [Reserved].

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          17
of
          27

         

      

      
        	
                (y)

              	
                [Reserved].

              

      

      

      
        	(z)	
                Additional
                  Definitions. 

              

      

       

      As
        used
        in this Agreement, the following terms shall have the meanings set forth
        below,
        unless the context clearly requires otherwise: 

       

      “Approved
        Ratings Threshold”
        means
        each of the S&P Approved Ratings Threshold, DBRS Approved Ratings Threshold
        and the Moody’s First Trigger Ratings Threshold.

      

      “Approved
        Replacement” means,
        with respect to a Market Quotation, an entity making such Market Quotation,
        which entity would satisfy conditions (a), (b), (c) and (d)of the definition
        of
        Permitted Transfer (as determined by Party B in its sole discretion, acting
        in a
        commercially reasonable manner) if such entity were a Transferee, as defined
        in
        the definition of Permitted Transfer.

      

      “DBRS”
        means
        Dominion Bond Rating Service, or any successor thereto. 

      

      “DBRS
        Approved Ratings Downgrade Event”
        means
        that no Relevant Entity has credit ratings at least equal to the DBRS Approved
        Ratings Threshold.

      

      “DBRS
        Approved Ratings Threshold” means,
        with respect to Party A, the guarantor under an Eligible Guarantee, or an
        Eligible Replacement, a long-term unsecured and unsubordinated debt rating
        from
        DBRS of “AA(low)” and a short-term unsecured and unsubordinated debt rating from
        DBRS of “R-1(middle)”.

      

      “DBRS
        Required Ratings Downgrade Event”
        means
        that no Relevant Entity has credit rating at least equal to the DBRS Required
        Ratings Threshold.

      

      “DBRS
        Required Ratings Threshold” means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, a
        long-term unsecured and unsubordinated debt rating from DBRS of
“BBB”.

      

      “Eligible
        Guarantee”
        means an
        unconditional and irrevocable guarantee of all present and future payment
        obligations and obligations to post collateral of Party A or an Eligible
        Replacement to Party B under this Agreement that is provided by an Eligible
        Guarantor as principal debtor rather than surety and that is directly
        enforceable by Party B, the form and substance of which guarantee are subject
        to
        the Rating Agency Condition with respect to S&P and DBRS.

      

      “Eligible
        Guarantor”
        means
        an
        entity that (A) has credit ratings from S&P at least equal to the S&P
        Approved Ratings Threshold, (B) has credit ratings from DBRS at lease equal
        to
        the DBRS Approved Ratings Threshold and (C) has credit ratings from Moody’s at
        least equal to the Moody’s Second Trigger Ratings Threshold, provided, for the
        avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor with
        credit ratings below the Moody’s First Trigger Ratings Threshold will not cause
        a Collateral Event (as defined in the Credit Support Annex) not to occur
        or
        continue with respect to Moody’s.  

      

      “Eligible
        Replacement”
        means an
        entity (A) (i) (a) that has credit ratings from S&P at least equal to the
        S&P Approved Ratings Threshold, (B) has credit ratings from DBRS at lease
        equal to the DBRS Approved Ratings Threshold and (C) has credit ratings from
        Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold,
        provided, for the avoidance of doubt, that an Eligible Replacement with credit
        ratings below the Moody’s First Trigger Ratings Threshold will not cause a
        Collateral Event (as defined in the Credit Support Annex) not to occur or
        continue with respect to Moody’s, or (ii) the present and future obligations
        (for the avoidance of doubt, not limited to payment obligations) of which
        entity
        to Party B under this Agreement are guaranteed pursuant to an Eligible Guarantee
        

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Reference
        Number: FXNSC9506

      HSBC
        Bank
        USA, National Association, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
        2007-1, Asset Backed Pass-Through Certificates

      May
        14,
        2007

      Page
        18
of
        27

    

     

    
      “Estimated
        Swap Termination Payment”
        means,
        with respect to an Early Termination Date, an amount determined by Party
        A in
        good faith and in a commercially reasonable manner as the maximum payment
        that
        could be owed by Party B to Party A in respect of such Early Termination
        Date
        pursuant to Section 6(e), taking into account then current market
        conditions.

      

      “Firm
        Offer”
        means
        (A) with respect to an Eligible Replacement, a quotation from such Eligible
        Replacement (i) in an amount equal to the actual amount payable by or to
        Party B
        in consideration of an agreement between Party B and such Eligible Replacement
        to replace Party A as the counterparty to this Agreement by way of novation
        or,
        if such novation is not possible, an agreement between Party B and such Eligible
        Replacement to enter into a Replacement Transaction (assuming that all
        Transactions hereunder become Terminated Transactions), and (ii) that
        constitutes an offer by such Eligible Replacement to replace Party A as the
        counterparty to this Agreement or enter a Replacement Transaction that will
        become legally binding upon such Eligible Replacement upon acceptance by
        Party
        B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
        Guarantor to provide an Eligible Guarantee that will become legally binding
        upon
        such Eligible Guarantor upon acceptance by the offeree.

      

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

      

      “Moody’s
        First Trigger Ratings Event” means
        that no
        Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
        First Trigger Ratings Threshold. 

      

      “Moody’s
        First Trigger Ratings Threshold” means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, (i) if such entity has a short-term unsecured and
        unsubordinated debt rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
        short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
        or (ii) if such entity does not have a short-term unsecured and unsubordinated
        debt rating or counterparty rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

      

      “Moody’s
        Second Trigger Ratings Event” means
        that no
        Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
        Second Trigger Ratings Threshold. 

      

      “Moody’s
        Second Trigger Ratings Threshold” means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, (i) if such entity has a short-term unsecured and
        unsubordinated debt rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
        short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
        or (ii) if such entity does not have a short-term unsecured and unsubordinated
        debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
        or counterparty rating from Moody’s of “A3”.

      

      “Permitted
        Transfer” means
        a
        transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d),
        Part
        5(b)(v), the Item 1115 Agreement, or the second sentence of Section 7 (as
        amended herein) to a transferee (the “Transferee”)
        of all,
        but not less than all, of Party A’s rights, liabilities, duties and obligations
        under this Agreement, with
        respect to which transfer each of the following conditions is
        satisfied:
        (a) the
        Transferee is an Eligible Replacement; (b) Party A and the Transferee are
        both
“dealers in notional principal contracts” within the meaning of Treasury
        regulations section 1.1001-4 (in each case as certified by such entity);
        (c) as
        of the date of such transfer the Transferee would not be required to withhold
        or
        deduct on account of Tax from any payments under this Agreement or would
        be
        required to gross up for such Tax under Section 2(d)(i)(4); (d) an Event
        of
        Default or Termination Event would not occur as a result of such transfer;
        (e)
        pursuant to a written instrument (the “Transfer
        Agreement”),
        the
        Transferee acquires and assumes all rights and obligations of Party A under
        the
        Agreement and the relevant Transaction; (f) Party B shall have determined,
        in
        its sole discretion, acting in a commercially reasonable manner, that such
        Transfer Agreement is effective to transfer to the Transferee all, but not
        less
        than all, of Party A’s rights and obligations under the Agreement and all
        relevant Transactions; (g) Party A will be responsible for any costs or expenses
        incurred in connection with such transfer (including any replacement cost
        of
        entering into a replacement transaction); (h) either (A) Moody’s has been given
        prior written notice of such transfer and the Rating Agency Condition is
        satisfied with respect to S&P and DBRS or (B) each Swap Rating Agency has
        been given prior written notice of such transfer and such transfer is in
        connection with the assignment and assumption of this Agreement without
        modification of its terms, other than party names, dates relevant to the
        effective date of such transfer, tax representations (provided that the
        representations in Part 2(a)(i) are not modified) and any other representations
        regarding the status of the substitute counterparty of the type included
        in Part
        5(b)(iv), Part 5(v)(i)(2) or Part 5(v)(ii), notice information and account
        details; and (i) such transfer otherwise complies with the terms of the Pooling
        and Servicing Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Reference
          Number: FXNSC9506

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
          2007-1, Asset Backed Pass-Through Certificates

        May
          14,
          2007

        Page
          19
of
          27 

      

       

      “Rating
        Agency Condition”
        means,
        with respect to any particular proposed act or omission to act hereunder
        and
        each Swap Rating Agency specified in connection with such proposed act or
        omission, that the party acting or failing to act must consult with each
        of the
        specified Swap Rating Agencies and receive from each such Swap Rating Agency
        a
        prior written confirmation that the proposed action or inaction would not
        cause
        a downgrade or withdrawal of the then-current rating of any Certificates
        or
        Notes.

      

      “Relevant
        Entity” means
        Party A and, to the extent applicable, a guarantor under an Eligible
        Guarantee.

      

      “Replacement
        Transaction”
        means,
        with respect to any Terminated Transaction or group of Terminated Transactions,
        a transaction or group of transactions that (i) would have the effect of
        preserving for Party B the economic equivalent of any payment or delivery
        (whether the underlying obligation was absolute or contingent and assuming
        the
        satisfaction of each applicable condition precedent) by the parties under
        Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
        Transactions that would, but for the occurrence of the relevant Early
        Termination Date, have been required after that Date, and (ii) has terms
        which
        are substantially the same as this Agreement, including, without limitation,
        rating triggers, Regulation AB compliance, and credit support documentation,
        save for the exclusion of provisions relating to Transactions that are not
        Terminated Transaction, as determined by Party B in its sole discretion,
        acting
        in a commercially reasonable manner.

      

      “Required
        Ratings Downgrade Event”
        means
        that no Relevant Entity has credit ratings at least equal to the Required
        Ratings Threshold. For purposes of determining whether a Required Ratings
        Downgrade Event has occurred, each Relevant Entity shall provide its credit
        ratings to Party B in writing, upon request of Party B.

      

      “Required
        Ratings Threshold” means
        each of the S&P Required Ratings Threshold , the DBRS Required Ratings
        Threshold, and the Moody’s Second Trigger Ratings Threshold.

      

      “S&P”
        means
        Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
        Inc., or any successor thereto. 

      

      “S&P
        Approved Ratings Downgrade Event”
        means
        that no Relevant Entity has credit ratings at least equal to the S&P
        Approved Ratings Threshold.

      

      “S&P
        Approved Ratings Threshold”
        means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, a short-term unsecured and unsubordinated debt rating
        from
        S&P of “A-1”, or, if such entity does not have a short-term unsecured and
        unsubordinated debt rating from S&P, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from S&P of
“A+”.

      

      “S&P
        Required Ratings Downgrade Event”
        means
        that no Relevant Entity has credit ratings at least equal to the S&P
        Required Ratings Threshold.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Reference
        Number: FXNSC9506

      HSBC
        Bank
        USA, National Association, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
        2007-1, Asset Backed Pass-Through Certificates

      May
        14,
        2007

      Page
        20
of
        27 

    

    

    “S&P
      Required Ratings Threshold”
      means,
      with respect to Party A, the guarantor under an Eligible Guarantee or an
      Eligible Replacement, a long-term unsecured and unsubordinated debt rating
      or
      counterparty rating from S&P of “BBB-”.

    

    “Swap
      Rating Agencies”
      means,
      with respect to any date of determination, each of S&P and DBRS and Moody’s,
      to the extent that each such rating agency is then providing a rating for any
      of
      the SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1, Asset Backed
      Pass-Through Certificates (the “Certificates”) 

     

    [Remainder
      of this page intentionally left blank.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      Reference
        Number: FXNSC9506

      HSBC
        Bank
        USA, National Association, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
        2007-1, Asset Backed Pass-Through Certificates

      May
        14,
        2007

      Page
        21
of
        27

    

    

    
      	4.	
              Account
                Details and Settlement Information:  

            

    

     

    Payments
      to Party A:

     

    Citibank,
      N.A., New York

    ABA
      Number: 021-0000-89, for the account of Bear, Stearns Securities
      Corp.

    Account
      Number: 0925-3186, for further credit to Bear Stearns Financial Products
      Inc.

    Sub-account
      Number: 102-04654-1-3

    Attention:
      Derivatives Department

     

    Payments
      to Party B:

    

    Wells
      Fargo Bank, NA

    ABA
      #
      121000248

    Account
      Name: SAS Clearing Account #3970771416

    FFC:
      53149802, STACS 2007-1 Supplemental Interest Account

    

    NEITHER
      THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF THE BEAR
      STEARNS COMPANIES INC. OTHER THAN PARTY A IS AN OBLIGOR OR A CREDIT SUPPORT
      PROVIDER ON THIS AGREEMENT.

    

    This
      Agreement may be executed in several counterparts, each of which shall be deemed
      an original but all of which together shall constitute one and the same
      instrument.

    

    Party
      B
      hereby agrees to check this Confirmation and to confirm that the foregoing
      correctly sets forth the terms of the Transaction by signing in the space
      provided below and returning to Party A a facsimile of the fully-executed
      Confirmation to 212-272-9857. For inquiries regarding U.S. Transactions, please
      contact Derivatives Documentation by telephone at 212-272-2711. For all other
      inquiries please contact Derivatives Documentation by telephone at
      353-1-402-6233. Originals will be provided for your execution upon your
      request.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      Reference
        Number: FXNSC9506

      HSBC
        Bank
        USA, National Association, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
        2007-1, Asset Backed Pass-Through Certificates

      May
        14,
        2007

      Page
        22
of
        27

    

    

    We
      are
      very pleased to have executed this Transaction with you and we look forward
      to
      completing other transactions with you in the near future.

    

    Very
      truly yours,

     

    
      	BEAR STEARNS FINANCIAL
              PRODUCTS INC.	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Annie
              Manevitz 	 	 	
            
	 	
              

              Name:
                Annie Manevitz

            	 	 	
            
	 	
              Title:
                Authorized Signatory

            	 	 	
            

    

     

    Party
      B,
      acting through its duly authorized signatory, hereby agrees to, accepts and
      confirms the terms of the foregoing as of the date hereof.

     

    
       

      
        	HSBC BANK USA,
                NATIONAL
                ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS SUPPLEMENTAL
                INTEREST TRUST TRUSTEE ON BEHALF OF THE SUPPLEMENTAL INTEREST TRUST
                WITH
                RESPECT TO THE SUNTRUST ACQUISITION CLOSED-END SECONDS TRUST, SERIES
                2007-1, ASSET BACKED PASS-THROUGH CERTIFICATES
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Susie
                Moy 	 	 	
              
	 	
                

                Name:
                  Susie Moy

              	 	 	
              
	 	
                Title:
                  Vice President

              	 	 	
              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      Reference
        Number: FXNSC9506

      HSBC
        Bank
        USA, National Association, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
        2007-1, Asset Backed Pass-Through Certificates

      May
        14,
        2007

      Page
        23
of
        27

    

    

    SCHEDULE
      I

     

    (where
      for
      the purposes of (i) determining Floating Amounts, all such dates subject to
      adjustment in accordance with the Following Business Day Convention and (ii)
      determining Fixed Amounts, all such dates subject to No Adjustment.)

    

    
      	
              From
                and including

            	 	
              To
                but excluding

            	 	
              Notional
                Amount

              (USD)

            
	
              Effective
                Date

            	 	
              05/25/2007

            	 	
              335,803,000.00

            
	
              05/25/2007

            	 	
              06/25/2007

            	 	
              327,818,269.15

            
	
              06/25/2007

            	 	
              07/25/2007

            	 	
              319,139,157.37

            
	
              07/25/2007

            	 	
              08/25/2007

            	 	
              309,802,003.79

            
	
              08/25/2007

            	 	
              09/25/2007

            	 	
              299,848,197.13

            
	
              09/25/2007

            	 	
              10/25/2007

            	 	
              289,323,965.95

            
	
              10/25/2007

            	 	
              11/25/2007

            	 	
              278,280,108.26

            
	
              11/25/2007

            	 	
              12/25/2007

            	 	
              266,771,660.14

            
	
              12/25/2007

            	 	
              01/25/2008

            	 	
              254,858,168.73

            
	
              01/25/2008

            	 	
              02/25/2008

            	 	
              243,446,975.51

            
	
              02/25/2008

            	 	
              03/25/2008

            	 	
              232,545,772.45

            
	
              03/25/2008

            	 	
              04/25/2008

            	 	
              222,131,800.07

            
	
              04/25/2008

            	 	
              05/25/2008

            	 	
              212,183,313.47

            
	
              05/25/2008

            	 	
              06/25/2008

            	 	
              202,679,537.02

            
	
              06/25/2008

            	 	
              07/25/2008

            	 	
              193,600,621.36

            
	
              07/25/2008

            	 	
              08/25/2008

            	 	
              184,927,601.97

            
	
              08/25/2008

            	 	
              09/25/2008

            	 	
              176,642,359.89

            
	
              09/25/2008

            	 	
              10/25/2008

            	 	
              168,727,583.98

            
	
              10/25/2008

            	 	
              11/25/2008

            	 	
              161,166,734.99

            
	
              11/25/2008

            	 	
              12/25/2008

            	 	
              153,944,011.13

            
	
              12/25/2008

            	 	
              01/25/2009

            	 	
              147,044,315.24

            
	
              01/25/2009

            	 	
              02/25/2009

            	 	
              140,453,223.41

            
	
              02/25/2009

            	 	
              03/25/2009

            	 	
              134,156,954.99

            
	
              03/25/2009

            	 	
              04/25/2009

            	 	
              128,142,343.88

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Reference
        Number: FXNSC9506

      HSBC
        Bank
        USA, National Association, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
        2007-1, Asset Backed Pass-Through Certificates

      May
        14,
        2007

      Page
        24
of
        27 

    

     

    
      	
              04/25/2009

            	 	
              05/25/2009

            	 	
              122,396,811.22

            
	
              05/25/2009

            	 	
              06/25/2009

            	 	
              116,908,339.18

            
	
              06/25/2009

            	 	
              07/25/2009

            	 	
              111,665,445.98

            
	
              07/25/2009

            	 	
              08/25/2009

            	 	
              106,657,162.00

            
	
              08/25/2009

            	 	
              09/25/2009

            	 	
              101,873,006.96

            
	
              09/25/2009

            	 	
              10/25/2009

            	 	
              97,302,968.13

            
	
              10/25/2009

            	 	
              11/25/2009

            	 	
              92,937,479.45

            
	
              11/25/2009

            	 	
              12/25/2009

            	 	
              88,767,401.66

            
	
              12/25/2009

            	 	
              01/25/2010

            	 	
              84,784,003.30

            
	
              01/25/2010

            	 	
              02/25/2010

            	 	
              80,978,942.46

            
	
              02/25/2010

            	 	
              03/25/2010

            	 	
              77,344,249.50

            
	
              03/25/2010

            	 	
              04/25/2010

            	 	
              73,872,310.40

            
	
              04/25/2010

            	 	
              05/25/2010

            	 	
              70,555,850.96

            
	
              05/25/2010

            	 	
              06/25/2010

            	 	
              67,387,921.58

            
	
              06/25/2010

            	 	
              07/25/2010

            	 	
              64,361,882.86

            
	
              07/25/2010

            	 	
              08/25/2010

            	 	
              61,471,391.74

            
	
              08/25/2010

            	 	
              09/25/2010

            	 	
              58,710,388.28

            
	
              09/25/2010

            	 	
              10/25/2010

            	 	
              56,073,083.07

            
	
              10/25/2010

            	 	
              11/25/2010

            	 	
              53,553,945.13

            
	
              11/25/2010

            	 	
              12/25/2010

            	 	
              51,147,690.41

            
	
              12/25/2010

            	 	
              01/25/2011

            	 	
              48,849,270.79

            
	
              01/25/2011

            	 	
              02/25/2011

            	 	
              46,653,863.50

            
	
              02/25/2011

            	 	
              03/25/2011

            	 	
              44,556,861.17

            
	
              03/25/2011

            	 	
              04/25/2011

            	 	
              42,553,862.16

            
	
              04/25/2011

            	 	
              05/25/2011

            	 	
              40,640,661.35

            
	
              05/25/2011

            	 	
              06/25/2011

            	 	
              38,813,241.45

            
	
              06/25/2011

            	 	
              07/25/2011

            	 	
              37,067,764.62

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Reference
        Number: FXNSC9506

      HSBC
        Bank
        USA, National Association, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
        2007-1, Asset Backed Pass-Through Certificates

      May
        14,
        2007

      Page
        25
of
        27

    

     

    
      	
              07/25/2011

            	 	
              08/25/2011

            	 	
              35,400,564.38

            
	
              08/25/2011

            	 	
              Termination
                Date

            	 	
              33,808,138.07

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Reference
        Number: FXNSC9506

      HSBC
        Bank
        USA, National Association, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
        2007-1, Asset Backed Pass-Through Certificates

      May
        14,
        2007

      Page
        26
of
        27 

    

     

    Annex
      A

    

    Paragraph
      13 of the Credit Support Annex

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      Reference
        Number: FXNSC9506

      HSBC
        Bank
        USA, National Association, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
        2007-1, Asset Backed Pass-Through Certificates

      May
        14,
        2007

      Page
        27
of
        27

    

     

    Annex
      B

    

    Item
      1115 Agreement

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ANNEX
      A

    ISDA®

    CREDIT
      SUPPORT ANNEX

    to
      the
      Schedule to the

    ISDA
      Master Agreement

    dated
      as
      of May 14, 2007 between

    Bear
      Stearns Financial Products Inc. (hereinafter referred to as “Party
      A”
      or
“Pledgor”)

    and

    HSBC
      Bank
      USA, National Association, not in its individual capacity, but solely as
      Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
      Trust
      with respect to the SunTrust Acquisition Closed-End Seconds Trust, Series
      2007-1, Asset Backed Pass-Through Certificates (hereinafter referred to as
      “Party
      B” or
      “Secured
      Party”)

     

    For
      the
      avoidance of doubt, and notwithstanding anything to the contrary that may be
      contained in the Agreement, this Credit Support Annex shall relate solely to
      the
      Transaction documented in the Confirmation dated May 14, 2007, between Party
      A
      and Party B, Reference Number FXNSC9506

     

    Paragraph
      13. Elections and Variables.

     

    
      	
              (a)

            	
              Security
                Interest for “Obligations”.
                The term “Obligations”
                as
                used in this Annex includes the following additional
                obligations:

            

    

     

    With
      respect to Party A: not applicable.

     

    With
      respect to Party B: not applicable.

     

    
      	
              (b)

            	
              Credit
                Support Obligations.

            

    

     

    
      	 	
              (i)

            	
              Delivery
                Amount, Return Amount and Credit Support
                Amount.

            

    

     

    
      	 	
              (A)

            	
              “Delivery
                Amount”
                has the meaning specified in Paragraph 3(a) as amended (I) by deleting
                the
                words “upon a demand made by the Secured Party on or promptly following
                a
                Valuation Date” and inserting in lieu thereof the words “not later than
                the close of business on each Valuation Date” and (II) by deleting in its
                entirety the sentence beginning “Unless otherwise specified in Paragraph
                13” and ending “(ii) the Value as of that Valuation Date of all Posted
                Credit Support held by the Secured Party.” and inserting in lieu thereof
                the following:

            

    

     

    The
      “Delivery
      Amount”
      applicable to the Pledgor for any Valuation Date will equal the greatest of
      

     

    
      	 	
              (1)
                

            	
              the
                amount by which (a) the S&P/DBRS Credit Support Amount for such
                Valuation Date exceeds (b) the S&P/DBRS Value as of such Valuation
                Date of all Posted Credit Support held by the Secured Party,
                

            

    

     

    
      	 	
              (2)
                

            	
              the
                amount by which (a) the Moody’s First Trigger Credit Support Amount for
                such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                Valuation Date of all Posted Credit Support held by the Secured Party,
                and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (3)
                

            	
              the
                amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                such Valuation Date of all Posted Credit Support held by the Secured
                Party.

            

    

     

    
      	 	
              (B)

            	
              “Return
                Amount”
                has the meaning specified in Paragraph 3(b) as amended by deleting
                in its
                entirety the sentence beginning “Unless otherwise specified in Paragraph
                13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                thereof the following:

            

    

     

    The
      “Return
      Amount”
      applicable to the Secured Party for any Valuation Date will equal the least
      of

     

    
      	 	
              (1)
                

            	
              the
                amount by which (a) the S&P/DBRS Value as of such Valuation Date of
                all Posted Credit Support held by the Secured Party exceeds (b) the
                S&P/DBRS Credit Support Amount for such Valuation Date,
                

            

    

     

    
      	 	
              (2)
                

            	
              the
                amount by which (a) the Moody’s First Trigger Value as of such Valuation
                Date of all Posted Credit Support held by the Secured Party exceeds
                (b)
                the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                and

            

    

     

    
      	 	
              (3)
                

            	
              the
                amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                Date of all Posted Credit Support held by the Secured Party exceeds
                (b)
                the Moody’s Second Trigger Credit Support Amount for such Valuation
                Date.

            

    

     

    
      	 	
              (C)

            	
              “Credit
                Support Amount”
                shall not apply. For purposes of calculating any Delivery Amount
                or Return
                Amount for any Valuation Date, reference shall be made to the S&P/DBRS
                Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                the Moody’s Second Trigger Credit Support Amount, in each case for such
                Valuation Date, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                above.

            

    

     

    
      	 	
              (ii)

            	
              Eligible
                Collateral.
                

            

    

     

    The
      items
      set forth on the schedule of Eligible Collateral attached as Schedule A hereto
      will qualify as “Eligible
      Collateral”
(for
      the avoidance of doubt, all Eligible Collateral described in (D) and (E) of
      column one of the Collateral Schedule to be denominated in USD).

     

    
      	 	
              (iii)

            	
              Other
                Eligible Support. 

            

    

     

    The
      following items will qualify as “Other
      Eligible Support”
      for the
      party specified: 

     

    Not
      applicable.

     

    
      	 	
              (iv)

            	
              Threshold.

            

    

     

    
      	 	
              (A)

            	
              “Independent
                Amount”
                means zero with respect to Party A and Party
                B.

            

    

     

    
      	 	
              (B)

            	
              “Threshold”
                means, with respect to Party A and any Valuation Date, zero if (i)
                a
                Collateral Event has occurred and has been continuing (x) for at
                least 30
                days or (y) since this Annex was executed or (ii) a Required Ratings
                Downgrade Event has occurred and is continuing; otherwise,
                infinity.

            

    

     

    
      	 	
              “Threshold”
                means, with respect to Party B and any Valuation Date,
                infinity.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (C)

            	
              “Minimum
                Transfer Amount” means
                USD 100,000 with respect to Party A and Party B; provided, however,
                that
                if the aggregate Certificate Principal Balance of the Certificates
                and the
                aggregate principal balance of the Notes rated by S&P/DBRS is at the
                time of any transfer less than USD 50,000,000, the “Minimum
                Transfer Amount”
                shall be USD 50,000.

            

    

     

    
      	 	
              (D)

            	
              Rounding:
                The Delivery Amount will be rounded up to the nearest integral multiple
                of
                USD 10,000. The Return Amount will be rounded down to the nearest
                integral
                multiple of USD 10,000.

            

    

     

    
      	
              (c)

            	
              Valuation
                and Timing.

            

    

     

    
      	 	
              (i)

            	
              “Valuation
                Agent”
                means Party A; provided that, if an Event of Default shall have occurred
                and be continuing, Party B shall have the right to designate a third-party
                Reference Market-maker as the Calculation
                Agent.

            

    

     

    
      	 	
              (ii)

            	
              “Valuation
                Date” means
                each Local Business Day on which any of the S&P/DBRS Credit Support
                Amount, the Moody’s First Trigger Credit Support Amount or the Moody’s
                Second Trigger Credit Support Amount is greater than
                zero.

            

    

     

    
      	 	
              (iii)

            	
              “Valuation
                Time” means
                the close of business in the city of the Valuation Agent on the Local
                Business Day immediately preceding the Valuation Date or date of
                calculation, as applicable; provided
                that the calculations of Value and Exposure will be made as of
                approximately the same time on the same date. The Valuation Agent
                will
                notify each party (or the other party, if the Valuation Agent is
                a party)
                of its calculations not later than the Notification Time on the applicable
                Valuation Date (or in the case of Paragraph 6(d), the Local Business
                Day
                following the day on which such relevant calculations are
                performed).”

            

    

     

    
      	 	
              (iv)

            	
              “Notification
                Time” means
                11:00 a.m., New York time, on a Local Business Day.
                

            

    

     

    
      	 	
              (v)

            	
              External
                Calculations.
                At
                any time at which Party A (or, to the extent applicable, its Credit
                Support Provider) does not have a long-term unsubordinated and unsecured
                debt rating of at least “BBB+” from S&P/DBRS, the Valuation Agent
                shall (at its own expense) obtain external calculations of Party
                B’s
                Exposure from at least two Reference Market-makers on the last Local
                Business Day of each calendar month. Any determination of the S&P/DBRS
                Credit Support Amount shall be based on the greatest of Party B’s Exposure
                determined by the Valuation Agent and such Reference Market-makers.
                Such
                external calculation may not be obtained from the same Reference
                Market-maker more than four times in any 12-month
                period.

            

    

     

    
      	 	
              (vi)

            	
              Notice
                to S&P/DBRS.
                At
                any time at which Party A (or, to the extent applicable, its Credit
                Support Provider) does not have a long-term unsubordinated and unsecured
                debt rating of at least “BBB+” from S&P/DBRS, the Valuation Agent
                shall provide to S&P/DBRS not later than the Notification Time on the
                Local Business Day following each Valuation Date its calculations
                of Party
                B’s Exposure and the S&P/DBRS Value of any Eligible Credit Support or
                Posted Credit Support for that Valuation Date. The Valuation Agent
                shall
                also provide to S&P/DBRS any external marks of Party B’s
                Exposure.

            

    

     

    
      	
              (d)

            	
              Conditions
                Precedent and Secured Party’s Rights and
                Remedies.
                The following Termination Events will be a “Specified
                Condition”
                for the party specified (that party being the Affected Party if the
                Termination Event occurs with respect to that party): With respect
                to
                Party A and Party B: None. 

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              (e)

            	
              Substitution.

            

    

     

    
      	 	
              (i)

            	
              “Substitution
                Date”
                has the meaning specified in Paragraph
                4(d)(ii).

            

    

     

    
      	 	
              (ii)

            	
              Consent.
                If
                specified here as applicable, then the Pledgor must obtain the Secured
                Party’s consent for any substitution pursuant to Paragraph 4(d):
                Inapplicable.

            

    

     

    
      	
              (f)

            	
              Dispute
                Resolution.

            

    

     

    
      	 	
              (i)

            	
              “Resolution
                Time”
                means 1:00 p.m. New York time on the Local Business Day following
                the date
                on which the notice of the dispute is given under Paragraph
                5.

            

    

     

    
      	 	
              (ii)

            	
              Value.
                Notwithstanding anything to the contrary in Paragraph 12, for the
                purpose
                of Paragraphs 5(i)(C) and 5(ii), the S&P/DBRS Value, Moody’s First
                Trigger Value, and Moody’s Second Trigger Value, on any date, of Eligible
                Collateral other than Cash will be calculated as follows:
                

            

    

     

    For
      Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
      the
      product of (1)(x) the bid-side quotation at the Valuation Time for such
      securities on the principal national securities exchange on which such
      securities are listed, or (y) if such securities are not listed on a national
      securities exchange, the arithmetic mean of the bid-side quotations for such
      securities quoted at the Valuation Time by any three principal market makers
      for
      such securities selected by the Valuation Agent, provided that if only two
      bid-side quotations are obtained, then the arithmetic mean of such two bid-side
      quotations will be used, and if only one bid-side quotation is obtained, such
      quotation shall be used, or (z) if no such bid price is listed or quoted for
      such date, the bid price listed or quoted (as the case may be) at the Valuation
      Time for the day next preceding such date on which such prices were available
      and (2) the applicable Valuation Percentage for such Eligible
      Collateral.

     

    
      	 	
              (iii)

            	
              Alternative.
                The provisions of Paragraph 5 will
                apply.

            

    

     

    
      	
              (g)

            	
              Holding
                and Using Posted
                Collateral.

            

    

     

    
      	 	
              (i)

            	
              Eligibility
                to Hold Posted Collateral; Custodians. Party
                B (or its Custodian) will be entitled to hold Posted Collateral pursuant
                to Paragraph 6(b), provided that the following conditions applicable
                to it
                are satisfied:

            

    

     

    
      	 	
              (1)

            	
              it
                is not a Defaulting Party.

            

    

     

    
      	 	
              (2)

            	
              Posted
                Collateral consisting of Cash or certificated securities that cannot
                be
                paid or delivered by book-entry may be held only in any state of
                the
                United States which has adopted the Uniform Commercial
                Code.

            

    

     

    
      	 	
              (3)

            	
              in
                the case of any Custodian for Party B, such Custodian (or, to the
                extent
                applicable, its parent company or credit support provider) shall
                then have
                a short-term unsecured and unsubordinated debt rating from S&P/DBRS of
                at least “A-1”.

            

    

     

    Initially,
      the Custodian
      for
      Party B is: the Securities Administrator.

     

    
      	 	
              (ii)

            	
              Use
                of Posted Collateral.
                The provisions of Paragraph 6(c)(i) will not apply to Party B, but
                the
                provisions of 6(c)(ii) will apply to Party
                B.

            

    

     

    
      	
              (h)

            	
              Distributions
                and Interest Amount.

            

    

     

    
      	 	
              (i)

            	
              Interest
                Rate.
                The “Interest
                Rate”
                will be the actual interest rate earned on Posted Collateral in the
                form
                of Cash that is held by Party B or its Custodian. Posted Collateral
                in the
                form of Cash shall be invested in such overnight (or redeemable within
                two
                Local Business Days of demand) Permitted Investments rated at least
                (x)
                AAAm or AAAm-G by S&P/DBRS and (y) Prime-1 by Moody’s or Aaa by
                Moody’s, as directed by Party A. Gains and losses incurred in respect of
                any investment of Posted Collateral in the form of Cash in
                Permitted Investments as
                directed by Party A shall be for the account of Party
                A.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              Amendment
                of Paragraph 6(d)(i) - Distributions.
                Clause (d)(i) of Paragraph 6 shall be amended and restated to read
                in its
                entirety as follows:

            

    

     

    “(i)
      Distributions. Subject to Paragraph 4(a), if Party B receives Distributions
      on a
      Local Business Day, it will Transfer to Party A not later than the following
      Local Business Day any Distributions it receives to the extent that a Delivery
      Amount would not be created or increased by that Transfer, as calculated by
      the
      Valuation Agent (and the date of calculation will be deemed to be a Valuation
      Date for this purpose). ” 

     

    
      	 	
              (iii)

            	
              Amendment
                of Paragraph 6(d)(ii) - Interest Amount.
                Clause (d)(ii) of Paragraph 6 shall be amended and restated to read
                in its
                entirety as follows:

            

    

     

    “(ii)
      Interest
      Amount.
      In lieu
      of any interest, dividends or other amounts paid with respect to Posted
      Collateral in the form of Cash (all of which may be retained by the Secured
      Party), the Secured Party will Transfer to the Pledgor on the 20th day of each
      calendar month (or if such day is not a Local Business Day, the next Local
      Business Day) the Interest Amount. Any Interest Amount or portion thereof not
      Transferred pursuant to this Paragraph will constitute Posted Collateral in
      the
      form of Cash and will be subject to the security interest granted under
      Paragraph 2. For purposes of calculating the Interest Amount the amount of
      interest calculated for each day of the interest period shall be compounded
      monthly.” Secured Party shall not be obligated to transfer any Interest Amount
      unless and until it has received such amount.

     

    
      	
              (i)

            	
              Additional
                Representation(s).
                There are no additional representations by either
                party.

            

    

     

    
      	
              (j)

            	
              Other
                Eligible Support and Other Posted Support.

            

    

     

    
      	 	
              (i)

            	
              “Value”
                with respect to Other Eligible Support and Other Posted Support means:
                not
                applicable. 

            

    

     

    
      	 	
              (ii)

            	
              “Transfer”
                with respect to Other Eligible Support and Other Posted Support means:
                not
                applicable.

            

    

     

    
      	
              (k)

            	
              Demands
                and Notices.All
                demands, specifications and notices under this Annex will be made
                pursuant
                to the Notices Section of this Agreement, except that any demand,
                specification or notice shall be given to or made at the following
                addresses, or at such other address as the relevant party may from
                time to
                time designate by giving notice (in accordance with the terms of
                this
                paragraph) to the other party:

            

    

     

    If
      to
      Party A, at the address specified pursuant to the Notices Section of this
      Agreement.

     

    If
      to
      Party B, at the address specified pursuant to the Notices Section of this
      Agreement.

     

    If
      to
      Party B’s Custodian: at the address designated in writing from time to
      time.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	
              (l)

            	
              Address
                for Transfers.
                Each Transfer hereunder shall be made to the address specified below
                or to
                an address specified in writing from time to time by the party to
                which
                such Transfer will be made.

            

    

     

    
      PartyA
        account
        details for holding collateral:

    

     

    Citibank,
      N.A., New York

    ABA
      Number: 021-0000-89, for the account of Bear, Stearns Securities
      Corp.

    Account
      Number: 0925-3186, for further credit to Bear Stearns Financial Products
      Inc.

    Sub-account
      Number: 102-04654-1-3

    Attention:
      Derivatives Department

    

    Party
      B’s
      Custodian account details for holding collateral:

     

    Wells
      Fargo Bank, NA

    ABA
      #
      121000248

    Account
      Name: SAS Clearing Account #3970771416

    FFC:
      53149803, STACS 2007-1 Swap Collateral Account

    

    
      	
              (m)

            	
              Other
                Provisions.

            

    

     

    
      	 	
              (i)

            	
              Collateral
                Account.
                Party B shall open and maintain a segregated account, which shall
                be an
                Eligible Account, and hold, record and identify all Posted Collateral
                in
                such segregated account.

            

    

     

    
      	 	
              (ii)

            	
              Agreement
                as to Single Secured Party and Single Pledgor.
                Party A and Party B hereby agree that, notwithstanding anything to
                the
                contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                means only Party B, (b) the term “Pledgor” as used in this Annex means
                only Party A, (c) only Party A makes the pledge and grant in Paragraph
                2,
                the acknowledgement in the final sentence of Paragraph 8(a) and the
                representations in Paragraph 9.

            

    

     

    
      	 	
              (iii)

            	
              Calculation
                of Value.
                Paragraph 4(c) is hereby amended by deleting the word “Value” and
                inserting in lieu thereof “S&P/DBRS Value, Moody’s First Trigger
                Value, Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended
                by (A) deleting the words “a Value” and inserting in lieu thereof “an
                S&P/DBRS Value, Moody’s First Trigger Value, and Moody’s Second
                Trigger Value” and (B) deleting the words “the Value” and inserting in
                lieu thereof “S&P/DBRS Value, Moody’s First Trigger Value, and Moody’s
                Second Trigger Value”. Paragraph 5 (flush language) is hereby amended by
                deleting the word “Value” and inserting in lieu thereof “S&P/DBRS
                Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value”.
                Paragraph 5(i) (flush language) is hereby amended by deleting the
                word
                “Value” and inserting in lieu thereof “S&P/DBRS Value, Moody’s First
                Trigger Value, and Moody’s Second Trigger Value”. Paragraph 5(i)(C) is
                hereby amended by deleting the word “the Value, if” and inserting in lieu
                thereof “any one or more of the S&P/DBRS Value, Moody’s First Trigger
                Value, or Moody’s Second Trigger Value, as may be”. Paragraph 5(ii) is
                hereby amended by (1) deleting the first instance of the words “the Value”
                and inserting in lieu thereof “any one or more of the S&P/DBRS Value,
                Moody’s First Trigger Value, or Moody’s Second Trigger Value” and (2)
                deleting the second instance of the words “the Value” and inserting in
                lieu thereof “such disputed S&P/DBRS Value, Moody’s First Trigger
                Value, or Moody’s Second Trigger Value”. Each of Paragraph 8(b)(iv)(B) and
                Paragraph 11(a) is hereby amended by deleting the word “Value” and
                inserting in lieu thereof “least of the S&P/DBRS Value, Moody’s First
                Trigger Value, and Moody’s Second Trigger Value”.
                

            

    

     

    
      	 	
              (iv)

            	
              Form
                of Annex. Party
                A and Party B hereby agree that the text of Paragraphs 1 through
                12,
                inclusive, of this Annex is intended to be the printed form of ISDA
                Credit
                Support Annex (Bilateral Form - ISDA Agreements Subject to New York
                Law
                Only version) as
                published and copyrighted in 1994 by the International Swaps and
                Derivatives Association, Inc.

            

    

     

    
      	 	
              (v)

            	
              Events
                of Default.
                Clause (iii) of Paragraph 7 shall not apply to Party
                B.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (vi)

            	
              Expenses.
                Notwithstanding anything to the contrary in Paragraph 10, the Pledgor
                will
                be responsible for, and will reimburse the Secured Party for, all
                transfer
                and other taxes and other costs involved in any Transfer of Eligible
                Collateral.

            

    

     

    
      	 	
              (vii)

            	
              Withholding.
                Paragraph 6(d)(ii) is hereby amended by inserting immediately after
“the
                Interest Amount” in the fourth line thereof the words “less any applicable
                withholding taxes.”

            

    

     

    
      	
            	(ix)	
              Additional
                Definitions.
                As used in this Annex:

            

    

     

    “Collateral
      Event” means
      that no Relevant Entity has credit ratings at least equal to the Approved
      Ratings Threshold.

     

    “DV01”
      means,
      with respect to a Transaction and any date of determination, the estimated
      change in the Secured Party’s Transaction Exposure with respect to such
      Transaction that would result from a one basis point change in the relevant
      swap
      curve on such date, as determined by the Valuation Agent in good faith and
      in a
      commercially reasonable manner. The Valuation Agent shall, upon request of
      Party
      B, provide to Party B a statement showing in reasonable detail such
      calculation.

     

    “Exposure”
      has the
      meaning specified in Paragraph 12, except that after the word “Agreement” the
      words “(assuming, for this purpose only, that Part 1(f) of the Schedule is
      deleted)” shall be inserted. 

     

    “Local
      Business Day”
means,
      for purposes of this Annex: any day on which (A) commercial banks are open
      for
      business (including dealings in foreign exchange and foreign currency deposits)
      in New York and the location of Party A, Party B and any Custodian, and (B)
      in
      relation to a Transfer of Eligible Collateral, any day on which the clearance
      system agreed between the parties for the delivery of Eligible Collateral is
      open for acceptance and execution of settlement instructions (or in the case
      of
      a Transfer of Cash or other Eligible Collateral for which delivery is
      contemplated by other means a day on which commercial banks are open for
      business (including dealings in foreign exchange and foreign deposits) in New
      York and the location of Party A, Party B and any Custodian. 

     

    “Moody’s
      First Trigger Credit Support Amount” means,
      for any Valuation Date, the excess, if any, of

     

    
      	 	
              (I)

            	
              (A)

            	
              for
                any Valuation Date on which (I) a Moody’s First Trigger Ratings Event has
                occurred and has been continuing (x) for at least 30 Local Business
                Days
                or (y) since this Annex was executed and (II) it is not the case
                that a
                Moody’s Second Trigger Ratings Event has occurred and been continuing for
                at least 30 Local Business Days, an amount equal to the greater of
                (a)
                zero and (b) the sum of (i) the Secured Party’s Exposure for such
                Valuation Date and (ii) the sum, for each Transaction to which this
                Annex
                relates, of the lesser of (x) the product of the Moody’s First Trigger
                DV01 Multiplier and DV01 for such Transaction and such Valuation
                Date and
                (y) the product of (i) Moody’s
                First Trigger Notional Amount Multiplier, (ii) if a Scale Factor
                is
                specified in such Transaction, the Scale Factor (as defined in such
                Transaction) for such Transaction, or, if no Scale Factor is specified
                in
                such Transaction, 1 and (iii) the Notional Amount for such Transaction
                for
                the Calculation Period for such Transaction (each as defined in the
                related Confirmation) which includes such Valuation Date,
                or

            

    

     

    
      	 	
              (B)

            	
              for
                any other Valuation Date, zero,
                over

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	
            	
              (II)

            	
              the
                Threshold for Party A such Valuation
                Date.

            

    

     

    “Moody’s
      First Trigger DV01 Multiplier”
      means
      15.

     

    “Moody’s
      First Trigger Value”
      means,
      on any date and with respect to any Eligible Collateral other than Cash, the
      bid
      price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
      Valuation Percentage for such Eligible Collateral set forth in Paragraph
      13(b)(ii).

     

    “Moody’s
      First Trigger Notional Amount Multiplier”
      means
      2%.

     

    “Moody’s
      Second Trigger Credit Support Amount”
      means,
      for any Valuation Date, the excess, if any, of

     

    
      	 	
              (I)

            	
              (A)

            	
              for
                any Valuation Date on which it is the case that a Moody’s Second Trigger
                Ratings Event has occurred and been continuing for at least 30 Local
                Business Days, an amount equal to the greatest of (a) zero, (b) the
                aggregate amount of the next payment due to be paid by Party A under
                each
                Transaction to which this Annex relates, and (c) the sum of (x) the
                Secured Party’s Exposure for such Valuation Date and (y) the sum, for each
                Transaction to which this Annex relates,
                of:

            

    

     

    
      	 	
              (1)

            	
              if
                such Transaction is not a Transaction-Specific Hedge, the lesser
                of (i)
                the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for
                such Transaction and such Valuation Date and (ii) the product of
                (1) the
                Moody’s Second Trigger Notional Amount Multiplier, (2) if a Scale Factor
                is specified in such Transaction, the Scale Factor (as defined in
                such
                Transaction) for such Transaction, or, if no Scale Factor is specified
                in
                such Transaction, 1 and (3) the Notional Amount for such Transaction
                for
                the Calculation Period for such Transaction (each as defined in the
                related Confirmation) which includes such Valuation Date;
                or

            

    

     

    
      	 	
              (2)

            	
              if
                such Transaction is a Transaction-Specific Hedge, the lesser of (i)
                the
                product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
                Multiplier and DV01 for such Transaction and such Valuation Date
                and (ii)
                the product of (1) the Moody’s Second Trigger Transaction-Specific Hedge
                Notional Amount Multiplier, (2) if a Scale Factor is specified in
                such
                Transaction, the Scale Factor (as defined in such Transaction) for
                such
                Transaction, or, if no Scale Factor is specified in such Transaction,
                1
                and (3) the Notional Amount for such Transaction for the Calculation
                Period for such Transaction (each as defined in the related Confirmation)
                which includes such Valuation Date;
                or

            

    

     

    
      	 	
              (B)

            	
              for
                any other Valuation Date, zero,
                over

            

    

     

    
      	
            	(II)	
              the
                Threshold for Party A for such Valuation
                Date.

            

    

     

    “Moody’s
      Second Trigger DV01 Multiplier”
      means
      50.

     

    “Moody’s
      Second Trigger Notional Amount Multiplier”
      means
      8%.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “Moody’s
      Second Trigger Transaction-Specific Hedge DV01
      Multiplier”
      means
      65.

     

    “Moody’s
      Second Trigger Transaction-Specific Hedge Notional Amount
      Multiplier”
      means
      10%.

     

    “Moody’s
      Second Trigger Value”
      means,
      on any date and with respect to any Eligible Collateral other than Cash, the
      bid
      price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
      Valuation Percentage for such Eligible Collateral set forth in Paragraph
      13(b)(ii).

     

    “Remaining
      Weighted Average Maturity” means,
      with respect to a Transaction, the expected weighted average maturity for such
      Transaction as determined by the Valuation Agent. 

     

    “S&P/DBRS
      Credit Support Amount”
      means,
      for any Valuation Date, the excess, if any, of

     

    
      	 	
              (I)

            	
              (A)
                

            	
              for
                any Valuation Date on which (i) an S&P Approved Ratings Downgrade
                Event has occurred and been continuing for at least 30 days, (ii)
                DBRS
                Approved Ratings Downgrade Event has occurred and been continuing
                for at
                least 30 days or (iii) a S&P Required Ratings Downgrade Event has
                occurred and is continuing or (iv) a DBRS Required Ratings Downgrade
                Event
                has occurred and is continuing, an amount equal to the sum of (1)
                100.0%
                of the Secured Party’s Exposure for such Valuation Date and (2) the sum,
                for each Transaction to which this Annex relates, of the product
                of (i)
                the Volatility Buffer for such Transaction, (ii) if a Scale Factor
                is
                specified in such Transaction, the Scale Factor (as defined in such
                Transaction) for such Transaction, or, if no Scale Factor is specified
                in
                such Transaction, 1 and (iii) the Notional Amount of such Transaction
                for
                the Calculation Period of such Transaction (each as defined in the
                related
                Confirmation) which includes such Valuation Date,
                or

            

    

     

    
      	 	
              (B)

            	
              for
                any other Valuation Date, zero,
                over

            

    

     

    
      	
            	(II)	
              the
                Threshold for Party A for such Valuation
                Date.

            

    

     

    “S&P/DBRS
      Value”
      means,
      on any date and with respect to any Eligible Collateral other than Cash, the
      product of (A) the bid price obtained by the Valuation Agent for such Eligible
      Collateral and (B) the S&P/DBRS Valuation Percentage for such Eligible
      Collateral set forth in paragraph 13(b)(ii).

     

    “Transaction
      Exposure”
      means,
      for any Transaction, Exposure determined as if such Transaction were the only
      Transaction between the Secured Party and the Pledgor.

     

    “Transaction-Specific
      Hedge” means
      any
      Transaction that is (i) an interest rate swap in respect of which (x) the
      notional amount of the interest rate swap is “balance guaranteed” or (y) the
      notional amount of the interest rate swap for any Calculation Period (as defined
      in the related Confirmation) otherwise is not a specific dollar amount that
      is
      fixed at the inception of the Transaction, (ii) an interest rate cap, (iii)
      an
      interest rate floor or (iv) an interest rate swaption.

     

    “Valuation
      Percentage”
      shall
      mean, for purposes of determining the S&P/DBRS Value, Moody’s First Trigger
      Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
      or Posted Collateral, the applicable S&P/DBRS Valuation Percentage, Moody’s
      First Trigger Valuation Percentage, or Moody’s Second Trigger Valuation
      Percentage for such Eligible Collateral or Posted Collateral, respectively,
      in
      each case as set forth in Paragraph 13(b)(ii).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “Value”
      shall
      mean, in respect of any date, the related S&P/DBRS Value, the related
      Moody’s First Trigger Value, and the related Moody’s Second Trigger
      Value.

     

    “Volatility
      Buffer”
      means,
      for any Transaction, the related percentage set forth in the following table.
      

     

    
      	
              The
                higher of the S&P/DBRS credit rating of (i) Party A and (ii) the
                Credit Support Provider of Party A, if applicable

            	 	
              Remaining
                Weighted Average Maturity 

              up
                to 3 years

            	 	
              Remaining
                Weighted Average Maturity

              up
                to 5 years

            	 	
              Remaining
                Weighted Average Maturity

              up
                to 10 years

            	 	
              Remaining
                Weighted Average Maturity

              up
                to 30 years

            	 
	
              “A-2”
                or higher

            	 	 	
              2.75

            	
              %

            	 	
              3.25

            	
              %

            	 	
              4.00

            	
              %

            	 	
              4.75

            	
              %

            
	
              “A-3”

            	 	 	
              3.25

            	
              %

            	 	
              4.00

            	
              %

            	 	
              5.00

            	
              %

            	 	
              6.25

            	
              %

            
	
              “BB+”
                or
                lower

            	 	 	
              3.50

            	
              %

            	 	
              4.50

            	
              %

            	 	
              6.75

            	
              %

            	 	
              7.50

            	
              %

            

    

     

    [Remainder
      of this page intentionally left blank]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
      representatives as of the date of the Agreement.

     

    
      	 	 	 	 
	
              BEAR
                STEARNS FINANCIAL PRODUCTS INC.

            	 	 	
              HSBC
                BANK USA, NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY, BUT
                SOLELY
                AS SUPPLEMENTAL INTEREST TRUST TRUSTEE ON BEHALF OF THE SUPPLEMENTAL
                INTEREST TRUST WITH RESPECT TO THE SUNTRUST ACQUISITION CLOSED-END
                SECONDS
                TRUST, SERIES 2007-1, ASSET BACKED PASS-THROUGH
                CERTIFICATES

            
	 	 	 	 
	
              By: /s/
                Annie Manevtiz

            	 	 	
              By:  /s/
                Fernando Acebedo

            
	
              
                

              

              Name
                Annie Manevtiz

              Title:
                Authorized Signatory

              Date:
                

            	 	 	
              
                

              

              Name
                Fernando Acebedo

              Title:
                Vice President

              Date:
                

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A

     

    ELIGIBLE
      COLLATERAL

     

    
      	
               

              ISDA
                Collateral Asset Definition
                (ICAD) Code 

            	 	
              Remaining
                Maturity in Years

            	 	
              S&P/DBRS
                

              Valuation
                

              Percentage

            	 	
              Moody’s

              First
                Trigger Valuation
                Percentage

            	 	
              Moody’s

              Second
                Trigger

              Valuation

              Percentage

            
	
              (A)
                US-CASH

            	 	
              N/A

            	 	
              100%

            	 	
              100%

            	 	
              100%

            
	
              (B)
                EU-CASH

            	 	
              N/A

            	 	
              92.5%

            	 	
              98%

            	 	
              94%

            
	
              (C)
                GB-CASH

            	 	
              N/A

            	 	
              94.1%

            	 	
              98%

            	 	
              95%

            
	
              (D)
                US-TBILL

              US-TNOTE

              US-TBOND

            	 	 	 	 	 	 	 	 
	 	 	
              1
                or less

            	 	
              98.9%

            	 	
              100%

            	 	
              100%

            
	 	 	
              More
                than 1 but not more than 2

            	 	
              98.0%

            	 	
              100%

            	 	
              99%

            
	 	 	
              More
                than 2 but not more than 3

            	 	
              97.4%

            	 	
              100%

            	 	
              98%

            
	 	 	
              More
                than 3 but not more than 5

            	 	
              95.5%

            	 	
              100%

            	 	
              97%

            
	 	 	
              More
                than 5 but not more than 7

            	 	
              93.7%

            	 	
              100%

            	 	
              96%

            
	 	 	
              More
                than 7 but not more than 10

            	 	
              92.5%

            	 	
              100%

            	 	
              94%

            
	 	 	
              More
                than 10 but not more than 20

            	 	
              91.1%

            	 	
              100%

            	 	
              90%

            
	 	 	
              More
                than 20

            	 	
              88.6%

            	 	
              100%

            	 	
              88%

            
	
              (E)
                US-GNMA

              US-FNMA

              US-FHLMC

            	 	 	 	 	 	 	 	 
	 	 	
              1
                or less

            	 	
              98.5%

            	 	
              100%

            	 	
              99%

            
	 	 	
              More
                than 1 but not more than 2

            	 	
              97.7%

            	 	
              100%

            	 	
              99%

            
	 	 	
              More
                than 2 but not more than 3

            	 	
              97.3%

            	 	
              100%

            	 	
              98%

            
	 	 	
              More
                than 3 but not more than 5

            	 	
              94.5%

            	 	
              100%

            	 	
              96%

            
	 	 	
              More
                than 5 but not more than 7

            	 	
              93.1%

            	 	
              100%

            	 	
              93%

            
	 	 	
              More
                than 7 but not more than 10

            	 	
              90.7%

            	 	
              100%

            	 	
              93%

            
	 	 	
              More
                than 10 but not more than 20

            	 	
              87.7%

            	 	
              100%

            	 	
              89%

            
	 	 	
              More
                than 20

            	 	
              84.4%

            	 	
              100%

            	 	
              87%

            
	
              (F)
                Fixed-Rate GA-EUROZONE-GOV

            	 	 	 	
              Rated
                AAA or better by S&P/DBRS

            	 	
              Rated
                Aa3 or better by Moody's

            	 	
              Rated
                Aa3 or better by Moody's

            
	 	 	
              1
                or less

            	 	
              98.8%

            	 	
              98%

            	 	
              94%

            
	 	 	
              More
                than 1 but not more than 2

            	 	
              97.9%

            	 	
              98%

            	 	
              93%

            
	 	 	
              More
                than 2 but not more than 3

            	 	
              97.1%

            	 	
              98%

            	 	
              92%

            
	 	 	
              More
                than 3 but not more than 5

            	 	
              91.2%

            	 	
              98%

            	 	
              90%

            
	 	 	
              More
                than 5 but not more than 7

            	 	
              87.5%

            	 	
              98%

            	 	
              89%

            
	 	 	
              More
                than 7 but not more than 10

            	 	
              83.8%

            	 	
              98%

            	 	
              88%

            
	 	 	
              More
                than 10 but not more than 20

            	 	
              75.5%

            	 	
              98%

            	 	
              84%

            

    

     

    The
      ISDA
      Collateral Asset Definition (ICAD) Codes used in this Schedule A are taken
      from
      the Collateral Asset Definitions (First Edition - June 2003) as published and
      copyrighted in 2003 by the International Swaps and Derivatives Association,
      Inc.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      J

    

    FINANCIAL
      GUARANTY INSURANCE POLICY

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    1221
      Avenue of the Americas

    New
      York,
      New York 10020

    Telephone:
      (212) 478-3400

    Facsimile:
      (212) 478-3597

    FINANCIAL
      GUARANTY 

    INSURANCE
      POLICY

    

    
      	
              Insured

              Obligations:   SunTrust
                Acquisition Closed-End Seconds Trust, Series 2007-1

              Asset
                Backed Pass-Through Certificates, Series 2007-1

              U.S.
                $317,075,000 Class A Certificates

            	
              Policy
                No:
                CA03757A

               

               

              Effective
                Date:
                May 15, 2007

            

    

    

    XL
      Capital Assurance Inc. (“XLCA”),
      a New
      York stock insurance company, in consideration of the payment of the premium,
      hereby unconditionally and irrevocably guarantees to the Securities
      Administrator for the benefit of the Owners of the Insured Obligations, the
      full
      and complete payment of the Scheduled Payments in respect of the Insured
      Obligations, subject only to the terms of this Policy (which includes the
      Endorsement attached hereto).

     

    XLCA
      will
      pay the Insured Amount to the Securities Administrator upon the presentation
      of
      a Payment Notice to XLCA (which Payment Notice shall include an irrevocable
      assignment to XLCA of all rights and claims in respect of the relevant Insured
      Obligation, as specified in the Payment Notice, free of any adverse claim),
      on
      the later of (a) one (1) Business Day following receipt by XLCA of a Payment
      Notice or (b) the Business Day on which Scheduled Payments are due for payment.
      XLCA shall be subrogated to the Owners’ rights to payment on the Insured
      Obligations to the extent of any payment by XLCA hereunder. The obligations
      of
      XLCA with respect to a Scheduled Payment will be discharged to the extent funds
      to pay such Scheduled Payment are deposited in the account specified in the
      Payment Notice, whether such funds are properly applied by the Securities
      Administrator or claimed by an Owner.

     

    In
      addition, in the event that any Scheduled Payment which has become due for
      payment and which is made to an Owner by or on behalf of the Securities
      Administrator is recovered or is recoverable from the Owner pursuant to a final
      order of a court of competent jurisdiction in an Insolvency Proceeding that
      such
      payment constitutes an Avoided Payment to such Owner within the meaning of
      any
      applicable bankruptcy law, XLCA unconditionally and irrevocably guarantees
      payment of the amount of such recovery if sufficient funds are not otherwise
      available (in accordance with Endorsement No. 1 hereto). 

     

    This
      Policy sets forth in full the undertaking of XLCA and shall not be cancelled
      or
      revoked by XLCA for any reason, including failure to receive payment of any
      premium due hereunder, and may not be further endorsed or modified without
      the
      written consent of XLCA. The premium on this Policy is not refundable for any
      reason. This Policy does not insure against loss of any prepayment or other
      acceleration payment which at any time may become due in respect of any Insured
      Obligation, other than at the sole option of XLCA, nor against any risk other
      than Nonpayment and Avoided Payment, including any shortfalls, if any,
      attributable to the liability of the Obligor for taxes or withholding taxes
      if
      any, including interest and penalties in respect of such liability.

     

    THIS
      POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED
      IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW.

     

    Any
      capitalized terms not defined herein shall have the meaning given such terms
      in
      the Endorsement attached hereto and forming a part hereof. In witness whereof,
      XLCA has caused this Policy to be executed as of the Effective
      Date.

     

    
      	 	 	 	 
	/s/
              Linda
              Kobrin	 	 	
              /s/
                James W. Lundy, Jr.

            
	
              

              Name:
                Linda Kobrin

              Title:
                Managing Director

            	 	 	
              

              Name:
                James W. Lundy, Jr.

              Title:
                Associate General Counsel

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      Financial
        Guaranty Insurance Policy Endorsement 

    

     

    Effective
      Date: May 15, 2007

     

    Attached
      to and forming part of

    Financial
      Guaranty Insurance Policy No. CA03757A

     

    
      	Obligor:	
              SunTrust
                Acquisition Closed-End Seconds Trust, Series 2007-1 referred to herein
                (the “Issuing Entity”)

            

    

     

    
      	Insured
              Obligations: 	
              Asset Backed Pass-Through Certificates, Series
                2007-1

              U.S. $317,075,000 Class A Certificates (the “Insured
                Certificates”)

            

    

     

    
      	Beneficiary: 	Wells Fargo Bank, National Association,
              not in
              its individual capacity, but solely as the Securities Administrator,
              on
              behalf of HSBC
              Bank USA, National Association,
              as Trustee (the “Trustee”) for the benefit of the Owners of the Insured
              Obligations

    

     

    Capitalized
      terms used herein and not otherwise defined herein or in the Policy shall have
      the meanings assigned to them in the Pooling and Servicing
      Agreement.

     

    As
      used
      herein the term “Avoided
      Payment”
means,
      with respect to the Insured Certificates, any payment of principal or interest
      previously distributed to a holder of an Insured Certificate by or on behalf
      of
      the Trust formed pursuant to the Pooling and Servicing Agreement that is voided
      as a result of any Insolvency Proceeding and which is returned by a holder
      of
      Insured Certificates as required by a final, nonappealable order of a court
      of
      competent jurisdiction.

     

    As
      used
      herein the term “Business
      Day”
means
      any day other than a Saturday, a Sunday or a day on which the New York Stock
      Exchange or Federal Reserve is closed or on which the jurisdiction in which
      the
      Trustee, the Master Servicer, the Servicer or the Securities Administrator
      is
      located, are authorized or obligated by law or executive order to be
      closed.

     

    As
      used
      herein the term “Deficiency
      Amount”
means,
      for any Distribution Date, the sum of, in each case after giving effect to
      distributions made on the Insured Certificates on such Distribution Date from
      sources other than the Policy, (i) the excess, if any, of (a) the Interest
      Distribution Amount for the related Interest Accrual Period on the Insured
      Certificates (calculated without regard to any step-up of the related
      Pass-Through Rate following the Optional Termination Date) over (b) the Interest
      Remittance Amount allocated to pay such Interest Distribution Amount pursuant
      to
      the Pooling and Servicing Agreement from sources other than the Policy, and
      (ii)(a) for
      any
      Distribution Date other than the Final Scheduled Distribution Date, the amount,
      if any, by which the Certificate Principal Balance of the Insured Certificates
      (after giving effect to all distributions to the Insured Certificates on such
      Distribution Date) exceeds the aggregate principal balance of the Mortgage
      Loans
      as of the last day of the related Due Period
      and (b)
      on the Final Scheduled Distribution Date, the Certificate Principal Balance
      of
      the Insured Certificates after giving effect to all distributions to the Insured
      Certificates on such Distribution Date.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    As
      used
      herein the term “Final
      Scheduled Distribution Date”
means
      the Distribution Date occurring in April 2037.

     

    As
      used
      herein the term “Insolvency
      Proceeding”
means
      the commencement, after the date hereof, of any bankruptcy, insolvency,
      readjustment of debt, reorganization, marshalling of assets and liabilities
      or
      similar proceedings by or against any Person, the commencement, after the date
      hereof, of any proceedings by or against any Person for the winding up or
      liquidation of its affairs, or the consent by any Person, after the date hereof,
      to the appointment of a trustee, conservator, receiver or liquidator in any
      bankruptcy, insolvency, readjustment of debt, reorganization, marshalling of
      assets and liabilities or similar proceedings of or relating to that
      Person.

     

    As
      used
      herein the term “Insurance
      Agreement”
means
      that certain Insurance and Indemnity Agreement, dated as of May 15, 2007, among
      XLCA, SunTrust Asset Funding, LLC (“SunTrust”),
      as
      sponsor, SunTrust Bank (“SunTrust Bank”), as guarantor, GMAC Mortgage, LLC
      (“GMACM”),
      as
      interim seller and servicer, ACE Securities Corp. (“ACE”),
      as
      depositor, and Wells Fargo Bank, National Association (“Wells
      Fargo”),
      as
      master servicer and securities administrator. 

     

    As
      used
      herein the term “Insured
      Amounts”
means,
      with respect to any Distribution Date and the Insured Certificates, that portion
      of the Scheduled Payments that shall become due for payment but shall be unpaid
      by reason of Nonpayment on such Distribution Date, which shall be equal to
      the
      related Deficiency Amount. 

     

    As
      used
      herein the term “Insured
      Payments”
means,
      with respect to any Distribution Date, the aggregate amount actually paid by
      the
      Class A Certificate Insurer to the Securities Administrator in respect of
      Insured Amounts for such Distribution Date. 

     

    As
      used
      herein the term “Nonpayment”
means,
      with respect to any Distribution Date, the failure of the Securities
      Administrator to receive in full, in accordance with the terms of the Pooling
      and Servicing Agreement, funds legally available to pay all or a portion of
      the
      Scheduled Payment that is due for payment on the Insured Certificates with
      respect to such Distribution Date. 

     

    As
      used
      herein the term “Owner”
means
      the registered owner of any Insured Obligation as indicated in the registration
      books maintained by or on behalf of the Securities Administrator for such
      purpose not including any such owner that is the Trustee, the Sponsor, the
      Depositor, the Master Servicer, the Securities Administrator, the Servicer
      or
      any of their respective affiliates.

     

    As
      used
      herein, the term “Person”
means
      an individual, a partnership, a limited liability company, a joint venture,
      a
      corporation, a trust, an unincorporated organization, and a government or any
      department or agency thereof.

     

    As
      used
      herein, the term “Pooling
      and Servicing Agreement”
means
      that certain Pooling and Servicing Agreement, dated as of April 1, 2007, by
      and
      among the ACE,
      GMACM, HSBC Bank USA, National Association and Wells Fargo.

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    As
      used
      herein the term “Reimbursement
      Amount”
means,
      as to any Distribution Date, the sum of (x)(i) all Insured Payments and Avoided
      Payments paid by the Class A Certificate Insurer, but for which the Class A
      Certificate Insurer has not been reimbursed prior to such Distribution Date,
      plus (ii) interest accrued on such Insured Payments and Avoided Payments not
      previously paid calculated at the Late Payment Rate, from the date the
      Securities Administrator received the related Insured Payments or Avoided
      Payments, and (y) without duplication (i) any amounts then due and owing to
      the
      Class A Certificate Insurer under the Insurance Agreement, but for which the
      Class A Certificate Insurer has not been paid or reimbursed prior to such
      Distribution Date, plus (ii) interest on such amounts at the rate set forth
      in
      the Insurance Agreement.

     

    As
      used
      herein the term “Scheduled
      Payment”
means,
      with respect to any Distribution Date with respect to the Insured Certificates
      during the Term of the Policy, (i) the Interest
      Distribution Amount
      due and
      payable in respect of such Class on such Distribution Date (calculated without
      regard to any step-up of the related Pass-Through Rate following the Optional
      Termination Date), (ii) for any Distribution Date other than the Final Scheduled
      Distribution Date, the amount, if any, by which the Certificate Principal
      Balance of the Insured Certificates (after giving effect to all distributions
      to
      the Insured Certificates on such Distribution Date) exceeds the aggregate
      principal balance of the Mortgage Loans as of the last day of the related Due
      Period and (iii) for the Final Scheduled Distribution Date, the Certificate
      Principal Balance of such Class outstanding on such Distribution Date, in each
      case, in accordance with the original terms of the Insured Certificates and
      the
      Pooling and Servicing Agreement when the Insured Certificates were issued and
      without regard to any subsequent amendment or modification of the Insured
      Certificates or the Pooling and Servicing Agreement that has not been consented
      to in writing by the Class A Certificate Insurer. Notwithstanding the foregoing,
      “Scheduled Payments” shall in no event include payments which become due on an
      accelerated basis as a result of any optional termination, in whole or in part,
      or any other cause, unless the Class A Certificate Insurer elects, in its sole
      discretion, to pay such amounts in whole or in part (in which event Scheduled
      Payments shall include such accelerated payments as, when, and to the extent
      so
      elected by the Class A Certificate Insurer). In the event that the Class A
      Certificate Insurer does not make such election, “Scheduled Payments” shall
      include payments due in accordance with the original scheduled terms of the
      Insured Certificates without regard to any acceleration. In addition, “Scheduled
      Payments” shall not include, nor shall coverage be provided under the Policy in
      respect of, (i) any amounts due in respect of the Insured Certificates
      attributable to any increase in interest rate, penalty or other sum payable
      by
      the Trust by reason of any default or event of default in respect of the Insured
      Certificates, or by reason of any deterioration of the creditworthiness of
      the
      Trust, (ii) any Relief Act Interest Shortfalls or any similar state or local
      laws, regulations or ordinances, (iii) any Prepayment Interest Shortfalls,
      (iv)
      Net WAC Rate Carryover Amounts, (v) any portion of the Interest Distribution
      Amount for the Insured Certificates payable as the result of an increase in
      the
      related Pass-Through Rate following the Optional Termination Date or (vi) any
      taxes, withholding or other charge imposed by any governmental authority due
      in
      connection with the payment of any Scheduled Payment to any holder or owner
      of
      an Insured Certificate.

     

    As
      used
      herein the term “Term
      of the Policy”
means
      the period from and including the date hereof to and including the first date
      on
      which (i) all Scheduled Payments have been paid that are required to be paid
      under the Pooling and Servicing Agreement; (ii) any period during which any
      Scheduled Payment could have been avoided in whole or in part as a preference
      payment under applicable bankruptcy, insolvency, receivership or similar law
      has
      expired; and (iii) if any proceedings requisite to avoidance as a preference
      payment have been commenced prior to the occurrence of (i) and (ii) above,
      a
      final and nonappealable order in resolution of each such proceeding has been
      entered; provided,
      further,
      that if
      the Holders of Insured Certificates are required to return any Avoided Payment
      as a result of such Insolvency Proceeding, then the Term of the Policy shall
      terminate on the date on which the Class A Certificate Insurer has made all
      payments required to be made under the terms of the Policy in respect of all
      such Avoided Payments. 

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    As
      used
      herein, the term “Trustee”
means
      HSBC Bank USA, National Association in its capacity as Trustee under the Pooling
      and Servicing Agreement, and any successors and assigns in such
      capacity.

     

    To
      make a
      claim under the Policy, the Securities Administrator shall deliver to XLCA
      a
      Payment Notice in the form of Exhibit
      A
      hereto
      (a “Payment
      Notice”),
      appropriately completed and executed by the Securities Administrator. A Payment
      Notice under this Policy may be presented to XLCA by (i) delivery of the
      original Payment Notice to XLCA at its address set forth below, or
      (ii) facsimile transmission of the original Payment Notice to XLCA at its
      facsimile number set forth below. If presentation is made by facsimile
      transmission, the Securities Administrator shall (x) simultaneously confirm
      transmission by telephone to XLCA at its telephone number set forth below,
      and
      (y) as soon as reasonably practicable, deliver the original Payment Notice
      to XLCA at its address set forth below. Any Payment Notice received by XLCA
      after 10:00 a.m., New York City time, on a Business Day, or on any day that
      is
      not a Business Day, will be deemed to be received by XLCA at 9:00 a.m., New
      York
      City time, on the next succeeding Business Day. 

     

    Following
      receipt by XLCA of a Payment Notice from the Securities Administrator, XLCA
      shall unconditionally and irrevocably pay an amount payable hereunder in respect
      of an Insured Amount out of the funds of XLCA on the later to occur of (a)
      12:00
      noon, New York City time, on the first Business Day following such receipt
      and
      (b) 12:00 noon, New York City time, on the Distribution Date to which the
      related Deficiency Amount relates. Payments due hereunder in respect of an
      Insured Amount will be disbursed by wire transfer of immediately available
      funds
      to the Policy Payments Account established pursuant to the Pooling and Servicing
      Agreement or, if no such Policy Payments Account has been established, to the
      Securities Administrator.

     

    Subject
      to the foregoing, if the payment of any amount with respect to the Scheduled
      Payment is sought to be recovered (a “Preference
      Event”)
      as a
      result of an Insolvency Proceeding and as a result of such Preference Event,
      an
      Owner is required to return such payment, or any portion of such voided payment,
      made in respect of an Insured Obligation (an “Avoided
      Payment”),
      XLCA
      will pay an amount equal to such Avoided Payment, following receipt by XLCA
      from
      the Securities Administrator on behalf of such Owner of (x) a certified
      copy of a final order of a court exercising jurisdiction in such Insolvency
      Proceeding to the effect that the Securities Administrator or the Owner, as
      applicable, is required to return such Avoided Payment or portion thereof
      because such payment was avoided under applicable law, with respect to which
      order the appeal period has expired without an appeal having been filed (the
      “Final
      Order”),
      (y) an assignment, substantially in the form attached hereto as
Exhibit
      B,
      properly completed and executed by such Owner irrevocably assigning to XLCA
      all
      rights and claims of such Owner relating to or arising under such Avoided
      Payment, and (z) a Payment Notice in the form of Exhibit
      A
      hereto
      appropriately completed and executed by the Securities
      Administrator.

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

    XLCA
      shall make payments due in respect of Avoided Payments no later than 2:00 p.m.
      New York City time on the Business Day following XLCA’s receipt of the documents
      required under clauses (x) through (z) of the preceding paragraph. Any
      such documents received by XLCA after 10:00 a.m. New York City time on any
      Business Day or on any day that is not a Business Day shall be deemed to have
      been received by XLCA at 9:00 a.m., New York City time, on the next succeeding
      Business Day. All payments made by XLCA hereunder on account of any Avoided
      Payment shall be disbursed to the receiver, conservator, debtor-in-possession
      or
      trustee in bankruptcy named in the Final Order and not to the Securities
      Administrator or any Owner directly (unless an Owner has previously paid such
      Avoided Payment to such receiver, conservator, debtor-in-possession or trustee
      in bankruptcy named in the Final Order, in which case XLCA will pay the
      Securities Administrator on behalf of such Owner, subject to the delivery of
      (a)
      the items referred to in clauses (x), (y) and (z) of the preceding paragraph
      to
      XLCA and (b) evidence satisfactory to XLCA that payment has been made to such
      receiver, conservator, debtor-in-possession or trustee in bankruptcy named
      in
      the Final Order). XLCA hereby waives, and agrees not to assert, any and all
      rights to require the Securities Administrator to make demand on or to proceed
      against any person, party or security prior to the Securities Administrator
      demanding payment under this Policy.

     

    No
      defenses, set-offs and counterclaims of any kind available to XLCA so as to
      deny
      payment of any amount due in respect of this Policy will be valid and XLCA
      hereby waives, and agrees not to assert, any and all such defenses (including,
      without limitation, defense of fraud in the inducement or fact, or any other
      circumstances which would have the effect of discharging a surety in law or
      in
      equity), set-offs and counterclaims, including, without limitation, any such
      rights acquired by subrogation, assignment or otherwise. Upon any payment
      hereunder, in furtherance and not in limitation of XLCA’s equitable right of
      subrogation and XLCA’s rights under the Pooling and Servicing Agreement, XLCA
      will be subrogated to the rights of the Owner in respect of which such payment
      was made to receive any and all amounts due in respect of the obligations in
      respect of which XLCA has made a payment hereunder. Any rights of subrogation
      acquired by XLCA as a result of any payment made under this Policy shall, in
      all
      respects, be subordinate and junior in right of payment to the prior
      indefeasible payment in full of any amounts due the Owner on account of payments
      due under the Insured Certificates. Notwithstanding the foregoing, XLCA does
      not
      waive its rights to seek payment in full of all Reimbursement Amounts owed
      to it
      under the Pooling and Servicing Agreement or the Insurance
      Agreement.

     

    This
      Policy is neither transferable nor assignable, in whole or in part, except
      to a
      successor securities administrator duly appointed and qualified under the
      Pooling and Servicing Agreement. All Payment Notices and other notices,
      presentations, transmissions, deliveries and communications made by the
      Securities Administrator to XLCA with respect to this Policy shall specifically
      refer to the number of this Policy and shall be made to XLCA at:

     

    XL
      Capital Assurance Inc.

    1221
      Avenue of the Americas

    New
      York,
      New York 10020

    Attention:
      Surveillance

    Telephone:
      (212) 478-3400

    Facsimile:
      (212) 478- 3597

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

    

    or
      such
      other address, telephone number or facsimile number as XLCA may designate to
      the
      Securities Administrator in writing from time to time. Each such Payment Notice
      and other notice, presentation, transmission, delivery and communication shall
      be effective only upon actual receipt by XLCA.

     

    The
      obligations of XLCA under this Policy are irrevocable, primary, absolute and
      unconditional, subject to satisfaction of the conditions for making a claim
      under this Policy, and neither the failure of any Person to perform any covenant
      or obligation in favor of XLCA (or otherwise), nor the commencement of any
      Insolvency Proceeding shall in any way affect or limit XLCA’s obligations under
      this Policy. If a successful action or proceeding to enforce this Policy is
      brought by the Securities Administrator, the Securities Administrator shall
      be
      entitled to recover from XLCA costs and expenses reasonably incurred, including,
      without limitation, reasonable fees and expenses of counsel.

     

    This
      Policy and the obligations of XLCA hereunder shall terminate on the expiration
      of the Term of this Policy. This Policy shall be returned to XLCA by the
      Securities Administrator upon the expiration of the Term of this Policy.

     

    The
      Property/Casualty Insurance Security Fund specified in Article 76 of the New
      York Insurance Law does not cover this Policy. The Florida Insurance Guaranty
      Association created under Part II of Chapter 631 of the Florida Insurance Code
      does not cover this Policy. In the event that XLCA were to become insolvent,
      the
      California Insurance Guaranty Association, established pursuant to Article
      14.2
      of Chapter 1 of Part 2 of Division 1 of the California Insurance Code excludes
      from coverage any claims arising under this Policy.

     

    THIS
      POLICY SHALL BE CONSTRUED, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
      PARTIES HEREUNDER SHALL BE DETERMINED, IN ACCORDANCE WITH THE LAWS OF THE STATE
      OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE
      THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

     

    In
      the
      event any term or provision of this Policy is inconsistent with the provisions
      of this Endorsement, the provisions of this Endorsement shall take precedence
      and be binding.

     

    [Remainder
      of Page Intentionally Left Blank]

     

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      XL
      Capital Assurance Inc. has caused this Endorsement to the Policy to be executed
      on the Effective Date.

     

    
      	
              /s/
                Linda Kobrin

              
                
Name:
                Linda Kobrin

              Title:
                Managing Director

            	
              /s/
                James W. Lundy, Jr.

              
                
Name:
                James W. Lundy, Jr.

              Title:
                Associate General Counsel

            

    

     

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

     

    Exhibit
      A to Financial Guaranty Insurance Policy No. CA03757A

     

    XL
      Capital Assurance Inc.

    1221
      Avenue of the Americas

    New
      York,
      New York 10020

    Attention: Surveillance

     

    PAYMENT
      NOTICE

    UNDER
      FINANCIAL GUARANTY INSURANCE POLICY NO. CA03757A

     

    Wells
      Fargo Bank, N.A., as Securities Administrator (the “Securities
      Administrator”),
      hereby certifies to XL Capital Assurance Inc. (“XLCA”)
      with
      reference to that certain Financial Guaranty Insurance Policy, No. CA03757A,
      dated together with the Endorsement attached thereto (the “Policy”),
      issued by XLCA in favor of the Securities Administrator on behalf of HSBC Bank
      USA, National Association, as Trustee (the “Trustee”),
      for
      the benefit of the Owners of the Insured Obligations, as follows:

     

    1. The
      Securities Administrator is the Securities Administrator under the Pooling
      and
      Servicing Agreement and the Beneficiary of the Policy on
      behalf
      of the Trustee for the benefit of the Owners of the Insured
      Obligations.

     

    2. The
      Securities Administrator is entitled to make a demand under the Policy pursuant
      to Section 5.10 of the Pooling and Servicing Agreement.

     

    3. This
      notice relates to the [insert date] Distribution Date. The amount demanded
      is to
      be paid in immediately available funds to the [Specify Account] at [Identify
      Financial Institution Holding Account] account number[_____].

     

    [For
      a
      Payment Notice in respect of Insured Amounts, use paragraph 4.]

     

    4. The
      Securities Administrator demands payment of $________, which is the amount
      equal
      to the sum of: 

     

    (a)
      __________, which is the excess of the Interest Distribution Amount for the
      related Accrual Period on the Insured Certificates over the Interest Funds
      allocated to pay such Interest Distribution Amount pursuant to the Pooling
      and
      Servicing Agreement from sources other than the Policy, plus

     

    (b)
      (i)
      for any Distribution Date other than the Final Scheduled Distribution Date,
      $____________, which equals the amount of Realized Losses allocated to reduce
      the Certificate Principal Balance of the Insured Certificates for such
      Distribution Date, if any, 

     

    or
      (ii)
      on the Final Scheduled Distribution Date, $____________, which is the
      Certificate Principal Balance of the Insured Certificates on such Distribution
      Date after giving effect to payments made in reduction of such Certificate
      Principal Balance on such Distribution Date pursuant to the Pooling and
      Servicing Agreement from sources other than the Policy . 

     

    
      
        
        

      

      
        A-8

        
          

        

      

      
        
        

      

    

     

    [For
      a
      Payment Notice in respect of an Avoided Payment use the following paragraphs
      [4]
      or [5].]

     

    [4.] The
      Securities Administrator hereby represents and warrants, based upon information
      available to it, that (i) the amount entitled to be drawn under the Policy
      on the date hereof in respect of Avoided Payments is the amount paid (or to
      be
      paid simultaneously with such draw on the Policy) by the Owner on account of
      an
      Insolvency Proceeding [$________] (the “Avoided
      Payment Amount”)
      and
      (ii) the documents required by the Policy to be delivered in connection with
      such Avoided Payments and Avoided Payment Amount have previously been presented
      to XLCA or are attached hereto.

     

    [5.] The
      Securities Administrator agrees that, following payment of funds by XLCA, it
      shall use reasonable efforts to ensure (a) that such amounts are applied
      directly to the payment of any Deficiency Amount which is due for payment;
      (b)
      that such funds are not applied for any other purpose; and (c) the maintenance
      of an accurate record of such payments in respect of each Insured Obligation
      and
      the corresponding claim on the Policy and the proceeds thereof.

     

    [5.]
      or
      [6.] The
      Securities Administrator, on
      behalf
      of itself, the Trustee and the Owners,
      hereby
      assigns to XLCA all rights and claims (including rights of actions and claims
      in
      respect of securities laws violations or otherwise) of the Securities
      Administrator and the Owners with respect to the Insured Obligation to the
      extent of any payments under the Policy. The foregoing assignment is in addition
      to, and not in limitation of, rights of subrogation otherwise available to
      XLCA
      in respect of such payments. The Securities Administrator shall take such action
      and deliver such instruments as may be reasonably required by XLCA to effectuate
      the purposes of provisions of this Clause [5.] or [6.]. 

     

    [6.]
      or
      [7.] The
      Securities Administrator, on
      behalf
      of itself, the Trustee and the Owners,
      hereby
      appoints XLCA as agent and attorney-in-fact for the Securities Administrator
      and
      the Owners in any legal proceeding in respect of the Insured Obligation. The
      Securities Administrator, on
      behalf
      of itself, the Trustee and the Owners,
      hereby
      (and without limiting the generality of the preceding sentence) agrees that
      XLCA
      may at any time during the continuation of any proceeding by or against any
      debtor with respect to which a Preference Claim (as defined below) or other
      claim with respect to the Insured Obligation is asserted under any Insolvency
      Proceeding, direct all matters relating to such Insolvency Proceeding,
      including, without limitation, (a) all matters relating to any claim in
      connection with an Insolvency Proceeding seeking the avoidance as a preferential
      transfer of any payment made with respect to the obligations (a “Preference
      Claim”),
      (b)
      the direction of any appeal of any order relating to any Preference Claim and
      (c) the posting of any surety, supersedes or performance bond pending any such
      appeal. In addition, the Securities Administrator, on
      behalf
      of itself, the Trustee and the Owners,
      hereby
      agrees that XLCA shall be subrogated to, and the Securities
      Administrator,
      on
      behalf of itself, the Trustee and the Owners,
      hereby
      delegates and assigns, to the fullest extent permitted by law, the rights of
      the
      Securities Administrator and the Owners in the conduct of any Insolvency
      Proceeding, including, without limitation, all rights of any party to an
      adversary proceeding or action with respect to any court order issued in
      connection with any such Insolvency Proceeding.

     

    
      
        
        

      

      
        A-9

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used herein and not otherwise defined herein shall have the meanings
      assigned to them in the Pooling and Servicing Agreement.

     

    IN
      WITNESS WHEREOF, this notice has been executed this ____ day of ________,
      ____.

     

    
      	 	 	 
	 	Wells
              Fargo Bank,
              N.A., not in its individual capacity but solely as Securities
              Administrator under the Pooling and Servicing Agreement
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
                
Authorized
                Officer

            

    

     

    Any
      Person Who Knowingly And With Intent To Defraud Any Insurance Company Or Other
      Person Files An Application For Insurance Or Statement Of Claim Containing
      Any
      Materially False Information, Or Conceals For The Purpose Of Misleading
      Information Concerning Any Fact Material Thereof, Commits A Fraudulent Insurance
      Act, Which Is A Crime, And Shall Also Be Subject To A Civil Penalty Not To
      Exceed Five Thousand Dollars And The Stated Value Of The Claim For Each Such
      Violation

     

    
      
        
        

      

      
        A-10

        
          

        

      

      
        
        

      

    

    Exhibit
      B to Financial Guaranty Insurance Policy, No. CA03757A

     

    Form
      of Assignment

     

    Reference
      is made to the Financial Guaranty Insurance Policy No. CA03757A, dated May
      15,
      2007 (together with the Endorsement attached thereto, the “Policy”)
      issued
      by XL Capital Assurance Inc. (“XLCA”)
      relating to the Asset Backed Pass-Through Certificates, Series 2007-1, Class
      A
      Certificates. Unless otherwise defined herein, capitalized terms used in this
      Assignment shall have the meanings assigned thereto in the Policy including
      as
      incorporated by reference therein. In connection with the Avoided Payment of
      [$________] [paid][or][sought to be recovered from] by the undersigned (the
      “Owner”)
      on
      [__________] and the payment by XLCA in respect of such Avoided Payment pursuant
      to the Policy, the Owner hereby irrevocably and unconditionally, without
      recourse, representation or warranty (except as provided below), sells, assigns,
      transfers, conveys and delivers all of such Owner’s rights, title and interest
      in and to any rights or claims, whether accrued, contingent or otherwise, which
      the Owner now has or may hereafter acquire, against any person relating to,
      arising out of or in connection with such Avoided Payment. The Owner represents
      and warrants that such claims and rights are free and clear of any lien or
      encumbrance created or incurred by such Owner.1 

     

    
      	 	 	 
	 	
              
[Owner]
              [Securities Administrator, as Owner’s attorney-in-fact]

    

     

    

      
        
          
            

          

        

        1 In
          the
          event that the terms of this form of assignment are reasonably determined
          to be
          insufficient solely as a result of a change of law or applicable rules
          after the
          date of the Policy to fully vest all of the Owner’s right, title and interest in
          such rights and claims, the Owner or the Securities Administrator, as Owner’s
          attorney-in-fact, as the case may be, and XLCA shall agree on such other
          form as
          is reasonably necessary to effect such assignment, which assignment shall
          be
          without recourse, representation or warranty except as provided
          above.

         

        
          
            
            

          

          
            A-11

            
              

            

          

          
            
            

          

        

         

      

    

    SCHEDULE
      1

    

    MORTGAGE
      LOAN SCHEDULE

    

    [PROVIDED
      UPON REQUEST]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      2

    

    PREPAYMENT
      CHARGE SCHEDULE

    

    [PROVIDED
      UPON REQUEST]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      3

    

    SERVICING
      PERFORMANCE STANDARDS

    

    
      	
              Customer
                Service

            	 	
              Phone
                Service Levels, greater than 15,000 loans

            	 	
              %
                of calls answered within XX seconds

            	 	
              none

            
	 	 	 	 	 	 	 
	
              Customer
                Service

            	 	
              Blockage

            	 	
              Blocked
                calls as a percent of all calls

            	 	
              None

            
	 	 	 	 	 	 	 
	
              Customer
                Service

            	 	
              Abandon

            	 	
              Abandoned
                calls as a percent of all calls

            	 	
              None

            
	 	 	 	 	 	 	 
	
              Collections

            	 	
              Outbound
                Call Starts

            	 	
              First
                delinquency day for contact

            	 	
              Day
                5

            
	 	 	 	 	 	 	 
	
              Collections

            	 	
              Outbound
                Call Attempts

            	 	
              #
                of attempts in 30 day delinquency cycle

            	 	
              12
                to 15

            
	 	 	 	 	 	 	 
	
              Collections

            	 	
              Outbound
                Penetration Rate

            	 	
              %
                of loans with attempted from eligibility date

            	 	
              95%
                within 5 days of eligibility date

            
	 	 	 	 	 	 	 
	
              Collections

            	 	
              Breach
                Letter Expiration Notice

            	 	
              %
                sent by x day of delinquency

            	 	
              95%
                sent 30 days after breach expiration

            
	 	 	 	 	 	 	 
	
              Loss
                Mitigation

            	 	
              Solicitation
                Attempts

            	 	
              #
                of Solicitation Attempts per month, commencing on x

            	 	
              2
                calling attempts per month after foreclosure referral

            
	 	 	 	 	 	 	 
	
              Loss
                Mitigation

            	 	
              Equity
                Evaluation

            	 	
              %
                of completed evaluations by Day 120

            	 	
              90%
                by the 120th day of default

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      4

    

    STANDARD
      FILE LAYOUT- DELINQUENCY REPORTING

    

    Exhibit: Standard
      File Layout - Delinquency Reporting

    

    
      	
              Column/Header
                Name

            	 	
              Description

            	 	
              Decimal

            	 	
              Format
                Comment

            
	
              SERVICER_LOAN_NBR

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

            	 	 	 	
               

            
	 	 	 	 	 	 	 
	
              LOAN_NBR

            	 	
              A
                unique identifier assigned to each loan by the originator.

            	 	 	 	
               

            
	 	 	 	 	 	 	 
	
              CLIENT_NBR

            	 	
              Servicer
                Client Number

            	 	 	 	 
	 	 	 	 	 	 	 
	
              SERV_INVESTOR_NBR

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

            	 	 	 	
               

            
	 	 	 	 	 	 	 
	
              BORROWER_FIRST_NAME

            	 	
              First
                Name of the Borrower.

            	 	 	 	 
	 	 	 	 	 	 	 
	
              BORROWER_LAST_NAME

            	 	
              Last
                name of the borrower.

            	 	 	 	 
	 	 	 	 	 	 	 
	
              PROP_ADDRESS

            	 	
              Street
                Name and Number of Property

            	 	 	 	
               

            
	 	 	 	 	 	 	 
	
              PROP_STATE

            	 	
              The
                state where the property located.

            	 	 	 	
               

            
	 	 	 	 	 	 	 
	
              PROP_ZIP

            	 	
              Zip
                code where the property is located.

            	 	 	 	
               

            
	 	 	 	 	 	 	 
	
              BORR_NEXT_PAY_DUE_DATE

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

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              LOAN_TYPE

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

            	 	 	 	
               

            
	 	 	 	 	 	 	 
	
              BANKRUPTCY_FILED_DATE

            	 	
              The
                date a particular bankruptcy claim was filed.

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              BANKRUPTCY_CHAPTER_CODE

            	 	
              The
                chapter under which the bankruptcy was filed.

            	 	 	 	
               

            
	 	 	 	 	 	 	 
	
              BANKRUPTCY_CASE_NBR

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

            	 	 	 	
               

            
	 	 	 	 	 	 	 
	
              POST_PETITION_DUE_DATE

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

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              BANKRUPTCY_DCHRG_DISM_DATE

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

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              LOSS_MIT_APPR_DATE

            	 	
              The
                Date The Loss Mitigation Was Approved By The Servicer

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              LOSS_MIT_TYPE

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

            	 	 	 	 
	 	 	 	 	 	 	 
	
              LOSS_MIT_EST_COMP_DATE

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

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              LOSS_MIT_ACT_COMP_DATE

            	 	
              The
                Date The Loss Mitigation Is Actually Completed

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              FRCLSR_APPROVED_DATE

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

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              ATTORNEY_REFERRAL_DATE

            	 	
              Date
                File Was Referred To Attorney to Pursue Foreclosure

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              FIRST_LEGAL_DATE

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

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              FRCLSR_SALE_EXPECTED_DATE

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

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              FRCLSR_SALE_DATE

            	 	
              The
                actual date of the foreclosure sale.

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              FRCLSR_SALE_AMT

            	 	
              The
                amount a property sold for at the foreclosure sale.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            
	 	 	 	 	 	 	 
	
              EVICTION_START_DATE

            	 	
              The
                date the servicer initiates eviction of the borrower.

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              EVICTION_COMPLETED_DATE

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

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              LIST_PRICE

            	 	
              The
                price at which an REO property is marketed.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            
	 	 	 	 	 	 	 
	
              LIST_DATE

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

            	 	 	 	
              MM/DD/YYYY

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Column/Header
                Name

            	 	
              Description

            	 	
              Decimal

            	 	
              Format
                Comment

            

    

    
      	
              OFFER_AMT

            	 	
              The
                dollar value of an offer for an REO property.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            
	 	 	 	 	 	 	 
	
              OFFER_DATE_TIME

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

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              REO_CLOSING_DATE

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

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              REO_ACTUAL_CLOSING_DATE

            	 	
              Actual
                Date Of REO Sale

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              OCCUPANT_CODE

            	 	
              Classification
                of how the property is occupied.

            	 	 	 	
               

            
	 	 	 	 	 	 	 
	
              PROP_CONDITION_CODE

            	 	
              A
                code that indicates the condition of the property.

            	 	 	 	
               

            
	 	 	 	 	 	 	 
	
              PROP_INSPECTION_DATE

            	 	
              The
                date a property inspection is performed.

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              APPRAISAL_DATE

            	 	
              The
                date the appraisal was done.

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              CURR_PROP_VAL

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

            	 	
              2

            	 	
               

            
	 	 	 	 	 	 	 
	
              REPAIRED_PROP_VAL

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

            	 	
              2

            	 	
               

            
	 	 	 	 	 	 	 
	
              If
                applicable:

            	 	
               

            	 	 	 	
               

            
	 	 	 	 	 	 	 
	
              DELINQ_STATUS_CODE

            	 	
              FNMA
                Code Describing Status of Loan

            	 	 	 	 
	 	 	 	 	 	 	 
	
              DELINQ_REASON_CODE

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

            	 	 	 	 
	 	 	 	 	 	 	 
	
              MI_CLAIM_FILED_DATE

            	 	
              Date
                Mortgage Insurance Claim Was Filed With Mortgage Insurance
                Company.

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              MI_CLAIM_AMT

            	 	
              Amount
                of Mortgage Insurance Claim Filed

            	 	 	 	
              No
                commas(,) or dollar signs ($)

            
	 	 	 	 	 	 	 
	
              MI_CLAIM_PAID_DATE

            	 	
              Date
                Mortgage Insurance Company Disbursed Claim Payment

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              MI_CLAIM_AMT_PAID

            	 	
              Amount
                Mortgage Insurance Company Paid On Claim

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            
	 	 	 	 	 	 	 
	
              POOL_CLAIM_FILED_DATE

            	 	
              Date
                Claim Was Filed With Pool Insurance Company

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              POOL_CLAIM_AMT

            	 	
              Amount
                of Claim Filed With Pool Insurance Company

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            
	 	 	 	 	 	 	 
	
              POOL_CLAIM_PAID_DATE

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

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              POOL_CLAIM_AMT_PAID

            	 	
              Amount
                Paid On Claim By Pool Insurance Company

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            
	 	 	 	 	 	 	 
	
              FHA_PART_A_CLAIM_FILED_DATE

            	 	
              Date
                FHA Part A Claim Was Filed With HUD

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              FHA_PART_A_CLAIM_AMT

            	 	
              Amount
                of FHA Part A Claim Filed

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            
	 	 	 	 	 	 	 
	
              FHA_PART_A_CLAIM_PAID_DATE

            	 	
              Date
                HUD Disbursed Part A Claim Payment

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              FHA_PART_A_CLAIM_PAID_AMT

            	 	
              Amount
                HUD Paid on Part A Claim

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            
	 	 	 	 	 	 	 
	
              FHA_PART_B_CLAIM_FILED_DATE

            	 	
              Date
                FHA Part B Claim Was Filed With HUD

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              FHA_PART_B_CLAIM_AMT

            	 	
              Amount
                of FHA Part B Claim Filed

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            
	 	 	 	 	 	 	 
	
              FHA_PART_B_CLAIM_PAID_DATE

            	 	
              Date
                HUD Disbursed Part B Claim Payment

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              FHA_PART_B_CLAIM_PAID_AMT

            	 	
              Amount
                HUD Paid on Part B Claim

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            
	 	 	 	 	 	 	 
	
              VA_CLAIM_FILED_DATE

            	 	
              Date
                VA Claim Was Filed With the Veterans Admin

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              VA_CLAIM_PAID_DATE

            	 	
              Date
                Veterans Admin. Disbursed VA Claim Payment

            	 	 	 	
              MM/DD/YYYY

            
	 	 	 	 	 	 	 
	
              VA_CLAIM_PAID_AMT

            	 	
              Amount
                Veterans Admin. Paid on VA Claim

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      2: Standard
      File Codes - Delinquency Reporting

     

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

    

      
        	 	
                ·

              	
                ASUM-

              	
                Approved
                  Assumption

              
	 	 	 	 
	 	
                ·

              	
                BAP-

              	
                Borrower
                  Assistance Program

              
	 	 	 	 
	 	
                ·

              	
                CO-

              	
                Charge
                  Off

              
	 	 	 	 
	 	
                ·

              	
                DIL-

              	
                Deed-in-Lieu

              
	 	 	 	 
	 	
                ·

              	
                FFA-

              	
                Formal
                  Forbearance Agreement

              
	 	 	 	 
	 	
                ·

              	
                MOD-

              	
                Loan
                  Modification

              
	 	 	 	 
	 	
                ·

              	
                PRE-

              	
                Pre-Sale

              
	 	 	 	 
	 	
                ·

              	
                SS-

              	
                Short
                  Sale

              
	 	 	 	 
	 	
                ·

              	
                MISC-

              	
                Anything
                  else approved by the PMI or Pool
                  Insurer

              

      

       

    

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

     

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

     

    
      	 	
              ·

            	
              Mortgagor

            

    

     

    
      	 	
              ·

            	
              Tenant

            

    

     

    
      	 	
              ·

            	
              Unknown
                

            

    

     

    
      	 	
              ·

            	
              Vacant

            

    

     

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

     

    
      	
            	·	
              Damaged

            

    

     

    
      	
            	·	
              Excellent

            

    

     

    
      	
            	·	
              Fair

            

    

     

    
      	
            	·	
              Gone

            

    

     

    
      	
            	·	
              Good

            

    

     

    
      
        	
              	·	
                Poor

              

      

    

     

    
      	
            	·	
              Special
                Hazard

            

    

     

    
      	
            	·	
              Unknown

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      2: Standard
      File Codes - Delinquency Reporting, Continued

     

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

     

    
      	
              Delinquency
                Code

            	 	
              Delinquency
                Description

            
	
              001

            	 	
              FNMA-Death
                of principal mortgagor

            
	
              002

            	 	
              FNMA-Illness
                of principal mortgagor

            
	
              003

            	 	
              FNMA-Illness
                of mortgagor’s family member

            
	
              004

            	 	
              FNMA-Death
                of mortgagor’s family member

            
	
              005

            	 	
              FNMA-Marital
                difficulties

            
	
              006

            	 	
              FNMA-Curtailment
                of income

            
	
              007

            	 	
              FNMA-Excessive
                Obligation

            
	
              008

            	 	
              FNMA-Abandonment
                of property

            
	
              009

            	 	
              FNMA-Distant
                employee transfer

            
	
              011

            	 	
              FNMA-Property
                problem

            
	
              012

            	 	
              FNMA-Inability
                to sell property

            
	
              013

            	 	
              FNMA-Inability
                to rent property

            
	
              014

            	 	
              FNMA-Military
                Service

            
	
              015

            	 	
              FNMA-Other

            
	
              016

            	 	
              FNMA-Unemployment

            
	
              017

            	 	
              FNMA-Business
                failure

            
	
              019

            	 	
              FNMA-Casualty
                loss

            
	
              022

            	 	
              FNMA-Energy
                environment costs

            
	
              023

            	 	
              FNMA-Servicing
                problems

            
	
              026

            	 	
              FNMA-Payment
                adjustment

            
	
              027

            	 	
              FNMA-Payment
                dispute

            
	
              029

            	 	
              FNMA-Transfer
                of ownership pending

            
	
              030

            	 	
              FNMA-Fraud

            
	
              031

            	 	
              FNMA-Unable
                to contact borrower

            
	
              INC

            	 	
              FNMA-Incarceration

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit
      2: Standard
      File Codes - Delinquency Reporting, Continued

     

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

    

    
      	
              Status
                Code

            	 	
              Status
                Description

            
	
              09

            	 	
              Forbearance

            
	
              17

            	 	
              Pre-foreclosure
                Sale Closing Plan Accepted

            
	
              24

            	 	
              Government
                Seizure

            
	
              26

            	 	
              Refinance

            
	
              27

            	 	
              Assumption

            
	
              28

            	 	
              Modification

            
	
              29

            	 	
              Charge-Off

            
	
              30

            	 	
              Third
                Party Sale

            
	
              31

            	 	
              Probate

            
	
              32

            	 	
              Military
                Indulgence

            
	
              43

            	 	
              Foreclosure
                Started

            
	
              44

            	 	
              Deed-in-Lieu
                Started

            
	
              49

            	 	
              Assignment
                Completed

            
	
              61

            	 	
              Second
                Lien Considerations

            
	
              62

            	 	
              Veteran’s
                Affairs-No Bid

            
	
              63

            	 	
              Veteran’s
                Affairs-Refund

            
	
              64

            	 	
              Veteran’s
                Affairs-Buydown

            
	
              65

            	 	
              Chapter
                7 Bankruptcy

            
	
              66

            	 	
              Chapter
                11 Bankruptcy

            
	
              67

            	 	
              Chapter
                13 Bankruptcy

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

    

    NOTE:
      Do not net or combine items. Show all expenses individually and all credits
      as
      separate line items. Claim packages are due on the remittance report date.
      Late
      submissions may result in claims not being passed until the following
      month.

     

    
      
        	
              	1.	
                 

              

      

       

      
        	
              	2.	
                The
                  numbers on the 332 form correspond with the numbers listed
                  below.

              

      

    

     

    Liquidation
      and Acquisition Expenses:

     

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

            

    

     

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

            

    

     

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

            

    

     

    
      	
            	4-12.	
              Complete
                as applicable. Required
                documentation:

            

    

     

    
      	
            	*	
              For
                taxes and insurance advances - see page 2 of 332 form - breakdown
                required
                showing period of
                coverage, base tax, interest, penalty. Advances prior to default
                require
                evidence of servicer efforts to recover
                advances.

            

    

     

    
      	
            	*	
              For
                escrow advances - complete payment history

            

    

     

    (to
      calculate advances from last positive escrow balance forward)

     

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

            

    

     

    
      	
            	*	
              REO
                repairs > $1500 require
                explanation

            

    

     

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

            

    

     

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

            

    

     

    
      	
            	*	
              Unusual
                or extraordinary items may require further documentation.
                

            

    

     

    
      	
            	13.	
              The
                total of lines 1 through 12.

            

    

     

    
      	
            	3.	
              Credits:
                

            

    

     

    
      	
            	14-21.	
              Complete
                as applicable. Required
                documentation:

            

    

     

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

              

      

    

     

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

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

            

    

     

    
      	 	
              22.

            	
              The
                total of lines 14 through 21.

            

    

     

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

              

      

    

     

    Total
      Realized Loss (or Amount of Any Gain)

     

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

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Prepared
      by: __________________   Date:
      _______________

     

    Phone:
      ______________________ Email Address:_____________________

     

    
      	
              Servicer
                Loan No.

            	 	
              Servicer
                Name

            	 	
              Servicer
                Address 

               

            

    

     

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

     

    Borrower's
      Name: _________________________________________________________

     

    Property
      Address: _________________________________________________________

     

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

     

    Was
      this loan granted a Bankruptcy deficiency or cramdown  Yes      No

     

    If
“Yes”,
      provide deficiency or cramdown amount
      _______________________________

     

    Liquidation
      and Acquisition Expenses:

    

      
        	
                (1)

              	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	
                $
                  ______________

              	
                (1)

              
	
                (2)

              	
                Interest
                  accrued at Net Rate

              	
                ________________

              	
                (2)

              
	
                (3)

              	
                Accrued
                  Servicing Fees

              	
                ________________

              	
                (3)

              
	
                (4)

              	
                Attorney's
                  Fees

              	
                ________________

              	
                (4)

              
	
                (5)

              	
                Taxes
                  (see page 2)

              	
                ________________

              	
                (5)

              
	
                (6)

              	
                Property
                  Maintenance

              	
                
                  ________________

                

              	
                (6)

              
	
                (7)

              	
                MI/Hazard
                  Insurance Premiums (see page 2)

              	
                ________________

              	
                (7)

              
	
                (8)

              	
                Utility
                  Expenses

              	
                ________________

              	
                (8)

              
	
                (9)

              	
                Appraisal/BPO

              	
                ________________

              	
                (9)

              
	
                (10)

              	
                Property
                  Inspections

              	
                ________________

              	
                (10)

              
	
                (11)

              	
                FC
                  Costs/Other Legal Expenses

              	
                ________________

              	
                (11)

              
	
                (12)

              	
                Other
                  (itemize)

              	
                ________________

              	
                (12)

              
	 	
                Cash
                  for Keys __________________________

              	
                ________________

              	
                (12)

              
	 	
                HOA/Condo
                  Fees _______________________

              	
                ________________

              	
                (12)

              
	 	
                ______________________________________

              	
                ________________

              	
                (12)

              
	 	 	 	 
	 	
                Total
                  Expenses

              	
                $
                  _______________

              	
                (13)

              
	
                Credits:

              	 	 	 
	
                (14)

              	
                Escrow
                  Balance

              	
                $
                  _______________

              	
                (14)

              
	
                (15)

              	
                HIP
                  Refund

              	
                ________________

              	
                (15)

              
	
                (16)

              	
                Rental
                  Receipts

              	
                ________________

              	
                (16)

              
	
                (17)

              	
                Hazard
                  Loss Proceeds

              	
                ________________

              	
                (17)

              
	
                (18)

              	
                Primary
                  Mortgage Insurance / Gov’t Insurance

              	
                ________________

              	
                (18a)
                  

              
	 	HUD Part
                A	________________
                	(18b)

	 	
                HUD
                  Part B

              	 	 
	
                (19)

              	
                Pool
                  Insurance Proceeds

              	
                ________________

              	
                (19)

              
	
                (20)

              	
                Proceeds
                  from Sale of Acquired Property

              	
                ________________

              	
                (20)

              
	
                (21)

              	
                Other
                  (itemize)

              	
                ________________

              	
                (21)

              
	 	
                _________________________________________

              	
                ________________

              	
                (21)

              
	 	 	 	 
	 	
                Total
                  Credits

              	
                $________________

              	
                (22)

              
	
                Total
                  Realized Loss (or Amount of Gain)

              	
                $________________

              	
                (23)

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Escrow
      Disbursement Detail

     

    
      	
              Type

              (Tax
                /Ins.)

            	 	
              Date
                Paid

            	 	
              Period
                of Coverage

            	 	
              Total
                Paid

            	 	
              Base
                Amount

            	 	
              Penalties

            	 	
              Interest

            	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      5

    

    STANDARD
      FILE LAYOUT- MASTER SERVICING

    

    
      Standard
        File Layout - Master Servicing 

    

     

    
      	
              Column
                Name

            	 	
              Description

            	 	
              Decimal

            	 	
              Format
                Comment

            	 	
              Max
                Size

            
	
              SER_INVESTOR_NBR

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

            	 	
               

            	 	
              Text
                up to 10 digits

            	 	
              20

            
	 	 	 	 	 	 	 	 	 
	
              LOAN_NBR

            	 	
              A
                unique identifier assigned to each loan by the investor.

            	 	
               

            	 	
              Text
                up to 10 digits

            	 	
              10

            
	 	 	 	 	 	 	 	 	 
	
              SERVICER_LOAN_NBR

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

            	 	
               

            	 	
              Text
                up to 10 digits

            	 	
              10

            
	 	 	 	 	 	 	 	 	 
	
              BORROWER_NAME

            	 	
              The
                borrower name as received in the file. It is not separated by first
                and
                last name.

            	 	
               

            	 	
              Maximum
                length of 30 (Last, First)

            	 	
              30

            
	 	 	 	 	 	 	 	 	 
	
              SCHED_PAY_AMT

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              NOTE_INT_RATE

            	 	
              The
                loan interest rate as reported by the Servicer.

            	 	
              4

            	 	
              Max
                length of 6

            	 	
              6

            
	 	 	 	 	 	 	 	 	 
	
              NET_INT_RATE

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

            	 	
              4

            	 	
              Max
                length of 6

            	 	
              6

            
	 	 	 	 	 	 	 	 	 
	
              SERV_FEE_RATE

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

            	 	
              4

            	 	
              Max
                length of 6

            	 	
              6

            
	 	 	 	 	 	 	 	 	 
	
              SERV_FEE_AMT

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              NEW_PAY_AMT

            	 	
              The
                new loan payment amount as reported by the Servicer. 

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              NEW_LOAN_RATE

            	 	
              The
                new loan rate as reported by the Servicer. 

            	 	
              4

            	 	
              Max
                length of 6

            	 	
              6

            
	 	 	 	 	 	 	 	 	 
	
              ARM_INDEX_RATE

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

            	 	
              4

            	 	
              Max
                length of 6

            	 	
              6

            
	 	 	 	 	 	 	 	 	 
	
              ACTL_BEG_PRIN_BAL

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              ACTL_END_PRIN_BAL

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              BORR_NEXT_PAY_DUE_DATE

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

            	 	
               

            	 	
              MM/DD/YYYY

            	 	
              10

            
	 	 	 	 	 	 	 	 	 
	
              SERV_CURT_AMT_1

            	 	
              The
                first curtailment amount to be applied.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SERV_CURT_DATE_1

            	 	
              The
                curtailment date associated with the first curtailment amount.
                

            	 	
               

            	 	
              MM/DD/YYYY

            	 	
              10

            
	 	 	 	 	 	 	 	 	 
	
              CURT_ADJ_
                AMT_1

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Standard
        File Layout - Master Servicing 

       

    

    
      	
              Column
                Name

            	 	
              Description

            	 	
              Decimal

            	 	
              Format
                Comment

            	 	
              Max
                Size

            

    

    
      	 	 	 	 	 	 	 	 	 
	
              SERV_CURT_AMT_2

            	 	
              The
                second curtailment amount to be applied.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SERV_CURT_DATE_2

            	 	
              The
                curtailment date associated with the second curtailment
                amount.

            	 	
               

            	 	
              MM/DD/YYYY

            	 	
              10

            
	 	 	 	 	 	 	 	 	 
	
              CURT_ADJ_
                AMT_2

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SERV_CURT_AMT_3

            	 	
              The
                third curtailment amount to be applied.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SERV_CURT_DATE_3

            	 	
              The
                curtailment date associated with the third curtailment
                amount.

            	 	
               

            	 	
              MM/DD/YYYY

            	 	
              10

            
	 	 	 	 	 	 	 	 	 
	
              CURT_ADJ_AMT_3

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              PIF_AMT

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              PIF_DATE

            	 	
              The
                paid in full date as reported by the Servicer.

            	 	
               

            	 	
              MM/DD/YYYY

            	 	
              10

            
	 	 	 	 	 	 	 	 	 
	
              ACTION_CODE

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

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

            	 	
              2

            
	 	 	 	 	 	 	 	 	 
	
              INT_ADJ_AMT

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SOLDIER_SAILOR_ADJ_AMT

            	 	
              The
                Soldier and Sailor Adjustment amount, if applicable.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              NON_ADV_LOAN_AMT

            	 	
              The
                Non Recoverable Loan Amount, if applicable.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              LOAN_LOSS_AMT

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SCHED_BEG_PRIN_BAL

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SCHED_END_PRIN_BAL

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SCHED_PRIN_AMT

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              SCHED_NET_INT

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              ACTL_PRIN_AMT

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              ACTL_NET_INT

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              PREPAY_PENALTY_
                AMT

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              PREPAY_PENALTY_
                WAIVED

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

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            
	 	 	 	 	 	 	 	 	 
	
              MOD_DATE

            	 	
              The
                Effective Payment Date of the Modification for the loan.

            	 	
               

            	 	
              MM/DD/YYYY

            	 	
              10

            
	 	 	 	 	 	 	 	 	 
	
              MOD_TYPE

            	 	
              The
                Modification Type.

            	 	
               

            	 	
              Varchar
                - value can be alpha or numeric

            	 	
              30

            
	 	 	 	 	 	 	 	 	 
	
              DELINQ_P&I_ADVANCE_AMT

            	 	
              The
                current outstanding principal and interest advances made by
                Servicer.

            	 	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	 	
              11

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      6

    

    DATA
      REQUIREMENTS OF SERVICING ADVANCES INCURRED PRIOR TO CUT-OFF DATE

     

    
      	
              [LOAN
                NUMBER]

            	
              [PRE-CUT-OFF
                DATE ADVANCE AMOUNT]

            

    

    

    [PROVIDED
      UPON REQUEST]Unassociated Document

    Exhibit
      10.1

    

    GENEREX
      BIOTECHNOLOGY CORPORATION

    2006
      STOCK PLAN

    RESTRICTED
      STOCK AGREEMENT

    

    

    This
      RESTRICTED
      STOCK AGREEMENT,
      dated
      as of______, 200_ (the “Date
      of Grant”),
      is
      delivered by Generex
      Biotechnology Corporation
      (the
“Company”)
      to
      ________ (the “Grantee”).

     

    

    RECITALS

    

    A. The
      Generex Biotechnology Corporation 2006 Stock Plan (the “Plan”)
      provides for the grant of restricted shares of common stock of the Company.
      The
      Board of Directors of the Company (the “Board”)
      has
      decided to make a restricted stock grant as a bonus in recognition of
      achievements made to date and as an inducement for the Grantee to promote the
      best interests of the Company and its stockholders. A copy of the Plan is
      attached as Exhibit
      A
      to this
      Agreement. Capitalized terms used in this Agreement and not otherwise defined
      shall have the meanings assigned such terms in the Plan.

    

    B. The
      Board
      is authorized to appoint a committee or individual to administer the Plan.
      If a
      committee or individual is appointed, all references in this Agreement to the
      “Board” shall be deemed to refer to the committee or individual.

    

    NOW,
      THEREFORE, the parties to this Agreement, intending to be legally bound hereby,
      agree as follows:

    

    1. Grant
      of Restricted Stock.
      Subject
      to the terms and conditions set forth in this Agreement, and in the Plan, the
      Company hereby grants to the Grantee an aggregate of ______ shares of common
      stock of the Company, which are subject to the restrictions described in
      Paragraph 2 below.

    

    2. Restriction
      Period.
      The
      shares of Restricted Stock will vest as follows, if the Grantee is employed
      by,
      or providing service to, the Company (as defined in the Plan) on the applicable
      date: __________________. The period during which shares are not vested is
      the
“Restriction
      Period”
      applicable to those shares.

    

    3. Restrictions
      on Transfer; Stock Certificates.
      During
      the Restriction Period described in Paragraph 2, the Grantee may not sell,
      assign, transfer, pledge, or otherwise dispose of the shares of Restricted
      Stock, except as described in the Plan. A stock certificate representing the
      shares of Restricted Stock shall be registered in the Grantee’s name but shall
      be held in the custody of the Company for the Grantee’s account.

    

    4. Voting
      and Dividend Rights.
      The
      Grantee shall have the right to vote the shares of Restricted Stock and shall
      receive dividends paid on the shares.

    

    5. Forfeiture
      of Restricted Stock.
      In the
      event the Grantee ceases to be employed by, or provide service to, the Company,
      any unvested shares of Restricted Stock will be immediately
      forfeited.

    

    6. Change
      in Control.
      The
      provisions of the Plan applicable to a Change of Control shall apply to the
      Restricted Stock, and, in the event of a Change of Control, the Board may take
      such actions as it deems appropriate pursuant to the Plan.

    

    7. Cancellation
      and Rescission of Restricted Stock.
      The
      Grantee acknowledges and understands that the grant is subject to the
      cancellation and rescission provisions of Section 12 of the Plan.

    

    8. Grant
      Subject to Plan Provisions.
      This
      grant is made pursuant to the Plan, the terms of which are incorporated herein
      by reference, and in all respects shall be interpreted in accordance with the
      Plan. The grant is subject to the provisions of the Plan and to interpretations,
      regulations, and determinations concerning the Plan established from time to
      time by the Board in accordance with the provisions of the Plan, including,
      but
      not limited to, provisions pertaining to (i) rights and obligations with respect
      to withholding taxes, (ii) the registration, qualification, or listing of
      the shares, (iii) changes in capitalization of the Company, and (iv) other
      requirements of applicable law. The Board shall have the authority to interpret
      and construe the Restricted Stock grant pursuant to the terms of the Plan,
      and
      its decisions shall be conclusive as to any questions arising
      hereunder.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    9. No
      Employment or Other Rights.
      The
      grant of the Restricted Stock shall not confer upon the Grantee any right to
      be
      retained by or in the employ or service of the Company and shall not interfere
      in any way with the right of the Company to terminate the Grantee’s employment
      or service at any time. The right of the Company to terminate at will the
      Grantee’s employment or service at any time for any reason is specifically
      reserved.

    

    10. Assignment
      and Transfers.
      The
      rights and interests of the Grantee under this Agreement may not be sold,
      assigned, encumbered, or otherwise transferred except, in the event of the
      death
      of the Grantee, by will or by the laws of descent and distribution. In the
      event
      of any attempt by the Grantee to alienate, assign, pledge, hypothecate, or
      otherwise dispose of the grant or any right hereunder, except as provided for
      in
      this Agreement, or in the event of the levy or any attachment, execution or
      similar process upon the rights or interests hereby conferred, the Company
      may
      terminate the grant by notice to the Grantee, and the grant and all rights
      hereunder shall thereupon become null and void. The rights and protections
      of
      the Company hereunder shall extend to any successors or assigns of the Company
      and to the Company’s parents, subsidiaries, and affiliates. This Agreement may
      be assigned by the Company without the Grantee’s consent.

    

    11. Transfer
      After Lapse of Restrictions.
      To the
      extent the Restriction Period has lapsed, the shares of Restricted Stock shall
      thereafter be freely transferable by the Grantee, provided that the Grantee
      agrees for himself or herself and his or her heirs, legatees and legal
      representatives, with respect to all shares of Stock acquired pursuant to the
      terms and conditions of this Agreement (or any shares of Stock issued pursuant
      to a stock dividend or stock split thereon or any securities issued in lieu
      thereof or in substitution or exchange therefor), that he or she and his or
      her
      heirs, legatees and legal representatives will not sell or otherwise dispose
      of
      such shares except pursuant to a registration statement filed by the Company
      that has been declared effective by the Securities and Exchange Commission
      under
      the Securities Act of 1933, as amended (the “Act”), or except in a transaction
      which is determined by counsel to the Company to be exempt from registration
      under the Act and any applicable state securities laws; and to execute and
      deliver to the Company such investment representations and warranties, and
      to
      take such other actions, as counsel for the Company determines may be necessary
      or appropriate for compliance with the Act and any other applicable securities
      laws. The Grantee agrees that the certificates representing any of the shares
      of
      Stock acquired pursuant to the terms and conditions of this Agreement may bear
      such legend or legends as the Company deems appropriate in order to assure
      compliance with applicable securities laws.

    

    12. Applicable
      Law.
      The
      validity, construction, interpretation and effect of this instrument shall
      be
      governed by and construed in accordance with the laws of the Commonwealth of
      Pennsylvania, without giving effect to the conflicts of laws provisions
      thereof.

    

    13. Notices.
      Any
      notice to the Company relating to this grant shall be addressed to the Company
      in care of the Executive Vice-President & General Counsel, 33 Harbour
      Square, Suite 202, Toronto, Ontario, Canada, M5J 2G2, and any notice to the
      Grantee shall be addressed to such Grantee at the current address shown on
      the
      payroll of the Company, or to such other address as the Grantee may designate
      to
      the Company in writing. Any notice shall be delivered by hand, sent by telecopy
      or enclosed in a properly sealed envelope addressed as stated above, registered
      and deposited, postage prepaid, in a post office regularly maintained by the
      United States Postal Service.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused its duly authorized officer to execute this Agreement, and
      the Grantee has executed this Agreement, effective as of the Date of
      Grant.

    

    
      	 	 	
              GENEREX
                BIOTECHNOLOGY CORPORATION

            
	 	 	 	 
	 	 	 	 
	 	 	
              Per:

            	
               
                

            
	 	 	
              Name:

            	
              Rose
                C. Perri

            
	 	 	
              Title:

            	
              Chief
                Operating Officer,

            
	 	 	
               

            	
              Chief
                Financial Officer

            
	 	 	
               

            	 
	 	 	
               

            	 
	 	 	
              Per:

            	
               
                

            
	 	 	
              Name:

            	
              Mark
                A. Fletcher

            
	 	 	
              Title:

            	
              Executive
                Vice-President,

            
	 	 	
               

            	
              General
                Counsel

            
	 	 	 	 
	 	 	ACCEPTED:
	 	 	 	 
	 	 	 	 
	  
	 	    

	
              Witness

            	 	
              [NAME]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]