Document:

Execution
      Copy

     

    STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Depositor,

     

    AURORA
      LOAN SERVICES LLC,

    as
      Master
      Servicer,

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    as
      Trustee

     

    
      

    

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of January 1, 2007

     

    
      
 

    LEHMAN
      XS
      TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES
      2007-2N

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    

    TABLE
      OF CONTENTS

    

    
      	 	 	 	 	
              Page

            
	
              ARTICLE
                I.  DEFINITIONS

            	 	
              15

            
	
              Section
                1.01

            	 	
              Definitions

            	 	
              15

            
	
              Section
                1.02

            	 	
              Calculations
                Respecting Mortgage Loans

            	 	
              62

            
	
              Section
                1.03

            	 	
              Calculations
                Respecting Accrued Interest

            	 	
              62

            
	
              Section
                1.04

            	 	
              Rights
                of the NIMS Insurer

            	 	
              62

            
	
              ARTICLE
                II.  DECLARATION
                OF TRUST; ISSUANCE OF CERTIFICATES

            	 	
              62

            
	
              Section
                2.01

            	 	
              Creation
                and Declaration of Trust Fund; Conveyance of Mortgage
                Loans

            	 	
              62

            
	
              Section
                2.02

            	 	
              Acceptance
                of Trust Fund by Trustee: Review of Documentation for Trust
                Fund

            	 	
              66

            
	
              Section
                2.03

            	 	
              Representations
                and Warranties of the Depositor

            	 	
              67

            
	
              Section
                2.04

            	 	
              Discovery
                of Breach

            	 	
              69

            
	
              Section
                2.05

            	 	
              Repurchase,
                Purchase or Substitution of Mortgage Loans

            	 	
              70

            
	
              Section
                2.06

            	 	
              Grant
                Clause

            	 	
              71

            
	
              ARTICLE
                III. THE
                CERTIFICATES

            	 	
              72

            
	
              Section
                3.01

            	 	
              The
                Certificates

            	 	
              72

            
	
              Section
                3.02

            	 	
              Registration

            	 	
              73

            
	
              Section
                3.03

            	 	
              Transfer
                and Exchange of Certificates

            	 	
              74

            
	
              Section
                3.04

            	 	
              Cancellation
                of Certificates

            	 	
              80

            
	
              Section
                3.05

            	 	
              Replacement
                of Certificates

            	 	
              80

            
	
              Section
                3.06

            	 	
              Persons
                Deemed Owners

            	 	
              80

            
	
              Section
                3.07

            	 	
              Temporary
                Certificates

            	 	
              80

            
	
              Section
                3.08

            	 	
              Appointment
                of Paying Agent

            	 	
              81

            
	
              Section
                3.09

            	 	
              Book
                Entry Certificates

            	 	
              82

            
	
              ARTICLE
                IV.  ADMINISTRATION
                OF THE TRUST FUND

            	 	
              83

            
	
              Section
                4.01

            	 	
              Collection
                Account

            	 	
              83

            
	
              Section
                4.02

            	 	
              Application
                of Funds in the Collection Account

            	 	
              85

            
	
              Section
                4.03

            	 	
              Reports
                to Certificateholders

            	 	
              87

            
	
              Section
                4.04

            	 	
              Certificate
                Account and Grantor Trust Certificate Accounts

            	 	
              91

            
	
              Section
                4.05

            	 	
              Final
                Maturity Reserve Account

            	 	
              93

            

    

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

     

    
      TABLE
        OF CONTENTS

      (continued)

    

     

    
      	
            	 	
              Page

            
	
              ARTICLE
                V.  DISTRIBUTIONS
                TO HOLDERS OF CERTIFICATES

            	 	
              95

            
	
              Section
                5.01

            	 	
              Distributions
                Generally

            	 	
              95

            
	
              Section
                5.02

            	 	
              Distributions
                from the Certificate Account and Grantor Trust Certificate
                Accounts

            	 	
              96

            
	
              Section
                5.03

            	 	
              Allocation
                of Losses

            	 	
              106

            
	
              Section
                5.04

            	 	
              Advances
                by Master Servicer, Servicer and Trustee

            	 	
              107

            
	
              Section
                5.05

            	 	
              Compensating
                Interest Payments

            	 	
              109

            
	
              Section
                5.06

            	 	
              Basis
                Risk Reserve Fund

            	 	
              109

            
	
              Section
                5.07

            	 	
              [Reserved]

            	 	
              109

            
	
              Section
                5.08

            	 	
              [Reserved]

            	 	
              109

            
	
              Section
                5.09

            	 	
              [Reserved]

            	 	
              109

            
	
              Section
                5.10

            	 	
              Capitalized
                Interest Account

            	 	
              109

            
	
              Section
                5.11

            	 	
              [Reserved]

            	 	
              110

            
	
              Section
                5.12

            	 	
              Class
                X Account

            	 	
              110

            
	
              ARTICLE
                VI.  CONCERNING
                THE TRUSTEE; EVENTS OF DEFAULT

            	 	
              111

            
	
              Section
                6.01

            	 	
              Duties
                of Trustee

            	 	
              111

            
	
              Section
                6.02

            	 	
              Certain
                Matters Affecting the Trustee

            	 	
              114

            
	
              Section
                6.03

            	 	
              Trustee
                Not Liable for Certificates

            	 	
              115

            
	
              Section
                6.04

            	 	
              Trustee
                May Own Certificates

            	 	
              115

            
	
              Section
                6.05

            	 	
              Eligibility
                Requirements for Trustee

            	 	
              115

            
	
              Section
                6.06

            	 	
              Resignation
                and Removal of Trustee

            	 	
              116

            
	
              Section
                6.07

            	 	
              Successor
                Trustee

            	 	
              117

            
	
              Section
                6.08

            	 	
              Merger
                or Consolidation of Trustee

            	 	
              117

            
	
              Section
                6.09

            	 	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian

            	 	
              118

            
	
              Section
                6.10

            	 	
              Authenticating
                Agents

            	 	
              120

            
	
              Section
                6.11

            	 	
              Indemnification
                of Trustee

            	 	
              121

            
	
              Section
                6.12

            	 	
              Fees
                and Expenses of Trustee and Custodians

            	 	
              121

            
	
              Section
                6.13

            	 	
              Collection
                of Monies

            	 	
              122

            
	
              Section
                6.14

            	 	
              Events
                of Default; Trustee To Act; Appointment of Successor

            	 	
              122

            
	
              Section
                6.15

            	 	
              Additional
                Remedies of Trustee Upon Event of Default

            	 	
              126

            

    

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

    
      
         

        TABLE
          OF CONTENTS

        (continued)

      

    

     

    
      	 	 	 	 	
              Page

            
	
              Section
                6.16

            	 	
              Waiver
                of Defaults

            	 	
              127

            
	
              Section
                6.17

            	 	
              Notification
                to Holders

            	 	
              127

            
	
              Section
                6.18

            	 	
              Directions
                by Certificateholders and Duties of Trustee During Event of
                Default

            	 	
              
                127

              

            
	
              Section
                6.19

            	 	
              Action
                Upon Certain Failures of the Master Servicer and Upon Event of
                Default

            	 	
              128

            
	
              Section
                6.20

            	 	
              Preparation
                of Tax Returns and Other Reports

            	 	
              128

            
	
              Section
                6.21

            	 	
              Reporting
                Requirements of the Commission

            	 	
              134

            
	
              Section
                6.22

            	 	
              Indemnification
                by the Trustee

            	 	
              134

            
	
              ARTICLE
                VII.  PURCHASE
                OF MORTGAGE LOANS AND TERMINATION OF THE TRUST FUND

            	 	
              135

            
	
              Section
                7.01

            	 	
              Purchase
                of Mortgage Loans; Termination of the Trust Fund Upon Purchase or
                Liquidation of Mortgage Loans

            	 	
              135

            
	
              Section
                7.02

            	 	
              Procedure
                Upon Termination of Trust Fund

            	 	
              137

            
	
              Section
                7.03

            	 	
              Additional
                Trust Fund Termination Requirements

            	 	
              137

            
	
              Section
                7.04

            	 	
              Optional
                Purchase Right of NIMS Insurer

            	 	
              138

            
	
              Section
                7.05

            	 	
              Grantor
                Trust Termination

            	 	
              138

            
	
              ARTICLE
                VIII.  RIGHTS
                OF CERTIFICATEHOLDERS

            	 	
              138

            
	
              Section
                8.01

            	 	
              Limitation
                on Rights of Holders

            	 	
              138

            
	
              Section
                8.02

            	 	
              Access
                to List of Holders

            	 	
              139

            
	
              Section
                8.03

            	 	
              Acts
                of Holders of Certificates

            	 	
              140

            
	
              ARTICLE
                IX.  ADMINISTRATION
                AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER

            	 	
              141

            
	
              Section
                9.01

            	 	
              Duties
                of the Master Servicer

            	 	
              141

            
	
              Section
                9.02

            	 	
              Master
                Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance
                Policy

            	 	
              141

            
	
              Section
                9.03

            	 	
              Master
                Servicer’s Financial Statements and Related Information

            	 	
              142

            
	
              Section
                9.04

            	 	
              Power
                to Act; Procedures

            	 	
              142

            
	
              Section
                9.05

            	 	
              Enforcement
                of Servicers’ and Master Servicer’s Obligations

            	 	
              144

            
	
              Section
                9.06

            	 	
              Collection
                of Taxes, Assessments and Similar Items

            	 	
              145

            
	
              Section
                9.07

            	 	
              Termination
                of Servicing Agreements; Successor Servicers

            	 	
              146

            

    

     

    
      
        
        

      

      
        -iii-

        
          

        

      

      
        
        

      

    

     

      
        TABLE
          OF CONTENTS

        (continued)

      

    

     

    
      	 	 	 	 	
              Page

            
	
              Section
                9.08

            	 	
              Master
                Servicer Liable for Enforcement

            	 	
              146

            
	
              Section
                9.09

            	 	
              No
                Contractual Relationship Between the Servicer, Any NIMS Insurer and
                Trustee or Depositor

            	 	
              147

            
	
              Section
                9.10

            	 	
              Assumption
                of Servicing Agreement by the Trustee

            	 	
              147

            
	
              Section
                9.11

            	 	
              Due-on-Sale
                Clauses; Assumption Agreements; Easements

            	 	
              148

            
	
              Section
                9.12

            	 	
              Release
                of Mortgage Files

            	 	
              148

            
	
              Section
                9.13

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

            	 	
              149

            
	
              Section
                9.14

            	 	
              Representations
                and Warranties of the Master Servicer

            	 	
              151

            
	
              Section
                9.15

            	 	
              Opinion

            	 	
              153

            
	
              Section
                9.16

            	 	
              Standard
                Hazard and Flood Insurance Policies

            	 	
              153

            
	
              Section
                9.17

            	 	
              Presentment
                of Claims and Collection of Proceeds

            	 	
              153

            
	
              Section
                9.18

            	 	
              Maintenance
                of the Primary Mortgage Insurance Policies

            	 	
              154

            
	
              Section
                9.19

            	 	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents

            	 	
              154

            
	
              Section
                9.20

            	 	
              Realization
                Upon Defaulted Mortgage Loans

            	 	
              155

            
	
              Section
                9.21

            	 	
              Compensation
                to the Master Servicer

            	 	
              155

            
	
              Section
                9.22

            	 	
              REO
                Property

            	 	
              156

            
	
              Section
                9.23

            	 	
              Notice
                to the Sponsor, the Depositor and the Trustee

            	 	
              157

            
	
              Section
                9.24

            	 	
              Reports
                to the Trustee

            	 	
              157

            
	
              Section
                9.25

            	 	
              Assessment
                of Compliance and Attestation Reports

            	 	
              158

            
	
              Section
                9.26

            	 	
              Annual
                Statement of Compliance with Applicable Servicing Criteria

            	 	
              160

            
	
              Section
                9.27

            	 	
              Merger
                or Consolidation

            	 	
              160

            
	
              Section
                9.28

            	 	
              Resignation
                of Master Servicer

            	 	
              160

            
	
              Section
                9.29

            	 	
              Assignment
                or Delegation of Duties by the Master Servicer

            	 	
              161

            
	
              Section
                9.30

            	 	
              Limitation
                on Liability of the Master Servicer and Others

            	 	
              161

            
	
              Section
                9.31

            	 	
              Indemnification;
                Third Party Claims

            	 	
              162

            
	
              Section
                9.32

            	 	
              Special
                Servicing of Delinquent Mortgage Loans

            	 	
              163

            
	
              Section
                9.33

            	 	
              Allocation
                to Related Mortgage Pool

            	 	
              163

            

    

     

    
      
        
        

      

      
        -iv-

        
          

        

      

      
        
        

      

    

     

    
      
        TABLE
          OF CONTENTS

        (continued)

      

    

     

    
      	 	 	
              Page

            
	
              ARTICLE
                X.  REMIC
                ADMINISTRATION

            	 	
              163

            
	
              Section
                10.01

            	 	
              REMIC
                Administration

            	 	
              163

            
	
              Section
                10.02

            	 	
              Prohibited
                Transactions and Activities

            	 	
              172

            
	
              Section
                10.03

            	 	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status

            	 	
              173

            
	
              Section
                10.04

            	 	
              REO
                Property

            	 	
              173

            
	
              ARTICLE
                XI.  MISCELLANEOUS
                PROVISIONS

            	 	
              174

            
	
              Section
                11.01

            	 	
              Binding
                Nature of Agreement; Assignment

            	 	
              174

            
	
              Section
                11.02

            	 	
              Entire
                Agreement

            	 	
              174

            
	
              Section
                11.03

            	 	
              Amendment

            	 	
              174

            
	
              Section
                11.04

            	 	
              Voting
                Rights

            	 	
              175

            
	
              Section
                11.05

            	 	
              Provision
                of Information

            	 	
              176

            
	
              Section
                11.06

            	 	
              Governing
                Law

            	 	
              176

            
	
              Section
                11.07

            	 	
              Notices

            	 	
              176

            
	
              Section
                11.08

            	 	
              Severability
                of Provisions

            	 	
              177

            
	
              Section
                11.09

            	 	
              Indulgences;
                No Waivers

            	 	
              177

            
	
              Section
                11.10

            	 	
              Headings
                Not To Affect Interpretation

            	 	
              177

            
	
              Section
                11.11

            	 	
              Benefits
                of Agreement

            	 	
              177

            
	
              Section
                11.12

            	 	
              Special
                Notices to the Rating Agencies and NIMS Insurer

            	 	
              177

            
	
              Section
                11.13

            	 	
              Conflicts

            	 	
              178

            
	
              Section
                11.14

            	 	
              Counterparts

            	 	
              178

            
	
              Section
                11.15

            	 	
              Transfer
                of Servicing

            	 	
              179

            
	
              Section
                11.16

            	 	
              Third
                Party Rights

            	 	
              180

            

    

     

    
      
        
        

      

      
        -v-

        
          

        

      

       

    

    ATTACHMENTS

     

    
      	
              Exhibit
                A

            	 	
              Forms
                of Certificates

            
	
              Exhibit
                B-1

            	 	
              Form
                of Initial Certification

            
	
              Exhibit
                B-2

            	 	
              Form
                of Interim Certification

            
	
              Exhibit
                B-3

            	 	
              Form
                of Final Certification

            
	
              Exhibit
                B-4

            	 	
              Form
                of Endorsement

            
	
              Exhibit
                C

            	 	
              Request
                for Release of Documents and Receipt

            
	
              Exhibit
                D-l

            	 	
              Form
                of Residual Certificate Transfer Affidavit (Transferee)

            
	
              Exhibit
                D-2

            	 	
              Form
                of Residual Certificate Transfer Affidavit (Transferor)

            
	
              Exhibit
                E

            	 	
              Servicing
                Agreements

            
	
              Exhibit
                F

            	 	
              Form
                of Rule 144A Transfer Certificate

            
	
              Exhibit
                G

            	 	
              Form
                of Purchaser’s Letter for Institutional Accredited
                Investors

            
	
              Exhibit
                H

            	 	
              Form
                of ERISA Transfer Affidavit

            
	
              Exhibit
                I

            	 	
              [Reserved]

            
	
              Exhibit
                J

            	 	
              [Reserved]

            
	
              Exhibit
                K

            	 	
              Custodial
                Agreements

            
	
              Exhibit
                L

            	 	
              [Reserved]

            
	
              Exhibit
                M

            	 	
              [Reserved]

            
	
              Exhibit
                N

            	 	
              [Reserved]

            
	
              Exhibit
                O

            	 	
              [Reserved]

            
	
              Exhibit
                P

            	 	
              Forms
                of Deferred Interest Cap Agreements

            
	
              Exhibit
                Q-1

            	 	
              Additional
                Form 10-D Disclosure

            
	
              Exhibit
                Q-2

            	 	
              Additional
                Form 10-K Disclosure

            
	
              Exhibit
                Q-3

            	 	
              Additional
                Form 8-K Disclosure

            
	
              Exhibit
                Q-4

            	 	
              Additional
                Disclosure Notification

            
	
              Exhibit
                R

            	 	
              Servicing
                Criteria to be Addressed in Report on Assessment of
                Compliance

            
	
              Exhibit
                S

            	 	
              Transaction
                Parties

            
	
              Exhibit
                T

            	 	
              Form
                of Back-Up Sarbanes-Oxley Certification

            
	
              Exhibit
                U

            	 	
              Form
                of Back-Up Sarbanes-Oxley Certification to be Provided by the
                Trustee

            
	
              Exhibit
                V-1

            	 	
              Form
                of Transfer Certificate for Transfer from Restricted Global Security
                to
                Regulation S Global Security

            
	
              Exhibit
                V-2

            	 	
              Form
                of Transfer Certificate for Transfer from Regulation S Global Security
                to
                Restricted Global Security

            
	 	 	 
	
              Schedule
                A

            	 	
              Mortgage
                Loan Schedule

            
	 	 	 
	
              Schedule
                B

            	 	
              Final
                Maturity Reserve Account Schedule

            

    

     

    
      
        
        

      

      
        -vi-

        
          

        

      

       

    

    This
      TRUST AGREEMENT, dated as of January 1, 2007 (the “Agreement”), is by and among
      STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
      (the “Depositor”), AURORA LOAN SERVICES LLC, as master servicer (the “Master
      Servicer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
      as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT 

     

    The
      Depositor has acquired the Mortgage Loans from Lehman Brothers Holdings Inc.
      (the “Seller”), and at the Closing Date is the owner of the Mortgage Loans and
      the other property being conveyed by it to the Trustee hereunder for inclusion
      in the Trust Fund. On the Closing Date, the Depositor will acquire the
      Certificates from the Trust Fund as consideration for its transfer to the Trust
      Fund of the Mortgage Loans and the other property constituting the Trust Fund.
      The Depositor has duly authorized the execution and delivery of this Agreement
      to provide for the conveyance to the Trustee of the Mortgage Loans and the
      other
      property constituting the Trust Fund. All covenants and agreements made by
      the
      Seller in the Mortgage Loan Sale Agreement and by the Depositor, the Master
      Servicer and the Trustee herein with respect to the Mortgage Loans and the
      other
      property constituting the Trust Fund are for the benefit of the Holders from
      time to time of the Certificates and, to the extent provided herein, any NIMS
      Insurer. The Depositor, the Trustee and the Master Servicer are entering into
      this Agreement, and the Trustee is accepting the Trust Fund created hereby,
      for
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged.

     

    As
      provided herein, the Trustee shall elect that the Trust Fund (other than (i)
      the
      Basis Risk Reserve Fund, (ii) the Capitalized Interest Account, (iii) the rights
      to receive Prepayment Premiums distributable to the Class P Certificates, (iv)
      the Class X Account, (v) the Final Maturity Reserve Account, and (vi) the Lower
      Tier Interests) be treated for federal income tax purposes as comprising three
      real estate mortgage investment conduits (each a “REMIC” and referred to herein
      separately as “REMIC AX,” “REMIC 1” and “REMIC 2”). Each Certificate (other than
      the Grantor Trust Certificates, the Class C Certificates, the Class R
      Certificates and the Class P Certificates) represents ownership of a regular
      interest in REMIC 2 for purposes of the REMIC Provisions. In addition, each
      LIBOR Certificate represents the right to receive certain payments with respect
      to Excess Interest and from the Capitalized Interest Account as set forth
      herein. Each Grantor Trust Certificate represents a beneficial interest in
      a
      Grantor Trust holding the related Underlying Interest and certain other assets
      for the benefit of the Grantor Trust Certificates. The Class R Certificate
      represents ownership of the sole Class of residual interest in each of REMIC
      AX,
      REMIC 1 and REMIC 2 for purposes of the REMIC Provisions.

     

    REMIC
      2
      shall hold as its assets the several Classes of uncertificated REMIC 1 Regular
      Interests and each such REMIC 1 Regular Interest is hereby designated as a
      regular interest in REMIC 1. REMIC 1 shall hold as its assets the several
      Classes of uncertificated REMIC AX Regular Interests and each such REMIC AX
      Regular Interest is hereby designated as a regular interest in REMIC AX. REMIC
      AX shall hold as its assets the property of the Trust Fund other than (i) the
      Capitalized Interest Account, (ii) the Basis Risk Reserve Fund, (iii) the Lower
      Tier Interests, (iv) the Class X Account, (v) the Final Maturity Reserve Account
      and (vi) the rights to receive Prepayment Premiums distributable to the Class
      P
      Certificates.

     

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

     

    
      
        
        

      

      
        2

        
          

        

      

       

    

    REMIC
      AX

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC AX Interests. 

     

    
      	
              Class

            	 	 	 	
              Initial
                Class

            	 	
              Related

            
	
              Designation

            	 	
              Interest
                Rate

            	 	
              Principal
                Amount

            	 	
              Mortgage
                Pool

            
	 	 	 	 	 	 	 
	
              LTAX-1AX

            	 	
              (1)

            	 	
              (4)

            	 	
              Pool
                1

            
	
              LTAX-1Z

            	 	
              (2)

            	 	
              (5)

            	 	
              Pool
                1

            
	
              LTAX-2AX

            	 	
              (3)

            	 	
              (6)

            	 	
              Pool
                2

            
	
              LTAX-2Z

            	 	
              (2)

            	 	
              (5)

            	 	
              Pool
                2

            
	
              LTAX-3AX

            	 	
              (2)

            	 	
              (7)

            	 	
              Pool
                3

            
	
              LTAX-3Z

            	 	
              (2)

            	 	
              (5)

            	 	
              Pool
                3

            
	
              LTAX-Coupon
                Strip

            	 	
              (8)

            	 	
              (8)

            	 	
              N/A

            
	
              LTAX-R

            	 	
              (9)

            	 	
              (9)

            	 	
              N/A

            

    

    

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for this REMIC AX Interest is a per annum rate equal
                to
                the Coupon Strip Adjusted Net WAC for Pool 1 for such Distribution
                Date
                multiplied by 30 and divided by the actual number of days in the
                related
                Accrual Period. This REMIC AX Interest shall accrue interest on an
                “actual/360” basis.

            

    

     

    
      	
              (2)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of the these REMIC AX Interests is a per
                annum
                rate equal to the Coupon Strip Adjusted Net WAC for the related Mortgage
                Pool. Each of theses REMIC AX Interests shall accrue interest on
                a
                “30/360” basis.

            

    

     

    
      	
              (3)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for this REMIC AX Interest is a per annum rate equal
                to
                the Coupon Strip Adjusted Net WAC for Pool 2 for such Distribution
                Date
                multiplied by 30 and divided by the actual number of days in the
                related
                Accrual Period. This REMIC AX Interest shall accrue interest on an
                “actual/360” basis.

            

    

     

    
      	
              (4)

            	
              The
                initial principal amount for this REMIC AX Interest shall equal 25%
                of the
                aggregate initial principal amount of the Class 1-A1A and Class 1-A1B
                Certificates.

            

    

     

    
      	
              (5)

            	
              The
                initial principal amount for each of these REMIC AX Interests shall
                equal
                the excess of (i) the Pool Balance of the related Mortgage Pool as
                of the
                Cut-off Date over (ii) the initial principal amount of the REMIC
                AX
                Interest with the designation ending with “X” that is related to the same
                Mortgage Pool.

            

    

     

    
      	
              (6)

            	
              The
                initial principal amount for this REMIC AX Interest shall equal 25%
                of the
                initial principal amount of the Class 2-A
                Certificates.

            

    

     

    
      	
              (7)

            	
              The
                initial principal amount for this REMIC AX Interest shall equal the
                aggregate initial principal amount of the Class 3-A1, Class 3-A2
                and Class
                3-A3 Certificates.

            

    

     

    
      	
              (8)

            	
              The
                Class LTAX-Coupon Strip Interest shall not be entitled to principal
                and
                shall be entitled to interest on each Distribution Date in an amount
                equal
                to the amount of any Coupon Strip required to be deposited into the
                Final
                Maturity Reserve Account for such Distribution
                Date.

            

    

     

    
      	
              (9)

            	
              The
                Class LTAX-R Interest is the sole Class of residual interest in REMIC
                AX.
                It does not have an interest rate or a principal balance. The Class
                LTAX-R
                Interest shall be represented by the Class R
                Certificates.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

       

    

     

    REMIC
      1

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC 1 Interests.

     

    
      	 	 	 	 	
              Initial

            	 	
              Related
                

            	 	
              Corresponding

            
	
              Class

            	 	
              Interest

            	 	
              Class
                Principal

            	 	
              Mortgage
                Pool or

            	 	
              Class
                of

            
	
              Designation

            	 	
              Rate

            	 	
              Amount

            	 	
              Senior
                Certificates

            	 	
              Certificates

            
	 	 	 	 	 	 	 	 	 
	
              LT1-1A1A

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              1-A1A
                Underlying Interest

            
	
              LT1-1A1B

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              1-A1B
                Underlying Interest

            
	
              LT1-2A

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              2-A

            
	
              LT1-3A1

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              3-A1
                Underlying Interest

            
	
              LT1-3A2

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              3-A2
                Underlying Interest

            
	
              LT1-3A3

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              3-A3
                Underlying Interest

            
	
              LT1-M1

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              M1

            
	
              LT1-M2

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              M2

            
	
              LT1-M3

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              M3

            
	
              LT1-M4

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              M4

            
	
              LT1-M5

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              M5

            
	
              LT1-M6

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              M6

            
	
              LT1-M7

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              M7

            
	
              LT1-M8

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              M8

            
	
              LT1-M9

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              M9

            
	
              LT1-M10

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              M10

            
	
              LT1-M11

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              M11

            
	
              LT1-M12

            	 	
              (1)

            	 	
              (9)

            	 	
              N/A

            	 	
              M12

            
	
              LT1-XI

            	 	
              (1)

            	 	
              (10)

            	 	
              N/A

            	 	
              N/A

            
	
              LT1-IA

            	 	
              (1)

            	 	
              (11)

            	 	
              Pool
                1/ 

              Pool
                1 Senior Certificates

            	 	
              N/A

            
	
              LT1-IB

            	 	
              (2)

            	 	
              (12)

            	 	
              Pool
                1/ 

              Pool
                1 Senior Certificates

            	 	
              N/A

            
	
              LT1-IIA

            	 	
              (1)

            	 	
              (13)

            	 	
              Pool
                2/ 

              Pool
                2 Senior Certificates

            	 	
              N/A

            
	
              LT1-IIB

            	 	
              (3)

            	 	
              (14)

            	 	
              Pool
                2/ 

              Pool
                2 Senior Certificates

            	 	
              N/A

            
	
              LT1-IIIA

            	 	
              (1)

            	 	
              (15)

            	 	
              Pool
                3/ 

              Pool
                3 Senior Certificates

            	 	
              N/A

            
	
              LT1-IIIB

            	 	
              (4)

            	 	
              (16)

            	 	
              Pool
                3/ 

              Pool
                3 Senior Certificates

            	 	
              N/A

            
	
              LT1-XII

            	 	
              (1)

            	 	
              (17)

            	 	
              N/A

            	 	
              N/A

            
	
              LT1-1AX

            	 	
              (5)

            	 	
              (5)

            	 	
              N/A

            	 	
              N/A

            
	
              LT1-2AX

            	 	
              (6)

            	 	
              (6)

            	 	
              N/A

            	 	
              N/A

            
	
              LT1-3AX

            	 	
              (7)

            	 	
              (7)

            	 	
              N/A

            	 	
              N/A

            
	
              LT1-Coupon
                Strip

            	 	
              (8)

            	 	
              (8)

            	 	
              N/A

            	 	
              N/A

            
	
              LT1-R

            	 	
              (18)

            	 	
              (18)

            	 	
              N/A

            	 	
              N/A

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 1 Interests is a per annum
                rate
                equal to the Net Rate which, for purposes of the REMIC Provisions,
                shall
                be the equivalent of the weighted average of the interest rates on
                each of
                the REMIC AX Regular Interests (other than the Class LTAX-Coupon
                Strip
                Interest); provided however, such weighted average shall be computed
                by
                first (i) for each Distribution Date through the Distribution Date
                in
                February 2037, capping the rate on the Class LTAX-1AX Interest at
                LIBOR
                plus 0.210% (for each such Distribution Date through the Initial
                Optional
                Termination Date) or LIBOR plus 0.420% (for each such Distribution
                Date
                after the Initial Optional Termination Date); (ii) for each Distribution
                Date through the Distribution Date in February 2037, capping the
                rate on
                the Class LTAX-2AX Interest at LIBOR plus 0.180% (for each such
                Distribution Date through the Initial Optional Termination Date)
                or LIBOR
                plus 0.360% (for each such Distribution Date after the Initial Optional
                Termination Date); (iii) (x) for each Distribution Date through the
                Distribution Date in February 2037, reducing the rate on the Class
                LTAX-3AX Interest by 2.00% (for each such Distribution Date beginning
                with
                the initial Distribution Date through the Distribution Date in January
                2009), or 0.50% (for each such Distribution Date beginning with the
                Distribution Date in February 2009 through the Distribution Date
                in July
                2014), or 2.00% (for each such Distribution Date beginning with the
                Distribution Date in August 2014 through the Distribution Date in
                February
                2037) and then further multiplying the result by 30 and dividing
                it by the
                actual number of days in the related Accrual Period, and (y) for
                each
                Distribution Date after the Distribution Date in February 2037,
                multiplying the rate on the Class LTAX-3AX Interest by 30 and dividing
                it
                by the actual number of days in the related Accrual Period; (iv)
                for each
                Distribution Date, multiplying the rate on each of the Class LTAX-1Z,
                Class LTAX-2Z and Class LTAX-3Z Interests by 30 and dividing it by
                the
                actual number of days in the related Accrual
                Period.

            

    

     

    
      	
              (2)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the Class LT1-IB Interest is a per annum rate
                equal to
                the Pool 1 Net Funds Cap (calculated without regard to the 0.021%
                reduction on or prior to the Distribution Date in January 2009) which,
                for
                purposes of the REMIC Provisions, shall be the equivalent of the
                weighted
                average of the interest rates on the Class LTAX-1AX and Class LTAX-1Z
                Interests; provided however, such weighted average shall be computed
                by
                first (i) for each Distribution Date through the Distribution Date
                in
                February 2037, capping the rate on the Class LTAX-1AX Interest at
                LIBOR
                plus 0.210% (for each such Distribution Date through the Initial
                Optional
                Termination Date) or LIBOR plus 0.420% (for each such Distribution
                Date
                after the Initial Optional Termination Date); and (ii) for each
                Distribution Date, multiplying the rate on the Class LTAX-1Z Interest
                by
                30 and dividing it by the actual number of days in the related Accrual
                Period.

            

    

     

    
      	
              (3)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the Class LT1-IIB Interest is a per annum rate
                equal
                to the Pool 2 Net Funds Cap (calculated without regard to the 0.021%
                reduction on or prior to the Distribution Date in January 2009) which,
                for
                purposes of the REMIC Provisions, shall be the equivalent of the
                weighted
                average of the interest rates on the Class LTAX-2AX and Class LTAX-2Z
                Interests; provided however, such weighted average shall be computed
                by
                first (i) for each Distribution Date through the Distribution Date
                in
                February 2037, capping the rate on the Class LTAX-2AX Interest at
                LIBOR
                plus 0.180% (for each such Distribution Date through the Initial
                Optional
                Termination Date) or LIBOR plus 0.360% (for each such Distribution
                Date
                after the Initial Optional Termination Date); and (ii) for each
                Distribution Date, multiplying the rate on the Class LTAX-2Z Interest
                by
                30 and dividing it by the actual number of days in the related Accrual
                Period.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

       

    

     

    
      	
              (4)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the Class LT1-IIIB Interest is a per annum rate
                equal
                to the Pool 3 Net Funds Cap (calculated without regard to the 0.021%
                reduction on or prior to the Distribution Date in January 2009) which,
                for
                purposes of the REMIC Provisions, shall be the equivalent of the
                weighted
                average of the interest rates on the Class LTAX-3AX and Class LTAX-3Z
                Interests; provided however, such weighted average shall be computed
                by
                first (i) (x) for each Distribution Date through the Distribution
                Date in
                February 2037, reducing the rate on the Class LTAX-3AX Interest by
                2.00%
                (for each such Distribution Date beginning with the initial Distribution
                Date through the Distribution Date in January 2009), or 0.50% (for
                each
                such Distribution Date beginning with the Distribution Date in February
                2009 through the Distribution Date in July 2014), or 2.00% (for each
                such
                Distribution Date beginning with the Distribution Date in August
                2014
                through the Distribution Date in February 2037) and then further
                multiplying the result by 30 and dividing it by the actual number
                of days
                in the related Accrual Period, and (y) for each Distribution Date
                after
                the Distribution Date in February 2037, multiplying the rate on the
                Class
                LTAX-3AX Interest by 30 and dividing it by the actual number of days
                in
                the related Accrual Period; and (ii) for each Distribution Date,
                multiplying the rate on the Class LTAX-3Z Interest by 30 and dividing
                it
                by the actual number of days in the related Accrual
                Period.

            

    

     

    
      	
              (5)

            	
              The
                Class LT1-1AX Interest shall not be entitled to principal and shall
                be
                entitled to interest on each Distribution Date in an amount equal
                to the
                amount of any interest accrued on the Class 1-AX Certificates for
                such
                Distribution Date. For purposes of the REMIC Provisions, the Class
                LT1-1AX
                Interest shall be entitled to a “specified portion” of the interest
                accrued on the Class LTAX-1AX Interest for each Distribution Date
                through
                the Distribution Date in February 2037, with such specified portion
                being
                equal to all interest accrued thereon in excess of the interest thereon
                at
                a variable rate. Such variable rate shall equal LIBOR plus 0.210%
                (for
                each such Distribution Date through the Initial Optional Termination
                Date)
                or LIBOR plus 0.420% (for each such Distribution Date after the Initial
                Optional Termination Date).

            

    

     

    
      	
              (6)

            	
              The
                Class LT1-2AX Interest shall not be entitled to principal and shall
                be
                entitled to interest on each Distribution Date in an amount equal
                to the
                amount of any interest accrued on the Class 2-AX Certificates for
                such
                Distribution Date. For purposes of the REMIC Provisions, the Class
                LT1-2AX
                Interest shall be entitled to a “specified portion” of the interest
                accrued on the Class LTAX-2AX Interest for each Distribution Date
                through
                the Distribution Date in February 2037, with such specified portion
                being
                equal to all interest accrued thereon in excess of the interest thereon
                at
                a variable rate. Such variable rate shall equal LIBOR plus 0.180%
                (for
                each such Distribution Date through the Initial Optional Termination
                Date)
                or LIBOR plus 0.360% (for each such Distribution Date after the Initial
                Optional Termination Date).

            

    

     

    
      	
              (7)

            	
              The
                Class LT1-3AX Interest shall not be entitled to principal and shall
                be
                entitled to interest on each Distribution Date in an amount equal
                to the
                amount of any interest accrued on the Class 3-AX Certificates for
                such
                Distribution Date. For purposes of the REMIC Provisions, the Class
                LT1-3AX
                Interest shall be entitled to a “specified portion” of the interest
                accrued on the Class LTAX-3AX Interest for each Distribution Date
                through
                the Distribution Date in February 2037, with such specified portion
                being
                equal to all interest accrued thereon in excess of the interest thereon
                at
                a variable rate. Such variable rate shall equal (i) the Coupon Strip
                Adjusted Net WAC for Pool 3 for such Distribution Date minus (ii)
                (x)
                2.00% (for each such Distribution Date beginning with the initial
                Distribution Date through the Distribution Date in January 2009),
                (y)
                0.50% (for each such Distribution Date beginning with the Distribution
                Date in February 2009 through the Distribution Date in July 2014),
                or (z)
                2.00% (for each such Distribution Date beginning with the Distribution
                Date in August 2014 through the Distribution Date in February 2037);
                provided, however, that such variable rate shall be subject to a
                floor of
                0.00%.

            

    

     

    
      	
              (8)

            	
              The
                Class LT1-Coupon Strip Interest shall not be entitled to principal
                and
                shall be entitled to interest on each Distribution Date in an amount
                equal
                to the amount of any Coupon Strip required to be deposited into the
                Final
                Maturity Reserve Account for such Distribution
                Date.

            

    

     

    
      	
              (9)

            	
              The
                initial principal amount for each of these REMIC 1 Interests shall
                equal
                25% of the initial principal balance of the Corresponding Class of
                Certificates.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

       

    

     

    
      	
              (10)

            	
              The
                initial principal amount for the Class LT1-XI Interest shall equal
                the
                excess of (i) 50% of the aggregate Pool Balance of Pool 1, Pool 2
                and Pool
                3 as of the Cut-off Date over (ii) the aggregate initial principal
                balance
                of the REMIC 1-I Marker Classes.

            

    

     

    
      	
              (11)

            	
              The
                initial principal amount for the Class LT1-IA Interest shall equal
                0.0005%
                of the Pool Subordinate Amount for Pool 1 as of the first Distribution
                Date.

            

    

     

    
      	
              (12)

            	
              The
                initial principal amount for the Class LT1-IB Interest shall equal
                0.0005%
                of the aggregate Scheduled Principal Balance of the Mortgage Loans
                in Pool
                1 as of the Cut-off Date.

            

    

     

    
      	
              (13)

            	
              The
                initial principal amount for the Class LT1-IIA Interest shall equal
                0.0005% of the Pool Subordinate Amount for Pool 2 as of the first
                Distribution Date.

            

    

     

    
      	
              (14)

            	
              The
                initial principal amount for the Class LT1-IIB Interest shall equal
                0.0005% of the aggregate Scheduled Principal Balance of the Mortgage
                Loans
                in Pool 2 as of the Cut-off Date.

            

    

     

    
      	
              (15)

            	
              The
                initial principal amount for the Class LT1-IIIA Interest shall equal
                0.0005% of the Pool Subordinate Amount for Pool 3 as of the first
                Distribution Date.

            

    

     

    
      	
              (16)

            	
              The
                initial principal amount for the Class LT1-IIIB Interest shall equal
                0.0005% of the aggregate Scheduled Principal Balance of the Mortgage
                Loans
                in Pool 3 as of the Cut-off Date.

            

    

     

    
      	
              (17)

            	
              The
                initial principal amount for the Class LT1-XII Interest shall equal
                the
                excess of (i) 50% of the aggregate Pool Balance of Pool 1, Pool 2
                and Pool
                3 as of the Cut-off Date over (ii) the aggregate initial principal
                balance
                of the REMIC 1-II Marker Classes.

            

    

     

    
      	
              (18)

            	
              The
                Class LT1-R Interest is the sole Class of residual interest in REMIC
                1. It
                does not have an interest rate or a principal balance. The Class
                LT1-R
                Interest shall be represented by the Class R
                Certificates.

            

    

     

    Each
      of
      the REMIC 1 Regular Interests shall accrue interest on an “actual/360”
basis.

     

    REMIC
      2

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC 2 Interests.

     

    
      	
              Class

            	 	
              Interest

            	 	
              Initial
                Class Principal

            	 	
              Class
                of Related

            
	
              Designation

            	 	
              Rate

            	 	
              Amount

            	 	
              Certificates

            
	 	 	 	 	 	 	 
	
              LT2-1A1AU

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A1A
                Underlying Interest

            
	
              LT2-1A1BU

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A1B
                Underlying Interest

            
	
              LT2-2A

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A

            
	
              LT2-3A1U

            	 	
              (1)

            	 	
              (2)

            	 	
              3-A1
                Underlying Interest

            
	
              LT2-3A2U

            	 	
              (1)

            	 	
              (2)

            	 	
              3-A2
                Underlying Interest

            
	
              LT2-3A3U

            	 	
              (1)

            	 	
              (2)

            	 	
              3-A3
                Underlying Interest

            
	
              LT2-M1

            	 	
              (1)

            	 	
              (2)

            	 	
              M1

            
	
              LT2-M2

            	 	
              (1)

            	 	
              (2)

            	 	
              M2

            
	
              LT2-M3

            	 	
              (1)

            	 	
              (2)

            	 	
              M3

            
	
              LT2-M4

            	 	
              (1)

            	 	
              (2)

            	 	
              M4

            
	
              LT2-M5

            	 	
              (1)

            	 	
              (2)

            	 	
              M5

            
	
              LT2-M6

            	 	
              (1)

            	 	
              (2)

            	 	
              M6

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      
        	
                Class

              	 	
                Interest

              	 	
                Initial
                  Class Principal

              	 	
                Class
                  of Related

              
	
                Designation

              	 	
                Rate

              	 	
                Amount

              	 	
                Certificates

              

      

    

    
      	 	 	 	 	 	 	 
	
              LT2-M7

            	 	
              (1)

            	 	
              (2)

            	 	
              M7

            
	
              LT2-M8

            	 	
              (1)

            	 	
              (2)

            	 	
              M8

            
	
              LT2-M9

            	 	
              (1)

            	 	
              (2)

            	 	
              M9

            
	
              LT2-M10

            	 	
              (1)

            	 	
              (2)

            	 	
              M10

            
	
              LT2-M11

            	 	
              (1)

            	 	
              (2)

            	 	
              M11

            
	
              LT2-M12

            	 	
              (1)

            	 	
              (2)

            	 	
              M12

            
	
              Uncertificated
                Class X Interest 

            	 	
              (3)

            	 	
              (3)

            	 	
              N/A

            
	
              Class
                1-AX Certificates

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            
	
              Class
                2-AX Certificates

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            
	
              Class
                3-AX Certificates

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            
	
              Class
                LT2-Coupon Strip Interest

            	 	
              (5)

            	 	
              (5)

            	 	
              N/A

            
	
              Residual
                Interest

            	 	
              (6)

            	 	
              (6)

            	 	
              N/A

            
	 	 	 	 	 	 	 

    

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 2 Interests is a per annum
                rate
                equal to the Certificate Interest Rate for the Related Certificates,
                provided that these REMIC 2 Interests shall not be entitled to payments
                (i) in respect of Excess Interest or (ii) from the Capitalized Interest
                Account, and provided, further, that for purposes of computing the
                interest rate on the Class LT2-M9, Class LT2-M10, Class LT2-M11 and
                Class
                LT2-M12 Interests, the Subordinate Net Funds Cap for the Class M9,
                Class
                M10, Class M11 and Class M12 Certificates shall be treated as being
                equal
                to the Subordinate Net Funds Cap for the Class M1, Class M2, Class
                M3,
                Class M4, Class M5, Class M6, Class M7 and Class M8
                Certificates.

            

    

     

    
      	
              (2)

            	
              The
                initial principal balance for each of these REMIC 2 Interests shall
                equal
                the initial principal balance of the Related
                Certificates.

            

    

     

    
      	
              (3)

            	
              The
                Uncertificated Class X Interest shall have an initial principal balance
                equal to $6,721,032.37. The Uncertificated Class X Interest shall
                accrue
                interest on a notional balance equal to the Class X Notional Balance
                at a
                rate equal to the Class X Interest Rate. The Uncertificated Class
                X
                Interest shall be represented by the Class X Certificates.
                

            

    

     

    
      	
              (4)

            	
              The
                Notional Certificates shall have the entitlements described in this
                Agreement.

            

    

     

    
      	
              (5)

            	
              The
                Class LT2-Coupon Strip Interest shall not be entitled to principal
                and
                shall represent the entitlement to the amount of any Coupon Strip
                required
                to be deposited into the Final Maturity Reserve Account on any
                Distribution Date. The Class LT2-Coupon Strip Interest shall be
                represented by the Class X
                Certificates.

            

    

     

    
      	
              (6)

            	
              The
                Residual Interest is the sole Class of residual interest in REMIC
                2. It
                does not have an interest rate or a principal balance. The Residual
                Interest shall be represented by the Class R
                Certificates.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

       

    

    The
      Certificates

     

    The
      following table sets forth (or describes) the Class designation, Certificate
      Interest Rate, initial Class Principal Amount (or Class Notional Amount) and
      minimum denomination for each Class of Certificates comprising interests in
      the
      Trust Fund created hereunder. Each LIBOR Certificate, Notional Certificate
      and
      Class X Certificate represents ownership of regular interests in REMIC 2 and,
      in
      the case of the LIBOR Certificates, rights to certain other payments as set
      forth herein. Each Grantor Trust Certificate represents a beneficial interest
      in
      a Grantor Trust, the assets of which consist of the related Underlying Interest,
      the related Deferred Interest Cap Agreement, the related Grantor Trust
      Certificate Account and the related Deferred Interest Cap Account. 

     

    
      	 	 	 	 	
              Initial
                Class Principal 
                Amount
                  or Class 

              

            	 	 	 
	 	 	 	 	
              Notional

            	 	
              Minimum

            	 
	
              Class
                Designation

            	 	
              Interest
                Rate

            	 	
              Amount

            	 	
              Denominations

            	 
	 	 	 	 	 	 	 	 
	
              Class
                1-A1A Underlying Interest

            	 	 	
              (1

            	
              )

            	
              $

            	
              222,282,000

            	 	 	 	 
	
              Class
                1-A1A 

            	 	 	
              (2

            	
              )

            	
              $

            	
              222,282,000

            	 	
              $

            	
              25,000.00

            	 
	
              Class
                1-A1B Underlying Interest

            	 	 	
              (3

            	
              )

            	
              $

            	
              74,094,000

            	 	 	 	 
	
              Class
                1-A1B 

            	 	 	
              (4

            	
              )

            	
              $

            	
              74,094,000

            	 	
              $

            	
              25,000.00

            	 
	
              Class
                1-AX

            	 	 	
              (5

            	
              )

            	
              $

            	
              74,094,000

            	 	
              $

            	
              1,000,000.00

            	 
	
              Class
                2-A

            	 	 	
              (6

            	
              )

            	
              $

            	
              375,864,000

            	 	
              $

            	
              25,000.00

            	 
	
              Class
                2-AX

            	 	 	
              (7

            	
              )

            	
              $

            	
              93,966,000

            	 	
              $

            	
              1,000,000.00

            	 
	
              Class
                3-A1 Underlying Interest

            	 	 	
              (8

            	
              )

            	
              $

            	
              199,495,000

            	 	 	 	 
	
              Class
                3-A1

            	 	 	
              (9

            	
              )

            	
              $

            	
              199,495,000

            	 	
              $

            	
              25,000.00

            	 
	
              Class
                3-A2 Underlying Interest

            	 	 	
              (10

            	
              )

            	
              $

            	
              148,039,000

            	 	 	 	 
	
              Class
                3-A2

            	 	 	
              (11

            	
              )

            	
              $

            	
              148,039,000

            	 	
              $

            	
              25,000.00

            	 
	
              Class
                3-A3 Underlying Interest

            	 	 	
              (12

            	
              )

            	
              $

            	
              175,000,000

            	 	 	 	 
	
              Class
                3-A3

            	 	 	
              (13

            	
              )

            	
              $

            	
              175,000,000

            	 	
              $

            	
              25,000.00

            	 
	
              Class
                3-AX

            	 	 	
              (14

            	
              )

            	
              $

            	
              522,534,000

            	 	
              $

            	
              1,000,000.00

            	 
	
              Class
                M1

            	 	 	
              (15

            	
              )

            	
              $

            	
              30,204,000

            	 	
              $

            	
              100,000.00

            	 
	
              Class
                M2

            	 	 	
              (16

            	
              )

            	
              $

            	
              26,848,000

            	 	
              $

            	
              100,000.00

            	 
	
              Class
                M3

            	 	 	
              (17

            	
              )

            	
              $

            	
              10,067,000

            	 	
              $

            	
              100,000.00

            	 
	
              Class
                M4

            	 	 	
              (18

            	
              )

            	
              $

            	
              16,780,000

            	 	
              $

            	
              100,000.00

            	 
	
              Class
                M5

            	 	 	
              (19

            	
              )

            	
              $

            	
              6,711,000

            	 	
              $

            	
              100,000.00

            	 
	
              Class
                M6

            	 	 	
              (20

            	
              )

            	
              $

            	
              7,386,000

            	 	
              $

            	
              100,000.00

            	 
	
              Class
                M7

            	 	 	
              (21

            	
              )

            	
              $

            	
              6,712,000

            	 	
              $

            	
              100,000.00

            	 
	
              Class
                M8

            	 	 	
              (22

            	
              )

            	
              $

            	
              6,712,000

            	 	
              $

            	
              100,000.00

            	 
	
              Class
                M9

            	 	 	
              (23

            	
              )

            	
              $

            	
              6,712,000

            	 	
              $

            	
              100,000.00

            	 
	
              Class
                M10

            	 	 	
              (24

            	
              )

            	
              $

            	
              6,708,000

            	 	
              $

            	
              100,000.00

            	 
	
              Class
                M11

            	 	 	
              (25

            	
              )

            	
              $

            	
              7,387,000

            	 	
              $

            	
              100,000.00

            	 
	
              Class
                M12

            	 	 	
              (26

            	
              )

            	
              $

            	
              8,721,000

            	 	
              $

            	
              100,000.00

            	 
	
              Class
                X

            	 	 	
              (27

            	
              )

            	 	
              (27

            	
              )

            	 	
              (28

            	
              )

            
	
              Class
                P-I

            	 	 	
              (29

            	
              )

            	 	
              (29

            	
              )

            	 	
              (28

            	
              )

            
	
              Class
                P-II

            	 	 	
              (29

            	
              )

            	 	
              (29

            	
              )

            	 	
              (28

            	
              )

            
	
              Class
                P-III

            	 	 	
              (29

            	
              )

            	 	
              (29

            	
              )

            	 	
              (28

            	
              )

            
	
              Class
                R

            	 	 	
              (30

            	
              )

            	 	
              (30

            	
              )

            	 	
              (28

            	
              )

            
	
              Class
                C

            	 	 	
              (31

            	
              )

            	 	
              (31

            	
              )

            	 	
              (28

            	
              )

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
              (1)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A1A Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.200% (the “1-A1AU
                Margin”) and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided, that if the Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                1-A1A Underlying Interest will be LIBOR plus
                0.400%.

            

    

     

    
      	
              (2)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A1A Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.200% (the “1-A1A Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 1-A1A Certificates
                will be LIBOR plus 0.400%.

            

    

     

    
      	
              (3)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A1B Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.240% (the “1-A1BU
                Margin”) and (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided, that if the Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                1-A1B Underlying Interest will be LIBOR plus
                0.480%.

            

    

     

    
      	
              (4)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A1B Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.240% (the “1-A1B Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 1-A1B Certificates
                will be LIBOR plus 0.480%.

            

    

     

    
      	
              (5)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) until and including the Distribution Date
                in
                February 2037 for the Class 1-AX Certificates is the per annum rate
                equal
                to the weighted average of the Net Mortgage Rates for the Pool 1
                Mortgage
                Loans as of the first day of the related Collection Period minus
                (x) a
                fraction, the numerator of which is the portion of the Coupon Strip
                related to Pool 1, if any, multiplied by 12 and the denominator of
                which
                is the Pool Balance for Pool 1 as of the first day of the related
                Collection Period and minus (y) the product of (i) LIBOR plus 0.210%
                through the Initial Optional Termination Date or LIBOR plus 0.420%
                after
                the Initial Optional Termination Date and (ii) a fraction, the numerator
                of which is the actual number of days in the related Accrual Period
                and
                the denominator of which is 30. The Class 1-AX Certificates will
                not be
                entitled to distributions of any kind after the Distribution Date
                in
                February 2037.

            

    

     

    
      	
              (6)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.180% (the “2-A Margin”) and
                (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 2-A Certificates
                will be LIBOR plus 0.360%.

            

    

     

    
      	
              (7)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) until and including the Distribution Date
                in
                February 2037 for the Class 2-AX Certificates is the per annum rate
                equal
                to the weighted average of the Net Mortgage Rates for the Pool 2
                Mortgage
                Loans as of the first day of the related Collection Period minus
                (x) a
                fraction, the numerator of which is the portion of the Coupon Strip
                related to Pool 2, if any, multiplied by 12 and the denominator of
                which
                is the Pool Balance for Pool 2 as of the first day of the related
                Collection Period and minus (y) the product of (i) LIBOR plus 0.180%
                through the Initial Optional Termination Date or LIBOR plus 0.360%
                after
                the Initial Optional Termination Date and (ii) a fraction, the numerator
                of which is the actual number of days in the related Accrual Period
                and
                the denominator of which is 30. The Class 2-AX Certificates will
                not be
                entitled to distributions of any kind after the Distribution Date
                in
                February 2037.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
              (8)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-A1 Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.090% (the “3-A1U
                Margin”) and (ii) the Pool 3 Net Funds Cap for such Distribution Date;
                provided, that if the Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                3-A1 Underlying Interest will be LIBOR plus
                0.180%.

            

    

     

    
      	
              (9)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.090% (the “3-A1 Margin”) and
                (ii) the Pool 3 Net Funds Cap for such Distribution Date; provided, that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 3-A1 Certificates
                will be LIBOR plus 0.180%.

            

    

     

    
      	
              (10)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-A2 Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.140% (the “3-A2U
                Margin”) and (ii) the Pool 3 Net Funds Cap for such Distribution Date;
                provided, that if the Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                3-A2 Underlying Interest will be LIBOR plus
                0.280%.

            

    

     

    
      	
              (11)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.140% (the “3-A2 Margin”) and
                (ii) the Pool 3 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 3-A2 Certificates
                will be LIBOR plus 0.280%.

            

    

     

    
      	
              (12)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-A3 Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.170% (the “3-A3U
                Margin”) and (ii) the Pool 3 Net Funds Cap for such Distribution Date;
                provided, that if the Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                3-A3 Underlying Interest will be LIBOR plus
                0.340%.

            

    

     

    
      	
              (13)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.170% (the “3-A3 Margin”) and
                (ii) the Pool 3 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class 3-A3 Certificates
                will be LIBOR plus 0.340%.

            

    

     

    
      	
              (14)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) until and including the Distribution Date
                in
                February 2037 for the Class 3-AX Certificates is the per annum rate
                equal
                to (A) on or prior to the Distribution Date in January 2009, the
                lesser of
                (x) 2.00% and (y) the weighted average of the Net Mortgage Rates
                for the
                Pool 3 Mortgage Loans as of the first day of the related Collection
                Period
                minus a fraction, the numerator of which is the portion of the Coupon
                Strip related to Pool 3, if any, multiplied by 12 and the denominator
                of
                which is the Pool Balance for Pool 3 as of the first day of the related
                Collection Period, (B) from the Distribution Date in February 2009
                through
                and including the Distribution Date in July 2014, the lesser of (x)
                0.50%
                and (y) the weighted average of the Net Mortgage Rates for the Pool
                3
                Mortgage Loans as of the first day of the related Collection Period
                minus
                a fraction, the numerator of which is the portion of the Coupon Strip
                related to Pool 3, if any, multiplied by 12 and the denominator of
                which
                is the Pool Balance for Pool 3 as of the first day of the related
                Collection Period or (C) from the Distribution Date in August 2014
                through
                and including the distribution date in February 2037, the lesser
                of (x)
                2.00% and (y) the weighted average of the Net Mortgage Rates for
                the Pool
                3 Mortgage Loans as of the first day of the related Collection Period
                minus a fraction, the numerator of which is the portion of the Coupon
                Strip related to Pool 3, if any, multiplied by 12 and the denominator
                of
                which is the Pool Balance for Pool 3 as of the first day of the related
                Collection Period. The Class 3-AX Certificates will not be entitled
                to
                distributions of any kind after the Distribution Date in February
                2037.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

       

    

     

    
      	
              (15)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.340% (the “M1 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M1 Certificates
                will be LIBOR plus 0.510%.

            

    

     

    
      	
              (16)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.360% (the “M2 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M2 Certificates
                will be LIBOR plus 0.540%.

            

    

     

    
      	
              (17)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.390% (the “M3 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M3 Certificates
                will be LIBOR plus 0.585%.

            

    

     

    
      	
              (18)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M4 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.450% (the “M4 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M4 Certificates
                will be LIBOR plus 0.675%.

            

    

     

    
      	
              (19)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M5 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.500% (the “M5 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M5 Certificates
                will be LIBOR plus 0.750%.

            

    

     

    
      	
              (20)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M6 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.570% (the “M6 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M6 Certificates
                will be LIBOR plus 0.855%.

            

    

     

    
      	
              (21)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M7 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.050% (the “M7 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M7 Certificates
                will be LIBOR plus 1.575%.

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

       

    

     

    
      	
              (22)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M8 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.400% (the “M8 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M8 Certificates
                will be LIBOR plus 2.100%.

            

    

     

    
      	
              (23)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M9 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.650% (the “M9 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M9 Certificates
                will be LIBOR plus 2.475%.

            

    

     

    
      	
              (24)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M10 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.650% (the “M10 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M10 Certificates
                will be LIBOR plus 2.475%.

            

    

     

    
      	
              (25)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M11 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.650% (the “M11 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M11 Certificates
                will be LIBOR plus 2.475%.

            

    

     

    
      	
              (26)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M12 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.650% (the “M12 Margin”) and
                (ii) the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M12 Certificates
                will be LIBOR plus 2.475%.

            

    

     

    
      	
              (27)

            	
              Class
                X Certificate shall have an initial principal balance of $6,721,032.37.
                For each Distribution Date, the Class X Certificate shall be entitled
                to
                the Class X Current Interest. Unpaid interest on the Class X Certificates
                shall not itself bear interest.

            

    

     

    
      	
              (28)

            	
              The
                Class X and Class C Certificates will each be issued in minimum Percentage
                Interests of 10% and increments of 1% thereafter. The Class P-I,
                Class
                P-II and Class P-III Certificates will each be issued in minimum
                Percentage Interests of 1% and increments of 0.50% thereafter. The
                Class R
                Certificate will be issued as a single Certificate evidencing the
                entire
                Percentage Interest in such Class.

            

    

     

    
      	
              (29)

            	
              The
                Class P-I Certificates will be entitled to receive Prepayment Premiums
                paid by borrowers upon voluntary full or partial prepayment of the
                Mortgage Loans in Pool 1. The Class P-II Certificates will be entitled
                to
                receive Prepayment Premiums paid by borrowers upon voluntary full
                or
                partial prepayment of the Mortgage Loans in Pool 2. The Class P-III
                Certificates will be entitled to receive Prepayment Premiums paid
                by
                borrowers upon voluntary full or partial prepayment of the Mortgage
                Loans
                in Pool 3.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

       

    

     

    
      	
              (30)

            	
              The
                Class R Certificate will be issued without a Certificate Principal
                Amount
                and will not bear interest at a stated rate. The Class R Certificate
                represents ownership of the residual interest in REMIC 2, as well
                as
                ownership of the Class LT1-R Interest and Class LTAX-R
                Interest.

            

    

     

    
      	
              (31)

            	
              The
                Class C Certificates will be issued without a Certificate Principal
                Amount
                and will not bear interest at a stated rate. The Class C Certificates
                shall be entitled to receive all reinvestment income on amounts on
                deposit
                in the Class X Account and amounts on deposit in the Class X Account
                on
                the Distribution Date as described herein as provided in Section
                5.02(e).

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $1,342,443,032.37. 

     

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

    
      
        
        

      

      
        14

        
          

        

      

       

    

    

    ARTICLE
      I.

     

    DEFINITIONS

     

    Section
      1.01 Definitions.

     

    The
      following words and phrases, unless the context otherwise requires, shall have
      the following meanings:

     

    10-K
      Filing Deadline:
      As
      defined in Section 6.20(d)(i).

     

    1-A1A
      Margin:
      As
      defined in footnote (2) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A1AU
      Margin:
      As
      defined in footnote (1) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A1B
      Margin:
      As
      defined in footnote (4) of the Preliminary Statement under the caption “The
      Certificates”.

     

    1-A1BU
      Margin:
      As
      defined in footnote (3) of the Preliminary Statement under the caption “The
      Certificates”.

     

    2-A
      Margin:
      As
      defined in footnote (6) of the Preliminary Statement under the caption “The
      Certificates”.

     

    3-A1
      Margin:
      As
      defined in footnote (9) of the Preliminary Statement under the caption “The
      Certificates”.

     

    3-A1U
      Margin:
      As
      defined in footnote (8) of the Preliminary Statement under the caption “The
      Certificates”.

     

    3-A2
      Margin:
      As
      defined in footnote (11) of the Preliminary Statement under the caption “The
      Certificates”.

     

    3-A2U
      Margin:
      As
      defined in footnote (10) of the Preliminary Statement under the caption “The
      Certificates”.

     

    3-A3
      Margin:
      As
      defined in footnote (13) of the Preliminary Statement under the caption “The
      Certificates”.

     

    3-A3U
      Margin:
      As
      defined in footnote (12) of the Preliminary Statement under the caption “The
      Certificates”.

     

    Accepted
      Servicing Practices:
      With
      respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
      servicing practices of prudent mortgage servicing institutions that service
      or
      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 Trustee (as successor master servicer) or the Master
      Servicer or (y) as provided in the applicable Servicing Agreement, to the extent
      applicable to the related Servicer.

     

    
      
        
        

      

      
        15

        
          

        

      

       

    

     

    Accountant:
      A
      person engaged in the practice of accounting who (except when this Agreement
      provides that an Accountant must be Independent) may be employed by or
      affiliated with the Depositor or an Affiliate of the Depositor.

     

    Accrual
      Period:
      For the
      LIBOR Certificates, the Notional Certificates, the Grantor Trust Certificates
      and the Related REMIC 2 Interests for each Distribution Date, the period
      beginning on the immediately preceding Distribution Date (or, in the case of
      the
      first Accrual Period, (x) on the Closing Date in the case of the Class 1-AX,
      Class 2-AX and Class 3-AX Certificates and (y) on January 25, 2007, in the
      case
      of all other Classes) and ending on the day immediately preceding the related
      Distribution Date. The LIBOR Certificates, the Grantor Trust Certificates and
      their Related REMIC 2 Interests shall accrue interest on the basis of a 360-day
      year and the actual number of days in each Accrual Period. The Notional
      Certificates shall accrue interest on the basis of a 360-day year consisting
      of
      twelve 30-day months.

     

    Act:
      As
      defined in Section 3.03(c)(i).

     

    Additional
      Form 10-D Disclosure:
      As
      defined in Section 6.20(c)(i).

     

    Additional
      Form 10-K Disclosure:
      As
      defined in Section 6.20(d)(i).

     

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

     

    Advance:
      An
      advance of the aggregate of payments of principal and interest (net of the
      applicable Servicing Fee) on one or more Mortgage Loans that were due on the
      Due
      Date in the related Collection Period and not received as of the close of
      business on the related Determination Date, required to be made by a Servicer
      or
      by the Master Servicer on behalf of a Servicer (or by the Trustee as successor
      master servicer) pursuant to Section 5.04.

     

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

     

    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.

     

    
      
        
        

      

      
        16

        
          

        

      

       

    

     

    Aggregate
      Loan Balance:
      As of
      any Distribution Date, the total Scheduled Principal Balance of the Mortgage
      Loans included in Pool 1, Pool 2 and Pool 3 for that Distribution
      Date.

     

    Aggregate
      Voting Interests:
      The
      aggregate of the Voting Interests of all the Certificates under this
      Agreement.

     

    Agreement:
      This
      Trust Agreement and all amendments and supplements hereto.

     

    Applicants:
      As
      defined in Section 8.02(b).

     

    Applied
      Loss Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the aggregate
      Certificate Principal Amount of the LIBOR Certificates after giving effect
      to
      all Realized Losses incurred with respect to the Mortgage Loans during the
      related Collection Period and distributions of principal on such Distribution
      Date, but before giving effect to any application of the Applied Loss Amount
      with respect to such date, exceeds (y) the Aggregate Loan Balance for such
      Distribution Date.

     

    Apportioned
      Principal Balance:
      For any
      Class of Subordinate Certificates for any Distribution Date, the Class Principal
      Amount of that Class immediately prior to that Distribution Date multiplied
      by a
      fraction, the numerator of which is the applicable Pool Subordinate Amount
      for
      that date and the denominator of which is the sum of the Pool Subordinate
      Amounts for each Mortgage Pool for that date.

     

    Appraised
      Value:
      With
      respect to any Mortgage Loan, the amount set forth in an appraisal made in
      connection with the origination of such Mortgage Loan as the value of the
      related Mortgaged Property.

     

    Assignment
      of Mortgage:
      An
      assignment of the Mortgage, notice of transfer or equivalent instrument, in
      recordable form, sufficient under the laws of the jurisdiction wherein the
      related Mortgaged Property is located to reflect the sale of the Mortgage to
      the
      Trustee, which assignment, notice of transfer or equivalent instrument may
      be in
      the form of one or more blanket assignments covering the Mortgage Loans secured
      by Mortgaged Properties located in the same jurisdiction, if permitted by law;
      provided, however, that neither the applicable Custodian nor the Trustee shall
      be responsible for determining whether any such assignment is in recordable
      form.

     

    Aurora:
      Aurora
      Loan Services LLC or its successors in interest.

     

    Authenticating
      Agent:
      Any
      authenticating agent appointed by the Trustee pursuant to Section
      6.10.

     

    Authorized
      Officer:
      Not
      applicable.

     

    Back-Up
      Certification:
      As
      defined in Section 6.20(d)(iv).

     

    Balance
      Guaranteed Cap Agreement:
      Not
      applicable.

     

    Balance
      Guaranteed Cap Agreement Account:
      Not
      applicable.

    
      
        
        

      

      
        17

        
          

        

      

       

    

     

    Balloon
      Mortgage Loan:
      Any
      Mortgage Loan having an original term to maturity that is shorter than its
      amortization schedule, and a final Scheduled Payment that is disproportionately
      large in comparison to other Scheduled Payments.

     

    Balloon
      Payment:
      The
      final Scheduled Payment in respect of a Balloon Mortgage Loan.

     

    Bankruptcy:
      As to
      any Person, the making of an assignment for the benefit of creditors, the filing
      of a voluntary petition in bankruptcy, adjudication as a bankrupt or insolvent,
      the entry of an order for relief in a bankruptcy or insolvency proceeding,
      the
      seeking of reorganization, arrangement, composition, readjustment, liquidation,
      dissolution or similar relief, or seeking, consenting to or acquiescing in
      the
      appointment of a trustee, receiver or liquidator, dissolution, or termination,
      as the case may be, of such Person pursuant to the provisions of either the
      Bankruptcy Code, or any other similar state laws.

     

    Bankruptcy
      Code:
      The
      United States Bankruptcy Code of 1986, as amended.

     

    Basis
      Risk Payment:
      With
      respect to any Distribution Date, an amount equal to the sum of (i) any Basis
      Risk Shortfall for such Distribution Date and (ii) any Unpaid Basis Risk
      Shortfall for such Distribution Date. The amount of the Basis Risk Payment
      for
      any Distribution Date, however, cannot exceed the amount of Monthly Excess
      Cashflow that would be distributable to the Class X Certificate pursuant to
      Section 5.02(d) hereof on such Distribution Date (as determined under the
      definition of “Class X Distributable Amount” without regard to the Basis Risk
      Payment for such Distribution Date).

     

    Basis
      Risk Reserve Fund:
      A fund
      created as part of the Trust Fund pursuant to Section 5.06 of this Agreement
      but
      which is not an asset of any of the REMICs.

     

    Basis
      Risk Shortfall:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates, the amount
      by which the amount of interest calculated at the Certificate Interest Rate
      applicable to such Class for such date, determined without regard to the
      applicable Net Funds Cap for such date but subject to a cap equal to the
      applicable Maximum Interest Rate, exceeds the amount of interest calculated
      at
      the applicable Net Funds Cap. Notwithstanding the foregoing, the amount of
      any
      Basis Risk Shortfall for any class of Certificates in respect of any
      Distribution Date may not exceed the amount, if any, by which (x) the amount
      payable at the applicable Maximum Interest Rate exceeds (y) the amount payable
      at the applicable Net Funds Cap.

     

    Benefit
      Plan Opinion:
      Not
      applicable.

     

    Book-Entry
      Certificates:
      Beneficial interests in Certificates designated as “Book-Entry Certificates” in
      this Agreement, ownership and transfers of which shall be evidenced or made
      through book entries by a Clearing Agency as described in Section 3.09;
      provided, that after the occurrence of a condition whereupon book-entry
      registration and transfer are no longer permitted and Definitive Certificates
      are to be issued to Certificate Owners, such Book-Entry Certificates shall
      no
      longer be “Book-Entry Certificates.” As of the Closing Date, the Offered
      Certificates and the Class M11 and Class M12 Certificates constitute Book-Entry
      Certificates.

     

    Bulk
      PMI Policy:
      Not
      applicable.

    
      
        
        

      

      
        18

        
          

        

      

       

    

     

    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday, (ii) a day on which banking institutions
      in New York City, New York or, if other than New York City, the city in which
      the Corporate Trust Office of the Trustee is located and the States of Colorado,
      Massachusetts, Minnesota or New York, or (iii) with respect to the Servicer
      Remittance Date or the Servicer reporting date, the States specified in the
      definition of “Business Day” in the Servicing Agreements, are authorized or
      obligated by law or executive order to be closed.

     

    Cap
      Agreement:
      Not
      applicable.

     

    Cap
      Agreement Account:
      Not
      applicable.

     

    Cap
      Deferred Interest Amount:
      As of
      any Distribution Date and with respect to each Class of Grantor Trust
      Certificates, the amount, if any, of Deferred Interest allocated to the related
      Underlying Interest, as applicable, to the extent covered by a previous payment
      made by the Cap Provider and not previously paid to the Cap
      Provider.

     

    Cap
      Payment Date:
      For so
      long as any Deferred Interest Cap Agreement is in effect or any amounts remain
      unpaid thereunder, the Business Day prior to each Distribution
      Date.

     

    Cap
      Provider:
      Lehman
      Brothers Special Financing Inc.

     

    Cap
      Termination Payment:
      Upon an
      optional termination pursuant to Section 7.01(b), any payment required to be
      made to the Cap Provider or by the Cap Provider to the Trustee pursuant to
      the
      terms of the applicable Deferred Interest Cap Agreement, and any unpaid amounts
      due on previous Cap Payment Dates and accrued interest thereon as provided
      in
      the applicable Deferred Interest Cap Agreement, as calculated by the Cap
      Provider and furnished to the Trustee.

     

    Capitalized
      Interest Account:
      A trust
      account, established by the Trustee for the benefit of the holders of the LIBOR
      Certificates and the Seller.

     

    Capitalized
      Interest Amount:
      $1,000.

     

    Carryforward
      Interest:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates, Notional
      Certificates or Grantor Trust Certificates, the sum of (i) the amount, if any,
      by which (x) the sum of (A) Current Interest for such Class for the immediately
      preceding Distribution Date and (B) any unpaid Carryforward Interest for such
      Class from previous Distribution Dates exceeds (y) the amount distributed in
      respect of interest on such Class on such immediately preceding Distribution
      Date, and (ii) interest on such amount (other than, in the case of the Class
      1-AX, Class 2-AX and Class 3-AX Certificates, any portion of such amount
      resulting from Net Negative Amortization) for the related Accrual Period at
      the
      applicable Certificate Interest Rate. Carryforward Interest shall not include
      amounts attributable to an allocation of Deferred Interest (except in the case
      of the Class 1-AX, Class 2-AX and Class 3-AX Certificates).

     

    Certificate:
      Any one
      of the certificates signed and countersigned by the Trustee in substantially
      the
      forms attached hereto as Exhibit A and any Underlying Interest.

     

    
      
        
        

      

      
        19

        
          

        

      

       

    

    Certificate
      Account:
      The
      account maintained by the Trustee in accordance with the provisions of Section
      4.04.

     

    Certificate
      Group:
      Not
      applicable.

     

    Certificate
      Insurance Policy:
      Not
      applicable.

     

    Certificate
      Insurance Premium:
      Not
      applicable.

     

    Certificate
      Insurer:
      Not
      applicable.

     

    Certificate
      Insurer Default:
      Not
      applicable.

     

    Certificate
      Interest Rate:
      With
      respect to each Class of Certificates and any Distribution Date, the applicable
      per annum rate set forth or described in the Preliminary Statement
      hereto.

     

    Certificate
      Owner:
      With
      respect to a Book-Entry Certificate, the Person who is the owner of such
      Book-Entry Certificate, as reflected on the books of the Clearing Agency, or
      on
      the books of a Person maintaining an account with such Clearing Agency (directly
      or as an indirect participant, in accordance with the rules of such Clearing
      Agency).

     

    Certificate
      Principal Amount:
      With
      respect to any Certificate (other than the Class X, Class C, Class P and Class
      R
      Certificates and any Notional Certificates) and any Distribution Date, the
      initial Certificate Principal Amount thereof on the Closing Date, less the
      amount of all principal distributions previously distributed with respect to
      such Certificate prior to such Distribution Date, and as reduced by any Applied
      Loss Amount previously allocated thereto, plus, in the case of any Negative
      Amortization Certificate, any Deferred Interest allocated thereto on previous
      Distribution Dates; provided, however, that on each Distribution Date on which
      a
      Subsequent Recovery is distributed, the Certificate Principal Amount of any
      Certificate that has been reduced by application of an Applied Loss Amount
      will
      be increased, in order of seniority, by an amount (to be applied pro
      rata
      to all
      Certificates of such Class) equal to the lesser of (1) any Deferred Amount
      for
      each such Class immediately prior to such date and (2) the total amount of
      any
      Subsequent Recovery distributed on such date to Certificateholders, after
      application (for this purpose) to more senior Classes of such Certificates.
      The
      Notional Certificates, Class X, Class C, Class P and Class R Certificates are
      issued without Certificate Principal Amounts.

     

    Certificate
      Register and Certificate Registrar:
      The
      register maintained and the registrar appointed pursuant to Section
      3.02.

     

    Certificateholder:
      The
      meaning provided in the definition of “Holder.”

     

    Certification
      Parties:
      As
      defined in Section 6.20(d)(iv).

     

    Certifying
      Person:
      As
      defined in Section 6.20(d)(iv).

     

    Class:
      All
      Certificates and, in the case of REMIC AX or REMIC 1, all Lower Tier Interests
      bearing the same Class designation.

     

    
      
        
        

      

      
        20

        
          

        

      

       

    

     

     

    Class
      1-A1A Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 1-A1A Underlying Interest, (ii) the related Deferred Interest
      Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      1-A1A Underlying Interest:
      The
      Underlying Interest related to the Class 1-A1A Certificates.

     

    Class
      1-A1B Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 1-A1B Underlying Interest, (ii) the related Deferred Interest
      Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      1-A1B Underlying Interest:
      The
      Underlying Interest related to the Class 1-A1B Certificates.

     

    Class
      3-A1 Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 3-A1 Underlying Interest, (ii) the related Deferred Interest
      Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      3-A1 Underlying Interest:
      The
      Underlying Interest related to the Class 3-A1 Certificates.

     

    Class
      3-A2 Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 3-A2 Underlying Interest, (ii) the related Deferred Interest
      Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      3-A2 Underlying Interest:
      The
      Underlying Interest related to the Class 3-A2 Certificates.

     

    Class
      3-A3 Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 3-A3 Underlying Interest, (ii) the related Deferred Interest
      Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      3-A3 Underlying Interest:
      The
      Underlying Interest related to the Class 3-A3 Certificates.

     

    Class
      C Distributable Amount:
      For
      each Distribution Date on and prior to the Distribution Date occurring on the
      Class X Account Termination Date, an amount equal to the lesser of (a) aggregate
      investment earnings on the Class X Account for the related Collection Period
      and
      (b) the amount on deposit in the Class X Account on such Distribution Date,
      after taking into account any payments made from the Class X Account on such
      Distribution Date to the Class X Certificates. On the Distribution Date
      occurring on the Class X Account Termination Date, an amount equal to the entire
      amount remaining on deposit in the Class X Account after making the payments
      set
      forth in the preceding sentence.

     

    
      
        
        

      

      
        21

        
          

        

      

       

    

     

     

    Class
      C Mortgage Loan:
      Any
      Mortgage Loan which has become a Liquidated Mortgage Loan on or prior to the
      Collection Period ending on March 1, 2010.

     

    Class
      CX Excess Cap Amount:
      Not
      applicable.

     

    Class
      I Shortfalls:
      Not
      applicable.

     

    Class
      Notional Amount:
      With
      respect to the Class 1-AX Certificates for any Distribution Date, an amount
      equal to 25% of the aggregate Class Principal Amounts of the Class 1-A1A
      Underlying Interest and Class 1-A1B Underlying Interest immediately prior to
      such Distribution Date. The initial Class Notional Amount of the Class 1-AX
      Certificates is $74,094,000. With respect to the Class 2-AX Certificates for
      any
      Distribution Date, an amount equal to 25% of the Class Principal Amount of
      the
      Class 2-A Certificates immediately prior to such Distribution Date. The initial
      Class Notional Amount of the Class 2-AX Certificates is $93,966,000.
With
      respect to the Class 3-AX Certificates for any Distribution Date, an amount
      equal to the aggregate Class Principal Amount of the Class 3-A1 Underlying
      Interest, Class 3-A2 Underlying Interest and Class 3-A3 Underlying Interest
      immediately prior to such Distribution Date. The initial Class Notional Amount
      of the Class 3-AX Certificates is $522,534,000.

     

    Class
      P Certificate:
      Any
      Class P-I, Class P-II and P-III Certificate.

     

    Class
      P Interest:
      Not
      applicable.

     

    Class
      P Principal Amount:
      Not
      applicable.

     

    Class
      Principal Amount:
      With
      respect to each Class of Certificates other than the Class R, Class P, Class
      C
      and Class X Certificates and any Notional Certificates, the aggregate of the
      Certificate Principal Amounts (or related Percentage Interest therein
      aggregating to 100%) of all Certificates of such Class at the date of
      determination. With respect to the Class R, Class P, Class C and Class X
      Certificates and any Notional Certificates, zero.

     

    Class
      R Certificate:
      The
      Class R Certificate executed by the Trustee, and authenticated and delivered
      by
      the Certificate Registrar, substantially in the form annexed hereto as Exhibit
      A
      and evidencing the ownership of the residual interest in each REMIC created
      hereunder.

     

    Class
      X Account:
      An
      account established as part of the Trust Fund pursuant to Section 5.12 of this
      Agreement, but which is not an asset of any of the REMICs, for the benefit
      of
      the Class X and Class C Certificates.

     

    Class
      X Account Termination Date:
      The
      Distribution Date in March 2010.

     

    Class
      X Current Interest:
      For any
      Distribution Date, the interest accrued during the related Accrual Period on
      the
      Class X Notional Balance at the Class X Interest Rate.

     

    Class
      X Distributable Amount:
      On any
      Distribution Date, the excess of (i) the sum of (x) $6,721,032.37 and (y) the
      aggregate Class X Current Interest for such Distribution Date and all prior
      Distribution Dates over (ii) the sum of (w) the aggregate payments in respect
      of
      Excess Interest (disregarding any such payments made from the Final Maturity
      Reserve Account) for such Distribution Date and all prior Distribution Dates
      and
      (x) all prior distributions to the Class X Certificate under Section 5.02(d)(vi)
      hereof.

     

    
      
        
        

      

      
        22

        
          

        

      

       

    

     

     

    Class
      X Interest Rate:
      For any
      Distribution Date, the excess of (i) the weighted average of the interest rates
      on the REMIC 1 Regular Interests (other than the Class LT1-1AX Interest, the
      Class LT1-2AX Interest, the Class LT1-3AX Interest and the Class LT1-Coupon
      Strip Interest) over (ii) two times the weighted average of the interest rates
      on the REMIC 1-I Marker Classes and the Class LT1-XI Interest (treating for
      purposes of this clause (ii) the interest rate on each of the REMIC 1-I Marker
      Classes as being subject to a cap and a floor equal to the interest rate of
      the
      Related REMIC 2 Interest of the Corresponding Classes of Certificates and
      treating the interest rate on the Class LT1-XI Interest as capped at zero).
      The
      average described in the preceding sentence shall be weighted on the basis
      of
      the respective principal balances of the REMIC 1 Regular Interests immediately
      prior to such Distribution Date.

     

    Class
      X Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period), the aggregate
      principal balance of the REMIC 1 Regular Interests (other than the Class LT1-1AX
      Interest, the Class LT1-2AX Interest, the Class LT1-3AX Interest and the Class
      LT1-Coupon Strip Interest) immediately prior to such Distribution
      Date.

     

    Clearing
      Agency:
      An
      organization registered as a “clearing agency” pursuant to Section 17A of the
      Exchange Act. As of the Closing Date, the Clearing Agency shall be The
      Depository Trust Company.

     

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

     

    Clearstream:
      Clearstream Banking Luxembourg, and any successor thereto.

     

    Closing
      Date:
      January
      31, 2007.

     

    Code:
      The
      Internal Revenue Code of 1986, as amended, and as it may be further amended
      from
      time to time, any successor statutes thereto, and applicable U.S. Department
      of
      Treasury regulations issued pursuant thereto in temporary or final
      form.

     

    Collection
      Account:
      A
      separate account established and maintained by the Master Servicer pursuant
      to
      Section 4.01.

     

    Collection
      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.

     

    Commission:
      The
      Securities and Exchange Commission.

     

    Commitment
      Letter:
      Not
      applicable.

     

    Compensating
      Interest Payment:
      With
      respect to any Distribution Date and prepayments in full or in part, an amount
      equal the aggregate amount of any Prepayment Interest Shortfalls required to
      be
      paid by a Servicer with respect to such Distribution Date. The Master Servicer
      shall not be responsible for making any Compensating Interest
      Payment.

     

    
      
        
        

      

      
        23

        
          

        

      

       

    

     

    Component:
      Not
      applicable.

     

    Component
      Interest Rate:
      Not
      applicable.

     

    Component
      Notional Amount:
      Not
      applicable.

     

    Conventional
      Loan:
      Not
      applicable.

     

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

     

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

     

    Cooperative
      Loan Documents:
      As to
      any Cooperative Loan, (i) the Cooperative Shares, together with a stock power
      in
      blank; (ii) the original executed Security Agreement and the assignment of
      the
      Security Agreement endorsed in blank; (iii) the original executed Proprietary
      Lease and the assignment of the Proprietary Lease endorsed in blank; (iv) the
      original executed Recognition Agreement and the assignment of the Recognition
      Agreement (or a blanket assignment of all Recognition Agreements) endorsed
      in
      blank; (v) the executed UCC-1 financing statement with evidence of recording
      thereon, which has been filed in all places required to perfect the security
      interest in the Cooperative Shares and the Proprietary Lease; and (vi) executed
      UCC-3 financing statements (or copies thereof) or other appropriate UCC
      financing statements required by state law, evidencing a complete and unbroken
      line from the mortgagee to the Trustee with evidence of recording thereon (or
      in
      a form suitable for recordation).

     

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

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

    Cooperative
      Unit:
      A
      single-family dwelling located in a Cooperative Property.

     

    Corporate
      Trust Office:
      The
      principal corporate trust office of the Trustee is located at U.S. Bank National
      Association, One Federal Street, 3rd Floor, Boston, M.A. 02110, Attention:
      LXS
      2007-2N.

     

    Corresponding
      Class:
      The
      Class of Certificates that corresponds to a Class of Lower Tier Interests in
      REMIC 1 and as described in the Preliminary Statement.

     

    Coupon
      Strip:
      For any
      Distribution Date, to the extent that the stated principal balance of the
      Mortgage Loans with original terms to maturity in excess of 30 years exceeds
      the
      scheduled amount set forth in Schedule B, an amount equal to the product of
      one-twelfth of the Coupon Strip Rate and the stated principal balance of the
      Mortgage Loans with original terms to maturity in excess of 30 years at the
      beginning of the related Collection Period.

     

    
      
        
        

      

      
        24

        
          

        

      

       

    

     

    Coupon
      Strip Adjusted Net WAC:
      For any
      Distribution Date and any Mortgage Pool, an annual rate equal to a fraction,
      expressed as a percentage, the numerator of which is the product of (x) the
      Optimal Interest Remittance Amount for such Mortgage Pool for such Distribution
      Date less the portion of the Coupon Strip related to such Mortgage Pool, if
      any,
      for such Distribution Date and (y) 12, and the denominator of which is the
      Pool
      Balance for such Mortgage Pool as of the first day of the related Collection
      Period (not including for this purpose Mortgage Loans for which prepayments
      in
      full have been received and distributed in the month prior to that Distribution
      Date).

     

    Coupon
      Strip Rate:
      1.00%.

     

    Credit
      Score:
      Not
      applicable.

     

    Cumulative
      Loss Trigger Event:
      With
      respect to any Distribution Date, a Cumulative Loss Trigger Event shall occur
      if
      the fraction, expressed as a percentage, obtained by dividing (x) the aggregate
      amount of cumulative Realized Losses incurred on the Mortgage Loans from the
      Cut-off Date through the last day of the related Collection Period by (y) the
      Cut-off Date Balance, exceeds the applicable percentages described below with
      respect to such Distribution Date.

     

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	 	 	 
	
              February
                2010 through January 2011

            	 	
              0.20%
                for the
                first month plus and additional 
1/12th
                of
                0.25% for each month thereafter.

            
	 	 	 
	
              February
                2011 through January 2012

            	 	
              0.45%
                for the first month plus an additional 
1/12th of 0.40% for each month
                thereafter.

            
	 	 	 
	
              February
                2012 through January 2013

            	 	
              0.85%
                for the first month plus an additional 
1/12th of 0.35% for each month
                thereafter.

            
	 	 	 
	
              February
                2013 through January 2014

            	 	
              1.20%
                for the first month plus an additional 
1/12th of 0.45% for each month
                thereafter.

            
	 	 	 
	
              February
                2014 through January 2015

            	 	
              1.65%
                for the first month plus an additional 
1/12th of 0.15% for each month
                thereafter.

            
	 	 	 
	
              February
                2015 and thereafter

            	 	
              1.80%

            

    

    

    Current
      Interest:
      With
      respect to any Class of LIBOR Certificates, Notional Certificates or Grantor
      Trust Certificates and any Distribution Date, the aggregate amount of interest
      accrued at the applicable Certificate Interest Rate during the related Accrual
      Period on the Class Principal Amount or Class Notional Amount of such Class
      immediately prior to such Distribution Date minus the Deferred Interest, if
      any,
      allocated to that Class for that Distribution Date in accordance with Section
      5.02.

     

    
      
        
        

      

      
        25

        
          

        

      

       

    

     

    Custodial
      Account:
      Any
      custodial account (other than an Escrow Account) established and maintained
      by
      the applicable Servicer pursuant to the applicable Servicing
      Agreement.

     

    Custodial
      Agreement:
      Each
      custodial agreement attached as Exhibit K hereto, and any custodial agreement
      subsequently executed by the Trustee and acknowledged by the Master Servicer
      substantially in the form thereof.

     

    Custodian:
      Each
      custodian appointed by the Trustee pursuant to a Custodial Agreement, and any
      successor thereto. The initial Custodians are Deutsche Bank National Trust
      Company, U.S. Bank National Association and Wells Fargo Bank, N.A.

     

    Cut-off
      Date:
      With
      respect to all Mortgage Loans, January 1, 2007.

     

    Cut-off
      Date Balance:
      With
      respect to the Mortgage Loans in a Mortgage Pool on the Closing Date, the Pool
      Balance as of the Cut-off Date.

     

    Debt
      Service Reduction:
      With
      respect to any Mortgage Loan, a reduction of the Scheduled Payment that the
      related Mortgagor is obligated to pay on any Due Date as a result of, or in
      connection with, any proceeding under Bankruptcy law or any similar
      proceeding.

     

    Deferred
      Amount:
      For
      each Distribution Date and for each Class of LIBOR Certificates, the sum of
      (A)
      the amount by which (x) the aggregate of Applied Loss Amounts previously applied
      in reduction of the Class Principal Amount thereof exceeds (y) the sum of (1)
      the aggregate of amounts previously distributed in reimbursement thereof and
      (2)
      the amount by which the Class Principal Amount of such Class has been increased
      due to any Subsequent Recovery and (B) for the Senior Certificates only,
      interest accrued on the related amount calculated under clause (A).

     

    Deferred
      Interest:
      Any
      interest shortfall resulting from Net Negative Amortization.

     

    Deferred
      Interest Cap Account:
      Each of
      the separate Eligible Accounts created and initially maintained by the Trustee
      entitled: “Class
      1-A1A Deferred Interest Cap Account, U.S. Bank National Association, as Trustee,
      in trust for the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-2N,” “Class 1-A1B Deferred Interest Cap Account, U.S.
      Bank National Association, as Trustee, in trust for the benefit of the Holders
      of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-2N,”
“Class
      3-A1 Deferred Interest Cap Account, U.S. Bank National Association, as Trustee,
      in trust for the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-2N,” “Class 3-A2 Deferred Interest Cap Account, U.S.
      Bank National Association, as Trustee, in trust for the benefit of the Holders
      of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-2N” and
“Class 3-A3 Deferred Interest Cap Account, U.S. Bank National Association, as
      Trustee, in trust for the benefit of the Holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2007-2N.”

     

    
      
        
        

      

      
        26

        
          

        

      

       

    

     

    Deferred
      Interest Cap Agreement:
      With
      respect to the Class 1-A1A, Class 1-A1B, Class 3-A1, Class 3-A2 and Class 3-A3
      Certificates, each transaction evidenced by the related confirmation between
      the
      Trustee and the Cap Provider, forms of which are attached as Exhibit
      P.

     

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, a valuation by a court of competent jurisdiction
      of the Mortgaged Property in an amount less than the then outstanding
      indebtedness under such Mortgage Loan, which valuation results from a proceeding
      under Bankruptcy law or any similar proceeding.

     

    Definitive
      Certificate:
      A
      Certificate of any Class issued in definitive, fully registered, certificated
      form.

     

    Deleted
      Mortgage Loan:
      A
      Mortgage Loan that is repurchased from the Trust Fund pursuant to the terms
      hereof or as to which one or more Qualifying Substitute Mortgage Loans are
      substituted therefor.

     

    Delinquency
      Event:
      With
      respect to any Distribution Date, a “Delinquency Event” shall occur if the
      Rolling Three Month Delinquency Rate as of the last day of the immediately
      preceding month equals or exceeds, for Distribution Dates prior to February
      2013, 25.12%, and, for Distribution Dates during or after February 2013, 31.39%
      of the Senior Enhancement Percentage for such Distribution Date.

     

    Delinquency
      Rate:
      With
      respect to any calendar month, the fraction, expressed as a percentage, the
      numerator of which is the aggregate outstanding principal balance of all
      Mortgage Loans that are 60 or more days Delinquent (including all foreclosures,
      bankruptcies and REO Properties, without duplication, as of the close of
      business on the last day of such month), and the denominator of which is the
      Aggregate Loan Balance as of the close of business on the last day of such
      month.

     

    Delinquent:
      For
      reporting purposes, a Mortgage Loan is “delinquent” when any payment
      contractually due thereon has not been made by the close of business on the
      Due
      Date therefor. Such Mortgage Loan is “30 days Delinquent” if such payment has
      not been received by the close of business on the corresponding day of the
      month
      immediately succeeding the month in which such payment was first due, or, if
      there is no such corresponding day (e.g., as when a 30-day month follows a
      31-day month in which a payment was due on the 31st day of such month), then
      on
      the last day of such immediately succeeding month. Similarly for “60 days
      Delinquent” and the second immediately succeeding month and “90 days Delinquent”
and the third immediately succeeding month.

     

    Deposit
      Date:
      With
      respect to each Distribution Date, the Business Day immediately preceding such
      Distribution Date.

     

    Depositor:
      Structured Asset Securities Corporation, a Delaware corporation, having its
      principal place of business in New York, or its successors in
      interest.

     

    
      
        
        

      

      
        27

        
          

        

      

       

    

     

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

     

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

     

    Distressed
      Mortgage Loan:
      Any
      Mortgage Loan that at the date of determination is Delinquent in payment for
      a
      period of more than 90 days or more without giving effect to any grace period
      permitted by the relevant Mortgage Note or for which the Servicer has accepted
      a
      deed in lieu of foreclosure.

     

    Distribution
      Date:
      The
      25th day of each month or, if such 25th day is not a Business Day, the next
      succeeding Business Day, commencing in February 2007.

     

    Due
      Date:
      With
      respect to any Mortgage Loan, the date on which a Scheduled Payment is due
      under
      the related Mortgage Note.

     

    Due
      for Payment:
      Not
      applicable.

     

    Eligible
      Account:
      Either
      (i) an account or accounts maintained with a federal or state chartered
      depository institution or trust company acceptable to the Rating Agencies or
      (ii) an account or accounts the deposits in which are insured by the FDIC to
      the
      limits established by such corporation, provided that any such deposits not
      so
      insured shall be maintained in an account at a depository institution or trust
      company whose commercial paper or other short term debt obligations (or, in
      the
      case of a depository institution or trust company which is the principal
      subsidiary of a holding company, the commercial paper or other short term debt
      or deposit obligations of such holding company or depository institution, as
      the
      case may be) have been rated by each Rating Agency in its highest short-term
      rating category, or (iii) a segregated trust account or accounts (which shall
      be
      a “special deposit account”) maintained with the Trustee or any other federal or
      state chartered depository institution or trust company, acting in its fiduciary
      capacity, in a manner acceptable to the Trustee, any NIMS Insurer and the Rating
      Agencies. Eligible Accounts may bear interest.

     

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

     

    (i) direct
      obligations of, and obligations fully guaranteed as to timely payment of
      principal and interest by, the United States of America or any agency or
      instrumentality of the United States of America the obligations of which are
      backed by the full faith and credit of the United States of America (“Direct
      Obligations”);

     

    (ii) federal
      funds, or demand and time deposits in, certificates of deposits of, or bankers’
acceptances issued by, any depository institution or trust company (including
      U.S. subsidiaries of foreign depositories and the Trustee or any agent of the
      Trustee, acting in its respective commercial capacity) incorporated or organized
      under the laws of the United States of America or any state thereof and subject
      to supervision and examination by federal or state banking authorities, so
      long
      as at the time of investment or the contractual commitment providing for such
      investment the commercial paper or other short term debt obligations of such
      depository institution or trust company (or, in the case of a depository
      institution or trust company which is the principal subsidiary of a holding
      company, the commercial paper or other short term debt or deposit obligations
      of
      such holding company or deposit institution, as the case may be) have been
      rated
      by each Rating Agency in its highest short-term rating category or one of its
      two highest long-term rating categories;

     

    
      
        
        

      

      
        28

        
          

        

      

       

    

     

    (iii) repurchase
      agreements collateralized by Direct Obligations or securities guaranteed by
      Ginnie Mae, Fannie Mae or Freddie Mac with any registered broker/dealer subject
      to Securities Investors’ Protection Corporation jurisdiction or any commercial
      bank insured by the FDIC, if such broker/dealer or bank has an uninsured,
      unsecured and unguaranteed obligation rated by each Rating Agency in its highest
      short-term rating category;

     

    (iv) securities
      bearing interest or sold at a discount issued by any corporation incorporated
      under the laws of the United States of America or any state thereof which have
      a
      credit rating from each Rating Agency, at the time of investment or the
      contractual commitment providing for such investment, at least equal to one
      of
      the two highest short term credit rating categories of each Rating Agency (or
      the highest short term credit rating of each rating agency, with respect to
      the
      Class X Account); provided, however, that securities issued by any particular
      corporation will not be Eligible Investments to the extent that investment
      therein will cause the then outstanding principal amount of securities issued
      by
      such corporation and held as part of the Trust Fund to exceed 20% of the sum
      of
      the Pool Balance and the aggregate principal amount of all Eligible Investments
      in the Certificate Account; provided, further, that such securities will not
      be
      Eligible Investments if they are published as being under review with negative
      implications from any Rating Agency;

     

    (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
      180
      days after the date of issuance thereof) rated by each Rating Agency in its
      highest short-term rating category;

     

    (vi) a
      Qualified GIC;

     

    (vii) certificates
      or receipts representing direct ownership interests in future interest or
      principal payments on obligations of the United States of America or its
      agencies or instrumentalities (which obligations are backed by the full faith
      and credit of the United States of America) held by a custodian in safekeeping
      on behalf of the holders of such receipts; and

     

    (viii) any
      other
      demand, money market, common trust fund or time deposit or obligation, or
      interest bearing or other security or investment (including those managed or
      advised by the Trustee or any Affiliate thereof) (A) rated in the highest rating
      category by each Rating Agency or (B) that would not adversely affect the then
      current rating assigned by each Rating Agency of any of the Certificates or
      the
      NIM Securities and has a short-term rating of at least “A-1” or its equivalent
      by each Rating Agency. Such investments in this subsection (viii) may include
      money market mutual funds or common trust funds, including any fund for which
      U.S. Bank National Association, in its capacity other than as Trustee, the
      Master Servicer or an affiliate thereof serves as an investment advisor,
      administrator, shareholder, servicing agent, and/or custodian or subcustodian,
      notwithstanding that (x) U.S. Bank National Association, the Trustee, the Master
      Servicer or any affiliate thereof charges and collects fees and expenses from
      such funds for services rendered, (y) U.S. Bank National Association, the
      Trustee, the Master Servicer, or any affiliate thereof charges and collects
      fees
      and expenses for services rendered pursuant to this Agreement, and (z) services
      performed for such funds and pursuant to this Agreement may converge at any
      time. U.S. Bank National Association or an affiliate thereof is hereby
      authorized to charge and collect from the Trust Fund such fees as are collected
      from all investors in such funds for services rendered to such funds (but not
      to
      exceed investment earnings thereon);

     

    
      
        
        

      

      
        29

        
          

        

      

       

    

    provided,
      however, that no such instrument shall be an Eligible Investment if such
      instrument evidences either (i) a right to receive only interest payments with
      respect to the obligations underlying such instrument, or (ii) both principal
      and interest payments derived from obligations underlying such instrument and
      the principal and interest payments with respect to such instrument provide
      a
      yield to maturity of greater than 120% of the yield to maturity at par of such
      underlying obligations, and provided further that in order to be an Eligible
      Investment any such investment must be a “permitted investment” within the
      meaning of Section 860G(a)(5) of the Code.

     

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

     

    ERISA-Qualifying
      Underwriting:
      A best
      efforts or firm commitment underwriting or private placement that would satisfy
      the requirements of the Underwriter’s Exemption, except, in relevant part, for
      the requirement that the certificates have received a rating at the time of
      acquisition that is in one of the two highest generic rating categories by
      at
      least one of the Rating Agencies.

     

    ERISA-Restricted
      Certificate:
      Any
      Subordinate, Class X, Class C or Class P Certificate, and any other Certificate,
      as long as the acquisition and holding of such other Certificate is not covered
      by and exempt under the Underwriter’s Exemption.

     

    Errors
      and Omission Insurance Policy:
      The
      errors or omission insurance policy required to be obtained by the Servicers
      satisfying the requirements of the Servicing Agreements.

     

    Escrow
      Account:
      As
      defined in Section 9.06(a).

     

    Euroclear:
      Euroclear Bank, S.A./N.V., as operator of the Euroclear System.

    
      
        
        

      

      
        30

        
          

        

      

       

    

     

    Event
      of Default:
      Any one
      of the conditions or circumstances enumerated in Section 6.14(a).

     

    Excess
      Interest:
      On any
      Distribution Date, for each Class of LIBOR Certificates, the excess, if any,
      of
      (1) the amount of interest such Class of Certificates is entitled to receive
      on
      such Distribution Date (other than amounts received from the Capitalized
      Interest Account) over (2) the amount of interest such Class of Certificates
      would have been entitled to receive on such Distribution Date at an interest
      rate equal to the applicable REMIC Pass-Through Rate.

     

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

     

    Exchange
      Act Signing Party:
      Either
      the Depositor or the Master Servicer, to be determined by mutual agreement
      between such parties.

     

    Fannie
      Mae:
      Fannie
      Mae, f/k/a the Federal National Mortgage Association, a federally chartered
      and
      privately owned corporation organized and existing under the Federal National
      Mortgage Association Charter Act, or any successor thereto.

     

    FDIC:
      The
      Federal Deposit Insurance Corporation or any successor thereto.

     

    Fidelity
      Bond:
      The
      fidelity bond required to be obtained by each Servicer satisfying the
      requirements of the related Servicing Agreement.

     

    Final
      Maturity Reserve Account:
      As
      defined in Section 4.05(a). Amounts on deposit in the Final Maturity Reserve
      Account will not be an asset of any REMIC.

     

    Financial
      Intermediary:
      Not
      applicable.

     

    Form
      8-K Disclosure Information:
      As
      defined in Section 6.20(e)(i).

     

    Freddie
      Mac:
      Freddie
      Mac, f/k/a the Federal Home Loan Mortgage Corporation, a corporate
      instrumentality of the United States created and existing under Title III of
      the
      Emergency Home Finance Act of 1970, as amended, or any successor
      thereto.

     

    General
      Servicing Fee:
      Not
      applicable.

     

    General
      Servicing Fee Rate:
      Not
      applicable.

     

    Ginnie
      Mae:
      Ginnie
      Mae, f/k/a the Government National Mortgage Association, a wholly owned
      corporate instrumentality of the United States within HUD.

     

    Global
      Securities:
      The
      global certificates representing the Book-Entry Certificates.

     

    Grantor
      Trust:
      Each of
      the “grantor trusts” (within the meaning of the Grantor Trust Provisions)
      described in Section 10.01 or established pursuant to Section 5.02(h)
      herein.

     

    Grantor
      Trust Available Funds:
      For any
      Distribution Date and each of the Grantor Trusts established pursuant to Section
      5.02(h), the sum, without duplication, of:

     

    (i)
      any
      payments received on the applicable Underlying Interest on that Distribution
      Date;

     

    
      
        
        

      

      
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    (ii)
      any
      payments received by the Trustee from the Cap Provider under the related
      Deferred Interest Cap Agreement on the Business Day prior to that Distribution
      Date;
      and

     

    (iii)
      all
      other assets of the Class 1-A1A Grantor Trust, Class 1-A1B Grantor Trust, Class
      3-A1 Grantor Trust, Class 3-A2 Grantor Trust or Class 3-A3 Grantor Trust, as
      applicable, following the payments of amounts to reimburse the Trustee for
      its
      related reimbursable expenses.

     

    Grantor
      Trust Certificates:
      The
      Class 1-A1A, Class 1-A1B, Class 3-A1, Class 3-A2 and Class 3-A3
      Certificates.

     

    Grantor
      Trust Certificate Account:
      Any of
      the separate Eligible Accounts created and maintained by the Trustee pursuant
      to
      Section 4.04 in the name of the Trustee for the benefit of the Grantor Trust
      Certificates and designated “Class
      1-A1A Grantor Trust Certificate Account, U.S. Bank National Association, as
      Trustee, in trust for the benefit of the Holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2007-2N,” “Class
      1-A1B Grantor Trust Certificate Account, U.S. Bank National Association, as
      Trustee, in trust for the benefit of the Holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2007-2N,” “Class 3-A1 Grantor Trust
      Certificate Account, U.S. Bank National Association, as Trustee, in trust for
      the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-2N,” “Class 3-A2 Grantor Trust Certificate Account,
      U.S. Bank National Association, as Trustee, in trust for the benefit of the
      Holders of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-2N,”
and “Class 3-A3 Grantor Trust Certificate Account, U.S. Bank National
      Association, as Trustee, in trust for the benefit of the Holders of Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2007-2N.” Funds in the Grantor
      Trust Certificate Accounts shall be held in trust for the applicable
      Certificateholders for the uses and purposes set forth in this
      Agreement.

     

    Grantor
      Trust Provisions:
      Subpart
      E of Subchapter J of the Code, including Treasury regulation section
      301.7701-4(c)(2).

     

    Guaranteed
      Certificate:
      Not
      applicable.

     

    Guaranteed
      Distribution:
      Not
      applicable.

     

    Holder
      or Certificateholder:
      The
      registered owner of any Certificate (other than the Underlying Interests) as
      recorded on the books of the Certificate Registrar except that, solely for
      the
      purposes of taking any action or giving any consent pursuant to this Agreement,
      any Certificate registered in the name of the Depositor, the Trustee, the Master
      Servicer, a Servicer, the Cap Provider or any Affiliate thereof shall be deemed
      not to be outstanding in determining whether the requisite percentage necessary
      to effect any such consent has been obtained, except that, in determining
      whether the Trustee and any NIMS Insurer shall be protected in relying upon
      any
      such consent, only Certificates which a Responsible Officer of the Trustee
      knows
      to be so owned shall be disregarded. The Trustee and any NIMS Insurer may
      request and conclusively rely on certifications by the Depositor, the Master
      Servicer, any Servicer or the Cap Provider, in determining whether any
      Certificates are registered to an Affiliate of the Depositor, the Master
      Servicer, such Servicer or the Cap Provider, respectively.

     

    
      
        
        

      

      
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    HUD:
      The
      United States Department of Housing and Urban Development, or any successor
      thereto.

     

    Indenture:
      An
      indenture relating to the issuance of notes secured by the Class X Certificates
      (or any portion thereof) which may or may not be guaranteed by a NIMS
      Insurer.

     

    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 other Person, a Person who (a) is in fact independent of another
      specified Person and any Affiliate of such other Person, (b) does not have
      any
      material direct financial interest in such other Person or any Affiliate of
      such
      other Person, and (c) is not connected with such other Person or any Affiliate
      of such other Person as an officer, employee, promoter, underwriter, trustee,
      partner, director or Person performing similar functions.

     

    Initial
      LIBOR Rate:
      5.320%
      per annum.

     

    Initial
      Optional Termination Date:
      The
      Distribution Date occurring in the month following the month in which the
      Aggregate Loan Balance initially declines to less than 10.00% of the Cut-off
      Date Balance.

     

    Insurance
      Fee Rate:
      Not
      applicable.

     

    Insurance
      Policy:
      Any
      Primary Mortgage Insurance Policy and any standard hazard insurance policy,
      flood insurance policy, earthquake insurance policy or title insurance policy
      relating to the Mortgage Loans or the Mortgaged Properties, to be in effect
      as
      of the Closing Date or thereafter during the term of this
      Agreement.

     

    Insurance
      Proceeds:
      Amounts
      paid by the insurer under any Insurance Policy, other than amounts (i) to cover
      expenses incurred by or on behalf of a Servicer or the Master Servicer in
      connection with procuring such proceeds, (ii) to be applied to restoration
      or
      repair of the related Mortgaged Property or (iii) required to be paid over
      to
      the Mortgagor pursuant to law or the related Mortgage Note.

     

    Insured
      Amount:
      Not
      applicable.

     

    Insured
      Payment:
      Not
      applicable.

     

    Interest
      Remittance Amount:
      With
      respect to any Distribution Date and any Mortgage Pool, an amount equal to
      (a)
      the sum of (1) all interest collected (other than in connection with Payaheads
      and Prepayment Premiums) or advanced in respect of Scheduled Payments on the
      related Mortgage Loans during the related Collection Period by any Servicer,
      the
      Master Servicer or the Trustee (solely in its capacity as successor master
      servicer) minus (x) the applicable Servicing Fee with respect to the related
      Mortgage Loans and (y) previously unreimbursed Advances and other amounts due
      to
      any Servicer, the Master Servicer or the Trustee (solely in its capacity as
      successor master servicer), to the extent allocable to interest and the
      allocable portion of previously unreimbursed Servicing Advances with respect
      to
      the related Mortgage Loans, (2) any Compensating Interest Payments with respect
      to the related Mortgage Loans with respect to the related Prepayment Period,
      (3)
      the portion of any Purchase Price or Substitution Amount paid with respect
      to
      such related Mortgage Loans during the related Prepayment Period allocable
      to
      interest and (4) all Net Liquidation Proceeds, Insurance Proceeds and any other
      recoveries collected with respect to the related Mortgage Loans during the
      related Prepayment Period, to the extent allocable to interest, as reduced
      by
      (b) the amount of other costs, expenses or liabilities related to such Mortgage
      Pool and reimbursable to the Master Servicer, any Servicer, any Custodians
      pursuant to the applicable Custodial Agreement or the Trustee and as increased
      by (c) the lesser of (1) the aggregate amount set forth in clauses (a) (1)
      through (5) of the definition of Principal Remittance Amount with respect to
      the
      Mortgage Loans in such Mortgage Pool for such Distribution Date and (2) the
      aggregate amount of Negative Amortization with respect to the Mortgage Loans
      in
      such Mortgage Pool during the related Collection Period.

     

    
      
        
        

      

      
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    Intervening
      Assignment:
      As
      defined in Section 2.01(b).

     

    IRS:
      The
      Internal Revenue Service.

     

    Late
      Payment Rate:
      Not
      applicable.

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date occurring in February 2047.

     

    LBH:
      Lehman
      Brothers Holdings Inc., or any successor in interest.

     

    LIBOR:
      With
      respect to the first Accrual Period, the Initial LIBOR Rate. With respect to
      each subsequent Accrual Period, a per annum rate determined on the LIBOR
      Determination Date in the following manner by the Trustee on the basis of the
      “Interest Settlement Rate” set by the British Bankers’ Association (the “BBA”)
      for one-month United States dollar deposits, as such rates appear on the
      Telerate Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination
      Date.

     

    If
      on
      such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
      appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
      Telerate Page 3750 is not available on such date, the Trustee will obtain such
      rate from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM.” If such rate is
      not published for such LIBOR Determination Date, LIBOR for such date will be
      the
      most recently published Interest Settlement Rate. In the event that the BBA
      no
      longer sets an Interest Settlement Rate, the Trustee will designate an
      alternative index that has performed, or that the Trustee expects to perform,
      in
      a manner substantially similar to the BBA’s Interest Settlement Rate. The
      Trustee will select a particular index as the alternative index only if it
      receives an Opinion of Counsel (a copy of which shall be furnished to any NIMS
      Insurer), which opinion shall be an expense reimbursed from the Certificate
      Account pursuant to Section 4.04, that the selection of such index will not
      cause any of the REMICs to lose their classification as REMICs for federal
      income tax purposes.

     

    The
      establishment of LIBOR by the Trustee and the Trustee’s subsequent calculation
      of the Certificate Interest Rate applicable to the LIBOR Certificates for the
      relevant Accrual Period, in the absence of manifest error, will be final and
      binding.

     

    
      
        
        

      

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

     

    LIBOR
      Certificate:
      (i) Any
      Offered Certificate (other than the Grantor Trust Certificates and Notional
      Certificates) or Class M11 or Class M12 Certificate and (ii) any Underlying
      Interest.

     

    LIBOR
      Determination Date:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period (other than the first Accrual Period) for any LIBOR Certificates or
      Notional Certificates.

     

    Liquidated
      Mortgage Loan:
      Any
      defaulted Mortgage Loan as to which the Master Servicer or a Servicer has
      determined that all amounts that it expects to recover on behalf of the Trust
      Fund from or on account of such Mortgage Loan have been recovered (exclusive
      of
      any possibility of a deficiency judgment).

     

    Liquidation
      Expenses:
      Expenses that are incurred by the Master Servicer or a Servicer in connection
      with the liquidation of any defaulted Mortgage Loan and that are not recoverable
      under the applicable Primary Mortgage Insurance Policy, if any, including,
      without limitation, foreclosure and rehabilitation expenses, legal expenses
      and
      unreimbursed amounts, if any, expended pursuant to Sections 9.06, 9.16 or
      9.22.

     

    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, payment in full, discounted payoff, condemnation proceeds,
      Insurance Proceeds, or otherwise, or the sale of the related Mortgaged Property
      if the Mortgaged Property is acquired in satisfaction of the Mortgage Loan
      by
      foreclosure or deed in lieu of foreclosure, including any amounts remaining
      in
      the related Escrow Account.

     

    Loan-to-Value
      Ratio:
      With
      respect to any Mortgage Loan, the ratio of the principal balance of such
      Mortgage Loan at origination, or such other date as is specified, to the
      Original Value thereof.

     

    Lower
      Tier Interest:
      Any of
      the REMIC AX Interests and REMIC 1 Interests.

     

    M1
      Margin:
      As
      defined in footnote (15) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M1
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates after giving effect to distributions on such
      Distribution Date and after the allocation of Deferred Interest, if any, for
      each Distribution Date, and (ii) the Class Principal Amount of the Class M1
      Certificates after the allocation of Deferred Interest, if any, for such
      Distribution Date and immediately prior to such Distribution Date exceeds (y)
      the M1 Target Amount.

     

    
      
        
        

      

      
        35

        
          

        

      

       

    

    M1
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      February 2013, 77.75% and (y) thereafter, 82.20% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M2
      Margin:
      As
      defined in footnote (16) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M2
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1 Certificates, in each case after
      giving effect to distributions on such Distribution Date and after the
      allocation of Deferred Interest, if any, for each Distribution Date, and (ii)
      the Class Principal Amount of the Class M2 Certificates after the allocation
      of
      Deferred Interest, if any, for such Distribution Date and immediately prior
      to
      such Distribution Date exceeds (y) the M2 Target Amount.

     

    M2
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      February 2013, 82.75% and (y) thereafter, 86.20% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M3
      Margin:
      As
      defined in footnote (17) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M3
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1 and Class M2 Certificates, in each
      case after giving effect to distributions on such Distribution Date and after
      the allocation of Deferred Interest, if any, for each Distribution Date, and
      (ii) the Class Principal Amount of the Class M3 Certificates after the
      allocation of Deferred Interest, if any, for such Distribution Date and
      immediately prior to such Distribution Date exceeds (y) the M3 Target
      Amount.

     

    M3
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      February 2013, 84.63% and (y) thereafter, 87.70% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    
      
        
        

      

      
        36

        
          

        

      

       

    

     

    M4
      Margin:
      As
      defined in footnote (18) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M4
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates,
      in each case after giving effect to distributions on such Distribution Date
      and
      after the allocation of Deferred Interest, if any, for each Distribution Date,
      and (ii) the Class Principal Amount of the Class M4 Certificates after the
      allocation of Deferred Interest, if any, for such Distribution Date and
      immediately prior to such Distribution Date exceeds (y) the M4 Target
      Amount.

     

    M4
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      February 2013, 87.75% and (y) thereafter, 90.20% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M5
      Margin:
      As
      defined in footnote (19) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M5
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2, Class M3 and Class M4
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Deferred Interest, if any, for
      each Distribution Date, and (ii) the Class Principal Amount of the Class M5
      Certificates after the allocation of Deferred Interest, if any, for such
      Distribution Date and immediately prior to such Distribution Date exceeds (y)
      the M5 Target Amount.

     

    M5
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      February 2013, 89.00% and (y) thereafter, 91.20% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M6
      Margin:
      As
      defined in footnote (20) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M6
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4 and
      Class M5 Certificates, in each case after giving effect to distributions on
      such
      Distribution Date and after the allocation of Deferred Interest, if any, for
      each Distribution Date, and (ii) the Class Principal Amount of the Class M6
      Certificates after the allocation of Deferred Interest, if any, for such
      Distribution Date and immediately prior to such Distribution Date exceeds (y)
      the M6 Target Amount.

     

    
      
        
        

      

      
        37

        
          

        

      

       

    

     

    M6
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      February 2013, 90.38% and (y) thereafter, 92.30% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M7
      Margin:
      As
      defined in footnote (21) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M7
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4,
      Class
      M5 and Class M6 Certificates, in each case after giving effect to distributions
      on such Distribution Date and after the allocation of Deferred Interest, if
      any,
      for each Distribution Date, and (ii) the Class Principal Amount of the Class
      M7
      Certificates after the allocation of Deferred Interest, if any, for such
      Distribution Date and immediately prior to such Distribution Date exceeds (y)
      the M7 Target Amount.

     

    M7
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      February 2013, 91.63% and (y) thereafter, 93.30% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M8
      Margin:
      As
      defined in footnote (22) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M8
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4,
      Class
      M5, Class M6 and Class M7 Certificates, in each case after giving effect to
      distributions on such Distribution Date and after the allocation of Deferred
      Interest, if any, for each Distribution Date, and (ii) the Class Principal
      Amount of the Class M8 Certificates after the allocation of Deferred Interest,
      if any, for such Distribution Date and immediately prior to such Distribution
      Date exceeds (y) the M8 Target Amount.

     

    
      
        
        

      

      
        38

        
          

        

      

       

    

     

    M8
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      February 2013, 92.88% and (y) thereafter, 94.30% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M9
      Margin:
      As
      defined in footnote (23) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M9
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4,
      Class
      M5, Class M6, Class M7 and Class M8 Certificates, in each case after giving
      effect to distributions on such Distribution Date and after the allocation
      of
      Deferred Interest, if any, for each Distribution Date, and (ii) the Class
      Principal Amount of the Class M9 Certificates after the allocation of Deferred
      Interest, if any, for such Distribution Date and immediately prior to such
      Distribution Date exceeds (y) the M9 Target Amount.

     

    M9
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      February 2013, 94.13% and (y) thereafter, 95.30% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M10
      Margin:
      As
      defined in footnote (24) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M10
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4,
      Class
      M5, Class M6, Class M7, Class M8 and Class M9 Certificates, in each case after
      giving effect to distributions on such Distribution Date and after the
      allocation of Deferred Interest, if any, for each Distribution Date, and (ii)
      the Class Principal Amount of the Class M10 Certificates after the allocation
      of
      Deferred Interest, if any, for such Distribution Date and immediately prior
      to
      such Distribution Date exceeds (y) the M10 Target Amount.

     

    M10
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      February 2013, 95.38% and (y) thereafter, 96.30% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    
      
        
        

      

      
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    M11
      Margin:
      As
      defined in footnote (25) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M11
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4,
      Class
      M5, Class M6, Class M7, Class M8, Class M9 and Class M10 Certificates, in each
      case after giving effect to distributions on such Distribution Date and after
      the allocation of Deferred Interest, if any, for each Distribution Date, and
      (ii) the Class Principal Amount of the Class M11 Certificates after the
      allocation of Deferred Interest, if any, for such Distribution Date and
      immediately prior to such Distribution Date exceeds (y) the M11 Target
      Amount.

     

    M11
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      February 2013, 96.75% and (y) thereafter, 97.40% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M12
      Margin:
      As
      defined in footnote (26) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M12
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4,
      Class
      M5, Class M6, Class M7, Class M8, Class M9, Class M10 and Class M11
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Deferred Interest, if any, for
      each Distribution Date, and (ii) the Class Principal Amount of the Class M12
      Certificates after the allocation of Deferred Interest, if any, for such
      Distribution Date and immediately prior to such Distribution Date exceeds (y)
      the M12 Target Amount.

     

    M12
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      February 2013, 98.38% and (y) thereafter, 98.70% and (ii) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    
      
        
        

      

      
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    Master
      Servicer:
      Aurora
      Loan Services LLC, or any successor in interest, or if any successor master
      servicer shall be appointed as herein provided, then such successor master
      servicer.

     

    Master
      Servicing Fee:
      As to
      any Distribution Date, an amount equal to one-twelfth the product of (a) the
      Master Servicing Fee Rate and (b) the outstanding principal balance of each
      Mortgage Loan.

     

    Master
      Servicing Fee Rate:
      0.00%
      per annum.

     

    Material
      Defect:
      As
      defined in Section 2.02(c) hereof.

     

    Maximum
      Interest Rate:
      Any of
      the Pool 1 Maximum Interest Rate, Pool 2 Maximum Interest Rate, Pool 3 Maximum
      Interest Rate or Subordinate Maximum Interest Rate.

     

    Maximum
      Rate:
      For any
      Mortgage Loan, the rate specified in the related Mortgage Note that the related
      mortgage rate will never exceed.

     

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

     

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

     

    Monthly
      Excess Cashflow:
      With
      respect to any Distribution Date, the sum of (x) the Monthly Excess Interest
      for
      such date, (y) Overcollateralization Release Amount for such date and (z) that
      portion, if any, of the Principal Distribution Amount for such date available
      for distribution pursuant to Section 5.02(c)(i)(A)(4), Section 5.02(c)(i)(B)(4),
      Section 5.02(c)(i)(C)(4) or Section 5.02(c)(ii)(N) hereof.

     

    Monthly
      Excess Interest:
      With
      respect to any Distribution Date, that portion, if any, of the Interest
      Remittance Amount available for distribution pursuant to Section 5.02(b)(iv)
      hereof for such date.

     

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

     

    Mortgage:
      A
      mortgage, deed of trust or other instrument encumbering a fee simple interest
      in
      real property securing a Mortgage Note, together with improvements
      thereto.

     

    Mortgage
      File:
      As
      defined in Section 2.01(b). 

     

    Mortgage
      Loan:
      A
      Mortgage and the related notes or other evidences of indebtedness secured by
      each such Mortgage conveyed, transferred, sold, assigned to or deposited with
      the Trustee pursuant to Section 2.01 or Section 2.05, including without
      limitation, each Mortgage Loan listed on the Mortgage Loan Schedule, as amended
      from time to time.

     

    
      
        
        

      

      
        41

        
          

        

      

       

    

     

    Mortgage
      Loan Sale Agreement:
      The
      mortgage loan sale and assignment agreement dated as of January 1, 2007 for
      the
      sale of the Mortgage Loans by the Seller to the Depositor.

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
      Such
      schedule shall set forth, among other things, the following information with
      respect to each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii)
      the Mortgagor’s name; (iii) the street address of the Mortgaged Property
      including the city, state and zip code; (iv) the original principal amount
      of
      the Mortgage Loan; (v) the Mortgage Rate at origination; (vi) the monthly
      payment of principal and interest at origination; (vii) the Seller of such
      Mortgage Loan to the Depositor; (viii) the Servicer servicing such Mortgage
      Loan
      and the applicable Servicing Fee Rate; (ix) the applicable prepayment premium,
      if any, and the method of calculation and (x) the Custodian with respect to
      the
      Mortgage File related to such Mortgage Loan. The Depositor shall be responsible
      for providing the Trustee and the Master Servicer with all amendments to the
      Mortgage Loan Schedule.

     

    Mortgage
      Note:
      The
      note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage
      under a Mortgage Loan.

     

    Mortgage
      Pool:
      Any of
      Pool 1, Pool 2 or Pool 3.

     

    Mortgage
      Rate:
      As to
      any Mortgage Loan, the per annum rate at which interest accrues on such Mortgage
      Loan, determined under in the related Mortgage Note as reduced by any Relief
      Act
      Reductions.

     

    Mortgaged
      Property:
      Either
      of (x) the fee simple interest in real property, together with improvements
      thereto including any exterior improvements to be completed within 120 days
      of
      disbursement of the related Mortgage Loan proceeds, or (y) in the case of a
      Cooperative Loan, the related Cooperative Shares and Proprietary Lease, securing
      the indebtedness of the Mortgagor under the related Mortgage Loan.

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Negative
      Amortization:
      With
      respect to each Distribution Date, the amount of interest on the Mortgage Loans
      that the related Mortgagors are not obligated to pay as interest (and which
      shall be added to the Scheduled Principal Balance of each such Mortgage Loan)
      due to the negative amortization feature of such Mortgage Loans, in each case
      during the related Collection Period.

     

    Negative
      Amortization Certificate:
      Any
      Certificate (other than a Class R Certificate or Notional Certificate and other
      than a Grantor Trust Certificate unless the related Deferred Interest Cap
      Agreement has been terminated or there has been a default in payment under
      the
      related Deferred Interest Cap Agreement).

     

    Net
      Funds Cap:
      Any of
      the Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap, the Pool 3 Net Funds Cap
      or
      the Subordinate Net Funds Cap.

     

    
      
        
        

      

      
        42

        
          

        

      

       

    

     

    Net
      Liquidation Proceeds:
      With
      respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds net
      of
      (i) unreimbursed expenses and (ii) any unreimbursed Advances, if any, received
      and retained in connection with the liquidation of such Mortgage
      Loan.

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the
      applicable Servicing Fee Rate.

     

    Net
      Negative Amortization:
      For any
      Distribution Date and each Mortgage Pool, the excess, if any, of (i) the
      Negative Amortization with respect to all Mortgage Loans in such Mortgage Pool
      for the calendar month prior to that Distribution Date, over (ii) the aggregate
      amount of all scheduled monthly principal payments received with respect to
      all
      Mortgage Loans in such Mortgage Pool during the related Collection Period,
      prepayments in full and partial prepayments received with respect to all
      Mortgage Loans in such Mortgage Pool during the related Prepayment Period
      (including principal received in connection with the repurchase of a Mortgage
      Loan from the Trust Fund and all other principal received other than scheduled
      monthly payments) and recoveries in respect of the Mortgage Loans in such
      Mortgage Pool received during the related Prepayment Period. 

     

    Net
      Prepayment Interest Shortfall:
      With
      respect to any Deposit Date and any Class of Certificates (with respect to
      the
      Grantor Trust Certificates, indirectly through the related Underlying
      Interests), the excess, if any, of any Prepayment Interest Shortfalls with
      respect to the Mortgage Loans in a Mortgage Pool for such date over (i) any
      Prepayment Interest Excess with respect to such Mortgage Loans for such date,
      if
      any, and (ii) any amounts paid with respect to such shortfalls by a Servicer
      pursuant to the applicable Servicing Agreement or by the Master
      Servicer.

     

    Net
      Rate:
      With
      respect to any Distribution Date (and the related Accrual Period), a per annum
      rate equal to (a) a fraction, expressed as a percentage, the numerator of which
      is the product of (i) the aggregate Optimal Interest Remittance Amount for
      each
      Mortgage Pool for such Distribution Date less the amount of the interest due
      on
      the Class 1-AX, Class 2-AX or Class 3-AX Certificates for such Distribution
      Date, and less the Coupon Strip, if any, for such Distribution Date, and (ii)
      12, and the denominator of which is the Aggregate Loan Balance for each Mortgage
      Pool as of the first day of the related Collection Period (not including for
      this purpose Mortgage Loans for which prepayments in full have been received
      and
      distributed in the month prior to that Distribution Date) multiplied by (b)
      a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution
      Date.

     

    Net
      WAC:
      Not
      applicable.

     

    NIM
      Redemption Amount:
      As
      defined in Section 7.01(b).

     

    NIM
      Securities:
      Any net
      interest margin securities issued subsequent to the Closing Date by an owner
      trust or other special purpose entity, the principal assets of such trust or
      other entity including the Class X and Class P Certificates and the payments
      received thereon, which principal assets back such securities.

     

    NIMS
      Agreement:
      Not
      applicable.

     

    
      
        
        

      

      
        43

        
          

        

      

       

    

     

    NIMS
      Insurer:
      One or
      more insurers issuing financial guaranty insurance policies in connection with
      the issuance of NIM Securities.

     

    Non-Book-Entry
      Certificate:
      Not
      applicable.

     

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

     

    Non-permitted
      Foreign Holder:
      As
      defined in Section 3.03(f).

     

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

     

    Nonpayment:
      Not
      applicable.

     

    Notice:
      Not
      applicable.

     

    Notice
      of Nonpayment.
      Not
      applicable.

     

    Notional
      Amount:
      Not
      applicable.

     

    Notional
      Certificate:
      Any
      Class 1-AX, Class 2-AX or Class 3-AX Certificate.

     

    Offered
      Certificates:
      Collectively, the Class 1-A1A, Class 1-A1B, Class 1-AX, Class 2-A, Class 2-AX,
      Class 3-A1, Class 3-A2, Class 3-A3, Class 3-AX, Class M1, Class M2, Class M3,
      Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class M10
      Certificates.

     

    Offered
      Subordinate Certificates:
      Not
      applicable.

     

    Offering
      Document:
      Either
      of the private placement memorandum, dated January 31, 2007, relating to the
      Class M11 and Class M12 Certificates or the Prospectus.

     

    Officer’s
      Certificate:
      A
      certificate signed by the Chairman of the Board, any Vice Chairman, the
      President, any Vice President or any Assistant Vice President of a Person,
      and
      in each case delivered to the Trustee.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, reasonably acceptable in form and substance to
      the
      Trustee, and who may be in house or outside counsel to the Depositor, the Master
      Servicer or the Servicer but which must be Independent outside counsel with
      respect to any such opinion of counsel concerning the transfer of any Residual
      Certificate or concerning certain matters with respect to the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or the taxation,
      or the federal income tax status, of each REMIC.

     

    Optimal
      Interest Remittance Amount:
      With
      respect to each Mortgage Pool for each Distribution Date, the product of (A)
      (x)
      the weighted average of the Net Mortgage Rates for the Mortgage Loans in such
      Mortgage Pool (based on their Scheduled Principal Balances as of the first
      day
      of the related Collection Period) divided by (y) 12 and (B) the Pool Balance
      for
      such Mortgage Pool as of the first day of the related Collection Period (not
      including for this purpose Mortgage Loans for which prepayments in full have
      been received and distributed in the month prior to that Distribution
      Date).

     

    
      
        
        

      

      
        44

        
          

        

      

       

    

     

    Original
      Loan-to-Value Ratio:
      Not
      applicable.

     

    Original
      Value:
      The
      lesser of (a) the Appraised Value of a Mortgaged Property at the time the
      related Mortgage Loan was originated and (b) if the Mortgage Loan was made
      to
      finance the acquisition of the related Mortgaged Property, the purchase price
      paid for the Mortgaged Property by the Mortgagor at the time the related
      Mortgage Loan was originated.

     

    Overcollateralization
      Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period exceeds (y) the aggregate Class Principal Amount
      of
      the LIBOR Certificates, after giving effect to distributions on such
      Distribution Date.

     

    Overcollateralization
      Deficiency:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Targeted
      Overcollateralization Amount for such Distribution Date exceeds (y) the
      Overcollateralization Amount for such Distribution Date, calculated for this
      purpose after giving effect to the reduction on such Distribution Date of the
      aggregate Certificate Principal Amount of the LIBOR Certificates resulting
      from
      the distribution of the Principal Distribution Amount on such Distribution
      Date
      but prior to allocation of any Applied Loss Amount on such Distribution
      Date.

     

    Overcollateralization
      Floor:
      For any
      Distribution Date after the Stepdown Date, $6,712,215 (0.50% of the Cut-off
      Date
      Balance).

     

    Overcollateralization
      Release Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Remittance
      Amount for such Distribution Date and (y) the amount, if any, by which (1)
      the
      Overcollateralization Amount for such Distribution Date (calculated for this
      purpose on the basis of the assumption that 100% of the Principal Remittance
      Amount for such date is applied on such Distribution Date in reduction of the
      aggregate Certificate Principal Amount of the LIBOR Certificates), exceeds
      (2)
      the Targeted Overcollateralization Amount for such Distribution
      Date.

     

    Payahead:
      With
      respect to any Mortgage Loan and any Due Date therefor, any Scheduled Payment
      received by the Servicer during any Collection Period in addition to the
      Scheduled Payment due on such Due Date, intended by the related Mortgagor to
      be
      applied on a subsequent Due Date or Due Dates.

     

    Paying
      Agent:
      Any
      paying agent appointed pursuant to Section 3.08.

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

    Percentage
      Interest:
      With
      respect to any Certificate other than a Grantor Trust Certificate, its
      percentage interest in the undivided beneficial ownership interest in the Trust
      Fund evidenced by all Certificates of the same Class as such Certificate. With
      respect to any Certificate other than the Class X, Class C, Class P and Class
      R
      Certificates, the Percentage Interest evidenced thereby shall equal the initial
      Certificate Principal Amount thereof divided by the initial Class Principal
      Amount of all Certificates of the same Class. With respect to the Class X,
      Class
      C, Class P and Class R Certificates, the Percentage Interest evidenced thereby
      shall be as specified on the face thereof, or otherwise be equal to
      100%.

     

    
      
        
        

      

      
        45

        
          

        

      

       

    

     

    Permitted
      Servicing Amendment:
      Any
      amendment to a Servicing Agreement pursuant to Section 11.03(a)(iii) hereunder
      in connection with any servicing transfer or transfer of any servicing
      rights.

     

    Permitted
      Transferee:
      As
      defined in Section 3.03(f).

     

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

     

    Placement
      Agent:
      Lehman
      Brothers Inc.

     

    Plan:
      As
      defined in Section 3.03(d).

     

    Plan
      Asset Regulations:
      Not
      applicable.

     

    Policy
      Payments Account:
      Not
      applicable.

     

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

     

    Pool
      1
      Maximum Interest Rate:
      For any
      Distribution Date, an annual rate equal to the Pool 1 Net Funds Cap for such
      Distribution Date if the Optimal Interest Remittance Amount was computed by
      reference to the weighted average of the excess of the Maximum Rates for the
      Pool 1 Mortgage Loans over the related Servicing Fee Rate and any mortgage
      insurance premium rate, as applicable.

     

    Pool
      1
      Mortgage Loan:
      A
      Mortgage in Pool 1 and the related notes or other evidences of indebtedness
      secured by each such Mortgage conveyed, transferred, sold, assigned to or
      deposited with the Trustee pursuant to Section 2.01 or Section 2.05, including
      without limitation, each Pool 1 Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    Pool
      1
      Net Funds Cap:
      For any
      Distribution Date, an annual rate equal to (a) a fraction, expressed as a
      percentage, the numerator of which is the product of (x) the Optimal Interest
      Remittance Amount for Pool 1 for such Distribution Date less the amount of
      the
      interest due on the Class 1-AX Certificates for such Distribution Date and
      less
      the portion of the Coupon Strip related to Pool 1, if any, for such Distribution
      Date and (y) 12, and the denominator of which is the Pool Balance for Pool
      1 as
      of the first day of the related Collection Period (not including for this
      purpose Mortgage Loans for which prepayments in full have been received and
      distributed in the month prior to that Distribution Date), multiplied by (b)
      a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution
      Date,
      less
      (x) 0.021% on or prior to the Distribution Date in January 2009 or (y) 0.00%
      thereafter.

     

    
      
        
          
          

        

        
          46

          
            

          

        

         

      

    

     

    Pool
      1
      Senior Certificates:
      The
      Class 1-A1A Underlying Interest, Class 1-A1B Underlying Interest and Class
      1-AX
      Certificates.

     

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

     

    Pool
      2
      Maximum Interest Rate:
      For any
      Distribution Date, an annual rate equal to the Pool 2 Net Funds Cap for such
      Distribution Date if the Optimal Interest Remittance Amount was computed by
      reference to the weighted average of the excess of the Maximum Rates for the
      Pool 2 Mortgage Loans over the related Servicing Fee Rate and any mortgage
      insurance premium rate, as applicable.

     

    Pool
      2
      Mortgage Loan:
      A
      Mortgage in Pool 2 and the related notes or other evidences of indebtedness
      secured by each such Mortgage conveyed, transferred, sold, assigned to or
      deposited with the Trustee pursuant to Section 2.01 or Section 2.05, including
      without limitation, each Pool 2 Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    Pool
      2
      Net Funds Cap:
      For any
      Distribution Date, an annual rate equal to (a) a fraction, expressed as a
      percentage, the numerator of which is the product of (x) the Optimal Interest
      Remittance Amount for Pool 2 for such Distribution Date less the amount of
      the
      interest due on the Class 2-AX Certificates for such Distribution Date and
      less
      the portion of the Coupon Strip related to Pool 2, if any, for such Distribution
      Date and (y) 12, and the denominator of which is the Pool Balance for Pool
      2 as
      of the first day of the related Collection Period (not including for this
      purpose Mortgage Loans for which prepayments in full have been received and
      distributed in the month prior to that Distribution Date), multiplied by (b)
      a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution Date,
      less (x) 0.021% on or prior to the Distribution Date in January 2009 or (y)
      0.00% thereafter.

     

    Pool
      2
      Senior Certificates:
      The
      Class 2-A and Class 2-AX Certificates.

     

    Pool
      3:
      The
      aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule as
      being included in Pool 3.

     

    Pool
      3
      Maximum Interest Rate:
      For any
      Distribution Date, an annual rate equal to the Pool 3 Net Funds Cap for such
      Distribution Date if the Optimal Interest Remittance Amount was computed by
      reference to the weighted average of the excess of the Maximum Rates for the
      Pool 3 Mortgage Loans over the related Servicing Fee Rate and any mortgage
      insurance premium rate, as applicable.

     

    Pool
      3
      Mortgage Loan:
      A
      Mortgage in Pool 3 and the related notes or other evidences of indebtedness
      secured by each such Mortgage conveyed, transferred, sold, assigned to or
      deposited with the Trustee pursuant to Section 2.01 or Section 2.05, including
      without limitation, each Pool 3 Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    
      
        
        

      

      
        47

        
          

        

      

       

    

    Pool
      3
      Net Funds Cap:
      For any
      Distribution Date, an annual rate equal to (a) a fraction, expressed as a
      percentage, the numerator of which is the product of (x) the Optimal Interest
      Remittance Amount for Pool 3 for such Distribution Date less the amount of
      the
      interest due on the Class 3-AX Certificates for such Distribution Date and
      less
      the portion of the Coupon Strip related to Pool 3, if any, for such Distribution
      Date and (y) 12, and the denominator of which is the Pool Balance for Pool
      3 as
      of the first day of the related Collection Period (not including for this
      purpose Mortgage Loans for which prepayments in full have been received and
      distributed in the month prior to that Distribution Date), multiplied by (b)
      a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution Date,
      less (x) 0.021% on or prior to the Distribution Date in January 2009 or (y)
      0.00% thereafter.

     

    Pool
      3
      Senior Certificates:
      The
      Class 3-A1 Underlying Interest, Class 3-A2 Underlying Interest, Class 3-A3
      Underlying Interest and Class 3-AX Certificates.

     

    Pool
      Assets:
      As
      defined in Section 7.01(b).

     

    Pool
      Balance:
      For any
      Mortgage Pool, the aggregate of the Scheduled Principal Balances of all Mortgage
      Loans in such Mortgage Pool as of the date of determination.

     

    Pool
      Percentage:
      For any
      Mortgage Pool and any Distribution Date, a fraction, the numerator of which
      is
      the Pool Balance for such Mortgage Pool for such Distribution Date and the
      denominator of which is the Aggregate Loan Balance for such Distribution
      Date.

     

    Pool
      Subordinate Amount:
      With
      respect to any Mortgage Pool and any Distribution Date, the excess of the Pool
      Balance for such Mortgage Pool for the immediately preceding Distribution Date
      (or on the Cut-off Date in the case of the first Distribution Date) over the
      aggregate Class Principal Amount of the related Senior Certificates (other
      than
      any Notional Certificates) immediately prior to the related Distribution
      Date.

     

    Preference
      Amount:
      Not
      applicable.

     

    Prepayment
      Interest Excess:
      Not
      applicable.

     

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

     

    Prepayment
      Period:
      With
      respect to any Distribution Date and any Principal Prepayment, (a) for Mortgage
      Loans serviced by Residential Funding Company, LLC and IndyMac Bank, F.S.B.,
      the
      calendar month immediately preceding the month in which such Distribution Date
      occurs and (b) for Mortgage Loans serviced by Countrywide Home Loans Servicing
      LP, the second day of the calendar month immediately preceding the month in
      which such Distribution Date occurs through the first day of the calendar month
      in which such Distribution Date occurs.

     

    
      
        
        

      

      
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    Prepayment
      Premiums:
      With
      respect to any Distribution Date, all premiums or charges paid by the obligors
      under the related Mortgage Notes due to Principal Prepayments and required
      to be
      remitted to the Custodial Accounts pursuant to the Servicing Agreements and
      are
      remitted to the Collection Account during the immediately preceding Prepayment
      Period, if any.

     

    Primary
      Mortgage Insurance Policy:
      Any
      mortgage guaranty insurance, if any, on an individual Mortgage Loan as evidenced
      by a policy or certificate, whether such policy is obtained by the originator,
      the lender or the borrower.

     

    Principal
      Allocation Percentage:
      For
      Pool 1 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the Principal Remittance Amount for Pool
      1
      for such Distribution Date and the denominator of which is the aggregate of
      the
      Principal Remittance Amounts for such date. For Pool 2 with respect to any
      Distribution Date, a fraction, expressed as a percentage, the numerator of
      which
      is the Principal Remittance Amount for Pool 2 for such Distribution Date, and
      the denominator of which is the aggregate of the Principal Remittance Amounts
      for such date. For Pool 3 with respect to any Distribution Date, a fraction,
      expressed as a percentage, the numerator of which is the Principal Remittance
      Amount for Pool 3 for such Distribution Date and the denominator of which is
      the
      aggregate of the Principal Remittance Amounts for such date.

     

    Principal
      Distribution Amount:
      With
      respect to any Distribution Date and for Pool 1, Pool 2 and Pool 3, an amount
      equal to the Principal Remittance Amount for such date for such Mortgage Pool
      minus the Overcollateralization Release Amount attributable to such Mortgage
      Pool, based on the Principal Allocation Percentage for such Pool, if any, for
      such Distribution Date.

     

    Principal
      Prepayment:
      Any
      Mortgagor payment of principal (other than a Balloon Payment) or other recovery
      of principal on a Mortgage Loan that is recognized as having been received
      or
      recovered in advance of its scheduled Due Date and applied to reduce the
      principal balance of the Mortgage Loan in accordance with the terms of the
      Mortgage Note or the applicable Servicing Agreement.

     

    Principal
      Remittance Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, an amount equal to
      (a)
      the sum of (1) all principal collected (other than in connection with Payaheads)
      or advanced in respect of Scheduled Payments on the Mortgage Loans in such
      Mortgage Pool during the related Collection Period whether by a Servicer, the
      Master Servicer or the Trustee in its capacity as successor master servicer
      (less unreimbursed Advances due to the Master Servicer, the applicable Servicer
      or the Trustee, in its capacity as successor master servicer, with respect
      to
      the related Mortgage Loans, to the extent allocable to principal, and any
      unreimbursed Servicing Advances), (2) all Principal Prepayments in full or
      in
      part received during the related Prepayment Period with respect to the Mortgage
      Loans in such Mortgage Pool, (3) the outstanding principal balance of each
      Mortgage Loan in such Mortgage Pool that was repurchased by the Seller or the
      related Transferor during the related Prepayment Period or any NIMS Insurer
      (in
      the case of certain Mortgage Loans 90 days or more delinquent), (4) the
      principal portion of any Substitution Amount paid with respect to any Deleted
      Mortgage Loan in such Mortgage Pool during the related Prepayment Period
      allocable to principal and (5) all Net Liquidation Proceeds, Insurance Proceeds,
      any Subsequent Recovery and other recoveries collected with respect to the
      Mortgage Loans in such Mortgage Pool during the related Prepayment Period,
      to
      the extent allocable to principal, as reduced (but not by more than the sum
      of
      items (1) through (5) above) by the aggregate amount of Negative Amortization
      with respect to the Mortgage Loans in such Mortgage Pool during the related
      Collection Period, reduced by (b) other costs, expenses or liabilities
      reimbursable to the Trustee, the Master Servicer and any Servicer to the extent
      provided in this Agreement and the applicable Servicing Agreement or to a
      Custodian pursuant to the applicable Custodial Agreement, as applicable to
      each
      Mortgage Pool.

     

    
      
        
        

      

      
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    Proceeding:
      Not
      applicable.

     

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

     

    Prospectus:
      The
      prospectus supplement dated January 30, 2007 together with the accompanying
      prospectus dated November 13, 2006, relating to the Offered
      Certificates.

     

    PTCE:
      As
      defined in Section 3.03(d).

     

    Purchase
      Price:
      With
      respect to the purchase of a Mortgage Loan or related REO Property pursuant
      to
      this Agreement, an amount equal to the sum of (a) 100% of the unpaid principal
      balance of such Mortgage Loan, (b) accrued interest thereon at the applicable
      Mortgage Rate, from the date as to which interest was last paid to (but not
      including) the Due Date in the Collection Period immediately preceding the
      related Distribution Date; (c) any unreimbursed Servicing Advances with respect
      to such Mortgage Loan; (d) any costs and damages incurred by the Trust Fund
      with
      respect to such Mortgage Loan in connection with any violation of any federal,
      state or local predatory or abusive lending laws or other similar laws; and
      (e)
      the fair market value of all other property being purchased (reduced, in the
      case of REO Property relating to the Mortgage Loans, by (1) reasonably
      anticipated disposition costs and (2) any amount by which the fair market value
      as so reduced exceeds the outstanding principal balance of the related Mortgage
      Loan). The Master Servicer and the Servicer (or the Trustee, in its capacity
      as
      successor master servicer, if applicable) shall be reimbursed from the Purchase
      Price for any Mortgage Loan or related REO Property for any Advances made or
      other amounts advanced with respect to such Mortgage Loan that are reimbursable
      to the Master Servicer or the Servicer under this Agreement or the Servicing
      Agreement (or to the Trustee hereunder in its capacity as successor master
      servicer), together with any accrued and unpaid compensation due to the Master
      Servicer, the Servicer or the Trustee hereunder or thereunder.

     

    QIB:
      As
      defined in Section 3.03(c)(i).

     

    QIB-Restricted
      Certificate:
      Any
      Class C Certificate.

     

    Qualified
      GIC:
      A
      guaranteed investment contract or surety bond providing for the investment
      of
      funds in the Collection Account or the Certificate Account and insuring a
      minimum, fixed or floating rate of return on investments of such funds, which
      contract or surety bond shall:

     

    (i) be
      an
      obligation of an insurance company or other corporation whose long term debt
      is
      rated by each Rating Agency in one of its two highest rating categories or,
      if
      such insurance company has no long term debt, whose claims paying ability is
      rated by each Rating Agency in one of its two highest rating categories, and
      whose short-term debt is rated by each Rating Agency in its highest rating
      category;

     

    
      
        
        

      

      
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    (ii) provide
      that the Trustee may exercise all of the rights under such contract or surety
      bond without the necessity of taking any action by any other
      Person;

     

    (iii) provide
      that if at any time the then current credit standing of the obligor under such
      guaranteed investment contract is such that continued investment pursuant to
      such contract of funds would result in a downgrading of any rating of the
      Certificates or the NIM Securities, the Trustee shall terminate such contract
      without penalty and be entitled to the return of all funds previously invested
      thereunder, together with accrued interest thereon at the interest rate provided
      under such contract to the date of delivery of such funds to the
      Trustee;

     

    (iv) provide
      that the Trustee’s interest therein shall be transferable to any successor
      trustee hereunder; and

     

    (v) provide
      that the funds reinvested thereunder and accrued interest thereon be returnable
      to the Collection Account or the Certificate Account, as the case may be, not
      later than the Business Day prior to any Distribution Date.

     

    Qualified
      Insurer:
      Not
      applicable.

     

    Qualifying
      Substitute Mortgage Loan:
      In the
      case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to
      the
      terms of this Agreement, a Mortgage Loan that, on the date of such substitution,
      (i) has an outstanding Scheduled Principal Balance (or in the case of a
      substitution of more than one mortgage loan for a Deleted Mortgage Loan, an
      aggregate Scheduled Principal Balance), after application of all Scheduled
      Payments due during or prior to the month of substitution, not in excess of,
      and
      not more than 5% less than, the outstanding Scheduled Principal Balance of
      the
      Deleted Mortgage Loan as of the Due Date in the calendar month during which
      the
      substitution occurs, (ii) has a Mortgage Rate not less than the Mortgage Rate
      on
      the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate
      not
      less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if
      applicable, has a minimum Mortgage Rate not less than the minimum Mortgage
      Rate
      of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to
      or
      greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a
      Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative
      Loan, (vii) if applicable, has a next adjustment date not later than the next
      adjustment date on the Deleted Mortgage Loan, (viii) has the same Due Date
      as
      the Deleted Mortgage Loan, (ix) has a remaining stated term to maturity not
      longer than 18 months and not more than 18 months shorter than the remaining
      stated term to maturity of the related Deleted Mortgage Loan, (x) is current
      as
      of the date of substitution, (xi) has a Loan-to-Value Ratio as of the date
      of
      substitution equal to or lower than the Loan-to-Value Ratio of the Deleted
      Mortgage Loan as of such date, (xii) has been underwritten by a Transferor
      in
      accordance with the same underwriting criteria and guidelines as the Deleted
      Mortgage Loan, (xiii) has a risk grading determined by the Seller at least
      equal
      to the risk grading assigned on the Deleted Mortgage Loan, (xiv) is secured
      by
      the same property type as the Deleted Mortgage Loan, (xv) conforms to each
      representation and warranty applicable to the Deleted Mortgage Loan made in
      the
      Mortgage Loan Sale and Assignment Agreement, (xvi) has the same or higher lien
      position as the Deleted Mortgage Loan, (xvii) is covered by a Primary Mortgage
      Insurance Policy if the Deleted Mortgage Loan was so covered and (xviii)
      contains provisions covering the payment of Prepayment Premium by the Mortgagor
      for early prepayment of the Mortgage Loan at least as favorable as 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 Scheduled Principal Balances,
      the
      Mortgage Rates described in clause (ii) hereof shall be determined on the basis
      of weighted average Mortgage Rates, the risk gradings described in clause (xiii)
      hereof shall be satisfied as to each such mortgage loan, the terms described
      in
      clause (ix) hereof shall be determined on the basis of weighted average
      remaining term to maturity, the Loan-to-Value Ratios described in clause (xi)
      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 (xv) hereof must be satisfied as to each Qualified
      Substitute Mortgage Loan or in the aggregate, as the case may be.

     

    
      
        
        

      

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

     

    Realized
      Loss:
      With
      respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid
      principal balance of such Mortgage Loan as of the date of liquidation, minus
      (ii) Liquidation Proceeds received, to the extent allocable to principal, net
      of
      amounts that are reimbursable therefrom to the Master Servicer or the Servicer
      with respect to such Mortgage Loan (other than Advances of principal) including
      expenses of liquidation. In determining whether a Realized Loss is a Realized
      Loss of principal, Liquidation Proceeds shall be allocated, first, to payment
      of
      expenses related to such Liquidated Mortgage Loan, then to accrued unpaid
      interest and finally to reduce the principal balance of the Mortgage
      Loan.

     

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

     

    Record
      Date:
      With
      respect to the Book-Entry Certificates and any Distribution Date, the close
      of
      business on the Business Day immediately preceding such Distribution Date.
      With
      respect to the Class C, Class X, Class P and Class R Certificates and any Class
      of Definitive Certificates and any Distribution Date, the last Business Day
      of
      the month immediately preceding the month in which the Distribution Date occurs
      (or, in the case of the first Distribution Date, the Closing Date).

     

    Regulation
      AB:
      Subpart
      229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the Commission
      in
      the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may otherwise be provided by the Commission or its staff
      from
      time to time; and all references to any rule, item, section or subsection of,
      or
      definition or term contained in, Regulation AB mean such rule, item, section,
      subsection, definition or term, as the case may be, or any successor thereto,
      in
      each case as the same may be amended from time to time.

     

    
      
        
        

      

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

     

    Regulation
      S Global Security:
      As
      defined in Section 3.01(d).

     

    Reimbursement
      Amounts:
      Not
      applicable.

     

    Related
      Certificates:
      For any
      REMIC 2 Interest, the Class of Certificates set forth on the same row in the
      table under “REMIC 2” in the Preliminary Statement hereto.

     

    Related
      REMIC 2 Interest:
      For any
      Related Certificates, the REMIC 2 Interest set forth on the same row in the
      table under “REMIC 2” in the Preliminary Statement hereto.

     

    Relevant
      Servicing Criteria:
      The
      Servicing Criteria applicable to each party, as set forth on Exhibit R attached
      hereto. Multiple parties can have responsibility for the same Relevant Servicing
      Criteria. With respect to a Servicing Function Participant engaged by the Master
      Servicer, the Trustee, each Custodian, the Paying Agent or each 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 and any similar state or local law or
      regulation.

     

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

     

    REMIC:
      Each of
      REMIC AX, REMIC 1 and REMIC 2, as described in the Preliminary Statement
      hereto.

     

    REMIC
      1:
      As
      described in the Preliminary Statement.

     

    REMIC
      1 Interest:
      Any one
      of the Classes of REMIC 1 Interests described in the Preliminary Statement
      hereto.

     

    REMIC
      1 Regular Interest:
      Any of
      the REMIC 1 Interests other than the Class LT1-R Interest.

     

    REMIC
      1 Subordinated Balance Ratio:
      As
      of any
      Distribution Date, the ratio among the uncertificated principal balances of
      each
      of the REMIC 1-II Marker Classes ending with the designation “A” that is equal
      to the ratio among, with respect to each such REMIC 1-II Marker Class, the
      excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans
      in
      the related Mortgage Pool over (y) the aggregate Class Principal Amounts of
      the
      Classes of Related Senior Certificates as set forth in the Preliminary Statement
      under the table entitled “REMIC 1” (after giving effect to distributions on such
      Distribution Date).

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

     

    REMIC
      1-I Marker Classes:
      Any of
      the REMIC 1 Regular Interests other than (i) the REMIC 1-II Marker Classes,
      (ii)
      the Class LT1-XI Interest, (iii) the Class LT1-XII Interest, (iv) the Class
      LT1-1AX Interest, (v) the Class LT1-2AX Interest, (vi) the Class LT1-3AX
      Interest and (vii) the Class LT1-Coupon Strip Interest.

     

    REMIC
      1-II Marker Classes:
      Any of
      the Class LT1-IA, Class LT1-IB, Class LT1-IIA, Class LT1-IIB, Class LT1-IIIA
      and
      Class LT1-IIIB Interests.

     

    REMIC
      2:
      As
      described in the Preliminary Statement.

     

    REMIC
      2 Interest:
      Any one
      of the Classes of REMIC 2 Interests described in the Preliminary Statement
      hereto.

     

    REMIC
      2 Regular Interest:
      Any of
      the REMIC 2 Interests other than the Residual Interest. 

     

    REMIC
      AX:
      As
      described in the Preliminary Statement.

     

    REMIC
      AX Interest:
      Any one
      of the Classes of REMIC AX Interests described in the Preliminary Statement
      hereto.

     

    REMIC
      AX Regular Interest:
      Any of
      the REMIC AX Interests other than the Class LTAX-R Interest. 

     

    REMIC
      Pass Through Rate:
      For any
      Distribution Date, the applicable Net Funds Cap for such Distribution Date
      (as
      adjusted, in the case of any Class of Certificates or REMIC 2 Interest that
      accrues interest on the basis of a 360 day year consisting of twelve 30 day
      months, to reflect accruals on such basis), provided, however, that for purposes
      of this definition, the Subordinate Net Funds Cap for the Class M9, Class M10,
      Class M11 and Class M12 Certificates shall be deemed to be the same as the
      Subordinate Net Funds Cap for the Class M1, Class M2, Class M3, Class M4, Class
      M5, Class M6, Class M7 and Class M8 Certificates.

     

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

     

    REO
      Property:
      A
      Mortgaged Property acquired by the Trust Fund through foreclosure or deed in
      lieu of foreclosure in connection with a defaulted Mortgage Loan or otherwise
      treated as having been acquired pursuant to the REMIC Provisions.

     

    Replacement
      Receipts:
      Not
      applicable.

     

    Replacement
      Receipts Account:
      Not
      applicable.

     

    
      
        
        

      

      
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    Reportable
      Event:
      As
      defined in Section 6.20(e)(i).

     

    Reporting
      Servicer:
      As
      defined in Section 6.20(d)(i).

     

    Repurchase
      Price:
      As
      defined in Section 7.01(b).

     

    Required
      Reserve Fund Amount:
      Not
      applicable.

     

    Residual
      Certificates:
      The
      Class R Certificates.

     

    Residual
      Interest:
      An
      interest in REMIC 2 that is entitled to all distributions on the Class R
      Certificate other than distributions in respect of the Class LT1-R Interest
      and
      Class LTAX-R Interest.

     

    Responsible
      Officer:
      When
      used with respect to the Trustee, any Vice President, Assistant Vice President,
      the Secretary, any assistant secretary, or any officer, working in its Corporate
      Trust Office and having direct responsibility for the administration of this
      Agreement, and any other officer to whom a matter arising under this Agreement
      may be referred.

     

    Restricted
      Certificate:
      Any
      Class X, Class C, Class P or Class R Certificate.

     

    Restricted
      Global Security:
      As
      defined in Section 3.01(c).

     

    Rolling
      Three Month Delinquency Rate:
      With
      respect to any Distribution Date, the average of the Delinquency Rates for
      each
      of the three (or one and two, in the case of the first and second Distribution
      Dates, respectively) immediately preceding calendar months.

     

    Rules:
      As
      defined in Section 6.20(c).

     

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

     

    Scheduled
      Payment:
      Each
      scheduled payment of principal and interest (or of interest only, if applicable)
      to be paid by the Mortgagor on a Mortgage Loan, as reduced (except where
      otherwise specified herein) by the amount of any related Debt Service Reduction
      or as a result of any related Deficient Valuation (in each case, excluding
      all
      amounts of principal and interest that were due on or before the Cut-off Date
      whenever received) and, in the case of an REO Property, an amount equivalent
      to
      the Scheduled Payment that would have been due on the related Mortgage Loan
      if
      such Mortgage Loan had remained in existence.

     

    Scheduled
      Principal Balance:
      With
      respect to (i) any Mortgage Loan as of any Distribution Date, the principal
      balance of such Mortgage Loan at the close of business on the Cut-off Date
      after
      giving effect to principal payments due on or before the Cut-off Date, whether
      or not received, less an amount equal to principal payments due after the
      Cut-off Date, and on or before the Due Date in the related Collection Period,
      whether or not received from the Mortgagor or advanced by the applicable
      Servicer or the Master Servicer, and all amounts received thereon which are
      allocable to unscheduled principal payments (including Principal Prepayments,
      Liquidation Proceeds, Insurance Proceeds and condemnation proceeds, in each
      case
      to the extent identified and applied prior to or during the related Prepayment
      Period) and as increased by the amounts of any Negative Amortization with
      respect to such Mortgage Loan after the Cut-off Date through the Due Date in
      the
      related Collection Period and (ii) any REO Property as of any Distribution
      Date,
      the Scheduled Principal Balance of the related Mortgage Loan on the Due Date
      immediately preceding the date of acquisition of such REO Property by or on
      behalf of the Trustee (reduced by any amount applied as a reduction of principal
      on the Mortgage Loan). With respect to any Mortgage Loan and the Cut-off Date,
      as specified in the Mortgage Loan Schedule. The Scheduled Principal Balance
      of a
      Liquidated Mortgage Loan shall be zero.

     

    
      
        
        

      

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

     

    Seller:
      Lehman
      Brothers Holdings Inc. or any successor in interest thereto.

     

    Senior
      Certificates:
      The
      Pool 1 Senior Certificates, Pool 2 Senior Certificates and Pool 3 Senior
      Certificates. 

     

    Senior
      Enhancement Percentage:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is the sum of the aggregate Class Principal Amount of the
      Subordinate Certificates and the Overcollateralization Amount (which amount,
      for
      purposes of this definition only, shall not be less than zero and assuming
      for
      purposes of this definition that the Principal Distribution Amount has been
      distributed on such Distribution Date and no Trigger Event has occurred) and
      the
      denominator of which is the Aggregate Loan Balance for such Distribution Date,
      in each case after giving effect to distributions on such Distribution
      Date.

     

    Senior
      Principal Distribution Amount:
      For any
      Distribution Date (a) prior to the Stepdown Date or if a Trigger Event is in
      effect with respect to such Distribution Date, 100% of the Principal
      Distribution Amounts for Pool 1, Pool 2 and Pool 3 for such Distribution Date
      and (b) on or after the Stepdown Date and as long as a Trigger Event is not
      in
      effect with respect to such Distribution Date, the amount, if any, by which
      (x)
      the aggregate Class Principal Amount of each Class of Senior Certificates after
      the allocation of Deferred Interest, if any, for each Distribution Date and
      immediately prior to distributions on such Distribution Date exceeds (y) the
      Senior Target Amount.

     

    Senior
      Proportionate Percentage:
      For
      Pool 1 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the aggregate of the current Class
      Principal Amounts of each Class of the Pool 1 Senior Certificates (other than
      any Notional Certificates) for such Distribution Date and the denominator of
      which is the aggregate of the current Class Principal Amounts for each Class
      of
      Senior Certificates (other than any Notional Certificates) for such date. For
      Pool 2 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the aggregate of the current Class
      Principal Amounts of each Class of the Pool 2 Senior Certificates (other than
      any Notional Certificates) for such Distribution Date and the denominator of
      which is the aggregate of the current Class Principal Amounts for each Class
      of
      Senior Certificates (other than any Notional Certificates) for such date. For
      Pool 3 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the aggregate of the current Class
      Principal Amounts of each Class of the Pool 3 Senior Certificates (other than
      any Notional Certificates) for such Distribution Date and the denominator of
      which is the aggregate of the current Class Principal Amounts for each Class
      of
      Senior Certificates (other than any Notional Certificates) for such date.

     

    
      
        
        

      

      
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    Senior
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (1) (i) for each distribution prior to the Distribution Date in
      February 2013, 72.13%; and (ii) thereafter, 77.70% and (2) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period and (b) the amount, if any, by which (1) the Aggregate Loan
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period exceeds (2) the Overcollateralization Floor.

     

    Servicer:
      Each
      Servicer that has entered into one of the Servicing Agreements attached as
      Exhibit E hereto, or any successor in interest. Initially, the Servicers are
      Countrywide Home Loans Servicing LP, IndyMac Bank, F.S.B. and Residential
      Funding Company, LLC.

     

    Service(s)(ing):
      In
      accordance with Regulation AB, the act of managing or collecting payments on
      the
      Mortgage Loans or any other assets of the Trust Fund by an entity that meets
      the
      definition of “servicer” set forth in Item 1101 of Regulation AB. For
      clarification purposes, any uncapitalized occurrence of this term shall have
      the
      meaning commonly understood by participants in the residential mortgage-backed
      securitization market.

     

    Servicer
      Remittance Date:
      For
      each Servicer, the 18th day of each month (or if such 18th day is not a Business
      Day, the next succeeding Business Day). 

     

    Servicing
      Advances:
      Expenditures incurred by a Servicer in connection with the liquidation or
      foreclosure of a Mortgage Loan which are eligible for reimbursement under the
      applicable Servicing Agreement.

     

    Servicing
      Agreement:
      Any of
      the servicing agreements between a Servicer and the Seller, dated as of January
      1, 2007, and attached hereto in Exhibit E, and any other servicing agreement
      entered into between a successor servicer and the Seller or the Trustee pursuant
      to the terms hereof.

     

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

     

    Servicing
      Fee:
      With
      respect to any Servicer, and as to any Distribution Date and each Mortgage
      Loan,
      an amount equal to the product of (a) one-twelfth of the applicable Servicing
      Fee Rate and (b) the outstanding principal balance of such Mortgage Loan as
      of
      the first day of the related Collection Period. 

     

    Servicing
      Fee Rate:
      0.375%
      per annum for Countrywide Home Loans Servicing LP and IndyMac Bank, F.S.B.
      and
      0.425% for Residential Funding Company, LLC.

     

    
      
        
        

      

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

     

    Similar
      Law:
      As
      defined in Section 3.03(d).

     

    Sponsor:
      Lehman
      Brothers Holdings Inc. and any successor in interest thereto.

     

    Startup
      Day:
      The day
      designated as such pursuant to Section 10.01(b) hereof.

     

    Stepdown
      Date:
      The
      later to occur of (x) the Distribution Date in February 2010 and (y) the first
      Distribution Date on which the Senior Enhancement Percentage (calculated for
      this purpose after giving effect to payments or other recoveries in respect
      of
      the Mortgage Loans during the related Collection Period but before giving effect
      to distributions on any Certificates on such Distribution Date) is greater
      than
      or equal to (i) prior to the Distribution Date in February 2013, 27.87% and
      (ii)
      on or after the Distribution Date in February 2013, 22.30%.

     

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

     

    Subordinate
      Certificates:
      Collectively, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6,
      Class M7, Class M8, Class M9, Class M10, Class M11 and Class M12
      Certificates.

     

    Subordinate
      Maximum Interest Rate:
      For
      each Distribution Date and the Class M1, Class M2, Class M3, Class M4, Class
      M5,
      Class M6, Class M7 and Class M8 Certificates, the weighted average of the Pool
      1
      Maximum Interest Rate, the Pool 2 Maximum Interest Rate and the Pool 3 Maximum
      Interest Rate (calculated without regard to the 0.021% reduction in the
      applicable Net Funds Cap on or prior to the Distribution Date in January 2009
      related to each Mortgage Pool), weighted on the basis of the Pool Subordinate
      Amount for each such Mortgage Pool. For each Distribution Date and the Class
      M9,
      Class M10, Class M11 and Class M12 Certificates, the weighted average of the
      Pool 1 Maximum Interest Rate, the Pool 2 Maximum Interest Rate and the Pool
      3
      Maximum Interest Rate (calculated without regard to the 0.021% reduction in
      the
      applicable Net Funds Cap on or prior to the Distribution Date in January 2009
      related to each Mortgage Pool), weighted on the basis of the Pool Subordinate
      Amount for each such Mortgage Pool, plus, on or prior to the Distribution Date
      in January 2009, the product of (a) 0.021% and (b) the aggregate Class Principal
      Amount of the Senior Certificates (other than any Notional Certificates) divided
      by the aggregate Class Principal Amount of the Class M9, Class M10, Class M11
      and Class M12 Certificates.

     

    Subordinate
      Net Funds Cap:
      For
      each Distribution Date and the Class M1, Class M2, Class M3, Class M4, Class
      M5,
      Class M6, Class M7 and Class M8 Certificates, the weighted average of the Pool
      1
      Net Funds Cap, the
      Pool
      2 Net Funds Cap and
      the
      Pool 3 Net Funds Cap (calculated without regard to the 0.021% reduction on
      or
      prior to the Distribution Date in January 2009 related to each Mortgage Pool)
      weighted on the basis of the Pool Subordinate Amount for each such Mortgage
      Pool. For each Distribution Date and the Class M9, Class M10, Class M11 and
      Class M12 Certificates, the weighted average of the Pool 1 Net Funds Cap, the
      Pool 2 Net Funds Cap and the Pool 3 Net Funds Cap (calculated without regard
      to
      the 0.021% reduction on or prior to the Distribution Date in January 2009
      related to each Mortgage Pool), weighted on the basis of the Pool Subordinate
      Amount for each such Mortgage Pool, plus, on or prior to the Distribution Date
      in January 2009, the product of (a) 0.021% and (b) the aggregate Class Principal
      Amount of the Senior Certificates (other than any Notional Certificates) divided
      by the aggregate Class Principal Amount of the Class M9, Class M10, Class M11
      and Class M12 Certificates.

     

    
      
        
        

      

      
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    Subordinate
      Priority:
      Distributions to the Class M1, Class M2, Class M3, Class M4, Class M5, Class
      M6,
      Class M7, Class M8, Class M9, Class M10, Class M11 and Class M12 Certificates,
      sequentially, in that order.

     

    Subsequent
      Recovery:
      Any
      amount recovered by any Servicer or the Master Servicer with respect to a
      Liquidated Mortgage Loan with respect to which a Realized Loss was incurred
      after the liquidation or disposition of such Mortgage Loan.

     

    Subservicer:
      Any
      Person that (i) is considered to be a Servicing Function Participant, (ii)
      services Mortgage Loans on behalf of any Servicer or an Additional Servicer,
      and
      (iii) is responsible for the performance (whether directly or through
      subservicers or Subcontractors) of material servicing functions required to
      be
      performed by the Servicer or Master Servicer under this Agreement, the Servicing
      Agreements, the Custodial Agreements or other Servicing agreements entered
      into
      with respect to some or all of the Mortgage Loans, that are identified in Item
      1122(d) of Regulation AB.

     

    Substitution
      Amount:
      The
      amount, if any, by which the Scheduled Principal Balance of a Deleted Mortgage
      Loan exceeds the Scheduled Principal Balance of the related Qualifying
      Substitute Mortgage Loan, or aggregate Scheduled Principal Balance, if
      applicable, plus unpaid interest thereon, and any related unpaid Advances or
      Servicing Advances or unpaid Servicing Fees, plus any costs and damages incurred
      by the Trust Fund associated with violation of any federal, state or local
      predatory or abusive lending laws.

     

    Target
      Amount:
      For any
      Distribution Date, an amount equal to the Aggregate Loan Balance as of such
      Distribution Date minus the Targeted Overcollateralization Amount for such
      Distribution Date.

     

    Targeted
      Overcollateralization Amount:
      For any
      Distribution Date (x) prior to the Stepdown Date an amount equal to
      approximately $8,725,880 (0.65% of the Aggregate Loan Balance as of the Cut-off
      Date), (y) on or after the Stepdown Date, the greater of (1) the lesser of
      (a)
      the amount of approximately $8,725,880 and (b) the product of (i) for each
      distribution prior to the Distribution Date in February 2013, 1.625%, and
      thereafter, 1.30% and (ii) the Aggregate Loan Balance as of the last day of
      the
      related Collection Period and (2) the Overcollateralization Floor and (z) on
      and
      after the Stepdown Date and for which a Trigger Event is in effect, the amount
      calculated under this definition for the immediately preceding Distribution
      Date.

     

    
      
        
        

      

      
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    Tax
      Matters Person:
      Not
      applicable.

     

    Telerate
      Page 3750:
      The
      display currently so designated as “Page 3750” on the Moneyline Telerate Service
      (or such other page selected by the Trustee as may replace Page 3750 on that
      service for the purpose of displaying daily comparable rates on
      prices).

     

    Termination
      Receipts:
      Not
      applicable.

     

    Termination
      Receipts Account:
      Not
      applicable.

     

    Title
      Insurance Policy:
      A title
      insurance policy maintained with respect to a Mortgage Loan.

     

    Total
      Distribution Amount:
      With
      respect to any Distribution Date, the sum of (i) the Interest Remittance Amount
      for all three Mortgage Pools for such date; (ii) the Principal Remittance Amount
      for all three Mortgage Pools for such date; and (iii) the Prepayment
      Premiums.

     

    Transfer
      Agreements:
      As
      defined in the Mortgage Loan Sale Agreement.

     

    Transferor:
      Each
      seller of Mortgage Loans to either of LBH or Lehman Brothers Bank, FSB pursuant
      to a Transfer Agreement.

     

    Trigger
      Event:
      With
      respect to any Distribution Date, means that either a Delinquency Event or
      a
      Cumulative Loss Trigger Event is in effect for such Distribution
      Date.

     

    Trust
      Fund:
      The
      corpus of Lehman XS Trust, Series 2007-2N created pursuant to this Agreement,
      consisting of the Mortgage Loans, the assignment of the Depositor’s rights under
      the Transfer Agreements, the Mortgage Loan Sale Agreement and the Servicing
      Agreements, such amounts as shall from time to time be held in the Basis Risk
      Reserve Fund, the Capitalized Interest Account, Collection Account, Certificate
      Account, any Custodial Account and any Escrow Account, the Insurance Policies,
      any REO Property and the other items referred to in, and conveyed to the Trustee
      under, Section 2.01(a). For the avoidance of doubt, the assets of the Trust
      Fund
      shall not include the Deferred Interest Cap Agreements, the Deferred Interest
      Cap Accounts and the Grantor Trust Certificate Accounts, which are assets of
      the
      Grantor Trusts established pursuant to Section 5.02(h). With respect to Exchange
      Act reporting requirements, the Trust Fund shall be deemed to include each
      Grantor Trust established pursuant to Section 5.02(h).

     

    Trust
      REMIC:
      Each
      REMIC created hereunder, as described in the Preliminary Statement
      hereto.

     

    Trustee:
      U.S.
      Bank National Association, a national banking association, not in its individual
      capacity, but solely in its capacity as trustee or as grantor trustee, as
      applicable, for the benefit of the related Certificateholders under this
      Agreement, and any successor thereto, and any corporation or national banking
      association resulting from or surviving any consolidation or merger to which
      it
      or its successors may be a party and any successor trustee as may from time
      to
      time be serving as successor trustee hereunder.

     

    
      
        
        

      

      
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    UCC
      or
      Uniform Commercial Code:
      The
      Uniform Commercial Code as in effect in any applicable jurisdiction from time
      to
      time.

     

    Uncertificated
      Class X Interest:
      An
      uncertificated regular interest in REMIC 2 with an initial principal balance
      equal to the excess of (i) the aggregate Cut-off Date Balance for each Mortgage
      Pool over (ii) the aggregate initial principal amounts of the LIBOR Certificates
      and bearing interest on a each Distribution Date in an amount equal to the
      Class
      X Current Interest for such Distribution Date; provided,
      however,
      that
      such interest shall have no obligation or right to make or receive any payments
      treated as paid or received by the Class X Certificates pursuant to interest
      rate cap agreements or notional principal contracts under Section 10.01 and
      shall have no rights to receive payments in respect of Class X Shortfall Amounts
      from the Master Servicer as described in Section 10.01.

     

    Underlying
      Interests:
      With
      respect to the Class 1-A1A Certificates, the Class 1-A1A Underlying Interest.
      With respect to the Class 1-A1B Certificates, the Class 1-A1B Underlying
      Interest. With respect to the Class 3-A1 Certificates, the Class 3-A1 Underlying
      Interest. With respect to the Class 3-A2 Certificates, the Class 3-A2 Underlying
      Interest. With respect to the Class 3-A3 Certificates, the Class 3-A3 Underlying
      Interest.

     

    Underwriter:
      Lehman
      Brothers Inc.

     

    Underwriter’s
      Exemption:
      Prohibited Transaction Exemption 2002-41, 67 Fed. Reg. 54487 (2002), as amended
      (or any successor thereto), or any substantially similar administrative
      exemption granted by the U.S. Department of Labor.

     

    Unpaid
      Basis Risk Shortfall:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates, the
      aggregate of all Basis Risk Shortfalls with respect to such Class remaining
      unpaid from previous Distribution Dates, plus interest accrued thereon at the
      applicable Certificate Interest Rate (calculated without giving effect to the
      applicable Net Funds Cap but limited to a rate no greater than the applicable
      Maximum Interest Rate).

     

    Upper
      Tier REMIC:
      Not
      applicable.

     

    Voting
      Interests:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions of this Agreement. At all
      times during the term of this Agreement, 90% of all Voting Interests shall
      be
      allocated to the Offered Certificates (other than the Class 1-AX, Class 2-AX
      and
      Class 3-AX Certificates) and Class M11 and Class M12 Certificates, 2% of all
      Voting Interests shall be allocated to each Class of the Class 1-AX, Class
      2-AX
      and Class 3-AX Certificates, 1% of all Voting Interests shall be allocated
      to
      each Class of the Class C, Class X and Class R Certificates. 0.33% of all Voting
      Interests shall be allocated to each Class of the Class P-I and Class P-II
      Certificates and 0.34% of all Voting Interests shall be allocated to the Class
      P-III Certificates. Voting Interests shall be allocated among the Classes of
      Offered Certificates and Class M11 and Class M12 Certificates in proportion
      to
      their Class Principal Amounts (or, in the case of the Grantor Trust
      Certificates, the Class Principal Amount of the related Underlying Interests)
      or
      Class Notional Amounts and among the Certificates of each Class in proportion
      to
      their Percentage Interests. 

     

    
      
        
        

      

      
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    Section
      1.02 Calculations
      Respecting Mortgage Loans.

     

    Calculations
      required to be made pursuant to this Agreement with respect to any Mortgage
      Loan
      in the Trust Fund shall be made based upon current information as to the terms
      of the Mortgage Loans and reports of payments received from the Mortgagor on
      such Mortgage Loans and payments to be made to the Trustee as supplied to the
      Trustee by the Master Servicer. The Trustee shall not be required to recompute,
      verify or recalculate the information supplied to it by the Master Servicer
      or
      any Servicer.

     

    Section
      1.03 Calculations
      Respecting Accrued Interest.

     

    Accrued
      interest, if any, on any LIBOR Certificate shall be calculated based upon a
      360-day year and the actual number of days elapsed in each Accrual Period.
      Accrued interest, if any, on any Class 1-AX, Class 2-AX or Class 3-AX
      Certificate shall be calculated based upon a 360-day year consisting of twelve
      30-day months.

     

    Section
      1.04 Rights
      of the NIMS Insurer.

     

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

     

    ARTICLE
      II.

     

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

     

    Section
      2.01 Creation
      and Declaration of Trust Fund; Conveyance of Mortgage Loans.

     

    (a) Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      transfer, assign, set over, deposit with and otherwise convey to the Trustee,
      without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
      all
      the right, title and interest of the Depositor in and to the Mortgage Loans.
      Such conveyance includes, without limitation, the right to all payments of
      principal and interest received on or with respect to the Mortgage Loans on
      and
      after the Cut-off Date (other than payments of principal and interest due on
      or
      before such date), and all such payments due after such date but received prior
      to such date and intended by the related Mortgagors to be applied after such
      date together with all of the Depositor’s right, title and interest in and to
      the Collection Account, the Deferred Interest Cap Accounts, the Certificate
      Account, the Grantor Trust Certificate Account and all amounts from time to
      time
      credited to and the proceeds of the Certificate Account, the Grantor Trust
      Certificate Account, any Custodial Accounts, any Escrow Account established
      pursuant to Section 9.06, the Basis Risk Reserve Fund established pursuant
      to
      Section 5.06 and all amounts from time to time credited to and the proceeds
      of
      each such account, the Class X Account established pursuant to Section 5.12
      and
      all amounts from time to time credited to and the proceeds of each such account,
      any REO Property and the proceeds thereof, the Depositor’s rights under any
      Insurance Policies related to the Mortgage Loans, the Depositor’s security
      interest in any collateral pledged to secure the Mortgage Loans, including
      the
      Mortgaged Properties, and any proceeds of the foregoing, to have and to hold,
      in
      trust; and the Trustee declares that, subject to the review provided for in
      Section 2.02, it has received and shall hold the Trust Fund, as trustee, and
      the
      Grantor Trusts established pursuant to Section 5.02(h), as grantor trustee,
      in
      trust, for the benefit and use of the Holders of the related Certificates and
      for the purposes and subject to the terms and conditions set forth in this
      Agreement, and, concurrently with such receipt, has caused to be executed,
      authenticated and delivered to or upon the order of the Depositor, in exchange
      for the Trust Fund and Grantor Trusts established pursuant to Section 5.02(h),
      Certificates in the authorized denominations evidencing the entire ownership
      of
      the Trust Fund. or the Grantor Trusts established pursuant to Section 5.02(h),
      as applicable.

     

    
      
        
        

      

      
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    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Sale Agreement, including all rights of the Seller under the Servicing
      Agreements and each related Transfer Agreement (other than first payment date
      default or early payment date default rights against the Transferor) but, in
      each case, only to the extent assigned under the Mortgage Loan Sale Agreement.
      The Trustee hereby accepts such assignment and delegation, and shall be entitled
      to exercise all the rights of the Depositor under the Mortgage Loan Sale
      Agreement as if, for such purpose, it were the Depositor. The foregoing sale,
      transfer, assignment, set-over, deposit, delegation and conveyance does not
      and
      is not intended to result in the creation or assumption by the Trustee of any
      obligation of the Depositor, the Sellers or any other Person in connection
      with
      the Mortgage Loans or any other agreement or instrument relating thereto except
      as specifically set forth herein.

     

    (b) In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with, or cause to be delivered to and deposited with, the
      Trustee, and/or a Custodian acting on the Trustee’s behalf, the following
      documents or instruments with respect to each Mortgage Loan (each a “Mortgage
      File”) so transferred and assigned:

     

    (i) with
      respect to each Mortgage Loan, the original Mortgage Note endorsed without
      recourse in proper form to the order of the Trustee, as shown on Exhibit B-4
      hereto, or in blank (in each case, with all necessary intervening endorsements,
      as applicable) or with respect to any lost Mortgage Note, a lost note affidavit
      stating that the original Mortgage Note was lost, misplaced or destroyed,
      together with a copy of the related Mortgage Note;

     

    (ii) if
      applicable, the original of any guarantee, security agreement or pledge
      agreement executed in connection with the Mortgage Note, assigned to the
      Trustee;

     

    (iii) with
      respect to any Mortgage Loan other than a Cooperative Loan, the original
      recorded Mortgage with evidence of recording indicated thereon and the original
      recorded power of attorney, with evidence of recording thereon. If, in
      connection with any Mortgage Loan, the Depositor cannot deliver the Mortgage
      or
      power of attorney 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 or power
      of
      attorney has been lost, the Depositor shall deliver or cause to be delivered
      to
      the Trustee (or the applicable Custodian), in the case of a delay due to
      recording, a true copy of such Mortgage or power of attorney, pending delivery
      of the original thereof, together with an Officer’s Certificate of the Depositor
      certifying that the copy of such Mortgage or power of attorney delivered to
      the
      Trustee (or its Custodian) is a true copy and that the original of such Mortgage
      or power of attorney has been forwarded to the public recording office, or,
      in
      the case of a Mortgage or power of attorney that has been lost, a copy thereof
      (certified as provided for under the laws of the appropriate jurisdiction)
      and a
      written Opinion of Counsel delivered to the Trustee and the Depositor that
      an
      original recorded Mortgage or power of attorney is not required to enforce
      the
      Trustee’s interest in the Mortgage Loan;

     

    
      
        
        

      

      
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    (iv) the
      original of each assumption, modification or substitution agreement, if any,
      relating to the Mortgage Loans, or, as to any assumption, modification or
      substitution agreement which cannot be delivered on or prior to the Closing
      Date
      because of a delay caused by the public recording office where such assumption,
      modification or substitution agreement has been delivered for recordation,
      a
      photocopy of such assumption, modification or substitution agreement, pending
      delivery of the original thereof, together with an Officer’s Certificate of the
      Depositor certifying that the copy of such assumption, modification or
      substitution agreement delivered to the Trustee (or the applicable Custodian)
      is
      a true copy and that the original of such agreement has been forwarded to the
      public recording office;

     

    (v) with
      respect to each Non-MERS Mortgage Loan, an original Assignment of Mortgage,
      in
      form and substance acceptable for recording. The related Mortgage shall be
      assigned either (A) in blank, without recourse or (B) to “U.S. Bank National
      Association, as Trustee of the Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-2N,” without recourse;

     

    (vi) if
      applicable, such original intervening assignments of the Mortgage, notice of
      transfer or equivalent instrument (each, an “Intervening Assignment”), as may be
      necessary to show a complete chain of assignment from the originator, or, in
      the
      case of an Intervening Assignment that has been lost, a written Opinion of
      Counsel delivered to the Trustee that such original Intervening Assignment
      is
      not required to enforce the Trustee’s interest in the Mortgage
      Loans;

     

    (vii) with
      respect to any Mortgage Loan other than a Cooperative Loan, the original
      mortgagee title insurance policy or attorney’s opinion of title and abstract of
      title, and, if applicable, the original Primary Mortgage Insurance Policy or
      certificate;

     

    (viii) the
      original of any security agreement, chattel mortgage or equivalent instrument
      executed in connection with the Mortgage or as to any security agreement,
      chattel mortgage or their equivalent instrument that cannot be delivered on
      or
      prior to the Closing Date because of a delay caused by the public recording
      office where such document has been delivered for recordation, a photocopy
      of
      such document, pending delivery of the original thereof, together with an
      Officer’s Certificate of the Depositor certifying that the copy of such security
      agreement, chattel mortgage or their equivalent instrument delivered to the
      Trustee (or the applicable Custodian) is a true copy and that the original
      of
      such document has been forwarded to the public recording office;

     

    
      
        
        

      

      
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    (ix) with
      respect to any manufactured housing contract, any related manufactured housing
      sales contract, installment loan agreement or participation interest;
      and

     

    (x) with
      respect to any Cooperative Loan, the Cooperative Loan Documents.

     

    The
      parties hereto acknowledge and agree that the form of endorsement attached
      hereto as Exhibit B-4 is intended to effect the transfer to the Trustee, for
      the
      benefit of the Certificateholders, of the Mortgage Notes and the
      Mortgages.

     

    (c) (i) Assignments
      of Mortgage with respect to each Non-MERS Mortgage Loan other than a Cooperative
      Loan shall be recorded; provided, however, that such Assignments need not be
      recorded if, on or prior to the Closing Date, the Depositor delivers, at its
      own
      expense, an Opinion of Counsel addressed to the Trustee (which must be
      Independent counsel) acceptable to the Trustee, the Rating Agencies and any
      NIMS
      Insurer, to the effect that recording in such states is not required to protect
      the Trustee’s interest in the related Non-MERS Mortgage Loans; provided,
      further, that notwithstanding the delivery of any Opinion of Counsel, the Master
      Servicer shall cause the Servicer to submit each Assignment of Mortgage for
      recording upon the occurrence of a bankruptcy, insolvency or foreclosure
      relating to the Mortgagor under the related Mortgage. Subject to the preceding
      sentence, as soon as practicable after the Closing Date (but in no event more
      than three months thereafter except to the extent delays are caused by the
      applicable recording office), the Master Servicer, at the expense of the
      Depositor and with the cooperation of the applicable Servicer, shall cause
      to be
      properly recorded by such Servicer in each public recording office where the
      related Mortgages are recorded each Assignment of Mortgage referred to in
      subsection (b)(v) above with respect to each Non-MERS Mortgage Loan. With
      respect to each Cooperative Loan, the Master Servicer, at the expense of the
      Depositor and with the cooperation of the applicable Servicer, shall cause
      such
      Servicer to take such actions as are necessary under applicable law in order
      to
      perfect the interest of the Trustee in the related Mortgaged
      Property.

     

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

     

    (d) In
      instances where a Title Insurance Policy is required to be delivered to the
      Trustee or the applicable Custodian on behalf of the Trustee under clause
      (b)(vii) above and is not so delivered, the Depositor will provide a copy of
      such Title Insurance Policy to the Trustee, or to the applicable Custodian
      on
      behalf of the Trustee, as promptly as practicable after the execution and
      delivery hereof, but in any case within 180 days of the Closing
      Date.

     

    
      
        
        

      

      
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    (e) For
      Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date
      and prior to the Closing Date, the Depositor, in lieu of delivering the above
      documents, herewith delivers to the Trustee, or to the applicable Custodian
      on
      behalf of the Trustee, an Officer’s Certificate which shall include a statement
      to the effect that all amounts received in connection with such prepayment
      that
      are required to be deposited in the Collection Account pursuant to Section
      4.01
      have been so deposited. All original documents that are not delivered to the
      Trustee or the applicable Custodian on behalf of the Trustee shall be held
      by
      the Master Servicer or the applicable Servicer in trust for the benefit of
      the
      Trustee and the Certificateholders.

     

    (f) The
      issuing entity is hereby named Lehman XS Trust, Series 2007-2N.

     

    Section
      2.02 Acceptance
      of Trust Fund by Trustee: Review of Documentation for Trust Fund.

     

    (a) The
      Trustee, by execution and delivery hereof, acknowledges receipt by it or by
      the
      applicable Custodian on its behalf of the Mortgage Files pertaining to the
      Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof
      by the Trustee, or by the applicable Custodian on behalf of the Trustee, under
      this Section 2.02. The Trustee, or the applicable Custodian on behalf of the
      Trustee, will execute and deliver to the Trustee, the Depositor, the Master
      Servicer and any NIMS Insurer on the Closing Date an Initial Certification
      in
      the form annexed hereto as Exhibit B-1 (or in the form annexed to the applicable
      Custodial Agreement as Exhibit B-1, as applicable).

     

    (b) Within
      45
      days after the Closing Date, the Trustee or the applicable Custodian on behalf
      of the Trustee, will, for the benefit of Holders of the Certificates and any
      NIMS Insurer, review each Mortgage File to ascertain that all required documents
      set forth in Section 2.01 have been received and appear on their face to contain
      the requisite signatures by or on behalf of the respective parties thereto,
      and
      shall deliver to the Trustee, the Depositor, the Master Servicer and any NIMS
      Insurer an Interim Certification in the form annexed hereto as Exhibit B-2
      (or
      in the form annexed to the applicable Custodial Agreement as Exhibit B-2, as
      applicable) to the effect that, as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan prepaid in full or any specifically
      identified in such certification as not covered by such certification), (i)
      all
      of the applicable documents specified in Section 2.01(b) are in its possession
      and (ii) such documents have been reviewed by it and appear to relate to such
      Mortgage Loan. The Trustee, or the applicable Custodian on behalf of the
      Trustee, shall determine whether such documents are executed and endorsed,
      but
      shall be under no duty or obligation to inspect, review or examine any such
      documents, instruments, certificates or other papers to determine that the
      same
      are valid, binding, legally effective, properly endorsed, genuine, enforceable
      or appropriate for the represented purpose or that they have actually been
      recorded or are in recordable form or that they are other than what they purport
      to be on their face. Neither the Trustee nor the applicable Custodian shall
      have
      any responsibility for verifying the genuineness or the legal effectiveness
      of
      or authority for any signatures of or on behalf of any party or
      endorser.

     

    (c) If
      in the
      course of the review described in paragraph (b) above the Trustee or the
      applicable Custodian discovers any document or documents constituting a part
      of
      a Mortgage File that is missing, does not appear regular on its face (i.e.,
      is
      mutilated, damaged, defaced, torn or otherwise physically altered) or appears
      to
      be unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule
      (each, a “Material Defect”), the Trustee, or the applicable Custodian on behalf
      of the Trustee, discovering such Material Defect shall promptly identify the
      Mortgage Loan to which such Material Defect relates in the Interim Certification
      delivered to the Trustee, the Depositor, the Master Servicer and any NIMS
      Insurer. Within 90 days of its receipt of such notice, the Transferor, or,
      if
      the Transferor does not do so, the Depositor shall be required to cure such
      Material Defect (and, in such event, the Depositor shall provide the Trustee
      with an Officer’s Certificate confirming that such cure has been effected). If
      the applicable Transferor or the Depositor, as applicable, does not so cure
      such
      Material Defect, the Transferor, or, if the Transferor does not do so, the
      Depositor, shall, if a loss has been incurred with respect to such Mortgage
      Loan
      that would, if such Mortgage Loan were not purchased from the Trust Fund,
      constitute a Realized Loss, and such loss is attributable to the failure of
      the
      Depositor to cure such Material Defect, repurchase the related Mortgage Loan
      from the Trust Fund at the Purchase Price. A loss shall be deemed to be
      attributable to the failure of the Depositor to cure a Material Defect if,
      as
      determined by the Depositor, upon mutual agreement with the Trustee each acting
      in good faith, absent such Material Defect, such loss would not have been
      incurred. Within the two-year period following the Closing Date, the Depositor
      may, in lieu of repurchasing a Mortgage Loan pursuant to this Section 2.02,
      substitute for such Mortgage Loan a Qualifying Substitute Mortgage Loan subject
      to the provisions of Section 2.05. The failure of the Trustee or the applicable
      Custodian to give the notice contemplated herein within 45 days after the
      Closing Date shall not affect or relieve the Depositor of its obligation to
      repurchase any Mortgage Loan pursuant to this Section 2.02 or any other Section
      of this Agreement requiring the repurchase of Mortgage Loans from the Trust
      Fund.

     

    
      
        
        

      

      
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    (d) Within
      180 days following the Closing Date, the Trustee, or the applicable Custodian,
      shall deliver to the Trustee, the Depositor, the Master Servicer and any NIMS
      Insurer a Final Certification substantially in the form attached as Exhibit
      B-3
      (or in the form annexed to the applicable Custodial Agreement as Exhibit B-3,
      as
      applicable) evidencing the completeness of the Mortgage Files in its possession
      or control, with any exceptions noted thereto.

     

    (e) Nothing
      in this Agreement shall be construed to constitute an assumption by the Trust
      Fund, the Trustee, any Custodian or the Certificateholders of any unsatisfied
      duty, claim or other liability on any Mortgage Loan or to any
      Mortgagor.

     

    (f) Each
      of
      the parties hereto acknowledges that the applicable Custodian shall perform
      the
      applicable review of the Mortgage Loans and respective certifications thereof
      as
      provided in this Section 2.02 and in the applicable Custodial
      Agreement.

     

    (g) Upon
      execution of this Agreement, the Depositor hereby delivers to the Trustee and
      the Trustee acknowledges a receipt of the Mortgage Loan Sale Agreement and
      the
      Servicing Agreement.

     

    Section
      2.03 Representations
      and Warranties of the Depositor.

     

    (a) The
      Depositor hereby represents and warrants to the Trustee, for the benefit of
      Certificateholders and to the Master Servicer as of the Closing Date or such
      other date as is specified, that:

     

    (i) the
      Depositor is a corporation duly organized, validly existing and in good standing
      under the laws governing its creation and existence and has full corporate
      power
      and authority to own its property, to carry on its business as presently
      conducted, to enter into and perform its obligations under this Agreement,
      and
      to create the trust pursuant hereto;

     

    
      
        
        

      

      
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    (ii) the
      execution and delivery by the Depositor of this Agreement have been duly
      authorized by all necessary corporate action on the part of the Depositor;
      neither the execution and delivery of this Agreement, nor the consummation
      of
      the transactions herein contemplated, nor compliance with the provisions hereof,
      will conflict with or result in a breach of, or constitute a default under,
      any
      of the provisions of any law, governmental rule, regulation, judgment, decree
      or
      order binding on the Depositor or its properties or the certificate of
      incorporation or bylaws of the Depositor;

     

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

     

    (iv) this
      Agreement has been duly executed and delivered by the Depositor and, assuming
      due authorization, execution and delivery by the Trustee and the Master Servicer
      constitutes a valid and binding obligation of the Depositor enforceable against
      it in accordance with its terms except as such enforceability may be subject
      to
      (A) applicable bankruptcy and insolvency laws and other similar laws affecting
      the enforcement of the rights of creditors generally and (B) general principles
      of equity regardless of whether such enforcement is considered in a proceeding
      in equity or at law;

     

    (v) there
      are
      no actions, suits or proceedings pending or, to the knowledge of the Depositor,
      threatened or likely to be asserted against or affecting the Depositor, before
      or by any court, administrative agency, arbitrator or governmental body (A)
      with
      respect to any of the transactions contemplated by this Agreement or (B) with
      respect to any other matter which in the judgment of the Depositor will be
      determined adversely to the Depositor and will if determined adversely to the
      Depositor materially and adversely affect it or its business, assets, operations
      or condition, financial or otherwise, or adversely affect its ability to perform
      its obligations under this Agreement; and

     

    (vi) immediately
      prior to the transfer and assignment of the Mortgage Loans to the Trustee,
      the
      Depositor was the sole owner of record and holder of each Mortgage Loan, and
      the
      Depositor had good and marketable title thereto, and had full right to transfer
      and sell each Mortgage Loan to the Trustee free and clear, subject only to
      (1)
      liens of current real property taxes and assessments not yet due and payable
      and, if the related Mortgaged Property is a condominium unit, any lien for
      common charges permitted by statute, (2) covenants, conditions and restrictions,
      rights of way, easements and other matters of public record as of the date
      of
      recording of such Mortgage acceptable to mortgage lending institutions in the
      area in which the related Mortgaged Property is located and specifically
      referred to in the lender’s Title Insurance Policy or attorney’s opinion of
      title and abstract of title delivered to the originator of such Mortgage Loan,
      and (3) such 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, of any encumbrance,
      equity, participation interest, lien, pledge, charge, claim or security
      interest, and had full right and authority, subject to no interest or
      participation of, or agreement with, any other party, to sell and assign each
      Mortgage Loan pursuant to this Agreement.

     

    
      
        
        

      

      
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    (b) The
      representations and warranties of the Transferor with respect to the related
      Mortgage Loans in the applicable Transfer Agreement, which have been assigned
      to
      the Trustee hereunder, were made as of the date specified in the applicable
      Transfer Agreement (or underlying agreement, if such Transfer Agreement is
      in
      the form of an assignment of a prior agreement). To the extent that any fact,
      condition or event with respect to a Mortgage Loan constitutes a breach of
      both
      (i) a representation or warranty of the applicable Transferor under the
      applicable Transfer Agreement and (ii) a representation or warranty of the
      Seller under the Mortgage Loan Sale Agreement, the only right or remedy of
      the
      Trustee or any Certificateholder hereunder (other than a breach by the Seller
      of
      the representations made pursuant to Sections 1.04(b)(xii), 1.04(b)(xvii),
      1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) of the Mortgage Loan Sale Agreement)
      shall be their rights to enforce the obligations of the applicable Transferor
      under any applicable representation or warranty made by it. Pursuant to the
      terms of the Mortgage Loan Sale Agreement, the representations and warranties
      made by the Seller pursuant to Sections 1.04(b)(xii), 1.04(b)(xvii),
      1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) of the Mortgage Loan Sale Agreement
      shall be the direct obligations of the Seller. With the exception of the
      immediately proceeding sentence, the Seller shall not have any other obligation
      or liability with respect to any breach of a representation or warranty made
      by
      it with respect to the Mortgage Loans sold by it if the fact, condition or
      event
      constituting such breach also constitutes a breach of a representation or
      warranty made by the applicable Transferor in the applicable Transfer Agreement,
      without regard to whether such Transferor fulfills its contractual obligations
      in respect of such representation or warranty. The Depositor shall have no
      obligation or liability with respect to any breach of any representation or
      warranty with respect to the Mortgage Loans (except as set forth in Section
      2.03(a)(vi)) under any circumstances.

     

    Section
      2.04 Discovery
      of Breach.

     

    It
      is
      understood and agreed that the representations and warranties (i) set forth
      in
      Section 2.03, (ii) of the Seller set forth in the Mortgage Loan Sale Agreement
      and assigned to the Depositor by the Seller under the Mortgage Loan Sale
      Agreement and to the Trustee by the Depositor hereunder and (iii) of the
      Transferor and of the Servicer assigned by the Seller to the Depositor pursuant
      to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor
      hereunder, shall each survive delivery of the Mortgage Files and the Assignment
      of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout
      the term of this Agreement. Upon discovery by any of the Depositor, any NIMS
      Insurer, the Master Servicer or the Trustee of a breach of any of such
      representations and warranties that materially and adversely affects the value
      of the related Mortgage Loan, the party discovering such breach shall give
      prompt written notice to the other parties; provided, to the extent that
      knowledge of such breach with respect to any Mortgage Loan is known by any
      officer, director, employee or agent of Aurora acting in any capacity other
      than
      as Master Servicer hereunder, the Master Servicer shall not be deemed to have
      knowledge of any such breach until an officer of Aurora acting in a capacity
      as
      Master Servicer has actual knowledge thereof. Within 90 days of the discovery
      of
      a breach of any representation or warranty given to the Trustee by the Depositor
      or given by a Transferor or the Seller and assigned to the Trustee, the
      Depositor, such Transferor or the Seller, as applicable, shall either (a) cure
      such breach in all material respects, (b) repurchase such Mortgage Loan or
      any
      property acquired in respect thereof from the Trustee at the Purchase Price
      (or,
      with respect to Mortgage Loans as to which there is a breach of a representation
      or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement,
      at the purchase price therefor paid by the Seller under the Mortgage Loan Sale
      Agreement) or (c) within the two-year period following the Closing Date,
      substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage
      Loan.
      In the event of discovery of a breach of any representation and warranty of
      a
      Transferor assigned to the Trustee, the Trustee shall enforce its rights under
      the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for
      the
      benefit of Certificateholders. As provided in the Mortgage Loan Sale Agreements,
      if a Transferor substitutes a mortgage loan for a Deleted Mortgage Loan pursuant
      to the Transfer Agreement and such substitute mortgage loan is not a Qualifying
      Substitute Mortgage Loan, then pursuant to the terms of the Mortgage Loan Sale
      Agreement the Seller will, in exchange for such substitute mortgage loan, (i)
      pay to the Trust Fund the applicable Purchase Price for the affected Mortgage
      Loan or (ii) within two years of the Closing Date, substitute a Qualifying
      Substitute Mortgage Loan.

     

    
      
        
        

      

      
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    Section
      2.05 Repurchase,
      Purchase or Substitution of Mortgage Loans.

     

    (a) With
      respect to any Mortgage Loan repurchased by the Depositor pursuant to this
      Agreement, by the Seller pursuant to the Mortgage Loan Sale Agreement, or by
      the
      Transferor pursuant to the applicable Transfer Agreement, the principal portion
      of the funds received by the Master Servicer in respect of such repurchase
      of a
      Mortgage Loan will be considered a Principal Prepayment and the Purchase Price
      shall be deposited in the Collection Account or a Custodial Account, as
      applicable. The Trustee (i) upon receipt of the full amount of the Purchase
      Price for a Deleted Mortgage Loan, (ii) upon receipt of a written certification
      from the Master Servicer that it has received the full amount of the Purchase
      Price for a Deleted Mortgage Loan and has deposited such amount in the
      Collection Account or (iii) upon receipt of notification from the applicable
      Custodian that it had received the Mortgage File for a Qualifying Substitute
      Mortgage Loan substituted for a Deleted Mortgage Loan (and any applicable
      Substitution Amount), shall release or cause to be released and reassign to
      the
      Depositor, the Seller or the Transferor, as applicable, the related Mortgage
      File for the Deleted Mortgage Loan and shall execute and deliver such
      instruments of transfer or assignment, in each case without recourse,
      representation or warranty, as shall be necessary to vest in such party or
      its
      designee or assignee title to any Deleted Mortgage Loan released pursuant
      hereto, free and clear of all security interests, liens and other encumbrances
      created by this Agreement, which instruments shall be prepared by the applicable
      Servicer and the Trustee shall have no further responsibility with respect
      to
      the Mortgage File relating to such Deleted Mortgage Loan. The Seller indemnifies
      and holds the Trust Fund, the Master Servicer, the Trustee, the Depositor and
      each Certificateholder harmless against any and all taxes, claims, losses,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments, and any other costs, fees and expenses that the Trust Fund, the
      Trustee, the Master Servicer, the Depositor and any Certificateholder may
      sustain in connection with any actions of the Seller relating to a repurchase
      of
      a Mortgage Loan other than in compliance with the terms of this Section 2.05
      and
      the Mortgage Loan Sale Agreement, to the extent that any such action causes
      an
      Adverse REMIC Event.

     

    
      
        
        

      

      
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    (b) With
      respect to each Qualifying Substitute Mortgage Loan to be delivered to the
      Trustee (or the applicable Custodian) pursuant to the terms of this Article
      II
      in exchange for a Deleted Mortgage Loan: (i) the Depositor, the Transferor
      or
      the Seller, as applicable, must deliver to the Trustee (or the applicable
      Custodian) the Mortgage File for the Qualifying Substitute Mortgage Loan
      containing the documents set forth in Section 2.01(b) along with a written
      certification certifying as to the delivery of such Mortgage File and containing
      the granting language set forth in Section 2.01(a); and (ii) the Depositor
      will
      be deemed to have made, with respect to such Qualifying Substitute Mortgage
      Loan, each of the representations and warranties made by it with respect to
      the
      related Deleted Mortgage Loan. As soon as practicable after the delivery of
      any
      Qualifying Substitute Mortgage Loan hereunder, the Master Servicer, at the
      expense of the Depositor and with the cooperation of the applicable Servicer,
      shall (i) with respect to a Qualifying Substitute Mortgage Loan that is a
      Non-MERS Mortgage Loan, cause the Assignment of Mortgage to be recorded by
      the
      applicable Servicer if required pursuant to Section 2.01(c), or (ii) with
      respect to a Qualifying Substitute Mortgage Loan that is a MERS Mortgage Loan,
      cause to be taken such actions as are necessary to cause the Trustee to be
      clearly identified as the owner of each such Mortgage Loan on the records of
      MERS if required pursuant to Section 2.01(c).

     

    (c) Notwithstanding
      any other provision of this Agreement, the right to substitute Mortgage Loans
      pursuant to this Article II shall be subject to the additional limitations
      that
      no substitution of a Qualifying Substitute Mortgage Loan for a Deleted Mortgage
      Loan shall be made unless the Trustee and the NIMS Insurer have received an
      Opinion of Counsel (at the expense of the party seeking to make the
      substitution) that, under current law, such substitution will not result in
      an
      Adverse REMIC Event.

     

    Section
      2.06 Grant
      Clause.

     

    (a) It
      is
      intended that the conveyance of the Depositor’s right, title and interest in and
      to property constituting the Trust Fund pursuant to this Agreement shall
      constitute, and shall be construed as, a sale of such property and not a grant
      of a security interest to secure a loan. However, if such conveyance is deemed
      to be in respect of a loan, it is intended that: (1) the rights and obligations
      of the parties shall be established pursuant to the terms of this Agreement;
      (2)
      the Depositor hereby grants to the Trustee for the benefit of the Holders of
      the
      Certificates a first priority security interest to secure repayment of an
      obligation in an amount equal to the aggregate Class Principal Amount of the
      Certificates in all of the Depositor’s right, title and interest in, to and
      under, whether now owned or hereafter acquired, the Trust Fund and all proceeds
      of any and all property constituting the Trust Fund to secure payment of the
      Certificates and (3) this Agreement shall constitute a security agreement under
      applicable law. If such conveyance is deemed to be in respect of a loan and
      the
      trust created by this Agreement terminates prior to the satisfaction of the
      claims of any Person holding any Certificate, the security interest created
      hereby shall continue in full force and effect and the Trustee shall be deemed
      to be the collateral agent for the benefit of such Person, and all proceeds
      shall be distributed as herein provided.

     

    (b) The
      Depositor shall, to the extent consistent with this Agreement, take such
      reasonable actions as may be necessary to ensure that, if this Agreement were
      deemed to create a security interest in the Mortgage Loans and the other
      property described above, such security interest would be deemed to be a
      perfected security interest of first priority under applicable law and shall
      be
      maintained as such throughout the term of this Agreement. The Depositor shall,
      at its own expense, make all initial filings on or about the Closing Date and
      shall forward a copy of such filing or filings to the Trustee. Without limiting
      the generality of the foregoing, the Depositor shall prepare and forward for
      filing, or shall cause to be forwarded for filing, at the expense of the
      Depositor, all filings necessary to maintain the effectiveness of any original
      filings necessary under the relevant UCC to perfect the Trustee’s security
      interest in or lien on the Mortgage Loans, including without limitation (x)
      continuation statements, and (y) such other statements as may be occasioned
      by
      (1) any change of name of the Seller, the Depositor or the Trustee, (2) any
      change of location of the jurisdiction of organization of the Seller or the
      Depositor, (3) any transfer of any interest of the Seller or the Depositor
      in
      any Mortgage Loan or (4) any change under the relevant UCC or other applicable
      laws. Neither the Seller nor the Depositor shall organize under the law of
      any
      jurisdiction other than the State under which each is organized as of the
      Closing Date (whether changing its jurisdiction of organization or organizing
      under an additional jurisdiction) without giving 30 days prior written notice
      of
      such action to its immediate and intermediate transferee, including the Trustee.
      Before effecting such change, the Seller or the Depositor proposing to change
      its jurisdiction of organization shall prepare and file in the appropriate
      filing office any financing statements or other statements necessary to continue
      the perfection of the interests of its immediate and mediate transferees,
      including the Trustee, in the Mortgage Loans. In connection with the
      transactions contemplated by this Agreement, the Seller and the Depositor
      authorizes its immediate or mediate transferee to file in any filing office
      any
      initial financing statements, any amendments to financing statements, any
      continuation statements, or any other statements or filings described in this
      paragraph (b).

     

    
      
        
        

      

      
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    ARTICLE
      III.

     

    THE
      CERTIFICATES

     

    Section
      3.01 The
      Certificates.

     

    (a) The
      Certificates shall be issuable in registered form only and shall be securities
      governed by Article 8 of the New York Uniform Commercial Code. The Book-Entry
      Certificates will be evidenced by one or more certificates, beneficial ownership
      of which will be held in the dollar denominations in Certificate Principal
      Amount (or Notional Amount), or in the Percentage Interests, specified herein.
      Each Class of LIBOR Certificates, Notional Certificates and Grantor Trust
      Certificates will be issued in the minimum denominations in Certificate
      Principal Amount (or Notional Amount) specified in the Preliminary Statement
      hereto and in integral multiples of $1 in excess thereof. The
      Class
      C and Class X Certificates shall be maintained in definitive, fully registered
      form in a minimum denomination equal to 10% of the Percentage Interest of the
      Class. The
      Class
      P Certificates shall each be maintained in definitive, fully registered form
      in
      a minimum denomination equal to 1% of the Percentage Interest of the Class.
      The
      Class R Certificate shall be issued as a single Certificate and maintained
      in
      definitive, fully registered form in a minimum denomination equal to 100% of
      the
      Percentage Interest of such Class. The Certificates may be issued in the form
      of
      typewritten certificates.

     

    (b) The
      Certificates shall be executed by manual or facsimile signature on behalf of
      the
      Trustee by an authorized officer. Each Certificate shall, on original issue,
      be
      authenticated by the Trustee upon the order of the Depositor upon receipt by
      the
      Trustee of the Mortgage Files described in Section 2.01. 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 for herein, executed by an authorized officer
      of the Trustee or the Authenticating Agent, if any, by manual signature, and
      such certification upon any Certificate shall be conclusive evidence, and the
      only evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their authentication.
      At
      any time and from time to time after the execution and delivery of this
      Agreement, the Depositor may deliver Certificates executed by the Depositor
      to
      the Trustee or the Authenticating Agent for authentication and the Trustee
      or
      the Authenticating Agent shall authenticate and deliver such Certificates as
      in
      this Agreement provided and not otherwise.

     

    
      
        
        

      

      
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    (c) The
      Class
      M11 and Class M12 Certificates offered and sold in reliance on the exemption
      from registration under Rule 144A under the Act shall be issued initially in
      the
      form of one or more permanent global Certificates in definitive, fully
      registered form without interest coupons with the applicable legends set forth
      in Exhibit A added to the forms of such Certificates (each, a “Restricted Global
      Security”), which shall be deposited on behalf of the subscribers for such
      Certificates represented thereby with the Trustee, as custodian for The
      Depository Trust Company (“DTC”) and registered in the name of a nominee of DTC,
      duly executed and authenticated by the Trustee as hereinafter provided. The
      aggregate principal amounts of the Restricted Global Securities may from time
      to
      time be increased or decreased by adjustments made on the records of the Trustee
      or DTC or its nominee, as the case may be, as hereinafter provided.

     

    (d) The
      Class
      M11 and Class M12 Certificates sold in offshore transactions in reliance on
      Regulation S shall be issued initially in the form of one or more permanent
      global Certificates in definitive, fully registered form without interest
      coupons with the applicable legends set forth in Exhibit A hereto added to
      the
      forms of such Certificates (each, a “Regulation S Global Security”), which shall
      be deposited on behalf of the subscribers for such Certificates represented
      thereby with the Trustee, as custodian for DTC and registered in the name of
      a
      nominee of DTC, duly executed and authenticated by the Trustee as hereinafter
      provided. The aggregate principal amounts of the Regulation S Global Securities
      may from time to time be increased or decreased by adjustments made on the
      records of the Trustee or DTC or its nominee, as the case may be, as hereinafter
      provided.

     

    (e) The
      Class
      M11 and Class M12 Certificates sold to an “accredited investor” under Rule
      501(a)(1), (2), (3) or (7) under the Act shall be issued initially in the form
      of one or more Definitive Certificates.

     

    For
      purposes of this Section 3.01, “Certificates” shall not include Underlying
      Interests.

     

    Section
      3.02 Registration.

     

    The
      Trustee is hereby appointed, and hereby accepts its appointment as, Certificate
      Registrar in respect of the Certificates and shall maintain books for the
      registration and for the transfer of Certificates (the “Certificate Register”).
      The Trustee may appoint a bank or trust company to act as Certificate Registrar.
      A registration book shall be maintained for the Certificates collectively.
      The
      Certificate Registrar may resign or be discharged or removed and a new successor
      may be appointed in accordance with the procedures and requirements set forth
      in
      Sections 6.06 and 6.07 hereof with respect to the resignation, discharge or
      removal of the Trustee and the appointment of a successor trustee. The
      Certificate Registrar may appoint, by a written instrument delivered to the
      Holders and the Master Servicer, any bank or trust company to act as co
      registrar under such conditions as the Certificate Registrar may prescribe;
      provided, however, that the Certificate Registrar shall not be relieved of
      any
      of its duties or responsibilities hereunder by reason of such
      appointment.

     

    
      
        
        

      

      
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    Section
      3.03 Transfer
      and Exchange of Certificates.

     

    (a) A
      Certificate (other than a Book-Entry Certificate, which shall be subject to
      Section 3.09 hereof) may be transferred by the Holder thereof only upon
      presentation and surrender of such Certificate at the office of the Certificate
      Registrar duly endorsed or accompanied by an assignment duly executed by such
      Holder or his duly authorized attorney in such form as shall be satisfactory
      to
      the Certificate Registrar. Upon the transfer of any Certificate in accordance
      with the preceding sentence, the Trustee shall execute, and the Trustee or
      any
      Authenticating Agent shall authenticate and deliver to the transferee, one
      or
      more new Certificates of the same Class and evidencing, in the aggregate, the
      same aggregate Certificate Principal Amount or Percentage Interest as the
      Certificate being transferred. No service charge shall be made to a
      Certificateholder for any registration of transfer of Certificates, but the
      Certificate Registrar may require payment of a sum sufficient to cover any
      tax
      or governmental charge that may be imposed in connection with any registration
      of transfer of Certificates.

     

    (b) A
      Certificate may be exchanged by the Holder thereof for any number of new
      Certificates of the same Class, in authorized denominations, representing in
      the
      aggregate the same Certificate Principal Amount or Percentage Interest as the
      Certificate surrendered, upon surrender of the Certificate to be exchanged
      at
      the office of the Certificate Registrar duly endorsed or accompanied by a
      written instrument of transfer duly executed by such Holder or his duly
      authorized attorney in such form as is satisfactory to the Certificate
      Registrar. Certificates delivered upon any such exchange will evidence the
      same
      obligations, and will be entitled to the same rights and privileges, as the
      Certificates surrendered. No service charge shall be made to a Certificateholder
      for any exchange of Certificates, but the Certificate Registrar may require
      payment of a sum sufficient to cover any tax or governmental charge that may
      be
      imposed in connection with any exchange of Certificates. Whenever any
      Certificates are so surrendered for exchange, the Trustee shall execute, and
      the
      Trustee or the Authenticating Agent shall authenticate, date and deliver the
      Certificates which the Certificateholder making the exchange is entitled to
      receive.

     

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

     

    
      
        
        

      

      
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    The
      following restrictions shall apply with respect to the transfer and registration
      of transfer of a Restricted Certificate to a transferee that takes delivery
      in
      the form of a Definitive Certificate:

     

    (i) The
      Certificate Registrar shall register the transfer of a Restricted Certificate
      if
      the requested transfer is (x) to the Depositor, the Placement Agent or an
      affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended
      (the “Act”)) of the Depositor or the Placement Agent or (y) being made to a
“qualified institutional buyer” (a “QIB”) as defined in Rule 144A under the Act
      by a transferor that has provided the Trustee with a certificate in the form
      of
      Exhibit F hereto; and

     

    (ii) The
      Certificate Registrar shall register the transfer of a Restricted Certificate
      if
      the requested transfer is being made to an “accredited investor” under Rule
      501(a)(1), (2), (3) or (7) under the Act, or to any Person all of the equity
      owners in which are such accredited investors, by a transferor who furnishes
      to
      the Trustee a letter of the transferee substantially in the form of Exhibit
      G
      hereto.

     

    (d) No
      transfer of a Grantor Trust Certificate will be registered unless the Trustee,
      the Certificate Registrar and the Depositor receive (A) a representation as
      set
      forth in Exhibit H to the effect that such transferee is not, and is not acting
      for, on behalf of or with any assets of, an employee benefit plan or other
      arrangement subject to Title I of ERISA or plan subject to Section 4975 of
      the
      Code, or (ii) until the termination of the applicable Deferred Interest Cap
      Agreement, the acquisition and holding of the Grantor Trust Certificate are
      eligible for exemptive relief under any of Section 408(b)(17) of ERISA or
      Section 4975(d)(20) of the Code, Prohibited Transaction Class Exemption (“PTCE”)
      84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23, each as amended.

     

    No
      Transfer of an ERISA-Restricted Certificate or a Class R Certificate will be
      registered unless the Trustee, the Certificate Registrar and the Depositor
      receive (A) a representation as set forth in Exhibit D-1 for Class R
      Certificates or Exhibit H for ERISA-Restricted Certificates to the effect that
      such transferee is not an employee benefit plan or other arrangement subject
      to
      Title I of ERISA, a plan subject to Section 4975 of the Code or a plan subject
      to any provisions under any federal, state, local, non-U.S. or other laws or
      regulations that are substantively similar to the foregoing provisions of ERISA
      or the Code (“Similar Law”) (collectively, a “Plan”), and is not directly or
      indirectly acquiring the Class R Certificate for, on behalf of, or with any
      assets of any such Plan, or (B) solely in the case of an ERISA-Restricted
      Certificate (I) a representation as set forth in Exhibit H for ERISA-Restricted
      Certificates that, if the Certificate has been the subject of an
      ERISA-Qualifying Underwriting, such transferee is an insurance company that
      is
      acquiring the Certificate with assets contained in an “insurance company general
      account,” as defined in Section V(e) of Prohibited Transaction Class Exemption
      (“PTCE”) 95-60, and the acquisition and holding of the Certificate are covered
      and exempt under Sections I and III of PTCE 95-60, or (II) solely in the case
      of
      an ERISA-Restricted Certificate that is a Definitive Certificate, an Opinion
      of
      Counsel satisfactory to the Trustee, the Certificate Registrar and the
      Depositor, and upon which the Trustee, the Certificate Registrar and the
      Depositor shall be entitled to rely, to the effect that the acquisition and
      holding of such Certificate will not constitute or result in a nonexempt
      prohibited transaction under ERISA or the Code, or a violation of Similar Law,
      and will not subject the Trustee, the Certificate Registrar, the Master
      Servicer, any Servicer or the Depositor to any obligation in addition to those
      expressly undertaken in this Agreement, which Opinion of Counsel shall not
      be an
      expense of the Trustee, the Certificate Registrar, the Master Servicer, any
      Servicer or the Depositor.

     

    
      
        
        

      

      
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    Except
      in
      the case of Definitive Certificates, the representations set forth in the
      preceding paragraphs, other than clause (B)(II) in the immediately preceding
      paragraph, shall be deemed to have been made to the Trustee, the Certificate
      Registrar and the Depositor by the transferee’s acceptance of a Grantor Trust
      Certificate, an ERISA-Restricted Certificate or a Class R Certificate (or the
      acceptance by a Certificate Owner of the beneficial interest in any Class of
      Grantor Trust Certificate, ERISA Restricted Certificate or Class R Certificate).
      The Trustee, the Certificate Registrar and the Depositor shall not have any
      obligation to monitor transfers of Book-Entry Certificates or Restricted Global
      Securities that are Grantor Trust Certificates, ERISA-Restricted Certificates
      or
      Class R Certificates or any liability for transfers of such Certificates in
      violation of the transfer restrictions.

     

    Notwithstanding
      any other provision herein to the contrary, any purported transfer of a Grantor
      Trust Certificate, an ERISA-Restricted Certificate or Class R Certificate to
      or
      on behalf of a Plan without the delivery to the Trustee, the Certificate
      Registrar and the Depositor of a representation or an Opinion of Counsel
      satisfactory to the Trustee, the Certificate Registrar and the Depositor as
      described above shall be void and of no effect and 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. The
      Trustee, the Certificate Registrar and the Depositor shall not have any
      liability to any Person for any registration or transfer of any Grantor
      Trust Certificate, ERISA
      Restricted Certificate or Class R Certificate that is in fact not permitted
      by
      this Section 3.03(d) and the Trustee, the Certificate Registrar and the
      Depositor shall not have any liability for making any payments due on such
      Certificate to the Holder thereof or taking any other action with respect to
      such Holder under the provisions of this Agreement so long as the transfer
      was
      registered by the Certificate Registrar in accordance with the foregoing
      requirements. The Trustee, the Certificate Registrar and the Depositor shall
      be
      entitled, but not obligated, to recover from any Holder of any Grantor Trust
      Certificate, ERISA Restricted Certificate or Class R Certificate that was in
      fact a Plan and that held such Certificate in violation of this Section 3.03(d)
      all payments made on such Grantor Trust Certificate, ERISA Restricted
      Certificate or Class R Certificate at and after the time it commenced such
      holding. Any such payments so recovered shall be paid and delivered to the
      last
      preceding Holder of such Certificate that is not a Plan.

     

    
      
        
        

      

      
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    (e) As
      a
      condition of the registration of transfer or exchange of any Certificate, the
      Certificate Registrar may require the certified taxpayer identification number
      of the owner of the Certificate and the payment of a sum sufficient to cover
      any
      tax or other governmental charge imposed in connection therewith; provided,
      however, that the Certificate Registrar shall have no obligation to require
      such
      payment or to determine whether or not any such tax or charge may be applicable.
      No service charge shall be made to the Certificateholder for any registration,
      transfer or exchange of a Certificate.

     

    (f) Notwithstanding
      anything to the contrary contained herein, no Residual Certificate may be owned,
      pledged or transferred, directly or indirectly, by or to (i) a Disqualified
      Organization or (ii) an individual, corporation or partnership or other person
      unless, in the case of clause (ii), such person is (A) not a Non-U.S. Person
      or
      (B) is a Non-U.S. Person that holds a Residual Certificate in connection with
      the conduct of a trade or business within the United States and has furnished
      the transferor and the Trustee with an effective Internal Revenue Service Form
      W-8ECI or successor form at the time and in the manner required by the Code
      (any
      such person who is not covered by clause (A) or (B) above is referred to herein
      as a “Non-permitted Foreign Holder”).

     

    Prior
      to
      and as a condition of the registration of any transfer, sale or other
      disposition of a Residual Certificate, the proposed transferee shall deliver
      to
      the Trustee an affidavit in substantially the form attached hereto as Exhibit
      D-1 representing and warranting, among other things, that such transferee is
      neither a Disqualified Organization, an agent or nominee acting on behalf of
      a
      Disqualified Organization, nor a Non-permitted Foreign Holder (any such
      transferee, a “Permitted Transferee”), and the proposed transferor shall deliver
      to the Trustee an affidavit in substantially the form attached hereto as Exhibit
      D-2. In addition, the Trustee may (but shall have no obligation to) require,
      prior to and as a condition of any such transfer, the delivery by the proposed
      transferee of an Opinion of Counsel, addressed to the Depositor, the Master
      Servicer, any NIMS Insurer and the Trustee satisfactory in form and substance
      to
      the Depositor, that such proposed transferee or, if the proposed transferee
      is
      an agent or nominee, the proposed beneficial owner, is not a Disqualified
      Organization, agent or nominee thereof, or a Non-permitted Foreign Holder.
      Notwithstanding the registration in the Certificate Register of any transfer,
      sale, or other disposition of a Residual Certificate to a Disqualified
      Organization, an agent or nominee thereof, or Non-permitted Foreign Holder,
      such
      registration shall be deemed to be of no legal force or effect whatsoever and
      such Disqualified Organization, agent or nominee thereof, or Non-permitted
      Foreign Holder shall not be deemed to be a Certificateholder for any purpose
      hereunder, including, but not limited to, the receipt of distributions on such
      Residual Certificate. The Trustee shall not be under any liability to any person
      for any registration or transfer of a Residual Certificate to a Disqualified
      Organization, agent or nominee thereof or Non-permitted Foreign Holder or for
      the maturity of any payments due on such Residual Certificate to the Holder
      thereof or for taking any other action with respect to such Holder under the
      provisions of the Agreement, so long as the transfer was effected in accordance
      with this Section 3.03(f), unless a Responsible Officer of the Trustee shall
      have actual knowledge at the time of such transfer or the time of such payment
      or other action that the transferee is a Disqualified Organization, or an agent
      or nominee thereof, or Non-permitted Foreign Holder. The Trustee shall be
      entitled, but not obligated, to recover from any Holder of a Residual
      Certificate that was a Disqualified Organization, agent or nominee thereof,
      or
      Non-permitted Foreign Holder at the time it became a Holder or any subsequent
      time it became a Disqualified Organization, agent or nominee thereof, or
      Non-permitted Foreign Holder, all payments made on such Residual Certificate
      at
      and after either such times (and all costs and expenses, including but not
      limited to attorneys’ fees, incurred in connection therewith). Any payment (not
      including any such costs and expenses) so recovered by the Trustee shall be
      paid
      and delivered to the last preceding Holder of such Residual
      Certificate.

     

    
      
        
        

      

      
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    If
      any
      purported transferee shall become a registered Holder of a Residual Certificate
      in violation of the provisions of this Section 3.03(f), then upon receipt of
      written notice to the Trustee that the registration of transfer of such Residual
      Certificate was not in fact permitted by this Section 3.03(f), the last
      preceding Permitted Transferee shall be restored to all rights as Holder thereof
      retroactive to the date of such registration of transfer of such Residual
      Certificate. The Trustee shall be under no liability to any Person for any
      registration of transfer of a Residual Certificate that is in fact not permitted
      by this Section 3.03(f), for making any payment due on such Certificate to
      the
      registered Holder thereof or for taking any other action with respect to such
      Holder under the provisions of this Agreement so long as the transfer was
      registered upon receipt of the affidavit described in the preceding paragraph
      of
      this Section 3.03(f).

     

    (g) Each
      Holder or Certificate Owner of a Restricted Certificate, ERISA-Restricted
      Certificate, QIB-Restricted Certificate or Residual Certificate, or an interest
      therein, by such Holder’s or Owner’s acceptance thereof, shall be deemed for all
      purposes to have consented to the provisions of this section.

     

    (h) Notwithstanding
      any provision to the contrary herein, so long as a Global Security representing
      any Class M11 or Class M12 Certificate remains outstanding and is held by or
      on
      behalf of DTC, transfers of a Global Security representing any such
      Certificates, in whole or in part, shall only be made in accordance with Section
      3.01 and this Section 3.03(h).

     

    (i) Subject
      to clauses (ii) and (iii) of this Section 3.03(h), transfers of a Global
      Security representing any Class M11 or Class M12 Certificate shall be limited
      to
      transfers of such Global Security, in whole or in part, to nominees of DTC
      or to
      a successor of DTC or such successor’s nominee.

     

    (ii) Restricted
      Global Security to Regulation S Global Security. If a holder of a beneficial
      interest in a Restricted Global Security deposited with or on behalf of DTC
      wishes at any time to exchange its interest in such Restricted Global Security
      for an interest in a Regulation S Global Security, or to transfer its interest
      in such Restricted Global Security to a Person who wishes to take delivery
      thereof in the form of an interest in a Regulation S Global Security, such
      holder, provided such holder is not a U.S. person, may, subject to the rules
      and
      procedures of DTC, exchange or cause the exchange of such interest for an
      equivalent beneficial interest in the Regulation S Global Security. Upon receipt
      by the Trustee, as Certificate Registrar, of (I) instructions from DTC directing
      the Trustee, as Certificate Registrar, to be credited a beneficial interest
      in a
      Regulation S Global Security in an amount equal to the beneficial interest
      in
      such Restricted Global Security to be exchanged but not less than the minimum
      denomination applicable to such holder’s Certificates held through a Regulation
      S Global Security, (II) a written order given in accordance with DTC’s
      procedures containing information regarding the participant account of DTC
      and,
      in the case of a transfer pursuant to and in accordance with Regulation S,
      the
      Euroclear or Clearstream account to be credited with such increase and (III)
      a
      certificate in the form of Exhibit V-1 hereto given by the holder of such
      beneficial interest stating that the exchange or transfer of such interest
      has
      been made in compliance with the transfer restrictions applicable to the Global
      Securities, including that the holder is not a U.S. person, and pursuant to
      and
      in accordance with Regulation S, the Trustee, as Certificate Registrar, shall
      reduce the principal amount of the Restricted Global Security and increase
      the
      principal amount of the Regulation S Global Security by the aggregate principal
      amount of the beneficial interest in the Restricted Global Security to be
      exchanged, and shall instruct Euroclear or Clearstream, as applicable,
      concurrently with such reduction, to credit or cause to be credited to the
      account of the Person specified in such instructions a beneficial interest
      in
      the Regulation S Global Security equal to the reduction in the principal amount
      of the Restricted Global Security.

     

    
      
        
        

      

      
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    (iii) Regulation
      S Global Security to Restricted Global Security. If a holder of a beneficial
      interest in a Regulation S Global Security deposited with or on behalf of DTC
      wishes at any time to transfer its interest in such Regulation S Global Security
      to a Person who wishes to take delivery thereof in the form of an interest
      in a
      Restricted Global Security, such holder may, subject to the rules and procedures
      of DTC, exchange or cause the exchange of such interest for an equivalent
      beneficial interest in a Restricted Global Security. Upon receipt by the
      Trustee, as Certificate Registrar, of (I) instructions from DTC directing the
      Trustee, as Certificate Registrar, to cause to be credited a beneficial interest
      in a Restricted Global Security in an amount equal to the beneficial interest
      in
      such Regulation S Global Security to be exchanged but not less than the minimum
      denomination applicable to such holder’s Certificates held through a Restricted
      Global Security, to be exchanged, such instructions to contain information
      regarding the participant account with DTC to be credited with such increase,
      and (II) a certificate in the form of Exhibit V-2 hereto given by the holder
      of
      such beneficial interest and stating, among other things, that the Person
      transferring such interest in such Regulation S Global Security reasonably
      believes that the Person acquiring such interest in a Restricted Global Security
      is a QIB, is obtaining such beneficial interest in a transaction meeting the
      requirements of Rule 144A under the Act and in accordance with any applicable
      securities laws of any State of the United States or any other jurisdiction,
      then the Trustee, as Certificate Registrar, will reduce the principal amount
      of
      the Regulation S Global Security and increase the principal amount of the
      Restricted Global Security by the aggregate principal amount of the beneficial
      interest in the Regulation S Global Security to be transferred and the Trustee,
      as Certificate Registrar, shall instruct DTC, concurrently with such reduction,
      to credit or cause to be credited to the account of the Person specified in
      such
      instructions a beneficial interest in the Restricted Global Security equal
      to
      the reduction in the principal amount of the Regulation S Global
      Security.

     

    (iv) Other
      Exchanges. In the event that a Global Security is exchanged for Certificates
      in
      definitive registered form without interest coupons, pursuant to Section 3.09(c)
      hereof, such Certificates may be exchanged for one another only in accordance
      with such procedures as are substantially consistent with the provisions above
      (including certification requirements intended to insure that such transfers
      comply with Rule 144A, comply with Rule 501(a)(1), (2), (3) or (7) or are to
      non-U.S. persons in compliance with Regulation S under the Act, as the case
      may
      be), and as may be from time to time adopted by the Trustee.

     

    
      
        
        

      

      
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    (v) Restrictions
      on U.S. Transfers. Transfers of interests in the Regulation S Global Security
      to
      U.S. persons (as defined in Regulation S) shall be limited to transfers made
      pursuant to the provisions of Section 3.03(h)(iii).

     

    Section
      3.04 Cancellation
      of Certificates.

     

    Any
      Certificate surrendered for registration of transfer or exchange shall be
      cancelled and retained in accordance with normal retention policies with respect
      to cancelled certificates maintained by the Trustee or the Certificate
      Registrar.

     

    Section
      3.05 Replacement
      of Certificates.

     

    If
      (i)
      any Certificate is mutilated and is surrendered to the Trustee or any
      Authenticating Agent or (ii) the Trustee or any Authenticating Agent receives
      evidence to its satisfaction of the destruction, loss or theft of any
      Certificate, and there is delivered to any NIMS Insurer and the Trustee or
      the
      Authenticating Agent such security or indemnity as may be required by them
      to
      save each of them harmless, then, in the absence of notice to the Depositor
      and
      any Authenticating Agent that such destroyed, lost or stolen Certificate has
      been acquired by a bona fide purchaser, the Trustee shall execute and the
      Trustee or any Authenticating Agent shall authenticate and deliver, in exchange
      for or in lieu of any such mutilated, destroyed, lost or stolen Certificate,
      a
      new Certificate of like tenor and Certificate Principal Amount. Upon the
      issuance of any new Certificate under this Section 3.05, the Trustee and
      Authenticating Agent may require the payment of a sum sufficient to cover any
      tax or other governmental charge that may be imposed in relation thereto and
      any
      other expenses (including the fees and expenses of the Trustee or the
      Authenticating Agent) connected therewith. Any replacement Certificate issued
      pursuant to this Section 3.05 shall constitute complete and indefeasible
      evidence of ownership in the applicable Trust Fund, as if originally issued,
      whether or not the lost, stolen or destroyed Certificate shall be found at
      any
      time.

     

    Section
      3.06 Persons
      Deemed Owners.

     

    Subject
      to the provisions of Section 3.09 with respect to Book Entry Certificates,
      the
      Depositor, the Master Servicer, the Trustee, any NIMS Insurer, the Certificate
      Registrar and any agent of any of them may treat the Person in whose name any
      Certificate is registered upon the books of the Certificate Registrar as the
      owner of such Certificate for the purpose of receiving distributions pursuant
      to
      Sections 5.01 and 5.02 and for all other purposes whatsoever, and neither the
      Depositor, the Master Servicer, the Trustee, any NIMS Insurer, the Certificate
      Registrar nor any agent of any of them shall be affected by notice to the
      contrary.

     

    Section
      3.07 Temporary
      Certificates.

     

    (a) Pending
      the preparation of Definitive Certificates, upon the order of the Depositor,
      the
      Trustee shall execute and shall authenticate and deliver temporary Certificates
      that are printed, lithographed, typewritten, mimeographed or otherwise produced,
      in any authorized denomination, substantially of the tenor of the Definitive
      Certificates in lieu of which they are issued and with such variations as the
      authorized officers executing such Certificates may determine, as evidenced
      by
      their execution of such Certificates.

     

    
      
        
        

      

      
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    (b) If
      temporary Certificates are issued, the Depositor will cause Definitive
      Certificates to be prepared without unreasonable delay. After the preparation
      of
      Definitive Certificates, the temporary Certificates shall be exchangeable for
      Definitive Certificates upon surrender of the temporary Certificates at the
      office or agency of the Trustee without charge to the Holder. Upon surrender
      for
      cancellation of any one or more temporary Certificates, the Trustee shall
      execute and authenticate and deliver in exchange therefor a like aggregate
      Certificate Principal Amount of Definitive Certificates of the same Class in
      the
      authorized denominations. Until so exchanged, the temporary Certificates shall
      in all respects be entitled to the same benefits under this Agreement as
      Definitive Certificates of the same Class.

     

    For
      purposes of this Section 3.07, “Certificates” shall not include Underlying
      Interests.

     

    Section
      3.08 Appointment
      of Paying Agent.

     

    (a) The
      Trustee hereby appoints itself as Paying Agent. The Trustee may appoint a
      successor Paying Agent acceptable to the NIMS Insurer, for the purpose of making
      distributions to Certificateholders hereunder. The Trustee shall cause such
      Paying Agent (if other than the Trustee) to execute and deliver to the Trustee
      an instrument in which such Paying Agent shall agree with the Trustee that
      such
      Paying Agent will hold all sums held by it for the payment to Certificateholders
      in an Eligible Account in trust for the benefit of the Certificateholders
      entitled thereto until such sums shall be paid to the Certificateholders. All
      funds remitted by the Trustee to any such Paying Agent for the purpose of making
      distributions shall be paid to Certificateholders on each Distribution Date
      and
      any amounts not so paid shall be returned on such Distribution Date to the
      Trustee. If the Paying Agent is not the Trustee, the Trustee shall cause to
      be
      remitted to the Paying Agent on or before the Business Day prior to each
      Distribution Date, by wire transfer in immediately available funds, the funds
      to
      be distributed on such Distribution Date. 

     

    (b) Any
      Paying Agent shall be either a bank or trust company or otherwise authorized
      under law to exercise corporate trust powers. A Paying Agent (if other than
      the
      Trustee) shall comply with its reporting obligations under Regulation AB with
      respect to the Trust Fund in form and substance similar to those of the Trustee
      pursuant to Section 6.20 and Section 9.25, and the related assessment of
      compliance and attestation shall cover, at a minimum, the matters indicated
      as
      obligations with respect to the Paying Agent on Exhibit R attached hereto.
      In
      addition, the Paying Agent (if other than the Trustee) shall notify the Sponsor,
      the Master Servicer and the Depositor within five (5) calendar days of knowledge
      thereof (i) of any legal proceedings pending against the Paying Agent of the
      type described in Item 1117 (§ 229.1117) of Regulation AB, (ii) any merger,
      consolidation or sale of substantially all of the assets of the Paying Agent
      and
      (iii) if the Paying Agent shall become (but only to the extent not previously
      disclosed) at any time an Affiliate of any of the parties listed on Exhibit
      S
      hereto or any of their Affiliates.

     

    (c)
       Any
      Paying Agent agrees to indemnify the Depositor, the Trustee (if other than
      the
      Paying Agent) and the Master Servicer, and each of their respective directors,
      officers, employees and agents and the Trust Fund and hold each of them harmless
      from and against any losses, damages, penalties, fines, forfeitures, legal
      fees
      and expenses and related costs, judgments, and any other costs, fees and
      expenses that any of them may sustain arising out of or based upon the failure
      by such Paying Agent to deliver any information, report or certification when
      and as required under Section 6.20 and Section 9.25(a), provided, however,
      that
      this sentence shall not apply if the Paying Agent is the Trustee. This
      indemnification shall survive the termination of this Agreement or the
      termination of such Paying Agent hereunder.

     

    
      
        
        

      

      
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    Section
      3.09 Book
      Entry Certificates.

     

    (a) Each
      Class of Book Entry Certificates, upon original issuance, shall be issued in
      the
      form of one or more typewritten Certificates representing the Book Entry
      Certificates. The Book Entry Certificates shall initially be registered on
      the
      Certificate Register in the name of the nominee of the Clearing Agency, and
      no
      Certificate Owner will receive a Definitive Certificate representing such
      Certificate Owner’s interest in the Book Entry Certificates, except as provided
      in Section 3.09(c). Unless Definitive Certificates have been issued to
      Certificate Owners of Book Entry Certificates pursuant to Section
      3.09(c):

     

    (i) the
      provisions of this Section 3.09 shall be in full force and effect;

     

    (ii) the
      Depositor, the Master Servicer, the Paying Agent, the Registrar and the Trustee
      may deal with the Clearing Agency for all purposes (including the making of
      distributions on the Book Entry Certificates) as the authorized representatives
      of the Certificate Owners and the Clearing Agency shall be responsible for
      crediting the amount of such distributions to the accounts of such Persons
      entitled thereto, in accordance with the Clearing Agency’s normal
      procedures;

     

    (iii) to
      the
      extent that the provisions of this Section 3.09 conflict with any other
      provisions of this Agreement, the provisions of this Section 3.09 shall control;
      and

     

    (iv) the
      rights of Certificate Owners shall be exercised only through the Clearing Agency
      and the Clearing Agency Participants and shall be limited to those established
      by law and agreements between such Certificate Owners and the Clearing Agency
      and/or the Clearing Agency Participants. Unless and until Definitive
      Certificates are issued pursuant to Section 3.09(c), the initial Clearing Agency
      will make book entry transfers among the Clearing Agency Participants and
      receive and transmit distributions of principal of and interest on the Book
      Entry Certificates to such Clearing Agency Participants.

     

    (b) Whenever
      notice or other communication to the Certificateholders is required under this
      Agreement, unless and until Definitive Certificates shall have been issued
      to
      Certificate Owners pursuant to Section 3.09(c), the Trustee shall give all
      such
      notices and communications specified herein to be given to Holders of the Book
      Entry Certificates to the Clearing Agency.

     

    (c) If
      (i)
      (A) the Depositor advises the Trustee in writing that the Clearing Agency is
      no
      longer willing or able to discharge properly its responsibilities with respect
      to the Book-Entry Certificates, and (B) the Trustee or the Depositor is unable
      to locate a qualified successor, or (ii) after the occurrence of an Event of
      Default, Certificate Owners representing beneficial interests aggregating not
      less than 50% of the Class Principal Amount of a Class of Book Entry
      Certificates identified as such to the Trustee by an Officer’s Certificate from
      the Clearing Agency advise the Trustee and the Clearing Agency through the
      Clearing Agency Participants in writing that the continuation of a book entry
      system through the Clearing Agency is no longer in the best interests of the
      Certificate Owners of a Class of Book Entry Certificates, the Trustee shall
      notify or cause the Certificate Registrar to notify the Clearing Agency to
      effect notification to all Certificate Owners, through the Clearing Agency,
      of
      the occurrence of any such event and of the availability of Definitive
      Certificates to Certificate Owners requesting the same. Upon surrender to the
      Trustee of the Book Entry Certificates by the Clearing Agency, accompanied
      by
      registration instructions from the Clearing Agency for registration, the Trustee
      shall issue the Definitive Certificates. Neither the Depositor nor the Trustee
      shall be liable for any delay in delivery of such instructions and may
      conclusively rely on, and shall be protected in relying on, such instructions.
      Upon the issuance of Definitive Certificates all references herein to
      obligations imposed upon or to be performed by the Clearing Agency shall be
      deemed to be imposed upon and performed by the Trustee, to the extent
      applicable, with respect to such Definitive Certificates and the Trustee shall
      recognize the holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    
      
        
        

      

      
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    ARTICLE
      IV.

     

    ADMINISTRATION
      OF THE TRUST FUND

     

    Section
      4.01 Collection
      Account.

     

    (a) On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      a
      segregated account held in trust (the “Collection Account”), entitled “Aurora
      Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders
      of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-2N” or its
      nominee. The Collection Account shall relate solely to the Certificates issued
      by the Trust Fund hereunder, and funds in such Collection Account shall not
      be
      commingled with any other monies.

     

    (b) The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Master Servicer shall establish
      a
      new Collection Account that is an Eligible Account within 15 days and transfer
      all funds and investment property on deposit in such existing Collection Account
      into such new Collection Account.

     

    (c) The
      Master Servicer shall give to the Trustee and any NIMS Insurer prior written
      notice of the name and address of the depository institution at which the
      Collection Account is maintained and the account number of such Collection
      Account. The Master Servicer shall take such actions as are necessary to cause
      the depository institution holding the Collection Account to hold such account
      in the name of the Master Servicer under this Agreement. No later than 2:00
      p.m.
      New York City time on each Deposit Date, the entire amount on deposit in the
      Collection Account (subject to permitted withdrawals set forth in Section 4.02),
      other than amounts not included in the Total Distribution Amount for such
      Distribution Date, shall be remitted to the Trustee for deposit into the
      Certificate Account by wire transfer in immediately available funds. The Master
      Servicer, at its option (but with prior notice to the Trustee), may choose
      to
      make daily remittances from the Collection Account to the Trustee for deposit
      into the Certificate Account.

     

    
      
        
        

      

      
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    (d) The
      Master Servicer shall deposit or cause to be deposited into the Collection
      Account, no later than the second Business Day following the Closing Date,
      any
      amounts received with respect to the Mortgage Loans representing Scheduled
      Payments on the Mortgage Loans due after the Cut-off Date and unscheduled
      payments received on or after the Cut-off Date and on or before the Closing
      Date. Thereafter, the Master Servicer shall deposit or cause to be deposited
      in
      the Collection Account on the earlier of the applicable Deposit Date and two
      Business Days following receipt thereof, the following amounts received or
      payments made by it (other than in respect of principal of and interest on
      the
      Mortgage Loans due on or before the Cut-off Date):

     

    (i) all
      payments on account of principal, including Principal Prepayments, late
      collections, and any Prepayment Premiums, on the Mortgage Loans;

     

    (ii) all
      payments on account of interest on the Mortgage Loans, in all cases, net of
      the
      Servicing Fee with respect to each such Mortgage Loan, but only to the extent
      of
      the amount permitted to be withdrawn or withheld from the Collection Account
      in
      accordance with Sections 5.04 and 9.21;

     

    (iii) any
      unscheduled payment or other recovery with respect to a Mortgage Loan not
      otherwise specified in this paragraph (d), including any Subsequent Recovery,
      all Net Liquidation Proceeds with respect to the Mortgage Loans and REO
      Property, and all amounts received in connection with the operation of any
      REO
      Property, net of (x) any unpaid Servicing Fees with respect to such Mortgage
      Loans (but only to the extent of the amount permitted to be withdrawn or
      withheld from the Collection Account in accordance with Sections 5.04 and 9.21)
      and (y) any amounts reimbursable to the applicable Servicer with respect to
      such
      Mortgage Loan under the related Servicing Agreement and retained by such
      Servicer;

     

    (iv) all
      Insurance Proceeds;

     

    (v) all
      Advances made by the Master Servicer or the applicable Servicer pursuant to
      Section 5.04 or the related Servicing Agreement;

     

    (vi) all
      amounts paid by the applicable Servicer or the Master Servicer with respect
      to
      Prepayment Interest Shortfalls; and

     

    (vii) the
      Purchase Price of any Mortgage Loan repurchased by the Depositor, the Seller,
      the Master Servicer or any other Person, and any Substitution Amount related
      to
      any Qualifying Substitute Mortgage Loan and any purchase price paid by any
      NIMS
      Insurer for the purchase of any Distressed Mortgage Loan under Section
      7.04.

     

    (e) Funds
      in
      the Collection Account may be invested in Eligible Investments selected by
      and
      at the written direction of the Master Servicer, which shall mature not later
      than one Business Day prior to the Deposit Date (except that if such Eligible
      Investment is an obligation of the Trustee, then such Eligible Investment shall
      mature not later than such applicable Deposit Date) and any such Eligible
      Investment shall not be sold or disposed of prior to its maturity. All such
      Eligible Investments shall be made in the name of the Master Servicer in trust
      for the benefit of the Trustee and the Holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2007-2N. All income and gain realized from
      any
      Eligible Investment shall be for the benefit of the Master Servicer and shall
      be
      subject to its withdrawal or order from time to time and shall not be part
      of
      the Trust Fund. The amount of any losses incurred in respect of any such
      investments shall be deposited in such Collection Account by the Master Servicer
      out of its own funds, without any right of reimbursement therefor, immediately
      as realized. The foregoing requirements for deposit in the Collection Account
      are exclusive, it being understood and agreed that, without limiting the
      generality of the foregoing, payments of interest on funds in the Collection
      Account and payments in the nature of late payment charges, assumption fees,
      prepayment penalties with respect to mortgages for which the Seller does not
      own
      the servicing rights, and other incidental fees and charges relating to the
      Mortgage Loans (other than Prepayment Premiums) need not be deposited by the
      Master Servicer in the Collection Account and may be retained by the Master
      Servicer or the applicable Servicer as additional servicing compensation. If
      the
      Master Servicer deposits in the Collection Account any amount not required
      to be
      deposited therein, it may at any time withdraw such amount from such Collection
      Account.

     

    
      
        
        

      

      
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    Section
      4.02 Application
      of Funds in the Collection Account.

     

    (a) The
      Master Servicer may, from time to time, make, or cause to be made, withdrawals
      from the Collection Account for the following purposes:

     

    (i) to
      reimburse itself or any Servicer for Advances or Servicing Advances made by
      it
      or by such Servicer pursuant to Section 5.04 or the applicable Servicing
      Agreement; such right to reimbursement pursuant to this sub-clause (i) is
      limited to amounts received on or in respect of a particular Mortgage Loan
      (including, for this purpose, Liquidation Proceeds and amounts representing
      Insurance Proceeds with respect to the property subject to the related Mortgage)
      which represent late recoveries (net of the applicable Servicing Fee) of
      payments of principal or interest respecting which any such Advance was made,
      it
      being understood, in the case of any such reimbursement, that the Master
      Servicer’s or Servicer’s right thereto shall be prior to the rights of the
      Certificateholders;

     

    (ii) to
      reimburse itself or any Servicer, following a final liquidation of a Mortgage
      Loan (except as otherwise provided in the applicable Servicing Agreement) for
      any previously unreimbursed Advances or Servicing Advances made by it or by
      such
      Servicer (A) that it or such Servicer determines in good faith will not be
      recoverable from amounts representing late recoveries of payments of principal
      or interest respecting the particular Mortgage Loan as to which such Advance
      or
      Servicing Advance was made or from Liquidation Proceeds or Insurance Proceeds
      with respect to such Mortgage Loan and/or (B) to the extent that such
      unreimbursed Advances or Servicing Advances exceed the related Liquidation
      Proceeds or Insurance Proceeds, it being understood, in the case of each such
      reimbursement, that such Master Servicer’s or Servicer’s right thereto shall be
      prior to the rights of the Certificateholders;

     

    (iii) to
      reimburse itself or any Servicer from Liquidation Proceeds for Liquidation
      Expenses and for amounts expended by it pursuant to Sections 9.20 and 9.22(c)
      or
      the applicable Servicing Agreement in good faith in connection with the
      restoration of damaged property and, to the extent that Liquidation Proceeds
      after such reimbursement exceed the unpaid principal balance of the related
      Mortgage Loan, together with accrued and unpaid interest thereon at the
      applicable Mortgage Rate less the applicable Servicing Fee Rate, for such
      Mortgage Loan to the Due Date next succeeding the date of its receipt of such
      Liquidation Proceeds, to pay to itself out of such excess the amount of any
      unpaid assumption fees, late payment charges or other Mortgagor charges on
      the
      related Mortgage Loan and to retain any excess remaining thereafter as
      additional servicing compensation, it being understood, in the case of any
      such
      reimbursement or payment, that such Master Servicer’s or Servicer’s right
      thereto shall be prior to the rights of the Certificateholders;

     

    
      
        
        

      

      
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    (iv) [Reserved];

     

    (v) to
      reimburse itself or any Servicer for expenses incurred by and recoverable by
      or
      reimbursable to it or such Servicer pursuant to Sections 9.04, 9.05, 9.06,
      9.07(a), 9.16, 9.30 or 11.15 or pursuant to the applicable Servicing
      Agreement;

     

    (vi) to
      pay to
      the Depositor, the Seller or the Transferor, as applicable, with respect to
      each
      Mortgage Loan or REO Property acquired in respect thereof that has been
      purchased pursuant to this Agreement, all amounts received thereon and not
      distributed on the date on which the related repurchase was effected, and to
      pay
      to the applicable Person any Advances and Servicing Advances to the extent
      specified in the definition of Purchase Price;

     

    (vii) subject
      to Section 5.05, to pay to itself income earned on the investment of funds
      deposited in the Collection Account;

     

    (viii) to
      make
      payments to the Trustee on each Deposit Date for deposit into the Certificate
      Account in the amount provided in Section 4.04;

     

    (ix) to
      make
      payment to itself, the Trustee and others pursuant to any other provision of
      this Agreement;

     

    (x) to
      withdraw funds deposited in error in the Collection Account;

     

    (xi) to
      clear
      and terminate the Collection Account pursuant to Section 7.02;

     

    (xii) to
      reimburse the Trustee and a successor master servicer (solely in its capacity
      as
      successor master servicer), for any fee or advance occasioned by a termination
      of the Master Servicer, and the assumption of such duties by the Trustee or
      a
      successor master servicer appointed by the Trustee pursuant to Section 6.14,
      in
      each case to the extent not reimbursed by the terminated Master Servicer, it
      being understood, in the case of any such reimbursement or payment, that the
      right of the Master Servicer or the Trustee thereto shall be prior to the rights
      of the Certificateholders; and

     

    (xiii) to
      reimburse any Servicer for such amounts as are due thereto under the applicable
      Servicing Agreement and have not been retained by or paid to such Servicer,
      to
      the extent provided in such Servicing Agreement.

     

    If
      provided in its applicable Servicing Agreement, a Servicer shall be entitled
      to
      retain as additional servicing compensation any Prepayment Interest Excess
      (to
      the extent not offset by Prepayment Interest Shortfalls).

     

    
      
        
        

      

      
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    In
      the
      event that the Master Servicer fails on any Deposit Date to remit to the Trustee
      any amounts required to be so remitted to the Trustee pursuant to sub-clause
      (viii) by such date, the Master Servicer shall pay the Trustee, for the account
      of the Trustee, interest calculated at the “prime rate” (as published in the
“Money Rates” section of The Wall Street Journal) on such amounts not timely
      remitted for the period from and including that Deposit Date to but not
      including the related Distribution Date. The Master Servicer shall only be
      required to pay the Trustee interest for the actual number of days such amounts
      are not timely remitted (e.g., one day’s interest, if such amounts are remitted
      one day after the Deposit Date).

     

    In
      connection with withdrawals pursuant to sub-clauses (i), (ii), (iii), and (vi)
      above, the Master Servicer’s, any Servicer’s or such other Person’s entitlement
      thereto is limited to collections or other recoveries on the related Mortgage
      Loan. The Master Servicer shall therefore keep and maintain a separate
      accounting for each Mortgage Loan it master services for the purpose of
      justifying any withdrawal from the Collection Account it maintains pursuant
      to
      such sub-clause (i), (ii), (iii) and (vi).

     

    Any
      withdrawals described in this section shall be allocated and limited to
      collections or other recoveries on the related Mortgage Pool and shall be
      accounted for in such manner.

     

    (b) The
      Trustee shall afford the NIMS Insurer upon reasonable notice, during normal
      business hours, access to all records maintained by the Trustee in respect
      of
      its duties hereunder and access to officers of the Trustee responsible for
      performing such duties. The Trustee shall cooperate fully with the NIMS Insurer
      and shall make available to the NIMS Insurer for review and copying at the
      expense of the NIMS Insurer, such books, documents or records as may be
      requested with respect to the Trustee’s duties hereunder. The NIMS Insurer shall
      not have any responsibility or liability for any action or failure to act by
      the
      Trustee and are not obligated to supervise the performance of the Trustee under
      this Agreement or otherwise. The Trustee shall also afford the NIMS Insurer,
      upon reasonable notice, during normal business hours, access to the Mortgage
      Files and shall cause the Master Servicer and the Servicer to provide such
      access to the Mortgage Files.

     

    Section
      4.03 Reports
      to Certificateholders.

     

    (a) On
      each
      Distribution Date, the Trustee shall prepare (based solely on information
      provided by the Master Servicer or any Cap Provider) and shall make available
      to
      the Certificateholders and any NIMS Insurer a written report setting forth
      the
      following information by Mortgage Pool (on the basis of Mortgage Loan level
      information obtained from the applicable Servicer).

     

    (i) the
      aggregate amount of the distribution to be made on such Distribution Date to
      the
      Holders of each Class of LIBOR Certificates and Grantor Trust Certificates,
      other than any Class of Notional Certificates, allocable to principal on the
      Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating
      separately the amount attributable to scheduled principal payments and
      unscheduled payments in the nature of principal in each Mortgage
      Pool;

     

    
      
        
        

      

      
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    (ii) the
      aggregate amount of the distribution to be made on such Distribution Date to
      the
      Holders of each Class of LIBOR Certificates, Notional Certificates and Grantor
      Trust Certificates allocable to interest and the calculation
      thereof;

     

    (iii) the
      amount, if any, of any distributions to the Holders of the Class C, Class X
      and
      Class R Certificates on such Distribution Date, stated separately, and the
      aggregate amounts, if any, of distributions to the Holders of the Class C,
      Class
      X and Class R Certificates on all Distribution Dates, stated
      separately;

     

    (iv) the
      amount, if any, of any distributions to the Cap Provider with respect to each
      Class of Grantor Trust Certificates (A) as interest on any outstanding Cap
      Deferred Interest Amount, (B) in reduction of such Cap Deferred Interest Amount
      or (C) as a termination payment or for any other reason;

     

    (v) the
      amount of the Cap Deferred Interest Amount for each Class of Grantor Trust
      Certificates after distributions on such Distribution Date;

     

    (vi) by
      Mortgage Pool and in the aggregate (A) the aggregate amount of any Advances
      required to be made as of the end of the month immediately preceding the month
      in which such Distribution Date occurs by or on behalf of any Servicer with
      respect to such Distribution Date, (B) the aggregate amount of such Advances
      actually made, and (C) the amount, if any, by which (A) above exceeds (B)
      above;

     

    (vii) by
      Mortgage Pool and in the aggregate, the total number of Mortgage Loans, the
      aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close
      of business on the last day of the related Collection Period, after giving
      effect to payments allocated to principal reported under clause (i)
      above;

     

    (viii) the
      Class
      Principal Amount (or Class Notional Amount) of each Class of Certificates,
      to
      the extent applicable, as of such Distribution Date after giving effect to
      payments allocated to principal reported under clause (i) above, separately
      identifying any reduction of any of the foregoing Certificate Principal Amounts
      due to any Applied Loss Amounts;

     

    (ix) by
      Mortgage Pool and in the aggregate, the amount of any Realized Losses incurred
      with respect to the Mortgage Loans (x) in the applicable Prepayment Period
      and
      (y) in the aggregate since the Cut-off Date;

     

    (x) by
      Mortgage Pool and in the aggregate, the amount of the Servicing Fees paid during
      the Collection Period to which such distribution relates;

     

    (xi) by
      Mortgage Pool and in the aggregate, the number and aggregate Scheduled Principal
      Balance of Mortgage Loans, as reported to the Trustee by the Master Servicer,
      (a) remaining outstanding, (b) Delinquent 30 to 59 days on a contractual basis,
      (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more
      days on a contractual basis, (e) as to which foreclosure proceedings have been
      commenced, all as of the close of business on the last Business Day of the
      calendar month immediately preceding the month in which such Distribution Date
      occurs, (f) in bankruptcy and (g) that are REO Properties (the information
      in
      this item (xi) to be calculated utilizing the ABS delinquency
      method);

     

    
      
        
        

      

      
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    (xii) by
      Mortgage Pool and in the aggregate, the aggregate Scheduled Principal Balance
      of
      any Mortgage Loans with respect to which the related Mortgaged Property became
      a
      REO Property as of the close of business on the last Business Day of the
      calendar month immediately preceding the month in which such Distribution Date
      occurs;

     

    (xiii) with
      respect to substitution of Mortgage Loans in the preceding calendar month,
      the
      Scheduled Principal Balance of each Deleted Mortgage Loan, and of each
      Qualifying Substitute Mortgage Loan;

     

    (xiv) the
      aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls,
      Deferred Amounts, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if
      any, for each applicable Class of Certificates, after giving effect to the
      distribution made on such Distribution Date;

     

    (xv) the
      Certificate Interest Rate applicable to such Distribution Date with respect
      to
      each Class of Certificates (with a notation if such Certificate Interest Rate
      reflects the application of the applicable Net Funds Cap);

     

    (xvi) the
      Interest Remittance Amount, the Principal Remittance Amount, the Principal
      Distribution Amount and the Overcollateralization Release Amount applicable
      to
      such Distribution Date;

     

    (xvii) if
      applicable, the amount of any shortfall (i.e., the difference between the
      aggregate amounts of principal and interest which Certificateholders would
      have
      received if there were sufficient available amounts in the Certificate Account
      and the amounts actually distributed);

     

    (xviii) the
      Overcollateralization Amount after giving effect to the distributions made
      on
      such Distribution Date;

     

    (xix) the
      amount of any Overcollateralization Deficiency after giving effect to the
      distributions made in such Distribution Date;

     

    (xx) the
      level
      of LIBOR and the Certificate Interest Rate of each of the LIBOR Certificates,
      Notional Certificates and Grantor Trust Certificates;

     

    (xxi) the
      amount of any payments made to each Class of Certificates that are treated
      as
      payments received in respect of a REMIC 2 Regular Interest and the amount of
      any
      payments to each Class of Certificates that are not treated as payments received
      in respect of a REMIC 2 Regular Interest; and

     

    (xxii) the
      amount of any payments made by the Cap Provider under the Deferred Interest
      Cap
      Agreements.

     

    In
      the
      case of information furnished pursuant to sub-clauses (i), (ii) and (viii)
      above, the amounts shall (except with respect to the Class X Certificates)
      be
      expressed as a dollar amount per $1,000 of original principal amount of
      Certificates.

     

    
      
        
        

      

      
        89

        
          

        

      

      
        
        

      

    

     

    In
      addition to the information listed above for any year in which the Depositor
      is
      subject to Exchange Act reporting with respect to the Certificates, such
      Distribution Date report shall also include such other information as is
      required by Form 10-D, including, but not limited to, the information required
      by Item 1121 (§ 229.1121) of Regulation AB to the extent that the Trustee
      shall have received any such information from the Depositor, the Sponsor, the
      Master Servicer, any Servicer, any Custodian, the Cap Provider or any
      Subservicer or Subcontractor therefor, as applicable, no later than four
      Business Days prior to the Distribution Date. 

     

    The
      Trustee will make such report and additional loan level information (and, at
      its
      option, any additional files containing the same information in an alternative
      format) provided to it by the Master Servicer available each month to
      Certificateholders, any NIMS Insurer, and the Rating Agencies via the Trustee’s
      internet website. The Trustee’s internet website shall initially be located at
      http://trustinvestorreporting.com and assistance in using the website can be
      obtained by emailing the Trustee’s customer service desk at
      ct.information.delivery@usbank.com. Such parties that are unable to use the
      website are entitled to have a paper copy mailed to them via first class mail
      by
      calling the customer service desk and indicating such. The Trustee shall have
      the right to change the way such statements are distributed in order to make
      such distribution more convenient and/or more accessible to the above parties
      and the Trustee shall provide timely and adequate notification to all above
      parties regarding any such changes.

     

    The
      Trustee shall provide a “zero settlement file” to Bloomberg L.P. within seven
      (7) calendar days after the receipt of the collateral data file from the
      Depositor, but in no event later than the first Distribution Date, which shall
      contain all of the information in the initial Monthly Report (without giving
      effect to any distributions); provided, however, that in no event will such
      zero
      settlement file contain any mortgagor-specific information.

     

    The
      foregoing information and reports shall be prepared and determined by the
      Trustee based solely on Mortgage Loan data provided to the Trustee by the Master
      Servicer (in a format agreed to by the Trustee and the Master Servicer) no
      later
      than 2:00 p.m. Eastern Time four Business Days prior to the Distribution Date
      or
      such other time period as set forth in Section 9.23(c). In preparing or
      furnishing the foregoing information, the Trustee shall be entitled to rely
      conclusively on the accuracy and completeness of the information or data (i)
      regarding the Mortgage Loans and the related REO Property that has been provided
      to the Master Servicer by the Servicer and to the Trustee by the Master Servicer
      and (ii) regarding the Cap Agreement that has been provided to the Trustee
      by
      the Cap Provider, and the Trustee shall not be obligated to verify, recompute,
      reconcile or recalculate any such information or data. The Trustee shall be
      entitled to conclusively rely on the Mortgage Loan data provided by the Master
      Servicer and shall have no liability for any errors or omissions in such
      Mortgage Loan data. The Master Servicer shall be entitled to conclusively rely
      on the Mortgage Loan data provided by each Servicer and shall have no liability
      for any errors or omissions in such Mortgage Loan data.

     

    (b) Upon
      the
      reasonable advance written request of any Certificateholder that is a savings
      and loan, bank or insurance company, the Master Servicer shall provide, or
      cause
      to be provided, to the extent such information is available to the Master
      Servicer exercising reasonable efforts to obtain such information (or, to the
      extent that such information or documentation is not required to be provided
      by
      the applicable Servicer under the related Servicing Agreement, shall use
      reasonable efforts to obtain such information and documentation from such
      Servicer, and provide) to such Certificateholder such reports and access to
      information and documentation regarding the Mortgage Loans as such
      Certificateholder may reasonably deem necessary to comply with applicable
      regulations of the Office of Thrift Supervision or its successor or other
      regulatory authorities with respect to the NIM Securities or an investment
      in
      the Certificates; provided, however, that the Master Servicer shall be entitled
      to be reimbursed by such Certificateholder for the actual expenses incurred
      in
      providing such reports and access.

     

    
      
        
        

      

      
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    (c) Within
      90
      days, or such shorter period as may be required by statute or regulation, after
      the end of each calendar year, the Trustee shall, upon written request, have
      prepared and shall make available to each Person who at any time during the
      calendar year was a Certificateholder of record, and to any NIMS Insurer, and
      make available to Certificate Owners (identified as such by the Clearing Agency)
      in accordance with applicable regulations, a report summarizing the items
      provided to the Certificateholders pursuant to Section 4.03(a)(i) and (ii)
      on an
      annual basis as may be required to enable such Holders to prepare their federal
      income tax returns; provided, however that this Section 4.03(c) shall not be
      applicable where relevant reports or summaries are required elsewhere in this
      Agreement. Such information shall include the amount of original issue discount
      accrued on each Class of Certificates and information regarding the expenses
      of
      the Trust Fund. The Trustee shall be deemed to have satisfied this requirement
      if it forwards such information in any other format permitted by the Code.
      The
      Master Servicer shall provide the Trustee with such information (to the extent
      readily available to the Master Servicer) as is necessary for the Trustee to
      prepare such reports.

     

    (d) The
      Trustee shall prepare and file with the IRS, on behalf of the Trust Fund, an
      application for an employer identification number on IRS Form SS-4 or by any
      other acceptable method. The Trustee shall also file a Form 8811 as required.
      The Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification
      Number Assigned, shall upon request promptly forward a copy of such notice
      to
      the Master Servicer and the Depositor. The Trustee shall furnish any other
      information that is required by the Code and regulations thereunder to be made
      available to Certificateholders. The Master Servicer shall provide the Trustee
      with such information (to the extent readily available to the Master Servicer)
      as is necessary for the Trustee to comply with the foregoing.

     

    Section
      4.04 Certificate
      Account and Grantor Trust Certificate Accounts.

     

    (a) The
      Trustee shall establish and maintain in its name, as trustee, trust accounts
      entitled “Certificate Account, U.S. Bank National Association, as Trustee, in
      trust for the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-2N” (the “Certificate Account”), “Class 1-A1A
      Certificate Account, U.S. Bank National Association, as Trustee, in trust for
      the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-2N,” “Class 1-A1B Certificate Account, U.S. Bank
      National Association, as Trustee, in trust for the benefit of the Holders of
      Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-2N,” “Class 3-A1
      Certificate Account, U.S. Bank National Association, as Trustee, in trust for
      the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-2N,” “Class 3-A2 Certificate Account, U.S. Bank
      National Association, as Trustee, in trust for the benefit of the Holders of
      Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-2N” and “Class
      3-A3 Certificate Account, U.S. Bank National Association, as Trustee, in trust
      for the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-2N” (each, a “Grantor Trust Certificate Account”)
      until disbursed pursuant to the terms of this Agreement. The Certificate Account
      and each Grantor Trust Certificate Account shall each be an Eligible Account
      and
      shall be for the benefit of the related Certificateholders. If the existing
      Certificate Account (or Grantor Trust Certificate Account, as applicable) ceases
      to be an Eligible Account, the Trustee shall establish a new Certificate Account
      that is an Eligible Account within 20 Business Days and transfer all funds
      and
      investment property on deposit in such existing Certificate Account into such
      new Certificate Account. The Certificate Account (or Grantor Trust Certificate
      Account, as applicable) shall relate solely to the Certificates issued hereunder
      and funds in the Certificate Account (or Grantor Trust Certificate Account,
      as
      applicable) shall be held separate and apart from and shall not be commingled
      with any other monies including, without limitation, other monies of the Trustee
      held under this Agreement. The Trustee shall give to the Depositor, Master
      Servicer and any NIMS Insurer prior written notice of the name and address
      of
      the depository institution at which the Certificate Account (or Grantor Trust
      Certificate Account, as applicable) is maintained and the account number of
      such
      Certificate Account (or Grantor Trust Certificate Account, as
      applicable).

     

    
      
        
        

      

      
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    (b) The
      Trustee shall deposit or cause to be deposited into the Certificate Account
      (or
      Grantor Trust Certificate Account, as applicable), on the day on which, or,
      if
      such day is not a Business Day, the Business Day immediately following the
      day
      on which, any monies are remitted by the Master Servicer to the Trustee, all
      such amounts. The Trustee shall make withdrawals from the Certificate Account
      (or Grantor Trust Certificate Account, as applicable) only for the following
      purposes:

     

    (i) to
      pay
      itself any investment income earned with respect to funds in the Certificate
      Account (or Grantor Trust Certificate Account, as applicable) invested in
      Eligible Investments as set forth in subsection (c) below, and to make payments
      to itself and others prior to making distributions pursuant to Section 5.02
      for
      any expenses or other indemnification owing to itself and others pursuant to
      any
      provision of this Agreement or any Custodial Agreement; provided that such
      payments are for “unanticipated expenses” within the meaning of Treasury
      Regulation Section 1.860G-1(b)(3)(ii);

     

    (ii) to
      make
      payment to itself pursuant to any provision of this Agreement, or to reimburse
      itself or its agents for any amounts reimbursable to it pursuant to Sections
      6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses”
within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii);

     

    (iii) to
      withdraw amounts deposited in the Certificate Account (or Grantor Trust
      Certificate Account, as applicable) in error;

     

    (iv) to
      make
      payments to itself and others pursuant to any provision of this
      Agreement;

     

    (v) to
      make
      distributions to Certificateholders pursuant to Article V; and

     

    
      
        
        

      

      
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    (vi) to
      clear
      and terminate the Certificate Account (or Grantor Trust Certificate Account,
      as
      applicable) pursuant to Section 7.02.

     

    Any
      withdrawals described in the preceding sentence shall be allocated and limited
      to collections or other recoveries on the related Mortgage Pool and shall be
      accounted for in such manner.

     

    (c) The
      Trustee may invest, or cause to be invested, funds held in the Certificate
      Account (or Grantor Trust Certificate Account, as applicable), which funds,
      if
      invested, shall be invested in Eligible Investments (which may be obligations
      of
      the Trustee). All such investments must be payable on demand or mature no later
      than the next Distribution Date, and shall not be sold or disposed of prior
      to
      their maturity. All such Eligible Investments will be made in the name of the
      Trustee (in its capacity as such) or its nominee. All income and gain realized
      from any such investment shall be compensation to the Trustee and shall be
      subject to its withdrawal on order from time to time. The amount of any losses
      incurred in respect of any such investments shall be paid by the Trustee for
      deposit in the Certificate Account (or Grantor Trust Certificate Account, as
      applicable) out of its own funds, without any right of reimbursement therefor,
      immediately as realized.

     

    Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Eligible Investment, or if a default occurs
      in
      any other performance required under any Eligible Investment, the Trustee may
      and, subject to Section 6.01 and Section 6.02(iv), upon the request of the
      NIMS
      Insurer, shall take such action as may be appropriate to enforce such payment
      or
      performance, including the institution and prosecution of appropriate
      proceedings.

     

    Section
      4.05 Final
      Maturity Reserve Account.

     

    (a) The
      Trustee shall establish and maintain in its name in its name, as trustee, a
      trust account entitled “Final Maturity Reserve Account, U.S. Bank National
      Association, as Trustee, in trust for the benefit of the Holders of Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2007-2N” (the “Final Maturity
      Reserve Account”). The Final Maturity Reserve Account shall be an Eligible
      Account and shall be for the benefit of the related Certificateholders. If
      the
      existing Final Maturity Reserve Account ceases to be an Eligible Account, the
      Trustee shall establish a new Final Maturity Reserve Account that is an Eligible
      Account within 20 Business Days and transfer all funds and investment property
      on deposit in such existing Final Maturity Reserve Account into such new Final
      Maturity Reserve Account. The Final Maturity Reserve Account shall relate solely
      to the Certificates issued hereunder and funds in the Final Maturity Reserve
      Account shall be held separate and apart from and shall not be commingled with
      any other monies including, without limitation, other monies of the Trustee
      held
      under this Agreement. The Trustee shall give to the Depositor, Master Servicer
      and any NIMS Insurer prior written notice of the name and address of the
      depository institution at which the Final Maturity Reserve Account is maintained
      and the account number of such Final Maturity Reserve Account. Notwithstanding
      anything herein to the contrary, the Trustee will only establish the Final
      Maturity Reserve Account if there is any Coupon Strip to be deposited
      therein.

     

    
      
        
        

      

      
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    (b) If,
      on
      the Distribution Date occurring in February 2017, or on any Distribution Date
      thereafter through the Distribution Date in February 2037, any Offered
      Certificates or Class M11 or Class M12 Certificates are outstanding and the
      aggregate stated principal balance of the Mortgage Loans with original terms
      to
      maturity in excess of 30 years is greater than the scheduled amount set forth
      in
      Schedule B hereto, the Trustee shall deposit from funds available for interest
      distributions into the Final Maturity Reserve Account, the Coupon Strip for
      such
      Distribution Date. 

     

    (c) On
      each
      Distribution Date, any amounts on deposit in the Final Maturity Reserve Account
      in excess of the lesser of (i) the aggregate Class Principal Amount of the
      Senior Certificates and Subordinate Certificates and (ii) the aggregate stated
      principal balance of the Mortgage Loans with original terms to maturity in
      excess of 30 years, will be used to pay any interest shortfalls to the holders
      of the Senior Certificates and Subordinate Certificates, in accordance with
      Sections 5.02(a) and 5.02(b), and any amounts in excess of such shortfalls
      will
      be applied in accordance with Section 5.02(d) with
      the
      following modifications: (i) after
      giving effect to proposed distributions on any Distribution Date, the sum of
      the
      cumulative amounts applied in accordance with Section 5.02(d)(ii) pursuant
      to
      this sentence, the cumulative amounts applied in accordance with Section
      5.02(d)(iii) pursuant to this sentence and the cumulative amounts applied in
      accordance with Section 5.02(d)(iv) pursuant to this sentence shall be limited
      to the aggregate amount of cumulative Realized Losses incurred from the Cut-off
      Date through the last day of the related Collection Period and
      (ii)
“the Class X Distributable Amount” shall be substituted with “any remaining
      amount”.

     

    (d) On
      the
      earlier of (x) the Distribution Date occurring in February 2037 and (y) the
      Distribution Date on which the final distribution of payments from the Mortgage
      Loans and the other assets of the Trust Fund is expected to be made, any
      remaining amounts on deposit in the Final Maturity Reserve Account will be
      distributed to the Offered Certificates and Class M11 and Class M12 Certificates
      in the following order of priority:

     

    (1)  pro
      rata,
      to each
      class of Senior Certificates, in accordance with their respective outstanding
      Class Principal Amounts, after giving effect to principal distributions on
      such
      Distribution Date, until the Class Principal Amount of each such class is
      reduced to zero;

     

    (2)  sequentially,
      to each class of Subordinate Certificates, in accordance with the Subordinate
      Priority, after
      giving effect to principal distributions on such Distribution Date,
      until
      the Class Principal Amount of each such class is reduced to zero;

     

    (3)  to
      each
      class of Offered Certificates and Class M11 and Class M12 Certificates, any
      Current Interest and Carryforward Interest for each such class remaining unpaid
      after giving effect to interest distributions on such Distribution Date in
      accordance with Sections 5.02(a) and 5.02(b);

     

    (4)  to
      each
      class of Offered Certificates and Class M11 and Class M12 Certificates, any
      Unpaid Basis Risk Shortfall for each such class after giving effect to the
      distributions on such Distribution Date in accordance with Section 5.02(d);
      and

     

    (5)  to
      the
      Class X Certificates, any remaining amount.

     

    
      
        
        

      

      
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    (e) The
      Holders of the Class X Certificates shall direct the Trustee, in writing, as
      to
      investment of amounts on deposit in the Final Maturity Reserve Account and
      shall
      be liable for any losses incurred on such investments. All such investments
      shall be Eligible Investments (which may be obligations of the Trustee), must
      be
      payable on demand or mature no later than the next Distribution Date and shall
      not be sold or disposed of prior to their maturity. All such Eligible
      Investments will be made in the name of the Trustee (in its capacity as such)
      or
      its nominee. All income and gain realized from any such investment shall remain
      in the Final Maturity Reserve Account. For federal income tax purposes, the
      Final Maturity Reserve Account shall be an “outside reserve fund” within the
      meaning of Treasury regulation 1.860G-2(h) and not an asset of any REMIC created
      pursuant to this Agreement, and the Class X Certificates shall evidence
      ownership of the Final Maturity Reserve Account and shall be taxable on all
      income earned thereon. In the absence of written instructions from the Class
      X
      Certificateholders as to investment of funds on deposit in the Final Maturity
      Reserve Account, such funds shall remain uninvested. 

     

    (f) For
      federal income tax purposes, any Certificateholder that receives a principal
      payment from the Final Maturity Reserve Account shall be treated as selling
      a
      portion of its Certificate to the Class X Certificateholder and as having
      received the amount of the principal payment from the Class X Certificateholder
      as the proceeds of the sale. The portion of the Certificate that is treated
      as
      having been sold shall equal the amount of the corresponding reduction in the
      Certificate Principal Amount of such Certificate. Principal payments received
      from the Final Maturity Reserve Account shall not be treated as distributions
      from any REMIC created hereby. All principal distributions from the Final
      Maturity Reserve Account shall be accounted for hereunder in accordance with
      this Section 4.05(f). In furtherance of the foregoing, distributions and
      allocations shall continue to be made with respect to the REMIC regular interest
      represented by the portion of any Certificate that is treated as having been
      sold to the Class X Certificateholder as if such portion was still outstanding
      and held by the Class X Certificateholder, provided that the rights of the
      Class
      X Certificateholder to any such distributions shall subordinated to the rights
      of any other Certificateholder (other than the Holder of the Residual
      Certificates) to receive distributions.

     

    ARTICLE
      V.

     

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

     

    Section
      5.01 Distributions
      Generally.

     

    (a) Subject
      to Section 7.01 respecting the final distribution on the Certificates, on each
      Distribution Date the Trustee or the Paying Agent shall make distributions
      in
      accordance with this Article V. Such distributions shall be made by wire
      transfer if the Certificateholder has provided the Trustee with wire
      instructions or by check mailed to the address of such Certificateholder as
      it
      appears in the books of the Trustee if the Certificateholder has not provided
      the Trustee with wire instructions in immediately available funds to an account
      specified in the request and at the expense of such Certificateholder; provided,
      however, that the final distribution in respect of any Certificate shall be
      made
      only upon presentation and surrender of such Certificate at the Corporate Trust
      Office; provided, further, that the foregoing provisions shall not apply to
      any
      Class of Certificates as long as such Certificate remains a Book-Entry
      Certificate in which case all payments made shall be made through the Clearing
      Agency and its Clearing Agency Participants. Notwithstanding such final payment
      of principal of any of the Certificates, each Residual Certificate will remain
      outstanding until the termination of each REMIC and the payment in full of
      all
      other amounts due with respect to the Residual Certificates and at such time
      such final payment in retirement of any Residual Certificate will be made only
      upon presentation and surrender of such Certificate at the Corporate Trust
      Office. If any payment required to be made on the Certificates is to be made
      on
      a day that is not a Business Day, then such payment will be made on the next
      succeeding Business Day.

     

    
      
        
        

      

      
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    (b) All
      distributions or allocations made with respect to Certificateholders within
      each
      Class on each Distribution Date shall be allocated among the outstanding
      Certificates of such Class equally in proportion to their respective initial
      Class Principal Amounts or initial Class Notional Amounts (or Percentage
      Interests).

     

    (c) The
      Trustee shall make payments to Certificateholders and any other person pursuant
      to this Article V based solely on the information set forth in the monthly
      report furnished by the Trustee in accordance with Section 4.03(a), and shall
      be
      entitled to conclusively rely on such information and reports, and on the
      calculations contained therein, when making distributions to Certificateholders.
      The Trustee shall have no liability for any errors in such reports or
      information, and shall not be required to verify, recompute, reconcile or
      recalculate any such information or data.

     

    Section
      5.02 Distributions
      from the Certificate Account and Grantor Trust Certificate
      Accounts.
      

     

    (a) On
      each
      Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee)
      shall withdraw from the Certificate Account the Total Distribution Amount
      (excluding all Prepayment Premiums) and shall allocate such amount to the
      interests issued in respect of each REMIC and shall distribute such amount
      as
      specified in this Section concurrently as follows:

     

    (i) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      for Pool 1 for such date as follows:

     

    (A) on
      each
      Distribution Date on and after the Distribution Date in February 2017, if
      applicable, to the Final Maturity Reserve Account, an amount equal to the Coupon
      Strip related to Pool 1, if any, for such Distribution Date;

     

    (B) concurrently,
      to each Class of Pool 1 Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro
      rata
      on the
      basis of Current Interest and Carryforward Interest due such Classes on such
      Distribution Date; and

     

    (C) for
      application pursuant to Section 5.02(b), any such Interest Remittance Amount
      remaining undistributed for such Distribution Date.

     

    
      
        
        

      

      
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    (ii) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      for Pool 2 for such date as follows:

     

    (A) on
      each
      Distribution Date on and after the Distribution Date in February 2017, if
      applicable, to the Final Maturity Reserve Account, an amount equal to the Coupon
      Strip related to Pool 2, if any, for such Distribution Date;

     

    (B) concurrently,
      to each Class of Pool 2 Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro
      rata
      on the
      basis of Current Interest and Carryforward Interest due such Classes on such
      Distribution Date; and

     

    (C) for
      application pursuant to Section 5.02(b), any such Interest Remittance Amount
      remaining undistributed for such Distribution Date.

     

    (iii) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      for Pool 3 for such date as follows:

     

    (A) on
      each
      Distribution Date on and after the Distribution Date in February 2017, if
      applicable, to the Final Maturity Reserve Account, an amount equal to the Coupon
      Strip related to Pool 3, if any, for such Distribution Date;

     

    (B) concurrently,
      to each Class of Pool 3 Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro
      rata
      on the
      basis of Current Interest and Carryforward Interest due such Classes on such
      Distribution Date; and

     

    (C) for
      application pursuant to Section 5.02(b), any such Interest Remittance Amount
      remaining undistributed for such Distribution Date.

     

    (b) On
      each
      Distribution Date, the Trustee will distribute the aggregate of any remaining
      Interest Remittance Amounts from Sections 5.02(a)(i)(C), 5.02(a)(ii)(C) and
      5.02(a)(iii)(C), as applicable, sequentially as follows:

     

    (i) concurrently,
      to each Class of Senior Certificates, Current Interest and any Carryforward
      Interest for such Classes for such Distribution Date (any shortfall in Current
      Interest and Carryforward Interest to be allocated among such Classes in
      proportion to the amount of Current Interest and Carryforward Interest that
      would otherwise be distributable thereon) to the extent not paid on such
      Distribution Date pursuant to Sections 5.02(a)(i)(B), 5.02(a)(ii)(B) and
      5.02(a)(iii)(B);

     

    (ii) to
      each
      Class of Subordinate Certificates, in accordance with the Subordinate Priority,
      Current Interest and any Carryforward Interest for such Classes for such
      Distribution Date;

     

    
      
        
        

      

      
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    (iii) to
      the
      Trustee, previously unreimbursed extraordinary costs, liabilities and expenses
      related to the Certificates; and

     

    (iv) for
      application as part of the aggregate Monthly Excess Cashflow for such
      Distribution Date, as provided in Section 5.02(d), any such Interest Remittance
      Amount remaining after application pursuant to clauses (i) through (iii)
      above.

     

    (c) On
      each
      Distribution Date, the Trustee shall distribute the Principal Distribution
      Amount with respect to each Mortgage Pool for such date, concurrently, as
      follows:

     

    (i) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) with respect to which
      a
      Trigger Event is in effect, until the aggregate Certificate Principal Amount
      of
      the LIBOR Certificates equals the Target Amount for such Distribution Date,
      the
      Trustee shall distribute the Principal Distribution Amount in the following
      order of priority:

     

    (A) For
      Pool
      1: The Principal Distribution Amount for Pool 1 will be distributed on each
      Distribution Date sequentially as follows:

     

    (1) pro
      rata,
      to the
      Class 1-A1A Underlying Interest and Class 1-A1B Underlying
      Interest, until the Class Principal Amount of each such Class has been reduced
      to zero;

     

    (2) concurrently,
      (x) to the Class 2-A Certificates, after giving effect to distributions pursuant
      to Section 5.02(c)(i)(B)(1) below, until the Class Principal Amount of such
      Class has been reduced to zero and (y) sequentially (i) first, to the Class
      3-A1
Underlying
      Interest,
      (ii)
      second, to the Class 3-A2 Underlying Interest and (iii) third, to the Class
      3-A3
      Underlying Interest, after giving effect to effect to distributions pursuant
      to
      Section 5.02(c)(i)(C)(1) below, until the Class Principal Amount of each such
      Class has been reduced to zero;

     

    (3) to
      the
      Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
      M8,
      Class M9, Class M10, Class M11 and Class M12 Certificates, sequentially, in
      that
      order, until the Class Principal Amount of each such Class has been reduced
      to
      zero; and

     

    (4) for
      application as part of the Monthly Excess Cashflow for such Distribution Date,
      pursuant to Section 5.02(d), any such Principal Distribution Amount remaining
      after application pursuant to Sections 5.02(c)(i)(A)(1) through (3)
      above.

     

    (B) For
      Pool
      2: The Principal Distribution Amount for Pool 2 will be distributed on each
      Distribution Date sequentially as follows:

     

    (1) to
      the
      Class 2-A Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (2) concurrently,
      (x) pro
      rata,
      to the
      Class 1-A1A Underlying Interest and Class 1-A1B Underlying Interest, after
      giving effect to distributions pursuant to Section 5.02(c)(i)(A)(1) above,
      until
      the Class Principal Amount of each such Class has been reduced to zero and
      (y)
      sequentially (i) first, to the Class 3-A1 Underlying Interest, (ii) second,
      to
      the Class 3-A2 Underlying Interest and (iii) third, to the Class 3-A3 Underlying
      Interest, after giving effect to effect to distributions pursuant to Section
      5.02(c)(i)(C)(1) below, until the Class Principal Amount of each such Class
      has
      been reduced to zero;

     

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

    

     

    (3) to
      the
      Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
      M8,
      Class M9, Class M10, Class M11 and Class M12 Certificates, sequentially, in
      that
      order, until the Class Principal Amount of each such Class has been reduced
      to
      zero; and

     

    (4) for
      application as part of the Monthly Excess Cashflow for such Distribution Date,
      pursuant to Section 5.02(d), any such Principal Distribution Amount remaining
      after application pursuant to Sections 5.02(c)(i)(B)(1) through (3)
      above.

     

    (C) For
      Pool
      3: The Principal Distribution Amount for Pool 3 will be distributed on each
      Distribution Date sequentially as follows:

     

    (1) sequentially
      (x) first, to the Class 3-A1 Underlying Interest, (y) second, to the Class
      3-A2
      Underlying Interest and (z) third, to the Class 3-A3 Underlying Interest, until
      the Class Principal Amount of each such Class has been reduced to
      zero;

     

    (2) concurrently,
      (x) pro
      rata,
      to the
      Class 1-A1A Underlying Interest and Class 1-A1B Underlying Interest, after
      giving effect to distributions pursuant to Section 5.02(c)(i)(A)(1) above,
      until
      the Class Principal Amount of each such Class has been reduced to zero and
      (y)
      to the Class 2-A Certificates, after giving effect to distributions pursuant
      to
      Section 5.02(c)(i)(B)(1) above, until the Class Principal Amount of such Class
      has been reduced to zero ;

     

    (3) to
      the
      Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
      M8,
      Class M9, Class M10, Class M11 and Class M12 Certificates, sequentially, in
      that
      order, until the Class Principal Amount of each such Class has been reduced
      to
      zero; and

     

    (4) for
      application as part of the Monthly Excess Cashflow for such Distribution Date,
      pursuant to Section 5.02(d), any such Principal Distribution Amount remaining
      after application pursuant to Sections 5.02(c)(i)(C)(1) through (3)
      above.

     

    (ii) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) with respect to
      which a Trigger Event is not in effect, the Principal Distribution Amount for
      such date will be distributed in the following order of priority:

     

    (A) (a)
      so
      long as any of the Subordinate Certificates are outstanding, concurrently,
      to
      the Pool 1 Senior Certificates (from amounts in Pool 1, except as provided
      below
      and except for any Notional Certificates), to the Pool 2 Senior Certificates
      (from amounts in Pool 2, except as provided below and except for any Notional
      Certificates) and to the Pool 3 Senior Certificates (from amounts in Pool 3,
      except as provided below and except for any Notional Certificates), in each
      case
      in accordance with the priorities set forth in Section 5.02(c)(i)(A)(1), Section
      5.02(c)(i)(B)(1) or Section 5.02(c)(i)(C)(1), as applicable, in an amount equal
      to the lesser of (x) the Principal Distribution Amount for the related Mortgage
      Pool for such Distribution Date and (y) the Senior Principal Distribution Amount
      for the related Mortgage Pool (allocated by Principal Allocation Percentage
      but
      not in excess of the Class Principal Amount of the related Senior Certificates)
      for such Distribution Date until the Class Principal Amount of each such Class
      has been reduced to zero; or (b) otherwise to the Senior Certificates (except
      for any Notional Certificates) the Principal Distribution Amount for the related
      Mortgage Pool for such Distribution Date, in each case in accordance with the
      priorities set forth in Section 5.02(c)(i)(A)(1), Section 5.02(c)(i)(B)(1)
      or
      Section 5.02(c)(i)(C)(1), as applicable;

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

     

    (B) to
      the
      Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates on such Distribution Date pursuant to
      clause (A) above and (y) the M1 Principal Distribution Amount for such
      Distribution Date, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (C) to
      the
      Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1 Certificates on such
      Distribution Date pursuant to clauses (A) and (B) above and (y) the M2 Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

    (D) to
      the
      Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1 and Class M2
      Certificates on such Distribution Date pursuant to clauses (A) through (C)
      above
      and (y) the M3 Principal Distribution Amount for such Distribution Date, until
      the Class Principal Amount of such Class has been reduced to zero;

     

    (E) to
      the
      Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2 and Class
      M3
      Certificates on such Distribution Date pursuant to clauses (A) through (D)
      above
      and (y) the M4 Principal Distribution Amount for such Distribution Date, until
      the Class Principal Amount of such Class has been reduced to zero;

     

    (F) to
      the
      Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2, Class M3
      and
      Class M4 Certificates on such Distribution Date pursuant to clauses (A) through
      (E) above and (y) the M5 Principal Distribution Amount for such Distribution
      Date, until the Class Principal Amount of such Class has been reduced to
      zero;

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

     

    (G) to
      the
      Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2, Class M3,
      Class M4 and Class M5 Certificates on such Distribution Date pursuant to clauses
      (A) through (F) above and (y) the M6 Principal Distribution Amount for such
      Distribution Date, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (H) to
      the
      Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2, Class M3,
      Class M4, Class M5 and Class M6 Certificates on such Distribution Date pursuant
      to clauses (A) through (G) above and (y) the M7 Principal Distribution Amount
      for such Distribution Date, until the Class Principal Amount of such Class
      has
      been reduced to zero;

     

    (I) to
      the
      Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2, Class M3,
      Class M4, Class M5, Class M6 and Class M7 Certificates on such Distribution
      Date
      pursuant to clauses (A) through (H) above and (y) the M8 Principal Distribution
      Amount for such Distribution Date, until the Class Principal Amount of such
      Class has been reduced to zero;

     

    (J) to
      the
      Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2, Class M3,
      Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates on such
      Distribution Date pursuant to clauses (A) through (I) above and (y) the M9
      Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero; 

     

    (K) to
      the
      Class M10 Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2, Class M3,
      Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates
      on
      such Distribution Date pursuant to clauses (A) through (J) above and (y) the
      M10
      Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero; 

     

    (L) to
      the
      Class M11 Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2, Class M3,
      Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class M10
      Certificates on such Distribution Date pursuant to clauses (A) through (K)
      above
      and (y) the M11 Principal Distribution Amount for such Distribution Date, until
      the Class Principal Amount of such Class has been reduced to zero; 

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

     

    (M) to
      the
      Class M12 Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2, Class M3,
      Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10 and Class
      M11 Certificates on such Distribution Date pursuant to clauses (A) through
      (L)
      above and (y) the M12 Principal Distribution Amount for such Distribution Date,
      until the Class Principal Amount of such Class has been reduced to zero;
      and

     

    (N) for
      application as part of the Monthly Excess Cashflow for such Distribution Date,
      pursuant to Section 5.02(d), any Principal Distribution Amount remaining after
      application pursuant to clauses (A) through (M) above.

     

    (d) Any
      Monthly Excess Cashflow will, on each Distribution Date, be distributed in
      the
      following order of priority:

     

    (i) pro
      rata, to
      the
      Senior Certificates, Current Interest and Carryforward Interest for such Classes
      for such Distribution Date, to the extent unpaid, pursuant to 5.02(b)(i) above,
      and sequentially to the Subordinate Certificates Current Interest and
      Carryforward Interest for such Classes for such Distribution Date, to the extent
      unpaid, pursuant to 5.02(b)(ii) above;

     

    (ii) for
      each
      Distribution Date occurring (a) before the Stepdown Date or (b) on or after
      the
      Stepdown Date but for which a Trigger Event is in effect, then until the
      aggregate Certificate Principal Amount of the LIBOR Certificates equals the
      Target Amount for such Distribution Date, in the following order of
      priority:

     

    (A) pro
      rata,
      based
      upon the Senior Proportionate Percentage, after giving effect to principal
      distributions on such Distribution Date, to the Senior Certificates, in
      accordance with Section 5.02(c)(i), in reduction of their respective Class
      Principal Amounts, until the Class Principal Amount of each such Class has
      been
      reduced to zero; and

     

    (B) to
      the
      Subordinate Certificates, in accordance with the Subordinate Priority, until
      the
      Class Principal Amount of each such Class has been reduced to zero;

     

    (iii) for
      each
      Distribution Date occurring on or after the Stepdown Date and for which a
      Trigger Event is not in effect, in the following order of priority:

     

    (A) pro
      rata,
      based
      upon the Senior Proportionate Percentage, after giving effect to principal
      distributions on such Distribution Date, to the Senior Certificates, in
      accordance with Section 5.02(c)(i), in reduction of their respective Class
      Principal Amounts, until the aggregate Class Principal Amount of such Senior
      Certificates, after giving effect to distributions on such Distribution Date,
      equals the Senior Target Amount;

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

     

    
      (B) to
        the
        Class M1 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1
        Certificates, after giving effect to distributions on such Distribution Date,
        equals the M1 Target Amount;

       

      (C) to
        the
        Class M2 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1 and
        Class M2 Certificates, after giving effect to distributions on such Distribution
        Date, equals the M2 Target Amount;

       

      (D) to
        the
        Class M3 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1,
        Class M2 and Class M3 Certificates, after giving effect to distributions
        on such
        Distribution Date, equals the M3 Target Amount;

       

      (E) to
        the
        Class M4 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1,
        Class M2, Class M3 and Class M4 Certificates, after giving effect to
        distributions on such Distribution Date, equals the M4 Target
        Amount;

       

      (F) to
        the
        Class M5 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1,
        Class M2, Class M3, Class M4 and Class M5 Certificates, after giving effect
        to
        distributions on such Distribution Date, equals the M5 Target
        Amount;

       

      (G) to
        the
        Class M6 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1,
        Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates, after giving
        effect to distributions on such Distribution Date, equals the M6 Target
        Amount;

       

      (H) to
        the
        Class M7 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1,
        Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates,
        after giving effect to distributions on such Distribution Date, equals the
        M7
        Target Amount;

       

      (I) to
        the
        Class M8 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1,
        Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8
        Certificates, after giving effect to distributions on such Distribution Date,
        equals the M8 Target Amount; 

       

      (J) to
        the
        Class M9 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1,
        Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and
        Class
        M9 Certificates, after giving effect to distributions on such Distribution
        Date,
        equals the M9 Target Amount; and 

       

      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

       

      (K) to
        the
        Class M10 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1,
        Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class
        M9
        and Class M10 Certificates, after giving effect to distributions on such
        Distribution Date, equals the M10 Target Amount; 

       

      (L) to
        the
        Class M11 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1,
        Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class
        M9,
        Class M10 and Class M11 Certificates, after giving effect to distributions
        on
        such Distribution Date, equals the M11 Target Amount; 

       

      (M) to
        the
        Class M12 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1,
        Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class
        M9,
        Class M10, Class M11 and Class M12 Certificates, after giving effect to
        distributions on such Distribution Date, equals the M12 Target Amount;

       

      (iv) (a)
        first, in proportion to their respective Deferred Amounts, to the Senior
        Certificates and (b) second, to the Subordinate Certificates, in accordance
        with
        the Subordinate Priority, any Deferred Amount for each such Class and such
        Distribution Date;

       

      (v) to
        the
        Basis Risk Reserve Fund, the amount of any Basis Risk Payment and then from
        the
        Basis Risk Reserve Fund, in the following order of priority:

       

      (A) pro
        rata,
        to the
        Senior Certificates, any applicable Basis Risk Shortfalls and Unpaid Basis
        Risk
        Shortfalls for each such Class and such Distribution Date, in proportion
        to such
        shortfalls;

       

      (B) to
        the
        Subordinate Certificates, in accordance with the Subordinate Priority, any
        applicable Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for each
        such
        Class and such Distribution Date; and

       

      (C) to
        the
        Class X Certificates, any amounts remaining in the Basis Risk Reserve Fund
        in
        excess of amounts required to be on deposit therein after satisfying Sections
        5.02(d)(v)(A) and (B) above for such Distribution Date;

       

      (vi) to
        the
        Class X Certificates, the Class X Distributable Amount for such Distribution
        Date; and

       

      (vii) to
        the
        Residual Certificate, any remaining amount.

       

      (e) (1) On
        each
        Distribution Date on and prior to the Class X Account Termination Date, the
        Trustee shall withdraw the Class C Distributable Amount for such Distribution
        Date from the Class X Account, pursuant to Section 5.12 herein, and shall
        distribute such amount to the Class C Certificates.

       

      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

       

      (2) On
        each
        Distribution Date on or prior to the Class X Termination Date, the Trustee
        shall
        withdraw amounts on deposit in the Class X Account and distribute such amounts
        to the Class X Certificates, an amount equal to the excess, if any, of the
        sum
        of Realized Losses attributable to the Class C Mortgage Loans over the sum
        of
        all amounts distributed pursuant to this Section 5.02(e)(2) on prior
        Distribution Dates to the Class X Certificates.

       

      (f) On
        each
        Distribution Date, the Trustee (or Paying Agent, as applicable) shall distribute
        to the Holders of the Class P-I Certificates, any Prepayment Premiums paid
        by
        borrowers upon voluntary full or partial prepayment of the Mortgage Loans
        in
        Pool 1. On each Distribution Date, the Paying Agent shall distribute to the
        Holders of the Class P-II Certificates, any Prepayment Premiums paid by
        borrowers upon voluntary full or partial prepayment of the Mortgage Loans
        in
        Pool 2. On each Distribution Date, the Paying Agent shall distribute to the
        Holders of the Class P-III Certificates, any Prepayment Premiums paid by
        borrowers upon voluntary full or partial prepayment of the Mortgage Loans
        in
        Pool 3.

       

      (g) [Reserved]

       

      (h) The
        Depositor shall cause the Trustee to enter into the Deferred Interest Cap
        Agreements. The Trustee’s rights to receive certain proceeds of each Deferred
        Interest Cap Agreement as provided in each Deferred Interest Cap Agreement
        shall
        be rights of the Trustee under this Agreement, shall be an asset of the Class
        1-A1A Grantor Trust, Class 1-A1B Grantor Trust, Class 3-A1 Grantor Trust,
        Class
        3-A2 Grantor Trust or Class 3-A3 Grantor Trust, as applicable, and shall
        not be
        an asset of the Trust Fund nor of any REMIC. The Trustee shall deposit any
        amounts received from time to time from the Cap Provider with respect to
        each
        Deferred Interest Cap Agreement into the applicable Deferred Interest Cap
        Account. 

       

      Funds
        in
        the Deferred Interest Cap Accounts shall remain uninvested. For federal income
        tax purposes, the Class 1-A1A, Class 1-A1B, Class 3-A1, Class 3-A2 or Class
        3-A3
        Certificates shall each evidence a beneficial interest in the Deferred Interest
        Cap Agreement related to such Class and the Deferred Interest Cap Account
        related to such Deferred Interest Cap Agreement. 

       

      Solely
        for federal income tax purposes, (i) each Underlying Interest, (ii) the related
        Deferred Interest Cap Agreement, (iii) the related Deferred Interest Cap
        Account
        and (iv) the related Grantor Trust Certificate Account shall be treated as
        comprising a “grantor trust” within the meaning of the Grantor Trust Provisions
        for the benefit of the holders of the related Grantor Trust
        Certificates.

       

      (i) On
        each
        Distribution Date, the Trustee, as holder of the Underlying Interests, shall
        deposit all distributions received on those Underlying Interests for that
        Distribution Date into the related Grantor Trust Certificate Account. On
        each
        Distribution Date, the Trustee will withdraw the Grantor Trust Available
        Funds
        for each Grantor Trust established pursuant to Section 5.02(h) and such amounts
        will be distributed in the following priority:

       

      (i) to
        the
        Cap Provider, interest, if any, on the Cap Deferred Interest Amount due to
        the
        Cap Provider from
        the
        applicable Grantor Trust Available Funds;

       

      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

       

      (ii) to
        the
        related Grantor Trust Certificates, the Current Interest and any Carryforward
        Interest for such Distribution Date;

       

      (iii) to
        the
        Cap Provider, the Cap Deferred Interest Amount for such Distribution Date
        from
        the applicable Grantor Trust Available Funds;

       

      (iv) to
        the
        related Grantor Trust Certificates, any principal distributions received
        from
        the Class 1-A1A Underlying Interest (in the case of the Class 1-A1A
        Certificates), Class 1-A1B Underlying Interest (in the case of the Class
        1-A1B
        Certificates), Class 3-A1 Underlying Interest (in the case of the Class 3-A1
        Certificates), Class 3-A2 Underlying Interest (in the case of the Class 3-A2
        Certificates) or Class 3-A3 Underlying Interest (in the case of the Class
        3-A3
        Certificates), in reduction of the Class Principal Amount of such Grantor
        Trust
        Certificates, until the Class Principal Amount thereof has been reduced to
        zero;
        and

       

      (v) to
        the
        Cap Provider, any termination payments (as set forth in the related Deferred
        Interest Cap Agreement) from the applicable Grantor Trust Available
        Funds.

       

      (j) Any
        interest shortfall resulting from Deferred Interest on the Mortgage Loans
        in a
        Mortgage Pool will be allocated to the related Senior Certificates (other
        than
        the Class 1-AX, Class 2-AX and Class 3-AX Certificates) and Subordinate
        Certificates pro
        rata
        based on
        and up to the amount of Current Interest that has accrued on such Certificates
        (or on the Apportioned Principal Balance thereof in the case of the Subordinate
        Certificates) in reduction of the amount of interest otherwise distributable
        to
        such Classes of Certificates; provided, however, that to the extent the amount
        of Net Negative Amortization otherwise allocable to such Certificates exceeds
        the amount of Current Interest accrued on the Related REMIC 2 Interest of
        such
        Certificates (or on the Apportioned Principal Balance thereof in the case
        of the
        Subordinate Certificates), then such excess Net Negative Amortization shall
        be
        allocated to the Class X Certificates to the extent payments would otherwise
        be
        made to the Class X Certificates in respect of the Uncertificated Class X
        Interest (disregarding any payments to the Class X Certificates from the
        Final
        Maturity Reserve Account).

       

      The
        amount of the reduction of Current Interest distributable to each Class of
        Certificates attributable
        to
        Net Negative Amortization will be added to the Class Principal Amount of
        that
        Class (other
        than the Grantor Trust Certificates, unless the
        related Deferred Interest Cap Agreement has
        been
        terminated or there has been a default in payment under the related Deferred
        Interest Cap Agreement).
        

       

      Section
        5.03 Allocation
        of Losses.

       

      (a) On
        each
        Distribution Date, the aggregate Class Principal Amount of the Certificates
        shall be reduced by the amount of any Applied Loss Amount for such date,
        in the
        following order of priority:

       

      (i) to
        the
        Class M12 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (ii) to
        the
        Class M11 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

       

      (iii) to
        the
        Class M10 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (iv) to
        the
        Class M9 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (v) to
        the
        Class M8 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (vi) to
        the
        Class M7 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (vii) to
        the
        Class M6 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (viii) to
        the
        Class M5 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (ix) to
        the
        Class M4 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (x) to
        the
        Class M3 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (xi) to
        the
        Class M2 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero; 

       

      (xii) to
        the
        Class M1 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero; 

       

      (xiii) concurrently,
        on the basis of Realized Losses on the related Mortgage Pool, (a) sequentially
        (i) first, to the Class 1-A1B Underlying Interest until their Class Principal
        Amount has been reduced to zero and (ii) second, to the Class 1-A1A Underlying
        Interest until their Class Principal Amount has been reduced to zero, (b)
        to the
        Class 2-A Certificates until their Class Principal Amount has been reduced
        to
        zero and (c) pro
        rata
        to the
        Class 3-A1 Underlying Interest, Class 3-A2 Underlying Interest and Class
        3-A3
        Underlying Interest until their Class Principal Amounts have been reduced
        to
        zero. Realized losses allocated to the underlying Class 1-A1A Underlying
        Interest, Class 1-A1B Underlying Interest, Class 3-A1 Underlying Interest,
        Class
        3-A2 Underlying Interest and Class 3-A3 Underlying Interest will be allocated
        to
        the Class 1-A1A, Class 1-A1B, Class 3-A1, Class 3-A2 and Class 3-A3
        Certificates, respectively. 

       

      Section
        5.04 Advances
        by Master Servicer, Servicer and Trustee.

       

      (a) Subject
        to Section 9.07, Advances shall be made in respect of each Determination
        Date as
        provided herein. If, on any Determination Date, any Servicer determines that
        any
        Scheduled Payments due during the related Collection Period (other than Balloon
        Payments) and relating to any of the Mortgage Loans that it services have
        not
        been received, such Servicer shall advance such amount to the extent provided
        in
        the related Servicing Agreement. If the applicable Servicer fails to remit
        Advances required to be made under the related Servicing Agreement, the Master
        Servicer shall itself make, or shall cause the successor Servicer to make,
        such
        Advance on the Deposit Date immediately following such Determination Date;
        provided, however, that required Advances remitted by the applicable Servicer
        or
        the Master Servicer may be reduced by an amount, if any, to be set forth
        in an
        Officer’s Certificate to be delivered to the Trustee on such Determination Date,
        which if advanced the Master Servicer or the applicable Servicer has determined
        would not be recoverable from amounts received with respect to such Mortgage
        Loan, including late payments, Liquidation Proceeds, Insurance Proceeds or
        otherwise. If the Master Servicer determines that an Advance is required,
        it
        shall on the Deposit Date immediately following such Determination Date either
        (i) remit to the Trustee from its own funds (or funds advanced by the applicable
        Servicer) for deposit in the Certificate Account immediately available funds
        in
        an amount equal to such Advance, (ii) cause to be made an appropriate entry
        in
        the records of the Collection Account that funds in such account being held
        for
        future distribution or withdrawal have been, as permitted by this Section
        5.04,
        used by the Master Servicer to make such Advance, and remit such immediately
        available funds to the Trustee for deposit in the Certificate Account or
        (iii)
        make Advances in the form of any combination of clauses (i) and (ii) aggregating
        the amount of such Advance. Any funds being held in the Collection Account
        for
        future distribution to Certificateholders and so used shall be replaced by
        the
        Master Servicer from its own funds by remittance to the Trustee for deposit
        in
        the Certificate Account on or before any future Deposit Date to the extent
        that
        funds in the Certificate Account on such Deposit Date shall be less than
        payments to Certificateholders required to be made on the related Distribution
        Date. The Master Servicer and the Servicers shall be entitled to be reimbursed
        from the Collection Account for all Advances made by it as provided in Section
        4.02. Notwithstanding anything to the contrary herein, in the event the Master
        Servicer determines in its reasonable judgment that an Advance is
        non-recoverable, the Master Servicer shall be under no obligation to make
        such
        Advance. The Trustee shall be entitled to conclusively rely upon any
        determination by the Master Servicer that an Advance, if made, would constitute
        a non-recoverable Advance.

      
         

        
          
            
            

          

          
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      (b) In
        the
        event that the Master Servicer or any Servicer fails for any reason to make
        an
        Advance required to be made pursuant to this Section 5.04 on or before the
        Deposit Date, the Trustee, solely in its capacity as successor master servicer
        pursuant to Section 6.14, shall, on or before the related Distribution Date,
        deposit in the Certificate Account an amount equal to the excess of (a) Advances
        required to be made by the Master Servicer or any Servicer that would have
        been
        deposited in such Certificate Account over (b) the amount of any Advance
        made by
        the Master Servicer or such Servicer with respect to such Distribution Date;
        provided, however, that the Trustee shall be required to make such Advance
        only
        if it is not prohibited by law from doing so and it has determined that such
        Advance would be recoverable from amounts to be received with respect to
        such
        Mortgage Loan, including late payments, Liquidation Proceeds, Insurance
        Proceeds, or otherwise. The Trustee shall be entitled to be reimbursed from
        the
        Certificate Account for Advances made by it pursuant to this Section 5.04
        as if
        it were the Master Servicer.

       

      
        
          
          

        

        
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      Section
        5.05 Compensating
        Interest Payments.

       

      The
        Master Servicer shall not be responsible for making any Compensating Interest
        Payment. Any Compensating Interest Payments made by the Servicers shall be
        a
        component of the Interest Remittance Amount.

       

      Section
        5.06 Basis
        Risk Reserve Fund.

       

      (a) On
        the
        Closing Date, the Trustee shall establish and maintain in its name, in trust
        for
        the benefit of the holders of the Certificates, a Basis Risk Reserve Fund.
        The
        Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit
        therein shall be held separate and apart from, and shall not be commingled
        with,
        any other moneys, including, without limitation, other moneys of the Trustee
        held pursuant to this Agreement.

       

      (b) [Reserved]

       

      (c) Funds
        in
        the Basis Risk Reserve Fund shall be invested in Eligible Investments. The
        Class
        X Certificates shall evidence ownership of the Basis Risk Reserve Fund for
        federal income tax purposes and LBH, on behalf of the Holders thereof, shall
        direct the Trustee, in writing, as to investment of amounts on deposit therein.
        LBH shall be liable for any losses incurred on such investments. In the absence
        of written instructions from LBH as to investment funds on deposit in the
        Basis
        Risk Reserve Fund, such funds shall remain uninvested.

       

      Section
        5.07 [Reserved].

       

      Section
        5.08 [Reserved].

       

      Section
        5.09 [Reserved].

       

      Section
        5.10 Capitalized
        Interest Account.

       

      (a) No
        later
        than the Closing Date, the Trustee shall establish and maintain a segregated
        trust account that is an Eligible Account, which shall be titled “Capitalized
        Interest Account, U.S. Bank National Association, as trustee for the registered
        holders of Lehman XS Trust Mortgage Pass-Through Certificates Series 2007-2N”
(the “Capitalized Interest Account”). The Trustee shall, promptly upon receipt,
        deposit in the Capitalized Interest Account and retain therein the Capitalized
        Interest Amount remitted on the Closing Date to the Trustee by the Depositor.
        Funds deposited in the Capitalized Interest Account shall be held in trust
        by
        the Trustee on behalf of the Certificateholders for the uses and purposes
        set
        forth herein. With respect to each Distribution Date up to and including
        the
        Distribution Date in March 2007, the Trustee will withdraw funds from the
        Capitalized Interest Account and such funds shall be used to pay (i) first,
        to
        the Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid
        Basis Risk Shortfalls for each such Class and such Distribution Date, in
        proportion to the amount of such shortfalls and (ii) second, to the Subordinate
        Certificates, in accordance with the Subordinate Priority, any applicable
        Basis
        Risk Shortfalls and Unpaid Basis Risk Shortfalls for each such Class and
        such
        Distribution Date, in each case, after giving effect to distributions under
        Section 5.02(d).

       

      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

       

      (b) The
        Trustee will invest funds deposited in the Capitalized Interest Account in
        Eligible Investments as directed in writing by the Depositor (provided that
        if
        the Trustee does not receive written direction from the Depositor, the amounts
        in the Capitalized Interest Account shall not be invested) with a maturity
        date
        no later than the Business Day preceding each Distribution Date. For federal
        income tax purposes, the Depositor shall be the owner of the Capitalized
        Interest Account and shall report all items of income, deduction, gain or
        loss
        arising therefrom. At no time will the Capitalized Interest Account be an
        asset
        of any of the REMICs provided for herein. All income and gain realized from
        investment of funds deposited in the Capitalized Interest Account shall be
        for
        the sole and exclusive benefit of the Depositor and shall be remitted by
        the
        Trustee to the Depositor on each Distribution Date. The Depositor shall deposit
        in the Capitalized Interest Account the amount of any net loss incurred in
        respect of any such Eligible Investment immediately upon realization of such
        loss.

       

      (c) On
        the
        Distribution Date in March 2007, any amount remaining on deposit in the
        Capitalized Interest Account after withdrawals pursuant to paragraph (a)
        above
        shall be withdrawn by the Trustee and paid to the Depositor or its
        designee.

       

      Section
        5.11 [Reserved].

       

      Section
        5.12 Class
        X Account.

       

      (a) On
        the
        Closing Date, the Trustee shall establish and maintain in its name, in trust
        for
        the benefit of the holders of the Class X Certificates, the Class X Account.
        No
        later than the first date on which any NIM Securities are issued, the Depositor
        may deposit a dollar amount into the Class X Account. The Class X Account
        shall
        be an Eligible Account, and funds on deposit therein shall be held separate
        and
        apart from, and shall not be commingled with, any other moneys, including,
        without limitation, other moneys of the Trustee held pursuant to this
        Agreement.

       

      (b) Funds
        in
        the Class X Account may be invested in Eligible Investments having fixed
        maturities described in clauses (i), (iv), (v) or (vii) of the definition
        thereof by the Trustee at the direction of the holders of the Class C
        Certificates maturing on or prior to the next succeeding Distribution Date.
        No
        Eligible Investments shall be acquired or disposed of for the primary purpose
        of
        recognizing gains or decreasing losses from market value changes. Any funds
        held
        in the Class X Account that are not invested shall be held in cash. In the
        absence of such written direction, all funds in the Class X Account shall
        remain
        uninvested. Any investment earnings on such amounts shall be payable to the
        holders of the Class C Certificates. The Trustee shall account for the Class
        X
        Account as an outside reserve fund within the meaning of Treasury regulation
        1.860G-2(h) and not an asset of any REMIC created pursuant to this Agreement.
        The Class C Certificates shall evidence ownership of the Class X Account
        for
        federal tax purposes and the Holders thereof shall direct the Trustee in
        writing
        as to the investment of amounts therein. The Trustee shall have no liability
        for
        losses on investments in Eligible Investments made pursuant to this Section
        5.12(b) (other than as obligor on any such investments). Upon termination
        of the
        Class X Account, any amounts remaining in the Class X Account shall be
        distributed to the Holders of the Class C Certificates in the same manner
        as if
        distributed pursuant to Section 5.02(e)(1) hereof.

       

      
        
          
          

        

        
          110

          
            

          

        

        
          
          

        

      

       

      (c) On
        each
        Distribution Date on or prior to the Class X Termination Date, amounts on
        deposit in the Class X Account will be withdrawn and applied to make payments
        on
        the Class X and Class C Certificates, as provided in Section 5.02(e)(1) of
        this
        Agreement. Any amounts that the Trustee is not required to distribute from
        the
        Class X Account pursuant to Section 5.02(e) of this Agreement shall remain
        on
        deposit in the Class X Account.

       

      (d) The
        Class
        X Account shall terminate on the earlier of (i) the Class X Account Termination
        Date or (ii) the Distribution Date on which the amount on deposit in the
        Class X
        Account is reduced to zero.

       

      ARTICLE
        VI.

       

      CONCERNING
        THE TRUSTEE; EVENTS OF DEFAULT

       

      Section
        6.01 Duties
        of Trustee.

       

      (a) The
        Trustee, except during the continuance of an Event of Default of which a
        Responsible Officer of the Trustee shall have actual knowledge, undertakes
        to
        perform such duties and only such duties as are specifically set forth in
        this
        Agreement. Any permissive right of the Trustee provided for in this Agreement
        shall not be construed as a duty of the Trustee. If an Event of Default (of
        which a Responsible Officer of the Trustee shall have actual knowledge) has
        occurred and has not otherwise been cured or waived, the Trustee shall exercise
        such of the rights and powers vested in it by this Agreement and use the
        same
        degree of care and skill in their exercise as a prudent Person would exercise
        or
        use under the circumstances in the conduct of such Person’s own affairs, unless
        the Trustee is acting as Master Servicer, in which case it shall use the
        same
        degree of care and skill as the Master Servicer hereunder.

       

      (b) The
        Trustee, upon receipt of all resolutions, certificates, statements, opinions,
        reports, documents, orders or other instruments furnished to the Trustee
        which
        are specifically required to be furnished pursuant to any provision of this
        Agreement, shall examine them to determine whether they are, on their face,
        in
        the form required by this Agreement; provided, however, that the Trustee
        shall
        not be responsible for the accuracy or content of any such resolution,
        certificate, statement, opinion, report, document, order or other instrument
        furnished by the Master Servicer, the Cap Provider or any Servicer to the
        Trustee pursuant to this Agreement, and shall not be required to recalculate
        or
        verify any numerical information furnished to the Trustee pursuant to this
        Agreement. Subject to the immediately preceding sentence, if any such
        resolution, certificate, statement, opinion, report, document, order or other
        instrument is found not to conform on its face to the form required by this
        Agreement in a material manner the Trustee shall notify the Person providing
        such resolutions, certificates, statements, opinions, reports or other documents
        of the non-conformity, and if the instrument is not corrected to the Trustee’s
        satisfaction, the Trustee will provide notice thereof to the Certificateholders
        and any NIMS Insurer and will, at the expense of the Trust Fund, which expense
        shall be reasonable given the scope and nature of the required action, take
        such
        further action as directed by the Certificateholders and any NIMS
        Insurer.

       

      (c) The
        Trustee shall not have any liability arising out of or in connection with
        this
        Agreement, except for its negligence or willful misconduct. Notwithstanding
        anything in this Agreement to the contrary, the Trustee shall not be liable
        for
        special, indirect or consequential losses or damages of any kind whatsoever
        (including, but not limited to, lost profits). No provision of this Agreement
        shall be construed to relieve the Trustee from liability for its own negligent
        action, its own negligent failure to act or its own willful misconduct;
        provided, however, that:

      
         

        
          
            
            

          

          
            111

            
              

            

          

          
            
            

          

        

      

       

      (i) The
        Trustee shall not be personally liable with respect to any action taken,
        suffered or omitted to be taken by it in good faith in accordance with the
        consent or direction of the Holders of Certificates as provided in Section
        6.18
        hereof;

       

      (ii) For
        all
        purposes under this Agreement, the Trustee shall not be deemed to have notice
        of
        any Event of Default (other than resulting from a failure by the Master Servicer
        to remit funds or to furnish information to the Trustee when required to
        do so)
        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 the Trustee at the address provided in Section 11.07, and such notice
        references the Holders of the Certificates and this Agreement; and

       

      (iii) The
        Trustee shall not be responsible for the acts or omissions of any Servicer,
        Custodian or the Master Servicer, it being understood that this Agreement
        shall
        not be construed to render any of them agents of one another.

       

      (d) The
        Trustee shall have no duty hereunder with respect to any complaint, claim,
        demand, notice or other document it may receive or which may be alleged to
        have
        been delivered to or served upon it by the parties as a consequence of the
        assignment of any Mortgage Loan hereunder; provided, however, that the Trustee
        shall promptly remit to the Master Servicer upon receipt any such complaint,
        claim, demand, notice or other document (i) which is delivered to the Corporate
        Trust Office of the Trustee and makes reference to this series of Certificate
        or
        this Agreement, (ii) of which a Responsible Officer has actual knowledge,
        and
        (iii) which contains information sufficient to permit the Trustee to make
        a
        determination that the real property to which such document relates is a
        Mortgaged Property.

       

      (e) The
        Trustee shall not be personally liable with respect to any action taken,
        suffered or omitted to be taken by it in good faith in accordance with the
        direction of any NIMS Insurer or the Certificateholders of any Class holding
        Certificates which evidence, as to such Class, Percentage Interests aggregating
        not less than 25% as to the time, method and place of conducting any proceeding
        for any remedy available to the Trustee or exercising any trust or power
        conferred upon the Trustee under this Agreement.

       

      (f) The
        Trustee shall not be required to perform services under this Agreement, or
        to
        expend or risk its own funds or otherwise incur financial liability for the
        performance of any of its duties hereunder or the exercise of any of its
        rights
        or powers if there is reasonable ground for believing that the timely payment
        of
        its fees and expenses or the repayment of such funds or adequate indemnity
        against such risk or liability is not reasonably assured to it, and none
        of the
        provisions contained in this Agreement shall in any event require the Trustee
        to
        perform, or be responsible for the manner of performance of, any of the
        obligations of the Master Servicer or any Servicer under this Agreement or
        any
        Servicing Agreement except during such time, if any, as the Trustee shall
        be the
        successor to, and be vested with the rights, duties, powers and privileges
        of,
        the Master Servicer in accordance with the terms of this Agreement, except
        with
        respect to the Trustee, during such time, if any, as the Trustee shall be
        the
        successor to, and be vested with the rights, duties, powers and privileges
        of,
        the Master Servicer in accordance with the terms of this Agreement.

       

      
        
          
          

        

        
          112

          
            

          

        

        
          
          

        

      

       

      (g) The
        Trustee shall not be held liable by reason of any insufficiency in any account
        (including without limitation the Collection Account and the Certificate
        Account) held by or on behalf of the Trustee resulting from any investment
        loss
        on any Eligible Investment included therein (except to the extent that the
        Trustee is the obligor and has defaulted thereon).

       

      (h) Except
        as
        otherwise provided herein, the Trustee shall not have any duty (A) to see
        to any
        recording, filing, or depositing of this Agreement or any agreement referred
        to
        herein or any financing statement or continuation statement evidencing a
        security interest, or to see to the maintenance of any such recording or
        filing
        or depositing or to any rerecording, refiling or redepositing of any thereof,
        (B) to see to any insurance, (C) to see to the payment or discharge of any
        tax,
        assessment, or other governmental charge or any lien or encumbrance of any
        kind
        owing with respect to, assessed or levied against, any part of the Trust
        Fund
        other than from funds available in the Collection Account or the Certificate
        Account, or (D) to confirm or verify the contents of any reports or certificates
        of the Master Servicer, any Servicer, the Cap Provider or the Depositor
        delivered to the Trustee pursuant to this Agreement believed by the Trustee
        to
        be genuine and to have been signed or presented by the proper party or
        parties.

       

      (i) The
        Trustee shall not be liable in its individual capacity for an error of judgment
        made in good faith by a Responsible Officer or other officers of the Trustee
        unless it shall be proved that the Trustee was negligent in ascertaining
        the
        pertinent facts.

       

      (j) Notwithstanding
        anything in this Agreement to the contrary, the Trustee shall not be liable
        for
        special, indirect or consequential losses or damages of any kind whatsoever
        (including, but not limited to, lost profits), even if the Trustee has been
        advised of the likelihood of such loss or damage and regardless of the form
        of
        action.

       

      (k) This
        Agreement shall not be construed to render the Trustee an agent of the Master
        Servicer or the Servicer.

       

      (l) For
        so
        long as the Depositor is subject to Exchange Act reporting requirements for
        the
        Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-2N transaction,
        the Trustee shall give prior written notice to the Sponsor, the Master Servicer
        and the Depositor of the appointment of any Subcontractor by it and a written
        description (in form and substance satisfactory to the Sponsor and the
        Depositor) of the role and function of each Subcontractor utilized by the
        Trustee, specifying (A) the identity of each such Subcontractor and (B) which
        elements of the servicing criteria set forth under Item 1122(d) of Regulation
        AB
        will be addressed in assessments of compliance provided by each such
        Subcontractor.

       

      (m) The
        Trustee shall notify the Sponsor, the Master Servicer and the Depositor within
        five (5) calendar days of knowledge thereof (i) of any legal proceedings
        pending
        against the Trustee, of the type described in Item 1117 (§ 229.1117) of
        Regulation AB, (ii) of any merger, consolidation or sale of substantially
        all of
        the assets of the Trustee and (iii) if the Trustee shall become (but only
        to the
        extent not previously disclosed) at any time an affiliate of any of the parties
        listed on Exhibit S hereto or any of their affiliates. On or before March
        1st of
        each year, the Depositor shall distribute the information in Exhibit S to
        the
        Trustee.

       

      
        
          
          

        

        
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      Section
        6.02 Certain
        Matters Affecting the Trustee.

       

      Except
        as
        otherwise provided in Section 6.01:

       

      (i) The
        Trustee may request, and may rely upon and shall be protected in acting or
        refraining from acting upon any resolution, Officer’s Certificate, certificate
        of auditors or any other certificate, statement, instrument, opinion, report,
        notice, request, consent, order, approval, bond or other paper or document
        believed by it to be genuine and to have been signed or presented by the
        proper
        party or parties;

       

      (ii) The
        Trustee may consult with counsel and any advice of its counsel or 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) The
        Trustee shall not be personally liable for any action taken, suffered or
        omitted
        by it in good faith and reasonably believed by it to be authorized or within
        the
        discretion or rights or powers conferred upon it by this Agreement;

       

      (iv) Unless
        an
        Event of Default shall have occurred and be continuing, the Trustee shall
        not be
        bound to make any investigation into the facts or matters stated in any
        resolution, certificate, statement, instrument, opinion, report, notice,
        request, consent, order, approval, bond or other paper or document (provided
        the
        same appears regular on its face), unless requested in writing to do so by
        any
        NIMS Insurer or the Holders of at least a majority in Class Principal Amount
        (or
        Percentage Interest) of each Class of Certificates; provided, however, that,
        if
        the payment within a reasonable time to the Trustee of the costs, expenses
        or
        liabilities likely to be incurred by it in the making of such investigation
        is,
        in the opinion of the Trustee not reasonably assured to the Trustee by the
        security afforded to it by the terms of this Agreement, the Trustee may require
        reasonable indemnity against such expense or liability or payment of such
        estimated expenses from any NIMS Insurer or the Certificateholders, as
        applicable, as a condition to proceeding. The reasonable expense thereof
        shall
        be paid by the party requesting such investigation and if not reimbursed
        by the
        requesting party shall be reimbursed to the Trustee by the Trust
        Fund;

       

      (v) The
        Trustee may execute any of the trusts or powers hereunder or perform any
        duties
        hereunder either directly or by or through agents, custodians or attorneys,
        which agents, custodians or attorneys shall have any and all of the rights,
        powers, duties and obligations of the Trustee conferred on them by such
        appointment, provided that the Trustee shall continue to be responsible for
        its
        duties and obligations hereunder to the extent provided herein, and provided
        further that the Trustee shall not be responsible for any misconduct or
        negligence on the part of any such agent or attorney appointed with due care
        by
        the Trustee;

       

      
        
          
          

        

        
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      (vi) The
        Trustee shall not 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, in each case at the request,
        order
        or direction of any of the Certificateholders or any NIMS Insurer pursuant
        to
        the provisions of this Agreement, unless such Certificateholders or any NIMS
        Insurer shall have offered to the Trustee reasonable security or indemnity
        against the costs, expenses and liabilities which may be incurred therein
        or
        thereby;

       

      (vii) The
        right
        of the Trustee to perform any discretionary act enumerated in this Agreement
        shall not be construed as a duty, and the Trustee shall not be answerable
        for
        other than its negligence or willful misconduct in the performance of such
        act;
        and

       

      (viii) The
        Trustee shall not be required to give any bond or surety in respect of the
        execution of the Trust Fund created hereby or the powers granted
        hereunder.

       

      Section
        6.03 Trustee
        Not Liable for Certificates.

       

      The
        Trustee makes no representations as to the validity or sufficiency of this
        Agreement, the Cap Agreements or of the Certificates (other than the certificate
        of authentication on the Certificates) or of any Mortgage Loan, or related
        document save that the Trustee represents that, assuming due execution and
        delivery by the other parties hereto, this Agreement has been duly authorized,
        executed and delivered by it and constitutes its valid and binding obligation,
        enforceable against it in accordance with its terms except that such
        enforceability may be subject to (A) applicable bankruptcy and insolvency
        laws
        and other similar laws affecting the enforcement of the rights of creditors
        generally, and (B) general principles of equity regardless of whether such
        enforcement is considered in a proceeding in equity or at law. The Trustee
        shall
        not be accountable for the use or application by the Depositor of funds paid
        to
        the Depositor in consideration of the assignment of the Mortgage Loans to
        the
        Trust Fund by the Depositor or for the use or application of any funds deposited
        into the Collection Account, the Certificate Account, any Escrow Account
        or any
        other fund or account maintained with respect to the Certificates. The Trustee
        shall not be responsible for the legality or validity of this Agreement or
        the
        Deferred Interest Cap Agreements or the validity, priority, perfection or
        sufficiency of the security for the Certificates issued or intended to be
        issued
        hereunder. Except as otherwise provided herein, the Trustee shall have no
        responsibility for filing any financing or continuation statement in any
        public
        office at any time or to otherwise perfect or maintain the perfection of
        any
        security interest or lien granted to it hereunder or to record this
        Agreement.

       

      Section
        6.04 Trustee
        May Own Certificates.

       

      The
        Trustee and any Affiliate or agent of the Trustee in its individual or any
        other
        capacity may become the owner or pledgee of Certificates and may transact
        banking and trust business with the other parties hereto and their Affiliates
        with the same rights it would have if it were not Trustee or such
        agent.

       

      Section
        6.05 Eligibility
        Requirements for Trustee.

       

      The
        Trustee hereunder shall at all times be (i) an institution whose accounts
        are
        insured by the FDIC, (ii) a corporation or national banking association,
        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 not less than $50,000,000 and subject to
        supervision or examination by federal or state authority and (iii) not an
        Affiliate of the Master Servicer or any Servicer. If such corporation or
        national banking association publishes reports of condition at least annually,
        pursuant to law or to the requirements of the aforesaid supervising or examining
        authority, then, for the purposes of this Section, the combined capital and
        surplus of such corporation or national banking association shall be deemed
        to
        be its combined capital and surplus as set forth in its most recent report
        of
        condition so published. In case at any time the Trustee shall cease to be
        eligible in accordance with provisions of this Section, the Trustee shall
        resign
        immediately in the manner and with the effect specified in Section
        6.06.

       

      
        
          
          

        

        
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      Section
        6.06 Resignation
        and Removal of Trustee.

       

      (a) The
        Trustee may at any time resign and be discharged from the trust hereby created
        by giving written notice thereof to the Depositor, any NIMS Insurer and the
        Master Servicer. Upon receiving such notice of resignation, the Depositor
        will
        promptly appoint a successor trustee acceptable to any NIMS Insurer by written
        instrument, one copy of which instrument shall be delivered to the resigning
        Trustee, one copy to the successor trustee and one copy to each of the Master
        Servicer and any NIMS Insurer. If no successor trustee shall have been so
        appointed and shall have accepted appointment within 30 days after the giving
        of
        such notice of resignation, the resigning Trustee may petition any court
        of
        competent jurisdiction for the appointment of a successor trustee.

       

      (b) If
        at any
        time (i) the Trustee shall cease to be eligible in accordance with the
        provisions of Section 6.05 and shall fail to resign after written request
        therefor by the Depositor or any NIMS Insurer, (ii) the Trustee shall become
        incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver
        of the Trustee or of its property shall be appointed, or any public officer
        shall take charge or control of the Trustee or of its property or affairs
        for
        the purpose of rehabilitation, conservation or liquidation, (iii) a tax is
        imposed or threatened with respect to the Trust Fund by any state in which
        the
        Trustee or the Trust Fund held by the Trustee is located, (iv) the continued
        use
        of the Trustee would result in a downgrading of the rating by any Rating
        Agency
        of any Class of Certificates with a rating, or (v) the Trustee shall fail
        to
        provide the information required pursuant to Section 6.01(l) or (m) or Section
        9.25 hereof, then the Depositor, any NIMS Insurer or the Master Servicer
        shall
        remove the Trustee and the Depositor shall appoint a successor trustee
        acceptable to any NIMS Insurer and the Master Servicer by written instrument,
        one copy of which instrument shall be delivered to each of the Trustee so
        removed, the successor trustee, the Master Servicer and any NIMS
        Insurer.

       

      (c) The
        Holders of more than 50% of the Class Principal Amount (or Percentage Interest)
        of each Class of Certificates (or any NIMS Insurer in the event of failure
        of
        the Trustee to perform its obligations hereunder) may at any time upon 30
        days’
written notice to the Trustee and the Depositor remove the Trustee by such
        written instrument, signed by such Holders or their attorney in fact duly
        authorized (or by any NIMS Insurer), one copy of which instrument shall be
        delivered to each of the Depositor, the Trustee, the Master Servicer and
        any
        NIMS Insurer; and the Depositor shall thereupon appoint a successor trustee
        in
        accordance with this Section mutually acceptable to the Depositor, the Master
        Servicer and any NIMS Insurer.

       

      
        
          
          

        

        
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      (d) Any
        resignation or removal of the Trustee and appointment of a successor trustee
        pursuant to any of the provisions of this Section shall become effective
        upon
        (i) the payment of all unpaid amounts owed to the Trustee and (ii) the
        acceptance of appointment by the successor trustee as provided in Section
        6.07.

       

      Section
        6.07 Successor
        Trustee.

       

      (a) Any
        successor trustee appointed as provided in Section 6.06 shall execute,
        acknowledge and deliver to the Depositor, the Master Servicer and any NIMS
        Insurer and to its predecessor trustee an instrument accepting such appointment
        hereunder, and thereupon the resignation or removal of the predecessor trustee
        shall become effective and such successor trustee without any further act,
        deed
        or conveyance, shall become fully vested with all the rights, powers, duties
        and
        obligations of its predecessor hereunder, with like effect as if originally
        named as trustee herein. The predecessor trustee (or its custodian) shall
        deliver to the successor trustee (or assign to the Trustee its interest under
        each Custodial Agreement, to the extent permitted thereunder) all Mortgage
        Files
        and documents and statements related to each Mortgage File held by it hereunder,
        and shall duly assign, transfer, deliver and pay over to the successor trustee
        the entire Trust Fund, together with all necessary instruments of transfer
        and
        assignment or other documents properly executed necessary to effect such
        transfer and such of the records or copies thereof maintained by the predecessor
        trustee in the administration hereof as may be requested by the successor
        trustee and shall thereupon be discharged from all duties and responsibilities
        under this Agreement. In addition, the Master Servicer and the predecessor
        trustee shall execute and deliver such other instruments and do such other
        things as may reasonably be required to more fully and certainly vest and
        confirm in the successor trustee all such rights, powers, duties and
        obligations.

       

      (b) No
        successor trustee shall accept appointment as provided in this Section unless
        at
        the time of such appointment such successor trustee shall be eligible under
        the
        provisions of Section 6.05.

       

      (c) Upon
        acceptance of appointment by a successor trustee as provided in this Section,
        the predecessor trustee shall mail notice of the succession of such trustee
        hereunder to all Holders of Certificates at their addresses as shown in the
        Certificate Register and to any Rating Agency. The expenses of such mailing
        shall be borne by the predecessor trustee.

       

      Section
        6.08 Merger
        or Consolidation of Trustee.

       

      Any
        Person into which the Trustee may be merged or with which it may be
        consolidated, or any Person resulting from any merger, conversion or
        consolidation to which the Trustee shall be a party, or any Persons succeeding
        to the corporate trust business of the Trustee shall be the successor to
        the
        Trustee 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 that such Person shall be eligible under the
        provisions of Section 6.05. As a condition to the succession to the Trustee
        under this Agreement by any Person (i) into which the Trustee may be merged
        or
        consolidated, or (ii) which may be appointed as a successor to the Trustee,
        the
        Trustee shall notify the Depositor and the Master Servicer, at least 15 calendar
        days prior to the effective date of such succession or appointment, of such
        succession or appointment and shall furnish to the Depositor in writing and
        in
        form and substance reasonably satisfactory to the Depositor, all information
        reasonably necessary for the Trustee to accurately and timely report, pursuant
        to Section 6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange
        Act (if such reports under the Exchange Act are required to be filed under
        the
        Exchange Act).

       

      
        
          
          

        

        
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      Section
        6.09 Appointment
        of Co-Trustee, Separate Trustee or Custodian.

       

      (a) Notwithstanding
        any other provisions hereof, at any time, the Trustee, the Depositor or the
        Certificateholders evidencing more than 50% of the Class Principal Amount
        (or
        Percentage Interest) of every Class of Certificates shall have the power
        from
        time to time to appoint one or more Persons, approved by the Trustee and
        any
        NIMS Insurer, to act either as co-trustees jointly with the Trustee, or as
        separate trustees, or as custodians, for the purpose of holding title to,
        foreclosing or otherwise taking action with respect to any Mortgage Loan
        outside
        the state where the Trustee has its principal place of business where such
        separate trustee or co-trustee is necessary or advisable (or the Trustee
        has
        been advised by the Master Servicer that such separate trustee or co-trustee
        is
        necessary or advisable) under the laws of any state in which a property securing
        a Mortgage Loan is located or for the purpose of otherwise conforming to
        any
        legal requirement, restriction or condition in any state in which a property
        securing a Mortgage Loan is located or in any state in which any portion
        of the
        Trust Fund is located. The separate Trustees, co-trustees, or custodians
        so
        appointed shall be trustees or custodians for the benefit of all the
        Certificateholders and shall have such powers, rights and remedies as shall
        be
        specified in the instrument of appointment; provided, however, that no such
        appointment shall, or shall be deemed to, constitute the appointee an agent
        of
        the Trustee. The obligation of the Trustee to make Advances pursuant to Section
        5.04 and 6.14 shall not be affected or assigned by the appointment of a
        co-trustee. Prior to the appointment hereunder of any co-trustee, separate
        trustee, or custodian pursuant to this Section 6.09, such Person shall enter
        into an agreement, in form and substance satisfactory to the Depositor, the
        Master Servicer and the Trustee, relating to the satisfaction of such Person
        of
        its reporting obligations under Regulation AB with respect to the Trust Fund.
        The Trustee shall not be responsible for any action or omission of any separate
        trustee, co-trustee or custodian. Notwithstanding the foregoing, if such
        co-custodian or co-trustee is determined to be a Servicing Function Participant,
        no such co-custodian or co-trustee shall be vested with any powers, rights
        and
        remedies under this Agreement unless such party has agreed to comply with
        all
        Regulation AB requirements set forth under this Agreement or each Custodial
        Agreement, as applicable.

       

      (b) Every
        separate trustee, co-trustee, and custodian shall, to the extent permitted
        by
        law, be appointed and act subject to the following provisions and
        conditions:

       

      (i) all
        powers, duties, obligations and rights conferred upon the Trustee in respect
        of
        the receipt, custody and payment of moneys shall be exercised solely by the
        Trustee;

       

      (ii) all
        other
        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, co-trustee, or custodian jointly, except to the extent
        that under any law of any jurisdiction in which any particular act or acts
        are
        to be performed the Trustee shall be incompetent or unqualified to perform
        such
        act or acts, in which event such rights, powers, duties and obligations,
        including the holding of title to the Trust Fund or any portion thereof in
        any
        such jurisdiction, shall be exercised and performed by such separate trustee,
        co-trustee, or custodian;

       

      
        
          
          

        

        
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      (iii) no
        trustee or custodian hereunder shall be personally liable by reason of any
        act
        or omission of any other trustee or custodian hereunder; and

       

      (iv) the
        Trustee or the Certificateholders evidencing more than 50% of the Aggregate
        Voting Interests of the Certificates may at any time accept the resignation
        of
        or remove any separate trustee, co-trustee or custodian, so appointed by
        it or
        them, if such resignation or removal does not violate the other terms of
        this
        Agreement.

       

      (c) Any
        notice, request or other writing given to the Trustee shall be deemed to
        have
        been given to each of the then separate trustees and co-trustees, as effectively
        as if given to each of them. Every instrument appointing any separate trustee,
        co-trustee or custodian shall refer to this Agreement and the conditions
        of this
        Article VI. Each separate trustee and co-trustee, upon its acceptance of
        the
        trusts conferred, shall be vested with the estates or property specified
        in its
        instrument of appointment, either jointly with the Trustee or separately,
        as may
        be provided therein, subject to all the provisions of this Agreement,
        specifically including every provision of this Agreement relating to the
        conduct
        of, affecting the liability of, or affording protection to, the Trustee.
        Every
        such instrument shall be filed with the Trustee and a copy given to the Master
        Servicer and any NIMS Insurer.

       

      (d) Any
        separate trustee, co-trustee or custodian 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, co-trustee
        or
        custodian 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.

       

      (e) No
        separate trustee, co-trustee or custodian hereunder shall be required to
        meet
        the terms of eligibility as a successor trustee under Section 6.05 hereunder
        and
        no notice to Certificateholders of the appointment shall be required under
        Section 6.07 hereof.

       

      (f) The
        Trustee agrees to instruct the co-trustees, if any, to the extent necessary
        to
        fulfill the Trustee’s obligations hereunder.

       

      (g) The
        Trustee shall pay the reasonable compensation of the co-trustees requested
        by
        the Trustee to be so appointed (which compensation shall not reduce any
        compensation payable to the Trustee) and, if paid by the Trustee, shall be
        a
        reimbursable expense pursuant to Section 6.12.

       

      (h) Notwithstanding
        the foregoing, for so long as reports are required to be filed with the
        Commission under the Exchange Act with respect to the Trust, the Trustee
        shall
        not utilize any Subcontractor for the performance of its duties hereunder
        if
        such Subcontractor would be “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB without (a) giving notice to the Seller,
        the Master Servicer and the Depositor and (b) requiring any such Subcontractor
        to provide to the Trustee an assessment of compliance as provided in Section
        9.25(a) and an attestation report as provided in Section 9.25(b), which reports
        the Trustee shall include in its assessment and attestation reports. The
        Trustee
        shall indemnify the Depositor and the Master Servicer and any director, officer,
        employee or agent of each of the Depositor and the Master Servicer and hold
        them
        harmless against any and all claims, losses, damages, penalties, fines,
        forfeitures, reasonable and necessary legal fees and related costs, judgments,
        and any other costs, fees and expenses that any of them may sustain arising
        out
        of or based upon the failure by the Trustee (i) to give notice of the engagement
        of any Subcontractor or (ii) to require any Subcontractor to provide the
        Trustee
        an assessment of compliance as provided in Section 9.25(a) and an attestation
        report as provided in Section 9.25(b). This indemnity shall survive the
        termination of this Agreement or the earlier resignation or removal of the
        Trustee.

       

      
        
          
          

        

        
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      Section
        6.10 Authenticating
        Agents.

       

      (a) The
        Trustee may appoint one or more Authenticating Agents which shall be authorized
        to act on behalf of the Trustee in authenticating Certificates. Wherever
        reference is made in this Agreement to the authentication of Certificates
        by the
        Trustee or the Trustee’s certificate of authentication, such reference shall be
        deemed to include authentication on behalf of the Trustee by an Authenticating
        Agent and a certificate of authentication executed on behalf of the Trustee
        by
        an Authenticating Agent. Each Authenticating Agent must be a corporation
        organized and doing business under the laws of the United States of America
        or
        of any state, having a combined capital and surplus of at least $15,000,000,
        authorized under such laws to do a trust business and subject to supervision
        or
        examination by federal or state authorities and acceptable to any NIMS
        Insurer.

       

      (b) Any
        Person into which any Authenticating Agent may be merged or converted or
        with
        which it may be consolidated, or any Person resulting from any merger,
        conversion or consolidation to which any Authenticating Agent shall be a
        party,
        or any Person succeeding to the corporate agency business of any Authenticating
        Agent, shall continue to be the Authenticating Agent without the execution
        or
        filing of any paper or any further act on the part of the Trustee or the
        Authenticating Agent.

       

      (c) Any
        Authenticating Agent may at any time resign by giving at least 30 days’ advance
        written notice of resignation to the Trustee, any NIMS Insurer and the
        Depositor. The Trustee may at any time terminate the agency of any
        Authenticating Agent by giving written notice of termination to such
        Authenticating Agent, any NIMS Insurer and the Depositor. Upon receiving
        a
        notice of resignation or upon such a termination, or in case at any time
        any
        Authenticating Agent shall cease to be eligible in accordance with the
        provisions of this Section 6.10, the Trustee may appoint a successor
        Authenticating Agent, shall give written notice of such appointment to the
        Depositor and any NIMS Insurer and shall mail notice of such appointment
        to all
        Holders of Certificates. Any successor Authenticating Agent upon acceptance
        of
        its appointment hereunder shall become vested with all the rights, powers,
        duties and responsibilities of its predecessor hereunder, with like effect
        as if
        originally named as Authenticating Agent. No successor Authenticating Agent
        shall be appointed unless eligible under the provisions of this Section 6.10.
        No
        Authenticating Agent shall have responsibility or liability for any action
        taken
        by it as such at the direction of the Trustee. Any Authenticating Agent shall
        be
        entitled to reasonable compensation for its services and, if paid by the
        Trustee, it shall be a reimbursable expense pursuant to Section
        6.12.

       

      
        
          
          

        

        
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      Section
        6.11 Indemnification
        of Trustee.

       

      The
        Trustee and its respective directors, officers, employees and agents shall
        be
        entitled to indemnification from the Trust Fund for any loss, liability or
        expense incurred in connection with any legal proceeding or incurred without
        negligence or willful misconduct on their part (it being understood that
        the
        negligence or willful misconduct of any Custodian shall not constitute
        negligence or willful misconduct on the part of the Trustee or its directors,
        officers, employees or agents for such purpose), arising out of, or in
        connection with, the acceptance or administration of the trusts created
        hereunder or in connection with the performance of their duties hereunder,
        the
        Mortgage Loan Sale Agreement, the Cap Agreements, any Transfer Agreement,
        any
        Servicing Agreement or any Custodial Agreement, including any applicable
        fees
        and expenses payable pursuant to Section 6.12 and the costs and expenses
        of
        defending themselves against any claim in connection with the exercise or
        performance of any of their powers or duties hereunder, provided
        that:

       

      (i) with
        respect to any such claim, the Trustee shall have given the Depositor, the
        Master Servicer and the Holders written notice thereof promptly after the
        Trustee shall have knowledge thereof; provided that failure to so notify
        shall
        not relieve the Trust Fund of the obligation to indemnify the Trustee; however,
        any reasonable delay by the Trustee to provide written notice to the Depositor,
        the Master Servicer and the Holders promptly after the Trustee shall have
        obtained knowledge of a claim shall not relieve the Trust Fund of the obligation
        to indemnify the Trustee under this Section 6.11;

       

      (ii) while
        maintaining control over its own defense, the Trustee shall cooperate and
        consult fully with the Depositor in preparing such defense; and

       

      (iii) notwithstanding
        anything to the contrary in this Section 6.11, the Trust Fund shall not be
        liable for settlement of any such claim by the Trustee entered into without
        the
        prior consent of the Depositor, which consent shall not be unreasonably
        withheld.

       

      The
        provisions of this Section 6.11 shall survive any termination of this Agreement
        and the resignation or removal of the Trustee and shall be construed to include,
        but not be limited to any loss, liability or expense under any environmental
        law.

       

      Section
        6.12 Fees
        and Expenses of Trustee and Custodians.

       

      The
        Trustee shall be entitled to (i) receive, and is authorized to pay itself,
        the
        amount of income or gain earned from investment of funds in the Certificate
        Account and (ii) reimbursement of all reasonable expenses, disbursements
        and
        advances incurred or made by the Trustee in accordance with this Agreement
        (including fees and expenses of its counsel and all persons not regularly
        in its
        employment and any amounts described in Section 10.01 to which the Trustee
        is
        entitled as provided therein), except for expenses, disbursements and advances
        that either (i) do not constitute “unanticipated expenses” within the meaning of
        Treasury Regulations Section 1.860G-1(b)(3)(ii) or (ii) arise from its
        negligence, bad faith or willful misconduct. The Custodian shall receive
        compensation and reimbursement or payment of its expenses under the Custodial
        Agreement as provided therein; provided that, to the extent required under
        Section 6 or Section 20 of the Custodial Agreement, the Trustee is hereby
        authorized to pay such compensation or reimbursement from amounts on deposit
        in
        the Certificate Account prior to any distributions to Certificateholders
        pursuant to Section 5.02 hereof.

       

      
        
          
          

        

        
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      Section
        6.13 Collection
        of Monies.

       

      Except
        as
        otherwise expressly provided in this Agreement, the Trustee may demand payment
        or delivery of, and shall receive and collect, all money and other property
        payable to or receivable by the Trustee pursuant to this Agreement. The Trustee
        shall hold all such money and property received by it as part of the Trust
        Fund
        and shall distribute it as provided in this Agreement. If the Trustee shall
        not
        have timely received amounts to be remitted with respect to the Mortgage
        Loans
        from the Master Servicer, the Trustee shall request the Master Servicer to
        make
        such distribution as promptly as practicable or legally permitted. If the
        Trustee shall subsequently receive any such amount, it may withdraw such
        request.

       

      Section
        6.14 Events
        of Default; Trustee To Act; Appointment of Successor.

       

      (a) The
        occurrence of any one or more of the following events shall constitute an
“Event
        of Default”:

       

      (i) Any
        failure by the Master Servicer to furnish to the Trustee the Mortgage Loan
        data
        sufficient to prepare the reports described in Section 4.03(a) which continues
        unremedied for a period of two (2) Business Days after the date upon which
        written notice of such failure shall have been given to such Master Servicer
        by
        the Trustee or to such Master Servicer and the Trustee by any NIMS Insurer
        or
        Holders of not less than 25% of the Class Principal Amount of each Class
        of
        Certificates affected thereby; or

       

      (ii) 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 which continues unremedied for
        a
        period of 30 days (or 15 days, in the case of failure to maintain any Insurance
        Policy required to be maintained pursuant to this Agreement) after the date
        on
        which written notice of such failure, requiring the same to be remedied,
        shall
        have been given to the Master Servicer by the Trustee or to the Master Servicer
        and the Trustee by any NIMS Insurer or Holders of not less than 25% of the
        Class
        Principal Amount (or Class Notional Amount) of each Class of Certificates
        affected thereby or by any NIMS Insurer; or

       

      (iii) A
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        for
        the appointment of a conservator or receiver or liquidator in any insolvency,
        readjustment of debt, marshalling of assets and liabilities or similar
        proceedings, or for the winding up or liquidation of its affairs, shall have
        been entered against the Master Servicer, and such decree or order shall
        have
        remained in force undischarged or unstayed for a period of 60 days or any
        Rating
        Agency reduces or withdraws or threatens to reduce or withdraw the rating
        of the
        Certificates because of the financial condition or loan servicing capability
        of
        such Master Servicer; or

       

      
        
          
          

        

        
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      (iv) 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, voluntary liquidation or similar proceedings of or relating
        to the
        Master Servicer or of or relating to all or substantially all of its property;
        or

       

      (v) 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

       

      (vi) The
        Master Servicer shall be dissolved, or shall dispose of all or substantially
        all
        of its assets, or consolidate with or merge into another entity or shall
        permit
        another entity to consolidate or merge into it, such that the resulting entity
        does not meet the criteria for a successor servicer as specified in Section
        9.27
        hereof; or

       

      (vii) If
        a
        representation or warranty set forth in Section 9.14 hereof shall prove to
        be
        incorrect as of the time made in any respect that materially and adversely
        affects the interests of the Certificateholders, and the circumstance or
        condition in respect of which such representation or warranty was incorrect
        shall not have been eliminated or cured within 30 days after the date on
        which
        written notice of such incorrect representation or warranty shall have been
        given to the Master Servicer by the Trustee or to the Master Servicer and
        the
        Trustee by the Holders of more than 50% of the Aggregate Voting Interests
        of the
        Certificates or by any NIMS Insurer; or

       

      (viii) A
        sale or
        pledge of any of the rights of the Master Servicer hereunder or an assignment
        of
        this Agreement by the Master Servicer or a delegation of the rights or duties
        of
        the Master Servicer hereunder shall have occurred in any manner not otherwise
        permitted hereunder and without the prior written consent of the Trustee,
        any
        NIMS Insurer and Certificateholders holding more than 50% of the Aggregate
        Voting Interests of the Certificates; or

       

      (ix) The
        Master Servicer has notice or actual knowledge that a Servicer at any time
        is
        not either a Fannie Mae- or Freddie Mac- approved Seller/Servicer, and the
        Master Servicer has not terminated the rights and obligations of such Servicer
        under the Servicing Agreement and replaced such Servicer with a Fannie Mae-
        or
        Freddie Mac-approved servicer within 60 days of the date the Master Servicer
        receives such notice or acquires such actual knowledge; or

       

      (x) After
        any
        receipt of notice from the Trustee or any NIMS Insurer, any failure of the
        Master Servicer to remit to the Trustee any payment required to be made to
        the
        Trustee for the benefit of Certificateholders under the terms of this Agreement,
        including any Advance, on any Deposit Date, which failure continues unremedied
        for a period of one Business Day after the date upon which such written notice
        of such failure shall have been given to the Master Servicer by the
        Trustee.

       

      
        
          
          

        

        
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      If
        an
        Event of Default described in clauses (i) through (ix) of this Section 6.14
        shall occur, then, in each and every case, subject to applicable law, so
        long as
        any such Event of Default shall not have been remedied within any period
        of time
        prescribed by this Section, the Trustee, by notice in writing to the Master
        Servicer may, and shall, if so directed by Certificateholders evidencing
        more
        than 50% of the Class Principal Amount (or Class Notional Amount) of each
        Class
        of Certificates or any NIMS Insurer, terminate all of the rights and obligations
        of the Master Servicer hereunder and in and to the Mortgage Loans and the
        proceeds thereof. If an Event of Default described in clause (x) of this
        Section
        6.14 shall occur, then, in each and every case, subject to applicable law,
        so
        long as such Event of Default shall not have been remedied within the time
        period prescribed by clause (x) of this Section 6.14, the Trustee, by notice
        in
        writing to the Master Servicer and the NIMS Insurer, shall promptly terminate
        all the rights and obligations of the Master Servicer hereunder 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, and only in its capacity as Master Servicer under this Agreement,
        whether with respect to the Mortgage Loans or otherwise, shall pass to and
        be
        vested in the Trustee and pursuant to and under the terms of this Agreement;
        provided, however, the parties acknowledge that notwithstanding the preceding
        sentence, there may be a transition period, not to exceed 90 days, in order
        to
        effect the transfer of the Master Servicer’s obligations to the Trustee, the
        Trustee is hereby authorized and empowered to execute and deliver, on behalf
        of
        the defaulting Master Servicer as attorney-in-fact or otherwise, any and
        all
        documents and other instruments, and to do or accomplish all other acts or
        things necessary or appropriate to effect the purposes of such notice of
        termination, whether to complete the transfer and endorsement or assignment
        of
        the Mortgage Loans and related documents or otherwise. The defaulting Master
        Servicer agrees to cooperate with the Trustee in effecting the termination
        of
        the defaulting Master Servicer’s responsibilities and rights hereunder as Master
        Servicer including, without limitation, notifying the Servicers of the
        assignment of the master servicing function and providing the Trustee or
        its
        designee all documents and records in electronic or other form reasonably
        requested by it to enable the Trustee or its designee to assume the defaulting
        Master Servicer’s functions hereunder and the transfer to the Trustee for
        administration by it of all amounts which shall at the time be or should
        have
        been deposited by the defaulting Master Servicer in the Collection Account
        maintained by such defaulting Master Servicer and any other account or fund
        maintained with respect to the Certificates or thereafter received with respect
        to the Mortgage Loans. The Master Servicer being terminated (or the Trust
        Fund,
        if the Master Servicer is unable to fulfill its obligations hereunder) as
        a
        result of an Event of Default shall bear all costs of a master servicing
        transfer, including but not limited to those of the Trustee reasonably allocable
        to specific employees and overhead, legal fees and expenses, accounting and
        financial consulting fees and expenses, and costs of amending the Agreement,
        if
        necessary.

       

      The
        Trustee shall be entitled to be reimbursed from the Master Servicer (or by
        the
        Trust Fund, if the Master Servicer is unable to fulfill its obligations
        hereunder) for all costs associated with the transfer of master servicing
        from
        the predecessor Master Servicer, including, without limitation, any costs
        or
        expenses associated with the complete transfer of all master servicing data
        and
        the completion, correction or manipulation of such servicing data as may
        be
        required by the Trustee to correct any errors or insufficiencies in the master
        servicing data or otherwise to enable the Trustee to master service the Mortgage
        Loans properly and effectively. If the terminated Master Servicer does not
        pay
        such reimbursement within thirty (30) days of its receipt of an invoice
        therefor, such reimbursement shall be an expense of the Trust Fund and the
        Trustee shall be entitled to withdraw such reimbursement from amounts on
        deposit
        in the Certificate Account pursuant to Section 4.04(b); provided that the
        terminated Master Servicer shall reimburse the Trust Fund for any such expense
        incurred by the Trust Fund.

       

      
        
          
          

        

        
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      Notwithstanding
        the termination of its activities as Master Servicer, each terminated Master
        Servicer shall continue to be entitled to reimbursement to the extent provided
        in Section 4.02(a)(i), (ii), (iii), (v), (vii), (ix) and (x) to the extent
        such
        reimbursement relates to the period prior to such Master Servicer’s
        termination.

       

      If
        any
        Event of Default shall occur of which a Responsible Officer of the Trustee
        has
        actual knowledge, the Trustee, shall promptly notify any NIMS Insurer and
        each
        Rating Agency of the nature and extent of such Event of Default. The Trustee
        shall immediately give written notice to the Master Servicer upon the Master
        Servicer’s failure to remit funds on the Deposit Date.

       

      (b) On
        or
        after the time the Master Servicer (and the Trustee, if notice is sent by
        any
        NIMS Insurer) receives a notice of termination from the Trustee pursuant
        to
        Section 6.14(a) or the Trustee receives the resignation of the Master Servicer
        evidenced by an Opinion of Counsel pursuant to Section 9.28, the Trustee,
        within
        90 days of such notice unless another master servicer acceptable to the NIMS
        Insurer shall have been appointed, shall be the successor in all respects
        to the
        Master Servicer in its capacity as such under this Agreement and the
        transactions set forth or provided for herein and shall have all the rights
        and
        powers and be subject to all the responsibilities, duties and liabilities
        relating thereto and arising thereafter placed on the Master Servicer hereunder,
        including the obligation to make Advances; provided, however, that any failure
        to perform such duties or responsibilities caused by the Master Servicer’s
        failure to provide information required by this Agreement shall not be
        considered a default by the Trustee hereunder. In addition, the Trustee shall
        have no responsibility for any act or omission of the Master Servicer prior
        to
        the issuance of any notice of termination. The Trustee shall have no liability
        relating to the representations and warranties of the Master Servicer set
        forth
        in Section 9.14. In the Trustee’s capacity as such successor, the Trustee shall
        have the same limitations on liability herein granted to the Master Servicer.
        As
        compensation therefor, the Trustee shall be entitled to receive all compensation
        payable to the Master Servicer under this Agreement, including the Master
        Servicing Fee. The Trustee shall be entitled to be reimbursed from the Master
        Servicer (or by the Trust Fund if the Master Servicer is unable to fulfill
        its
        obligations hereunder) for all costs associated with the transfer of master
        servicing from the predecessor master servicer, including, without limitation,
        any costs or expenses associated with the complete transfer of all master
        servicing data and the completion, correction or manipulation of such master
        servicing data as may be required by the Trustee to correct any errors or
        insufficiencies in the master servicing data or otherwise to enable the Trustee
        to master service the Mortgage Loans properly and effectively.

       

      
        
          
          

        

        
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      (c) Notwithstanding
        the above, the Trustee may, if it shall be unwilling to continue to so act,
        or
        shall, if it is unable to so act or if any NIMS Insurer so requests in writing
        to the Trustee, request the Depositor to appoint, petition a court of competent
        jurisdiction to appoint, or appoint on its own behalf any established housing
        and home finance institution servicer, master servicer, servicing or mortgage
        servicing institution acceptable to the NIMS Insurer having a net worth of
        not
        less than $15,000,000 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, like the Master Servicer hereunder. Any entity designated
        by the Trustee as a successor master servicer may be an Affiliate of the
        Trustee; provided, however, that, unless such Affiliate meets the net worth
        requirements and other standards set forth herein for a successor master
        servicer, the Trustee in its individual capacity shall agree, at the time
        of
        such designation, to be and remain liable to the Trust Fund for such Affiliate’s
        actions and omissions in performing its duties hereunder. In connection with
        such appointment and assumption, the Trustee may make such arrangements for
        the
        compensation of such successor out of payments on Mortgage Loans as it and
        such
        successor shall agree; provided, however, that no such compensation shall
        be in
        excess of that permitted to the Master Servicer hereunder. The Trustee and
        such
        successor shall take such actions, consistent with this Agreement, as shall
        be
        necessary to effectuate any such succession and may make other arrangements
        with
        respect to the servicing to be conducted hereunder which are not inconsistent
        herewith. The Master Servicer shall cooperate with the Trustee and any successor
        master servicer in effecting the termination of the Master Servicer’s
        responsibilities and rights hereunder including, without limitation, notifying
        Mortgagors of the assignment of the master servicing functions and providing
        the
        Trustee and successor master servicer, as applicable, all documents and records
        in electronic or other form reasonably requested by it to enable it to assume
        the Master Servicer’s functions hereunder and the transfer to the Trustee or
        successor master servicer, as applicable, all amounts which shall at the
        time be
        or should have been deposited by the Master Servicer in the Collection Account
        and any other account or fund maintained with respect to the Certificates
        or
        thereafter be received with respect to the Mortgage Loans. 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 caused by (i) the failure of
        the
        Master Servicer to deliver, or any delay in delivering, cash, documents or
        records to it, (ii) the failure of the Master Servicer to cooperate as required
        by this Agreement, (iii) the failure of the Master Servicer to deliver the
        Mortgage Loan data to the Trustee or such successor master servicer as required
        by this Agreement or (iv) restrictions imposed by any regulatory authority
        having jurisdiction over the Master Servicer. No 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 caused
        by (i)
        the failure of the terminated Master Servicer to deliver, or any delay in
        delivering cash, documents or records to it, or (ii) the failure of the
        terminated Master Servicer to cooperate as required by this
        Agreement.

       

      Section
        6.15 Additional
        Remedies of Trustee Upon Event of Default.

       

      During
        the continuance of any Event of Default, so long as such Event of Default
        shall
        not have been remedied, the Trustee, in addition to the rights specified
        in
        Section 6.14, shall have the right, in its own name and as trustee of an
        express
        trust, to take all actions now or hereafter existing at law, in equity or
        by
        statute to enforce its rights and remedies and to protect the interests,
        and
        enforce the rights and remedies, of any NIMS Insurer and the Certificateholders
        (including the institution and prosecution of all judicial, administrative
        and
        other proceedings and the filings of proofs of claim and debt in connection
        therewith). Except as otherwise expressly provided in this Agreement, no
        remedy
        provided for by this Agreement shall be exclusive of any other remedy, and
        each
        and every remedy shall be cumulative and in addition to any other remedy,
        and no
        delay or omission to exercise any right or remedy shall impair any such right
        or
        remedy or shall be deemed to be a waiver of any Event of Default.

       

      
        
          
          

        

        
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      Section
        6.16 Waiver
        of Defaults.

       

      More
        than
        50% of the Aggregate Voting Interests of Certificateholders (with the consent
        of
        any NIMS Insurer) may waive any default or Event of Default by the Master
        Servicer in the performance of its obligations hereunder, except that a default
        in the making of any required deposit to the Certificate Account that would
        result in a failure of the Trustee to make any required payment of principal
        of
        or interest on the Certificates may only be waived with the consent of 100%
        of
        the affected Certificateholders and with the consent of any NIMS Insurer.
        Upon
        any such waiver of a past default, such default shall cease to exist, and
        any
        Event of Default arising therefrom shall be deemed to have been remedied
        for
        every purpose of this Agreement. No such waiver shall extend to any subsequent
        or other default or impair any right consequent thereon except to the extent
        expressly so waived.

       

      Section
        6.17 Notification
        to Holders.

       

      Upon
        termination of the Master Servicer or appointment of a successor to the Master
        Servicer, in each case as provided herein, the Trustee shall promptly mail
        notice thereof by first class mail to the Certificateholders at their respective
        addresses appearing on the Certificate Register and any NIMS Insurer. The
        Trustee shall also, within 45 days after the occurrence of any Event of Default
        known to a Responsible Officer of the Trustee, give written notice thereof
        to
        any NIMS Insurer and the Certificateholders, unless such Event of Default
        shall
        have been cured or waived prior to the issuance of such notice and within
        such
        45 day period.

       

      Section
        6.18 Directions
        by Certificateholders and Duties of Trustee During Event of
        Default.

       

      Subject
        to the provisions of Section 8.01 hereof, during the continuance of any Event
        of
        Default, Holders of Certificates evidencing not less than 25% of the Class
        Principal Amount (or Percentage Interest) of each Class of Certificates affected
        thereby may, with the consent of any NIMS Insurer, direct the time, method
        and
        place of conducting any proceeding for any remedy available to the Trustee,
        or
        exercising any trust or power conferred upon the Trustee, under this Agreement;
        provided, however, that the Trustee shall be under no obligation to pursue
        any
        such remedy, or to exercise any of the trusts or powers vested in it by this
        Agreement (including, without limitation, (i) the conducting or defending
        of any
        administrative action or litigation hereunder or in relation hereto and (ii)
        the
        terminating of the Master Servicer or any successor master servicer from
        its
        rights and duties as master servicer hereunder) at the request, order or
        direction of any of the Certificateholders, or any NIMS Insurer, unless such
        Certificateholders, or any NIMS Insurer, shall have offered to the Trustee
        reasonable security or indemnity against the cost, expenses and liabilities
        which may be incurred therein or thereby; and, provided further, that, subject
        to the provisions of Section 8.01, the Trustee shall have the right to decline
        to follow any such direction if the Trustee, in accordance with an Opinion
        of
        Counsel, determines that the action or proceeding so directed may not lawfully
        be taken or if the Trustee in good faith determines that the action or
        proceeding so directed would involve it in personal liability for which it
        is
        not indemnified to its satisfaction or be unjustly prejudicial to the non
        assenting Certificateholders.

       

      
        
          
          

        

        
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      Section
        6.19 Action
        Upon Certain Failures of the Master Servicer and Upon Event of
        Default.

       

      In
        the
        event that a Responsible Officer of the Trustee shall have actual knowledge
        of
        any action or inaction of the Master Servicer that would become an Event
        of
        Default upon the Master Servicer’s failure to remedy the same after notice, the
        Trustee shall give notice thereof to the Master Servicer. For all purposes
        of
        this Agreement, in the absence of actual knowledge by a Responsible Officer
        of
        the Trustee, the Trustee shall not be deemed to have knowledge of any failure
        of
        the Master Servicer or any other Event of Default unless notified in writing
        by
        the Depositor, the Master Servicer or the Certificateholders.

       

      Section
        6.20 Preparation
        of Tax Returns and Other Reports.

       

      (a) The
        Trustee shall prepare or cause to be prepared on behalf of the Trust Fund,
        based
        upon information calculated in accordance with this Agreement pursuant to
        instructions given by the Depositor, and the Trustee shall file federal tax
        returns, all in accordance with Article X hereof. The Trustee shall prepare
        and
        file required state income tax returns and such other returns as may be required
        by applicable law relating to the Trust Fund, and, if required by state law,
        and
        shall file any other documents to the extent required by applicable state
        tax
        law (to the extent such documents are in the Trustee’s possession). The Trustee
        shall forward copies to the Depositor of all such returns and Form 1099
        supplemental tax information and such other information within the control
        of
        the Trustee as the Depositor may reasonably request in writing, and shall
        distribute to each Certificateholder such forms and furnish such information
        within the control of the Trustee as are required by the Code and the REMIC
        Provisions to be furnished to them, and will prepare and distribute to
        Certificateholders Form 1099 (supplemental tax information) (or otherwise
        furnish information within the control of the Trustee) to the extent required
        by
        applicable law. The Master Servicer shall indemnify the Trustee for any
        liability of or assessment against the Trustee arising out of or based upon
        any
        error in any of such tax or information returns arising out of or based upon
        errors in the information provided by such Master Servicer.

       

      (b) The
        Trustee shall prepare and file with the IRS, on behalf of each REMIC created
        hereby, an application on IRS Form SS-4. The Trustee, upon receipt from the
        IRS
        of the Notice of Taxpayer Identification Number Assigned for each REMIC,
        shall
        promptly forward copies of such notices to the Master Servicer and the
        Depositor. The Trustee will file an IRS Form 8811 for all REMICs created
        hereunder. The Trustee shall have no obligation to verify the information
        in any
        Form 8811 or Form SS-4 filing.

       

      (c) Reports
        Filed on Form 10-D.

       

      (i) Within
        15
        days after each Distribution Date (or, if applicable, within such shorter
        period
        of time as is required under the rules of the Commission as in effect from
        time
        to time (the “Rules”)) during each year in which the Trust Fund is subject to
        Exchange Act reporting requirements, the Trustee shall prepare and file on
        behalf of the Trust Fund any Form 10-D required by the Exchange Act, in form
        and
        substance as required by the Exchange Act. The Trustee shall file each Form
        10-D
        with a copy of the related Distribution Date Statement attached thereto.
        Any
        disclosure in addition to the Distribution Date Statement that is required
        to be
        included on Form 10-D (“Additional Form 10-D Disclosure”) shall be determined
        and prepared by and at the direction of the Depositor pursuant to the following
        paragraph and the Trustee 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.

       

      
        
          
          

        

        
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      (ii) As
        set
        forth on Exhibit Q-1 hereto, within five calendar days after the related
        Distribution Date, (A) certain parties to the Lehman XS Trust Mortgage
        Pass-Through Certificates, Series 2007-2N transaction, as identified in Exhibit
        Q-1, shall provide to the Trustee, to the extent known by a Responsible Officer
        thereof, in EDGAR-compatible form (which may be Word or Excel documents easily
        convertible to EDGAR format), or in such other form as otherwise agreed upon
        by
        the Trustee and such party, the form and substance of any Additional Form
        10-D
        Disclosure, if applicable, and included with such Additional Form 10-D
        Disclosure, an Additional Disclosure Notification in the form attached hereto
        as
        Exhibit Q-4, (B) the Trustee shall forward to the Depositor, the form and
        substance of the Additional Form 10-D Disclosure, and (C) 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
        Trustee in connection with including any Additional Form 10-D Disclosure
        on Form
        10-D pursuant to this paragraph.

       

      (iii) After
        preparing the Form 10-D, the Trustee shall forward electronically a draft
        copy
        of the Form 10-D to the Exchange Act Signing Party for review and approval.
        If
        the Master Servicer is the Exchange Act Signing Party and the Form 10-D includes
        Additional Form 10-D Disclosure, then the Form 10-D shall also be electronically
        distributed to the Depositor for review and approval. No later than two Business
        Days prior to the 15th calendar day after the related Distribution Date,
        a
        senior officer of the Exchange Act Signing Party shall sign the Form 10-D
        and
        return an electronic or fax copy of such signed Form 10-D (with an original
        executed hard copy to follow by overnight mail) to the Trustee. If a Form
        10-D
        cannot be filed on time or if a previously filed Form 10-D needs to be amended,
        the Trustee will follow the procedures set forth in subsection (f)(ii) of
        this
        Section 6.20. Promptly (but no later than one Business Day) after the deadline
        for filing such report with the Commission, the Trustee will make available
        on
        its internet website a final executed copy of each Form 10-D. Each party
        to this
        Agreement acknowledges that the performance by the Trustee of its duties
        under
        this Section 6.20(c) related to the timely preparation and filing of Form
        10-D
        is contingent upon such parties strictly observing all applicable deadlines
        in
        the performance of their duties under this Section 6.20(c). The Trustee shall
        have no liability for any loss, expense, damage, claim arising out of or
        with
        respect to any failure to properly prepare and/or timely file such Form 10-D,
        where such failure results from the Trustee’s inability or failure to obtain or
        receive, on a timely basis, any information from any other party hereto needed
        to prepare, arrange for execution or file such Form 10-D, not resulting from
        its
        own negligence, bad faith or willful misconduct.

       

      
        
          
          

        

        
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      (d) Reports
        Filed on Form 10-K.

       

      (i) Unless
        and until a Form 15 suspension notice shall have been filed, on or prior
        to the
        90th
        calendar
        day after the end of each fiscal year of the Trust Fund or such earlier date
        as
        may be required by the Exchange Act (the “10-K Filing Deadline”) (it being
        understood that the fiscal year for the Trust Fund ends on December 31st
        of each
        year), commencing in March 2008, the Trustee shall prepare and file on behalf
        of
        the Trust Fund a Form 10-K, in form and substance as required by the Exchange
        Act. To
        facilitate the Trustee’s preparation of the Form 10-K, the Depositor shall
        provide to the Trustee, no later than 30 days prior to the 10-K Filing Deadline,
        a template of the Form 10-K in an Edgar-compatible format.
        Each
        such Form 10-K shall include the following items, in each case to the extent
        they have been delivered to the Trustee within the applicable time frames
        set
        forth in this Agreement and in the Servicing Agreement and the Custodial
        Agreement, (A) an annual compliance statement for the Servicer, each Additional
        Servicer and the Master Servicer, as described under Section 9.26 hereof
        and in
        the Servicing Agreement, (B)(I) the annual reports on assessment of compliance
        with servicing criteria for the Servicer, the Custodian, each Additional
        Servicer, the Master Servicer, any Servicing Function Participant, the Paying
        Agent (if other than the Trustee) and the Trustee (each, a “Reporting
        Servicer”), as described under Section 9.25(a) hereof and in the Servicing
        Agreement and Custodial Agreement, and (II) if any Reporting Servicer’s report
        on assessment of compliance with servicing criteria described under Section
        9.25(a) hereof or in the Servicing Agreement or Custodial Agreement identifies
        any material instance of noncompliance, disclosure identifying such instance
        of
        noncompliance, or if any Reporting Servicer’s report on assessment of compliance
        with servicing criteria described under Section 9.25(a) hereof or in the
        Servicing Agreement or Custodial Agreement 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, (C)(I) the registered public accounting firm
        attestation report for each Reporting Servicer, as described under Section
        9.25(b) hereof and in the Servicing Agreement and Custodial Agreement and
        (II)
        if any registered public accounting firm attestation report described under
        Section 9.25(b) hereof or in the Servicing Agreement or Custodial Agreement
        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 (D) a Sarbanes-Oxley Certification. Any disclosure or information
        in addition to (A) through (D) above that is required to be included on Form
        10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by and
        at the direction of the Depositor pursuant to the following paragraph and
        the
        Trustee 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.

       

      (ii) As
        set
        forth on Exhibit Q-2 hereto, no later than March 15 of each year that the
        Trust
        Fund is subject to the Exchange Act reporting requirements, commencing in
        2008,
        (A) certain parties to the Lehman XS Trust Mortgage Pass-Through Certificates,
        Series 2007-2N transaction, as identified in Exhibit Q-2, shall provide to
        the
        Trustee, to the extent known by a Responsible Officer thereof, in
        EDGAR-compatible form (which may be Word or Excel documents easily convertible
        to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
        and such party, the form and substance of any Additional Form 10-K Disclosure,
        if applicable, and include with such Additional Form 10-K Disclosure, an
        Additional Disclosure Notification in the form attached hereto as Exhibit
        Q-4,
        (B) the Trustee shall forward to the Depositor, the form and substance of
        the
        Additional Form 10-K Disclosure, and (C) the Depositor will approve, as to
        form
        and substance, or disapprove, as the case may be, the inclusion of the
        Additional Form 10-K Disclosure on Form 10-K. The Trustee has no duty under
        this
        Agreement to monitor or enforce the performance by the parties listed on
        Exhibit
        Q-2 of their duties under this paragraph or proactively solicit or procure
        from
        such parties any Form 10-K Disclosure Information. The Sponsor will be
        responsible for any reasonable fees and expenses assessed or incurred by
        the
        Trustee in connection with including any Additional Form 10-K Disclosure
        on Form
        10-K pursuant to this paragraph.

       

      
        
          
          

        

        
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      (iii) After
        preparing the Form 10-K, the Trustee shall forward electronically a draft
        copy
        of the Form 10-K to the Exchange Act Signing Party for review and approval.
        If
        the Master Servicer is the Exchange Act Signing Party and the Form 10-K includes
        Additional Form 10-K Disclosure, then the Form 10-K shall also be electronically
        distributed to the Depositor for review and approval. No later than the close
        of
        business New York City time on the 4th Business Day prior to the 10-K Filing
        Deadline, a senior officer of the Exchange Act Signing Party shall sign the
        Form
        10-K and return an electronic or fax copy of such signed Form 10-K (with
        an
        original executed hard copy to follow by overnight mail) to the Trustee.
        If a
        Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
        to be
        amended, the Trustee will follow the procedures set forth in subsection (f)
        of
        this Section 6.20. Promptly (but no later than one Business Day) after the
        deadline for filing such report with the Commission, the Trustee will make
        available on its internet website a final executed copy of each Form 10-K.
        The
        parties to this Agreement acknowledge that the performance by the Trustee
        of its
        duties under this Section 6.20(d) related to the timely preparation and filing
        of Form 10-K is contingent upon such parties (and any Additional Servicer
        or
        Servicing Function Participant) strictly observing all applicable deadlines
        in
        the performance of their duties under this Section 6.20(d), Section 9.25(a),
        Section 9.25(b) and Section 9.26. The Trustee shall have no liability for
        any
        loss, expense, damage, claim arising out of or with respect to any failure
        to
        properly prepare and/or timely file such Form 10-K, where such failure results
        from the Trustee’s inability or failure to obtain or 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.

       

      (iv) Each
        Form
        10-K shall include the Sarbanes-Oxley Certification. The Trustee, the Paying
        Agent and, if the Depositor is the Exchange Act Signing Party, the Master
        Servicer, shall, and the Trustee, the Paying Agent and the Master Servicer
        (if
        applicable) 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 Fund is
        subject to the reporting requirements of the Exchange Act (each, a “Back-Up
        Certification”), in the form attached hereto as Exhibit T (or, in the case of
        (x) the Paying Agent (if other than the Trustee), such other form as agreed
        to
        between the Paying Agent and the Exchange Act Signing Party, and (y) the
        Trustee, the form attached hereto as Exhibit U), 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
        Exchange Act Signing Party shall serve as the Certifying Person on behalf
        of the
        Trust Fund. In the event the Master Servicer, the Trustee, the Paying Agent
        or
        any Servicing Function Participant engaged by such parties is terminated
        or
        resigns pursuant to the terms of this Agreement, such party or Servicing
        Function Participant shall provide a Back-Up Certification to the Certifying
        Person pursuant to this Section 6.20(d)(iv) with respect to the period of
        time
        it was subject to this Agreement.

       

      (v) Each
        person (including their officers or directors) that signs any Form 10-K
        Certification shall be entitled to indemnification from the Trust Fund for
        any
        liability or expense incurred by it in connection with such certification,
        other
        than any liability or expense attributable to such Person’s own bad faith,
        negligence or willful misconduct. The provisions of this subsection shall
        survive any termination of this Agreement and the resignation or removal
        of such
        Person.

       

      
        
          
          

        

        
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      (e) Reports
        Filed on Form 8-K.

       

      (i) During
        any year in which the Trust Fund is subject to Exchange Act reports, within
        four
        Business Days after the occurrence of an event requiring disclosure on Form
        8-K
        (each such event, a “Reportable Event”) or such later date as may be required by
        the Commission, and if requested by the Depositor, the Trustee shall prepare
        and
        file on behalf of the Trust Fund any Form 8-K, as required by the Exchange
        Act;
        provided that the Depositor shall file the initial Form 8-K in connection
        with
        the issuance of the Certificates. Any disclosure or information related to
        a
        Reportable Event or that is otherwise required to be included on Form 8-K
        (“Form
        8-K Disclosure Information”) shall be determined and prepared by and at the
        direction of the Depositor pursuant to the following paragraphs and the Trustee
        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.

       

      (ii) As
        set
        forth on Exhibit Q-3 hereto, for so long as the Trust Fund is subject to
        the
        Exchange Act reporting requirements, no later than Noon New York City time
        on
        the 2nd Business Day after the occurrence of a Reportable Event (A) certain
        parties to the Lehman XS Trust Mortgage Pass-Through Certificates, Series
        2007-2N transaction, as identified in Exhibit Q-3, shall provide to the Trustee,
        to the extent known by a Responsible Officer thereof, in EDGAR-compatible
        form
        (which may be Word or Excel documents easily convertible to EDGAR format),
        or in
        such other form as otherwise agreed upon by the Trustee and such party, the
        form
        and substance of any Form 8-K Disclosure Information, if applicable, and
        include
        with such Form 8-K Disclosure Information, an Additional Disclosure Notification
        in the form attached hereto as Exhibit Q-4, (B) the Trustee shall forward
        to the
        Depositor, the form and substance of the Form 8-K Disclosure Information,
        and
        (C) 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 Trustee
        has no duty under this Agreement to monitor or enforce the performance by
        the
        parties listed on Exhibit Q-3 of their duties under this paragraph or
        proactively solicit or procure from such parties any Form 8-K Disclosure
        Information. The Sponsor will be responsible for any reasonable fees and
        expenses assessed or incurred by the Trustee in connection with including
        any
        Form 8-K Disclosure Information on Form 8-K pursuant to this
        paragraph.

       

      (iii) After
        preparing the Form 8-K, the Trustee shall forward electronically, no later
        than
        Noon New York city time on the 3rd Business Day after the Reportable Event,
        a
        draft copy of the Form 8-K to the Exchange Act Signing Party for review and
        approval. If the Master Servicer is the Exchange Act Signing Party, then
        the
        Form 8-K shall also be electronically distributed to the Depositor for review
        and approval. No later than Noon New York City time on the 4th Business Day
        after the Reportable Event, a senior officer of the Exchange Act Signing
        Party
        shall sign the Form 8-K and return an electronic or fax copy of such signed
        Form
        8-K (with an original executed hard copy to follow by overnight mail) to
        the
        Trustee. If a Form 8-K cannot be filed on time or if a previously filed Form
        8-K
        needs to be amended, the Trustee will follow the procedures set forth in
        subsection (f) of this Section 6.20. Promptly (but no later than one Business
        Day) after the deadline for filing such form with the Commission, the Trustee
        will, make available on its internet website a final executed copy of each
        Form
        8-K. The parties to this Agreement acknowledge that the performance by the
        Trustee of its duties under this Section 6.20(e) related to the timely
        preparation and filing of Form 8-K is contingent upon such parties strictly
        observing all applicable deadlines in the performance of their duties under
        this
        Section 6.20(e). The Trustee shall have no liability for any loss, expense,
        damage or claim arising out of or with respect to any failure to properly
        prepare and/or timely file such Form 8-K, where such failure results from
        the
        Trustee’s inability or failure to obtain or receive, on a timely basis, any
        information from any other party hereto needed to prepare, arrange for execution
        or file such Form 8-K, not resulting from its own negligence, bad faith or
        willful misconduct.

       

      
        
          
          

        

        
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      (f) Delisting;
        Amendments; Late Filings.

       

      (i) Prior
        to
        January 30 of the first year in which the Trustee is able to do so under
        applicable law, unless otherwise directed by the Depositor, the Trustee shall
        prepare and file a Form 15 relating to the automatic suspension of reporting
        in
        respect of the Trust Fund under the Exchange Act.

       

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

       

      (g) Any
        party
        that signs any Exchange Act report that the Trustee is required to file shall
        provide to the Trustee prompt notice of the execution of such Exchange Act
        report along with the name and contact information for the person signing
        such
        report and shall promptly deliver to the Trustee the original executed signature
        page for such report. In addition, each of the parties agrees to provide
        to the
        Trustee such additional information related to such party as the Trustee
        may
        reasonably request, including evidence of the authorization of the person
        signing any certification or statement, financial information and reports,
        and
        such other information related to such party or its performance
        hereunder.

       

      
        
          
          

        

        
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      (h) The
        Depositor and the Master Servicer, by mutual agreement, shall determine which
        of
        the Depositor or the Master Servicer shall be the initial Exchange Act Signing
        Party. Upon such determination, the Depositor shall timely notify the Trustee,
        and such notice shall provide contact information for the Exchange Act Signing
        Party. If the Depositor and Master Servicer, at any time, mutually agree
        to
        change the identity of the Exchange Act Signing Party, the Depositor shall
        provide timely notice to the Trustee of any such change.

       

      (i) The
        Trustee shall promptly send copies of each periodic report filed on Form
        8-K,
        Form 10-D or other applicable form, each annual report on Form 10-K, and
        each
        Form 15 Suspension Notification, together in each case with the acceptance
        confirmation receipt from EDGAR, to McKee Nelson LLP and to the Depositor
        (i) by
        e-mail to the e-mail addresses provided in writing by each of McKee Nelson
        LLP
        and the Depositor, respectively and (ii) to McKee Nelson LLP at 1919 M Street,
        N.W., Washington, D.C. 20036, and to the Depositor at the address specified
        in
        Section 11.07, in each case to the attention of a designated contact specified
        by each of McKee Nelson LLP and the Depositor, respectively.

       

      Section
        6.21 Reporting
        Requirements of the Commission.

       

      Each
        of
        the parties hereto acknowledges and agrees that the purpose of Sections 6.01,
        6.20, 9.25(a) and 9.25(b) of this Agreement is to facilitate compliance by
        the
        Sponsor, the Master Servicer and the Depositor with the provisions of Regulation
        AB, as such may be amended or clarified 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 compliance with Regulation
        AB, (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 reasonable
        requests made by the Sponsor, the Depositor, the Master Servicer or the Trustee
        for delivery of additional or different information as the Sponsor, the
        Depositor, the Master Servicer or the Trustee may determine in good faith
        is
        necessary to comply with the provisions of Regulation AB, provided that such
        information is available without unreasonable effort or expense and within
        such
        timeframe as may be reasonably requested.

       

      Section
        6.22 Indemnification
        by the Trustee.

       

      The
        Trustee (including in its capacity as Paying Agent) agrees to indemnify the
        Depositor and the Master Servicer, and each of their respective directors,
        officers, employees and agents and the Trust Fund and hold each of them harmless
        from and against any losses, damages, penalties, fines, forfeitures, legal
        fees
        and expenses and related costs, judgments, and any other costs, fees and
        expenses that any of them may sustain arising out of or based upon the
        engagement of any Subcontractor in violation of Section 6.01(l) or any failure
        by
        the Trustee to deliver when and as required the information pursuant to Section
        6.01(m), the disclosure applicable to the Trustee pursuant
        to
        Sections 6.20(c)(ii), 6.20(d)(ii) and 6.20(e)(ii), the certification applicable to the Trustee purusant to Section 6.20(d)(iv) or any assessment
        of compliance pursuant to Section 9.25(a). This indemnification shall survive
        the termination of this Agreement or the termination of the Trustee
        hereunder.

       

      
        
          
          

        

        
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      ARTICLE
        VII.

       

      PURCHASE
        OF MORTGAGE LOANS AND

      TERMINATION
        OF THE TRUST FUND

       

      Section
        7.01 Purchase
        of Mortgage Loans; Termination of the Trust Fund Upon Purchase or Liquidation
        of
        Mortgage Loans.

       

      (a) The
        respective obligations and responsibilities of the Trustee and the Master
        Servicer created hereby (other than the obligation of the Trustee to make
        payments to Certificateholders as set forth in Section 7.02, the obligation
        of
        the Master Servicer to make a final remittance to the Trustee pursuant to
        Section 4.01, and the obligations of the Master Servicer to the Trustee pursuant
        to Sections 9.10 and 9.14) shall terminate on the earliest of (i) the final
        payment or other liquidation of the last Mortgage Loan remaining in the Trust
        Fund and the disposition of all REO Property, (ii) the sale of the property
        held
        by the Trust Fund in accordance with Section 7.01(b) and (iii) the Latest
        Possible Maturity Date; provided, however, that in no event shall the Trust
        Fund
        created hereby continue beyond the expiration of 21 years from the death
        of the
        last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
        of
        the United States to the Court of St. James’s, living on the date hereof. Any
        termination of the Trust Fund shall be carried out in such a manner so that
        the
        termination of each REMIC included therein shall qualify as a “qualified
        liquidation” under the REMIC Provisions.

       

      
        
          
          

        

        
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      (b) On
        any
        Distribution Date occurring on or after the Initial Optional Termination
        Date,
        the Master Servicer, with the prior written consent of any NIMS Insurer and
        the
        Seller, which consent shall not be unreasonably withheld, has the option
        to
        cause each of REMIC AX, REMIC 1 and REMIC 2 to adopt a plan of complete
        liquidation and to purchase the Mortgage Loans and any REO Property related
        to
        the Mortgage Pool (the “Pool Assets”) for a price equal to the Repurchase Price,
        pursuant to Section 7.03 hereof. Upon exercise of such option, the property
        of
        the Mortgage Pool shall be sold to the Master Servicer at a price (the
“Repurchase Price”) equal to the sum of (i) 100% of the unpaid principal balance
        of each Mortgage Loan on the day of such purchase plus interest accrued thereon
        at the Mortgage Rate with respect to such Mortgage Loan to the Due Date in
        the
        Collection Period immediately preceding the Distribution Date on which the
        proceeds of such sale will be distributed to the holders of the Certificates,
        (ii) the fair market value of any REO Property related to the Mortgage Loans
        and
        any other property related to the Mortgage Loans held by any REMIC, such
        fair
        market value to be determined by an independent appraiser or appraisers mutually
        agreed upon by the Master Servicer, any NIMS Insurer and the Trustee (reduced,
        in the case of REO Property, by (1) reasonably anticipated disposition costs
        and
        (2) any amount by which the fair market value as so reduced exceeds the
        outstanding principal balance of the related Mortgage Loan plus interest
        accrued
        thereon at the applicable Net Mortgage Rate to the date of such purchase),
        (iii)
        any unreimbursed Servicing Advances and other amounts to be reimbursed pursuant
        to the immediately following sentence related to the Mortgage Loans and (iv)
        any
        Cap Termination Payment payable to the Cap Provider as a result of a termination
        pursuant to this Section 7.01; provided, however, if there are any NIM
        Securities outstanding, the Master Servicer may only exercise its option
        after
        receiving the prior written consent of the holders of such NIM Securities
        and,
        if such consent is given, the Repurchase Price shall also include an amount
        equal to the sum of (1) any accrued interest on the NIM Securities related
        to
        the Mortgage Loans, (2) the unpaid principal balance of any such NIM Securities
        and (3) any other reimbursable expenses owed by the issuer of the NIM Securities
        (the “NIM Redemption Amount”); and
        provided, further, that if any Cap Termination Payment is payable to the
        Cap
        Counterparty, the Master Servicer may only exercise its option if the Cap
        Counterparty does not object thereto in writing in a timely manner. The
        Master Servicer, the Servicer, the Trustee and the Custodian shall be reimbursed
        from the Repurchase Price for any Mortgage Loan or related REO Property for
        any
        Advances made or other amounts advanced with respect to the Mortgage Loans
        that
        are reimbursable to any such entity under this Agreement, the related Servicing
        Agreement or the Custodial Agreement, together with any accrued and unpaid
        compensation and any other amounts due to the Master Servicer or the Trustee
        hereunder or the applicable Servicer or the Custodian, to the extent such
        amounts relate to the Mortgage Loans. If the Master Servicer fails to exercise
        such right, the NIMS Insurer will have the option to direct the Master Servicer
        to exercise such option so long as it is insuring the NIM Securities or it
        is
        owed any amounts in connection with its guaranty of the NIM Securities.
        Following receipt of such notice from the NIMS Insurer, the Master Servicer
        shall advise the NIMS Insurer whether it will exercise the option under this
        Section 7.01(b) for its own account and using its own funds, or whether it
        will
        exercise such option in its own name but for the NIMS Insurer's account and
        utilizing the NIMS Insurer's funds. If the Master Servicer exercises such
        option
        for the NIMS Insurer's account, the NIMS Insurer will remit the Repurchase
        Price
        to the Master Servicer one Business Day prior to the day the Master Servicer
        is
        required to remit the Repurchase Price to the Trustee. Following its receipt
        from the NIMS Insurer of the entire Repurchase Price and its subsequent
        remittance to the Trustee of the entire Repurchase Price, the Master Servicer
        will convey to the NIMS Insurer all of the rights it receives from the Trustee
        with respect to the related Mortgage Loans as a result of such remittance.
        Subject to Section 7.03, the Trustee shall distribute the assets of the Trust
        Fund on the Distribution Date on which the repurchase occurred. If the NIMS
        Insurer directs the Master Servicer to exercise such right as described above,
        then (i) the Master Servicer shall cause each REMIC to adopt a plan of complete
        liquidation as described above and (ii) the NIMS Insurer shall remit the
        Repurchase Price in immediately available funds to the Master Servicer at
        least
        three Business Days prior to the applicable Distribution Date and, upon receipt
        of such funds from the NIMS Insurer, the Master Servicer shall promptly deposit
        such funds in the Collection Account. The NIMS Insurer shall be obligated
        to
        reimburse the Master Servicer and the Trustee for their reasonable out-of-pocket
        expenses incurred in connection with the purchase of the Mortgage Loans and
        REO
        Property related to the Mortgage Pool at the direction of the NIMS Insurer
        and
        shall indemnify and hold harmless the Master Servicer and the Trustee for
        any
        losses, liabilities or expenses resulting from any claims arising out of
        or
        based upon the Master Servicer’s or Trustee’s purchase of the Pool Assets at the
        direction of the NIMS Insurer at the direction of the NIMS Insurer, except
        to
        the extent such losses, liabilities or expenses arise out of or result from
        the
        Master Servicer’s or Trustee’s, as the case may be, negligence, bad faith or
        willful misconduct. 

       

      
        
          
          

        

        
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      Section
        7.02 Procedure
        Upon Termination of Trust Fund.

       

      (a) Notice
        of
        any termination pursuant to the provisions of Section 7.01 (or the retirement
        of
        Certificates), specifying the Distribution Date upon which the final
        distribution shall be made, shall be given promptly by the Trustee by first
        class mail to the Certificateholders and any NIMS Insurer, mailed upon (x)
        no
        later than five Business Days after the Trustee has received notice from
        the
        Master Servicer of its intent to exercise its right to cause the termination
        of
        the Trust Fund pursuant to Section 7.01(b) (or the retirement of the
        Certificates ) or (y) upon final payment or other liquidation of the last
        Mortgage Loan or REO Property in the Trust Fund. Such notice shall specify
        (A)
        the Distribution Date upon which final distribution on the Certificates of all
        amounts required to be distributed to Certificateholders pursuant to Section
        5.02 will be made upon presentation and surrender of the related Certificates
        at
        the Corporate Trust Office, and (B) that the Record Date otherwise applicable
        to
        such Distribution Date is not applicable, distribution being made only upon
        presentation and surrender of the related Certificates at the office or agency
        of the Trustee therein specified. The Trustee shall give such notice to the
        Master Servicer and the Certificate Registrar at the time such notice is
        given
        to Holders of the related Certificates. Upon any termination pursuant to
        Section
        7.01(b), the duties of the Certificate Registrar with respect to the applicable
        Certificates shall terminate and the Trustee shall terminate or request the
        Master Servicer to terminate, the Collection Account it maintains, the
        Certificate Account and any other account or fund maintained with respect
        to the
        related Certificates, subject to the Trustee’s obligation hereunder to hold all
        amounts payable to Certificateholders in trust without interest pending such
        payment.

       

      (b) In
        the
        event that all of the Holders do not surrender their Certificates for
        cancellation within three months after the time specified in the above mentioned
        written notice, the Trustee shall give a second written notice to the remaining
        Certificateholders to surrender their Certificates for cancellation and receive
        the final distribution with respect thereto. If within one year after the
        second
        notice any Certificates shall not have been surrendered for cancellation,
        the
        Trustee may take appropriate steps to contact the remaining Certificateholders
        concerning surrender of such Certificates, and the cost thereof shall be
        paid
        out of the amounts distributable to such Holders. If within two years after
        the
        second notice any Certificates shall not have been surrendered for cancellation,
        the Trustee shall, subject to applicable state law relating to escheatment,
        hold
        all amounts distributable to such Holders for the benefit of such Holders.
        No
        interest shall accrue on any amount held by the Trustee and not distributed
        to a
        Certificateholder due to such Certificateholder’s failure to surrender its
        Certificate(s) for payment of the final distribution thereon in accordance
        with
        this Section.

       

      (c) Any
        reasonable expenses incurred by the Trustee in connection with any termination
        or liquidation of the Trust Fund (or a Mortgage Pool thereof) shall be
        reimbursed from proceeds received from the liquidation of the related Mortgage
        Pool or Mortgage Pools.

       

      Section
        7.03 Additional
        Trust Fund Termination Requirements.

       

      Any
        sale
        pursuant to Section 7.01(b) shall be effected in accordance with the following
        additional requirements, unless the Trustee seeks (at the request of the
        party
        exercising the option to repurchase all of the Mortgage Loans pursuant to
        Section 7.01(b)), and subsequently receives, an Opinion of Counsel (at the
        expense of such requesting party), addressed to the Trustee and any NIMS
        Insurer
        to the effect that the failure of the Trust Fund to comply with the requirements
        of this Section 7.03 will not (I) result in the imposition of taxes on any
        REMIC
        under the REMIC Provisions or (II) cause any REMIC established hereunder
        to fail
        to qualify as a REMIC at any time that any Certificates are
        outstanding:

       

      (i) On
        the
        date specified for final payment of the Certificates, the Trustee shall make
        final distributions of principal and interest on the Certificates and, after
        payment of, or provision for any outstanding expenses, distribute or credit,
        or
        cause to be distributed or credited, to the Holders of the Residual Certificates
        all cash on hand after such final payment (other than cash retained to meet
        claims), and the Trust Fund (and each REMIC) shall terminate at that
        time;

       

      
        
          
          

        

        
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      (ii) In
        the
        case of a sale of assets:

       

      (A) The
        Trustee shall sell all of the assets of the Mortgage Pool for cash and, within
        90 days of such sale, shall distribute the proceeds of such sale to the
        Certificateholders in complete liquidation of each REMIC; and

       

      (B) The
        Trustee shall attach a statement to the final Federal income tax return for
        each
        REMIC stating that pursuant to Treasury Regulation § 1.860F-1, the first
        day of the 90-day liquidation period for each such REMIC was the date on
        which
        the Trustee sold such assets.

       

      Section
        7.04 Optional
        Purchase Right of NIMS Insurer.

       

      The
        NIMS
        Insurer may purchase any Distressed Mortgage Loan for a purchase price equal
        to
        the outstanding principal balance of such Mortgage Loan, plus accrued interest
        thereon to the date of repurchase plus any unreimbursed Advances, Servicing
        Advances, Servicing Fees or Trustee Fees and any unreimbursed expenses of
        the
        Trustee allocable to such Distressed Mortgage Loan. Any such purchase shall
        be
        accomplished by the NIM Insurer’s remittance of the purchase price for the
        Distressed Mortgage Loan to the Master Servicer for deposit into the Collection
        Account.

       

      Section
        7.05 Grantor
        Trust Termination.

       

      The
        Class
        1-A1A Grantor Trust, Class 1-A1B Grantor Trust, Class 3-A1 Grantor Trust,
        Class
        3-A2 Grantor Trust and Class 3-A3 Grantor Trust will each terminate on the
        earlier of the date on which the Class Principal Amount of the related Grantor
        Trust Certificate is reduced to zero and the termination of this
        Agreement.

       

      ARTICLE
        VIII.

       

      RIGHTS
        OF
        CERTIFICATEHOLDERS

       

      Section
        8.01 Limitation
        on Rights of Holders.

       

      (a) The
        death
        or incapacity of any Certificateholder shall not operate to terminate this
        Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
        representatives or heirs to claim an accounting or take any action or proceeding
        in any court for a partition or winding up of this Trust Fund, nor otherwise
        affect the rights, obligations and liabilities of the parties hereto or any
        of
        them. Except as otherwise expressly provided herein, no Certificateholder,
        solely by virtue of its status as a Certificateholder, shall have any right
        to
        vote or in any manner otherwise control the Master Servicer or 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 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.

       

      
        
          
          

        

        
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      (b) No
        Certificateholder, solely by virtue of its status as Certificateholder, shall
        have any right by virtue or by availing 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 an Event of Default and of the continuance
        thereof, as hereinbefore provided, and unless also the Holders of Certificates
        evidencing not less than 25% of the Class Principal Amount or Class Notional
        Amount (or Percentage Interest) of Certificates of each Class affected thereby
        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 cost, expenses
        and liabilities to be incurred therein or thereby, and the Trustee, for sixty
        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
        and
        no direction inconsistent with such written request has been given such Trustee
        during such sixty day period by such Certificateholders; it being understood
        and
        intended, and being expressly covenanted by each Certificateholder with every
        other Certificateholder and the Trustee, that no one or more Holders of
        Certificates shall have any right in any manner whatever by virtue or by
        availing 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
        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
        8.02 Access
        to List of Holders.

       

      (a) If
        the
        Trustee is not acting as Certificate Registrar, the Certificate Registrar
        will
        furnish or cause to be furnished to the Trustee, within fifteen days after
        receipt by the Certificate Registrar of a request by the Trustee in writing,
        a
        list, in such form as the Trustee may reasonably require, of the names and
        addresses of the Certificateholders of each Class as of the most recent Record
        Date.

       

      (b) If
        three
        or more Holders or Certificate Owners (hereinafter referred to as “Applicants”)
        apply in writing to the Trustee, and such application states that the Applicants
        desire to communicate with other Holders with respect to their rights under
        this
        Agreement or under the Certificates and is accompanied by a copy of the
        communication which such Applicants propose to transmit, then the Trustee
        shall,
        within five Business Days after the receipt of such application, afford such
        Applicants reasonable access during the normal business hours of the Trustee
        to
        the most recent list of Certificateholders held by the Trustee or shall,
        as an
        alternative, send, at the Applicants’ expense, the written communication
        proffered by the Applicants to all Certificateholders at their addresses
        as they
        appear in the Certificate Register.

       

      
        
          
          

        

        
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      (c) Every
        Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
        and holding a Certificate, agrees with the Depositor, the Master Servicer,
        the
        Certificate Registrar and the Trustee, that none of the Depositor, the Master
        Servicer, the Certificate Registrar, the Paying Agent or the Trustee shall
        be
        held accountable by reason of the disclosure of any such information as to
        the
        names and addresses of the Certificateholders hereunder, regardless of the
        source from which such information was derived.

       

      Section
        8.03 Acts
        of Holders of Certificates.

       

      (a) Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action provided by this Agreement to be given or taken by Holders or Certificate
        Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced
        by
        one or more instruments of substantially similar tenor signed by such Holders
        in
        person or by agent duly appointed in writing; and, except as herein otherwise
        expressly provided, such action shall become effective when such instrument
        or
        instruments are delivered to the Trustee, the Certificate Registrar and the
        Paying Agent and, where expressly required herein, to the Master Servicer.
        Such
        instrument or instruments (as the action embodies therein and evidenced thereby)
        are herein sometimes referred to as an “act” of the Holders signing such
        instrument or instruments. Proof of execution of any such instrument or of
        a
        writing appointing any such agents shall be sufficient for any purpose of
        this
        Agreement and conclusive in favor of the Trustee and the Master Servicer,
        if
        made in the manner provided in this Section. Each of the Trustee and the
        Master
        Servicer shall promptly notify the other of receipt of any such instrument
        by
        it, and shall promptly forward a copy of such instrument to the
        other.

       

      (b) The
        fact
        and date of the execution by any Person of any such instrument or writing
        may be
        proved by the affidavit of a witness of such execution or by the certificate
        of
        any notary public or other officer authorized by law to take acknowledgments
        or
        deeds, certifying that the individual signing such instrument or writing
        acknowledged to him the execution thereof. Whenever such execution is by
        an
        officer of a corporation or a member of a partnership on behalf of such
        corporation or partnership, such certificate or affidavit shall also constitute
        sufficient proof of his authority. The fact and date of the execution of
        any
        such instrument or writing, or the authority of the individual executing
        the
        same, may also be proved in any other manner which the Trustee deems
        sufficient.

       

      (c) The
        ownership of Certificates (whether or not such Certificates shall be overdue
        and
        notwithstanding any notation of ownership or other writing thereon made by
        anyone other than the Trustee) shall be proved by the Certificate Register,
        and
        none of the Trustee, the Master Servicer, the Paying Agent or the Depositor
        shall be affected by any notice to the contrary.

       

      (d) Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action by the Holder of any Certificate shall bind every future Holder of
        the
        same Certificate and the Holder of every Certificate issued upon the
        registration of transfer thereof or in exchange therefor or in lieu thereof,
        in
        respect of anything done, omitted or suffered to be done by the Trustee or
        the
        Master Servicer in reliance thereon, whether or not notation of such action
        is
        made upon such Certificate.

       

      
        
          
          

        

        
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      ARTICLE
        IX.

       

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      BY
        THE
        MASTER SERVICER

       

      Section
        9.01 Duties
        of the Master Servicer.

       

      The
        Certificateholders, by their purchase and acceptance of the Certificates,
        appoint Aurora Loan Services LLC, as Master Servicer. For and on behalf of
        the
        Depositor, the Trustee and the Certificateholders, the Master Servicer shall
        master service the Mortgage Loans in accordance with the provisions of this
        Agreement and the provisions of the Servicing Agreements.

       

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

       

      (a) The
        Master Servicer, at its expense, shall maintain in effect a Master Servicer
        Fidelity Bond and a Master Servicer 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
        Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
        Fidelity Bond shall be in such form and amount that would meet the requirements
        of Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans,
        and
        if the Master Servicer receives notice that such policy is or shall be
        cancelled, it shall immediately notify the NIMS Insurer. The Master Servicer
        shall provide the Trustee and any NIMS Insurer upon request, with a copy
        of such
        policy and fidelity bond. The Master Servicer shall (i) require each Servicer
        to
        maintain an Errors and Omissions Insurance Policy and the Servicer Fidelity
        Bond
        in accordance with the provisions of the applicable Servicing Agreement,
        (ii)
        cause each Servicer to provide to the Master Servicer certificates evidencing
        that such policy and bond is in effect and to furnish to the Master Servicer
        any
        notice of cancellation, non-renewal or modification of the policy or bond
        received by it, as and to the extent provided in the applicable Servicing
        Agreement, and (iii) furnish copies of such policies and of the certificates
        and
        notices referred to in clause (ii) to the Trustee upon request. The Fidelity
        Bond and Errors and Omissions Insurance Policy may be obtained and maintained
        in
        blanket form.

       

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

       

      
        
          
          

        

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

       

      For
        each
        year this Agreement is in effect, the Master Servicer shall submit to the
        Trustee, each Rating Agency, any NIMS Insurer, and the Depositor a copy of
        its
        corporate parent’s audited financial statements on or prior to March 31 of each
        year, beginning March 31, 2008. Such financial statements shall include
        comparative balance sheets, income statements, statement of changes in
        shareholder’s equity, statements of cash flows, a consolidating schedule showing
        consolidated subsidiaries and any related notes required pursuant to generally
        accepted accounting principles, certified by a nationally recognized firm
        of
        Independent Accountants to the effect that such financial statements were
        examined and prepared in accordance with generally accepted accounting
        principles applied on a basis consistent with that of the preceding
        year.

       

      Section
        9.04 Power
        to Act; Procedures.

       

      (a) 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 X hereof, and each Servicer shall have full power and authority (to
        the
        extent provided in the applicable Servicing Agreement) to do any and all
        things
        that it may deem necessary or desirable in connection with the servicing
        and
        administration of the Mortgage Loans, including but not limited to the power
        and
        authority (i) to execute and deliver, on behalf of the Certificateholders
        and
        the Trustee, customary consents or waivers and other instruments and documents,
        (ii) to consent to transfers of any Mortgaged Property and assumptions of
        the
        Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
        and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
        of the ownership of the Mortgaged Property securing any Mortgage Loan, in
        each
        case, in accordance with the provisions of this Agreement and the applicable
        Servicing Agreement, as applicable; provided that the Master Servicer shall
        not
        take, or knowingly permit any Servicer to take, any action that is inconsistent
        with or prejudices the interests of the Trust Fund or the Certificateholders
        in
        any Mortgage Loan or the rights and interests of the Depositor, the Trustee,
        or
        the Certificateholders under this Agreement. The Master Servicer further
        is
        authorized and empowered by the Trustee, on behalf of the Certificateholders
        and
        the Trustee, in its own name or in the name of any Servicer (to the extent
        permitted in the applicable Servicing Agreement), when the Master Servicer
        or a
        Servicer, as the case may be, believes it is appropriate in its best judgment
        to
        register any Mortgage Loan with MERS, 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. The Master Servicer shall represent
        and
        protect the interests of the Trust Fund in the same manner as it protects
        its
        own interests in mortgage loans in its own portfolio in any claim, proceeding
        or
        litigation regarding a Mortgage Loan and shall not make or knowingly permit
        any
        Servicer to make any modification, waiver or amendment of any term of any
        Mortgage Loan that would cause an Adverse REMIC Event. Without limiting the
        generality of the foregoing, the Master Servicer in its own name or in the
        name
        of a Servicer, and each Servicer, to the extent such authority is delegated
        to
        such Servicer under the applicable Servicing Agreement, is hereby authorized
        and
        empowered by the Trustee when the Master Servicer or a Servicer, as the case
        may
        be, believes it appropriate in its best judgment and in accordance with Accepted
        Servicing Practices and the applicable Servicing Agreement, to execute and
        deliver, on behalf of itself and the Certificateholders, the Trustee or any
        of
        them, any and all instruments of satisfaction or cancellation, or of partial
        or
        full release or discharge and all other comparable instruments, with respect
        to
        the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
        shall execute, upon request, any powers of attorney furnished to it by the
        Master Servicer empowering the Master Servicer or such Servicer to execute
        and
        deliver instruments of satisfaction or cancellation, or of partial or full
        release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
        Property, and to appeal, prosecute or defend in any court action relating
        to the
        Mortgage Loans or the Mortgaged Property, in accordance with the applicable
        Servicing Agreement and this Agreement, and the Trustee shall execute and
        deliver such other documents, as the Master Servicer may request, necessary
        or
        appropriate to enable the Master Servicer to master service the Mortgage
        Loans
        and carry out its duties hereunder and to allow each Servicer to service
        the
        Mortgage Loans, in each case in accordance with Accepted Servicing Practices
        (and the Trustee shall have no liability for misuse of any such powers of
        attorney by the Master Servicer or the applicable Servicer). If the Master
        Servicer or the Trustee has been advised that it is likely that the laws
        of the
        state in which action is to be taken prohibit such action if taken in the
        name
        of the Trustee or that the Trustee would be adversely affected under the
“doing
        business” or tax laws of such state if such action is taken in its name, then
        upon request of the Trustee the Master Servicer shall join with the Trustee
        in
        the appointment of a co-trustee pursuant to Section 6.09 hereof. 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.
        Notwithstanding anything to the contrary, the Master Servicer shall not without
        the Trustee’s written consent: (i) initiate any action, suit or proceeding
        solely under the Trustee’s name without indicating the Master Servicer’s
        representative capacity or (ii) take any action with the intent to cause,
        and
        which actually does cause, the Trustee to be registered to do business in
        any
        state.

       

      
        
          
          

        

        
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      (b) In
        master
        servicing and administering the Mortgage Loans, the Master Servicer shall
        employ
        procedures, and shall exercise the same care that it customarily employs
        and
        exercises master servicing and administering loans for its own account, giving
        due consideration to Accepted Servicing Practices where such practices do
        not
        conflict with this Agreement. Consistent with the foregoing, the Master Servicer
        may, and may permit the Servicer to, in its discretion (i) waive any late
        payment charge (but not any Prepayment Premium, except as set forth below)
        and
        (ii) extend the due dates for payments due on a Mortgage Note for a period
        not
        greater than 120 days; provided, however, that the maturity of any Mortgage
        Loan
        shall not be extended past the date on which the final payment is due on
        the
        latest maturing Mortgage Loan as of the Cut-off Date. In the event of any
        extension described in clause (ii) above, the Master Servicer shall make
        or
        cause the applicable Servicer (if required by the related Servicing Agreement)
        to make Advances on the related Mortgage Loan in accordance with the provisions
        of Section 5.04 on the basis of the amortization schedule of such Mortgage
        Loan
        without modification thereof by reason of such extension. Notwithstanding
        anything to the contrary in this Agreement, the Master Servicer shall not
        make
        or knowingly permit any modification, waiver or amendment of any material
        term
        of any Mortgage Loan unless: (1) such Mortgage Loan is in default or default
        by
        the related Mortgagor is, in the reasonable judgment of the Master Servicer
        or
        the applicable Servicer, reasonably foreseeable, (2) in the case of a waiver
        of
        a Prepayment Premium if (a) such Mortgage Loan is in default or default by
        the
        related Mortgagor is, in the reasonable judgment of the Master Servicer or
        Servicer, reasonably foreseeable, and such waiver would maximize recovery
        of
        total proceeds taking into account the value of such Prepayment Premium and
        the
        related Mortgage Loan or (b) if the prepayment is not the result of a
        refinancing by the Servicer or any of its Affiliates and (i) such Mortgage
        Loan
        is in default or default by the related Mortgagor is, in the reasonable judgment
        of the Master Servicer or the applicable Servicer, reasonably foreseeable,
        and
        such waiver would maximize recovery of total proceeds taking into account
        the
        value of such Prepayment Premium and the related Mortgage Loan or (ii) the
        collection of the Prepayment Premium would be in violation of applicable
        laws or
        (iii) the collection of such Prepayment Premium 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, and (3) the Master Servicer shall have provided
        or caused to be provided to the Trustee an Opinion of Counsel addressed to
        the
        Trustee (which opinion shall, if provided by the Master Servicer, be an expense
        reimbursed from the Collection Account pursuant to Section 4.02(a)(v)) in
        writing to the effect that such modification, waiver or amendment would not
        cause an Adverse REMIC Event; provided, in no event shall an Opinion of Counsel
        be required for the waiver of a Prepayment Premium under clause (2)
        above.

       

      
        
          
          

        

        
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      Section
        9.05 Enforcement
        of Servicers’ and Master Servicer’s Obligations.

       

      (a) Each
        Servicing Agreement requires the applicable Servicer to service the Mortgage
        Loans in accordance with the provisions thereof. References in this Agreement
        to
        actions taken or to be taken by the Master Servicer include actions taken
        or to
        be taken by a Servicer on behalf of the Master Servicer. Any fees, costs,
        expenses and other amounts payable to such Servicer shall be deducted from
        amounts remitted to the Master Servicer by the Servicer to the extent permitted
        by the applicable Servicing Agreement and shall not be an obligation of the
        Trust Fund, the Trustee or the Master Servicer.

       

      (b) The
        Master Servicer shall not be required to (i) take any action with respect
        to the
        servicing of any Mortgage Loan that the applicable Servicer is not required
        to
        take under the related Servicing Agreement and (ii) cause a Servicer to take
        any
        action or refrain from taking any action if the related Servicing Agreement
        does
        not require such Servicer to take such action or refrain from taking such
        action; in both cases notwithstanding any provision of this Agreement that
        requires the Master Servicer to take such action or cause such Servicer to
        take
        such action.

       

      (c) The
        Master Servicer, for the benefit of the Trustee and the Certificateholders,
        shall use its reasonable best efforts to enforce the obligations of each
        Servicer under the related Servicing Agreement, and shall, upon obtaining
        actual
        knowledge of the failure of a Servicer to perform its obligations in accordance
        therewith, to the extent that such non-performance of such obligations would
        have a material adverse effect on a Mortgage Loan, the Trust Fund or the
        Certificateholders, terminate the rights and obligations of such Servicer
        thereunder and either act as servicer of the related Mortgage Loans or cause
        the
        other parties hereto to enter into a Servicing Agreement (and such parties
        hereby agree to execute and deliver any such successor Servicing Agreement),
        with a successor Servicer. Such enforcement, including, without limitation,
        the
        legal prosecution of claims, termination of Servicing Agreements and the
        pursuit
        of other appropriate remedies, shall be in such form and carried out to such
        an
        extent and at such time as the Master Servicer, in its good faith business
        judgment, would require were it the owner of the related Mortgage Loans.
        The
        Master Servicer shall pay the costs of such enforcement at its own expense,
        and
        shall be reimbursed therefor initially (i) from a general recovery resulting
        from such enforcement only to the extent, if any, that such recovery exceeds
        all
        amounts due in respect of the related Mortgage Loans, (ii) from a specific
        recovery of costs, expenses or attorneys’ fees against the party against whom
        such enforcement is directed, and then, (iii) to the extent that such amounts
        are insufficient to reimburse the Master Servicer for the costs of such
        enforcement, from the Collection Account.

       

      
        
          
          

        

        
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      (d) The
        Master Servicer shall be entitled to conclusively rely on any certifications
        or
        other information provided by the Servicers under the terms of the applicable
        Servicing Agreement, in its preparation of any certifications, notifications,
        filings or reports, in accordance with the terms hereof or as may be required
        by
        applicable law or regulation.

       

      Section
        9.06 Collection
        of Taxes, Assessments and Similar Items.

       

      (a) To
        the
        extent provided in the applicable Servicing Agreement, the Master Servicer
        shall
        cause each Servicer to establish and maintain one or more custodial accounts
        at
        a depository institution (which may be a depository institution with which
        the
        Master Servicer or the Servicer establishes accounts in the ordinary course
        of
        its servicing activities), the accounts of which are insured to the maximum
        extent permitted by the FDIC (each, an “Escrow Account”) and to deposit therein
        any collections of amounts received with respect to amounts due for taxes,
        assessments, water rates, Standard Hazard Insurance Policy premiums, Payaheads,
        if applicable, or any comparable items for the account of the Mortgagors.
        Withdrawals from any Escrow Account may be made (to the extent amounts have
        been
        escrowed for such purpose) only in accordance with the Servicing Agreements.
        Each Servicer shall be entitled to all investment income not required to
        be paid
        to Mortgagors on any Escrow Account maintained by such Servicer. The Master
        Servicer shall make (or cause to be made) to the extent provided in the
        applicable Servicing Agreement advances to the extent necessary in order
        to
        effect timely payment of taxes, water rates, assessments, Standard Hazard
        Insurance Policy premiums or comparable items in connection with the related
        Mortgage Loan (to the extent that the Mortgagor is required, but fails, to
        pay
        such items), provided that it or the applicable Servicer has determined that
        the
        funds so advanced are recoverable from escrow payments, reimbursement pursuant
        to Section 4.02 or otherwise.

       

      (b) Costs
        incurred by the Master Servicer or by the Servicers in effecting the timely
        payment of taxes and assessments on the properties subject to the Mortgage
        Loans
        may be added to the amount owing under the related Mortgage Note where the
        terms
        of the Mortgage Note so permit; provided, however, that the addition of any
        such
        cost shall not be taken into account for purposes of calculating the
        distributions to be made to Certificateholders. Such costs, to the extent
        that
        they are unanticipated, extraordinary costs, and not ordinary or routine
        costs
        shall be recoverable as a Servicing Advance by the Master Servicer pursuant
        to
        Section 4.02.

       

      
        
          
          

        

        
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      Section
        9.07 Termination
        of Servicing Agreements; Successor Servicers.

       

      (a) The
        Master Servicer shall be entitled to terminate the rights and obligations
        of any
        Servicer under the applicable Servicing Agreement in accordance with the
        terms
        and conditions of such Servicing Agreement and without any limitation by
        virtue
        of this Agreement; provided, however, that in the event of termination of
        any
        Servicing Agreement by the Master Servicer or a related Servicer, the Master
        Servicer shall either act as Servicer of the related Mortgage Loans or provide
        for the servicing of the Mortgage Loans by a successor Servicer to be appointed
        as provided in the related Servicing Agreement.

       

      The
        parties acknowledge that notwithstanding the preceding sentence, there may
        be a
        transition period, not to exceed 90 days, in order to effect the transfer
        of
        servicing to a successor Servicer. The Master Servicer shall be entitled
        to be
        reimbursed from each Servicer (or by the Trust Fund, if such Servicer is
        unable
        to fulfill its obligations hereunder) for all costs associated with the transfer
        of servicing from the predecessor servicer, including without limitation,
        any
        costs or expenses associated with the complete transfer of all servicing
        data
        and the completion, correction or manipulation of such servicing data, as
        may be
        required by the Master Servicer to correct any errors or insufficiencies
        in the
        servicing data or otherwise to enable the Master Servicer to service the
        Mortgage Loans properly and effectively.

       

      (b) If
        the
        Master Servicer acts as a successor Servicer, it will not assume liability
        for
        the representations and warranties of the Servicer, if any, that it replaces.
        The Master Servicer shall use reasonable efforts to have the successor Servicer
        assume liability for the representations and warranties made by the terminated
        Servicer in the related Servicing Agreement, and in the event of any such
        assumption by the successor Servicer, the Trustee or the Master Servicer,
        as
        applicable, may, in the exercise of its business judgment, release the
        terminated Servicer from liability for such representations and
        warranties.

       

      (c) If
        the
        Master Servicer acts as a successor servicer, it will have no obligation
        to make
        an Advance if it determines in its reasonable judgment that such Advance
        is
        non-recoverable. To the extent that the Master Servicer is unable to find
        a
        successor servicer that is willing to service the Mortgage Loans for the
        Servicing Fee because of the obligation of the servicer to make Advances
        regardless of whether such Advance is recoverable, the applicable Servicing
        Agreement may be amended to provide that the successor servicer shall have
        no
        obligation to make an Advance if it determines in its reasonable judgment
        that
        such Advance is non-recoverable and provides an Officer’s Certificate to such
        effect to the Master Servicer and the Trustee.

       

      Section
        9.08 Master
        Servicer Liable for Enforcement.

       

      Notwithstanding
        any Servicing Agreement, the Master Servicer shall remain obligated and liable
        to the Trustee and the Certificateholders in accordance with the provisions
        of
        this Agreement, to the extent of its obligations hereunder, without diminution
        of such obligation or liability by virtue of such Servicing Agreements. The
        Master Servicer shall use commercially reasonable efforts to ensure that
        the
        Mortgage Loans are serviced in accordance with the provisions of this Agreement
        and shall use commercially reasonable efforts to enforce the provisions of
        each
        Servicing Agreement for the benefit of the Certificateholders. The Master
        Servicer shall be entitled to enter into any agreement with the Servicers
        for
        indemnification of the Master Servicer and nothing contained in this Agreement
        shall be deemed to limit or modify such indemnification. Except as expressly
        set
        forth herein, the Master Servicer shall have no liability for the acts or
        omissions of any Servicer in the performance by such Servicer of its obligations
        under the related Servicing Agreement.

       

      
        
          
          

        

        
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      Section
        9.09 No
        Contractual Relationship Between the Servicer, Any NIMS Insurer and Trustee
        or
        Depositor.

       

      Any
        Servicing Agreement and any other transactions or services relating to the
        Mortgage Loans involving a Servicer in its capacity as such and not as an
        originator shall be deemed to be between such Servicer, the Seller and the
        Master Servicer, and the Trustee and the Depositor shall not be deemed parties
        thereto and shall have no obligations, duties or liabilities with respect
        to
        such Servicer except as set forth in Section 9.10 hereof, but shall have
        rights
        thereunder as third party beneficiaries.

       

      Section
        9.10 Assumption
        of Servicing Agreement by the Trustee.

       

      (a) In
        the
        event the Master Servicer shall for any reason no longer be the Master Servicer
        (including by reason of any Event of Default under this Agreement), after
        a
        period not to exceed ninety days after the issuance of any notice of termination
        pursuant to Section 6.14 or Section 9.28, as applicable, the Trustee, or
        a
        successor master servicer appointed by it in accordance with Section 6.14,
        shall
        assume all of the rights and obligations of such Master Servicer hereunder
        and
        under each Servicing Agreement entered into with respect to the Mortgage
        Loans.
        The Trustee, its designee or any successor master servicer appointed by the
        Trustee shall be deemed to have assumed all of the Master Servicer’s interest
        herein and therein to the same extent as if such Servicing Agreement had
        been
        assigned to the assuming party, except that the Master Servicer shall not
        thereby be relieved of any liability or obligations of the Master Servicer
        under
        such Servicing Agreement accruing prior to its replacement as Master Servicer,
        and shall be liable to the Trustee, and hereby agrees to indemnify and hold
        harmless the Trustee from and against all costs, damages, expenses and
        liabilities (including reasonable attorneys’ fees) incurred by the Trustee as a
        result of such liability or obligations of the Master Servicer and in connection
        with the Trustee’s assumption (but not its performance, except to the extent
        that costs or liability of the Trustee are created or increased as a result
        of
        negligent or wrongful acts or omissions of the Master Servicer prior to its
        replacement as Master Servicer) of the Master Servicer’s obligations, duties or
        responsibilities thereunder; provided that the Master Servicer shall not
        indemnify or hold harmless the Trustee against negligent or willful misconduct
        of the Trustee.

       

      (b) The
        Master Servicer that has been terminated shall, upon request of the Trustee
        but
        at the expense of such Master Servicer or at the expense of the Trust Fund,
        deliver to the assuming party all documents and records relating to each
        Servicing Agreement and the related Mortgage Loans and an accounting of amounts
        collected and held by it and otherwise use its best efforts to effect the
        orderly and efficient transfer of each Servicing Agreement to the assuming
        party.

       

      
        
          
          

        

        
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      Section
        9.11 Due-on-Sale
        Clauses; Assumption Agreements; Easements.

       

      (a) To
        the
        extent provided in the applicable Servicing Agreement, to the extent Mortgage
        Loans contain enforceable due on sale clauses, and to the extent that the
        Master
        Servicer has knowledge of the conveyance of a Mortgaged Property, the Master
        Servicer shall use its reasonable best efforts to cause the Servicers to
        enforce
        such clauses in accordance with the applicable Servicing Agreement. If
        applicable law prohibits the enforcement of a due on sale clause or such
        clause
        is otherwise not enforced in accordance with the applicable Servicing Agreement,
        and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor
        may be
        released from liability in accordance with the applicable Servicing
        Agreement.

       

      (b) The
        Master Servicer or the related Servicer, as the case may be, shall be entitled
        to approve a request from a Mortgagor for the granting of an easement thereon
        in
        favor of another Person or any alteration or demolition of the related Mortgaged
        Property if it has determined, exercising its good faith business judgment
        in
        the same manner as it would if it were the owner of the related Mortgage
        Loan,
        that the security for, and the timely and full collectability of, such Mortgage
        Loan would not be materially adversely affected thereby. Any fee collected
        by
        the Master Servicer or the related Servicer for processing such a request
        will
        be retained by the Master Servicer or such Servicer as additional servicing
        compensation.

       

      Section
        9.12 Release
        of Mortgage Files.

       

      (a) Upon
        (i)
        becoming aware of the payment in full of any Mortgage Loan or (ii) the receipt
        by the Master Servicer of a notification that payment in full has been or
        will
        be escrowed in a manner customary for such purposes, the Master Servicer
        shall,
        or shall cause the applicable Servicer to, promptly notify the Trustee (or
        the
        applicable Custodian) by a certification (which certification shall include
        a
        statement to the effect that all amounts received in connection with such
        payment that are required to be deposited in the Collection Account maintained
        by the Master Servicer pursuant to Section 4.01 hereof have been or will
        be so
        deposited) of a Servicing Officer and shall request (on the form attached
        hereto
        as Exhibit C or on the form attached to the applicable Custodial Agreement)
        the
        Trustee or the applicable Custodian, to deliver to the applicable Servicer
        the
        related Mortgage File; provided, however, that in lieu of sending a hard
        copy
        certification of a Servicing Officer, the Master Servicer may, or may cause
        the
        applicable Servicer to, deliver the request for release in a mutually agreeable
        electronic format, and to the extent that such a request, on its face,
        originates from a Servicing Officer, no original signature shall be required.
        Upon receipt of such certification and request, the Trustee or the applicable
        Custodian, shall promptly release the related Mortgage File to the Servicer
        and
        neither the Trustee nor such Custodian shall have any further responsibility
        with regard to such Mortgage File. Upon any such payment in full, the Master
        Servicer is authorized, and the applicable Servicer, to the extent such
        authority is provided for under the related Servicing Agreement, 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.

       

      
        
          
          

        

        
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      (b) From
        time
        to time and as appropriate for the servicing or foreclosure of any Mortgage
        Loan
        and in accordance with Accepted Servicing Practices and the applicable Servicing
        Agreement, the Trustee shall execute such documents as shall be prepared
        and
        furnished to the Trustee by the Master Servicer, or by the applicable Servicer
        (in form reasonably acceptable to the Trustee) and as are necessary to the
        prosecution of any such proceedings. The Trustee or the applicable Custodian,
        shall, upon request of the Master Servicer, or of the applicable Servicer,
        and
        delivery to the Trustee or such Custodian, of a trust receipt signed by a
        Servicing Officer substantially in the form of Exhibit C, release the related
        Mortgage File held in its possession or control to the Master Servicer (or
        the
        applicable Servicer). Such trust receipt shall obligate the Master Servicer
        or
        applicable Servicer to return the Mortgage File to the Trustee or the applicable
        Custodian, as applicable, when the need therefor by the Master Servicer or
        applicable Servicer no longer exists unless (i) the Mortgage Loan shall be
        liquidated, in which case, upon receipt of a certificate of a Servicing Officer
        similar to that hereinabove specified, the trust receipt shall be released
        by
        the Trustee or the Custodian, as applicable, to the Master Servicer (or the
        applicable Servicer) or (ii) the Mortgage File has been delivered directly
        or
        through a Servicer to an attorney, or to a public trustee or other public
        official as required by law, for purposes of initiating or pursuing legal
        action
        or other proceedings for the foreclosure of the Mortgaged Property either
        judicially or non-judicially, and the Master Servicer has delivered directly
        or
        through a Servicer to the Trustee a certificate of a Servicing Officer
        certifying as to the name and address of the Person to which such Mortgage
        File
        or such document was delivered and the purpose of such delivery.

       

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

       

      (a) The
        Master Servicer shall transmit, or shall cause the applicable Servicer to
        transmit, to the Trustee such documents and instruments coming into the
        possession of the Master Servicer or such Servicer from time to time as are
        required by the terms hereof or of the related Servicing Agreement to be
        delivered to the Trustee or the applicable Custodian. Any funds received
        by the
        Master Servicer or by a Servicer in respect of any Mortgage Loan or which
        otherwise are collected by the Master Servicer or a Servicer as a Subsequent
        Recovery, Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage
        Loan shall be held for the benefit of the Trustee and the Certificateholders
        subject to the Master Servicer’s right to retain or withdraw from the Collection
        Account the Master Servicing Fee and other amounts provided in this Agreement
        and to the right of each Servicer to retain its Servicing Fee and other amounts
        as provided in the Servicing Agreement. The Master Servicer shall, and shall
        (to
        the extent provided in the applicable Servicing Agreement) cause each Servicer
        to, provide access to information and documentation regarding the Mortgage
        Loans
        to the Trustee, its respective agents and accountants and to any NIMS Insurer,
        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. The Master
        Servicer shall afford the NIMS Insurer, and shall (to the extent provided
        in the
        Servicing Agreement) cause the Servicer to afford the NIMS Insurer, upon
        reasonable advance notice, during normal business hours access to all records
        related to their respective rights and obligations hereunder and access to
        officers of the Master Servicer and the Servicer responsible for such
        obligations.

       

      
        
          
          

        

        
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      (b) All
        Mortgage Files and funds collected or held by, or under the control of, the
        Master Servicer, or any Servicer, in respect of any Mortgage Loans, whether
        from
        the collection of principal and interest payments or from a Subsequent Recovery,
        Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
        Servicer, or by such Servicer, for and on behalf of the Trustee and the
        Certificateholders and shall be and remain the sole and exclusive property
        of
        the Trustee; provided, however, that the Master Servicer and each Servicer
        shall
        be entitled to setoff against, and deduct from, any such funds any amounts
        that
        are properly due and payable to the Master Servicer or such Servicer under
        this
        Agreement or the applicable Servicing Agreement and shall be authorized to
        remit
        such funds to the Trustee in accordance with this Agreement.

       

      (c) The
        Master Servicer hereby acknowledges that concurrently with the execution
        of this
        Agreement, the Trustee shall own or, to the extent that a court of competent
        jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller
        to
        the Depositor not to constitute a sale, the Trustee shall have a security
        interest in the Mortgage Loans and in all Mortgage Files representing such
        Mortgage Loans and in all funds and investment property now or hereafter
        held
        by, or under the control of, a Servicer or the Master Servicer that are
        collected by such Servicer or the Master Servicer in connection with the
        Mortgage Loans, whether as scheduled installments of principal and interest
        or
        as full or partial prepayments of principal or interest or as a Subsequent
        Recovery, Liquidation Proceeds or Insurance Proceeds or otherwise, and in
        all
        proceeds of the foregoing and proceeds of proceeds (but excluding any fee
        or
        other amounts to which such Servicer is entitled under the applicable Servicing
        Agreement, or the Master Servicer or the Depositor is entitled to hereunder);
        and the Master Servicer agrees that so long as the Mortgage Loans are assigned
        to and held by the Trustee or the any Custodian, all documents or instruments
        constituting part of the Mortgage Files, and such funds relating to the Mortgage
        Loans which come into the possession or custody of, or which are subject
        to the
        control of, the Master Servicer or any Servicer shall be held by the Master
        Servicer or such Servicer for and on behalf of the Trustee as the Trustee’s
        agent and bailee for purposes of perfecting the Trustee’s security interest
        therein as provided by the applicable Uniform Commercial Code or other
        applicable laws.

       

      (d) The
        Master Servicer agrees that it shall not, and shall not authorize any Servicer
        to, create, incur or subject any Mortgage Loans, or any funds that are deposited
        in any Custodial Account, Escrow Account or the Collection Account, or any
        funds
        that otherwise are or may become due or payable to the Trustee, to any claim,
        lien, security interest, judgment, levy, writ of attachment or other
        encumbrance, nor assert by legal action or otherwise any claim or right of
        setoff against any Mortgage Loan or any funds collected on, or in connection
        with, a Mortgage Loan. 

       

      
        
          
          

        

        
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    Section
      9.14 Representations
      and Warranties of the Master Servicer.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (vii) the
      Master Servicer, or an Affiliate thereof the primary business of which is the
      servicing of conventional residential mortgage loans, is a Fannie Mae- or
      Freddie Mac-approved seller/servicer;

     

    
      
        
        

      

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

     

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

     

    (x) the
      Master Servicer has obtained an Errors and Omissions Insurance Policy and a
      Fidelity Bond in accordance with Section 9.02 each of which is in full force
      and
      effect, and each of which provides at least such coverage as is required
      hereunder; and

     

    (xi) the
      information about the Master Servicer under the heading “The Master Servicer” in
      the Prospectus relating to the Master Servicer does not include an untrue
      statement of a material fact and does not omit to state a material fact, with
      respect to the statements made, necessary in order to make the statements in
      light of the circumstances under which they were made not
      misleading.

     

    (b) It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 9.14 shall survive the execution and delivery of this Agreement. The
      Master Servicer shall indemnify the Depositor and the Trustee and hold them
      harmless against any loss, damages, penalties, fines, forfeitures, legal fees
      and related costs, judgments, and other costs and expenses arising out of or
      based upon any claim, demand, defense or assertion based on or grounded upon,
      or
      resulting from, a breach of the Master Servicer’s representations and warranties
      contained in Section 9.14(a). It is understood and agreed that the enforcement
      of the obligation of the Master Servicer set forth in this Section to indemnify
      the Depositor and the Trustee as provided in this Section constitutes the sole
      remedy (other than as set forth in Section 6.14) of the Depositor and the
      Trustee, respecting a breach of the foregoing representations and warranties.
      Such indemnification shall survive any termination of the Master Servicer as
      Master Servicer hereunder, and any termination of this Agreement.

     

    Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue upon
      discovery of such breach by any of the Depositor, the Master Servicer, any
      NIMS
      Insurer or the Trustee or notice thereof by any one of such parties to the
      other
      parties. Notwithstanding anything in this Agreement to the contrary, the Master
      Servicer shall not be liable for special, indirect or consequential losses
      or
      damages of any kind whatsoever (including, but not limited to, lost
      profits).

     

    (c) It
      is
      understood and agreed that the representations and warranties of the Depositor
      set forth in Sections 2.03(a)(i) through (vi) shall survive the execution and
      delivery of this Agreement. The Depositor shall indemnify the Master Servicer
      and hold it harmless against any loss, damages, penalties, fines, forfeitures,
      legal fees and related costs, judgments, and other costs and expenses resulting
      from any claim, demand, defense or assertion based on or grounded upon, or
      resulting from, a breach of the Depositor’s representations and warranties
      contained in Sections 2.03(a)(i) through (vi) hereof. It is understood and
      agreed that the enforcement of the obligation of the Depositor set forth in
      this
      Section to indemnify the Master Servicer as provided in this Section constitutes
      the sole remedy hereunder of the Master Servicer respecting a breach by the
      Depositor of the representations and warranties in Sections 2.03(a)(i) through
      (vi) hereof.

     

    
      
        
        

      

      
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    Any
      cause
      of action against the Depositor relating to or arising out of the breach of
      the
      representations and warranties made in Sections 2.03(a)(i) through (vi) hereof
      shall accrue upon discovery of such breach by either the Depositor or the Master
      Servicer or notice thereof by any one of such parties to the other
      parties.

     

    Section
      9.15 Opinion.

     

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller and the Trustee one or more Opinions of Counsel, dated
      the
      Closing Date, in form and substance reasonably satisfactory to the Depositor
      and
      Lehman Brothers Inc., as to the due authorization, execution and delivery of
      this Agreement by the Master Servicer and the enforceability
      thereof.

     

    Section
      9.16 Standard
      Hazard and Flood Insurance Policies.

     

    For
      each
      Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
      maintain, or cause to be maintained by each Servicer, standard fire and casualty
      insurance and, where applicable, flood insurance, all in accordance with the
      provisions of this Agreement and the Servicing Agreement, as applicable. It
      is
      understood and agreed that such insurance shall be with insurers meeting the
      eligibility requirements set forth in the applicable Servicing Agreement and
      that no earthquake or other additional insurance is to be required of any
      Mortgagor or to be maintained on 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.

     

    Pursuant
      to Section 4.01, any amounts collected by the Master Servicer, or by any
      Servicer, under any insurance policies maintained pursuant to this Section
      9.16
      or the applicable Servicing Agreement (other than amounts to be applied to
      the
      restoration or repair of the property subject to the related Mortgage or
      released to the Mortgagor in accordance with such Servicing Agreement) shall
      be
      deposited into the Collection Account, subject to withdrawal pursuant to Section
      4.02. Any cost incurred by the Master Servicer or any Servicer in maintaining
      any such insurance if the Mortgagor defaults in its obligation to do so shall
      be
      added to the amount owing under the Mortgage Loan where the terms of the
      Mortgage Loan so permit; provided, however, that the addition of any such cost
      shall not be taken into account for purposes of calculating the distributions
      to
      be made to Certificateholders and shall be recoverable by the Master Servicer
      or
      such Servicer pursuant to Section 4.02.

     

    Section
      9.17 Presentment
      of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall cause each Servicer (to the extent provided in the
      applicable Servicing Agreement) to, prepare and present on behalf of the Trustee
      and the Certificateholders all claims under the Insurance Policies with respect
      to the Mortgage Loans, 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 or bonds shall be promptly deposited
      in
      the Collection Account or any Custodial Account upon receipt, except that any
      amounts realized that are to be applied to the repair or restoration of the
      related Mortgaged Property or released to the related Mortgagor in accordance
      with the Master Servicer’s or the applicable Servicer’s normal servicing
      procedures need not be so deposited (or remitted).

     

    
      
        
        

      

      
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    Section
      9.18 Maintenance
      of the Primary Mortgage Insurance Policies.

     

    (a) The
      Master Servicer shall not take, or knowingly permit any Servicer (consistent
      with the applicable Servicing Agreement) to take, any action that would result
      in noncoverage under any applicable Primary Mortgage Insurance Policy of any
      loss which, but for the actions of such Master Servicer or such Servicer, would
      have been covered thereunder. To the extent that coverage is available, the
      Master Servicer shall use its best reasonable efforts to keep in force and
      effect, or to cause each Servicer to keep in force and effect (to the extent
      that the Mortgage Loan requires the Mortgagor to maintain such insurance),
      primary mortgage insurance applicable to each Mortgage Loan in accordance with
      the provisions of this Agreement and the applicable Servicing Agreement, as
      applicable. The Master Servicer shall not, and shall not knowingly permit any
      Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance
      Policy that is in effect at the date of the initial issuance of the Certificates
      and is required to be kept in force hereunder except in accordance with the
      provisions of this Agreement and the applicable Servicing Agreement, as
      applicable.

     

    (b) The
      Master Servicer agrees, to the extent provided in the related Servicing
      Agreement, to cause each Servicer to present, on behalf of the Trustee and
      the
      Certificateholders, claims to the insurer under any Primary Mortgage Insurance
      Policies and, in this regard, to take such reasonable action as shall be
      necessary to permit recovery under any Primary Mortgage Insurance Policies
      respecting defaulted Mortgage Loans. Pursuant to Section 4.01, any amounts
      collected by the Master Servicer or any Servicer under any Primary Mortgage
      Insurance Policies shall be deposited in the Collection Account, subject to
      withdrawal pursuant to Section 4.02.

     

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

     

    The
      Trustee (or the applicable Custodian) shall retain possession and custody of
      the
      originals of the 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 otherwise has fulfilled its obligations under this
      Agreement, the Trustee (or the applicable Custodian) shall also retain
      possession and custody of each Mortgage File in accordance with and subject
      to
      the terms and conditions of this Agreement. The Master Servicer shall promptly
      deliver or cause the applicable Servicer to deliver to the Trustee (or the
      applicable Custodian), upon the execution or receipt thereof the originals
      of
      the Primary Mortgage Insurance Policies and any certificates of renewal thereof,
      and such other documents or instruments that constitute portions of the Mortgage
      File that come into the possession of the Master Servicer or a Servicer from
      time to time.

     

    
      
        
        

      

      
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    Section
      9.20 Realization
      Upon Defaulted Mortgage Loans.

     

    (a) The
      Master Servicer shall use its reasonable best efforts to, or to cause the
      applicable Servicer to, foreclose upon, repossess or otherwise comparably
      convert the ownership of Mortgaged Properties securing such of the Mortgage
      Loans as come into and continue in default and as to which no satisfactory
      arrangements can be made for collection of delinquent payments, all in
      accordance with the applicable Servicing Agreement. Alternatively, the Master
      Servicer may take, or authorize the applicable Servicer to take, other actions
      in respect of a defaulted Mortgage Loan, which may include (i) accepting 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 permitting 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), (ii) arranging for a repayment plan or (iii) agreeing
      to a
      modification in accordance with Section 9.04. In connection with such
      foreclosure or other conversion or action, the Master Servicer shall, consistent
      with Section 9.18, follow such practices and procedures as it shall reasonably
      determine to be in the best interests of the Trust Fund and the
      Certificateholders and which shall be consistent with its customary practices
      in
      performing its general mortgage servicing activities; provided that the Master
      Servicer shall not be liable in any respect hereunder if the Master Servicer
      is
      acting in connection with any such foreclosure or other conversion or action
      in
      a manner that is consistent with the provisions of this Agreement. Neither
      the
      Master Servicer, nor any Servicer, shall be required to expend its own funds
      or
      incur other reimbursable charges in connection with any foreclosure, or
      attempted foreclosure which is not completed, or toward the correction of any
      default on a related senior mortgage loan, or towards the restoration of any
      property unless it shall determine (i) that such restoration and/or foreclosure
      will increase the proceeds of liquidation of the Mortgage Loan to the
      Certificateholders after reimbursement to itself for such expenses or charges
      and (ii) that such expenses and charges will be recoverable to it through
      Liquidation Proceeds or Insurance Proceeds (as provided in Section
      4.02).

     

    (b) Notwithstanding
      the foregoing provisions of this Section 9.20 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Master 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 Master Servicer
      shall not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trustee, the Trust
      Fund or the Certificateholders would be considered to hold title to, to be
      a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Master Servicer has obtained the prior written
      consent of the NIMS Insurer.

     

    Section
      9.21 Compensation
      to the Master Servicer.

     

    The
      Master Servicer shall be entitled to withdraw from the Collection Account,
      subject to Section 5.05, the Master Servicing Fee to the extent permitted by
      Section 4.02. Servicing compensation in the form of assumption fees, if any,
      late payment charges, as collected, if any, or otherwise (but not including
      any
      Prepayment Premium) shall be retained by the Master Servicer (or the applicable
      Servicer) and shall not be deposited in the Collection Account. If the Master
      Servicer does not retain or withdraw the Master Servicing Fee from the
      Collection Account as provided herein, the Master Servicer shall be entitled
      to
      direct the Trustee to pay the Master Servicing Fee to such Master Servicer
      by
      withdrawal from the Certificate Account to the extent that payments have been
      received with respect to the applicable Mortgage Loan. The Master Servicer
      shall
      be required to pay all expenses incurred by it in connection with its activities
      hereunder and shall not be entitled to reimbursement therefor except as provided
      in this Agreement. Pursuant to Section 4.01(e), all income and gain realized
      from any investment of funds in the Collection Account shall be for the benefit
      of the Master Servicer as compensation. The provisions of this Section 9.21
      are
      subject to the provisions of Section 6.14.

    
      
        
        

      

      
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    Section
      9.22 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 Certificateholders. The Master Servicer
      shall use its reasonable best efforts to sell, or cause the applicable Servicer,
      to the extent provided in the related Servicing Agreement, to sell any REO
      Property as expeditiously as possible and in accordance with the provisions
      of
      this Agreement and such Servicing Agreement, as applicable, but in all events
      within the time period, and subject to the conditions set forth in Article
      X
      hereof. Pursuant to its efforts to sell such REO Property, the Master Servicer
      shall protect and conserve, or cause the applicable Servicer to protect and
      conserve, such REO Property in the manner and to such extent required by the
      related Servicing Agreement, subject to Article X hereof.

     

    (b) The
      Master Servicer shall deposit or cause to be deposited all funds collected
      and
      received by it, or recovered from the Servicer, in connection with the operation
      of any REO Property in the Collection Account.

     

    (c) The
      Master Servicer and the applicable Servicer, upon the final disposition of
      any
      REO Property, shall be entitled to reimbursement for any related unreimbursed
      Advances and other unreimbursed advances as well as any unpaid Master Servicing
      Fees or Servicing Fees from Liquidation Proceeds received in connection with
      the
      final disposition of such REO Property; provided, that (without limitation
      of
      any other right of reimbursement that the Master Servicer or any Servicer shall
      have hereunder) any such unreimbursed Advances as well as any unpaid net Master
      Servicing Fees or Servicing Fees may be reimbursed or paid, as the case may
      be,
      prior to final disposition, out of any net rental income or other net amounts
      derived from such REO Property.

     

    (d) The
      Liquidation Proceeds from the final disposition of the REO Property, net of
      any
      payment to the Master Servicer and the applicable Servicer as provided above,
      shall be deposited in the Collection Account on or prior to the Determination
      Date in the month following receipt thereof (and the Master Servicer shall
      provide written notice to the Trustee upon such deposit) and be remitted by
      wire
      transfer in immediately available funds to the Trustee for deposit into the
      Certificate Account on the next succeeding Deposit Date.

     

    
      
        
        

      

      
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    Section
      9.23 Notice
      to the Sponsor, the Depositor and the Trustee.

     

    (a) The
      Master Servicer shall promptly notify the Trustee, the Sponsor and the Depositor
      (i) of any legal proceedings pending against the Master Servicer of the type
      described in Item 1117 (§ 229.1117) of Regulation AB.

     

    (b) On
      or
      before March 1st of each year, the Depositor shall distribute the information
      in
      Exhibit S to the Master Servicer. If the Master Servicer shall become at any
      time an affiliate of any of the parties listed on Exhibit S hereto or any of
      their affiliates who have been identified to the Master Servicer in writing,
      the
      Master Servicer shall notify the Trustee, the Sponsor and the Depositor of
      such
      affiliation by March 15 of each year (but only to the extent that the Master
      Servicer has not previously notified the Trustee, the Sponsor or the Depositor
      of such affiliation.)

     

    (c) Not
      later
      than four Business Days prior to the Distribution Date of each month, the Master
      Servicer shall provide to the Trustee, the Sponsor and the Depositor notice
      of
      the occurrence of any material modifications, extensions or waivers of terms,
      fees, penalties or payments relating to the Mortgage Loans during the related
      Collection Period or that have cumulatively become material over time (Item
      1121(a)(11) of Regulation AB) 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, in each case solely as reported to the Master Servicer
      by
      the applicable Servicer. The parties to this Agreement acknowledge that the
      performance by the Master Servicer of its duties under this Section 9.23(c)
      related to the timely preparation and delivery of such information is contingent
      upon each applicable Servicer strictly observing all requirements and deadlines
      in the performance of their duties under their related Servicing Agreements.
      The
      Master Servicer shall have no liability for any loss, expense, damage or claim
      arising out of or with respect to any failure to properly prepare and/or timely
      deliver all such information where such failure results from the Master
      Servicer’s inability or failure to obtain or receive, on a timely basis, any
      information from any Servicer needed to prepare or deliver such information,
      which failure does not result from the Master Servicer’s own negligence, bad
      faith or willful misconduct.

     

    Section
      9.24 Reports
      to the Trustee.

     

    (a) Not
      later
      than 30 days after each Distribution Date, the Master Servicer shall, upon
      request, forward to the Trustee and any NIMS Insurer a statement, deemed to
      have
      been certified by a Servicing Officer, setting forth the status of the
      Collection Account maintained by the Master Servicer as of the close of business
      on the related Distribution Date, indicating that all distributions required
      by
      this Agreement to be made by the Master Servicer have been made (or if any
      required distribution has not been made by the Master Servicer, specifying
      the
      nature and status thereof) and showing, for the period covered by such
      statement, the aggregate of deposits into and withdrawals from the Collection
      Account maintained by the Master Servicer. Copies of such statement shall be
      provided by the Master Servicer, upon request, to the Depositor, Attention:
      Contract Finance and to any Certificateholders (or by the Trustee at the Master
      Servicer’s expense if the Master Servicer shall fail to provide such copies to
      the Certificateholders (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)).

     

    
      
        
        

      

      
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    (b) Not
      later
      than two Business Days following each Distribution Date, the Master Servicer
      shall deliver to one Person designated by the Depositor, in a format consistent
      with other electronic loan level reporting supplied by the Master Servicer
      in
      connection with similar transactions, “loan level” information with respect to
      the Mortgage Loans as of the related Determination Date, to the extent that
      such
      information has been provided to the Master Servicer by the Servicers or by
      the
      Depositor.

     

    (c) All
      information, reports and statements prepared by the Master Servicer under this
      Agreement shall be based upon information supplied to the Master Servicer by
      the
      Servicers without independent verification thereof and the Master Servicer
      shall
      be entitled to rely on such information.

     

    Section
      9.25 Assessment
      of Compliance and Attestation Reports.

     

    (a) Assessment
      of Compliance

     

    (i) On
      or
      before March 15th of each calendar year in which the Depositor is required
      to
      file reports with respect to the Trust Fund in accordance with the Exchange
      Act
      and the rules and regulations of the Commission, beginning with March 15, 2008,
      the Master Servicer, the Paying Agent (if other than the Trustee) and the
      Trustee, each at its own expense, shall furnish, and each such party shall
      cause
      any Servicing Function Participant engaged by it to furnish, each at its own
      expense, to the Sponsor, the Depositor, the Master Servicer and the Trustee,
      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 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 6.20(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. If the Trustee and the Paying Agent are the same party, the
      Relevant Servicing Criteria of the Paying Agent shall be included in the
      Trustee's report. The Master Servicer shall furnish to the Trustee a copy of
      each assessment of compliance provided to it by the Custodian pursuant to the
      Custodial Agreement and by each Servicer pursuant to the related Servicing
      Agreement, to the extent that the Trustee is not entitled to receive such
      assessments pursuant to each such applicable agreement.

     

    (ii) When
      the
      Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee
      (or any Servicing Function Participant engaged by it) submit their assessments
      to the Trustee and the Master Servicer, such parties will also at such time
      include the assessment (and attestation pursuant to subsection (b) of this
      Section 9.25) of each Servicing Function Participant engaged by it and shall
      indicate to the Trustee what Relevant Servicing Criteria will be addressed
      in
      any such reports prepared by any such Servicing Function
      Participant.

     

    
      
        
        

      

      
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    (iii) Promptly
      after receipt of each report on assessment of compliance, the Trustee shall
      confirm that the assessments, taken as a whole, address all applicable Servicing
      Criteria and taken individually address the Relevant Servicing Criteria (and
      disclose the inapplicability of the Servicing Criteria not determined to be
      Relevant Servicing Criteria) for each party as set forth on Exhibit R and on
      any
      similar exhibit set forth in the applicable Servicing Agreement in respect
      of
      any Servicer, and the applicable Custodial Agreement in respect of any
      Custodian, and shall notify the Depositor of any exceptions. By way of
      clarification and for the avoidance of doubt, it is acknowledged that the
      Trustee shall rely exclusively on Exhibit R to determine such applicable
      Servicing Criteria and Relevant Servicing Criteria, as the case may be, and
      shall not otherwise be reporting on the content of or sufficiency of such
      assessments. 

     

    (b) Attestation
      Reports

     

    (i) On
      or
      before March 15th of each calendar year in which the Depositor is required
      to
      file reports with respect to the Trust Fund in accordance with the Exchange
      Act
      and the rules and regulations of the Commission, beginning with March 15, 2008,
      the Master Servicer, the Paying Agent (if other than the Trustee) and the
      Trustee shall, at its own expense, cause a firm of independent public
      accountants (who may also render other services to the Master Servicer, Paying
      Agent or Trustee), which is a member of the American Institute of Certified
      Public Accountants, to furnish to the Sponsor, the Master Servicer, the Trustee
      and the Depositor a report to the effect that such firm attests to, and reports
      on, the assessment made by such asserting party pursuant to Section 6.01(l)
      above, which report shall be made in accordance with standards for attestation
      engagements issued or adopted by the PCAOB. In addition, on or before March
      15th
      of each calendar year in which the Depositor is required to file reports with
      respect to the Trust Fund in accordance with the Exchange Act and the rules
      and
      regulations of the Commission, beginning with March 15, 2008, the Master
      Servicer, the Paying Agent (if other than the Trustee) and the Trustee shall
      cause any Subservicer or Subcontractor with respect to the Trustee to furnish
      to
      the Sponsor and the Depositor an assessment of compliance and attestation
      report. If the Trustee and the Paying Agent are the same party, the attestation
      report caused to be furnished by the Trustee shall also address the Relevant
      Servicing Criteria of the Paying Agent. 

     

    (ii) Promptly
      after receipt of such report from the Master Servicer, the Paying Agent, the
      Trustee or any Servicing Function Participant engaged by such parties, the
      Trustee shall confirm that each assessment submitted pursuant subsection (a)
      of
      this Section 9.25 is coupled with an attestation meeting the requirements of
      this Section and notify the Depositor of any exceptions.

     

    (c) The
      Trustee’s, the Paying Agent’s and the Master Servicer’s obligation to provide
      assessments of compliance and attestations under this Section 9.25 shall
      terminate upon the filing of a Form 15 suspension notice on behalf of the Trust
      Fund. After the occurrence of such event, and provided the Depositor is not
      otherwise provided with such reports or copies of such reports, the Trustee,
      the
      Paying Agent and the Master Servicer shall be obligated to provide a copy of
      such reports, by March 15 of each year, to the Depositor.

     

    
      
        
        

      

      
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    Section
      9.26 Annual
      Statement of Compliance with Applicable Servicing Criteria.

     

    The
      Master Servicer shall deliver (and the Master Servicer shall cause any
      Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
      and
      the Trustee 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, 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, 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.

     

    Section
      9.27 Merger
      or Consolidation.

     

    Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided, however, that the successor or resulting
      Person to the Master Servicer shall be a Person that shall be qualified and
      approved to service mortgage loans for Fannie Mae or Freddie Mac and shall
      have
      a net worth of not less than $15,000,000. Notwithstanding the foregoing, as
      a
      condition to the succession to the Master Servicer under this Agreement by
      any
      Person (i) into which the Master Servicer may be merged or consolidated, or
      (ii)
      which may be appointed as a successor to the Master Servicer, the Master
      Servicer shall notify the Depositor, at least 15 calendar days prior to the
      effective date of such succession or appointment, of such succession or
      appointment and shall furnish to the Depositor in writing and in form and
      substance reasonably satisfactory to the Depositor, all information reasonably
      necessary for the Trustee to accurately and timely report, pursuant to Section
      6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if
      such reports under the Exchange Act are required to be filed under the Exchange
      Act).

     

    Section
      9.28 Resignation
      of Master Servicer.

     

    Except
      as
      otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer shall
      not resign from the obligations and duties hereby imposed on it unless it or
      the
      Trustee determines that the Master Servicer’s duties hereunder are no longer
      permissible under applicable law or are in material conflict by reason of
      applicable law with any other activities carried on by it and cannot be cured.
      Any such determination permitting the resignation of the Master Servicer shall
      be evidenced by an Opinion of Counsel that shall be Independent to such effect
      delivered to the Trustee and the NIMS Insurer. No such resignation shall become
      effective until a period of time not to exceed 90 days after the Trustee and
      the
      NIMS Insurer receives written notice thereof from the Master Servicer and until
      the Trustee shall have assumed, or a successor master servicer shall have been
      appointed by the Trustee, such successor master servicer being acceptable to
      the
      NIMS Insurer, and until such successor shall have assumed, the Master Servicer’s
      responsibilities and obligations under this Agreement. Notice of such
      resignation shall be given promptly by the Master Servicer and the Depositor
      to
      the Trustee.

     

    
      
        
        

      

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

     

    Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any other Person to perform
      any
      of the duties, covenants or obligations to be performed by the Master Servicer
      hereunder; provided, however, that the Master Servicer shall have the right
      without the prior written consent of the Trustee or the Depositor to delegate
      or
      assign to or subcontract with or authorize or appoint an Affiliate of the Master
      Servicer to perform and carry out any duties, covenants or obligations to be
      performed and carried out by the Master Servicer hereunder. In no case, however,
      shall any such delegation, subcontracting or assignment to an Affiliate of
      the
      Master Servicer relieve the Master Servicer of any liability hereunder. Notice
      of such permitted assignment shall be given promptly by the Master Servicer
      to
      the Depositor and the Trustee. If, pursuant to any provision hereof, the duties
      of the Master Servicer are transferred to a successor master servicer, the
      entire amount of the Master Servicing Fees and other compensation payable to
      the
      Master Servicer pursuant hereto, including amounts payable to or permitted
      to be
      retained or withdrawn by the Master Servicer pursuant to Section 9.21 hereof,
      shall thereafter be payable to such successor master servicer.

     

    Notwithstanding
      the foregoing, for so long as reports are required to be filed with the
      Commission under the Exchange Act with respect to the Trust, the Master Servicer
      shall not utilize any Subcontractor for the performance of its duties hereunder
      if such Subcontractor would be “participating in the servicing function” within
      the meaning of Item 1122 of Regulation AB without (a) giving notice to the
      Trustee and the Depositor and (b) requiring any such Subcontractor to provide
      to
      the Master Servicer an attestation report as provided for in Section 9.25(b)
      and
      an assessment of compliance as provided in Section 9.25(a), which reports the
      Master Servicer shall include in its attestation report and assessment of
      compliance.

     

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

     

    (a) The
      Master Servicer undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement.

     

    (b) No
      provision of this Agreement shall be construed to relieve the Master Servicer
      from liability for its own negligent action, its own negligent failure to act
      or
      its own willful misconduct; provided, however, that the duties and obligations
      of the Master Servicer shall be determined solely by the express provisions
      of
      this Agreement, the Master Servicer shall not be liable except for the
      performance of such duties and obligations as are specifically set forth in
      this
      Agreement; no implied covenants or obligations shall be read into this Agreement
      against the Master Servicer and, in absence of bad faith on the part of the
      Master Servicer, the Master Servicer 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 Master Servicer and conforming to
      the
      requirements of this Agreement.

     

    
      
        
        

      

      
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    (c) None
      of
      the Master Servicer, the Seller, any NIMS Insurer or the Depositor or any of
      the
      directors, officers, employees or agents of any of them shall be under any
      liability to the Trustee or the Certificateholders for any action taken or
      for
      refraining from the taking of any action in good faith pursuant to this
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Master Servicer, the Seller, any NIMS Insurer or the
      Depositor or any such person against any liability that would otherwise be
      imposed by reason of willful misfeasance, bad faith or negligence in its
      performance of its duties or by reason of reckless disregard for its obligations
      and duties under this Agreement. The Master Servicer, the Seller, any NIMS
      Insurer and the Depositor and any director, officer, employee or agent of any
      of
      them shall be entitled to indemnification by the Trust Fund and will be held
      harmless against any loss, liability or expense incurred in connection with
      any
      legal action relating to this Agreement or the Certificates other than any
      loss,
      liability or expense incurred by reason of willful misfeasance, bad faith or
      negligence in the performance of his or its duties hereunder or by reason of
      reckless disregard of his or its obligations and duties hereunder. The Master
      Servicer, the Seller, any NIMS Insurer and the Depositor and any director,
      officer, employee or agent of any of them may rely in good faith on any document
      of any kind prima facie properly executed and submitted by any Person respecting
      any matters arising hereunder. The Master Servicer shall be under no obligation
      to appear in, prosecute or defend any legal action that is not incidental to
      its
      duties to master service the Mortgage Loans in accordance with this Agreement
      and that in its opinion may involve it in any expenses or liability; provided,
      however, that the Master Servicer may in its sole discretion undertake any
      such
      action that it may deem necessary or desirable in respect to this Agreement
      and
      the rights and duties of the parties hereto and the interests of the
      Certificateholders hereunder. In such event, the legal expenses and costs of
      such action and any liability resulting therefrom shall be expenses, costs
      and
      liabilities of the Trust Fund and the Master Servicer shall be entitled to
      be
      reimbursed therefor out of the Collection Account it maintains as provided
      by
      Section 4.02.

     

    Section
      9.31 Indemnification;
      Third Party Claims.

     

    The
      Master Servicer agrees to indemnify the Depositor, the Sponsor, the Certificate
      Registrar, the Paying Agent and the Trustee (and each of their respective
      directors, officers, employees and agents) and hold each of them harmless
      against any and all claims, losses, penalties, fines, forfeitures, reasonable
      legal fees and related costs, judgments, and any other costs, liability, fees
      and expenses that the Depositor, the Sponsor, the Certificate Registrar, the
      Paying Agent or the Trustee may sustain arising out of or based upon (a) any
      material breach by the Master Servicer of any of its obligations hereunder,
      including particularly its obligations to provide any report under Section
      9.25(a), Section 9.25(b) or Section 9.26 or any information, data or materials
      required to be included in any Exchange Act report, provided, however, that
      in
      no event shall the Master Servicer be liable for any special, consequential,
      indirect or punitive damages pursuant to this Section 9.31, even if advised
      of
      the possibility of such damages, (b) any material misstatement or omission
      on
      any information, data, or materials provided by the Master Servicer, or (c)
      the
      negligence, bad faith or willful misconduct of the Master Servicer in connection
      with its performance hereunder. The Depositor, the Sponsor, the Certificate
      Registrar, the Paying Agent and the Trustee shall immediately notify the Master
      Servicer if a claim is made by a third party with respect to this Agreement
      or
      the Mortgage Loans entitling the Depositor, the Sponsor or the Trustee to
      indemnification hereunder, whereupon the Master Servicer shall assume the
      defense of any such claim and pay all expenses in connection therewith,
      including counsel fees, and promptly pay, discharge and satisfy any judgment
      or
      decree which may be entered against it or them in respect of such claim. This
      indemnification shall survive the termination of this Agreement or the
      termination of the Master Servicer as a party to this Agreement.

     

    
      
        
        

      

      
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    Section
      9.32 Special
      Servicing of Delinquent Mortgage Loans.

     

    If
      permitted under the terms of any Servicing Agreement, the Seller may appoint,
      pursuant to the terms of such Servicing Agreement and with the written consent
      of the Depositor, the Master Servicer, the Trustee and the NIMS Insurer, a
      Special Servicer to special service any Distressed Mortgage Loans. Any
      applicable Termination Fee related to the termination of the Servicer and the
      appointment of any Special Servicer shall be paid by the Seller. Any fees paid
      to any such Special Servicer shall not exceed the applicable Servicing Fee
      Rate.

     

    Section
      9.33 Allocation
      to Related Mortgage Pool

     

    Payments
      described in this Article IX made from the Trust Fund shall be allocated and
      limited to collections or other recoveries on the related Mortgage Pool or
      Mortgage Pools and shall be accounted for in such manner.

     

    ARTICLE
      X.

     

    REMIC
      ADMINISTRATION

     

    Section
      10.01 REMIC
      Administration.

     

    (a) REMIC
      elections as set forth in the Preliminary Statement and this Section 10.01
      shall
      be made on Forms 1066 or other appropriate federal tax or information return
      for
      the taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement and this Section
      10.01. For purposes of such designations, the interest rate of any regular
      interest that is computed by taking into account the weighted average of the
      Net
      Mortgage Rates of the Mortgage Loans shall be reduced to take into account
      any
      expense paid by the Trust to the extent that (i) such expense was not taken
      into
      account in computing the Net Mortgage Rate of any Mortgage Loan or any Net
      Funds
      Cap, (ii) such expense does not constitute an “unanticipated expense” of a REMIC
      within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii)
      the amount of such expense was not taken into account in computing the interest
      rate of a more junior Class of regular interests.

     

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code. The latest possible maturity date
      for
      purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible
      Maturity Date.

     

    (c) The
      Trustee shall 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 Trustee shall pay any and all tax related
      expenses (not including taxes) of each REMIC and Grantor Trust, including but
      not limited to any professional fees or expenses related to audits or any
      administrative or judicial proceedings with respect to such REMIC or Grantor
      Trust that involve the Internal Revenue Service or state tax authorities, but
      only to the extent that (i) such expenses are ordinary or routine expenses,
      including expenses of a routine audit but not expenses of litigation (except
      as
      described in (ii)); or (ii) such expenses or liabilities (including taxes and
      penalties) are attributable to the negligence or willful misconduct of the
      Trustee in fulfilling its duties hereunder (including its duties as tax return
      preparer). The Trustee shall be entitled to reimbursement from the Certificate
      Account of the expenses to the extent (x) provided in clause (i) above and
      (y)
      with respect to each REMIC, such expenses are “unanticipated expenses” within
      the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii). Any reimbursement
      described in the preceding sentence shall be allocated and limited to
      collections or other recoveries on the related Mortgage Pool and shall be
      accounted for in such manner.

     

    
      
        
        

      

      
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    (d) The
      Trustee shall prepare, the Trustee shall sign, and the Trustee will file, all
      of
      each REMIC’s federal and state tax and information returns as such REMIC’s
      direct representative. The Trustee shall prepare, sign and file all of the
      tax
      or information returns in respect of each Grantor Trust. The Trustee shall
      comply with such requirement by filing Form 1041. The expenses of preparing
      and
      filing such returns shall be borne by the Trustee.

     

    (e) The
      Trustee or its designee shall perform on behalf of the Trust Fund and each
      REMIC
      and Grantor Trust all reporting and other tax compliance duties that are the
      responsibility of the Trust Fund or such REMIC or Grantor Trust under the Code,
      the REMIC Provisions, or other compliance guidance issued by the Internal
      Revenue Service or any state or local taxing authority. Among its other duties,
      if required by the Code, the REMIC Provisions, or other such guidance, the
      Trustee shall provide (i) to the Treasury or other governmental authority such
      information as is necessary for the application of any tax relating to the
      transfer of a Residual Certificate to any disqualified person or organization
      pursuant to Treasury Regulation 1.860E-2(a)(5) and any person designated in
      Section 860E(e)(3) of the Code and (ii) to the Certificateholders such
      information or reports as are required by the Code or REMIC
      Provisions.

     

    (f) The
      Trustee, the Master Servicer and the Holders of Certificates shall take any
      action, within their respective control and scope of their duties, or cause
      any
      REMIC to take any action necessary to create or maintain the status of any
      REMIC
      as a REMIC under the REMIC Provisions and shall assist each other as necessary
      to create or maintain such status. Neither the Trustee, the Master Servicer
      nor
      the Holder of any Residual Certificate shall knowingly take any action, cause
      any REMIC to take any action or fail to take (or fail to cause to be taken)
      any
      action, within their respective control and scope of their duties, that, under
      the REMIC Provisions, if taken or not taken, as the case may be, could result
      in
      an Adverse REMIC Event unless the Trustee, the NIMS Insurer and the Master
      Servicer have received an Opinion of Counsel (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      result in an Adverse REMIC Event. In addition, prior to taking any action with
      respect to any REMIC or the assets therein, or causing any REMIC to take any
      action, which is not expressly permitted under the terms of this Agreement,
      any
      Holder of a Residual Certificate will consult with the Trustee, the NIMS
      Insurer, the Master Servicer or their respective designees, in writing, with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to any REMIC, and no such Person shall take any such action or cause
      any
      REMIC to take any such action as to which the Trustee, the NIMS Insurer or
      the
      Master Servicer has advised it in writing that an Adverse REMIC Event could
      occur.

     

    
      
        
        

      

      
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    (g) Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      the related REMIC by federal or state governmental authorities. To the extent
      that such taxes are not paid by a Residual Certificateholder, the Trustee shall
      pay any remaining REMIC taxes out of current or future amounts otherwise
      distributable to the Holder of the Residual Certificate in any such REMIC or,
      if
      no such amounts are available, out of other amounts held in the Collection
      Account, and shall reduce amounts otherwise payable to holders of regular
      interests in any such REMIC, as the case may be.

     

    (h) The
      Trustee shall, for federal income tax purposes, maintain books and records
      with
      respect to each REMIC on a calendar year and on an accrual basis.

     

    (i) No
      additional contributions of assets shall be made to any REMIC, except as
      expressly provided in this Agreement with respect to Qualifying Substitute
      Mortgage Loans.

     

    (j) Neither
      the Trustee nor the Master Servicer shall enter into any arrangement by which
      any REMIC will receive a fee or other compensation for services.

     

    (k) Upon
      the
      request of any Rating Agency or any NIMS Insurer, the Trustee shall deliver
      an
      Officer’s Certificate to the Rating Agency and to the NIMS Insurer stating,
      without regard to any actions taken by any party other than the Trustee, the
      Trustee’s compliance with provisions of this Section 10.01.

     

    (l) The
      Class
      P-I Certificates shall be neither regular interests nor residual interests
      in
      any REMIC created hereunder. It is the intention of the parties hereto that
      the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      related to the Mortgage Loans in Pool 1 distributable to the Class P-I
      Certificates shall constitute a grantor trust for federal income tax purposes.
      The Trustee, by its execution and delivery hereof, acknowledges the assignment
      to it of the rights to receive such Prepayment Premiums and declares that it
      holds and will hold such assets in trust for the exclusive use and benefit
      of
      all present and future Holders of the Class P-I Certificates. The rights of
      Holders of the Class P-I Certificates to receive distributions from the proceeds
      of such Prepayment Premiums, and all ownership interests of such Holders in
      and
      to such distributions, shall be as set forth in this Agreement.

     

    The
      Class
      P-II Certificates shall be neither regular interests nor residual interests
      in
      any REMIC created hereunder. It is the intention of the parties hereto that
      the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      related to the Mortgage Loans in Pool 2 distributable to the Class P-II
      Certificates shall constitute a grantor trust for federal income tax purposes.
      The Trustee, by its execution and delivery hereof, acknowledges the assignment
      to it of the rights to receive such Prepayment Premiums and declares that it
      holds and will hold such assets in trust for the exclusive use and benefit
      of
      all present and future Holders of the Class P-II Certificates. The rights of
      Holders of the Class P-II Certificates to receive distributions from the
      proceeds of such Prepayment Premiums, and all ownership interests of such
      Holders in and to such distributions, shall be as set forth in this
      Agreement.

     

    The
      Class
      P-III Certificates shall be neither regular interests nor residual interests
      in
      any REMIC created hereunder. It is the intention of the parties hereto that
      the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      related to the Mortgage Loans in Pool 3 distributable to the Class P-III
      Certificates shall constitute a grantor trust for federal income tax purposes.
      The Trustee, by its execution and delivery hereof, acknowledges the assignment
      to it of the rights to receive such Prepayment Premiums and declares that it
      holds and will hold such assets in trust for the exclusive use and benefit
      of
      all present and future Holders of the Class P-III Certificates. The rights
      of
      Holders of the Class P-III Certificates to receive distributions from the
      proceeds of such Prepayment Premiums, and all ownership interests of such
      Holders in and to such distributions, shall be as set forth in this
      Agreement.

     

    
      
        
        

      

      
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    (m) REMIC
      AX
      shall consist of all the assets of the Trust Fund relating to the Mortgage
      Pools
      other than (i) the Lower Tier Interests, (ii) the Basis Risk Reserve Fund,
      (iii)
      the Capitalized Interest Account, (iv) the Class X Account, (v) the Final
      Maturity Reserve Account and (vi) the rights to receive Prepayment Premiums
      distributable to the Class P Certificates. The REMIC AX Regular Interests shall
      be designated as the regular interests in REMIC AX, and the Class LTAX-R
      Interest shall be designated as the sole class of residual interest in REMIC
      AX.
      Each of the REMIC AX Regular Interests shall have the characteristics set forth
      in the Preliminary Statement.

     

    The
      assets of REMIC 1 shall be the REMIC AX Regular Interests. The REMIC 1 Regular
      Interests shall be designated as the regular interests in REMIC 1, and the
      Class
      LT1-R Interest shall be designated as the sole class of residual interest in
      REMIC 1.

     

    The
      assets of REMIC 2 shall be the REMIC 1 Regular Interests. The REMIC 2 Regular
      Interests shall be designated as the regular interests in REMIC 2 and the
      Residual Interest shall be designated as the sole class of residual interest
      in
      REMIC 2. For federal income tax purposes, the interest rate on each REMIC 2
      Regular Interest (other than the Uncertificated Class X Interest, the Notional
      Certificates and the Class LT2-Coupon Strip Interest) shall be subject to a
      cap
      equal to the REMIC Pass-Through Rate.

     

    The
      beneficial ownership of the Class LTAX-R Interest, the Class LT1-R Interest
      and
      the Residual Interest shall be represented by the Class R Certificate. None
      of
      the Class LTAX-R Interest, the Class LT1-R Interest nor the Residual Interest
      shall have a principal balance or bear interest.

     

    (n) It
      is
      intended that the rights of each Class of LIBOR Certificates to receive payments
      in respect of Excess Interest shall be treated as a right in interest rate
      cap
      contracts written by the holders of the Class X Certificates in favor of the
      holders of each Class of the LIBOR Certificates and such shall be accounted
      for
      as property held separate and apart from the regular interests in REMIC 2 held
      by the holders of the LIBOR Certificates. This provision is intended to satisfy
      the requirements of Treasury Regulations Section 1.860G-2(i) for the treatment
      of property rights coupled with REMIC interests to be separately respected
      and
      shall be interpreted consistently with such regulation. On each Distribution
      Date, to the extent that any of the LIBOR Certificates receive payments in
      respect of Excess Interest, such amounts, to the extent not derived from amounts
      in the Final Maturity Reserve Account or from payments in respect of Class
      X
      Shortfalls as set forth in Section 10.01(p), will be treated as distributed
      by
      REMIC 2 to the Class X Certificates in respect of the Uncertificated Class
      X
      Interest pro
      rata
      and then
      paid to the relevant Class of Certificates pursuant to the related interest
      cap
      agreement. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(n).

     

    
      
        
        

      

      
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    It
      is
      intended that the rights of each Class of LIBOR Certificates to receive payments
      from the Capitalized Interest Account shall be treated as a right in interest
      rate cap contracts written by the Depositor in favor of the holders of each
      Class of the LIBOR Certificates and such shall be accounted for as property
      held
      separate and apart from the regular interests in REMIC 2 held by the holders
      of
      the LIBOR Certificates. This provision is intended to satisfy the requirements
      of Treasury Regulations Section 1.860G-2(i) for the treatment of property rights
      coupled with REMIC interests to be separately respected and shall be interpreted
      consistently with such regulation. The Trustee is hereby directed to perform
      its
      duties and obligations in accordance with this Section 10.01(n).

     

    (o) The
      parties hereto intend that the Uncertificated Class X Interest, the Class
      LT2-Coupon Strip Interest, the Final Maturity Reserve Account, the Basis Risk
      Reserve Fund, the right to receive payments in respect of Class X Shortfalls
      as
      set forth in Section 10.01(p) and the obligation of the holders of the Class
      X
      Certificates to pay amounts of Excess Interest to the holders of the LIBOR
      Certificates shall be treated as a “grantor trust” under the Code, and the
      provisions hereof shall be interpreted consistently with this intention. In
      furtherance of such intention, the Trustee shall (i) furnish or cause to be
      furnished to the holders of the Class X Certificates information regarding
      their
      allocable share, if any, of the income with respect to such grantor trust,
      (ii)
      file or cause to be filed with the Internal Revenue Service Form 1041 (together
      with any necessary attachments) and such other forms as may be applicable and
      (iii) comply with such information reporting obligations with respect to
      payments from such grantor trust to the holders of LIBOR Certificates as may
      be
      applicable under the Code. The Trustee is hereby directed to perform its duties
      and obligations in accordance with this Section 10.01(o).

     

    (p) The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC 2 over the amounts payable with respect to the REMIC 2 Regular
      Interests with respect to each Accrual Period shall, solely for purposes of
      the
      REMIC Provisions, be deemed earned by the Master Servicer as an additional
      fee,
      which amount shall be deemed paid by the Master Servicer to the holders of
      the
      Class X Certificates. It is intended that the rights of the holders of the
      Class
      X Certificates to receive such deemed payments (“Class X Shortfalls”) shall be
      treated as rights in respect of an interest rate cap contract written by the
      Master Servicer in favor of the holders of the Class X Certificates and shall
      be
      accounted for as property separate and apart from any REMIC regular interest
      represented by the Class X Certificates. This provision is intended to comply
      with the requirements of Treasury Regulations Section 1.860G-2(i) for the
      treatment of property rights coupled with regular interests to be separately
      respected and shall be interpreted consistently with such regulation. The
      holders of the Class X Certificates agree by their acceptance of such
      Certificates, that they will take tax reporting positions that allocate no
      more
      than a nominal value to the right to receive deemed payments in respect of
      Class
      X Shortfalls. The Master Servicer and Trustee shall agree to take tax reporting
      positions consistent with the allocations by the holders of the Class X
      Certificates of no more than a nominal value to the right to receive deemed
      payments in respect of Class X Shortfalls. For information reporting purposes,
      it will be assumed that such rights have no value. Each payment deemed made
      to
      the Class X Certificates in respect of Class X Shortfalls shall be treated
      for
      federal income tax purposes or having been paid to the Master Servicer as an
      additional servicing fee and then paid by the Master Servicer to the Holders
      of
      the Class X Certificates. The Trustee and Master Servicer agree and each holder
      or beneficial owner of a Class X Certificate agrees, by virtue of its
      acquisition of such Certificate or beneficial interest, to adopt tax reporting
      positions consistent with the payments deemed made to the Class X Certificates
      in respect of Class X Shortfalls as payments in respect of interest rate cap
      agreements written by the Master Servicer. The Trustee is hereby directed to
      perform its duties and obligations in accordance with this Section
      10.01(p).

     

    
      
        
        

      

      
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    (q) Payments
      in the nature of expenses, reimbursements and indemnifications made from the
      Trust Fund shall be allocated and limited to collections or other recoveries
      on
      the related Mortgage Pool or Mortgage Pools (if applicable) and shall be
      accounted for in such manner.

     

    (r) The
      Trustee shall treat the Class X Account as an outside reserve fund within the
      meaning of Treasury Regulation 1.860G-2(h) that is owned by the Holder of the
      Class C Certificates and that is not an asset of any REMIC. The Trustee shall
      treat the Final Maturity Reserve Account as an outside reserve fund within
      the
      meaning of Treasury Regulation 1.860G-2(h) that is owned by the Holder of the
      Class X Certificates and that is not an asset of any REMIC. The Class X
      Certificateholder shall be treated as the owner of the Final Maturity Reserve
      Account and any payments in respect of principal made from the Final Maturity
      Reserve Account to beneficial owners of Certificates (other than the Class
      X
      Certificates) shall be treated for federal income tax purposes as payments
      made
      by the Class X Certificateholder in exchange for an interest in the Certificates
      then owned by such beneficial owners. For purposes of the REMIC Provisions
      (including distributions and allocations to any Lower Tier Interest pursuant
      to
      Section 10.01(s) hereof), such payments in respect of principal shall be deemed
      not to reduce the principal amount of any Certificate receiving such
      payments.

     

    (s) REMIC
      AX:
      On each
      Distribution Date, the Trustee shall first pay or charge as an expense of REMIC
      AX all expenses of the Trust Fund for such Distribution Date. All payments
      of
      principal and interest at the Net Mortgage Rate on each of the Mortgage Loans
      received with respect to the Mortgage Loans shall be paid to the REMIC AX
      Regular Interests until the principal balance of all such interests have been
      reduced to zero and any losses allocated to such interests have been reimbursed.
      Any excess amounts shall be distributed to the Class LTAX-R Interest.

     

    On
      each
      Distribution Date, distributions shall first be made in respect of the Class
      LTAX-Coupon Strip Interest in an amount equal to the amount of any Coupon Strip
      required to be deposited into the Final Maturity Reserve Account for such
      Distribution Date. Second, (i) payments and allocations shall be made in respect
      of the Class LTAX-1AX Interest in the amounts necessary so that its principal
      amount equals 25% of the aggregate principal amounts of the Pool 1 Senior
      Certificates after giving effect to distributions and allocations on such
      Distribution Date, (ii) payments and allocations shall be made in respect of
      the
      Class LTAX-2AX Interest in the amounts necessary so that its principal amount
      equals 25% of the aggregate principal amounts of the Pool 2 Senior Certificates
      after giving effect to distributions and allocations on such Distribution Date
      and (iii) payments and allocations shall be made in respect of the Class
      LTAX-3AX Interest in the amounts necessary so that its principal amount equals
      100% of the aggregate principal amounts of the Pool 3 Senior Certificates after
      giving effect to distributions and allocations on such Distribution Date. Third,
      (i) all remaining amounts with respect to Pool 1 shall be paid and allocated
      in
      respect of the Class LTAX-1Z Interest, (ii) all remaining amounts with respect
      to Pool 2 shall be paid and allocated in respect of the Class LTAX-2Z Interest
      and (iii) all remaining amounts with respect to Pool 3 shall be paid and
      allocated in respect of the Class LTAX-3Z Interest. 

     

    
      
        
        

      

      
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    REMIC
      1:
      All
      payments received by REMIC 1 shall be paid to the REMIC 1 Regular Interests
      until the principal balance of all such interests have been reduced to zero
      and
      any losses allocated to such interests have been reimbursed. Any excess amounts
      shall be distributed to the Class LT1-R Interest. 

     

    On
      each
      Distribution Date, distributions shall first be made in respect of the Class
      LT1-Coupon Strip Interest in an amount equal to the amount of any Coupon Strip
      required to be deposited into the Final Maturity Reserve Account for such
      Distribution Date. Second, (i) distributions shall be made in respect of the
      Class LT1-1AX Interest in an amount equal to the amount of any distributions
      made to the Class 1-AX Certificates for such Distribution Date, (ii)
      distributions shall be made in respect of the Class LT1-2AX Interest in an
      amount equal to the amount of any distributions made to the Class 2-AX
      Certificates for such Distribution Date and (iii) distributions shall be made
      in
      respect of the Class LT1-3AX Interest in an amount equal to the amount of any
      distributions made to the Class 3-AX Certificates for such Distribution Date.
      Third, from all remaining amounts to be paid and allocated on each Distribution
      Date,

     

    (i) interest
      shortfalls with respect to the Mortgage Loans (other than interest shortfalls
      attributable to Negative Amortization) shall be allocated to the REMIC 1 Regular
      Interests (other than the Class LT1-1AX Interest,
      the
      Class LT1-2AX Interest, the Class LT1-3AX Interest
      and the
      Class LT1-Coupon Strip Interest) pro
      rata
      based on
      interest otherwise accrued thereon;

     

    (ii) the
      principal balance of each REMIC 1 Regular Interest (other than the Class LT1-1AX
      Interest,
      the
      Class LT1-2AX Interest, the Class LT1-3AX Interest
      and the
      Class LT1-Coupon Strip Interest) shall be increased by the amount of interest
      accrued thereon (net of interest shortfalls allocated thereto pursuant to the
      immediately preceding clause (i));

     

    (iii) 50%
      of
      the remaining cash received by REMIC 1 shall be distributed to, and 50% of
      losses with respect to the Mortgage Loans shall be allocated to the REMIC 1-II
      Marker Classes and the Class LT1-XII Interest in reduction of their principal
      amounts as follows:

     

    first,
      to each
      of the REMIC 1-II Marker Classes ending with the designation “B”, so that its
      principal balance is as close as possible to .0005% of the aggregate Scheduled
      Principal Balance of the Mortgage Loans in the related Mortgage
      Pool;

     

    second,
      to each
      of the REMIC 1-II Marker Classes ending with the designation “A”, so that its
      principal balance is as close as possible to .0005% of the excess of (x) the
      aggregate Scheduled Principal Balance of the Mortgage Loans in the related
      Mortgage Pool over (y) the aggregate principal amounts of the Classes of related
      Senior Certificates after giving effect to distributions and allocations on
      such
      Distribution Date (provided that the REMIC 1 Subordinated Balance Ratio is
      maintained); and 

     

    
      
        
        

      

      
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    third,
      to the
      Class LT1-XII Interest, all remaining amounts; 

     

    (iv) 50%
      of
      the remaining cash received by REMIC 1 shall be distributed to, and 50% of
      losses with respect to the Mortgage Loans shall be allocated to the REMIC 1-I
      Marker Classes and the Class LT1-XI Interest in reduction of their principal
      amounts as follows:

     

    first,
      to the
      Class LT1-M12 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    second,
      to the
      Class LT1-M11 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    third,
      to the
      Class LT1-M10 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    fourth,
      to the
      Class LT1-M9 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    fifth,
      to the
      Class LT1-M8 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    sixth,
      to the
      Class LT1-M7 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    seventh,
      to the
      Class LT1-M6 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    eighth,
      to the
      Class LT1-M5 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    ninth,
      to the
      Class LT1-M4 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    tenth,
      to the
      Class LT1-M3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    
      
        
        

      

      
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    eleventh,
      to the
      Class LT1-M2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    twelfth,
      to the
      Class LT1-M1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    thirteenth,
      to the
      Class LT1-1A1B Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    fourteenth,
      to the
      Class LT1-1A1A Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    fifteenth,
      to the
      Class LT1-2A Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    sixteenth,
      to the
      Class LT1-3A3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    seventeenth,
      to the
      Class LT1-3A2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    eighteenth,
      to the
      Class LT1-3A1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class; and 

     

    nineteenth,
      to the
      Class LT1-XI Interest in reduction of its principal balance so that its
      principal balance is as close as possible to the sum of (x) 25% of the aggregate
      Scheduled Principal Balance of the Mortgage Loans and (y) 25% of the
      Overcollateralization Amount.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any LIBOR Certificate as a result of the proviso in the definition of
      Certificate Principal Amount, then there shall be a corresponding increase
      in
      the principal amount of the REMIC 1 Regular Interests (other than the Class
      LT1-1AX Interest,
      the
      Class LT1-2AX Interest, the Class LT1-3AX Interest
      and the
      Class LT1-Coupon Strip Interest) allocated as follows:

     

    (i) 50%
      of
      such increase shall be allocated among the REMIC 1-II Marker Classes and the
      Class LT1-XII Interest as follows:

     

    first,
      to each
      of the REMIC 1-II Marker Classes ending with the designation “B” so that its
      principal balance is as close as possible to .0005% of the aggregate Schedule
      Principal Balance of the Mortgage Loans in the related Mortgage
      Pool;

     

    
      
        
        

      

      
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    second,
      to each
      of the REMIC 1-II Marker Classes ending with the designation “A”, so that its
      principal balance is as close as possible to .0005% of the excess of (x) the
      aggregate Scheduled Principal Balance of the Mortgage Loans in the related
      Mortgage Pool over (y) the aggregate principal amounts of the Classes of related
      Senior Certificates after giving effect to distributions and allocations on
      such
      Distribution Date (provided that the REMIC 1 Subordinated Balance Ratio is
      maintained); and 

     

    third,
      to the
      Class LT1-XII Interest all remaining amounts; and

     

    (ii) 50%
      of
      such increase shall be allocated among the REMIC 1-I Marker Classes and the
      Class LT1-XI Interest as follows:

     

    first,
      to each
      of the REMIC 1-I Marker Classes so that the principal balance of each such
      interest is as close as possible to 25% of the principal balance of its
      Corresponding Class; and

     

    second,
      to the
      Class LT1-XI Interest so that the principal balance of such interest is as
      close
      as possible to the sum of (x) 25% of the aggregate Scheduled Principal Balance
      of the Mortgage Loans and (y) 25% of the Overcollateralization
      Amount.

     

    (t) Notwithstanding
      the priority and sources of payments set forth in Article 5 hereof or otherwise,
      the Trustee shall account for all distributions with respect to a Class of
      Certificates in amounts that differ from those payable pursuant to the regular
      interest in REMIC 2 corresponding to such Class as amounts paid or received
      (as
      appropriate) pursuant to the interest rate cap contracts or notional principal
      contracts provided for in this Section. In no event shall any such amounts
      be
      treated as payments with respect to a “regular interest” in a REMIC within the
      meaning of Code Section 860G(a)(1).

     

    Section
      10.02 Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the Master Servicer or the Trustee shall sell, dispose of, or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of the REMIC holding such Mortgage Loan pursuant to
      Article VII of this Agreement, (iv) a substitution pursuant to Article II of
      this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II
      of
      this Agreement, nor acquire any assets for any REMIC, nor sell or dispose of
      any
      investments in the Certificate Account for gain, nor accept any contributions
      to
      any REMIC after the Closing Date, unless it has received an Opinion of Counsel
      (at the expense of the party causing such sale, disposition, or substitution),
      a
      copy of which shall be provided to any NIMS Insurer, that such disposition,
      acquisition, substitution, or acceptance will not (a) result in an Adverse
      REMIC
      Event, (b) affect the distribution of interest or principal on the Certificates,
      or (c) result in the encumbrance of the assets transferred or assigned to the
      Trust Fund (except pursuant to the provisions of this Agreement).

     

    
      
        
        

      

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

     

    Upon
      the
      occurrence of an Adverse REMIC Event due to the negligent performance by the
      Trustee of its duties and obligations set forth herein, the Trustee shall
      indemnify the NIMS Insurer, the Holder of the related Residual Certificate
      or
      the Trust Fund, as applicable, against any and all losses, claims, damages,
      liabilities or expenses (“Losses”) resulting from such negligence; provided,
      however, that the Trustee shall not be liable for any such Losses attributable
      to the action or inaction of the Master Servicer, the Depositor, the Class
      X or
      Class R Certificateholder, as applicable, nor for any such Losses resulting
      from
      misinformation provided by the Holder of such Residual Certificate on which
      the
      Trustee has relied. The foregoing shall not be deemed to limit or restrict
      the
      rights and remedies of the Holder of such Residual Certificate now or hereafter
      existing at law or in equity. Notwithstanding the foregoing, however, in no
      event shall the Trustee have any liability (1) for any action or omission that
      is taken in accordance with and in compliance with the express terms of, or
      which is expressly permitted by the terms of, this Agreement or any Servicing
      Agreement, (2) for any Losses other than arising out of a negligent performance
      by the Trustee of its duties and obligations set forth herein, and (3) for
      any
      special or consequential damages to Certificateholders (in addition to payment
      of principal and interest on the Certificates).

     

    Section
      10.04 REO
      Property.

     

    (a) Notwithstanding
      any other provision of this Agreement, the Master Servicer, acting on behalf
      of
      the Trustee hereunder, shall not, except to the extent provided in the
      applicable Servicing Agreement, knowingly permit any Servicer to, rent, lease,
      or otherwise earn income on behalf of any REMIC with respect to any REO Property
      which might cause an Adverse REMIC Event unless the Master Servicer has advised,
      or has caused such Servicer to advise, the Trustee in writing to the effect
      that, under the REMIC Provisions, such action would not result in an Adverse
      REMIC Event.

     

    (b) The
      Master Servicer shall cause the applicable Servicer (to the extent provided
      in
      the related Servicing Agreement) to make reasonable efforts to sell any REO
      Property for its fair market value. In any event, however, the Master Servicer
      shall, or shall cause the applicable Servicer to, dispose of any REO Property
      within three years of its acquisition by the Trust Fund unless the Master
      Servicer has received a grant of extension from the Internal Revenue Service
      to
      the effect that, under the REMIC Provisions, the REMIC may hold REO Property
      for
      a longer period without causing an Adverse REMIC Event. If the Master Servicer
      has received such an extension, then the Master Servicer, acting on the
      Trustee’s behalf hereunder, shall, or shall cause the Servicer to, continue to
      attempt to sell the REO Property for its fair market value for such period
      longer than three years as such extension permits (the “Extended Period”). If
      the Master Servicer has not received such an extension and the Master Servicer
      or the applicable Servicer, acting on behalf of the Trustee hereunder, is unable
      to sell the REO Property within 33 months after its acquisition by the Trust
      Fund or if the Master Servicer has received such an extension, and the Master
      Servicer or such Servicer is unable to sell the REO Property within the period
      ending three months before the close of the Extended Period, the Master Servicer
      shall cause such Servicer, before the end of the three year period or the
      Extended Period, as applicable, to (i) purchase such REO Property at a price
      equal to the REO Property’s fair market value or (ii) auction the REO Property
      to the highest bidder (which may be such Servicer) in an auction reasonably
      designed to produce a fair price prior to the expiration of the three year
      period or the Extended Period, as the case may be.

     

    
      
        
        

      

      
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    ARTICLE
      XI.

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01 Binding
      Nature of Agreement; Assignment.

     

    This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

     

    Section
      11.02 Entire
      Agreement.

     

    This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

     

    Section
      11.03 Amendment.

     

    (a) This
      Agreement may be amended from time to time by the Depositor, the Master Servicer
      and the Trustee, with the consent of the NIMS Insurer, and without notice to
      or
      the consent of any of the Holders, (i) to cure any ambiguity, (ii) to cause
      the
      provisions herein to conform to or be consistent with or in furtherance of
      the
      statements made with respect to the Certificates, the Trust Fund or this
      Agreement in any Offering Document, or to correct or supplement any provision
      herein which may be inconsistent with any other provisions herein or with the
      provisions of any Servicing Agreement, (iii) to make any other provisions with
      respect to matters or questions arising under this Agreement or (iv) to add,
      delete, or amend any provisions to the extent necessary or desirable to comply
      with any requirements imposed by the Code and the REMIC Provisions. No such
      amendment effected pursuant to the preceding sentence shall, as evidenced by
      an
      Opinion of Counsel, result in an Adverse REMIC Event, nor shall such amendment
      effected pursuant to clause (iii) of such sentence adversely affect in any
      material respect the interests of any Holder. Prior to entering into any
      amendment without the consent of Holders pursuant to this paragraph, the Trustee
      and the NIMS Insurer shall be provided with an Opinion of Counsel addressed
      to
      the Trustee and the NIMS Insurer (at the expense of the party requesting such
      amendment) to the effect that such amendment is permitted under this Section.
      Any such amendment shall be deemed not to adversely affect in any material
      respect any Holder, if the Trustee and the NIMS Insurer receive written
      confirmation from each Rating Agency that such amendment will not cause such
      Rating Agency to reduce the then current rating assigned to the Certificates
      (and any Opinion of Counsel requested by the Trustee in connection with any
      such
      amendment may rely expressly on such confirmation as the basis
      therefor).

     

    (b) This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the NIMS Insurer and the Trustee, with the consent of the Holders
      of
      not less than 66 2/3% of the Class Principal Amount or Class Notional
      Amount (or Percentage Interest) of each Class of Certificates (other than the
      Grantor Trust Certificates) affected thereby, 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;
      provided, however, that no such amendment shall be made unless the Trustee
      receives an Opinion of Counsel addressed to the Trustee and the NIMS Insurer,
      at
      the expense of the party requesting the change, that such change will not cause
      an Adverse REMIC Event; and provided further, that no such amendment may (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 or (ii) reduce the aforesaid
      percentages of Class Principal Amount (or Percentage Interest) of Certificates
      of each Class, the Holders of which are required to consent to any such
      amendment without the consent of the Holders of 100% of the Class Principal
      Amount or Class Notional Amount (or Percentage Interest) of each Class of
      Certificates affected thereby. For purposes of this paragraph, references to
      “Holder” or “Holders” shall be deemed to include, in the case of any Class of
      Book-Entry Certificates, the related Certificate Owners.

     

    
      
        
        

      

      
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    (c) Promptly
      after the execution of any such amendment, the Trustee shall furnish written
      notification of the substance of such amendment to each Holder, the NIMS
      Insurer, the Depositor and to the Rating Agencies.

     

    (d) It
      shall
      not be necessary for the consent of Holders under this Section 11.03 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 Holders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe.

     

    (e) Notwithstanding
      anything to the contrary in any Servicing Agreement, the Trustee shall not
      consent to any amendment of any Servicing Agreement unless (i) such amendment
      is
      effected pursuant to the standards provided in this Section with respect to
      amendment of this Agreement and (ii) except for a Permitted Servicing Amendment,
      any such amendment pursuant to Section 11.03(a)(iii) shall not be materially
      inconsistent with the provisions of such Servicing Agreement.

     

    (f) Notwithstanding
      anything to the contrary in this Section 11.03, this Agreement may be amended
      from time to time by the Depositor, the Master Servicer and the Trustee to
      the
      extent necessary, in the judgment of the Depositor and its counsel, to comply
      with the Rules, Regulation AB and any related rules and
      regulations.

     

    Section
      11.04 Voting
      Rights.

     

    Except
      to
      the extent that the consent of all affected Certificateholders is required
      pursuant to this Agreement, with respect to any provision of this Agreement
      requiring the consent of Certificateholders representing specified percentages
      of aggregate outstanding Certificate Principal Amount or Class Notional Amount
      (or Percentage Interest), Certificates owned by the Depositor, the Master
      Servicer, the Trustee, the Servicer or Affiliates thereof are not to be counted
      so long as such Certificates are owned by the Depositor, the Master Servicer,
      the Trustee, any Servicer or any Affiliate thereof.

     

    
      
        
        

      

      
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    Section
      11.05 Provision
      of Information.

     

    (a) For
      so
      long as any of the Certificates of any series or Class are “restricted
      securities” within the meaning of Rule 144(a)(3) under the Act, each of the
      Depositor, the Master Servicer and the Trustee agree to cooperate with each
      other to provide to any Certificateholders, and to any prospective purchaser
      of
      Certificates designated by such holder, upon the request of such holder or
      prospective purchaser, any information required to be provided to such holder
      or
      prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
      under the Act. Any reasonable, out-of-pocket expenses incurred by the Trustee
      in
      providing such information shall be reimbursed by the Depositor.

     

    (b) The
      Trustee shall make available to any person to whom a Prospectus was delivered,
      upon the request of such person specifying the document or documents requested,
      (i) a copy (excluding exhibits) of any report on Form 8-K, Form 10-D or Form
      10-K filed with the Commission pursuant to Section 6.20(c), (d) or (e) and
      (ii)
      a copy of any other document incorporated by reference in the Prospectus (to
      the
      extent that the Trustee has such documents in its possession or such documents
      are reasonably obtainable by the Trustee). Any reasonable out-of-pocket expenses
      incurred by the Trustee in providing copies of such documents shall be
      reimbursed by the Depositor.

     

    (c) On
      each
      Distribution Date, the Trustee shall make available on its website or otherwise
      deliver to the Depositor a copy of the report delivered to Certificateholders
      pursuant to Section 4.03.

     

    Section
      11.06 Governing
      Law.

     

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

     

    Section
      11.07 Notices.

     

    All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given when received by (a) in the case of the
      Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue, 7th
      Floor, New York, New York 10019, Attention: Mortgage Finance, LXS 2007-2N,
      (b)
      in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh Avenue,
      7th Floor, New York, New York 10019, Attention: Mortgage Finance, LXS 2007-2N,
      (c) in the case of the Trustee, U.S. Bank National Association, One Federal
      Street, Boston, M.A. 02110, Attention: Corporate Trust Services, (d) in the
      case
      of the NIMS Insurer, if any, as set forth in the Indenture and (e) in the case
      of the Master Servicer, Aurora Loan Services LLC, 10350 Park Meadows Drive,
      Littleton, Colorado 80124; Attention: Master Servicing, LXS 2007-2N or, as
      to
      each party such other address as may hereafter be furnished by such party to
      the
      other parties in writing. All demands, notices and communications to a party
      hereunder shall be in writing and shall be deemed to have been duly given when
      delivered to such party at the relevant address, facsimile number or electronic
      mail address set forth above or at such other address, facsimile number or
      electronic mail address as such party may designate from time to time by written
      notice in accordance with this Section 11.07.

     

    
      
        
        

      

      
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    Section
      11.08 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.

     

    Section
      11.09 Indulgences;
      No Waivers.

     

    Neither
      the failure nor any delay on the part of a party to exercise any right, remedy,
      power or privilege under this Agreement shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any right, remedy, power or privilege
      preclude any other or further exercise of the same or of any other right,
      remedy, power or privilege, nor shall any waiver of any right, remedy, power
      or
      privilege with respect to any occurrence be construed as a waiver of such right,
      remedy, power or privilege with respect to any other occurrence. No waiver
      shall
      be effective unless it is in writing and is signed by the party asserted to
      have
      granted such waiver.

     

    Section
      11.10 Headings
      Not To Affect Interpretation.

     

    The
      headings contained in this Agreement are for convenience of reference only,
      and
      they shall not be used in the interpretation hereof.

     

    Section
      11.11 Benefits
      of Agreement.

     

    Nothing
      in this Agreement or in the Certificates, express or implied, shall give to
      any
      Person, other than the parties to this Agreement and their successors hereunder,
      the Holders of the Certificates, any benefit or any legal or equitable right,
      power, remedy or claim under this Agreement, except to the extent specified
      in
      Section 11.15.

     

    Section
      11.12 Special
      Notices to the Rating Agencies and NIMS Insurer.

     

    (a) The
      Depositor shall give prompt notice to the Rating Agencies and the NIMS Insurer
      of the occurrence of any of the following events of which it has
      notice:

     

    (i) any
      amendment to this Agreement pursuant to Section 11.03;

     

    (ii) any
      Assignment by the Master Servicer of its rights hereunder or delegation of
      its
      duties hereunder;

     

    (iii) the
      occurrence of any Event of Default described in Section 6.14;

     

    
      
        
        

      

      
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    (iv) any
      notice of termination given to the Master Servicer pursuant to Section 6.14
      and
      any resignation of the Master Servicer hereunder;

     

    (v) the
      appointment of any successor to any Master Servicer pursuant to Section
      6.14;

     

    (vi) the
      making of a final payment pursuant to Section 7.02; and

     

    (vii) any
      termination of the rights and obligations of any Servicer under any Servicing
      Agreement.

     

    (b) All
      notices to the Rating Agencies provided for this Section shall be in writing
      and
      sent by first class mail, telecopy or overnight courier, as
      follows:

     

    If
      to
      Moody’s, to:

     

    Moody’s
      Investors Service, Inc.

    99
      Church
      Street

    New
      York,
      New York 10007

    Attention:
      Residential Mortgages

     

    If
      to
      S&P, to:

     

    Standard
      & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Inc.

    55
      Water
      Street

    New
      York,
      New York 10014

    Attention:
      Residential Mortgages

     

    (c) The
      Trustee shall provide or make available to the Rating Agencies and the NIMS
      Insurer reports prepared pursuant to Section 4.03. In addition, the Trustee
      shall, at the expense of the Trust Fund, make available to each Rating Agency
      such information as such Rating Agency may reasonably request regarding the
      Certificates or the Trust Fund, to the extent that such information is
      reasonably available to the Trustee.

     

    Section
      11.13 Conflicts.

     

    To
      the
      extent that the terms of this Agreement conflict with the terms of any Servicing
      Agreement, such Servicing Agreement shall govern unless such provisions shall
      adversely affect the Trustee, the Trust Fund or the status of any REMIC created
      hereunder as a REMIC, provided that nothing in this Section 11.13 shall be
      construed to limit the rights or obligations of the Master Servicer under
      Section 9.05 of this Agreement.

     

    Section
      11.14 Counterparts.

     

    This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument.

     

    
      
        
        

      

      
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    Section
      11.15 Transfer
      of Servicing.

     

    The
      Seller agrees that it shall provide written notice to the Master Servicer,
      the
      NIMS Insurer and the Trustee thirty days prior to any proposed transfer or
      assignment by the Seller of its rights under any Servicing Agreement or of
      the
      servicing thereunder from time to time with respect to any Mortgage Loan or
      group of Mortgage Loans, or delegation of its rights or duties thereunder or
      any
      portion thereof to any other Person other than the initial Servicer under such
      Servicing Agreement; provided, however, that the Seller shall not be required
      to
      provide prior notice of any transfer of servicing that occurs within three
      months following the Closing Date to an entity that is a Servicer on the Closing
      Date. In addition, the ability of the Seller to transfer or assign its rights
      and delegate its duties under a Servicing Agreement or to transfer the servicing
      thereunder, from time to time with respect to any Mortgage Loan or group of
      Mortgage Loans, to a successor servicer shall be subject to the following
      conditions:

     

    (i) Satisfaction
      of the conditions to such transfer as set forth in the Servicing Agreement
      including, without limitation, receipt of written consent of the Master Servicer
      to such transfer;

     

    (ii) Receipt
      of the written consent of the NIMS Insurer, such consent not to be unreasonably
      withheld;

     

    (iii) Such
      successor servicer must be qualified to service loans for Fannie Mae or Freddie
      Mac, and must be a member in good standing of MERS;

     

    (iv) Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      applicable Servicing Agreement, exclusive of any experience in mortgage loan
      origination and must be reasonably acceptable to the Master Servicer, whose
      approval shall not be unreasonably withheld;

     

    (v) Such
      successor servicer must execute and deliver to the Trustee and the Master
      Servicer an agreement, in form and substance reasonably satisfactory to the
      Trustee and the Master Servicer, that contains an assumption by such successor
      servicer of the due and punctual performance and observance of each covenant
      and
      condition to be performed and observed by the applicable Servicer under the
      related Servicing Agreement or such successor servicer shall execute and deliver
      to the Trustee and Master Servicer a servicing agreement which contains
      customary and reasonable servicing provisions and which will not cause either
      Rating Agency to qualify, withdraw or downgrade the then-current rating of
      any
      of the Certificates or, (i) in the case of a transfer of servicing to a party
      that is already a Servicer pursuant to this Agreement, an agreement to add
      the
      related Mortgage Loans to the Servicing Agreement already in effect with such
      Servicer and (ii) in the case of a transfer of servicing to a Special Servicer
      pursuant to Section 9.32 herein, a special servicing agreement in the form
      of
      that attached to the applicable Servicing Agreement;

     

    (vi) If
      the
      successor servicer is not a Servicer of Mortgage Loans at the time of the
      transfer, there must be delivered to the Trustee and the Master Servicer a
      letter from each Rating Agency to the effect that such transfer of servicing
      will not result in a qualification, withdrawal or downgrade of the then-current
      rating of any of the Certificates; and

     

    
      
        
        

      

      
        179

        
          

        

      

      
        
        

      

    

     

    (vii) The
      Seller shall, at its cost and expense, take such steps, or cause the
      transferring Servicer to take such steps, as may be necessary or appropriate
      to
      effectuate and evidence the transfer of the servicing of the specified Mortgage
      Loans to such successor or replacement servicer, including, but not limited
      to,
      the following: (A) to the extent required by the terms of the Mortgage Loans
      and
      by applicable federal and state laws and regulations, the Seller shall cause
      the
      prior Servicer to timely mail to each obligor under a Mortgage Loan any required
      notices or disclosures describing the transfer of servicing of the Mortgage
      Loans to the successor or replacement servicer; (B) prior to the effective
      date
      of such transfer of servicing, the Seller shall cause the prior Servicer to
      transmit to any related insurer notification of such transfer of servicing;
      (C)
      on or prior to the effective date of such transfer of servicing, the Seller
      shall cause the prior Servicer to deliver to the successor or replacement
      servicer all Mortgage Loan Documents and any related records or materials;
      (D)
      on or prior to the effective date of such transfer of servicing, the Seller
      shall cause the prior Servicer to transfer to the successor or replacement
      servicer, or, if such transfer occurs after a Servicer Remittance Date but
      before the next succeeding Deposit Date, to the Trustee, all funds held by
      the
      prior Servicer in respect of the Mortgage Loans; (E) on or prior to the
      effective date of such transfer of servicing, the Seller shall cause the prior
      Servicer to, after the effective date of the transfer of servicing to the
      successor or replacement servicer, continue to forward to such successor or
      replacement servicer, within one Business Day of receipt, the amount of any
      payments or other recoveries received by the prior Servicer, and to notify
      the
      successor or replacement servicer of the source and proper application of each
      such payment or recovery; and (F) the Seller shall cause the prior Servicer
      to,
      after the effective date of transfer of servicing to the successor or
      replacement servicer, continue to cooperate with the successor or replacement
      servicer to facilitate such transfer in such manner and to such extent as the
      successor or replacement servicer may reasonably request. Notwithstanding the
      foregoing, the prior Servicer shall be obligated to perform the items listed
      above to the extent provided in the applicable Servicing Agreement.

     

    Section
      11.16 Third
      Party Rights.

     

    The
      NIMS
      Insurer shall be deemed a third-party beneficiary of this Agreement to the
      same
      extent as if it were a party hereto, and shall have the right to enforce the
      provisions of this Agreement.

     

    [SIGNATURE
      PAGE IMMEDIATELY FOLLOWS]

     

    
      
        
        

      

      
        180

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Trustee and the Master Servicer have caused
      their names to be signed hereto by their respective officers hereunto duly
      authorized as of the day and year first above written.

    
      	 	 	 
	 	
              STRUCTURED
                ASSET SECURITIES 

                    CORPORATION,
                as Depositor

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                Michael C. Hitzmann

              Title:
                Senior Vice President

            

    

    

      
        	 	 	 
	 	
                
                  U.S.
                    BANK NATIONAL ASSOCIATION,

                        not
                    in its individual capacity, but solely

                        as
                    Trustee

                

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

                
                  Name:
                    

                  Title:
                    

                

              

      

       

      
        
          	 	 	 
	 	
                  
                    AURORA
                      LOAN SERVICES LLC,

                          as
                      Master Servicer

                  

                
	 
 	 
 	 
 
	
                	By:  	
                
	 	
                  

                  
                    Name:
                      Linda A. Sherman

                    Title:
                      Senior Vice President

                  

                

        

        
        

      

    

     

    Solely
      for purposes of Section 11.15,

    accepted
      and agreed to by:

     

    LEHMAN
      BROTHERS HOLDINGS INC.

     

    By: 

      
        

      

    

    Name:
      Ellen Kiernan

    Title:
      Authorized Signatory

     

    
      
        
        

      

      
        180

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

     

    [Intentionally
      Omitted]

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      B-1

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    Date

     

    U.S.
      Bank
      National Association

    1
      Federal
      Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2007-2N

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of January 1, 2007 (the “Trust Agreement”), by and
                among Structured Asset Securities Corporation, as Depositor, Aurora
                Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                Certificates, Series 2007-2N

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(a) of the Trust Agreement, subject to review of
      the
      contents thereof, the undersigned, as Custodian, hereby certifies that it has
      received the documents listed in Section 2.01(b) of the Trust Agreement for
      each
      Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to the
      Trust Agreement, subject to any exceptions noted on Schedule I
      hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Trust Agreement. This Certificate
      is
      subject in all respects to the terms of Section 2.02 of the Trust Agreement
      and
      the Trust Agreement sections cross-referenced therein.

    
      	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-2

     

    FORM
      OF
      INTERIM CERTIFICATION

     

    Date

    U.S.
      Bank
      National Association

    1
      Federal
      Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2007-2N

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of January 1, 2007 (the “Trust Agreement”), by and
                among Structured Asset Securities Corporation, as Depositor, Aurora
                Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                Certificates, Series 2007-2N

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(b) of the Trust Agreement, the undersigned, as
      Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
      I
      hereto) it (or its custodian) has received the applicable documents listed
      in
      Section 2.01(b) of the Trust Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears regular on its
      face
      and appears to relate to the Mortgage Loan identified in such
      document.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement including, but not limited to, Section
      2.02(b).

    
      	 	 	 
	 	
              [Custodian]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

              Title:

            

    

    

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-3

     

    FORM
      OF
      FINAL CERTIFICATION

     

    Date

    U.S.
      Bank
      National Association

    1
      Federal
      Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2007-2N

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of January 1, 2007 (the “Trust Agreement”), by and
                among Structured Asset Securities Corporation, as Depositor, Aurora
                Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                Certificates, Series 2007-2N

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(d) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on Schedule I hereto) it (or its custodian) has received the
      applicable documents listed in Section 2.01(b) of the Trust
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified in the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears to be complete
      and,
      based on an examination of such documents, the information set forth in items
      (i) through (vi) of the Mortgage Loan Schedule is correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement.

    
      	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
                

              

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of U.S. Bank National Association, as trustee (the “Trustee”), under a
      Trust Agreement dated as of January 1, 2007, among Structured Asset Securities
      Corporation, as depositor, Aurora Loan Services LLC, as master servicer, and
      the
      Trustee, relating to Lehman XS Trust Mortgage Pass-Through Certificates, Series
      2007-2N, without recourse.

    
      	 	 	 
	 	
              [current
                signatory on note]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                

              Title:
                

            

    

     

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

     

    Date

    

    [Addressed
      to Trustee

    or,
      if
      applicable, Custodian]

     

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Trust Agreement dated as of January 1, 2007 by and among Structured
      Asset Securities Corporation, as Depositor, U.S. Bank National Association,
      as
      Trustee, and Aurora Loan Services LLC, as Master Servicer (the “Trust
      Agreement”), the undersigned Servicer hereby requests a release of the Mortgage
      File held by you as Trustee with respect to the following described Mortgage
      Loan for the reason indicated below.

     

    Mortgagor’s
      Name:

     

    Address:

     

    Loan
      No.:

     

    Reason
      for requesting file:

     

    1. Mortgage
      Loan paid in full. (The Servicer hereby certifies that all amounts received
      in
      connection with the loan have been or will be credited to the Certificate
      Account pursuant to the Trust Agreement.)

     

    2. The
      Mortgage Loan is being foreclosed.

     

    3. Mortgage
      Loan substituted. (The Servicer hereby certifies that a Qualifying Substitute
      Mortgage Loan has been assigned and delivered to you along with the related
      Mortgage File pursuant to the Trust Agreement.)

     

    4. Mortgage
      Loan repurchased. (The Servicer hereby certifies that the applicable Purchase
      Price has been credited to the Certificate Account pursuant to the Trust
      Agreement.)

     

    5. Other.
      (Describe)

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Trust Agreement and will
      be
      returned to you within ten (10) days of our receipt of the Mortgage File, except
      if the Mortgage Loan has been paid in full, or repurchased or substituted for
      a
      Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
      retained by us permanently) and except if the Mortgage Loan is being foreclosed
      (in which case the Mortgage File will be returned when no longer required by
      us
      for such purpose).

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Trust
      Agreement.

    
      	 	 	 
	 	
              [Name
                of Servicer]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                

              Title:
                Servicing Officer

            

    

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-1

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

    

      
        	
                STATE
                  OF

              	
                )

              	 
	 	
                )
                  ss.:

              	 
	
                COUNTY
                  OF

              	
                )

              	 

      

    

     

    [NAME
      OF
      OFFICER], _________________ being first duly sworn, deposes and
      says:

     

    
      	 	
              1.

            	
              That
                he [she] is [title of officer] ________________________ of [name
                of
                Purchaser] _________________________________________ (the “Purchaser”), a
                _______________________ [description of type of entity] duly organized
                and
                existing under the laws of the [State of __________] [United States],
                on
                behalf of which he [she] makes this
                affidavit.

            

    

     

    
      	 	
              2.

            	
              That
                the Purchaser’s Taxpayer Identification Number is
                [_].

            

    

     

    
      	 	
              3.

            	
              That
                the Purchaser is not a “disqualified organization” within the meaning of
                Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                (the
                “Code”) and will not be a “disqualified organization” as of [date of
                transfer], and that the Purchaser is not acquiring a Residual Certificate
                (as defined in the Agreement) for the account of, or as agent (including
                a
                broker, nominee, or other middleman) for, any person or entity from
                which
                it has not received an affidavit substantially in the form of this
                affidavit. For these purposes, a “disqualified organization” means the
                United States, any state or political subdivision thereof, any foreign
                government, any international organization, any agency or instrumentality
                of any of the foregoing (other than an instrumentality if all of
                its
                activities are subject to tax and a majority of its board of directors
                is
                not selected by such governmental entity), any cooperative organization
                furnishing electric energy or providing telephone service to persons
                in
                rural areas as described in Code Section 1381(a)(2)(C), any “electing
                large partnership” within the meaning of Section 775 of the Code, or any
                organization (other than a farmers’ cooperative described in Code Section
                521) that is exempt from federal income tax unless such organization
                is
                subject to the tax on unrelated business income imposed by Code Section
                511.

            

    

     

    
      	 	
              4.

            	
              That
                the Purchaser is not, and on _______________ [date of transfer] will
                not
                be, an employee benefit plan or other arrangement subject to Title
                I of
                the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
                a plan subject to Section 4975 of the Internal Revenue Code of 1986,
                as
                amended (the “Code”) or a plan subject to any provisions under any
                federal, state, local, non-U.S. or other laws or regulations that
                are
                substantively similar to the foregoing provisions of ERISA or the
                Code
                (collectively, a “Plan”), and is not directly or indirectly acquiring a
                Residual Certificate for, on behalf of or with any assets of any
                such
                Plan.

            

    

     

    
      
        
        

      

      
        D-1-1

        
          

        

      

      
        
        

      

    

     

    
      	 	
              5.

            	
              That
                the Purchaser hereby acknowledges that under the terms of the Trust
                Agreement (the “Agreement”) by and among Structured Asset Securities
                Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer,
                and U.S. Bank National Association, as Trustee, dated as of January
                1,
                2007, relating to Lehman XS Trust Mortgage Pass-Through Certificates,
                Series 2007-2N, no transfer of the Residual Certificates shall be
                permitted to be made to any person unless the Depositor and Trustee
                have
                received a certificate from such transferee containing the representations
                in paragraphs 3 and 4 hereof.

            

    

     

    
      	 	
              6.

            	
              That
                the Purchaser does not hold REMIC residual securities as nominee
                to
                facilitate the clearance and settlement of such securities through
                electronic book entry changes in accounts of participating organizations
                (such entity, a “Book-Entry
                Nominee”).

            

    

     

    
      	 	
              7.

            	
              That
                the Purchaser does not have the intention to impede the assessment
                or
                collection of any federal, state or local taxes legally required
                to be
                paid with respect to such Residual Certificate, and that the Purchaser
                has
                provided financial statements or other financial information requested
                by
                the transferor in connection with the transfer of the Residual Certificate
                in order to permit the transferor to assess the financial capability
                of
                the Purchaser to pay such taxes.

            

    

     

    
      	 	
              8.

            	
              That
                the Purchaser will not transfer a Residual Certificate to any person
                or
                entity (i) as to which the Purchaser has actual knowledge that the
                requirements set forth in paragraph 3, paragraph 6 or paragraph 10
                hereof
                are not satisfied or that the Purchaser has reason to believe does
                not
                satisfy the requirements set forth in paragraph 7 hereof, and (ii)
                without
                obtaining from the prospective Purchaser an affidavit substantially
                in
                this form and providing to the Trustee a written statement substantially
                in the form of Exhibit D-2 to the
                Agreement.

            

    

     

    
      	 	
              9.

            	
              That
                the Purchaser understands that, as the holder of a Residual Certificate,
                the Purchaser may incur tax liabilities in excess of any cash flows
                generated by the interest and that it intends to pay taxes associated
                with
                holding such Residual Certificate as they become
                due.

            

    

     

    
      	 	
              10.

            	
              That
                the Purchaser (i) is not a Non U.S. Person or (ii) is a Non U.S.
                Person
                that holds a Residual Certificate in connection with the conduct
                of a
                trade or business within the United States and has furnished the
                transferor and the Trustee with an effective Internal Revenue Service
                Form
                W-8ECI (Certificate of Foreign Person’s Claim for Exemption From
                Withholding on Income Effectively Connected With the Conduct of a
                Trade or
                Business in the United States) or successor form at the time and
                in the
                manner required by the Code or (iii) is a Non U.S. Person that has
                delivered to both the transferor and the Trustee an opinion of a
                nationally recognized tax counsel to the effect that the transfer
                of such
                Residual Certificate to it is in accordance with the requirements
                of the
                Code and the regulations promulgated thereunder and that such transfer
                of
                a Residual Certificate will not be disregarded for federal income
                tax
                purposes. “Non U.S. Person” means an individual, corporation, partnership
                or other person other than (i) a citizen or resident of the United
                States;
                (ii) a corporation, partnership or other entity created or organized
                in or
                under the laws of the United States or any state thereof, including
                for
                this purpose, the District of Columbia; (iii) an estate that is subject
                to
                U.S. federal income tax regardless of the source of its income; (iv)
                a
                trust if a court within the United States is able to exercise primary
                supervision over the administration of the trust and one or more
                United
                States trustees have authority to control all substantial decisions
                of the
                trust; and, (v) to the extent provided in Treasury regulations, certain
                trusts in existence on August 20, 1996 that are treated as United
                States
                persons prior to such date and elect to continue to be treated as
                United
                States persons.

            

    

     

    
      
        
        

      

      
        D-1-2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              11.

            	
              That
                the Purchaser agrees to such amendments of the Trust Agreement as
                may be
                required to further effectuate the restrictions on transfer of any
                Residual Certificate to such a “disqualified organization,” an agent
                thereof, a Book Entry Nominee, or a person that does not satisfy
                the
                requirements of paragraph 7 and paragraph 10
                hereof.

            

    

     

    
      	 	
              12.

            	
              That
                the Purchaser consents to the designation of the Trustee as its agent
                to
                act as “tax matters person” of the Trust Fund pursuant to the Trust
                Agreement.

            

    

     

    
      
        
        

      

      
        D-1-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________, 20__.

    
      	 	 	 
	 	
               

               

              
                

              

              [name
                of Purchaser]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                

            
	 	
              Title:
                

            

    

     

    Personally
      appeared before me the above named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________, 20__.

     

    NOTARY
      PUBLIC

     

      
        

      

    

     

    COUNTY
      OF_____________________

     

    STATE
      OF______________________

     

    My
      commission expires the _____ day of __________, 20__.

     

    
      
        
        

      

      
        D-1-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D-2

     

    RESIDUAL
      CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

     

    ____________________________

              Date

     

    
      	 	
              Re:

            	
              Lehman
                XS Trust 
                Mortgage
                  Pass-Through Certificates, Series
                  2007-2N

              

            

    

     

    _______________________
      (the “Transferor”) has reviewed the attached affidavit of
      _____________________________ (the “Transferee”), and has no actual knowledge
      that such affidavit is not true and has no reason to believe that the
      information contained in paragraph 7 thereof is not true, and has no reason
      to
      believe that the Transferee has the intention to impede the assessment or
      collection of any federal, state or local taxes legally required to be paid
      with
      respect to a Residual Certificate. In addition, the Transferor has conducted
      a
      reasonable investigation at the time of the transfer and found that the
      Transferee had historically paid its debts as they came due and found no
      significant evidence to indicate that the Transferee will not continue to pay
      its debts as they become due.

    
      	 	 	 
	 
 	 
 	 

              Very
                truly yours,

            
	
            	
            	
            
	 	
              

              Name:

            
	 	
              Title:

            

    

     

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

     

    SERVICING
      AGREEMENTS

     

    Reconstituted
      Servicing Agreement, dated as of January 1, 2007, by and between the Seller
      and
      Countrywide Home Loans Servicing LP 

     

    See
      Exhibit 99.2

     

    Reconstituted
      Servicing Agreement, dated as of January 1, 2007, by and between the Seller
      and
      IndyMac Bank, F.S.B.

     

    See
      Exhibit 99.4

     

    Reconstituted
      Servicing Agreement, dated as of January 1, 2007, by and between the Seller
      and
      Residential Funding Company, LLC

     

    See
      Exhibit 99.6

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

     

    
      	 	
              Re:

            	
              Lehman
                XS Trust 
                Mortgage
                  Pass Through Certificates, Series
                  2007-2N

              

            

    

     

    Reference
      is hereby made to the Trust Agreement dated as of January 1, 2007 (the “Trust
      Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National
      Association, as Trustee. Capitalized terms used but not defined herein shall
      have the meanings given to them in the Trust Agreement.

     

    This
      letter relates to $__________ initial Certificate Balance of Class Certificates
      which are held in the form of Definitive Certificates registered in the name
      of
      (the “Transferor”). The Transferor has requested a transfer of such Definitive
      Certificates for Definitive Certificates of such Class registered in the name
      of
      [insert name of transferee].

     

    In
      connection with such request, and in respect of such Certificates, the
      Transferor hereby certifies that such Certificates are being transferred in
      accordance with (i) the transfer restrictions set forth in the Trust Agreement
      and the Certificates and (ii) Rule 144A under the Act to a purchaser that the
      Transferor reasonably believes is a “qualified institutional buyer” within the
      meaning of Rule 144A purchasing for its own account or for the account of a
      “qualified institutional buyer,” which purchaser is aware that the sale to it is
      being made in reliance upon Rule 144A, in a transaction meeting the requirements
      of Rule 144A and in accordance with any applicable securities laws of any state
      of the United States or any other applicable jurisdiction.

     

    This
      certificate and the statements contained herein are made for your benefit and
      the benefit of the Depositor.

    
      
        	 	 	 
	 	
                 

                 

                
                  

                

                
                  [Name
                    of Transferor]

                

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

                Name:
                  

              
	 	
                Title:
                  

              

      

       

    

    Dated:
      ___________, ____

     

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      PURCHASER’S LETTER FOR

    INSTITUTIONAL
      ACCREDITED INVESTOR

     

    Date

     

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      Lehman XS Trust Mortgage Pass Through Certificates, Series 2007-2N (the
“Privately Offered Certificates”) of the Structured Asset Securities Corporation
      (the “Depositor”), we confirm that:

     

    
      	 	
              (1)

            	
              We
                understand that the Privately Offered Certificates have not been,
                and will
                not be, registered under the Securities Act of 1933, as amended (the
                “Securities Act”), and may not be sold except as permitted in the
                following sentence. We agree, on our own behalf and on behalf of
                any
                accounts for which we are acting as hereinafter stated, that if we
                should
                sell any Privately Offered Certificates within two years of the later
                of
                the date of original issuance of the Privately Offered Certificates
                or the
                last day on which such Privately Offered Certificates are owned by
                the
                Depositor or any Affiliate of the Depositor we will do so only (A)
                to the
                Depositor, (B) to “qualified institutional buyers” (within the meaning of
                Rule 144A under the Securities Act) in accordance with Rule 144A
                under the
                Securities Act (“QIBs”), (C) pursuant to the exemption from registration
                provided by Rule 144 under the Securities Act, or (D) to an institutional
                “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
                (7) of Regulation D under the Securities Act that is not a QIB (an
                “Institutional Accredited Investor”) which, prior to such transfer,
                delivers to the Trustee under the Trust Agreement dated as of January
                1,
                2007 by and among the Depositor, Aurora Loan Services LLC, as Master
                Servicer, and U.S. Bank National Association, as Trustee (the “Trustee”),
                a signed letter in the form of this letter; and we further agree,
                in the
                capacities stated above, to provide to any person purchasing any
                of the
                Privately Offered Certificates from us a notice advising such purchaser
                that resales of the Privately Offered Certificates are restricted
                as
                stated herein.

            

    

     

    
      	 	
              (2)

            	
              We
                understand that, in connection with any proposed resale of any Privately
                Offered Certificates to an Institutional Accredited Investor, we
                will be
                required to furnish to the Trustee and the Depositor a certification
                from
                such transferee in the form hereof to confirm that the proposed sale
                is
                being made pursuant to an exemption from, or in a transaction not
                subject
                to, the registration requirements of the Securities Act. We further
                understand that the Privately Offered Certificates purchased by us
                will
                bear a legend to the foregoing
                effect.

            

    

     

    
      	 	
              (3)

            	
              We
                are acquiring the Privately Offered Certificates for investment purposes
                and not with a view to, or for offer or sale in connection with,
                any
                distribution in violation of the Securities Act. We have such knowledge
                and experience in financial and business matters as to be capable
                of
                evaluating the merits and risks of our investment in the Privately
                Offered
                Certificates, and we and any account for which we are acting are
                each able
                to bear the economic risk of such
                investment.

            

    

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (4)

            	
              We
                are an Institutional Accredited Investor and we are acquiring the
                Privately Offered Certificates purchased by us for our own account
                or for
                one or more accounts (each of which is an Institutional Accredited
                Investor) as to each of which we exercise sole investment
                discretion.

            

    

     

    
      	 	
              (5)

            	
              We
                have received such information as we deem necessary in order to make
                our
                investment decision.

            

    

     

    
      	 	
              (6)

            	
              If
                we are acquiring an ERISA-Restricted Certificate, we are not a Plan
                and we
                are not acquiring the ERISA-Restricted Certificate for, on behalf
                of or
                with any assets of a Plan, except as may be permitted pursuant to
                Section
                3.03(d) of the Trust Agreement.

            

    

     

    Terms
      used in this letter which are not otherwise defined herein have the respective
      meanings assigned thereto in the Trust Agreement.

     

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

    You
      and
      the Depositor are entitled to rely upon this letter and are irrevocably
      authorized to produce this letter or a copy hereof to any interested party
      in
      any administrative or legal proceeding or official inquiry with respect to
      the
      matters covered hereby.

    
      	 	 	 
	 	
              Very
                truly yours,

            
	 	
               

              [Purchaser]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                

            
	 	
              Title:
                

            

    

     

    
      
        
        

      

      
        G-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      H

     

    FORM
      OF
      ERISA TRANSFER AFFIDAVIT

    

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )
                  ss.:

              	 
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

    

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1. The
      undersigned is the ______________________ of (the “Investor”), a [corporation
      duly organized] and existing under the laws of __________, on behalf of which
      he
      makes this affidavit.

     

    2. The
      Investor in an ERISA-Restricted Certificate (A) is not, and on _______________
      [date of transfer] will not be, an employee benefit plan or arrangement subject
      to Title I of the Employee Retirement Income Security Act of 1974, as amended
      (“ERISA”), a plan subject to Section 4975 of the Internal Revenue Code of 1986,
      as amended (the “Code”) or a plan subject to any provisions under any federal,
      state, local, non-U.S. or other laws or regulations that are substantively
      similar to the foregoing provisions of ERISA or the Code (“Similar Law”)
      (collectively, a “Plan”), and is not directly or indirectly acquiring the
      Certificate for, on behalf of or with any assets of any such Plan, (B) if the
      Certificate has been the subject of an ERISA-Qualifying Underwriting, is an
      insurance company that is acquiring the Certificate with assets of an “insurance
      company general account” as defined in Section V(E) of Prohibited Transaction
      Class Exemption (“PTCE”) 95-60 and the acquisition and holding of the
      Certificate are covered and exempt under Sections I and III of PTCE 95-60,
      or
      (C) solely in the case of a Definitive Certificate, shall herewith deliver
      an
      Opinion of Counsel satisfactory to the Certificate Registrar, the Trustee and
      the Depositor, and upon which the Trustee, the Certificate Registrar and the
      Depositor shall be entitled to rely, to the effect that the acquisition and
      holding of such Certificate by the Investor will not result in a nonexempt
      prohibited transaction under Title I of ERISA or Section 4975 of the Code,
      or a
      violation of Similar Law, and will not subject the Trustee, the Master Servicer,
      the Certificate Registrar, any Servicer or the Depositor to any obligation
      in
      addition to those undertaken by such entities in the Trust Agreement, which
      Opinion of Counsel shall not be an expense of the Trustee, the Master Servicer,
      the Certificate Registrar, any Servicer or the Depositor.

     

    3. Either
      (i) the investor in a Grantor Trust Certificate is not, and is not acting for,
      on behalf of or with any assets of, an employee benefit plan or other
      arrangement subject to Title I of ERISA or plan subject to Section 4975 of
      the
      Code, or (ii) until the termination of the applicable Deferred Interest Cap
      Agreement, the acquisition and holding of the Grantor Trust Certificate by
      the
      investor are eligible for exemptive relief under any of Section 408(b)(17)
      of
      ERISA or Section 4975(d)(20) of the Code, PTCE 84-14, PTCE 90-1, PTCE 91-38,
      PTCE 95-60 or PTCE 96-23, each as amended.

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

     

    4. The
      Investor hereby acknowledges that under the terms of the Trust Agreement (the
      “Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National
      Association, as Trustee, dated as of January 1, 2007, regarding Lehman XS Trust
      Mortgage Pass-Through Certificates, Series 2007-2N, no transfer of the
      ERISA-Restricted Certificates shall be permitted to be made to any person unless
      the Depositor and Trustee have received a certificate from such transferee
      in
      the form hereof.

     

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20___.

    
      	 	 	 
	 	
               

               

              
                

              

              [Investor]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                

            
	 	
              Title:
                

            

    

     

    ATTEST:

    
      

        
          	
                  STATE
                    OF

                	
                  )

                	 
	 	
                  )
                    ss:

                	 
	
                  COUNTY
                    OF

                	
                  )

                	 

        

      

    

     

    Personally
      appeared before me the above-named ________________, known or proved to me
      to be
      the same person who executed the foregoing instrument and to be the
      ____________________ of the Investor, and acknowledged that he executed the
      same
      as his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of _________ 20___.

    
      	 	 	 
	 	
               

               

              
                

              

              NOTARY
                PUBLIC

              
                 

                My
                  commission expires the 
                  _____
                    day of __________, 20___.

                

              

            
	
            	
            	
            

    

     

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      I

     

    [RESERVED]

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      J

     

    [RESERVED]

     

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      K

     

    CUSTODIAL
      AGREEMENTS

     

    [Intentionally
      Omitted]

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      L

     

    [RESERVED]

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      M

     

    [RESERVED]

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      N

     

    [RESERVED]

     

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      O

     

    [RESERVED]

     

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P

     

    FORMS
      OF
      DEFERRED INTEREST CAP AGREEMENTS

     

    See
      Exhibit 99.8

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-1

     

    ADDITIONAL
      FORM 10-D DISCLOSURE

     

    
      	
              Item
                on Form 10-D

            	 	
              Party
                Responsible

            
	
              Item
                1: Distribution and Pool Performance Information

               

              Any
                information required by 1121 which is NOT included on the Distribution
                Date Statement

            	 	
              Master
                Servicer (as to any Servicer, to the extent provided by such
                Servicer),

               

              Trustee
                (if Paying Agent), Paying Agent and Depositor (to the extent of any
                additional information that has not already been provided by the
                Master
                Servicer)

            
	 	 	 
	
              Item
                2: Legal Proceedings

               

              per
                Item 1117 of Reg AB

            	 	
              (i)
                All parties to the Trust Agreement (as to themselves), (ii) the Trustee
                as
                to the issuing entity, (iii) the Depositor as to the sponsor, any
                1110(b)
                originator, any 1100(d)(1) party and (iv) the Master Servicer, as
                to any
                Servicer, to the extent provided by such Servicer

            
	 	 	 
	
              Item
                3: Sale of Securities and Use of Proceeds

            	 	
              Depositor

            
	 	 	 
	
              Item
                4: Defaults Upon Senior Securities

            	 	
              Trustee

            
	 	 	 
	
              Item
                5: Submission of Matters to a Vote of Security Holders

            	 	
              Trustee

            
	 	 	 
	
              Item
                6: Significant Obligors of Pool Assets

            	 	
              Depositor

            
	 	 	 
	
              Item
                7: Significant Enhancement Provider Information

            	 	
              Depositor

            
	 	 	 
	
              Item
                8: Other Information

            	 	
              Any
                party responsible for disclosure items on Form 8-K

            
	 	 	 
	
              Item
                9: Exhibits

            	 	
              Depositor
                and Master Servicer (on behalf of any Servicer or on its own behalf
                if
                acting as a Servicer)

            

    

    

    
      
        
        

      

      
        Q-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-2

     

    ADDITIONAL
      FORM 10-K DISCLOSURE

     

    
      	
              Item
                on Form 10-K

            	 	
              Party
                Responsible

            
	
              Item
                1B: Unresolved Staff Comments

            	 	
              Depositor

            
	 	 	 
	
              Item
                9B: Other Information

            	 	
              Any
                party responsible for disclosure items on Form 8-K

            
	 	 	 
	
              Item
                15: Exhibits, Financial Statement Schedules

            	 	
              Depositor,
                Servicer, Master Servicer, Subservicer

            
	 	 	 
	
              Additional
                Item:

              Disclosure
                per Item 1117 of Reg AB

            	 	
              (i)
                All parties to the Trust Agreement (as to themselves), (ii) the Trustee
                and Depositor as to the issuing entity, (iii) the Depositor as to
                the
                sponsor, any 1110(b) originator, any 1100(d)(1) party and (iv) the
                Master
                Servicer, as to any Servicer, to the extent provided by such
                Servicer

            
	 	 	 
	
              Additional
                Item:

              Disclosure
                per Item 1119 of Reg AB

            	 	
              (i)
                All parties to the Trust Agreement as to themselves, (ii) the Depositor
                as
                to the sponsor, originator, significant obligor, enhancement or support
                provider and (iii) the Master Servicer, as to any Servicer, to the
                extent
                provided by such Servicer

            
	 	 	 
	
              Additional
                Item:

              Disclosure
                per Item 1112(b) of Reg AB

            	 	
              Depositor

            
	 	 	 
	
              Additional
                Item:

              Disclosure
                per Items 1114(b) and 1115(b) of Reg AB

            	 	
              Depositor

            

    

    

    
      
        
        

      

      
        Q-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-3

     

    ADDITIONAL
      FORM 8-K DISCLOSURE

     

    
      	
              Item
                on Form 8-K

            	 	
              Party
                Responsible

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

            	 	
              Any
                party to the Trust Agreement which is a party to such
                agreement

            
	 	 	 
	
              Item
                1.02- Termination of a Material Definitive Agreement

            	 	
              Any
                party to the Trust Agreement which is a party to such
                agreement

            
	 	 	 
	
              Item
                1.03- Bankruptcy or Receivership

            	 	
              Depositor

            
	 	 	 
	
              Item
                2.04- Triggering Events that Accelerate or Increase a Direct Financial
                Obligation or an Obligation under an Off-Balance Sheet
                Arrangement

            	 	
              Depositor

            
	 	 	 
	
              Item
                3.03- Material Modification to Rights of Security Holders

            	 	
              Trustee
                and Depositor

            
	 	 	 
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

            	 	
              Depositor

            
	 	 	 
	
              Item
                6.01- ABS Informational and Computational Material

            	 	
              Depositor

            
	 	 	 
	
              Item
                6.02- Change of Servicer or Trustee

            	 	
              Master
                Servicer (as to itself and as to any Servicer, to the extent provided
                by
                such Servicer), Trustee (as to itself), Seller

            
	 	 	 
	
              Item
                6.03- Change in Credit Enhancement or External Support

            	 	
              Depositor

            
	 	 	 
	
              Item
                6.04- Failure to Make a Required Distribution

            	 	
              Trustee

            
	 	 	 
	
              Item
                6.05- Securities Act Updating Disclosure

            	 	
              Depositor

            
	 	 	 
	
              Item
                7.01- Reg FD Disclosure

            	 	
              Depositor

            
	 	 	 
	
              Item
                8.01

            	 	
              Depositor

            
	 	 	 
	
              Item
                9.01

            	 	
              Depositor

            

    

    

    
      
        
        

      

      
        Q-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-4

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    U.S.
      Bank
      National Association,

    as
      Trustee to Lehman XS Trust Mortgage

    Pass-Through
      Certificates, Series 2007-2N

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

     

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [      ] of the Trust Agreement,
      dated as of January 1, 2007, by and among Structured Asset Securities
      Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer, and
      U.S. Bank National Association, as Trustee, the undersigned, as [  
   ], hereby notifies you that certain events have come to our
      attention that [will] [may] need to be disclosed on Form
      [10-D][10-K][8-K].

     

    Description
      of Additional 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:
                

            

    

    

    
      
        
        

      

      
        Q-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

     

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

     

    Key:
      X
      -
      obligation

     

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements. Capitalized terms used herein but not defined herein shall have
      the
      meanings assigned to them in the Trust Agreement dated as of January 1, 2007
      (the “Trust Agreement”), by and among U.S. Bank National Association, (the
“Trustee”), Aurora Loan Services LLC, as master servicer (the “Master
      Servicer”), and Structured Asset Securities Corporation, as depositor (the
“Depositor”).

    

    
      	
              Reg
                AB Reference

            	 	
              Servicing
                Criteria

            	 	
              Paying
                Agent

              (including
                the Trustee if acting as Paying Agent)

            	 	
              Trustee

            	 	
              Master
                Servicer

            
	 	 	 	 	 	 	 	 	 
	 	 	
              General Servicing
                 Considerations

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(1)(i)

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

            	 	 	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(1)(ii)

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

            	 	
              If
                applicable for the transaction participant

            	 	
              If
                applicable for the transaction participant

            	 	
              If
                applicable for the transaction participant

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(1)(iii)

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

            	 	 	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(1)(iv)

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

            	 	 	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	 	 	
              Cash Collection and Administration

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(i)

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

            	 	
              X

            	 	 	 	
              X

            

    

     

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

       

    

    
      	
              Reg
                AB Reference

            	 	
              Servicing
                Criteria

            	 	
              Paying
                Agent

              (including
                the Trustee if acting as Paying Agent)

            	 	
              Trustee

            	 	
              Master
                Servicer

            

    

    
      	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(ii)

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

            	 	
              X

            	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(iii)

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

            	 	 	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(iv)

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

            	 	
              X

            	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(v)

            	 	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	 	 	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(vi)

            	 	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 	
              X

            	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(vii)

            	 	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	 	
              X

            	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	 	 	
              Investor
                Remittances and Reporting

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(i)

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

            	 	 	 	
              X

            	 	
              X

            

    

     

    
      
        
        

      

      
        R-2

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB Reference

            	 	
              Servicing
                Criteria

            	 	
              Paying
                Agent

              (including
                the Trustee if acting as Paying Agent)

            	 	
              Trustee

            	 	
              Master
                Servicer

            

    

    
      	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(ii)

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

            	 	 	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(iii)

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

            	 	
              X

            	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(iv)

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

            	 	
              X

            	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	 	 	
              Pool
                Asset Administration

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(i)

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

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(ii)

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

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(iii)

            	 	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(iv)

            	 	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(v)

            	 	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        R-3

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB Reference

            	 	
              Servicing
                Criteria

            	 	
              Paying
                Agent

              (including
                the Trustee if acting as Paying Agent)

            	 	
              Trustee

            	 	
              Master
                Servicer

            

    

    
      	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(vi)

            	 	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 	 	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(vii)

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

            	 	 	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(viii)

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

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(ix)

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

            	 	 	 	 	 	 

    

     

    
      	
              1122(d)(4)(x)

            	 	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements.

            	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        R-4

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB Reference

            	 	
              Servicing
                Criteria

            	 	
              Paying
                Agent

              (including
                the Trustee if acting as Paying Agent)

            	 	
              Trustee

            	 	
              Master
                Servicer

            

    

    
      	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(xi)

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

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(xii)

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

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(xiii)

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

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(xiv)

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

            	 	 	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(xv)

            	 	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	 	 	 	
              X

            	 	 

    

    

    
      
        
        

      

      
        R-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S

     

    TRANSACTION
      PARTIES

     

    SPONSOR
      AND SELLER: LEHMAN BROTHERS HOLDINGS INC.

     

    DEPOSITOR:
      STRUCTURED ASSET SECURITIES CORPORATION

     

    TRUSTEE:
      U.S. BANK NATIONAL ASSOCIATION

     

    MASTER
      SERVICER: AURORA LOAN SERVICES LLC

     

    INTEREST
      RATE SWAP COUNTERPARTY: N/A

     

    CAP
      PROVIDER: LEHMAN BROTHERS SPECIAL FINANCING INC.

     

    SERVICERS:
      COUNTRYWIDE HOME LOANS SERVICING LP, INDYMAC BANK, F.S.B AND RESIDENTIAL FUNDING
      COMPANY, LLC

     

    TRANSFERORS:
      COUNTRYWIDE HOME LOANS, INC., INDYMAC BANK, F.S.B AND RESIDENTIAL FUNDING
      COMPANY, LLC.

     

    CUSTODIAN(S):
      DEUTSCHE BANK NATIONAL TRUST COMPANY, U.S. BANK NATIONAL ASSOCIATION AND WELLS
      FARGO BANK, N.A.

     

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      T

     

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION

     

    [                ]

     

    [                ]

     

    [                ]

     

    Re: Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2007-2N

     

    [_______],
      the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
      the Master Servicer and the Trustee, and each of their officers, directors
      and
      affiliates that:

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        T-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Trust Agreement, dated as of January 1, 2007 (the “Trust Agreement”) by and
      among Structured Asset Securities Corporation, as Depositor, Aurora Loan
      Services LLC, as Master Servicer and U.S. Bank National Association, as Trustee.
      Capitalized terms used but not defined herein shall have the meanings given
      to
      them in the Trust Agreement.

    
      	 	 	 
	 	
              [_______]

              as
                [_______]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	Name: 
              Title:
                

              Date:

            

    

    

    
      
        
        

      

      
        T-2

        
          

        

      

      
        
        

      

    

    
       

    

    EXHIBIT
      U

    

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION 

    TO
      BE
      PROVIDED BY THE TRUSTEE

     

    
      	
              Re:

            	
              Lehman
                XS Trust, Series 2007-2N (the “Trust”), Mortgage Pass-Through
                Certificates, Series 2007-2N, issued pursuant to the Trust Agreement,
                dated as of January 1, 2007, among Structured Asset Securities
                Corporation, as Depositor, Aurora Loan Services, LLC,
                as Master Servicer, and U.S. Bank National Association, as
                Trustee

            

    

     

    The
      Trustee hereby certifies to the Depositor and 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 annual report on Form 10-K for the fiscal year [____] (the “Annual
      Report”), and all reports on Form 10-D required to be filed in respect of period
      covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

     

    (2) To
      my
      knowledge, (a)
      the
      Reports, taken as a whole, do not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      with respect to the period covered by the Annual Report,
      and (b)
      the Trustee’s assessment of compliance and related attestation report referred
      to below, taken as a whole, do not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      with respect to the period covered by such assessment of compliance and
      attestation report;

     

    (3) To
      my
      knowledge, the distribution information required to be provided by the Trustee
      under the Trust Agreement for inclusion in the Reports is included in the
      Reports;

     

    (4) I
      am
      responsible for reviewing the activities performed by the Trustee under the
      Trust Agreement, and based on my knowledge and the compliance review conducted
      in preparing the assessment of compliance of the Trustee required by the Trust
      Agreement, and except as disclosed in the Reports, the Trustee has fulfilled
      its
      obligations under the Trust Agreement in all material respects; and

     

    (5) The
      report on assessment of compliance with servicing criteria applicable to the
      Trustee for asset-backed securities of the Trustee and each Subcontractor
      utilized by the Trustee and related attestation report on assessment of
      compliance with servicing criteria applicable to it required to be included
      in
      the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
      Act
      Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
      Any material instances of non-compliance are described in such report and have
      been disclosed in the Annual Report.

     

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

     

    In
      giving
      the certifications above, the Trustee has reasonably relied on information
      provided to it by the following unaffiliated parties: [names of servicer(s),
      master servicer, subservicer(s), depositor, trustee, custodian(s)]

    

    Date:
      __________________________________

      	 	 	 	 
	
              U.S.
                Bank National Association, as Trustee

            	 	 	
            
	 	 	 	 
	 	 	 	 
	
              

              [Signature]

            	 	 	
            
	[Title]	 	 	
            

    

     

    
      
        
        

      

      
        U-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V-1

     

    FORM
      OF
      TRANSFER CERTIFICATE

    FOR
      TRANSFER FROM RESTRICTED GLOBAL SECURITY

    TO
      REGULATION S GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(iii)

                           of
      the
      Agreement)                            

     

    Re: Lehman
      XS
      Trust, Series 2007-2N 

    

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and U.S. Bank National Association, as Trustee, dated as of January
      1,
      2007.  Capitalized terms used but not defined herein shall have the
      meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                            
       aggregate
      principal amount of securities which are held in the form of a Restricted Global
      Security with DTC in the name of [name of transferor]                                                        (the
      “Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Regulation S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Agreement and the securities and in accordance with Rule 904 of
      Regulation S, and that:

     

    a. the
      offer
      of the securities was not made to a person in the United States; 

    

    b. at
      the
      time the buy order was originated, the transferee was outside the United States
      or the Transferor and any person acting on its behalf reasonably believed that
      the transferee was outside the United States;

    

    c. no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

    

    d. the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended;
      and

    

    e. the
      transferee is not a U.S. person (as defined in Regulation S).

    

    
      
        
        

      

      
        V-1-1

        
          

        

      

      
        
        

      

    

    You
      are
      entitled to rely upon this letter and are irrevocably authorized to produce
      this
      letter or a copy hereof to any interested party in any administrative or legal
      proceedings or official inquiry with respect to the matters covered hereby.
       Terms used in this certificate have the meanings set forth in Regulation
      S.

    
      	 	 	 
	 	 
	 	
              
[Name
              of Transferor]
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	Title:

    

     

    Date:             
                           ,
                 

     

    
      
        
        

      

      
        V-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V-2

     

    FORM
      OF
      TRANSFER CERTIFICATE FOR TRANSFER 

    FROM
      REGULATION S GLOBAL SECURITY

    TO
      RESTRICTED GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(C)

                              of
      the
      Agreement)                          

     

    Re: Lehman
      XS
      Trust, Series 2007-2N

    

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and U.S. Bank National Association, as Trustee, dated as of January
      1,
      2007.  Capitalized terms used but not defined herein shall have the
      meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                             aggregate
      principal amount of securities which are held in the form of a Regulations
      S
      Global Security in the name of [name of transferor]                                                         (the
      “Transferor”) to effect the transfer of the securities in exchange for an
      equivalent beneficial interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Agreement and the Securities
      and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
      to a transferee that the Transferor reasonably believes is purchasing the
      Securities for its own account or an account with respect to which the
      transferee exercises sole investment discretion, the transferee and any such
      account is a qualified institutional buyer within the meaning of Rule 144A,
      in a
      transaction meeting the requirements of Rule 144A and in accordance with any
      applicable securities laws of any state of the United States or any other
      jurisdiction.

    
      	 	 	 
	 	 
	 	
              
[Name
              of Transferor]
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	Title:

    

     

    Date:             
                           ,
            

    

    
      
        
        

      

      
        V-2-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

    MORTGAGE
      LOAN SCHEDULE

     

    [Intentionally
      Omitted]

     

    
      
        
        

      

      
        Schedule
          A

        
          

        

      

      
        
        

      

    

    SCHEDULE
      B

    

    FINAL
      MATURITY RESERVE ACCOUNT SCHEDULE

    
      	
              Month

            	 	
              Scheduled
                

              Amount
                ($)

            
	
              121

            	 	
              58,318,585

            
	
              122

            	 	
              57,450,990

            
	
              123

            	 	
              56,596,074

            
	
              124

            	 	
              55,753,653

            
	
              125

            	 	
              54,923,546

            
	
              126

            	 	
              54,105,575

            
	
              127

            	 	
              53,299,563

            
	
              128

            	 	
              52,505,337

            
	
              129

            	 	
              51,722,726

            
	
              130

            	 	
              50,951,561

            
	
              131

            	 	
              50,191,677

            
	
              132

            	 	
              49,442,909

            
	
              133

            	 	
              48,705,097

            
	
              134

            	 	
              47,978,081

            
	
              135

            	 	
              47,261,704

            
	
              136

            	 	
              46,555,813

            
	
              137

            	 	
              45,860,255

            
	
              138

            	 	
              45,174,879

            
	
              139

            	 	
              44,499,539

            
	
              140

            	 	
              43,834,089

            
	
              141

            	 	
              43,178,384

            
	
              142

            	 	
              42,532,284

            
	
              143

            	 	
              41,895,648

            
	
              144

            	 	
              41,268,341

            
	
              145

            	 	
              40,650,225

            
	
              146

            	 	
              40,041,168

            
	
              147

            	 	
              39,441,038

            
	
              148

            	 	
              38,849,705

            
	
              149

            	 	
              38,267,042

            
	
              150

            	 	
              37,692,923

            
	
              151

            	 	
              37,127,223

            
	
              152

            	 	
              36,569,821

            
	
              153

            	 	
              36,020,595

            
	
              154

            	 	
              35,479,427

            
	
              155

            	 	
              34,946,200

            
	
              156

            	 	
              34,420,799

            
	
              157

            	 	
              33,903,109

            
	
              158

            	 	
              33,393,019

            
	
              159

            	 	
              32,890,418

            
	
              160

            	 	
              32,395,198

            
	
              161

            	 	
              31,907,251

            
	
              162

            	 	
              31,426,471

            
	
              163

            	 	
              30,952,754

            
	
              164

            	 	
              30,485,998

            
	
              165

            	 	
              30,026,101

            
	
              166

            	 	
              29,572,964

            
	
              167

            	 	
              29,126,488

            

    

     

    
      
        
        

      

      
        Schedule
          B

        
          

        

      

      
        
        

      

    

     

    
      	
              Month

            	 	
              Scheduled
                

              Amount
                ($)

            

    

    
      	
              168

            	 	
              28,686,576

            
	
              169

            	 	
              28,253,134

            
	
              170

            	 	
              27,826,066

            
	
              171

            	 	
              27,405,281

            
	
              172

            	 	
              26,990,686

            
	
              173

            	 	
              26,582,192

            
	
              174

            	 	
              26,179,710

            
	
              175

            	 	
              25,783,153

            
	
              176

            	 	
              25,392,434

            
	
              177

            	 	
              25,007,468

            
	
              178

            	 	
              24,628,172

            
	
              179

            	 	
              24,254,463

            
	
              180

            	 	
              23,886,260

            
	
              181

            	 	
              23,523,482

            
	
              182

            	 	
              23,166,052

            
	
              183

            	 	
              22,813,890

            
	
              184

            	 	
              22,466,920

            
	
              185

            	 	
              22,125,067

            
	
              186

            	 	
              21,788,256

            
	
              187

            	 	
              21,456,413

            
	
              188

            	 	
              21,129,467

            
	
              189

            	 	
              20,807,346

            
	
              190

            	 	
              20,489,979

            
	
              191

            	 	
              20,177,298

            
	
              192

            	 	
              19,869,234

            
	
              193

            	 	
              19,565,720

            
	
              194

            	 	
              19,266,690

            
	
              195

            	 	
              18,972,077

            
	
              196

            	 	
              18,681,819

            
	
              197

            	 	
              18,395,851

            
	
              198

            	 	
              18,114,112

            
	
              199

            	 	
              17,836,538

            
	
              200

            	 	
              17,563,070

            
	
              201

            	 	
              17,293,647

            
	
              202

            	 	
              17,028,212

            
	
              203

            	 	
              16,766,705

            
	
              204

            	 	
              16,509,069

            
	
              205

            	 	
              16,255,248

            
	
              206

            	 	
              16,005,186

            
	
              207

            	 	
              15,758,828

            
	
              208

            	 	
              15,516,121

            
	
              209

            	 	
              15,277,011

            
	
              210

            	 	
              15,041,445

            
	
              211

            	 	
              14,809,373

            
	
              212

            	 	
              14,580,742

            
	
              213

            	 	
              14,355,502

            
	
              214

            	 	
              14,133,605

            

    

     

    
      
        
        

      

      
        Schedule
          B

        
          

        

      

      
        
        

      

    

     

    
      	
              Month

            	 	
              Scheduled
                

              Amount
                ($)

            

    

    
      	
              215

            	 	
              13,915,001

            
	
              216

            	 	
              13,699,643

            
	
              217

            	 	
              13,487,482

            
	
              218

            	 	
              13,278,472

            
	
              219

            	 	
              13,072,568

            
	
              220

            	 	
              12,869,723

            
	
              221

            	 	
              12,669,893

            
	
              222

            	 	
              12,473,035

            
	
              223

            	 	
              12,279,104

            
	
              224

            	 	
              12,088,058

            
	
              225

            	 	
              11,899,854

            
	
              226

            	 	
              11,714,452

            
	
              227

            	 	
              11,531,810

            
	
              228

            	 	
              11,351,888

            
	
              229

            	 	
              11,174,646

            
	
              230

            	 	
              11,000,044

            
	
              231

            	 	
              10,828,045

            
	
              232

            	 	
              10,658,611

            
	
              233

            	 	
              10,491,703

            
	
              234

            	 	
              10,327,284

            
	
              235

            	 	
              10,165,319

            
	
              236

            	 	
              10,005,772

            
	
              237

            	 	
              9,848,606

            
	
              238

            	 	
              9,693,788

            
	
              239

            	 	
              9,541,282

            
	
              240

            	 	
              9,391,056

            
	
              241

            	 	
              9,243,075

            
	
              242

            	 	
              9,097,307

            
	
              243

            	 	
              8,953,719

            
	
              244

            	 	
              8,812,279

            
	
              245

            	 	
              8,672,957

            
	
              246

            	 	
              8,535,720

            
	
              247

            	 	
              8,400,538

            
	
              248

            	 	
              8,267,382

            
	
              249

            	 	
              8,136,222

            
	
              250

            	 	
              8,007,027

            
	
              251

            	 	
              7,879,770

            
	
              252

            	 	
              7,754,422

            
	
              253

            	 	
              7,630,955

            
	
              254

            	 	
              7,509,342

            
	
              255

            	 	
              7,389,555

            
	
              256

            	 	
              7,271,567

            
	
              257

            	 	
              7,155,352

            
	
              258

            	 	
              7,040,885

            
	
              259

            	 	
              6,928,139

            
	
              260

            	 	
              6,817,089

            
	
              261

            	 	
              6,707,710

            

    

     

    
      
        
        

      

      
        Schedule
          B

        
          

        

      

      
        
        

      

    

     

    
      	
              Month

            	 	
              Scheduled
                

              Amount
                ($)

            

    

    
      	
              262

            	 	
              6,599,978

            
	
              263

            	 	
              6,493,868

            
	
              264

            	 	
              6,389,357

            
	
              265

            	 	
              6,286,422

            
	
              266

            	 	
              6,185,038

            
	
              267

            	 	
              6,085,183

            
	
              268

            	 	
              5,986,836

            
	
              269

            	 	
              5,889,973

            
	
              270

            	 	
              5,794,573

            
	
              271

            	 	
              5,700,614

            
	
              272

            	 	
              5,608,075

            
	
              273

            	 	
              5,516,935

            
	
              274

            	 	
              5,427,174

            
	
              275

            	 	
              5,338,771

            
	
              276

            	 	
              5,251,707

            
	
              277

            	 	
              5,165,961

            
	
              278

            	 	
              5,081,515

            
	
              279

            	 	
              4,998,348

            
	
              280

            	 	
              4,916,443

            
	
              281

            	 	
              4,835,781

            
	
              282

            	 	
              4,756,342

            
	
              283

            	 	
              4,678,111

            
	
              284

            	 	
              4,601,067

            
	
              285

            	 	
              4,525,195

            
	
              286

            	 	
              4,450,476

            
	
              287

            	 	
              4,376,895

            
	
              288

            	 	
              4,304,433

            
	
              289

            	 	
              4,233,075

            
	
              290

            	 	
              4,162,803

            
	
              291

            	 	
              4,093,603

            
	
              292

            	 	
              4,025,459

            
	
              293

            	 	
              3,958,354

            
	
              294

            	 	
              3,892,273

            
	
              295

            	 	
              3,827,202

            
	
              296

            	 	
              3,763,125

            
	
              297

            	 	
              3,700,028

            
	
              298

            	 	
              3,637,896

            
	
              299

            	 	
              3,576,714

            
	
              300

            	 	
              3,516,470

            
	
              301

            	 	
              3,457,149

            
	
              302

            	 	
              3,398,737

            
	
              303

            	 	
              3,341,221

            
	
              304

            	 	
              3,284,588

            
	
              305

            	 	
              3,228,824

            
	
              306

            	 	
              3,173,917

            
	
              307

            	 	
              3,119,854

            
	
              308

            	 	
              3,066,622

            
	
              309

            	 	
              3,014,210

            
	
              310

            	 	
              2,962,605

            
	
              311

            	 	
              2,911,795

            
	
              312

            	 	
              2,861,768

            
	
              313

            	 	
              2,812,513

            
	
              314

            	 	
              2,764,018

            
	
              315

            	 	
              2,716,272

            

    

     

    
      
        
        

      

      
        Schedule
          B

        
          

        

      

      
        
        

      

    

     

    
      	
              Month

            	 	
              Scheduled
                

              Amount
                ($)

            

    

    
      	
              316

            	 	
              2,669,264

            
	
              317

            	 	
              2,622,983

            
	
              318

            	 	
              2,577,418

            
	
              319

            	 	
              2,532,559

            
	
              320

            	 	
              2,488,395

            
	
              321

            	 	
              2,444,915

            
	
              322

            	 	
              2,402,110

            
	
              323

            	 	
              2,359,970

            
	
              324

            	 	
              2,318,484

            
	
              325

            	 	
              2,277,643

            
	
              326

            	 	
              2,237,437

            
	
              327

            	 	
              2,197,857

            
	
              328

            	 	
              2,158,894

            
	
              329

            	 	
              2,120,538

            
	
              330

            	 	
              2,082,780

            
	
              331

            	 	
              2,045,612

            
	
              332

            	 	
              2,009,024

            
	
              333

            	 	
              1,973,008

            
	
              334

            	 	
              1,937,556

            
	
              335

            	 	
              1,902,659

            
	
              336

            	 	
              1,868,308

            
	
              337

            	 	
              1,834,497

            
	
              338

            	 	
              1,801,215

            
	
              339

            	 	
              1,768,457

            
	
              340

            	 	
              1,736,213

            
	
              341

            	 	
              1,704,476

            
	
              342

            	 	
              1,673,239

            
	
              343

            	 	
              1,642,494

            
	
              344

            	 	
              1,612,234

            
	
              345

            	 	
              1,582,451

            
	
              346

            	 	
              1,553,138

            
	
              347

            	 	
              1,524,289

            
	
              348

            	 	
              1,495,897

            
	
              349

            	 	
              1,467,953

            
	
              350

            	 	
              1,440,453

            
	
              351

            	 	
              1,413,389

            
	
              352

            	 	
              1,386,754

            
	
              353

            	 	
              1,360,543

            
	
              354

            	 	
              1,334,748

            
	
              355

            	 	
              1,309,364

            
	
              356

            	 	
              1,284,385

            
	
              357

            	 	
              1,259,804

            
	
              358

            	 	
              1,235,615

            
	
              359

            	 	
              1,211,813

            
	
              360

            	 	
              1,188,391

            
	
              361

            	 	
              1,165,344

            

    

    

    
      
        
        

      

      
        Schedule
          BGREENWICH
      CAPITAL ACCEPTANCE, INC.,

    Depositor

    

    GREENWICH
      CAPITAL FINANCIAL PRODUCTS, INC.,

    Seller

    

    and

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee
      and Custodian

    

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of January 1, 2007

     

    __________________________________

     

    RBSGC
      Mortgage Loan Trust 

    Mortgage
      Loan Pass-Through Certificates, Series 2007-A

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      of Contents

     

    
      
        	 	
                
                  Page

                

              
	 	 
	
                ARTICLE
                  I
                  DEFINITIONS; DECLARATION OF TRUST

              	
                5

              
	
                 

              	
                 

              
	
                SECTION
                  1.01.
                  Defined Terms.

              	
                5

              
	
                SECTION
                  1.02.
                  Accounting.

              	
                42

              
	 	
                 

              
	
                ARTICLE
                  II
                  CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                  CERTIFICATES

              	
                42

              
	 	
                 

              
	
                SECTION
                  2.01. Conveyance of Mortgage Loans.

              	
                42

              
	
                SECTION
                  2.02. Acceptance by Trustee.

              	
                46

              
	
                SECTION
                  2.03. Repurchase or Substitution of Mortgage Loans by the Originator
                  and
                  the Seller.

              	
                47

              
	
                SECTION
                  2.04. Representations and Warranties of the Seller with Respect
                  to the
                  Mortgage Loans.

              	
                51

              
	
                SECTION
                  2.05. [Reserved]

              	
                53

              
	
                SECTION
                  2.06. Representations and Warranties of the Depositor.

              	
                53

              
	
                SECTION
                  2.07. Issuance of Certificates.

              	
                54

              
	
                SECTION
                  2.08. Representations and Warranties of the Seller.

              	
                54

              
	
                SECTION
                  2.09. Covenants of the Seller.

              	
                56

              
	 	
                 

              
	
                ARTICLE
                  III
                  ADMINISTRATION OF THE MORTGAGE LOANS

              	
                57

              
	 	
                 

              
	
                SECTION
                  3.01. Servicing of the Mortgage Loans.

              	
                57

              
	
                SECTION
                  3.02. REMIC-Related Covenants.

              	
                57

              
	
                SECTION
                  3.03. Release of Mortgage Files.

              	
                57

              
	
                SECTION
                  3.04. Assessments of Compliance and Attestation Reports.

              	
                58

              
	
                SECTION
                  3.05. Enforcement of Regulation AB Deliverables.

              	
                60

              
	
                SECTION
                  3.06. Sarbanes-Oxley Certification.

              	
                60

              
	
                SECTION
                  3.07. Reports Filed with Securities and Exchange
                  Commission.

              	
                61

              
	
                SECTION
                  3.08. Additional Information.

              	
                66

              
	
                SECTION
                  3.09. Intention of the Parties and Interpretation.

              	
                66

              
	
                SECTION
                  3.10. Indemnification by the Trustee.

              	
                67

              
	
                SECTION
                  3.11. [Reserved].

              	
                68

              
	
                SECTION
                  3.12. Reporting Requirements of the Commission.

              	
                68

              
	 	
                 

              
	
                ARTICLE
                  IV
                  ACCOUNTS

              	
                68

              
	 	
                 

              
	
                SECTION
                  4.01. Servicing Accounts

              	
                68

              
	
                SECTION
                  4.02. Distribution Account.

              	
                69

              
	
                SECTION
                  4.03. Permitted Withdrawals and Transfers from the Distribution
                  Account.

              	
                71

              
	
                SECTION
                  4.04. [Reserved]

              	
                73

              

      

       

      
        
           

        

        
          i

          
            

          

        

        
           

        

      

       

      
        	
                ARTICLE
                  V
                  FLOW OF FUNDS

              	
                73

              
	 	
                 

              
	
                SECTION
                  5.01.
                  Distributions.

              	
                73

              
	
                SECTION
                  5.02.
                  [Reserved].

              	
                78

              
	
                SECTION
                  5.03. Allocation of Realized Losses.

              	
                78

              
	
                SECTION
                  5.04.
                  Statements.

              	
                79

              
	
                SECTION
                  5.05. Remittance Reports; Advances.

              	
                82

              
	
                SECTION
                  5.06. [Reserved]

              	
                82

              
	
                SECTION
                  5.07.
                  Recoveries.

              	
                82

              
	 	
                 

              
	
                ARTICLE
                  VI
                  THE CERTIFICATES

              	
                84

              
	 	
                 

              
	
                SECTION
                  6.01. The Certificates.

              	
                84

              
	
                SECTION
                  6.02. Registration of Transfer and Exchange of
                  Certificates.

              	
                85

              
	
                SECTION
                  6.03. Mutilated, Destroyed, Lost or Stolen Certificates.

              	
                94

              
	
                SECTION
                  6.04. Persons Deemed Owners.

              	
                94

              
	 	
                 

              
	
                ARTICLE
                  VII
                  DEFAULT

              	
                95

              
	 	
                 

              
	
                SECTION
                  7.01. Events of Default.

              	
                95

              
	
                SECTION
                  7.02.
                  Trustee to Act.

              	
                95

              
	
                SECTION
                  7.03. Waiver of Event of Default.

              	
                96

              
	
                SECTION
                  7.04. Notification to Certificateholders.

              	
                97

              
	 	
                 

              
	
                ARTICLE
                  VIII
                  THE TRUSTEE

              	
                97

              
	 	
                 

              
	
                SECTION
                  8.01. Duties of the Trustee

              	
                97

              
	
                SECTION
                  8.02. Certain Matters Affecting the Trustee

              	
                99

              
	
                SECTION
                  8.03. Trustee Not Liable for Certificates or Mortgage
                  Loans.

              	
                100

              
	
                SECTION
                  8.04. Trustee and Custodian May Own Certificates.

              	
                101

              
	
                SECTION
                  8.05. Trustee’s Fees and Expenses.

              	
                101

              
	
                SECTION
                  8.06. Eligibility Requirements for Trustee

              	
                102

              
	
                SECTION
                  8.07. Resignation or Removal of Trustee

              	
                102

              
	
                SECTION
                  8.08. Successor Trustee

              	
                103

              
	
                SECTION
                  8.09. Merger or Consolidation of Trustee

              	
                103

              
	
                SECTION
                  8.10. Appointment of Co-Trustee or Separate Trustee.

              	
                103

              
	
                SECTION
                  8.11. Limitation of Liability.

              	
                105

              
	
                SECTION
                  8.12. Trustee May Enforce Claims Without Possession of
                  Certificates.

              	
                105

              
	
                SECTION
                  8.13. Suits for Enforcement.

              	
                105

              
	
                SECTION
                  8.14. Waiver of Bond Requirement.

              	
                106

              
	
                SECTION
                  8.15. Waiver of Inventory, Accounting and Appraisal
                  Requirement.

              	
                106

              
	
                SECTION
                  8.16. Appointment of Custodians.

              	
                106

              
	
                SECTION
                  8.17. Indemnification

              	
                106

              

      

       

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

       

      
        	
                ARTICLE
                  IX
                  REMIC ADMINISTRATION

              	
                107

              
	 	
                 

              
	
                SECTION
                  9.01. REMIC Administration.

              	
                107

              
	
                SECTION
                  9.02. Prohibited Transactions and Activities.

              	
                109

              
	 	
                 

              
	
                ARTICLE
                  X
                  TERMINATION

              	
                109

              
	 	
                 

              
	
                SECTION
                  10.01.
                  Termination.

              	
                109

              
	
                SECTION
                  10.02. Additional Termination Requirements.

              	
                111

              
	 	
                 

              
	
                ARTICLE
                  XI
                  [RESERVED]

              	
                112

              
	 	
                 

              
	
                ARTICLE
                  XII
                  MISCELLANEOUS PROVISIONS

              	
                112

              
	 	
                 

              
	
                SECTION
                  12.01.
                  Amendment.

              	
                112

              
	
                SECTION
                  12.02. Recordation of Agreement; Counterparts.

              	
                113

              
	
                SECTION
                  12.03. Limitation on Rights of Certificateholders.

              	
                113

              
	
                SECTION
                  12.04. Governing Law; Jurisdiction.

              	
                114

              
	
                SECTION
                  12.05.
                  Notices.

              	
                114

              
	
                SECTION
                  12.06. Severability of Provisions.

              	
                115

              
	
                SECTION
                  12.07. Article and Section References.

              	
                115

              
	
                SECTION
                  12.08. Notices to each Rating Agencies.

              	
                115

              
	
                SECTION
                  12.09. Further Assurances.

              	
                117

              
	
                SECTION
                  12.10. Benefits of Agreement.

              	
                117

              
	
                SECTION
                  12.11. Acts of Certificateholders.

              	
                117

              
	
                SECTION
                  12.12. Successors and Assigns.

              	
                117

              
	
                SECTION
                  12.13. Provision of Information.

              	
                118

              

      

      

      EXHIBITS
        AND SCHEDULES:

       

      
        	
                Exhibit
                  A-1

              	
                Form
                  of Class A Certificate

              	
                A-1

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class X Certificate

              	
                A-2

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class PO Certificate

              	
                A-3

              
	
                Exhibit
                  B

              	
                Form
                  of Residual Certificate

              	
                B-1

              
	
                Exhibit
                  C

              	
                Form
                  of Subordinate Certificate

              	
                C-1

              
	
                Exhibit
                  D

              	
                [Reserved]

              	
                D-1

              
	
                Exhibit
                  E

              	
                Form
                  of Reverse of the Certificates

              	
                E-1

              
	
                Exhibit
                  F

              	
                Request
                  for Release

              	
                F-1

              
	
                Exhibit
                  G-1

              	
                Form
                  of Receipt of Mortgage Note

              	
                G-1-1

              
	
                Exhibit
                  G-2

              	
                Form
                  of Interim Certification of Trustee

              	
                G-2-1

              
	
                Exhibit
                  G-3

              	
                Form
                  of Final Certification of Trustee

              	
                G-3-1

              
	
                Exhibit
                  H

              	
                Form
                  of Lost Note Affidavit

              	
                H-1

              
	
                Exhibit
                  I-1

              	
                Form
                  of ERISA Representation For Residual Certificates

              	
                I-1-1

              
	
                Exhibit
                  I-2

              	
                Form
                  of ERISA Representation For ERISA-Restricted Certificates

              	
                I-2-1

              

      

       

      
        
           

        

        
          iii

          
            

          

        

        
           

        

      

       

      
        	
                Exhibit
                  J-1

              	
                Form
                  of Investment Letter Non-Rule 144A

              	
                J-1-1

              
	
                Exhibit
                  J-2

              	
                Form
                  of Rule 144A Investment Letter

              	
                J-2-1

              
	
                Exhibit
                  K

              	
                Form
                  of Transferor Certificate

              	
                K-1

              
	
                Exhibit
                  L

              	
                Transfer
                  Affidavit for Residual Certificate Pursuant to Section
                  6.02(e)

              	
                L-1

              
	
                Exhibit
                  M

              	
                List
                  of Servicing Agreements

              	
                M-1

              
	
                Exhibit
                  N-1

              	
                Form
                  of Transfer Certificate (Restricted Global Security to Regulation
                  S
                  Security)

              	
                N-1-1

              
	
                Exhibit
                  N-2

              	
                Form
                  of Transfer Certificate (Regulation S Security to Restricted Global
                  Security)

              	
                N-2-1

              
	
                Exhibit
                  O

              	
                [Reserved]

              	
                O-1

              
	
                Exhibit
                  P

              	
                Form
                  of Trustee Certification

              	
                P-1

              
	
                Exhibit
                  Q

              	
                [Reserved]

              	
                Q-1

              
	
                Exhibit
                  R

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

              	
                R-1

              
	
                Exhibit
                  S

              	
                Transaction
                  Parties

              	
                S-1

              
	
                Exhibit
                  T

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

              	
                T-1

              
	
                Exhibit
                  U

              	
                Form
                  of Additional Disclosure Notification

              	
                U-1

              
	 	 	 
	
                Schedule
                  I

              	
                Mortgage
                  Loan Schedule

              	 

      

    

     

    

     

    
      
         

      

      
        iv

        
          

        

      

      
         

    

    This
      Pooling and Servicing Agreement is dated as of January 1, 2007 (the
“Agreement”),
      among
      GREENWICH CAPITAL ACCEPTANCE, INC., a Delaware corporation, as depositor (the
      “Depositor”),
      GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a Delaware corporation, as seller
      (the “Seller”)
      and
      DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association, as trustee
      and custodian (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    Through
      this Agreement, the Depositor intends to cause the issuance and sale of the
      RBSGC Mortgage Loan Trust Mortgage Loan Pass-Through Certificates, Series 2007-A
      (the “Certificates”)
      representing in the aggregate the entire beneficial ownership of the Trust,
      the
      primary assets of which are the Mortgage Loans (as defined below).

     

    The
      Depositor intends to sell the Certificates to be issued hereunder in multiple
      classes, which in the aggregate will evidence the entire beneficial ownership
      interest in the Trust Fund created hereunder. The Certificates will consist
      of
      20 classes of certificates, designated as (i) the Class 1-A-1 Certificates,
      (ii)
      the Class 2-A-1 Certificates, (iii) the Class 2-A-2 Certificates, (iv) the
      Class
      2-A-3 Certificates, (v) the Class 2-A-4 Certificates, (vi) the Class 2-A-5
      Certificates, (vi) the Class 3-A-1 Certificates, (vii) the Class 3-A-2
      Certificates, (viii) the Class X Certificates, (ix) the Class PO Certificates,
      (x) the Class B-1 Certificates, (xi) the Class B-2 Certificates, (xii) the
      Class
      B-3 Certificates, (xiii) the Class B-4 Certificates, (xiv) the Class B-5
      Certificates, (xv) the Class B-6 Certificates, (xvi) the Class B-7 Certificates,
      (xvii) the Class P Certificates and (xviii) the Class LT-R Certificates and
      (xviii) the Class R Certificates.

     

    For
      federal income tax purposes, the Trust Fund comprises two REMICs in a tiered
      REMIC structure: the “Lower-Tier
      REMIC,”
and
      the
“Upper-Tier
      REMIC.”
Each
      Certificate, other than the Class R and Class LT-R Certificates, shall represent
      ownership of a regular interest in the Upper-Tier REMIC, as described herein.
      The Class R Certificate represents the sole class of residual interest in the
      Upper-Tier REMIC. The Class LT-R Certificate represents ownership of the sole
      class of residual interest in the Lower-Tier REMIC.

     

    The
      Lower-Tier REMIC will hold as its assets all of the assets constituting the
      Trust Fund and will issue nine uncertificated interests, eight of which shall
      be
      the “Lower-Tier
      Regular Interests”
and
      one
      residual interest (the “LT-R Interest”), which will be the residual interest in
      the Lower-Tier REMIC. 

     

    The
      Upper-Tier REMIC will hold as its assets all of the Lower-Tier Regular Interests
      and shall issue the Certificates. 

     

    For
      purposes of the REMIC Provisions, the startup day for each REMIC created hereby
      is the Closing Date. All REMIC regular and residual interests created hereby
      will be retired on or before the Latest Possible Maturity Date.

     

    Lower-Tier
      REMIC

     

    The
      following table sets forth (or describes) the designation, interest rate, and
      initial principal balance of each Lower-Tier Regular Interest and the LT-R
      Interest:

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      	
               

              Designation

            	 	
               

              Interest
                Rate

            	 	
               

              Initial
                Principal Balance

            	 	
               

              Related
                Subgroup

            	 
	
              LT-SG1

            	 	 	
              6.00

            	
              %

            	
              $

            	
              41,4506,654.47

            	 	 	
              Subgroup
                1

            	 
	
              LT-SUB1

            	 	 	
              6.00

            	
              %

            	
              $

            	
              29,306.54

            	 	 	
              Subgroup
                1

            	 
	
              LT-PO1

            	 	 	
              0.00

            	
              %

            	
              $

            	
              415,593.00

            	 	 	
              Subgroup
                1

            	 
	
              LT-SG2

            	 	 	
              6.25

            	
              %

            	
              $

            	
              215,222,394.63

            	 	 	
              Subgroup
                2

            	 
	
              LT-SUB2

            	 	 	
              6.25

            	
              %

            	
              $

            	
              150,760.55

            	 	 	
              Subgroup
                2

            	 
	
              LT-SG3

            	 	 	
              7.00

            	
              %

            	
              $

            	
              223,266,770.01

            	 	 	
              Subgroup
                3

            	 
	
              LT-SUB3

            	 	 	
              7.00

            	
              %

            	
              $

            	
              156,401.72

            	 	 	
              Subgroup
                3

            	 
	
              LT-X3

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              Subgroup
                3

            	 
	
              LT-P

            	 	 	
              0.00

            	
              %

            	
              $

            	
              100.00

            	 	 	 	 
	
              LT-R

            	 	 	
              (3

            	
              )

            	 	
              (3

            	
              )

            	 	
              N/A

            	 

    

     

    
      	 	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the LT-X3 Interest shall equal to the weighted
                average
                of the Stripped Interest Rates for the Premium Mortgage Loans in
                Subgroup
                3. 

            

    

     

    
      	 	
              (2)

            	
              The
                LT-X3 Interest is an interest only interest that does not have a
                principal
                balance. For any Distribution Date it shall have a notional balance
                equal
                to the aggregate of the Stated Principal Balances of the Premium
                Loans in
                Subgroup 3 as of the first day of the related Due Period.
                

            

    

     

    
      	 	
              (3)

            	
              The
                LT-R Interest is the sole class of residual interests in the Lower-Tier
                REMIC. It does not have an interest rate or a principal balance.
                Ownership
                of the LT-R Interest is represented by the Class LT-R
                Certificate.

            

    

     

    On
      each
      Distribution Date, Available Funds for all Loan Subgroups shall be applied
      shall
      be allocated among the Lower-Tier Regular Interests in the following order
      of
      priority:

    

    
      	 	
              (i)

            	
              First,
                to the LT-SUB1, LT-SUB2, and LT-SUB3 Interests as
                follows:

            

    

    

    
      	 	
              (a)

            	
              to
                the LT-SUB1 Interest until its principal balance equals one percent
                of the
                Subordinate Component for Subgroup 1 for the immediately succeeding
                Distribution Date;

            

    

    

    
      	 	
              (b)

            	
              to
                the LT-SUB2 Interest until its principal balance equals one percent
                of the
                Subordinate Component for Subgroup 2 for the immediately succeeding
                Distribution Date;

            

    

    

    
      	 	
              (c)

            	
              to
                the LT-SUB3 Interest until its principal balance equals one-percent
                of the
                Subordinate Component for Subgroup 3 for the immediately succeeding
                Distribution Date;

            

    

    

    
      	 	
              (d)

            	
              to
                the LT-SUB1, LT-SUB2, or LT-SUB3 Interests the amount necessary to
                cause
                the ratio of the principal balance of each such Lower-Tier Regular
                Interest to the principal balance of the other such Lower-Tier Regular
                Interest to equal the ratio of the Subordinate Component for the
                related
                Loan Subgroup to the Subordinate Component related to the other Loan
                Subgroups for the immediately succeeding Distribution
                Date;

            

    

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	 	
              (ii)

            	
              Second,
                concurrently to the LT-SG1, LT-SG2, and LT-SG3 Interests until
                -

            

    

    

    
      	 	
              (a)

            	
              the
                principal balance of the LT-SG1 Interest equals the excess of (I)
                the
                Non-PO Loan Subgroup Balance for Subgroup 1 for the immediately succeeding
                Distribution Date, over (II) the principal balance of the LT- SUB1
                Interest for such Distribution Date, after taking into account
                distributions pursuant to priority (i) above for such Distribution
                Date;
                and

            

    

    

    
      	 	
              (b)

            	
              the
                principal balance of the LT-SG2 Interest equals the excess of (I)
                the Loan
                Subgroup Balance for Subgroup 2 for the immediately succeeding
                Distribution Date, over (II) the principal balance of the LT-SUB2
                Interest
                for such Distribution Date, after taking into account distributions
                pursuant to priority (i) above for such Distribution
                Date;

            

    

    

    
      	 	
              (c)

            	
              the
                principal balance of the LT-SG3 Interest equals the excess of (I)
                the Loan
                Subgroup Balance for Subgroup 3 for the immediately succeeding
                Distribution Date, over (II) the principal balance of the LT-SUB2
                Interest
                for such Distribution Date, after taking into account distributions
                pursuant to priority (i) above for such Distribution
                Date;

            

    

    

    
      	 	
              (iii)

            	
              Third,
                to the LT-POI Interest, an amount equal to the Class PO Principal
                Distribution Amount for such Distribution
                Date;

            

    

    

    
      	 	
              (iv)

            	
              Fourth,
                to make interest distributions on the Lower-Tier Regular Interests
                at the
                interest rates shown or described above.

            

    

    

    
      	 	
              (v)

            	
              Fifth,
                to the LT-P Interest, an amount equal to the Class P Distributable
                Amount
                for such Distribution Date (excluding Prepayment Penalty
                Amounts);

            

    

    

    
      	 	
              (vi)

            	
              Finally,
                any remaining amounts to the LT-R
                Interest.

            

    

    

    On
      each
      Distribution Date, the LT-P Interest shall be entitled to all Prepayment Penalty
      Amounts available for distribution on such Distribution Date.

    

    Notwithstanding
      the foregoing, on each Distribution Date, Net Interest Shortfalls, if any,
      for a
      Loan Subgroup will reduce the amount of interest distributable on the related
      Lower-Tier Regular Interests, and Net Interest Shortfalls for any Loan Subgroup
      shall be allocated among the Lower-Tier Regular Interests related to such Loan
      Subgroup in proportion to the amounts of interest to which those Lower-Tier
      Regular Interests otherwise would have been entitled. 

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Realized
      Losses for any Loan Subgroup shall be applied to reduce the balance of the
      related Lower-Tier Regular Interest in the same manner in which principal is
      allocated amount such Lower-Tier Regular Interests pursuant to priorities (i)
      through (iii) above. 

    

    The
      Certificates

     

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate, and Original Class Principal Balance (or Original Class Notional Balance)
      for each Class of Certificates comprising interests in the Trust Fund created
      hereunder. Each Class of Certificates, other than the Class R and Class LT-R
      Certificates, is hereby designated as representing ownership of regular
      interests in the Upper-Tier REMIC.

     

    
      	 	 	
              Original
                Class Principal Balance or

              Class
                Notional Balance

            	 	
              Pass-Through

              Rate

            	 
	
              Class
                1-A-1

            	 	
              $

            	
              38,520,000.00

            	 	 	
              6.00

            	
              %

            
	
              Class
                2-A-1

            	 	
              $

            	
              56,131,000.00

            	 	 	
              6.75

            	
              %

            
	
              Class
                2-A-2

            	 	
              $

            	
              112,262,000.00

            	 	 	
              6.00

            	
              %

            
	
              Class
                2-A-3

            	 	
              $

            	
              6,059,000.00

            	 	 	
              6.25

            	
              %

            
	
              Class
                2-A-4

            	 	
              $

            	
              21,802,000.00

            	 	 	
              6.25

            	
              %

            
	
              Class
                2-A-5

            	 	
              $

            	
              4,043,000.00

            	 	 	
              6.25

            	
              %

            
	
              Class
                3-A-1

            	 	
              $

            	
              207,783,000.00

            	 	 	
              (1

            	
              )

            
	
              Class
                3-A-2

            	 	 	
              Notional
                Amount (2

            	
              )

            	 	
              (3

            	
              )

            
	
              Class
                X

            	 	 	
              Notional
                Amount (4

            	
              )

            	 	
              6.00

            	
              %

            
	
              Class
                PO

            	 	
              $

            	
              415,593.00

            	 	 	
              (5

            	
              )

            
	
              Class
                R

            	 	
              $

            	
              100.00

            	 	 	
              6.25

            	
              %

            
	
              Class
                B-1

            	 	
              $

            	
              13,699,000.00

            	 	 	
              (6

            	
              )

            
	
              Class
                B-2

            	 	
              $

            	
              5,528,000.00

            	 	 	
              (6

            	
              )

            
	
              Class
                B-3

            	 	
              $

            	
              4,806,000.00

            	 	 	
              (6

            	
              )

            
	
              Class
                B-4

            	 	
              $

            	
              3,605,000.00

            	 	 	
              (6

            	
              )

            
	
              Class
                B-5

            	 	
              $

            	
              2,403,000.00

            	 	 	
              (6

            	
              )

            
	
              Class
                B-6

            	 	
              $

            	
              1,923,000.00

            	 	 	
              (6

            	
              )

            
	
              Class
                B-7

            	 	
              $

            	
              1,682,880.00

            	 	 	
              (6

            	
              )

            
	
              Class
                P

            	 	
              $

            	
              100.00

            	 	 	
              (7

            	
              )

            
	
              Class
                LT-R

            	 	 	
              (8

            	
              )

            	 	
              (8

            	
              )

            

    

     

    
      
        

      

    

    
      	 	
              (1)

            	
              On
                each Distribution Date, the Pass-Through Rate on the Class 3-A-1
                Certificates will be equal to LIBOR plus 0.350% per annum, subject
                to a
                minimum Pass-Through Rate of 0.350% per annum and a maximum Pass-Through
                Rate of 7.000% per annum. 

            

    

     

    
      	 	
              (2)

            	
              The
                Class 3-A-2 Certificates will not receive any distributions of principal.
                Interest will accrue on the Class 3-A-2 Notional Balance, initially
                equal
                to $207,783,000.00.

            

    

     

    
      	 	
              (3)

            	
              On
                each Distribution Date, the Pass-Through Rate on the Class 3-A-2
                Certificates will be equal to the excess of (a) 6.650% per annum
                over (b)
                LIBOR, subject to a minimum Pass-Through Rate of 0.000% per annum.
                

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	 	
              (4)

            	
              The
                Class X Certificates will not receive any distributions of principal.
                Interest will accrue on the Class X Notional Balance, which is initially
                equal to $6,172,107.00. For purposes of the REMIC Provisions, the
                Class X
                Certificates shall be entitled on any Distribution Date to all amounts
                distributable in respect of the LT-X3 interest in the Lower-Tier
                REMIC.

            

    

     

    
      	 	
              (5)

            	
              The
                Class PO Certificates are principal-only certificates and will not
                be
                entitled to distributions of interest.

            

    

     

    
      	 	
              (6)

            	
              The
                Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6
                and Class
                B-7 Certificates will have a Pass-Through Rate equal to a per annum
                rate
                calculated as the quotient expressed as a percentage of (a) the sum
                of (i)
                the product of (x) 6.00% and (y) the Subordinate Component relating
                to
                Subgroup 1 for such Distribution Date, (ii) the product of (x) 6.25%
                and
                (y) the Subordinate Component relating to Subgroup 2 for such Distribution
                Date and (iii) the product of (x) 7.000% and (y) the Subordinate
                Component
                relating to Subgroup 3 for such Distribution Date, divided by (b)
                the
                aggregate of the Subordinate Components relating to each Loan Subgroup
                for
                such Distribution Date. The Pass-Through Rate for the Subordinate
                Certificates for the initial Accrual Period will be equal to an annual
                rate of 6.576850%. For purposes of the REMIC Provisions, the Pass-Through
                Rate on each Class of Subordinate Certificate for any Distribution
                Date
                shall equal the weighted average of the interest rates on the LT-SUB1,
                LT-SUB2, and LT-SUB3 Interests in the Lower Tier REMIC weighted in
                proportion to their principal balances as of the first day of the
                related
                Accrual Period.

            

    

     

    
      	 	
              (7)

            	
              The
                Class P Certificates are principal-only certificates and (a) will
                not be
                entitled to distributions of interest and (b) is entitled to receive
                the
                “Class P Distributable Amount.”.

            

    

     

    
      	 	
              (8)

            	
              For
                purposes of the REMIC provisions, the Class LT-R Certificate represents
                ownership of the LT-R Interest, which is the sole residual interest
                in the
                Lower-Tier REMIC and does not have a principal balance or a pass-through
                rate.

            

    

     

    ARTICLE
      I

     

    DEFINITIONS;
      DECLARATION OF TRUST

     

    SECTION
      1.01. Defined
      Terms.

     

    Whenever
      used in this Agreement or in the Preliminary Statement, the following words
      and
      phrases, unless the context otherwise requires, shall have the meanings
      specified in this Article. All calculations of interest described herein shall
      be made on the basis of an assumed 360-day year consisting of twelve 30-day
      months. 

     

    “Acceptable
      Successor Servicer”:
      A
      FHLMC- or FNMA-approved servicer that is (i) reasonably acceptable to the
      Trustee and (ii) acceptable to each Rating Agency, as evidenced by a letter
      from
      each such Rating Agency delivered to the Trustee that such entity’s acting as a
      successor servicer will not result in a qualification, withdrawal or downgrade
      of the then-current rating of any of the Certificates.

     

    “Account”:
      The
      Distribution Account or the Servicing Account, as the context
      requires.

     

    “Accrual
      Period”:
      With
      respect to each Distribution Date and the Class 1-A-1, Class 2-A-1, Class 2-A-2,
      Class 2-A-3, Class 2-A-4, Class 2-A-5, Class X and Class R Certificates, the
      Subordinate Certificates and each Lower-Tier Regular Interest, the calendar
      month immediately preceding the month in which that Distribution Date occurs.
      With respect to each Distribution Date and the LIBOR Certificates, the period
      beginning with the prior Distribution Date (or the 25th day of the preceding
      calendar month, in the case of the first Distribution Date) and ending on the
      day immediately preceding such Distribution Date. Interest on the Certificates
      and each Lower-Tier Regular Interest shall be calculated based on an assumption
      that each month has 30 days and each year has 360 days. 

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    “Additional
      Disclosure Notification”:
      As
      defined in Section 3.19(a).

     

    “Additional
      Form 10-D Disclosure”:
      As
      defined in Section 3.19(a).

     

    “Additional
      Form 10-K Disclosure”:
      As
      defined in Section 3.19(b).

     

    “Advance”:
      With
      respect to any Distribution Date and any Mortgage Loan or REO Property, any
      advance made by the Servicer including the Trustee in its capacity as successor
      Servicer in respect of such Distribution Date pursuant to Section 5.05 (or
      by
      the Trustee pursuant to Section 7.02 as successor Servicer) or by the Servicer
      in accordance with the Servicing Agreement for such Distribution Date.

     

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

     

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

     

    “Agreement”:
      This
      Pooling and Servicing Agreement, dated as of January 1, 2007, as amended,
      supplemented and otherwise modified from time to time.

     

    “Applicable
      Credit Support Percentage”:
      As
      defined in Section 5.01(d).

     

    “Apportioned
      Principal Balance”:
      As to
      any Class of Subordinate Certificates, Loan Subgroup and any Distribution Date,
      the Class Principal Balance of such Class immediately prior to such Distribution
      Date multiplied by a fraction, the numerator of which is the Subordinate
      Component for the related Loan Subgroup for such date and the denominator of
      which is the sum of the Subordinate Components (in the aggregate).

     

    “Assignment”:
      As to
      any Mortgage, an assignment of mortgage, notice of transfer or equivalent
      instrument, in recordable form, which is sufficient, under the laws of the
      jurisdiction in which the related Mortgaged Property is located, to reflect
      or
      record the sale of such Mortgage.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    “Available
      Funds”:
      As to
      any Distribution Date and any Loan Subgroup, an amount equal to (i) the
      sum, without duplication, of (a) the aggregate of the Monthly Payments
      received on or prior to the related Determination Date (but not including
      Monthly Payments due in future Due Periods but received by the related
      Determination Date) in respect of the Mortgage Loans in that Loan Subgroup,
      (b) Net Liquidation Proceeds, Insurance Proceeds (including from primary
      mortgage insurance policies), Principal Prepayments (excluding
      Prepayment Penalty
      Amounts),
      Recoveries and other unscheduled recoveries of principal and interest in respect
      of the Mortgage Loans in that Loan Subgroup received during the related
      Prepayment Period, (c) the aggregate of any amounts received in respect of
      REO
      Properties for such Distribution Date in respect of the Mortgage Loans in that
      Loan Subgroup, (d) the aggregate of any amounts of Interest Shortfalls
      (excluding for such purpose all shortfalls as a result of Relief Act Reductions)
      paid by the Servicer pursuant to the Servicing Agreement and Compensating
      Interest Payments deposited in the Distribution Account for that Distribution
      Date in respect of the Mortgage Loans in that Loan Subgroup, (e) the
      aggregate of the Purchase Prices, Substitution Adjustments Repurchase Prices
      and
      other amounts collected for purchases pursuant to Section 2.03 or substitutions
      pursuant to Section 2.03 deposited in the Distribution Account during the
      related Prepayment Period in respect of the Mortgage Loans in that Loan
      Subgroup, (f) the aggregate of any Advances made by the Servicer for that
      Distribution Date in respect of the Mortgage Loans in that Loan Subgroup,
      (g) the aggregate of any Advances made by the Trustee (as successor
      Servicer) for that Distribution Date pursuant to Section 7.02 hereof in respect
      of the Mortgage Loans in that Loan Subgroup and (h) the Termination Price
      allocated to such Loan Subgroup on the Distribution Date on which the Trust
      Fund
      is terminated pursuant to Section 10.01; minus
      (ii) the
      sum of (u) the Expense Fees for such Distribution Date in respect of the
      Mortgage Loans in that Loan Subgroup, (v) amounts in reimbursement for Advances
      previously made in respect of the Mortgage Loans in that Loan Subgroup and
      other
      amounts as to which the Servicer, the Trustee and the Custodian are entitled
      to
      be reimbursed pursuant to Section 4.03, (w) the amount payable to the Trustee,
      pursuant to Section 8.05 in respect of the Mortgage Loans in that Loan Subgroup
      or if not related to a Mortgage Loan, allocated to each Loan Subgroup on a
      pro
      rata
      basis
      and (x) amounts deposited in the Distribution Account in error in respect of
      the
      Mortgage Loans in that Loan Subgroup.

     

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

     

    “Book-Entry
      Certificates”:
      Any of
      the Certificates that shall be registered in the name of the Depository or
      its
      nominee, the ownership of which is reflected on the books of the Depository
      or
      on the books of a Person maintaining an account with the Depository (directly,
      as a “Depository Participant”, or indirectly, as an indirect participant in
      accordance with the rules of the Depository and as described in Section 6.02
      hereof). On the Closing Date, all Classes of the Certificates other than the
      Physical Certificates shall be Book-Entry Certificates.

     

    “Business
      Day”:
      Any
      day other than a Saturday, a Sunday or a day on which banking or savings
      institutions in the State of California, Texas or New York 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.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    “Call
      Option”:
      The
      right to terminate this Agreement and the Trust Fund pursuant to the second
      paragraph of Section 10.01(a) hereof.

     

    “Call
      Option Date”:
      As
      defined in Section 10.01(a) hereof.

     

    “Certificate”:
      Any
      Regular Certificate, Residual Certificate or Class P Certificate.

     

    “Certificate
      Notional Balance”:
      With
      respect to each Certificate of a particular Class of Interest-Only Certificates
      and any date of determination, the product of (i) the Class Notional Balance
      of
      such Class and (ii) the applicable Percentage Interest of such Certificate.
      

     

    “Certificate
      Owner”:
      With
      respect to each Book-Entry Certificate, any beneficial owner thereof and with
      respect to each Physical Certificate, the Certificateholder
      thereof.

     

    “Certificate
      Principal Balance”:
      With
      respect to each Certificate of a particular Class (other than any Interest-Only
      Certificate and the Class LT-R Certificates) and any date of determination,
      the
      product of (i) the Class Principal Balance of such Class and (ii) the applicable
      Percentage Interest of such Certificate.

     

    “Certificate
      Register”
and
      “Certificate
      Registrar”:
      The
      register maintained and registrar appointed pursuant to Section 6.02 hereof.
      Deutsche Bank National Trust Company will act as Certificate Registrar, for
      so
      long as it is the Trustee under this Agreement.

     

    “Certificateholder”
or
      “Holder”:
      The
      Person in whose name a Certificate is registered in the Certificate Register,
      except that a Disqualified Organization or non-U.S. Person shall not be a Holder
      of a Residual Certificate for any purpose hereof; provided
      that
      solely for the purposes of taking any action or giving any consent pursuant
      to
      this Agreement, any Certificate registered in the name of the Depositor, the
      Trustee or the Servicer or any Affiliate thereof shall be deemed not to be
      outstanding in determining whether the requisite percentage necessary to effect
      any such consent has been obtained, except that, in determining whether the
      Trustee shall be protected in relying upon any such consent, only Certificates
      which a Responsible Officer of the Trustee knows to be so owned shall be
      disregarded.

     

    “Certification
      Parties”:
      As
      defined in Section 3.06.

     

    “Certifying
      Person”:
      As
      defined in Section 3.06.

     

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

     

    “Class
      3-A-2 Notional Balance”:
      With
      respect to any Distribution Date, the Class Principal Balance of the Class
      3-A-1
      Certificates, prior to giving effect to distributions on such Distribution
      Date.

     

    
      
         

      

      
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    “Class
      Notional Balance”:
      With
      respect to any Class of Interest-Only Certificates and any Distribution Date,
      the Class X Notional Balance or the Class 3-A-2 Notional Balance, as
      applicable.

     

    “Class
      Principal Balance”:
      With
      respect to any Class of Certificates (other than the Interest-Only Certificates
      and Class LT-R Certificates) and any Distribution Date, the Original Class
      Principal Balance as reduced by the sum of (x) all amounts actually distributed
      in respect of principal of that Class on all prior Distribution Dates, (y)
      all
      Realized Losses, if any, actually allocated to that Class on all prior
      Distribution Dates and (z) in the case of any Class of Subordinate Certificates,
      (i) any amounts allocated to that Class in reduction of its Class Principal
      Balance for payment of PO Deferred Amounts and (ii) any applicable Writedown
      Amount; provided,
      however,
      that
      pursuant to Section 5.07, the Class Principal Balance of a Class of Certificates
      may be increased up to the amount of Realized Losses previously allocated to
      such Class, in the event that there is a Recovery on a related Mortgage Loan,
      and the Certificate Principal Balance of any individual Certificate of such
      Class will be increased by its pro
      rata
      share of
      the increase to such Class. 

     

    “Class
      LT-R Interest”:
      As
      described in the Preliminary Statement.

     

    “Class
      P Distributable Amount”:
      With
      respect to each Distribution Date, all Prepayment Penalty Amounts in respect
      of
      the Mortgage Loans received by the Servicer for the related Prepayment Period
      plus, on the first Distribution Date after which no Mortgage Loan is subject
      to
      payment of a Prepayment Penalty Amount, $100.

     

    “Class
      Subordination Percentage”:
      With
      respect to each Class of Subordinate Certificates and any Distribution Date,
      the
      percentage equivalent of a fraction, the numerator of which is the Class
      Principal Balance of such Class immediately before such Distribution Date and
      the denominator of which is the aggregate of the Class Certificate Principal
      Balances of all Classes of Certificates immediately before such Distribution
      Date.

     

    “Class
      X Notional Balance”:
      With
      respect to any Distribution Date, the product of (x) the aggregate Stated
      Principal Balance, as of the first day of the related Due Period, of the Premium
      Rate Loans in Subgroup 3; and (y) a fraction, the numerator of which is the
      weighted average of the related Stripped Interest Rates for the Premium Rate
      Loans in Subgroup 3 and the denominator of which is 6.00%.

     

    “Close
      of Business”:
      As
      used herein, with respect to any Business Day and location, 5:00 p.m. at such
      location.

     

    “Closing
      Date”:
      January 31, 2007.

     

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

     

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

     

    “Compensating
      Interest Payment”:
      With
      respect to any Distribution Date, an amount equal to the amount, if any, by
      which (x) the aggregate amount of any Interest Shortfalls (excluding for such
      purpose all shortfalls as a result of Relief Act Reductions) required to be
      paid
      by the Servicer pursuant to the Servicing Agreement with respect to such
      Distribution Date, exceeds (y) the aggregate amount actually paid by the
      Servicer in respect of such shortfalls. 

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

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

     

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

     

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

     

    “Cooperative
      Loan Documents”:
      With
      respect to any Cooperative Loan, (i) the Cooperative Shares, together with
      a
      stock power in blank; (ii) the original or a copy of the executed Security
      Agreement and the assignment of the Security Agreement in blank; (iii) the
      original or a copy of the executed Proprietary Lease and the original assignment
      of the Proprietary Lease endorsed in blank; (iv) the original, if available,
      or
      a copy of the executed Recognition Agreement and, if available, the original
      assignment of the Recognition Agreement (or a blanket assignment of all
      Recognition Agreements) endorsed in blank; (v) the executed UCC-1 financing
      statement with evidence of recording thereon, which has been filed in all places
      required to perfect the security interest in the Cooperative Shares and the
      Proprietary Lease; and (vi) executed UCC amendments (or copies thereof) or
      other
      appropriate UCC financing statements required by state law, evidencing a
      complete and unbroken line from the mortgagee to the Trustee with evidence
      of
      recording thereon (or in a form suitable for recordation).

     

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

     

    “Cooperative
      Shares”:
      Shares
      issued by a Cooperative Corporation.

     

    “Cooperative
      Unit”:
      A
      single family dwelling located in a Cooperative Property.

     

    “Corporate
      Trust Office”:
      With
      respect to the Trustee, the principal corporate trust office 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 Deutsche Bank National Trust Company, 1761 East St.
      Andrew Place, Santa Ana, CA 92705-4934, Attention: GC070A, RBSGC Mortgage Loan
      Trust 2007-A, or at such other address as the Trustee may designate from time
      to
      time by notice to the Certificateholders, the Depositor, and the Seller. With
      respect to the Certificate Registrar and presentment of Certificates for
      registration of transfer, exchange or final payment is located at DB Services
      Tennessee, 648 Grassmere Park Road, Nashville, Tennessee 37211-3658,
      Attention: Transfer Unit.

     

    
      
         

      

      
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    “Corresponding
      Class”:
      With
      respect to each class of Lower-Tier Interests, the Class or Classes of
      Certificates so designated in the Preliminary Statement. 

     

    “Custodian”:
      Deutsche Bank National Trust Company, and its successors acting as custodian
      of
      the Mortgage Files.

     

    “Cut-off
      Date”:
      With
      respect to any Mortgage Loan, the Close of Business in New York City on January
      1, 2007.

     

    “Cut-Off
      Date Aggregate Principal Balance”:
      The
      aggregate of the Cut-Off Date Principal Balances of all of the Mortgage
      Loans.

     

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

     

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

     

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

     

    “Definitive
      Certificates”:
      Any
      Certificate evidenced by a Physical Certificate and any Certificate issued
      in
      lieu of a Book-Entry Certificate pursuant to Section 6.02(c) or (d)
      hereof.

     

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

     

    “Delinquent”:
      Any
      Mortgage Loan with respect to which the Monthly Payment due on a Due Date is
      not
      made.

     

    “Depositor”:
      Greenwich Capital Acceptance, Inc., a Delaware corporation, or any successor
      in
      interest.

     

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

     

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

     

    
      
         

      

      
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    “Designated
      Rate”:
      With
      respect to Loan Subgroup 1, 6.00% per annum. With respect to Loan Subgroup
      2,
      6.25% per annum. With respect to Loan Subgroup 3, 7.00% per annum.

     

    “Determination
      Date”:
      For
      any Distribution Date and each Mortgage Loan, the date each month, as set forth
      in the Servicing Agreement, on which the Servicer determines the amount of
      all
      funds required to be remitted to the Trustee on the Servicer Remittance Date
      with respect to the Mortgage Loans. 

     

    “Discount
      Mortgage Loan”:
      With
      respect to Loan Subgroup 1, each Mortgage Loan having a Net Loan Rate less
      than
      the Designated Rate for that Loan Subgroup.

     

    “Disqualified
      Organization”:
      A
“disqualified organization” defined in Section 860E(e)(5) of the Code, or any
      other Person so designated by the Trustee based upon an Opinion of Counsel
      provided to the Trustee by nationally recognized counsel acceptable to the
      Trustee that the holding of an ownership interest in a Residual Certificate
      by
      such Person may cause the Trust Fund or any Person having an ownership interest
      in any Class of Certificates (other than such Person) to incur liability for
      any
      federal tax imposed under the Code that would not otherwise be imposed but
      for
      the transfer of an ownership interest in the Residual Certificate to such
      Person.

     

    “Distribution
      Account”:
      The
      trust account or accounts created and maintained by the Trustee pursuant to
      Section 4.02 hereof for the benefit of the Certificateholders and designated
      “Distribution Account, Deutsche Bank National Trust Company, as Trustee, in
      trust for the registered Certificateholders of RBSGC Mortgage Loan Trust,
      Mortgage Loan Pass-Through Certificates, Series 2007-A” and which must be an
      Eligible Account.

     

    “Distribution
      Account Income”:
      With
      respect to any Distribution Date, any interest or other investment income earned
      on funds deposited in the Distribution Account during the month of such
      Distribution Date.

     

    “Distribution
      Date”:
      The
      25th
      day of
      each month, or, if such day is not a Business Day, the next Business Day,
      commencing in February 2007.

     

    “Distribution
      Date Statement”:
      As
      defined in Section 5.04(a) hereof.

     

    “Due
      Date”:
      With
      respect to each Mortgage Loan and any Distribution Date, the first day of the
      calendar month in which that Distribution Date occurs on which the Monthly
      Payment for such Mortgage Loan was due, exclusive of any days of
      grace.

     

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

     

    “Eligible
      Account”:
      Any of

     

    (i) an
      account or accounts maintained with a federal or state chartered depository
      institution or trust company the short-term unsecured debt obligations of which
      (or, in the case of a depository institution or trust company that is the
      principal subsidiary of a holding company, the short-term unsecured debt
      obligations of such holding company) are rated in the highest short term rating
      category of the Rating Agencies at the time any amounts are held on deposit
      therein;

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (ii) an
      account or accounts the deposits in which are fully insured by the FDIC (to
      the
      limits established by it), the uninsured deposits in which account are otherwise
      secured such that, as evidenced by an Opinion of Counsel delivered to the
      Trustee and to each Rating Agency, the Trustee on behalf of the
      Certificateholders will have a claim with respect to the funds in the account
      or
      a perfected first priority security interest against the collateral (which
      shall
      be limited to Permitted Investments) securing those funds that is superior
      to
      claims of any other depositors or creditors of the depository institution with
      which such account is maintained;

     

    (iii) a
      trust
      account or accounts maintained with the trust department of a federal or state
      chartered depository institution, national banking association or trust company
      acting in its fiduciary capacity; or 

     

    (iv) an
      account otherwise acceptable to each Rating Agency without reduction or
      withdrawal of its then current ratings of the Certificates as evidenced by
      a
      letter from each Rating Agency to the Trustee. Eligible Accounts may bear
      interest.

     

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

     

    “ERISA-Restricted
      Certificates”:
      (i)
      the Privately-Offered B Certificates, the Class P Certificates and the Residual
      Certificates, or (ii) any
      other
      Certificates that are not rated at least “BBB-” (or its equivalent) by at least
      one Rating Agency upon acquisition or (iii) in general, any Certificate that
      does not satisfy the applicable rating requirement under the Underwriter’s
      Exemption.

     

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

     

    “Event
      of Default”:
      As
      defined in the Servicing Agreement.

     

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

     

    “Expense
      Fee”
With
      respect to any Mortgage Loan, the sum of (i) the Servicing Fee and (ii) the
      Trustee Fee. 

     

    “Expense
      Fee Rate”:
      With
      respect to any Mortgage Loan, the per annum rate at which the Expense Fee
      accrues for such Mortgage Loan.

     

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

     

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

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    “Final
      Distribution Date”:
      The
      Distribution Date occurring in January 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 the Seller pursuant to or as
      contemplated by Sections 2.03 and 10.01), a determination made by the Servicer,
      and reported to the Trustee, that all Insurance Proceeds, Liquidation Proceeds
      and other payments or recoveries which the Servicer expects to be finally
      recoverable in respect thereof have been so recovered. 

     

    “Fitch”:
      Fitch
      Ratings, Inc., or any successor thereto.

     

    “Form
      8-K Disclosure Information”:
      As
      defined in Section 3.07(c)(i). 

     

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

     

    “GCFP”:
      Greenwich Capital Financial Products, Inc., and its successors and
      assigns.

     

    “Indemnified
      Persons”:
      The
      Trustee (individually in its corporate capacity and in all capacities
      hereunder), the Depositor and the Custodian
      and
      their
      respective
      officers, directors, agents and employees and, with respect to the Trustee,
      any
      separate co-trustee and its officers, directors, agents and
      employees.

     

    “Independent”:
      When
      used with respect to any accountants, a Person who is “independent” within the
      meaning of Rule 2-01(B) of the Securities and Exchange Commission’s Regulation
      S-X. Independent means, when used with respect to any other Person, a Person
      who
      (A) is in fact independent of another specified Person and any affiliate of
      such
      other Person, (B) does not have any material direct or indirect financial
      interest in such other Person or any affiliate of such other Person, (C) is
      not
      connected with such other Person or any affiliate of such other Person as an
      officer, employee, promoter, underwriter, trustee, partner, director or Person
      performing similar functions and (D) is not a member of the immediate family
      of
      a Person defined in clause (B) or (C) above.

     

    “Independent
      Contractor”:
      Either
      (i) any Person that would be an “independent contractor” with respect to any
      REMIC formed hereby within the meaning of Section 856(d)(3) of the Code if
      such
      REMIC were a real estate investment trust (except that the ownership tests
      set
      forth in that section shall be considered to be met by any Person that owns,
      directly or indirectly, 35% or more of any Class of Certificates), so long
      as no
      REMIC formed hereby receives or derives any income from such Person and provided
      that the relationship between such Person and the applicable REMIC is at arm’s
      length, all within the meaning of Treasury Regulation Section 1.856-4(b)(5),
      or
      (ii) any other Person 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. 

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    “Insurance
      Proceeds”:
      With
      respect to any Mortgage Loan, proceeds of any title policy, hazard policy or
      other insurance policy covering a Mortgage Loan, to the extent such proceeds
      are
      not to be applied to the restoration of the related Mortgaged Property or
      released to the related Mortgagor in accordance with the Servicing
      Agreement.

     

    “Interest
      Distributable Amount”:
      With
      respect to any Distribution Date and each Class of Certificates (other than
      the
      Class PO Certificates and Class LT-R Certificates), the sum of (i) the
      Monthly Interest Distributable Amount for that Class and (ii) the Unpaid
      Interest Shortfall Amount for that Class.

     

    “Interest-Only
      Certificate”:
      Any
      Class X or Class 3-A-2 Certificate.

     

    “Interest
      Shortfall”:
      With
      respect to any Distribution Date and each Mortgage Loan that during the related
      Prepayment Period was the subject of a Principal Prepayment or a reduction
      of
      its Monthly Payment under the Relief Act or similar state or local law, an
      amount determined as follows:

     

    (a) Principal
      Prepayments in part received during the relevant Prepayment
      Period:
      the
      difference between (i) one month’s interest at the applicable Net Loan Rate for
      such Mortgage Loan on the amount of such prepayment and (ii) the amount of
      interest for the calendar month of such prepayment (adjusted to the applicable
      Net Loan Rate) received at the time of such prepayment; and

     

    (b) Principal
      Prepayments in full received during the relevant Prepayment
      Period:
      the
      difference between (i) one month’s interest at the applicable Net Loan Rate on
      the Stated Principal Balance of such Mortgage Loan immediately prior to such
      prepayment and (ii) the amount of interest for the calendar month of such
      prepayment (adjusted to the applicable Net Loan Rate) received at the time
      of
      such prepayment; and

     

    (c) any
      Relief Act Reductions for such Distribution Date.

     

    “Latest
      Possible Maturity Date”:
      As
      determined as of the Cut-off Date, the Distribution Date following the fifth
      anniversary of the scheduled maturity date of the Mortgage Loan having the
      latest scheduled maturity date as of the Cut-off Date.

     

    “LIBOR”:
      With
      respect to each Accrual Period, a per annum rate determined on the LIBOR
      Determination Date in the following manner by the Trustee on the basis of the
      “Interest Settlement Rate” set by the BBA for one-month United States dollar
      deposits, as such rates appear on the Telerate Page 3750, as of 11:00 a.m.
      (London time) on the related LIBOR Determination Date.

     

    (a) If
      on
      such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
      appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
      Telerate Page 3750 is not available on such date, the Trustee will obtain such
      rate from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM.” If such rate is
      not published for such LIBOR Determination Date, LIBOR for such date will be
      the
      most recently published Interest Settlement Rate. In the event that the BBA
      no
      longer sets an Interest Settlement Rate, the rate for such date will be
      determined on the basis of the rates at which one-month U.S. dollar deposits
      are
      offered by the Reference Banks at approximately 11:00 am (London time) on such
      date to prime banks in the London interbank market. In such event, the Trustee
      will request the principal London office of each of the Reference Banks to
      provide a quotation of its rate. If at least two such quotations are provided,
      the rate for that date will be the arithmetic mean of the quotations (rounded
      upwards if necessary to the nearest whole multiple of 1/16%). If fewer than
      two
      quotations are provided as requested, the rate for that date will be the
      arithmetic mean of the rates quoted by major banks in New York City, selected
      by
      the Trustee (after consultation with the Depositor), at approximately 11:00
      a.m.
      (New York City time) on such date for one-month U.S. dollar loan to leading
      European banks.

     

    
      
         

      

      
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    (b) The
      establishment of LIBOR by the Trustee and the Trustee’s subsequent calculation
      of the Pass-Through Rate applicable to the LIBOR Certificates for the relevant
      Accrual Period, in the absence of manifest error, will be final and
      binding.

     

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

     

    “LIBOR
      Certificates”:
      The
      Class 3-A-1 and Class 3-A-2 Certificates.

     

    “LIBOR
      Determination Date”:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period for the LIBOR Certificates.

     

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

     

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

     

    “Liquidation
      Expenses”:
      With
      respect to a Mortgage Loan in liquidation, unreimbursed expenses paid or
      incurred by or for the account of the Servicer such expenses including (a)
      property protection expenses, (b) property sales expenses, (c) foreclosure
      and
      sale costs, including court costs and reasonable attorneys’ fees, and (d)
      similar expenses reasonably paid or incurred in connection with
      liquidation.

     

    
      
         

      

      
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    “Liquidation
      Proceeds”:
      With
      respect to any Mortgage Loan, the amount (other than amounts received in respect
      of the rental of any REO Property prior to REO Disposition) received by the
      Servicer as proceeds from the liquidation of such Mortgage Loan, as determined
      in accordance with the applicable provisions of the Servicing Agreement, other
      than Recoveries; provided
      that
      with respect to any Mortgage Loan or REO Property repurchased, substituted
      or
      sold pursuant to or as contemplated hereunder, or pursuant to the applicable
      provisions of the Servicing Agreement, “Liquidation Proceeds” shall also include
      amounts realized in connection with such repurchase, substitution or
      sale.

     

    “Loan
      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.

     

    “Loan
      Subgroup”:
      Any of
      Subgroup 1, Subgroup 2 or Subgroup 3, as the context requires.

     

    “Loan
      Subroup Balance”:
      As to
      each Loan Subgroup, the aggregate of the Stated Principal Balances of the
      Mortgage Loans in such Loan Subgroup that were Outstanding Mortgage Loans at
      the
      time of determination.

     

    “Loan-to-Value
      Ratio”:
      With
      respect to each Mortgage Loan and any date of determination, a fraction,
      expressed as a percentage, the numerator of which is the Principal Balance
      of
      the Mortgage Loan at such date of determination and the denominator of which
      is
      the Value of the related Mortgaged Property.

     

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

     

    “Lower-Tier
      Regular Interest”:
      Any
      one of the interests in the Lower-Tier REMIC, as described in the Preliminary
      Statement.

     

    “Lower-Tier
      REMIC”:
      As
      described in the Preliminary Statement.

     

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

    

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

     

    “MERS
      Mortgage Loan”:
      Any
      Mortgage Loan registered with MERS on the MERS System.

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

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

     

    “MIN”:
      The
      Mortgage Identification Number for any MERS Mortgage Loan.

     

    “MOM
      Loan”:
      Any
      Mortgage Loan as to which MERS is acting as mortgagee, solely as nominee for
      the
      originator of such Mortgage Loan and its successors and assigns.

     

    “Monthly
      Interest Distributable Amount”:
      With
      respect to each Class of Certificates (other than the Class P, Class PO and
      Class LT-R Certificates) and any Distribution Date, the amount of interest
      accrued during the related Accrual Period on the Class Principal Balance or
      Class Notional Balance, as applicable, immediately prior to that Distribution
      Date; provided,
      however,
      that
      the amount so accrued shall be reduced by the Net Interest Shortfalls, if any,
      allocated to such Class of Certificates. Net Interest Shortfalls for any Loan
      Subgroup shall be apportioned among each Class of Senior Certificates related
      to
      such Loan Subgroup and the Subordinate Certificates based on, in the case of
      each Class of related Senior Certificates, the amount of interest accrued in
      the
      related Accrual Period at the applicable Pass-Through Rate, and in the case
      of
      each Class of Subordinate Certificates, the interest accrued in the related
      Accrual Period at the applicable Pass-Through Rate determined solely with
      reference to its Apportioned Principal Balance for the Loans Subgroup to which
      the Net Interest Shortfall relates. In addition, for purposes of compliance
      with
      the REMIC Provisions, (A) the Monthly Interest Distributable Amount for each
      Class of Subordinate Certificates shall be calculated by reducing the related
      Pass-Through Rate by a per annum rate equal to (i) 12 times the Subordinate
      Class Expense Share for such Class divided
      by
      (ii) the
      Class Principal Balance of such Class as of the beginning of the related Accrual
      Period and (B) such Class shall be deemed to bear interest at such Pass-Through
      Rate as so reduced for federal income tax purposes.

     

    “Monthly
      Payment”:
      With
      respect to any Mortgage Loan, the scheduled monthly payment of principal and
      interest on such Mortgage Loan that is payable by the related Mortgagor from
      time to time under the related Mortgage Note, determined, for the purposes
      of
      this Agreement: (a) after giving effect to any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act
      or
      similar state or local law; (b) without giving effect to any extension granted
      or agreed to by the Servicer pursuant to the applicable provisions of the
      Servicing Agreement; and (c) on the assumption that all other amounts, if any,
      due under such Mortgage Loan are paid when due.

     

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

     

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

     

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

     

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

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    “Mortgage
      Loan Purchase Agreement”:
      The
      Mortgage Loan Purchase Agreement between the Seller and the Depositor, dated
      as
      of January 1, 2007, regarding the transfer of the Mortgage Loans by the Seller
      (including the Seller’s rights and interests in the Servicing Agreement) to or
      at the direction of the Depositor.

     

    “Mortgage
      Loan Schedule”:
      As of
      any date, the list of Mortgage Loans included in the Trust Fund on such date,
      attached hereto as Schedule I. The Mortgage Loan Schedule shall be prepared
      by
      the Seller and shall set forth the following information with respect to each
      Mortgage Loan:

     

    
      	 	
              (i)

            	
              the
                Mortgage Loan identifying number;

            

    

     

    
      	 	
              (ii)

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

            

    

     

    
      	 	
              (iii)

            	
              a
                code indicating whether the Residential Dwelling constituting the
                Mortgaged Property is (a) a detached single family dwelling, (b)
                a
                dwelling in a planned unit development, (c) a condominium unit, (d)
                a two-
                to four-unit residential property, (e) a townhouse (f) a cooperative
                or
                (g) other type of Residential
                Dwelling;

            

    

     

    
      	 	
              (iv)

            	
              if
                the related Mortgage Note permits the borrower to make Monthly Payments
                of
                interest only for a specified period of time, (a) the original number
                of
                such specified Monthly Payments and (b) the remaining number of such
                Monthly Payments as of the Cut-off
                Date;

            

    

     

    
      	 	
              (v)

            	
              the
                original months to maturity;

            

    

     

    
      	 	
              (vi)

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

            

    

     

    
      	 	
              (vii)

            	
              the
                Loan-to-Value Ratio at origination;

            

    

     

    
      	 	
              (viii)

            	
              the
                Loan Rate in effect immediately following the Cut-off
                Date;

            

    

     

    
      	 	
              (ix)

            	
              the
                date on which the first Monthly Payment is or was due on the Mortgage
                Loan;

            

    

     

    
      	 	
              (x)

            	
              the
                stated maturity date;

            

    

     

    
      	 	
              (xi)

            	
              the
                Servicing Fee Rate, if any;

            

    

     

    
      	 	
              (xii)

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

            

    

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    
      	 	
              (xiii)

            	
              the
                original principal balance of the Mortgage
                Loan;

            

    

     

    
      	 	
              (xiv)

            	
              the
                Stated Principal Balance of the Mortgage Loan on the Cut-off Date,
                and a
                code indicating the purpose of the Mortgage Loan (i.e.,
                purchase financing, rate/term refinancing, cash-out
                refinancing);

            

    

     

    
      	 	
              (xv)

            	
              the
                Value of the Mortgaged Property;

            

    

     

    
      	 	
              (xvi)

            	
              the
                sale price of the Mortgaged Property, if
                applicable;

            

    

     

    
      	 	
              (xvii)

            	
              the
                product code;

            

    

     

    
      	 	
              (xviii)

            	
              the
                Servicer that is servicing each Mortgage Loan;
                and

            

    

     

    
      	 	
              (xix)

            	
              the
                Custodian’s name, if there is more than one
                Custodian;

            

    

     

    The
      Mortgage Loan Schedule, as in effect from time to time, shall also set forth
      the
      following information with respect to the Mortgage Loans in the aggregate and
      by
      Loan Subgroup 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 Loan Rate of the Mortgage Loans; and (4) the weighted
      average remaining months to maturity of the Mortgage Loans. The Mortgage Loan
      Schedule shall be amended from time to time by the Seller in accordance with
      the
      provisions of this Agreement.

     

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

     

    “Mortgaged
      Property”:
      Either
      of (x) the fee simple or leasehold interest in real property, together with
      improvements thereto including any exterior improvements to be completed within
      120 days of disbursement of the related Mortgage Loan proceeds, or (y) in the
      case of a Cooperative Loan, the related Cooperative Shares and Proprietary
      Lease, securing the indebtedness of the Mortgagor under the related Mortgage
      Loan.

     

    “Mortgagor”:
      The
      obligor on a Mortgage Note.

     

    “Net
      Interest Shortfall”:
      With
      respect to any Distribution Date, the excess of the Interest Shortfall, if
      any,
      for such Distribution Date over the sum of (i) Interest Shortfalls paid by
      the
      Servicer under the Servicing Agreement with respect to such Distribution Date
      and (ii) Compensating Interest Payments made with respect to such Distribution
      Date.

     

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

     

    “Net
      Loan 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 Loan
      Rate for such Mortgage Loan minus
      the
      Expense Fee Rate. For purposes of determining whether any Qualified Substitute
      Mortgage Loan in Subgroup 1 is a Discount Mortgage Loan or a Non-Discount
      Mortgage Loan and for purposes of calculating the applicable PO Percentage
      and
      applicable Non-PO Percentage, each Qualified Substitute Mortgage Loan shall
      be
      deemed to have a Net Loan Rate equal to the Net Loan Rate of the Deleted
      Mortgage Loan for which it is substituted. 

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    “Net
      Realized Losses”:
      For
      any Class of Certificates and any Distribution Date, the excess of (i) the
      amount of Realized Losses previously allocated to that Class over (ii) the
      amount of any increases to the Class Principal Balance of that Class pursuant
      to
      Section 5.07 due to Recoveries.

     

    “Nonrecoverable”:
      A
      determination by the Servicer in respect of a delinquent Mortgage Loan that
      if
      it were to make an Advance or an advance of a delinquent Monthly Payment,
      respectively, in respect thereof, such amount would not be recoverable from
      any
      collections or other recoveries (including Liquidation Proceeds) on such
      Mortgage Loan.

     

    “Non-Discount
      Mortgage Loan”:
      With
      respect to any Mortgage Loan in Subgroup 1, each Mortgage Loan in such Loan
      Subgroup having a Net Loan Rate equal to or in excess of the Designated Rate
      for
      such Loan Subgroup. With respect to any Mortgage Loan in Subgroup 2 or Subgroup
      3, each Mortgage Loan in the applicable Subgroup. 

     

    “Non-PO
      Loan Subgroup Balance”:
      With
      respect to Subgroup 1 and any Distribution Date, the sum of (i) the aggregate
      of
      the Stated Principal Balances of the Non-Discount Mortgage Loans in Subgroup
      1
      as of the first day of the related Due Period and (ii) the aggregate of the
      Non-PO Portions of each Discount Mortgage Loan in Subgroup 1 as of the first
      day
      of the related Due Period.

     

    “Non-PO
      Percentage”:
      With
      respect to (1) any Discount Mortgage Loan in Subgroup 1, the fraction, expressed
      as a percentage, equal to the Net Loan Rate of such Mortgage Loan divided by
      the
      Designated Rate for Subgroup 1 and (2) any Mortgage Loan other than a Discount
      Mortgage loan in Subgroup 1 or any Mortgage Loan in Subgroup 2 or Subgroup
      3,
      100%.

     

    “Non-PO
      Portion”:
      With
      respect to any Discount Mortgage Loan, the product of the Stated Principal
      Balance of such Discount Mortgage Loan and the Non-PO Percentage for such
      Discount Mortgage Loan.

     

    “Non-PO
      Recoveries”:
      For
      each Distribution Date and each Loan Subgroup, the excess of (i) the amount
      of
      Recoveries for such Loan Subgroup for such Distribution Date over (ii) the
      amount of PO Recoveries for such Loan Subgroup for such Distribution
      Date.

     

    “Notional
      Certificate”:
      Any
      Class X or Class 3-A-2 Certificate.

     

    “Offered
      Certificates”:
      The
      Class 1-A-1, Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4, Class 2-A-5,
      Class 3-A-1, Class 3-A-2, Class B-1, Class B-2, Class B-3, Class B-4, Class
      PO,
      Class X and Class R Certificates. 

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

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

     

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

     

    “Original
      Applicable Credit Support Percentage”:
      With
      respect to each Class of Subordinate Certificates, the corresponding percentage
      set forth below opposite its Class designation:

     

    
      	
              Class
                B-1

            	
              7.00%

            
	
              Class
                B-2

            	
              4.15%

            
	
              Class
                B-3

            	
              3.00%

            
	
              Class
                B-4

            	
              2.00%

            
	
              Class
                B-5

            	
              1.25%

            
	
              Class
                B-6

            	
              0.75%

            
	
              Class
                B-7

            	
              0.35%

            

    

    

    “Original
      Class Notional Balance”:
      With
      respect to the Interest-Only Certificates, the corresponding aggregate Class
      Notional Balance set forth for each such Class in the Preliminary Statement.
      

     

    “Original
      Class Principal Balance”:
      With
      respect to each Class of Certificates, other than the Interest-Only Certificates
      and the Class LT-R Certificates, the corresponding aggregate amount set forth
      opposite the Class designation of such Class in the Preliminary
      Statement.

     

    “Original
      Subordinated Principal Balance”:
      The
      aggregate of the Original Class Principal Balances of the Classes of Subordinate
      Certificates.

     

    “Originator”:
      Wells
      Fargo or any other originator contemplated by Item 1110 (§ 229.1110) of
      Regulation AB.

     

    “OTS”:
      The
      Office of Thrift Supervision.

     

    “Outstanding
      Mortgage Loan”:
      As of
      any Due Date, a Mortgage Loan with a Stated Principal Balance greater than
      zero,
      that was not the subject of a prepayment in full prior to such Due Date and
      that
      did not become a Liquidated Mortgage Loan prior to such Due Date.

     

    “Overcollateralization
      Amount”:
      As to
      each Distribution Date and any Loan Subgroup, the excess of (i) the aggregate
      Non-PO Loan Subgroup Balance of that Loan Subgroup over (ii) the aggregate
      Class
      Principal Balance of the Senior Certificates (other than the Class PO
      Certificates) related to that Loan Subgroup.

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

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

     

    “Pass-Through
      Rate”:
      With
      respect to each Class of Certificates entitled to distributions of interest
      and
      any Distribution Date, the rate set forth or described in the Preliminary
      Statement.

     

    “Paying
      Agent”:
      Any
      paying agent appointed pursuant to Section 6.05 hereof, initially, the
      Trustee.

     

    “PCAOB”:
      The
      Public Company Accounting Oversight Board.

     

    “Percentage
      Interest”:
      With
      respect to any Certificate other than a Class R or Class LT-R Certificate,
      a
      fraction, expressed as a percentage, the numerator of which is the Original
      Class Principal Balance or Original Class Notional Balance, as applicable,
      represented by such Certificate and the denominator of which is the Original
      Class Principal Balance or Original Class Notional Balance, as applicable,
      of
      the related Class. With respect to the Class R and Class LT-R Certificates,
      100%.

     

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

     

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

     

    (ii) (A)
      demand and time deposits in, certificates of deposit of, bankers’ acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Trustee, or its agents 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 its ultimate parent has a short-term uninsured debt rating in the
      highest available rating categories of each Rating Agency and (B) any other
      demand or time deposit or deposit which is fully insured by the
      FDIC;

     

    (iii) repurchase
      obligations 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 or higher by each Rating Agency;

     

    (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, the District of
      Columbia or any State thereof and that are rated by each Rating Agency in its
      highest long-term unsecured rating categories at the time of such investment
      or
      contractual commitment providing for such investment;

     

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    (v) commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations) that is rated by each Rating Agency in its highest
      short-term unsecured debt rating available at the time of such
      investment;

     

    (vi) units
      of
      money market funds (which may be 12b-1 funds, as contemplated by the Commission
      under the Investment Company Act of 1940) registered under the Investment
      Company Act of 1940 including funds managed or advised by the Trustee or an
      Affiliate thereof having the highest applicable rating from each Rating Agency;
      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 each Rating Agency in writing as a permitted investment of funds
      backing securities having ratings equivalent to its highest initial ratings
      of
      the Senior Certificates;

     

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

     

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

     

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

     

    “Physical
      Certificates”:
      The
      Class P, Class R and Class LT-R Certificates.

     

    “PO
      Deferred Amount”:
      With
      respect to any Distribution Date prior to the Senior Credit Support Depletion
      Date, the sum of (1) the applicable PO Percentage of the principal portion
      of
      Realized Losses on each Discount Mortgage Loan in Subgroup 1 allocated to the
      Class PO Certificates on that date and (2) all amounts previously allocated
      to
      the Class PO Certificates in respect of those losses and not distributed to
      the
      Class PO Certificates on prior Distribution Dates. On or after the Senior Credit
      Support Depletion Date, the PO Deferred Amount shall be zero.

     

    “PO
      Percentage”:
      With
      respect to any Discount Loan, 100% minus the Non-PO Percentage for that Discount
      Mortgage Loan, and with respect to any Non-Discount Loan, 0%.

     

    “PO
      Principal Distribution Amount”:
      With
      respect to Subgroup 1 and any Distribution Date, the sum of (a) the
      applicable PO Percentage of each portion of scheduled payment of principal
      collected or advanced on the related Mortgage Loans by the Servicer in respect
      of the related Due Period, (b) the applicable PO Percentage of that portion
      of the Purchase Price, representing principal of any repurchased Mortgage Loan
      in that Loan Subgroup, deposited to the Distribution Account during the related
      Prepayment Period, (c) the applicable PO Percentage of the principal
      portion of any related Substitution Adjustments deposited in the Distribution
      Account during the related Prepayment Period, (d) the applicable PO
      Percentage of the principal portion of all Insurance Proceeds received during
      the related Prepayment Period with respect to Mortgage Loans in such Loan
      Subgroup that are not yet Liquidated Mortgage Loans, (e) the applicable PO
      Percentage of the principal portion of all Net Liquidation Proceeds received
      during the related Prepayment Period with respect to Liquidated Mortgage Loans
      in such Loan Subgroup, (f) the applicable PO Percentage of all Principal
      Prepayments in part or in full on Mortgage Loans in such Loan Subgroup applied
      by the Servicer during the related Prepayment Period, (g) the applicable PO
      Percentage of all Recoveries related to such Loan Subgroup received during
      the
      calendar month preceding the month of that Distribution Date and (h) on the
      Distribution Date on which the Trust Fund is to be terminated pursuant to
      Section 10.01 hereof, the applicable PO Percentage of that portion of the
      Termination Price in respect of principal for such Loan Subgroup.

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    “PO
      Recovery”:
      With
      respect to Recoveries on Discount Mortgage Loans, any Distribution Date and
      the
      Class PO Certificates, an amount equal to the lesser of (a) the PO Percentage
      of
      each Recovery on each Discount Mortgage Loan in Subgroup 1 and (b) the PO
      Deferred Amount for that Distribution Date.

     

    “Pool
      Balance”:
      With
      respect to any Distribution Date, the aggregate of the Stated Principal
      Balances, as of the first day of the related Due Period, of the Mortgage Loans
      that were Outstanding Mortgage Loans on that day.

     

    “Premium
      Proceeds”:
      The
      amount by which the Termination Price paid in connection with the termination
      pursuant to Section 10.01 hereof exceeds the sum of (i) accrued and unpaid
      interest and unpaid principal on the Certificates, (ii) any unreimbursed
      Servicing Advances and Advances and any unpaid Servicing Fees and (iii) all
      amounts, if any, then due and owing to the Trustee under this
      Agreement.

     

    “Prepayment
      Penalty Amount”:
      With
      respect to any Mortgage Loan and each Distribution Date, all premiums or
      charges, if any, paid by Mortgagors under the related Mortgage Notes as a result
      of full or partial Principal Prepayments collected and deposited into the
      Distribution Account during the immediately preceding Prepayment Period under
      the terms of the Servicing Agreement for distribution to the Holders of the
      Class P Certificates.

     

    “Prepayment
      Period”:
      With
      respect to any Distribution Date the calendar month preceding the month in
      which
      such Distribution Date occurs.

     

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

     

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    “Principal
      Deficiency Amount”:
      For
      any Distribution Date and for any Undercollateralized Group, the excess, if
      any,
      of the aggregate Class Principal Balance of the Senior Certificates (other
      than
      the Class PO Certificates) related to such Undercollateralized Group immediately
      prior to such Distribution Date over the Non-PO Loan Subgroup Balance of such
      Loan Subgroup immediately prior to such Distribution Date.

     

    “Principal
      Distribution Amount”:
      With
      respect to each Loan Subgroup and any Distribution Date, the sum of (a) the
      applicable Non-PO Percentage of each portion of scheduled payment of principal
      collected or advanced on the related Mortgage Loans by the related Servicer
      in
      respect of the related Due Period, (b) the applicable Non-PO Percentage of
      portion of the Purchase Price, representing principal of any repurchased
      Mortgage Loan in that Loan Subgroup, deposited to the Distribution Account
      during the related Prepayment Period, (c) the applicable Non-PO Percentage
      of the principal portion of any related Substitution Adjustments with respect
      to
      that Loan Subgroup deposited in the Distribution Account during the related
      Prepayment Period, (d) the applicable Non-PO Percentage of the principal
      portion of all Insurance Proceeds received during the related Prepayment Period
      with respect to Mortgage Loans in that Loan Subgroup that are not yet Liquidated
      Mortgage Loans, (e) the applicable Non-PO Percentage of the principal
      portion of all Net Liquidation Proceeds received during the related Prepayment
      Period with respect to Liquidated Mortgage Loans in that Loan Subgroup,
      (f) the applicable Non-PO Percentage of Principal Prepayments in part or in
      full on Mortgage Loans in that Loan Subgroup applied by the related Servicer
      during the related Prepayment Period, (g) the applicable Non-PO Percentage
      of
      all Recoveries related to that Loan Subgroup received during the Prepayment
      Period and (h) on the Distribution Date on which the Trust Fund is to be
      terminated pursuant to Section 10.01 hereof, the applicable Non-PO Percentage
      of
      the portion of the Termination Price in respect of principal for that Loan
      Subgroup.

     

    “Principal
      Prepayment”:
      Any
      payment of principal made by the Mortgagor on a Mortgage Loan that is received
      in advance of its scheduled Due Date and that 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.

     

    “Private
      Certificates”:
      The
      Class B-5, Class B-6, Class B-7, Class P and Class LT-R
      Certificates.

     

    “Private
      Placement Memorandum”:
      The
      Private Placement Memorandum dated January 30, 2007 relating to the initial
      sale
      of the Class B-5, Class B-6 and Class B-7 Certificates.

     

    “Privately-Offered
      B Certificates”:
      The
      Class B-5, Class B-6 and Class B-7 Certificates.

     

    “Pro
      Rata Share”:
      With
      respect to any Distribution Date and any Class of Subordinate Certificates,
      the
      portion of the Subordinate Principal Distribution Amount allocable to such
      Class, equal to the product of the (a) Subordinate Principal Distribution Amount
      on such date and (b) a fraction, the numerator of which is the related Class
      Principal Balance of that Class and the denominator of which is the aggregate
      of
      the Class Principal Balances of all the Classes of Subordinate
      Certificates.

     

    
      
         

      

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

     

    “Prospectus”:
      The
      Prospectus Supplement, together with the accompanying prospectus dated January
      30, 2007.

     

    “Prospectus
      Supplement”:
      The
      Prospectus Supplement dated January 30, 2007, relating to the Senior
      Certificates and the Class B-1, Class B-2, Class B-3 and Class B-4
      Certificates.

     

    “Purchase
      Agreement”:
      The
Servicing
      Agreement, as the same may be amended from time to time, and any assignments
      and
      conveyances related to the Mortgage Loans.

     

    “Purchase
      Price”:
      With
      respect to any Mortgage Loan or REO Property to be purchased pursuant to or
      as
      contemplated by Section 2.03 hereof, and as confirmed by an Officers’
Certificate from the Seller to the Trustee, an amount equal to the sum of
      (i) 100% of the Principal Balance thereof as of the date of purchase (or
      such other price as provided in Section 10.01), plus (ii) in the case of
      (x) a Mortgage Loan, accrued interest on such Principal Balance at the
      applicable Loan Rate (or if the Servicer is repurchasing such Mortgage Loan,
      the
      Loan Rate minus
      the
      Servicing Fee Rate) from the Due Date as to which interest was last covered
      by a
      payment by the Mortgagor 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 Principal Balance at the applicable Loan Rate
      (or if the Servicer is repurchasing such Mortgage Loan, the Loan Rate
minus
      the
      Servicing Fee Rate) from the Due Date as to which interest was last covered
      by a
      payment by the Mortgagor 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
      and Liquidation Proceeds that as of the date of purchase had been distributed
      as
      or to cover REO Imputed Interest, plus (iii) any unreimbursed Servicing
      Advances and any unpaid Expense Fees allocable to such Mortgage Loan or REO
      Property, plus (iv) in the case of a Mortgage Loan required to be purchased
      pursuant to Section 2.03 hereof, expenses reasonably incurred or to be incurred
      by the Trustee in respect of the breach or defect giving rise to the purchase
      obligation and plus (v) any costs and damages incurred by the Trust Fund in
      connection with any violation by such Mortgage Loan of any predatory- or
      abusive-lending laws.

     

    “Qualified
      Institutional Buyer”:
      As
      defined in Rule 144A of the Securities Act. 

     

    “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, and not more than 5% less than, the Principal Balance of the Deleted
      Mortgage Loan as of the Due Date in the calendar month during which the
      substitution occurs, (ii) have a remaining term to maturity not greater than
      (and not more than one year less than) that of the Deleted Mortgage Loan, (iii)
      be current as of the date of substitution, (iv) have a Loan-to-Value Ratio
      as of
      the date of substitution equal to or lower than the Loan-to-Value Ratio of
      the
      Deleted Mortgage Loan as of such date, (v) have been underwritten or
      re-underwritten in accordance with the same or substantially similar
      underwriting criteria and guidelines as the Deleted Mortgage Loan, (vi) is
      of
      the same or better credit quality as the Deleted Mortgage Loan, (vii) conform
      to
      each representation and warranty set forth in Section 2.04 hereof applicable
      to
      the Deleted Mortgage Loan and (viii) have a Loan Rate not less than the Loan
      Rate of 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 terms described in clause (ii) hereof shall be determined on
      the
      basis of weighted average remaining term to maturity and the Loan-to-Value
      Ratio
      described in clause (iv) 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 (vii) hereof must be
      satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate,
      as
      the case may be. Any Mortgage Loan substituted for a Discount Mortgage Loan
      shall for all purposes of this Agreement be treated as having the same interest
      rate as the Mortgage Loan it replaced, except that any excess interest shall
      be
      paid to the Class X Certificates.

     

    
      
         

      

      
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    “Rating
      Agency”:
      Each
      of Fitch, S&P and Moody’s. If any rating agency or its successor shall no
      longer be in existence, “Rating Agency” shall include such nationally recognized
      statistical rating agency, or other comparable Person or Persons, as shall
      have
      been designated by the Depositor, notice of which designation shall be given
      to
      the Trustee.

     

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

     

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

     

    “Reconstitution
      Agreement”:
      The
      reconstituted servicing agreement dated as of January 1, 2007 among the Seller
      and Wells Fargo and acknowledged by the Trustee.

     

    “Record
      Date”:
      With
      respect to each Distribution Date and the LIBOR Certificates, the Business
      Day
      preceding such Distribution Date. With respect to each Distribution Date and
      any
      Certificates that are not LIBOR Certificates, the last Business Day of the
      month
      immediately preceding the month in which such Distribution Date occurs.
With
      respect to the initial Distribution Date, the Closing Date. 

     

    “Recovery”:
      With
      respect to any Distribution Date and a Mortgage Loan that became a Liquidated
      Mortgage Loan in the month preceding the month prior to that Distribution Date
      and with respect to which the related Realized Loss was allocated to one or
      more
      Classes of Certificates, an amount received in respect of such Liquidated
      Mortgage Loan during the prior calendar month, net of any reimbursable
      expenses.

     

    
      
         

      

      
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    “Reference
      Bank”
A
      leading bank engaged in transactions in Eurodollar deposits in the international
      Eurocurrency market, which shall not control, be controlled by, or be under
      common control with, the Trustee and shall have an established place of business
      in London. Until all of the LIBOR Certificates are paid in full, the Trustee
      will at all times retain at least four Reference Banks for the purpose of
      determining LIBOR with respect to each LIBOR Determination Date. The Trustee
      initially shall designate the Reference Banks (after consultation with the
      Depositor). If any such Reference Bank should be unwilling or unable to act
      as
      such or if the Trustee should terminate its appointment as Reference Bank,
      the
      Trustee shall promptly appoint or cause to be appointed another Reference Bank
      (after consultation with the Depositor). The Trustee shall have no liability
      or
      responsibility to any Person for (i) the selection of any Reference Bank
      for purposes of determining LIBOR or (ii) any inability to retain at least
      four Reference Banks which is caused by circumstances beyond its reasonable
      control.

     

    “Refinancing
      Mortgage Loan”:
      Any
      Mortgage Loan originated in connection with the refinancing of an existing
      mortgage loan.

     

    “Regular
      Certificate”:
      Any
      Class 1-A-1, Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4, Class 2-A-5,
      Class 3-A-1, Class 3-A-2, Class X, Class PO, Class B-1, Class B-2, Class B-3,
      Class B-4, Class B-5, Class B-6, Class B-7 or Class P Certificate.

     

    “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 clarifications and interpretations as have been provided by the Commission
      in the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may be provided by the Commission or its staff from time
      to
      time.

     

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

     

    “Regulation
      S Global Security”:
      The
      meaning specified in Section 6.01.

     

    “Relevant
      Servicing Criteria”:
      The
      Servicing Criteria applicable to each party, as set forth on Exhibit Q attached
      hereto. Multiple parties can have responsibility for the same Relevant Servicing
      Criteria. With respect to a Servicing Function Participant engaged by the
      Trustee, the Custodian 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 any similar state or local
      law.

     

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

     

    
      
         

      

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

     

    “REMIC
      Opinion”:
      An
      Independent Opinion of Counsel, to the effect that the proposed action described
      therein would not cause an Adverse REMIC Event.

     

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

     

    “Remittance
      Report”:
      The
      Servicer’s Remittance Report to the Trustee pursuant to the Servicing Agreement
      providing information with respect to each Mortgage Loan which is provided
      no
      later than the Servicer Remittance Date of each month and which shall contain
      such information as may be agreed upon by the Trustee and which shall be
      sufficient to enable the Trustee to prepare the related Distribution Date
      Statement.

     

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

     

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

     

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

     

    “REO
      Imputed Interest”:
      With
      respect to any REO Property, for any calendar month during which such REO
      Property was at any time part of the Trust Fund, one month’s interest at the
      applicable Net Loan Rate for such REO Property on the 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 Due 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 hereof that is allocable to such REO Property) or
      otherwise, net of any portion of such amounts (i) payable pursuant to the
      applicable provisions of the Servicing Agreement in respect of the proper
      operation, management and maintenance of such REO Property or (ii) payable
      or
      reimbursable to the Servicer pursuant to the applicable provisions of the
      Servicing Agreement for unpaid Servicing Fees in respect of the related Mortgage
      Loan and unreimbursed Servicing Advances and Advances in respect of such REO
      Property or the related Mortgage Loan, over (b) the REO Imputed Interest in
      respect of such REO Property for such calendar month.

     

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    “REO
      Property”:
      A
      Mortgaged Property acquired by the Servicer on behalf of the Trust Fund through
      foreclosure or deed-in-lieu of foreclosure in accordance with the applicable
      provisions of the Servicing Agreement.

     

    “Reportable
      Event”:
      As
      defined in Section 3.19(c).

     

    “Repurchase
      Price”:
      As
      defined in the related Purchase Agreement.

     

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

     

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

     

    “Residual
      Certificate”:
      Each
      of the Class R and Class LT-R Certificates.

     

    “Responsible
      Officer”:
      When
      used with respect to the Trustee, any director, any vice president, any
      assistant vice president, any associate assigned to the Corporate Trust Office
      (or similar group) or any other officer of the Trustee customarily performing
      functions similar to those performed by any of the above designated officers
      and, with respect to a particular matter, to whom such matter is referred
      because of such officer’s knowledge of and familiarity with the particular
      subject.

     

    “Restricted
      Classes”:
      As
      defined in Section 5.01(d).

     

    “Restricted
      Global Security”:
      As
      defined in Section 6.01.

     

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

     

    “Sarbanes-Oxley
      Certification”:
      A
      written certification signed by an officer of the Depositor 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 Securities and Exchange 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 Depositor, materially
      more onerous than the form of the required certification as of the Closing
      Date,
      the Sarbanes-Oxley Certification shall be as agreed to by the Depositor and
      the
      Seller following a negotiation in good faith to determine how to comply with
      any
      such new requirements.

     

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

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

     

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

     

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

     

    “Seller”:
      GCFP,
      in its capacity as seller under this Agreement.

     

    “Senior
      Certificate”:
      Any of
      the Class 1-A-1, Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4, Class
      2-A-5, Class 3-A-1, Class 3-A-2, Class PO, Class X and Class R
      Certificates.

     

    “Senior
      Certificate Group”:
      Any of
      (a) the Class 1-A-1 and Class PO Certificates with respect to Subgroup 1, (b)
      the Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4, Class 2-A-5 and Class
      R
      Certificates with respect to Subgroup 2 and (c) the Class 3-A-1, Class 3-A-2
      and
      Class X Certificates with respect to Subgroup 3.

     

    “Senior
      Certificateholder”:
      Any
      Holder of a Senior Certificate.

     

    “Senior
      Credit Support Depletion Date”:
      The
      date
      on which the Class Principal Balance of each Class of Subordinate Certificates
      has been reduced to zero.

     

    “Senior
      Percentage”:
      With
      respect to each Loan Subgroup and any Distribution Date, the percentage
      equivalent of a fraction (which shall not be greater than 100%), the numerator
      of which is the aggregate Class Principal Balances of the Classes of Senior
      Certificates (other than the Class PO Certificates) relating to that Loan
      Subgroup immediately prior to such Distribution Date and the denominator of
      which is the Non-PO Loan Subgroup Balance in the related Loan Subgroup for
      such
      Distribution Date; provided,
      however,
      that on
      any Distribution Date after a Senior Termination Date has occurred with respect
      to the Senior Certificates related to a Loan Subgroup, the Senior Percentage
      for
      the related Loan Subgroup will be equal to 0% and; provided,
      further, that
      on
      any Distribution Date after a Senior Termination Date has occurred with respect
      to the Senior Certificates related to two Loan Subgroups, the Senior Percentage
      of the Loan Subgroup related to the remaining Senior Certificates (other than
      the Class PO Certificates) is the percentage equivalent of a fraction, the
      numerator of which is the aggregate Class Principal Balances of the remaining
      Class or Classes of Senior Certificates (other than the Class PO Certificates)
      immediately prior to such date and the denominator of which is the aggregate
      Class Principal Balances of all Classes of Certificates (other than the Class
      PO
      Certificates) immediately prior to such date.

     

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

    “Senior
      Prepayment Percentage”:
      With
      respect to each Loan Subgroup and any Distribution Date before the Distribution
      Date in February 2012, 100%. Except as provided herein, the Senior Prepayment
      Percentage for each Loan Subgroup for any Distribution Date occurring on or
      after the tenth anniversary of the first Distribution Date will be as follows:
      (i) from February 2012 through January 2013, the related Senior Percentage
      plus 70% of the related Subordinate Percentage for that Distribution Date;
      (ii) from February 2013 through
      January 2014, the related Senior Percentage plus 60% of the related Subordinate
      Percentage for that Distribution Date; (iii) from February 2014 through
      January 2015, the related Senior Percentage plus 40% of the related Subordinate
      Percentage for that Distribution Date; (iv) from February 2015 through
      January 2016, the related Senior Percentage plus 20% of the related Subordinate
      Percentage for that Distribution Date; and (v) from and after February
      2016, the related Senior Percentage for that Distribution Date; provided,
      however, that
      there shall be no reduction in the Senior Prepayment Percentage for any Loan
      Subgroup unless the Step Down Conditions are satisfied on that Distribution
      Date; and provided,
      further,
      that if
      on any Distribution Date occurring on or after the Distribution Date in February
      2012, the Senior Percentage for any Loan Subgroup exceeds the initial Senior
      Percentage for such Loan Subgroup, the related Senior Prepayment Percentage
      for
      that Distribution Date will again equal 100%.

     

    “Senior
      Principal Distribution Amount”:
      With
      respect to each Loan Subgroup and any Distribution Date, the sum of:

     

    (1) the
      related Senior Percentage of all amounts described in clauses (a) through (d)
      and clause (h) of the definition of “Principal Distribution Amount” with respect
      to such Loan Subgroup for that Distribution Date; plus

     

    (2) with
      respect to each Mortgage Loan in that Loan Subgroup which became a Liquidated
      Mortgage Loan during the related Prepayment Period, the lesser of

     

    
      	 	
              (x)

            	
              the
                Non-PO Percentage of the related Senior Percentage of the portion
                of
                Stated Principal Balance of that Mortgage Loan;
                and

            

    

     

    
      	 	
              (y)

            	
              the
                Non-PO Percentage of the related Senior Prepayment Percentage of
                the
                amount of the portion of Net Liquidation Proceeds allocable to principal
                received with respect to that Mortgage Loan; plus 

            

    

     

    (3) the
      related Senior Prepayment Percentage of the amounts described in clauses (f)
      and
      (g) of the definition of “Principal Distribution Amount” with respect to such
      Loan Subgroup and for such Distribution Date.

     

    “Senior
      Termination Date”:
      For
      each Senior Certificate Group, the Distribution Date on which the aggregate
      Class Principal Balance of the related Senior Certificates is reduced to
      zero.

     

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

    “Servicer”:
      Wells
      Fargo Bank, N.A., as primary servicer of the Mortgage Loans as set forth and
      as
      individually defined in the Mortgage Loan Schedule hereto and any successors
      thereto.

     

    “Servicer
      Remittance Date”:
      With
      respect to each Mortgage Loan, the 18th
      day of
      each month, or if such 18th
      day is
      not a Business Day, the succeding Business Day.

     

    “Servicing
      Account”:
      Any
      account established and maintained by the Servicer with respect to the related
      Mortgage Loans and any REO Property, pursuant to the terms of the Servicing
      Agreement.

     

    “Servicing
      Advances”:
      With
      respect to the Servicer (including the Trustee in its capacity as successor
      Servicer), all customary, reasonable and necessary “out of pocket” costs and
      expenses (including reasonable attorneys’ fees and expenses) incurred by the
      Servicer (including the Trustee in its capacity as successor Servicer) in the
      performance of its servicing obligations under the Servicing Agreement,
      including, but not limited to, the cost of (i) the preservation, restoration,
      inspection and protection of the Mortgaged Property, (ii) any enforcement or
      judicial proceedings, including foreclosures, (iii) the management and
      liquidation of the REO Property and (iv) compliance with the obligations under
      Article III hereof or the Servicing Agreement.

     

    “Servicing
      Agreement”:
      The
Seller’s
      Warranties and Servicing Agreement (WFHM 2006-W109) dated as of December 1,
      2006,
      between
      GCFP, as purchaser, and Wells Fargo, as seller, as reconstituted by the
      Reconstitution Agreement, as the same may be amended from time to
      time.

     

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

     

    “Servicing
      Fee”:
      With
      respect to the Servicer and each Mortgage Loan and for any calendar month,
      the
      fee payable to the Servicer determined pursuant to the Servicing
      Agreement.

     

    “Servicing
      Fee Rate”:
      With
      respect to each Mortgage Loan, the per annum rate of 0.250%.

     

    “Servicing
      Function Participant”:
      Any
      Subservicer or Subcontractor of the Servicer, the Custodian and the Trustee,
      respectively.

     

    “Servicing
      Officer”: Any
      officer of the Servicer or any Subservicer 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 to the Trustee,
      the
      Custodian and the Depositor on the Closing Date, as such list may from time
      to
      time be amended.

     

    “Sponsor”:
      Greenwich Capital Financial Products, Inc., in its capacity as sponsor under
      this Agreement.

     

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

     

    
      
         

      

      
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    “Stated
      Principal Balance”:
      With
      respect to any Mortgage Loan: (a) as of the Distribution Date in February 2007,
      the Cut-off Date Principal Balance of such Mortgage Loan,  (b) thereafter
      as of any date of determination up to and including the Distribution Date on
      which the proceeds, if any, of a Liquidation Event with respect to such Mortgage
      Loan would be distributed, the Cut-off Date Principal Balance of such Mortgage
      Loan minus,
      in the
      case of each Mortgage Loan, the sum of (i) the principal portion of each
      Monthly Payment due on a Due Date subsequent to the Cut-off Date, whether or
      not
      received, (ii) all Principal Prepayments received after the Cut-off Date,
      to the extent distributed pursuant to Section 5.01 before such date of
      determination and (iii) all Liquidation Proceeds and Insurance Proceeds
      applied by the Servicer as recoveries of principal in accordance with the
      applicable provisions of the Servicing Agreement, to the extent distributed
      pursuant to Section 5.01 before such date of determination; and (c) as of
      any date of determination 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; provided
      that
      such
      Stated Principal Balance shall be increased by the amount of any Deferred
      Interest added to the outstanding Principal Balance of such Mortgage Loan
      pursuant to the terms of the related Mortgage Note. With respect to any REO
      Property: (x) as of any date of determination up to and including the
      Distribution Date on which the proceeds, if any, of a Liquidation Event with
      respect to such REO Property would be distributed, an amount (not less than
      zero) equal to the Stated Principal Balance of the related Mortgage Loan as
      of
      the date on which such REO Property was acquired on behalf of the Trust Fund,
      minus the aggregate amount of REO Principal Amortization in respect of such
      REO
      Property for all previously ended calendar months, to the extent distributed
      pursuant to Section 5.01 before such date of determination; and (y) as
      of any date of determination 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

     

    “Step
      Down Conditions”:
      With
      respect to any Distribution Date on which any decrease in any Senior Prepayment
      Percentage may apply and each Loan Subgroup, (i) the outstanding Principal
      Balance of all Mortgage Loans in such Loan Subgroup 60 days or more Delinquent
      (including related Mortgage Loans in REO and foreclosure) (averaged over the
      preceding six month period), as a percentage of the aggregate of the Class
      Principal Balances of the Classes of Subordinate Certificates related to such
      Loan Subgroup on such Distribution Date, does not equal or exceed 50% and
      (ii) cumulative Realized Losses with respect to all of the Mortgage Loans
      in such Loan Subgroup do not exceed:

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the fifth anniversary until the
                sixth
                anniversary of the first Distribution Date, 30% of the aggregate
                Class
                Principal Balance of the related Subordinate Certificates as of the
                Closing Date,

            

    

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the sixth anniversary until the
                seventh
                anniversary of the first Distribution Date, 35% of the aggregate
                Class
                Principal Balance of the related Subordinate Certificates as of the
                Closing Date,

            

    

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the seventh anniversary until the
                eighth
                anniversary of the first Distribution Date, 40% of the aggregate
                Class
                Principal Balance of the related Subordinate Certificates as of the
                Closing Date,

            

    

     

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the eighth anniversary until the
                ninth
                anniversary of the first Distribution Date, 45% of the aggregate
                Class
                Principal Balance of the related Subordinate Certificates as of the
                Closing Date, and

            

    

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the ninth anniversary of the first
                Distribution Date, 50% of the aggregate Class Principal Balance of
                the
                related Subordinate Certificates as of the Closing
                Date.

            

    

     

    “Stripped
      Interest Rate”:
      For
      any Subgroup 3 Mortgage Loan, the excess, if any, of the net loan rate of such
      Mortgage Loan over the Designated Rate for such Loan Subgroup.

     

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

     

    “Subgroup
      1”:
      As of
      the Cut-off Date, consists of (a) 100% of the principal balance of each Mortgage
      Loan with a Net Mortgage Rate equal to or less than 6.00% per annum,
      and

     

    (b)
      a
      portion of each Mortgage Loan with a Net Mortgage Rate greater than 6.00% per
      annum and equal to or less than 6.25% per annum, equal to:

     

    
      	
              The
                Stated Principal Balance of such Mortgage Loan

            	
              x 

            	
              (

            	
              6.25%
                - Net Mortgage Rate

            	
              )

            
	
              0.25%

            

    

    

    “Subgroup
      1 Certificates”:
      The
      Class 1-A-1 and Class PO Certificates.

     

    “Subgroup
      2”:
      As of
      the Cut-off Date, consists of (a) a portion of each Mortgage Loan with a Net
      Mortgage Rate greater than 6.00% per annum and equal to or less than 6.25%
      per
      annum, equal to:

     

    
      	
              The
                Stated Principal Balance of such Mortgage Loan

            	
              x 

            	
              1-

            	
              (

            	
              6.25%
                - Net Mortgage Rate

            	
              )

            
	
              0.25%

            

    

    

    and

     

    (b)
      a
      portion of each Mortgage Loan with a Net Mortgage Rate greater than 6.25% per
      annum and equal to or less than 7.00% per annum, equal to:

     

    
      	
              The
                Stated Principal Balance of such Mortgage Loan

            	
              x 

            	
              (

            	
              7.00%
                - Net Mortgage Rate

            	
              )

            
	
              0.75%

            

    

    

    “Subgroup
      2 Certificates”:
      The
      Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4, Class 2-A-5 and Class R
      Certificates.

     

    
      
         

      

      
        36

        
          

        

      

      
         

      

    

    “Subgroup
      2 Priority Percentage:”
With
      respect to any Distribution Date, (a) the aggregate Class Principal Balance
      of
      the Class 2-A-4 and Class 2-A-5 Certificates, divided by (b) the aggregate
      Class
      Principal Balance of the Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4
      and
      Class 2-A-5 Certificates, in each case immediately prior to any allocations
      of
      Realized Losses or distributions on that Distribution Date. The Subgroup 2
      Priority Percentage as of the Closing Date will be 12.90%.

     

    “Subgroup
      2 Prepayment Shift Percentage:”
For
      any Distribution Date, the percentage indicated below:

     

    
      	
              Distribution
                Date Occurring in:

            	 	
              Subgroup
                2 Prepayment Shift Percentage:

            	 
	 	 	 	 
	
              February
                2007 through January 2012

            	 	 	
              0

            	
              %

            
	
              February
                2012 through January 2013

            	 	 	
              30

            	
              %

            
	
              February
                2013 through January 2014

            	 	 	
              40

            	
              %

            
	
              February
                2014 through January 2015

            	 	 	
              60

            	
              %

            
	
              February
                2015 through January 2016

            	 	 	
              80

            	
              %

            
	
              February
                2016 and thereafter

            	 	 	
              100

            	
              %

            

    

     

    “Subgroup
      2 Priority Amount:”
For
      any Distribution Date, the sum of (i) the product of (a) the aggregate of each
      of the amounts referred to in clauses (a) through (d) and clause (h) of the
      definition of “Principal Distribution Amount” with respect to Subgroup 2 for
      that Distribution Date, multiplied by (b) the Senior Percentage for Subgroup
      2
      for such Distribution Date, multiplied by (c) the Subgroup 2 Shift Percentage
      and multiplied by (d) the Subgroup 2 Priority Percentage and (ii) the product
      of
      (a) the aggregate of each of the amounts referred to in clauses (a) through
      (d)
      and clause (h) of the definition of “Principal Distribution Amount” with respect
      to Subgroup 2 for that Distribution Date, multiplied by (b) the Senior
      Prepayment Percentage for Subgroup 2 for such Distribution Date, multiplied
      by
      (c)the Subgroup 2 Prepayment Shift Percentage and multiplied by (d) the Subgroup
      2 Priority Percentage. 

     

    “Subgroup
      2 Shift Percentage:”
For
      any Distribution Date up to but not including the Distribution Date in February
      2012, 0%, and for any Distribution Date on and after the Distribution Date
      in
      February 2012, 100%.

     

    “Subgroup
      3”:
      As of
      the Cut-off Date, consists of (a) a portion of each Mortgage Loan with a Net
      Mortgage Rate greater than 6.25% per annum and equal to or less than 7.00%
      per
      annum, equal to:

     

    
      	
              The
                Stated Principal Balance of such Mortgage Loan

            	
              x 

            	
              1-

            	
              (

            	
              7.00%
                - Net Mortgage Rate

            	
              )

            
	
              0.75%

            

    

    

    and

     

    (b)
      100%
      of the principal balance of each Mortgage Loan with a Net Mortgage Rate greater
      than 7.00% per annum.

     

    
      
         

      

      
        37

        
          

        

      

      
         

      

    

    “Subgroup
      3 Certificates”:
      The
      Class 3-A-1, Class 3-A-2 and Class X Certificates.

     

    “Subordinate
      Certificate”:
      Any of
      the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6 or Class
      B-7 Certificates.

    

    “Subordinate
      Class Expense Share”:
      For
      each Class of Subordinate Certificates and each Accrual Period, the Subordinate
      Class Expense Share shall be allocated in reverse order of their respective
      numerical Class designations (beginning with the Class of Subordinate
      Certificates with the highest numerical Class designation) and will be an amount
      equal to (i) the sum of, without duplication, (a) the amounts paid to the
      Trustee from the Trust Fund during such Accrual Period pursuant to Section
      8.05
      hereof to the extent such amounts were paid for ordinary or routine expenses
      and
      were not taken into account in computing the Net Loan Rate of any Mortgage
      Loan
      and (b) amounts described in clause (y) of the definition of Available Funds
      herein to the extent such amounts were paid for ordinary or routine expenses
      and
      were not taken into account in computing the Net Mortgage Rate of any Mortgage
      Loan minus
      (ii)
      amounts taken into account under clause (i) of this definition in determining
      the Subordinate Class Expense Share of any Class of Subordinate Certificates
      having a higher numeric designation. In no event, however, shall the Subordinate
      Class Expense Share for any Class of Subordinate Certificates and any Accrual
      Period exceed the product of (i) (a) the lesser of the Pass-Through Rate for
      such Class or the applicable Adjusted Cap Rate, divided
      by
      (b) 12
      and (ii) the Class Certificate Principal Amount of such Class of Subordinate
      Certificates as of the beginning of the related Accrual Period.

     

    “Subordinate
      Component”:
      With
      respect to each Loan Subgroup and any Distribution Date, the excess of the
      related Non-PO Loan Subgroup Balance for such Distribution Date over the
      aggregate Class Principal Balance of the related Senior Certificate Group (other
      than the Class PO Certificates) immediately preceding such Distribution Date.
      The designation “1,” “2” and “3” appearing after the corresponding Loan Subgroup
      designation is used to indicate a Subordinate Component allocable to Subgroup
      1,
      Subgroup 2 and Subgroup 3, respectively.

     

    “Subordinate
      Percentage”:
      With
      respect to each Loan Subgroup and any Distribution Date, the difference between
      100% and the related Senior Percentage for such Loan Subgroup on such
      Distribution Date; provided,
      however,
      that on
      any Distribution Date occurring after a Senior Termination Date has occurred
      with respect to the Senior Certificates related to two Loan Subgroups, the
      Subordinate Percentage will represent the entire interest of the Subordinate
      Certificates in the Mortgage Loans and will equal the difference between 100%
      and the related Senior Percentage for such Distribution Date.

    

    
      
         

      

      
        38

        
          

        

      

      
         

      

    

    “Subordinate
      Prepayment Percentage”:
      With
      respect to each Loan Subgroup and any Distribution Date, the difference between
      100% and the related Senior Prepayment Percentage for such Distribution
      Date.

     

    “Subordinate
      Principal Distribution Amount”:
      With
      respect to each Loan Subgroup and any Distribution Date, an amount equal to
      the
      sum of:

     

    (1) the
      related Subordinate Percentage of all amounts described in clauses (a) through
      (d) and clause (h) of the definition of “Principal Distribution Amount” for that
      Loan Subgroup and Distribution Date;

     

    (2) with
      respect to each Mortgage Loan in such Loan Subgroup that became a Liquidated
      Mortgage Loan during the related Prepayment Period, the applicable Non-PO
      Percentage of the amount of the Net Liquidation Proceeds allocable to principal
      received with respect thereto remaining after application thereof pursuant
      to
      clause (2) of the definition of “Senior Principal Distribution Amount” for such
      Loan Subgroup and Distribution Date, up to the applicable Non-PO Percentage
      of
      the related Subordinate Percentage of the Stated Principal Balance of such
      Mortgage Loan; and

     

    (3) the
      related Subordinated Prepayment Percentage of all amounts described in clause
      (f) and (g) of the definition of “Principal Distribution Amount” for such Loan
      Subgroup and Distribution Date;

     

    provided,
      however,
      that on
      any Distribution Date occurring after a Senior Termination Date has occurred
      with respect to the Senior Certificates (other than the Class PO Certificates)
      related to two Loan Subgroups, the Subordinate Principal Distribution Amount
      will not be calculated by that Loan Subgroup but will equal the amount
      calculated pursuant to the formula set forth above based on the Subordinate
      Percentage or Subordinate Prepayment Percentage, as applicable, for such
      Distribution Date with respect to all the Non-Discount Mortgage Loans rather
      than the Non-Discount Mortgage Loans in the related Loan Subgroup.

     

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

     

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

     

    “Tax
      Returns”:
      The
      federal income tax return on Internal Revenue Service Form 1066, U.S. Real
      Estate Mortgage Investment Conduit Income Tax Return, including Schedule Q
      thereto, Quarterly Notice to Residual Interest Holders of the REMIC Taxable
      Income or Net Loss Allocation, or any successor forms, to be filed on behalf
      of
      each of the REMICs created hereunder 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.

     

    “Telerate
      Page 3750”:
      The
      display currently so designated as “Page 3750” on the Bridge Telerate Service
      (or such other page selected by the Trustee as may replace Page 3750 on that
      service for the purpose of displaying daily comparable rates on
      prices).

     

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

     

    
      
         

      

      
        39

        
          

        

      

      
         

      

    

    “Transfer”:
      Any
      direct or indirect transfer or sale of any Ownership Interest in a Residual
      Certificate.

     

    “Transfer
      Affidavit”:
      As
      defined in Section 6.02(e)(ii) hereof.

     

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

     

    “Trust
      Fund”:
      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, such Trust Fund consisting of: (i) such Mortgage Loans as
      from time to time are subject to this Agreement, together with the Mortgage
      Files relating thereto, and together with all collections thereon and proceeds
      thereof, (ii) any REO Property, together with all collections thereon and
      proceeds thereof, (iii) the Trustee’s rights with respect to the Mortgage
      Loans under all insurance policies required to be maintained pursuant to this
      Agreement and any proceeds thereof, (iv) the Depositor’s rights under the
      Mortgage Loan Purchase Agreement (including any security interest created
      thereby); (v) the Distribution Account (subject to the last sentence of
      this definition), 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; (vi) all right, title and
      interest of the Seller in and to the Servicing Agreement and (vii) all
      proceeds of the foregoing. Notwithstanding the foregoing, however, the Trust
      Fund specifically excludes (1) all payments and other collections of
      interest and principal due on the Mortgage Loans on or before the applicable
      Cut-off Date and principal received before the applicable Cut-off Date (except
      any principal collected as part of a payment due after the applicable Cut-off
      Date) and (2) all income and gain realized from Permitted Investments of
      funds on deposit in the Distribution Account.

     

    “Trustee”:
      Deutsche Bank National Trust Company, not in its individual capacity but solely
      as trustee, a national banking association, its successors and assigns, or
      any
      successor trustee appointed as herein provided.

     

    “Trustee
      Certification”:
      A
      certification of the Trustee substantially in the form of Exhibit
      P.

     

    “Trustee
      Fee”:
      The
      trustee shall receive as compensation for its services the aggregate of (1)
      one
      Business Day’s investment earnings on amounts on deposit in the Distribution
      Account and (2) for each Mortgage Loan, a monthly fee paid out of interest
      collections received from such Mortgage Loan calculated as the product of (a)
      the outstanding principal balance of such Mortgage Loan as of the first day
      of
      the related Due Period and (b) the Trustee Fee Rate.

     

    “Trustee
      Fee Rate”:
      0.0052% per annum. 

     

    “Undercollateralized
      Group”:
      With
      respect to any Distribution Date and any Loan Subgroup or Loan Subgroups, as
      applicable, as to which the aggregate Class Principal Balance of the related
      classes of Senior Certificates (other than the Class PO Certificates), after
      giving effect to distributions pursuant to Section 5.01(a) on such date, is
      greater than the Non-PO Loan Subgroup Balance of the related Loan Subgroup
      or
      Loan Subgroups for such Distribution Date. 

     

    
      
         

      

      
        40

        
          

        

      

      
         

      

    

    “Underwriter”:
      Greenwich Capital Markets, Inc.

     

    “Underwriter’s
      Exemption”:
      Prohibited Transaction Exemption 90-59 (Exemption Application No. D-8374),
      as
      amended by Prohibited Transaction Exemption 97-34 (Exemption Application Nos.
      D-10245 and D-10246), as amended by Prohibited Transaction Exemption 2000-58
      (Exemption Application No. D-10829) and as amended by Prohibited Transaction
      Exemption 2002-41 (Exemption Application No. D-11077) (or any successor
      thereto), or any substantially similar administrative exemption granted by
      the
      U.S. Department of Labor.

     

    “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 on such Mortgaged Property.

     

    “United
      States Person”
or
      “U.S.
      Person”:
      A
      citizen or resident of the United States, a corporation, partnership or other
      entity treated as a corporation or partnership for federal income tax purposes
      (other than a partnership that is not treated as a U.S. Person pursuant to
      any
      applicable Treasury regulations) created or organized in, or under the laws
      of,
      the United States, any state thereof or the District of Columbia, or an estate
      the income of which from sources without the United States is includible in
      gross income for United States federal income tax purposes regardless of its
      connection with the conduct of a trade or business within the United States,
      or
      a trust if a court within the United States is able to exercise primary
      supervision over the administration of the trust and one or more United States
      persons have authority to control all substantial decisions of the trust. The
      term “United States” shall have the meaning set forth in Section 7701 of
      the Code or successor provisions.

     

    “Unpaid
      Interest Shortfall Amount”:
      With
      respect to each Class of Certificates (other than the Class PO and Class P
      Certificates) and (i) the first Distribution Date, zero, and (ii) any
      Distribution Date after the first Distribution Date, the amount, if any, by
      which (1)(a) the Monthly Interest Distributable Amount for that Class for the
      immediately preceding Distribution Date exceeds (b) the aggregate amount
      distributed on that Class in respect of such Monthly Interest Distributable
      Amount on the preceding Distribution Date plus (2) any such shortfalls remaining
      unpaid from prior Distribution Dates.

     

    “Upper
      Tier REMIC”:
      As
      described in the Preliminary Statement.

     

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

     

    (i) the
      value
      of such Mortgaged Property as determined by an appraisal made for the 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
      

     

    (ii) the
      purchase price paid for the related Mortgaged Property by the Mortgagor with
      the
      proceeds of the Mortgage Loan; 

     

    provided,
      however,
      that in
      the case of a Refinancing Mortgage Loan, such value of the Mortgaged Property
      is
      based solely upon the value determined by an appraisal made for the originator
      of such Refinancing Mortgage Loan at the time of origination by an appraiser
      who
      met the minimum requirements of Fannie Mae and Freddie Mac.

     

    
      
         

      

      
        41

        
          

        

      

      
         

      

    

    “Voting
      Rights”:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any Certificate. 97% of the voting rights shall be allocated among the Classes
      of Regular Certificates (other than the Interest-Only Certificates and the
      Class
      R Certificate), pro
      rata,
      based
      on a fraction, expressed as a percentage, the numerator of which is the Class
      Principal Balance of such Class and the denominator of which is the aggregate
      of
      the Class Principal Balances then outstanding, 1% of the voting rights shall
      be
      allocated to the Holder of the Class X Certificates, 1% of the voting rights
      shall be allocated to the Holder of the Class 3-A-2 Certificates and 1% of
      the
      voting rights shall be allocated to the Holder of the Class R Certificate;
      provided,
      however,
      that
      when none of the Regular Certificates is outstanding, 100% of the voting rights
      shall be allocated to the Holder of the Class R Certificate. The voting rights
      allocated to a Class of Certificates shall be allocated among all Holders of
      such Class, pro
      rata,
      based
      on a fraction the numerator of which is the Certificate Principal Balance or
      Certificate Notional Balance, as applicable, of each Certificate of such Class
      and the denominator of which is the Class Principal Balance or Class Notional
      Balance, as applicable, of such Class; provided,
      however,
      that
      any Certificate registered in the name of the Trustee or any of its affiliates
      shall not be included in the calculation of Voting Rights. No voting rights
      shall be allocated to the Class P or the Class LT-R Certificates.

     

    “Wells
      Fargo”:
      Wells
      Fargo Bank, N.A., as servicer of the Mortgage Loans as set forth and as
      individually defined in the Mortgage Loan Schedule hereto, and its successors
      in
      interest and assigns. 

     

    “Writedown
      Amount”:
      The
      reduction described in Section 5.03(c).

     

    SECTION
      1.02. Accounting.

     

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

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    SECTION
      2.01. Conveyance
      of Mortgage Loans.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse
      for the benefit of the Certificateholders all the right, title and interest
      of
      the Depositor, including any security interest therein for the benefit of the
      Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan
      Schedule, including the related Cut-off Date Principal Balance, all interest
      due
      thereon after the Cut-off Date and all collections in respect of interest and
      principal due after the Cut-off Date; (ii) all the Depositor’s right, title and
      interest in and to the Distribution Account and all amounts from time to time
      credited to and the proceeds of the Distribution Account; (iii) any real
      property that secured each such Mortgage Loan and that has been acquired by
      foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any
      insurance policies in respect of the Mortgage Loans; (v) all proceeds of
      any of the foregoing and (vi) all other assets included or to be included in
      the
      Trust Fund. Such assignment includes all interest and principal due to the
      Depositor after the Cut-off Date with respect to the Mortgage Loans. In exchange
      for such transfer and assignment, the Depositor shall receive the
      Certificates.

     

    
      
         

      

      
        42

        
          

        

      

      
         

      

    

    It
      is
      agreed and understood by the Depositor, the Seller and the Trustee that it
      is
      not intended that any Mortgage Loan be included in the Trust Fund that is a
      “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, effective
      as of November 27, 2003, or The Home Loan Protection Act of New Mexico,
      effective as of January 1, 2004, or that is a “High Cost Home Mortgage Loan” as
      defined in the Massachusetts Predatory Home Loan Practices Act, effective as
      of
      November 7, 2004, or that is an “Indiana High Cost Home Mortgage Loan” as
      defined in the Indiana High Cost Home Loan Act, effective as of June 1,
      2005.

     

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Purchase Agreement, including all rights of the Seller under the Servicing
      Agreement (other than the right to terminate the Servicer for an Event of
      Default under Section 10.01(x) of the Servicing Agreement) to
      the
      extent assigned in the Mortgage Loan Purchase Agreement. The Trustee hereby
      accepts such assignment, and shall be entitled to exercise all rights of the
      Depositor under the Mortgage Loan Purchase Agreement and all rights of the
      Seller under the Servicing Agreement as if, for such purpose, it were the
      Depositor or the Seller, as applicable, including the Seller’s right to enforce
      remedies for breaches of representations and warranties and delivery of Mortgage
      Loan documents. The foregoing sale, transfer, assignment, set-over, deposit
      and
      conveyance does not and is not intended to result in creation or assumption
      by
      the Trustee of any obligation of the Depositor, the Seller or any other Person
      in connection with the Mortgage Loans or any other agreement or instrument
      relating thereto except as specifically set forth herein.

     

    In
      connection with such transfer and assignment, the Seller, on behalf of the
      Depositor, does hereby deliver on the Closing Date, unless otherwise specified
      in this Section 2.01, to, and deposit with the Trustee, the following documents
      or instruments with respect to each Mortgage Loan (a “Mortgage
      File”)
      so
      transferred and assigned:

     

    
      	
            	(i)	
              the
                original Mortgage Note, endorsed either on its face or by allonge
                attached
                thereto in blank or in the following form: “Pay to the order of Deutsche
                Bank National Trust Company, as Trustee for RBSGC Mortgage Loan Trust
                Mortgage Loan Pass-Through Certificates, Series 2007-A, without recourse”,
                or with respect to any lost Mortgage Note, an original Lost Note
                Affidavit
                stating that the original Mortgage Note was lost, misplaced or destroyed,
                together with a copy of the related Mortgage
                Note;

            

    

     

    
      
         

      

      
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            	(ii)	
              except
                as provided below, for each Mortgage Loan that is not a MERS Mortgage
                Loan, the original Mortgage, and in the case of each MERS Mortgage
                Loan,
                the original Mortgage, noting the presence of the MIN for that Mortgage
                Loan and either language indicating that the Mortgage Loan is a MOM
                Loan
                if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was
                not a MOM
                Loan at origination, the original Mortgage and the assignment to
                MERS, in
                each case with evidence of recording thereon, and the original recorded
                power of attorney, if the Mortgage was executed pursuant to a power
                of
                attorney, with evidence of recording thereon or, if such Mortgage
                or power
                of attorney has been submitted for recording but has not been returned
                from the applicable public recording office, has been lost or is
                not
                otherwise available, a certified copy of such Mortgage or power of
                attorney, as the case may be, together with an Officer’s Certificate of
                the Seller certifying that the copy of such Mortgage delivered to
                the
                Trustee (or the Custodian on its behalf) is a true copy and that
                the
                original of such Mortgage has been forwarded to the public recording
                office, or, in the case of a Mortgage that has been lost, a copy
                thereof
                (certified as provided for under the laws of the appropriate jurisdiction)
                and a written Opinion of Counsel (delivered at the Seller’s expense)
                acceptable to the Trustee and the Depositor that an original recorded
                Mortgage is not required to enforce the Trustee’s interest in the Mortgage
                Loan;

            

    

     

    
      	
            	(iii)	
              the
                original or copy of each assumption, modification or substitution
                agreement, if any, relating to the Mortgage Loans, or, as to any
                assumption, modification or substitution agreement which cannot be
                delivered on or prior to the Closing Date because of a delay caused
                by the
                public recording office where such assumption, modification or
                substitution agreement has been delivered for recordation, a photocopy
                of
                such assumption, modification or substitution agreement, pending
                delivery
                of the original thereof, together with an Officer’s Certificate of the
                Seller certifying that the copy of such assumption, modification
                or
                substitution agreement delivered to the Trustee (or its custodian)
                on
                behalf of the Trust Fund is a true copy and that the original of
                such
                agreement has been forwarded to the public recording
                office;

            

    

     

    
      	
            	(iv)	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                an
                original Assignment, in form and substance acceptable for recording.
                The
                Mortgage shall be assigned to “Deutsche Bank National Trust Company, as
                Trustee for RBSGC Mortgage Loan Trust Mortgage Loan Pass-Through
                Certificates, Series 2007-A, without
                recourse;”

            

    

     

    
      	
            	(v)	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                an
                original copy of any intervening Assignment showing a complete chain
                of
                assignments, or, in the case of an intervening Assignment that has
                been
                lost, a written Opinion of Counsel (delivered at the Seller’s expense)
                acceptable to the Trustee that such original intervening Assignment
                is not
                required to enforce the Trustee’s interest in the Mortgage
                Loans;

            

    

     

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

            

    

     

    
      	
            	(vii)	
              with
                respect to any Cooperative Loan, the Cooperative Loan
                Documents.

            

    

     

    
      
         

      

      
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    In
      connection with the assignment of any MERS Mortgage Loan, the Seller agrees
      that
      it will take (or shall cause the Servicer to take), at the expense of the Seller
      (with the cooperation of the Depositor and the Trustee), such actions as are
      necessary to cause the MERS®
      System
      to indicate that such Mortgage Loans have been assigned by the Seller to the
      Trustee in accordance with this Agreement for the benefit of the
      Certificateholders by including (or deleting, in the case of Mortgage Loans
      that
      are repurchased in accordance with this Agreement) in such computer files the
      information required by the MERS®
      System
      to identify the series of the Certificates issued in connection with the
      transfer of such Mortgage Loans to the Trust Fund. 

     

    With
      respect to each Cooperative Loan, the Seller, on behalf of the Depositor, does
      hereby deliver to the Trustee the related Cooperative Loan Documents and the
      Seller shall take (or cause the Servicer to take), at the expense of the Seller
      (with the cooperation of the Depositor and the Trustee) such actions as are
      necessary under applicable law (including but not limited to the relevant UCC)
      in order to perfect the interest of the Trustee in the related Mortgaged
      Property.

     

    Assignments
      of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage
      Loan (other than a Cooperative Loan) shall be recorded; provided,
      however,
      that
      such assignments need not be recorded if, in the Opinion of Counsel (which
      must
      be from Independent Counsel and not at the expense of the Trust Fund or the
      Trustee) acceptable to the Trustee and each Rating Agency, recording in such
      states is not required to protect the Trust Fund’s interest in the related
      Mortgage Loans; provided,
      further,
      notwithstanding the delivery of any Opinion of Counsel, each assignment of
      Mortgage shall be submitted for recording by the Seller (or the Seller will
      cause the Servicer to submit each such assignment for recording), at the cost
      and expense of the Seller, in the manner described above, at no expense to
      the
      Trust Fund or Trustee, upon the earliest to occur of (1) reasonable direction
      by
      the Majority Certificateholders, (2) the occurrence of a bankruptcy or
      insolvency relating to the Seller or the Depositor, or (3) with respect to
      any
      one Assignment of Mortgage, the occurrence of a bankruptcy, insolvency or
      foreclosure relating to the Mortgagor under the related Mortgage. Subject to
      the
      preceding sentence, as soon as practicable after the Closing Date (but in no
      event more than three months thereafter except to the extent delays are caused
      by the applicable recording office), the Seller shall properly record (or the
      Seller will cause the Servicer to properly record), at the expense of the Seller
      (with the cooperation of the Depositor and the Trustee), in each public
      recording office where the related Mortgages are recorded, each assignment
      referred to in Section 2.01(v) above with respect to a Mortgage Loan that is
      not
      a MERS Mortgage Loan.

     

    The
      Trustee (or the Custodian) agrees to execute and deliver to the Depositor (and
      to the Trustee if delivered by the Custodian) on or prior to the Closing Date
      an
      acknowledgment of receipt of the original Mortgage Note (with any exceptions
      noted), substantially in the form attached as Exhibit G-1 hereto.

     

    If
      the
      original lender’s title insurance policy, or a certified copy thereof, was not
      delivered pursuant to Section 2.01(vi) above, the Seller shall deliver or cause
      to be delivered to the Trustee the original or a copy of a written commitment
      or
      interim binder or preliminary report of title issued by the title insurance
      or
      escrow company, with the original or a certified copy thereof to be delivered
      to
      the Trustee, promptly upon receipt thereof, but in any case within 175 days
      of
      the Closing Date. The Seller shall deliver or cause to be delivered to the
      Trustee, promptly upon receipt thereof, any other documents constituting a
      part
      of a Mortgage File received with respect to any Mortgage Loan sold to the
      Depositor by the Seller, including, but not limited to, any original documents
      evidencing an assumption or modification of any Mortgage Loan.

     

    
      
         

      

      
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    For
      Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date
      and prior to the Closing Date, in lieu of the Seller delivering the above
      documents, the Servicer shall deliver to the Trustee, or to the Custodian on
      behalf of the Trustee, prior to the first Distribution Date, an Officer’s
      Certificate, which shall include a statement to the effect that all amounts
      received in connection with such prepayment that are required to be deposited
      in
      the Distribution Account have been so deposited. All original documents that
      are
      not delivered to the Trustee on behalf of the Trust Fund shall be held by the
      Servicer in trust for the Trustee, for the benefit of the Trust Fund and the
      Certificateholders.

     

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

     

    The
      Depositor shall have the right to receive any and all loan-level information
      regarding the characteristics and performance of the Mortgage Loans upon
      request, and to publish, disseminate or otherwise utilize such information
      in
      its discretion, subject to applicable laws and regulations.

     

    SECTION
      2.02. Acceptance
      by Trustee.

     

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

     

    The
      Trustee further agrees, for the benefit of the Certificateholders, to review
      each Mortgage File delivered to it and to certify and deliver to the Depositor,
      the Seller and each Rating Agency an interim certification in substantially
      the
      form attached hereto as Exhibit G-2, within 90 days after the Closing Date
      (or,
      with respect to any document delivered after the Startup Day, within 45 days
      of
      receipt and with respect to any Qualified Substitute Mortgage, within five
      Business Days after the assignment thereof) that, as to each Mortgage Loan
      listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in
      full
      or any Mortgage Loan specifically identified in the exception report annexed
      thereto as not being covered by such certification), (i) all documents
      required to be delivered to it pursuant to Section 2.01 of this Agreement
      are in its possession, (ii) such documents have been reviewed by it and
      have not been mutilated, damaged or torn and relate to such Mortgage Loan and
      (iii) based on its examination and only as to the foregoing, the
      information set forth in the Mortgage Loan Schedule that corresponds to items
      (i), (ii) and (xiii) of the Mortgage Loan Schedule accurately reflects
      information set forth in the Mortgage File. It is herein acknowledged that,
      in
      conducting such review, the Trustee and the Custodian on its behalf are under
      no
      duty or obligation to inspect, review or examine any such documents,
      instruments, certificates or other papers to determine that they are genuine,
      enforceable, or appropriate for the represented purpose or that they have
      actually been recorded or that they are other than what they purport to be
      on
      their face.

     

    
      
         

      

      
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    No
      later
      than 180 days after the Closing Date, the Trustee shall deliver to the Depositor
      and the Seller a final certification in the form annexed hereto as Exhibit
      G-3
      evidencing the completeness of the Mortgage Files, with any applicable
      exceptions noted thereon.

     

    If,
      in
      the process of reviewing the Mortgage Files and making or preparing, as the
      case
      may be, the certifications referred to above, the Trustee finds any document
      or
      documents constituting a part of a Mortgage File to be missing or not conforming
      to the requirements set forth herein, at the conclusion of its review the
      Trustee shall promptly notify the Seller and the Depositor. In addition, upon
      the discovery by the Seller or the Depositor (or upon receipt by the Trustee
      of
      written notification of such breach) of a breach of any of the representations
      and warranties made by the Seller in the Mortgage Loan Purchase Agreement in
      respect of any Mortgage Loan that materially adversely affects such Mortgage
      Loan or the interests of the related Certificateholders in such Mortgage Loan,
      the party discovering such breach shall give prompt written notice to the other
      parties to this Agreement.

     

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated constitute a sale of the Mortgage Loans, the related Mortgage
      Notes
      and the related documents, conveying good title thereto free and clear of any
      liens and encumbrances, from the Depositor to the Trustee and that such property
      not be part of the Depositor’s estate or property of the Depositor in the event
      of any insolvency by the Depositor. In the event that such conveyance is deemed
      to be, or to be made as security for, a loan, the parties intend that the
      Depositor shall be deemed to have granted and does hereby grant to the Trustee
      a
      first priority perfected security interest in all of the Depositor’s right,
      title and interest in and to the Mortgage Loans, the related Mortgage Notes
      and
      the related documents, and that this Agreement shall constitute a security
      agreement under applicable law.

     

    SECTION
      2.03. Repurchase
      or Substitution of Mortgage Loans by the Originator and the
      Seller.

     

    (a) Upon
      its
      discovery or receipt of written notice of any materially defective document
      in,
      or that a document is missing from, a Mortgage File or of the breach by the
      Originator of any representation, warranty or covenant under the Purchase
      Agreement in respect of any Mortgage Loan which materially adversely affects
      the
      value of that Mortgage Loan or the interest therein of the Certificateholders,
      the Trustee shall promptly notify the Originator of such defect, missing
      document or breach and request that the Originator deliver such missing document
      or cure such defect or breach within 90 days from the date that the Originator
      was notified of such missing document, defect or breach, and if the Originator
      does not deliver such missing document or cure such defect or breach in all
      material respects during such period, the Trustee shall enforce the Originator’s
      obligation under the Purchase Agreement and cause the Originator to repurchase
      that Mortgage Loan from the Trust Fund at the Repurchase Price (as defined
      in
      the Purchase Agreement) on or prior to the Determination Date following the
      expiration of such 90 day period. It is understood and agreed that the
      obligation of the Originator to cure or to repurchase or to substitute for
      (or,
      with respect to any costs and damages incurred by the Trust Fund in connection
      with any violation of any anti-predatory or anti-abusive lending laws, indemnify
      for) any Mortgage Loan as to which a document is missing, a material defect
      in a
      constituent document exists or as to which such a breach has occurred and is
      continuing shall constitute the sole remedy against the Originator respecting
      such omission, defect or breach available to the Trustee on behalf of the
      Certificateholders.

     

    
      
         

      

      
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    (b) Upon
      actual discovery or receipt of written notice that a document does not comply
      with the requirements of Section 2.01 hereof, or that a document is missing
      from, a Mortgage File or of the breach by the Seller of any representation,
      warranty or covenant under the Mortgage Loan Purchase Agreement or in
      Section 2.04 or Section 2.08 hereof in respect of any Mortgage Loan which
      materially adversely affects the value of that Mortgage Loan or the interest
      therein of the Certificateholders, the Trustee (or the Custodian on behalf
      of
      the Trustee) shall promptly notify the Seller of such noncompliance, missing
      document or breach and request that the Seller deliver such missing document
      or
      cure such noncompliance or breach within 90 days from the date that the Seller
      was notified of such breach, and if the Seller does not cure such breach in
      all
      material respects during such period, the Trustee shall enforce the Seller’s
      obligation under the Mortgage Loan Purchase Agreement and cause the Seller
      to
      repurchase that Mortgage Loan from the Trust Fund at the Purchase Price on
      or
      prior to the Determination Date following the expiration of such 90 day period
      (subject to Section 2.03(e) below); provided,
      however,
      that, in
      connection with any such breach that could not reasonably have been cured within
      such 90 day period, if the Seller shall have commenced to cure such breach
      within such 90 day period, the Seller shall be permitted to proceed thereafter
      diligently and expeditiously to cure the same within the additional period
      provided under the Mortgage Loan Purchase Agreement; and, provided
      further,
      that,
      in the case of the breach of any representation, warranty or covenant made
      by
      the Seller in Section 2.04 hereof, the Seller shall be obligated to cure such
      breach or purchase the affected Mortgage Loans for the Purchase Price or, if
      the
      Mortgage Loan or the related Mortgaged Property acquired with respect thereto
      has been sold, then the Seller shall pay, in lieu of the Purchase Price, any
      excess of the Purchase Price over the Net Liquidation Proceeds received upon
      such sale. 

     

    (c) The
      Purchase Price or Repurchase Price (as defined in the Servicing Agreement)
      for a
      Mortgage Loan purchased or repurchased under this Section 2.03 or such other
      amount due shall be deposited in the Distribution Account on or prior to the
      next Determination Date after the Originator’s or Seller’s obligation to
      repurchase such Mortgage Loan arises. The Trustee, upon receipt of written
      certification from the Seller or the related Originator of the related deposit
      in the Distribution Account, shall cause the Custodian to release to the
      Originator or Seller, as applicable, the related Mortgage File and shall execute
      and deliver such instruments of transfer or assignment, in each case without
      recourse, representation or warranty, as the Originator or Seller, as
      applicable, shall furnish to it and as shall be necessary to vest in the
      Originator or Seller, as applicable, any Mortgage Loan released pursuant hereto
      and the Trustee and the Custodian shall have no further responsibility with
      regard to such Mortgage File (it being understood that the Trustee and Custodian
      shall have no responsibility for determining the sufficiency of such assignment
      for its intended purpose). In lieu of repurchasing any such Mortgage Loan as
      provided above, the Seller may cause such Mortgage Loan to be removed from
      the
      Trust Fund (in which case it shall become a Deleted Mortgage Loan) and
      substitute one or more Qualified Substitute Mortgage Loans in the manner and
      subject to the limitations set forth in Section 2.03(d) below. It is understood
      and agreed that the obligation of the Seller to cure or to repurchase or to
      substitute for (or, with respect to any costs and damages incurred by the Trust
      Fund in connection with any violation of any anti-predatory or anti-abusive
      lending laws, indemnify for) any Mortgage Loan as to which a document is
      missing, a material defect in a constituent document exists or as to which
      such
      a breach has occurred and is continuing shall constitute the sole remedy against
      the Seller respecting such omission, defect or breach available to the Trustee
      on behalf of the Certificateholders.

     

    
      
         

      

      
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    (d) Notwithstanding
      anything to the contrary set forth above, with respect to any breach by the
      Seller of a representation or warranty made by the Seller herein or in the
      Mortgage Loan Purchase Agreement that materially and adversely affects the
      value
      of a Mortgage Loan or the Mortgage Loans or the interest therein of the
      Certificateholders, if the Seller would not be in breach of such representation
      or warranty but for a breach by the Originator of a representation and warranty
      made by the Originator in the Servicing Agreement, then the Originator
      thereunder, in the manner and to the extent set forth therein, and not the
      Seller, shall be required to remedy such breach. In
      addition to such repurchase or substitution obligation, the Seller shall
      indemnify the Trust Fund and hold it harmless against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments, and other costs and expenses resulting from any claim, demand,
      defense or assertion based on or grounded upon, or resulting from, a breach
      of
      the Seller’s representations and warranties contained in Section
      2.04.

     

    The
      Trustee shall enforce the obligations of the Seller under the Mortgage Loan
      Purchase Agreement including, without limitation, any obligation of the Seller
      to purchase a Mortgage Loan on account of a breach or missing or defective
      documentation or on account of a representation, warranty or covenant as
      described in this Section 2.03(d) and its obligation to indemnify the Trust
      Fund
      with respect to any such breach. 

     

    (e) If
      pursuant to the provisions of Section 2.03(b), the Seller repurchases or
      otherwise removes from the Trust Fund a Mortgage Loan that is a MERS Mortgage
      Loan, the Seller shall take (or shall cause the Servicer to take), at the
      expense of the Seller (with the cooperation of the Depositor and the Trustee),
      such actions as are necessary either (i) cause MERS to execute and deliver
      an
      Assignment of Mortgage in recordable form to transfer the Mortgage from MERS
      to
      the Seller and shall cause such Mortgage to be removed from registration on
      the
      MERS®
      System
      in accordance with MERS’ rules and regulations or (ii) cause MERS to designate
      on the MERS®
      System
      the Seller or its designee as the beneficial holder of such Mortgage
      Loan.

     

    (f) [Reserved]

     

    (g) Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(c) above must be effected prior to the last
      Business Day that is within two years after the Closing Date. As to any Deleted
      Mortgage Loan for which the Seller substitutes a Qualified Substitute Mortgage
      Loan or Loans, such substitution shall be effected by the Seller delivering
      to
      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 2.01 hereof, together with an Officers’
Certificate stating that each such Qualified Substitute Mortgage Loan satisfies
      the definition thereof and specifying the Substitution Adjustment (as described
      below), if any, in connection with such substitution; provided,
      however,
      that, in
      the case of any Qualified Substitute Mortgage Loan that is a MERS Mortgage
      Loan,
      the Seller shall provide such documents and take such other action with respect
      to such Qualified Substitute Mortgage Loans as are required pursuant to Section
      2.01 hereof. The Custodian, on behalf of the Trustee, shall acknowledge receipt
      for such Qualified Substitute Mortgage Loan or Loans and, within five Business
      Days thereafter, shall review such documents as specified in Section 2.02 hereof
      and deliver to the Servicer, with respect to such Qualified Substitute Mortgage
      Loan or Loans, a certification substantially in the form attached hereto as
      Exhibit G-2, with any exceptions noted thereon. Within 180 days of the date
      of
      substitution, the Custodian, on behalf of the Trustee, shall deliver to the
      Seller a certification substantially in the form of Exhibit G-3 hereto with
      respect to such Qualified Substitute Mortgage Loan or Loans, with any exceptions
      noted thereon. Monthly Payments due with respect to Qualified Substitute
      Mortgage Loans in the month of substitution are not part of the Trust Fund
      and
      will be retained by the Seller. For the month of substitution, distributions
      to
      Certificateholders will reflect the collections and recoveries in respect of
      such Deleted Mortgage Loan in the Due Period preceding the month of substitution
      and the Depositor or the Seller, as the case may be, shall thereafter be
      entitled to retain all amounts subsequently received in respect of such Deleted
      Mortgage Loan. The Seller shall give or cause to be given written notice to
      the
      Certificateholders that such substitution has taken place, shall amend the
      Mortgage Loan Schedule to reflect the removal of such Deleted Mortgage Loan
      from
      the terms of this Agreement and the substitution of the Qualified Substitute
      Mortgage Loan or Loans and shall deliver a copy of such amended Mortgage Loan
      Schedule to the Trustee. 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, in the case of
      a
      substitution effected by the Seller, the Mortgage Loan Purchase Agreement,
      including, in the case of a substitution effected by the Seller all
      representations and warranties thereof included in the Mortgage Loan Purchase
      Agreement and all representations and warranties thereof set forth in Section
      2.04 hereof, in each case as of the date of substitution.

     

    
      
         

      

      
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    For
      any
      month in which the Seller substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Seller shall determine, and
      provide written certification to the Trustee and the Seller as to the amount
      (each, a “Substitution
      Adjustment”),
      if
      any, by which the aggregate Purchase Price of all such Deleted Mortgage Loans
      exceeds the aggregate, as to each such Qualified Substitute Mortgage Loan,
      of
      the principal balance thereof as of the date of substitution, together with
      one
      month’s interest on such principal balance at the applicable Net Loan Rate. On
      or prior to the next Determination Date after the Seller’s obligation to
      repurchase the related Deleted Mortgage Loan arises, the Seller will deliver
      or
      cause to be delivered to the Trustee for deposit in the Distribution Account
      an
      amount equal to the related Substitution Adjustment, if any, and the Custodian,
      on behalf of the Trustee, upon receipt of the related Qualified Substitute
      Mortgage Loan or Loans and a written certification from the Seller of its
      remittance of the deposit to the Distribution Account, shall release to the
      Seller the related Mortgage File or Files and shall execute and deliver such
      instruments of transfer or assignment, in each case without recourse, as the
      Seller shall deliver to it and as shall be necessary to vest therein any Deleted
      Mortgage Loan released pursuant hereto.

     

    
      
         

      

      
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    In
      addition, the Seller shall obtain at its own expense and deliver to the Trustee
      an Opinion of Counsel to the effect that such substitution (either specifically
      or as a class of transactions) will not cause an Adverse REMIC Event. If such
      Opinion of Counsel cannot be delivered, then such substitution may only be
      effected at such time as the required Opinion of Counsel can be
      given.

     

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

     

    (i) Notwithstanding
      the foregoing, to the extent that any fact, condition or event with respect
      to a
      Mortgage Loan constitutes a breach of both (i) a representation or warranty
      of
      the Originator under the applicable Purchase Agreement and (ii) a representation
      or warranty of the Seller under this Agreement, in each case, which materially
      adversely affects the value of such Mortgage Loan or the interest therein of
      the
      Certificateholders, the Trustee shall first request that the Originator cure
      such breach or repurchase such Mortgage Loan and if the Originator fails to
      cure
      such breach or repurchase such Mortgage Loan within 60 days of receipt of such
      request from the Trustee, the Trustee shall then request that the Seller cure
      such breach or repurchase such Mortgage Loans.

     

    SECTION
      2.04. Representations
      and Warranties of the Seller with Respect to the Mortgage Loans.

     

    The
      Seller hereby makes the following representations and warranties to the Trustee
      on behalf of the Certificateholders as of the Closing Date with respect to
      the
      Mortgage Loans:

     

    (i) Any
      and
      all requirements of any federal, state or local law including, without
      limitation, usury, truth in lending, real estate settlement procedures,
      predatory and abusive lending, consumer credit protection, equal credit
      opportunity, fair housing or disclosure laws applicable to the origination
      and
      servicing of mortgage loans of a type similar to the Mortgage Loans at
      origination have been complied with;

     

    (ii) No
      Mortgage Loan is (a)(1) subject to the provisions of the Homeownership and
      Equity Protection Act of 1994 as amended (“HOEPA”) or (2) has an annual
      percentage rate (“APR”) or total points and fees that are equal to or exceeds
      the HOEPA thresholds (as defined in 12 CFR 226.32 (a)(1)(i) and (ii)), (b)
      a
“high cost” mortgage loan, “covered” mortgage loan, “high risk home” mortgage
      loan, or “predatory” mortgage loan or any other comparable term, no matter how
      defined under any federal, state or local law, (c) subject to any comparable
      federal, state or local statutes or regulations, or any other statute or
      regulation providing for assignee liability to holders of such mortgage loans,
      or (d) a High Cost Loan or Covered Loan, as applicable (as such terms are
      defined in the then current Standard & Poor’s LEVELS® Glossary Revised,
      Appendix E); and

     

    
      
         

      

      
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    (iii) With
      respect to each representation and warranty with respect to any Mortgage Loan
      made by the Originator in the Purchase Agreement that is made as of the related
      Closing Date (as defined in the Purchase Agreement), to the best of the Seller’s
      knowledge, no event has occurred since the related Closing Date (as defined
      in
      the Purchase Agreement) that would render such representations and warranties
      to
      be untrue in any material respect as of the Closing Date.

     

    With
      respect to the representations and warranties in this Section 2.04 that are
      made
      to the best of the Seller’s knowledge or as to which the Seller has no
      knowledge, if it is discovered by the Depositor, the Seller or the Trustee
      that
      the substance of such representation and warranty is inaccurate and such
      inaccuracy materially and adversely affects the value of the related Mortgage
      Loan or the interest therein of the Certificateholders then, notwithstanding
      the
      Seller’s lack of knowledge with respect to the substance of such representation
      and warranty being inaccurate at the time the representation or warranty was
      made, such inaccuracy shall be deemed a breach of the applicable representation
      or warranty.

     

    It
      is
      understood and agreed that the representations and warranties in this Section
      2.04 shall survive delivery of the Mortgage Files to the Trustee and shall
      inure
      to the benefit of the Certificateholders notwithstanding any restrictive or
      qualified endorsement or assignment. Upon discovery by any of the Depositor,
      the
      Seller or the Trustee of a breach of any of the foregoing representations and
      warranties which materially and adversely affects the value of any Mortgage
      Loan
      or the interests therein of the Certificateholders, the party discovering such
      breach shall give prompt written notice to the other parties, and in no event
      later than two Business Days from the date of such discovery. It is understood
      and agreed that the obligations of the Seller set forth in Section 2.03(b)
      hereof to cure, substitute for or repurchase (or, with respect to any costs
      and
      damages incurred by the trust fund in connection with any violation of any
      anti-predatory or anti-abusive lending laws, indemnify for) a related Mortgage
      Loan pursuant to the Mortgage Loan Purchase Agreement constitute the sole
      remedies available to the Certificateholders or to the Trustee on their behalf
      respecting a breach of the representations and warranties incorporated in this
      Section 2.04.

     

    
      
         

      

      
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    SECTION
      2.05. [Reserved]

     

    SECTION
      2.06. Representations
      and Warranties of the Depositor.

     

    The
      Depositor represents and warrants to the Trust Fund and the Trustee on behalf
      of
      the Certificateholders as follows:

     

    (i) this
      agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      affecting the enforcement of creditors’ rights in general an except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
         

      

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

     

    (ix) there
      are
      no actions, proceedings or investigations pending before or, to the Depositor’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Depositor is a party or of which any of its properties is the subject:
      (a) which if determined adversely to the Depositor would have a material adverse
      effect on the business, results of operations or financial condition of the
      Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
      (c) seeking to prevent the issuance of the Certificates or the consummation
      by
      the Depositor of any of the transactions contemplated by this Agreement, as
      the
      case may be; or (d) which might materially and adversely affect the performance
      by the Depositor of its obligations under, or the validity or enforceability
      of,
      this Agreement.

     

    SECTION
      2.07. Issuance
      of Certificates.

     

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

     

    SECTION
      2.08. Representations
      and Warranties of the Seller.

     

    The
      Seller hereby represents and warrants to the Trustee on behalf of the
      Certificateholders that, as of the Closing Date or as of such date specifically
      provided herein:

     

    (i) The
      Seller is duly organized, validly existing and in good standing and has the
      power and authority to own its assets and to transact the business in which
      it
      is currently engaged. The Seller is duly qualified to do business and is in
      good
      standing in each jurisdiction in which the character of the business transacted
      by it or properties owned or leased by it requires such qualification and in
      which the failure to so qualify would have a material adverse effect on (a)
      its
      business, properties, assets or condition (financial or other), (b) the
      performance of its obligations under this Agreement, or (c) the value or
      marketability of the Mortgage Loans.

     

    
      
         

      

      
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    (ii) The
      Seller has the power and authority to make, execute, deliver and perform this
      Agreement and to consummate all of the transactions contemplated hereunder
      and
      has taken all necessary action to authorize the execution, delivery and
      performance of this Agreement which is part of its official records. When
      executed and delivered, this Agreement will constitute the Seller’s legal, valid
      and binding obligations enforceable in accordance with its terms, except as
      enforcement of such terms may be limited by (1) bankruptcy, insolvency,
      reorganization, receivership, moratorium or similar laws affecting the
      enforcement of creditors’ rights generally and the rights of creditors of
      federally insured financial institutions and by the availability of equitable
      remedies, (2) general equity principles (regardless of whether such enforcement
      is considered in a proceeding in equity or at law) or (3) public policy
      considerations underlying the securities laws, to the extent that such policy
      considerations limit the enforceability of the provisions of this Agreement
      which purport to provide indemnification from securities laws
      liabilities.

     

    (iii) The
      Seller holds all necessary licenses, certificates and permits from all
      governmental authorities necessary for conducting its business as it is
      currently conducted. It is not required to obtain the consent of any other
      party
      or any consent, license, approval or authorization from, or registration or
      declaration with, any governmental authority, bureau or agency in connection
      with the execution, delivery, performance, validity or enforceability of this
      Agreement, except for such consents, licenses, approvals or authorizations,
      or
      registrations or declarations as shall have been obtained or filed, as the
      case
      may be, prior to the Closing Date.

     

    (iv) The
      execution, delivery and performance of this Agreement by the Seller will not
      conflict with or result in a breach of, or constitute a default under, any
      provision of any existing law or regulation or any order or decree of any court
      applicable to the Seller or any of its properties or any provision of its
      articles of incorporation, charter or by-laws, or constitute a material breach
      of, or result in the creation or imposition of any lien, charge or encumbrance
      upon any of its properties pursuant to any mortgage, indenture, contract or
      other agreement to which it is a party or by which it may be bound.

     

    (v) No
      certificate of an officer, written statement or written report delivered
      pursuant to the terms hereof of the Seller contains any untrue statement of
      a
      material fact or omits to state any material fact necessary to make the
      certificate, statement or report not misleading.

     

    (vi) The
      transactions contemplated by this Agreement are in the ordinary course of the
      Seller’s business.

     

    
      
         

      

      
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    (vii) The
      Seller is not insolvent, nor will the Seller be made insolvent by the transfer
      of the Mortgage Loans to the Depositor, nor is the Seller aware of any pending
      insolvency of the Seller.

     

    (viii) The
      Seller is not in violation of, and the execution and delivery of this Agreement
      by the Seller and its performance and compliance with the terms of this
      Agreement will not constitute a violation with respect to, any order or decree
      of any court, or any order or regulation of any federal, state, municipal or
      governmental agency having jurisdiction, which violation would materially and
      adversely affect the Seller’s financial condition (financial or otherwise) or
      operations, or materially and adversely affect the performance of any of its
      duties hereunder.

     

    (ix) There
      are
      no actions or proceedings against the Seller, or pending or, to its knowledge,
      threatened, before any court, administrative agency or other tribunal; nor,
      to
      the Seller’s knowledge, are there any investigations (i) that, if determined
      adversely, would prohibit the Seller from entering into this Agreement, (ii)
      seeking to prevent the consummation of any of the transactions contemplated
      by
      this Agreement or (iii) that, if determined adversely, would prohibit or
      materially and adversely affect the Seller’s ability to perform any of its
      respective obligations under, or the validity or enforceability of, this
      Agreement.

     

    (x) The
      Seller did not transfer the Mortgage Loans to the Depositor with any intent
      to
      hinder, delay or defraud any of its creditors.

     

    (xi) The
      Seller acquired title to the Mortgage Loans in good faith, without notice of
      any
      adverse claims.

     

    (xii) The
      transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
      by
      the Seller to the Depositor are not subject to the bulk transfer laws or any
      similar statutory provisions in effect in any applicable
      jurisdiction.

     

    SECTION
      2.09. Covenants
      of the Seller. 

     

    The
      Seller hereby covenants that, except for the transfer hereunder, the Seller
      will
      not sell, pledge, assign or transfer to any other Person, or grant, create,
      incur, assume or suffer to exist any lien on any Mortgage Loan, or any interest
      therein; the Seller will notify the Trustee, as assignee of the Depositor,
      of
      the existence of any lien on any Mortgage Loan immediately upon discovery
      thereof, and the Seller will defend the right, title and interest of the
      Trustee, as assignee of the Depositor, in, to and under the Mortgage Loans,
      against all claims of third parties claiming through or under the Seller;
provided,
      however,
      that
      nothing in this Section 2.09 shall prevent or be deemed to prohibit the Seller
      from suffering to exist upon any of the Mortgage Loans any liens for municipal
      or other local taxes and other governmental charges if such taxes or
      governmental charges shall not at the time be due and payable or if the Seller
      shall currently be contesting the validity thereof in good faith by appropriate
      proceedings and shall have set aside on its books adequate reserves with respect
      thereto. The Seller shall, within 30 days after the Closing Date, provide the
      Trustee, the Servicer and the Depositor a complete list of each party to the
      RBSGC Mortgage Loan Trust 2007-A transaction. 

     

    
      
         

      

      
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    ARTICLE
      III

     

    ADMINISTRATION
      OF THE MORTGAGE LOANS

     

    SECTION
      3.01. Servicing
      of the Mortgage Loans.

     

    The
      Servicer will service the Mortgage Loans pursuant to the terms of the Servicing
      Agreement. The Depositor hereby directs the Trustee to execute the
      Reconstitution Agreement. 

     

    SECTION
      3.02. REMIC-Related
      Covenants. 

     

    For
      as
      long as any REMIC created hereunder shall exist, the Trustee shall act in
      accordance herewith to assure continuing treatment of such REMIC as a REMIC,
      and
      the Trustee shall comply with any directions of the Depositor or the Servicer
      to
      assure such continuing treatment. In particular, the Trustee shall not (a)
      sell
      or knowingly 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 or is otherwise permitted pursuant to this
      Agreement or the Servicing 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
      or
      2.04 of this Agreement or as otherwise provided in this Agreement or the
      Servicing Agreement, as applicable, as applicable, accept any contribution
      to
      any REMIC after the Startup Day without receipt of a REMIC Opinion.

     

    SECTION
      3.03. 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, if required under the Servicing Agreement,
      promptly furnish to the Custodian, on behalf of the Trustee, two copies of
      a
      certification substantially in the form of Exhibit F hereto 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
      Servicing Account maintained by the Servicer pursuant to the Servicing Agreement
      have been or will be so deposited) and shall request that the Trustee or the
      Custodian on behalf of the Trustee deliver to the Servicer the related Mortgage
      File. Upon receipt of such certification and request, the Trustee shall cause
      the Custodian to promptly 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 Servicing
      Account.

     

    
      
         

      

      
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    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with the Servicing Agreement, 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 Trustee shall cause the Custodian,
      upon
      the request of the Servicer, and upon delivery to the Trustee (or the Custodian,
      on behalf of the Trustee) of two copies of a request for release signed by
      a
      Servicing Officer substantially in the form of Exhibit F (or in a mutually
      agreeable electronic format which will, in lieu of a signature on its face,
      originate from a Servicing Officer), release 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 when the need therefor
      by
      the Servicer no longer exists unless the Mortgage Loan shall be liquidated,
      in
      which case, upon receipt of a certificate of a Servicing Officer similar to
      that
      hereinabove specified, the Mortgage File shall be released by the Custodian,
      to
      the Servicer.

     

    SECTION
      3.04. Assessments
      of Compliance and Attestation Reports.

     

    (a) Assessments
      of Compliance.

     

    (i) By
      March
      10 (with a 5 calendar day cure period) of each year, commencing in March 2008,
      the Trustee, and the Custodian, each at its own expense, shall furnish, and
      each
      such party shall cause any Servicing Function Participant engaged by it to
      furnish or otherwise make available, each at its own expense, to the Depositor,
      a report on such party’s 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 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 3.07(b), 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. 

     

    (ii) No
      later
      than the end of each fiscal year for the Trust Fund for which a Form 10-K is
      required to be filed, the Custodian shall forward 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. When the Custodian and any Servicing
      Function Participant engaged by them submit their assessments to the Depositor,
      such parties will also at such time include the assessment (and attestation
      pursuant to subsection (b) of this Section 3.04) of each Servicing Function
      Participant engaged by it.

     

    
      
         

      

      
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    (iii) Promptly
      after receipt of each such report on assessment of compliance, the Depositor
      shall review each such report and, if applicable, consult with the Trustee
      and
      the Custodian, 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.

     

    (iv) The
      Trustee shall include all annual reports on assessment of compliance received
      by
      it from the Servicer (or the Subservicer on its behalf) with its own assessment
      of compliance to be submitted to the Depositor pursuant to this
      Section.

     

    (v) In
      the
      event the Trustee, the Servicer, the Custodian or any Servicing Function
      Participant engaged by such party is terminated, assigns its rights and
      obligations under or resigns pursuant to the terms of this Agreement, or any
      other applicable agreement, as the case may be, such party shall provide a
      report on assessment of compliance pursuant to this Section 3.04(a) or to such
      other applicable agreement with respect to the period of time it was subject
      to
      this Agreement or any applicable subservicing agreement, notwithstanding any
      such termination, assignment or resignation.

     

    (b) Attestation
      Reports.

     

    (i) By
      March
      10 (with a 5 calendar day cure period) of each year, commencing in March 2008,
      the Trustee and the Custodian, 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 Trustee, the Custodian, 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
      Depositor, to the effect that (i) it has obtained a report on assessment of
      compliance with the Relevant Servicing Criteria 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. 

     

    (ii) Promptly
      after receipt of each such assessment of compliance and attestation report
      the
      Depositor shall confirm that each assessment submitted pursuant to subsection
      (a) of this Section 3.04 is coupled with an attestation meeting the requirements
      of this Section and notify the Depositor of any exceptions.

     

    
      
         

      

      
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    (iii) The
      Trustee shall include each such attestation furnished to it by the Servicer
      with
      its own attestation to be submitted to the Depositor pursuant to this
      Section.

     

    (iv) In
      the
      event the Trustee, the Custodian, the Servicer or any Servicing Function
      Participant engaged by such party is terminated, assigns its rights and duties
      under or resigns pursuant to the terms of this Agreement, or any applicable
      custodial agreement, servicing agreement or subservicing agreement, as the
      case
      may be, such party shall cause a registered public accounting firm to provide
      an
      attestation pursuant to this Section 3.04(b) with respect to the period of
      time
      it was subject to this Agreement or any applicable subservicing agreement,
      notwithstanding any such termination, assignment or resignation.

     

    (v) The
      Trustee’s and the Custodian’s obligation to provide assessments of compliance
      and attestations under this Section 3.04 shall terminate upon the filing of
      a
      Form 15 suspension notice on behalf of the Trust Fund.

     

    (c) The
      Trustee’s obligation to provide assessments of compliance and attestations under
      this Section 3.04 shall terminate when the Trust Fund is no longer required
      to
      file reports pursuant to Section 15(d) of the Exchange Act.

     

    SECTION
      3.05. Enforcement
      of Regulation AB Deliverables.

     

    If
      the
      Servicer or any Servicing Function Participant engaged by it fails to deliver
      any certifications, assessments, attestations or statements of compliance to
      the
      Trustee within the time specified in the Servicing Agreement, the Trustee shall
      notify the Servicer or any such Servicing Function Participant in writing of
      such failure, with a copy of such notice to be delivered to the Seller and
      the
      Depositor. If at the end of the applicable cure period the Servicer or any
      Servicing Function Participant has failed to deliver any of the required
      certifications, assessments, attestations or statements of compliance, the
      Trustee shall notify the Seller and the Depositor of such failure to deliver
      the
      required certifications, assessments, attestations or statements of compliance
      pursuant to the Servicing Agreement.

     

    SECTION
      3.06. Sarbanes-Oxley
      Certification.

     

    Each
      Form
      10-K shall include a Sarbanes-Oxley Certification, required to be included
      therewith pursuant to the Sarbanes-Oxley Act. The Trustee and the Servicer
      shall
      provide, and each such party 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 10 (with a 5 calendar day cure period) of each year in which the Trust
      Fund 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 of Exhibit M hereto 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. A senior officer of the Depositor shall serve as the Certifying
      Person on behalf of the Trust Fund. Such officer of the Certifying Person can
      be
      contacted by facsimile at (203) 618-2596. In the event any such party or any
      Servicing Function Participant engaged by such party is terminated or resigns
      pursuant to the terms of this Agreement, or any applicable subservicing
      agreement, as the case may be, such party shall provide a Back-Up Certification
      to the Certifying Person pursuant to this Section 3.06 with respect to the
      period of time it was subject to this Agreement or any applicable subservicing
      agreement, as the case may be.

     

    
      
         

      

      
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    SECTION
      3.07. Reports
      Filed with Securities and Exchange Commission.

     

    The
      Trustee shall reasonably cooperate with the Depositor in connection with the
      Trust Fund’s satisfying the reporting requirements under the Exchange
      Act.

     

    (a) Reports
      Filed on Form 10-D.

     

    (i) Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Trustee shall prepare and file on behalf of the Trust Fund
      any Form 10-D required by the Exchange Act, in form and substance as required
      by
      the Exchange Act. The Trustee shall file each Form 10-D with a copy of the
      related Distribution Date Statement attached thereto. Any disclosure in addition
      to the Distribution Date Statement that is required to be included on Form
      10-D
      (“Additional
      Form 10-D Disclosure”)
      shall
      be reported by the responsible parties set forth on Exhibit O to the Trustee
      and
      Depositor and directed and approved by the Depositor pursuant to the following
      paragraph and the Trustee 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 R hereto, within 5 calendar days after the related Distribution
      Date, (i) the parties to the RBSGC Mortgage Loan Trust 2007-A transaction shall
      be required to provide to the Trustee (via electronic mail to
      DBSEC.Notification@DB.com), the Depositor and McKee Nelson LLP, to the extent
      known by a responsible officer thereof, in EDGAR-compatible form (which may
      be
      Word or Excel documents easily convertible to EDGAR format), or in such other
      form as otherwise agreed upon by the Trustee 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 U hereto (an
“Additional Disclosure Notification”) and (ii) the Depositor will approve, as to
      form and substance, or disapprove, as the case may be, the inclusion of the
      Additional Form 10-D Disclosure on Form 10-D. The Seller will be responsible
      for
      any reasonable fees and expenses assessed or incurred by the Trustee in
      connection with including any Additional Form 10-D Disclosure in Form 10-D
      pursuant to this paragraph.

     

    (iii) After
      preparing the Form 10-D, the Trustee shall, no later than 10 calendar days
      after
      the Distribution Date, forward electronically a copy of the Form 10-D to the
      Depositor and McKee Nelson LLP. Within two Business Days after receipt of such
      copy, but no later than the 12th calendar day after the Distribution Date (or
      the next succeeding Business Day), (i) the Depositor shall notify the Trustee
      in
      writing of any changes to or approval of such Form 10-D and (ii) an officer
      of
      the Depositor shall execute the Form 10-D and return an electronic or fax copy
      of such executed Form 10-D (with an original executed hard copy to follow by
      overnight mail). Upon receipt of the executed Form 10-D and in the absence
      of
      receipt of any written changes or approval, the Trustee shall be entitled to
      assume that such Form 10-D is in final form the Trustee may proceed with the
      filing of 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 Trustee will follow the procedures
      set
      forth in subsection (d)(ii) of this Section 3.07. Each party to this Agreement
      acknowledges that the performance by the Depositor and the Trustee of their
      respective duties under this Section 3.07(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 under
      this
      Section 3.07(a). The Trustee shall have no liability for any loss, expense,
      damage, claim arising out of or with respect to any failure to properly prepare
      and/or timely file such Form 10-D, where such failure results from the Trustee’s
      inability or failure to receive, on a timely basis, any information from any
      other party hereto needed to prepare, arrange for execution or file such Form
      10-D, and for any erroneous, inaccurate or incomplete information or
      certification provided to the Trustee, not resulting from its own negligence,
      bad faith or willful misconduct.

     

    
      
         

      

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

     

    (b) Reports
      Filed on Form 10-K.

     

    (i) On
      or
      prior to the 90th day after the end of each fiscal year of the Trust Fund in
      which a Form 10-K is required to be filed or such earlier date as may be
      required by the Exchange Act (the “10-K
      Filing Deadline”)
      (it
      being understood that the fiscal year for the Trust Fund ends on December
      31st
      of each
      year), commencing in March 2008, the Trustee shall prepare and file on behalf
      of
      the Trust Fund a Form 10-K, in form and substance as required by the Exchange
      Act. Each such Form 10-K shall include the following items, in each case to
      the
      extent they have been delivered to the Trustee within the applicable time frames
      set forth in this Agreement and the Servicing Agreement, (i) an annual
      compliance statement for the Servicer and any Servicing Function Participant
      engaged by such parties (with each of the Trustee and the Custodian, a
“Reporting
      Servicer”)
      as
      described under Section 3.05 and in such other agreement, (ii)(A) the annual
      reports on assessment of compliance with servicing criteria for each Reporting
      Servicer, as described under Section 3.04(a), and (B) if any Reporting
      Servicer’s report on assessment of compliance with servicing criteria described
      under Section 3.04(a) identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any Reporting
      Servicer’s report on assessment of compliance with servicing criteria described
      under Section 3.04(a) 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 3.04(b), and
      (B)
      if any registered public accounting firm attestation report described under
      Section 3.04(b) 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 3.06; provided,
      however,
      that
      the Depositor, 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 responsible parties set forth on Exhibit O to the Depositor
      and Trustee (via electronic mail to DBSEC.Notification@DB.com) and directed
      and
      approved by the Depositor pursuant to the following paragraph and the Trustee
      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 R hereto, no later than March 10 (with a 5 calendar day cure
      period) of each year that the Trust Fund is subject to the Exchange Act
      reporting requirements, commencing in 2008, (i) the parties to the RBSGC
      Mortgage Loan Trust 2007-A transaction shall be required to provide to the
      Trustee (via electronic mail to DBSEC.Notification@DB.com) and the Depositor,
      to
      the extent known by a responsible officer thereof, in EDGAR-compatible form
      (which may be Word or Excel documents easily convertible to EDGAR format),
      or in
      such other form as otherwise agreed upon by the Trustee 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 Seller will be responsible
      for any reasonable fees and expenses assessed or incurred by the Trustee in
      connection with including any Additional Form 10-K Disclosure in Form 10-K
      pursuant to this paragraph.

     

    (iii) After
      preparing the Form 10-K, the Trustee shall forward electronically a copy of
      the
      Form 10-K to the Depositor and McKee Nelson LLP. Within three Business Days
      after receipt of such copy, but no later than March 25th,
      (i) the
      Depositor shall notify the Trustee in writing of any changes to or approval
      of
      such Form 10-K and (ii) an officer of the Depositor shall execute the Form
      10-K
      and return an electronic or fax copy of such executed Form 10-K (with an
      original executed hard copy to follow by overnight mail). Upon receipt of the
      executed Form 10-K and in the absence of receipt of any written changes or
      approval, the Trustee shall be entitled to assume that such Form 10-K is in
      final form and the Trustee may proceed with the filing of 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 Trustee will follow the procedures set forth in subsection (d)(ii)
      of this Section 3.07. The parties to this Agreement acknowledge that the
      performance by the Depositor and the Trustee of its duties under this Section
      3.07(b) related to the timely preparation, execution and filing of Form 10-K
      is
      contingent upon such parties (and any Servicing Function Participant) strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 3.07(b), Section 3.06, Section 3.05, Section 3.04(a) and Section
      3.04(b). Neither the Servicer nor the Trustee 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 Trustee’s inability or failure to receive, on a timely basis,
      any information from any other party hereto needed to prepare, arrange for
      execution or file such Form 10-K, and for any erroneous, inaccurate or
      incomplete information or certification provided to the Trustee, not resulting
      from its own negligence, bad faith or willful misconduct.

     

    
      
         

      

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

     

    (c) Reports
      Filed on Form 8-K.

     

    (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 Trustee shall prepare and file on behalf
      of
      the Trust Fund 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 in Form 8-K (“Form
      8-K Disclosure Information”)
      shall
      be reported by the responsible parties set forth on Exhibit O to the Depositor
      and Trustee and directed and approved by the Depositor pursuant to the following
      paragraph and the Trustee 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.

     

    (ii) As
      set
      forth on Exhibit R hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than noon Easter Standard Time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (i) the parties
      to the RBSGC Mortgage Loan Trust 2007-A transaction shall be required to provide
      to the Trustee (via electronic mail to DBSEC.Notification@DB.com) and the
      Depositor, in EDGAR-compatible form (which may be Word or Excel documents easily
      convertible to EDGAR format), or in such other form as otherwise agreed upon
      by
      the Trustee and such party, the form and substance of any Form 8-K Disclosure
      Information, if applicable, together with an Additional Disclosure Notification
      in the form of Exhibit U hereto 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 Seller will be responsible for any reasonable fees
      and expenses assessed or incurred by the Trustee in connection with including
      any Form 8-K Disclosure Information in Form 8-K pursuant to this
      paragraph.

     

    
      
         

      

      
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    (iii) After
      preparing the Form 8-K, the Trustee
      shall
      forward electronically a copy of the Form 8-K to the Depositor by the close
      of
      business California time on the 2nd Business Day after the occurrence of a
      Reportable Event. Promptly, but no later than the close
      of
      business on the third Business Day after the Reportable Event, (i) the Depositor
      shall notify the Trustee
      in
      writing of any change to or approval of such Form 8-K and (ii) an officer of
      the
      Depositor shall execute the Form 8-K and return an electronic or fax copy of
      such executed Form 8-K (with an original executed hard copy to follow by
      overnight mail). Upon receipt of the executed Form 8-K and in the absence of
      receipt of any written changes or approval, the Trustee
      shall
      be
      entitled to assume that such Form 8-K is in final form and
      the
      Trustee may
      proceed with filing of the Form 8-K. If a Form 8-K cannot be filed on time
      or if
      a previously filed Form 8-K needs to be amended, the Trustee
      will
      follow the procedures set forth in subsection (d)(ii) of this Section 3.07.
      The
      parties to this Agreement acknowledge that the performance by the Depositor
      and
      the Trustee
      of
      their
      respective duties under this Section 3.07(c) related to the timely preparation,
      execution and filing of Form 8-K is contingent upon such parties strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 3.07(c). The Trustee
      shall have no
      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 Trustee’s
      inability or failure to receive, on a timely basis, any information from any
      other party hereto needed to prepare, arrange for execution or file such Form
      8-K, not resulting from its own negligence, bad faith or willful
      misconduct.

     

    (d) Suspension
      of Reporting; Amendments; Late Filings.

     

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

     

    (ii) In
      the
      event that the Trustee 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 Trustee will promptly notify the Depositor and McKee
      Nelson LLP either via mail, e-mail or telephone. 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-D/A and 10-K/A, as applicable, pursuant to Rule 12b-25 of the
      Exchange Act. In the case of Form 8-K, the Trustee shall, 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 that the Trustee has actual knowledge or has received notice that
      any
      previously filed Form 8-K, 10-D or 10-K needs to be amended in connection with
      any Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure or
      any
      Additional Form 8-K Disclosure Information or any amendment to such disclosure
      (other than for the purpose of restating any Distribution Date Statement),
      the
      Trustee will electronically notify the Depositor and McKee Nelson LLP and such
      other parties to the transaction as are affected by such amendment and such
      parties will cooperate to prepare any necessary 8-KA, 10-D/A or 10-K/A. Any
      Form
      15, Form 12b-25 or any amendment to Form 8-K, Form 10-K or 10-D shall be signed
      by an officer of the Depositor. The parties to this Agreement acknowledge that
      the performance by the Depositor and the Trustee of their respective duties
      under this Section 3.07(d)
      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 Section 3.07.
      The
      Trustee shall not have any liability for any loss, expense, damage, claim
      arising out of or with respect to any failure to properly prepare and/or timely
      file any such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or
      10-K,
      where such failure results from the Trustee’s inability or failure to obtain or
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 15, Form 12b-25 or any
      amendments to Forms 8-K, 10-D or 10-K, and for any erroneous, inaccurate or
      incomplete information or certification provided to the Trustee, not resulting
      from its own negligence, bad faith or willful misconduct.

     

    
      
         

      

      
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    (e) Not
      later
      than March 15 of each year (beginning in 2008) (or, if such day is not a
      Business Day, the immediately preceding Business Day), the Trustee shall sign
      the Trustee Certification (in the form attached hereto as Exhibit P) for the
      benefit of the Depositor and its officers, directors and
      affiliates.

     

    Any
      notice or notification required to be delivered by the Trustee to the Depositor
      pursuant to this Section 3.07
      may be
      delivered via facsimile to (203) 618-2596 or telephonically by calling
      (203) 422-4284, any notice or notification required to be delivered to the
      Trustee may be delivered via electronic mail to DBSEC.Notification@DB.com and
      any notice or notification required to be delivered by the Trustee to McKee
      Nelson LLP pursuant to this Section 3.07, may be delivered via e-mail to
      RBSGC@mckeenelson.com.

     

    SECTION
      3.08. Additional
      Information.

     

    Each
      of
      the parties agrees to provide to the Trustee such additional information related
      to such party as the Trustee may reasonably request, including evidence of
      the
      authorization of the person signing any certification or statement, financial
      information and reports, and such other information related to such party or
      its
      performance hereunder.

     

    SECTION
      3.09. Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Section 3.04 through
      Section 3.09 of this Agreement is to facilitate compliance by the Trustee 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 such clarification and interpretive
      advice as may be issued by the staff of the Commission from time to time.
      Therefore, each of the parties agrees that (a) the obligations of the parties
      hereunder shall be interpreted in such a manner as to accomplish that purpose,
      (b) the parties’ obligations hereunder will be supplemented and modified as
      necessary to be consistent with any such amendments, interpretive advice or
      guidance, convention or consensus among active participants in the asset-backed
      securities markets, advice of counsel, or otherwise in respect of the
      requirements of Regulation AB, (c) the parties shall comply with the reasonable
      requests made by the Trustee or the Depositor for delivery of such additional
      or
      different information as the Trustee or the Depositor may determine in good
      faith is necessary to comply with the provisions of Regulation AB, and (d)
      no
      amendment of this Agreement shall be required to effect any such changes in
      the
      parties’ obligations as are necessary to accommodate evolving interpretations of
      the provisions of Regulation AB.

     

    
      
         

      

      
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    SECTION
      3.10. Indemnification
      by the Trustee.

     

    (a) The
      Trustee agrees to indemnify the Depositor, its officers, directors, agents
      and
      employees for, and to hold them harmless against, any losses, damages,
      penalties, fines, forfeitures, legal fees and expenses and related costs,
      judgments, and any other costs, fees and expenses (except as otherwise provided
      herein with respect to expenses) (including reasonable legal fees and
      disbursements of counsel) incurred on their part (i) in connection with, arising
      out of, or relating to the Trustee’s failure to file a Form 10-D or Form 10-K in
      accordance with Section 3.07 or any failure by the Trustee to deliver any
      information, report or certification, when and as required under Section 8.01,
      (ii) by reason of the Trustee’s willful misfeasance, reckless disregard, bad
      faith or negligence in the performance of such obligations pursuant to Section
      3.07 or (iii) any material misstatement or omission made in the Trustee
      Certification; provided,
      in each
      case, that with respect to any such claim or legal action (or pending or
      threatened claim or legal action), such indemnified Person shall have given
      the
      Trustee written notice thereof promptly after such indemnified Person shall
      have
      with respect to such claim or legal action knowledge thereof; provided,
      however,
      that
      such agreement by the Trustee to indemnify and hold harmless such Person shall
      not include or apply to any such losses, damages, penalties, fines, forfeitures,
      legal fees or expenses or related costs, judgments, or any other costs, fees
      or
      expenses arising from, caused by or resulting from the actions or omissions
      of
      any Person other than the Trustee, including without limitation the negligence,
      willful misfeasance, bad faith or reckless disregard of duties or obligations
      under or pursuant to this Agreement, the Servicing Agreement or other applicable
      agreement by the Depositor or the Servicer, including without limitation any
      erroneous, inaccurate or incomplete information or certification provided to
      the
      Trustee by the Depositor or the Servicer in connection with, or any failure
      or
      delay on the part of the Depositor or the Servicer to provide any information
      or
      certification necessary to, the Trustee’s performance under Section 3.07. If the
      indemnification provided for in this Section 3.10 is unavailable or insufficient
      to hold harmless such indemnified Persons, then the Trustee shall contribute
      to
      the amount paid or payable by such indemnified Persons as a result of the
      losses, claims, damages or liabilities of such indemnified Persons in such
      proportion as is appropriate to reflect the relative fault of the Depositor
      on
      the one hand and the Trustee on the other. This indemnity shall survive the
      resignation or removal of the Trustee and the termination of this Agreement.
      Notwithstanding the foregoing, in no event shall the Trustee be liable for
      any
      consequential, indirect or punitive damages.

     

    
      
         

      

      
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    (b) The
      Trust
      Fund will indemnify any Indemnified Person for any loss, liability or expense
      of
      any Indemnified Person not otherwise referred to in Subsection (a)
      above.

     

    SECTION
      3.11. [Reserved].

     

    SECTION
      3.12. Reporting
      Requirements of the Commission.

     

    To
      the
      extent that, following the Closing Date, the content of Forms 8-K, 10-D, 10-K,
      15 or other Forms required by the Exchange Act and the Rules and Regulations
      of
      the Commission and the time by which such Forms are required to be filed,
      differs from the provisions of this Agreement, the Trustee, the Depositor and
      the Seller hereby agree that each shall reasonably cooperate to amend the
      provisions of this Agreement (in accordance with Section 12.01) in order to
      comply with such amended reporting requirements and such amendment of this
      Agreement. Notwithstanding the foregoing, the Trustee shall be obligated to
      enter into any amendment pursuant to this Section that adversely affects its
      obligations or immunities under this Agreement.

     

    ARTICLE
      IV

     

    ACCOUNTS

     

    SECTION
      4.01. Servicing
      Accounts

     

    (a) The
      Servicer will establish and maintain one or more custodial accounts (the
“Servicing
      Accounts”)
      in
      accordance with the Servicing Agreement, with records to be kept with respect
      thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall
      be
      deposited within 48 hours (or as of such other time specified in the Servicing
      Agreement) of receipt all collections of principal and interest on any Mortgage
      Loan and with respect to any REO Property received by the Servicer, including
      Principal Prepayments, Prepayment Penalty Amounts, Insurance Proceeds,
      Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds
      (less, in the case of the Servicer, the applicable servicing compensation,
      in
      whatever form and amounts as permitted by the Servicing Agreement) and all
      other
      amounts to be deposited in the Servicing Account. The Servicer is hereby
      authorized to make withdrawals from and deposits to the Servicing Account for
      purposes required or permitted by this Agreement and the Servicing Agreement.
      For the purposes of this Agreement, Servicing Accounts shall also include such
      other accounts as the Servicer maintains for the escrow of certain payments,
      such as taxes and insurance, with respect to certain Mortgaged Properties.
      The
      Servicing Agreement sets forth the criteria for the segregation, maintenance
      and
      investment of each related Servicing Account, the contents of which are
      acceptable to the parties hereto as of the date hereof and changes to which
      shall not be made unless such changes are made in accordance with the provisions
      of Section 12.01 hereof. 

     

    
      
         

      

      
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    (b) To
      the
      extent provided in the Servicing Agreement and subject to this Article IV,
      on or
      before each Servicer Remittance Date, the Servicer shall withdraw or shall
      cause
      to be withdrawn from the related Servicing Account and shall immediately remit
      or cause to be remitted to the Trustee for deposit into the Distribution
      Account, amounts representing the following collections and payments (other
      than
      with respect to principal of or interest on the Mortgage Loans due on or before
      the Cut-off Date) with respect to each of the Mortgage Loans it is
      servicing:

     

    (i) Monthly
      Payments on the Mortgage Loans received or any related portion thereof advanced
      by the Servicer pursuant to the Servicing Agreement which were due on or before
      the related Due Date, net of the amount thereof comprising the Servicing Fees,
      and Lender-Paid Mortgage Insurance Fees, if any;

     

    (ii) Principal
      Prepayments in full and any Liquidation Proceeds received by the Servicer with
      respect to such Mortgage Loans in the related Prepayment Period, with interest
      to the date of prepayment or liquidation, net of the amount thereof comprising
      the Servicing Fees and any Recoveries received in the related Prepayment
      Period;

     

    (iii) Principal
      Prepayments in part received by the Servicer for such Mortgage Loans in the
      related Prepayment Period; 

     

    (iv) Prepayment
      Penalty Amounts, if any; and

     

    (v) any
      amount to be used as a delinquency advance or to pay any Interest Shortfalls,
      in
      each case, as required to be paid under the Servicing Agreement. 

     

    (c) Withdrawals
      may be made from a Servicing Account only to make remittances as provided in
      Section 4.01(b), to reimburse the Servicer for advances which have been
      recovered by subsequent collection from the related Mortgagor, to remove amounts
      deposited in error, to remove fees, charges or other such amounts deposited
      on a
      temporary basis, or to clear and terminate the account at the termination of
      this Agreement in accordance with Section 10.01, or as otherwise provided in
      the
      Servicing Agreement. As provided in Section 4.01(c), certain amounts otherwise
      due to the Servicer may be retained by them and need not be remitted to the
      Trustee.

     

    SECTION
      4.02. Distribution
      Account.

     

    (a) The
      Trustee shall establish and maintain an account, for the benefit of the
      Certificateholders, as a segregated, non-interest bearing trust account which
      shall be an Eligible Account (the “Distribution
      Account”).
      The
      Distribution Account shall constitute a trust account of the Trust Fund
      segregated on the books of the Trustee and held by the Trustee in trust in
      its
      Corporate Trust Office, and the Distribution Account and the funds deposited
      therein shall not be subject to, and shall be protected from, all claims, liens,
      and encumbrances of any creditors or depositors of the Trustee (whether made
      directly, or indirectly through a liquidator or receiver of the Trustee). All
      Permitted Investments shall mature or be subject to redemption or withdrawal
      on
      or before, and shall be held until, the immediately succeeding Distribution
      Date. The Trustee or their affiliates are permitted to receive additional
      compensation that could be deemed to be in their economic self-interest for
      (i)
      serving as investment adviser, administrator, 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. The
      Trustee shall, promptly upon receipt from the Servicer on the Servicer
      Remittance Date deposit into the Distribution Account and retain on deposit
      until the related Distribution Date, the following amounts:

     

    
      
         

      

      
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    (i) any
      amounts withdrawn from a Servicing Account pursuant to Section 4.01(b) and
      the
      Servicing Agreement and remitted to the Trustee;

     

    (ii) any
      amounts required to be deposited by the Trustee with respect to the Mortgage
      Loans pursuant to this Agreement; 

     

    (iii) the
      Purchase Price with respect to any Mortgage Loans purchased by the Seller or
      the
      Originator under this Agreement or the Purchase Agreement, as applicable, any
      Substitution Adjustments pursuant to Section 2.03 of this Agreement and all
      proceeds of any Mortgage Loans or property acquired with respect thereto
      repurchased by the Servicer pursuant to Section 10.01 and the Servicing
      Agreement;

     

    (iv) any
      amounts required to be deposited by the Trustee with respect to losses on
      investments of deposits in the Distribution Account; and

     

    (v) any
      other
      amounts so required to be deposited in the Distribution Account pursuant to
      this
      Agreement.

     

    (b) All
      amounts deposited to the Distribution Account shall be held by the Trustee
      in
      trust for the benefit of the Certificateholders in accordance with the terms
      and
      provisions of this Agreement. The requirements for crediting the Distribution
      Account shall be exclusive, it being understood and agreed that, without
      limiting the generality of the foregoing, payments in the nature of (i) late
      payment charges or assumption fees, tax service fees, statement account charges
      or payoff charges, substitution, satisfaction, release and other like fees
      and
      charges and (ii) the items enumerated in Subsections 4.03(a)(i) through (viii)
      and (xii) with respect to the Servicer, need not be remitted by the Servicer
      to
      the Trustee. In the event that the Servicer has remitted to the Trustee any
      amount not required to be credited to the Distribution Account, the Servicer
      may
      at any time, by delivery of a written request signed by a Servicing Officer
      of
      the deposited in error, direct the Trustee to withdraw such amount from the
      Distribution Account for repayment to the Servicer. In the event that the
      Trustee has deposited to the Distribution Account any amount not required to
      be
      credited thereto, it may at any time, withdraw such amount from the Distribution
      Account.

     

    (c) Funds
      deposited in the Distribution Account for the period from each Servicer
      Remittance Date up to the Trustee Investment Period (as defined below) shall
      be
      invested in Permitted Investments selected by and at the written direction
      of
      Greenwich Capital Markets, Inc. (“GCM”),
      which
      shall mature not later than one Business Day prior to the Distribution Date
      and
      any such Permitted Investment shall not be sold or disposed of prior to its
      maturity. In the absence of written instructions from GCM regarding the
      investment of any such funds on deposit in the Distribution Account, such funds
      shall be invested in the DWS Scudder Money Market Fund 2403. All such Permitted
      Investments shall be made in the name of the Trustee in trust for the benefit
      of
      the Trustee and Holders of the RBSGC Mortgage Loan Trust Mortgage Loan
      Pass-Through Certificates, Series 2007-A. Funds in the Distribution Account
      for
      the period from one Business Day immediately preceding the related Distribution
      Date through and including the related Distribution Date (the “Trustee
      Investment Period”)
      may be
      invested in Permitted Investments selected by the Trustee (which shall mature
      not later than such applicable Distribution Date). All income and gain realized
      from any Permitted Investment of funds deposited in the Distribution Account
      as
      described in this paragraph (i) during the Trustee Investment Period shall
      be
      compensation to the Trustee, in payment of its Trustee Fee, and shall not be
      part of the Trust Fund and (ii) other than during the Trustee Investment Period
      shall be paid to the Holder of the Class LT-R Certificate. The amount of any
      losses incurred with respect to any such investments during the Trustee
      Investment Period shall be deposited in such Distribution Account by the Trustee
      out of its own funds, without any right of reimbursement therefor, immediately
      as realized. The amount of any losses incurred in respect of any such
      investments for any period other than during the Trustee Investment Period
      shall
      be deposited in such Distribution Account by GCM out of its own funds, without
      any right of reimbursement therefor, immediately as realized. 

     

    
      
         

      

      
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    SECTION
      4.03. Permitted
      Withdrawals and Transfers from the Distribution Account. 

     

    (a) The
      Trustee shall, from time to time, withdraw or transfer funds from the
      Distribution Account to the Servicer or to itself for the following
      purposes:

     

    (i) to
      reimburse the Servicer for any Advance of its own funds, the right of the
      Servicer to reimbursement pursuant to this subclause (i) being limited to
      amounts received on a particular Mortgage Loan (including, for this purpose,
      the
      Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and the
      Termination Price) which represent late payments or recoveries of the principal
      of or interest on such Mortgage Loan respecting which such Advance was
      made;

     

    (ii) to
      reimburse the Servicer from Insurance Proceeds or Liquidation Proceeds relating
      to a particular Mortgage Loan for amounts expended by the Servicer in good
      faith
      in connection with the restoration of the related Mortgaged Property which
      was
      damaged by an Uninsured Cause or in connection with the liquidation of such
      Mortgage Loan;

     

    (iii) to
      reimburse the Servicer from Insurance Proceeds relating to a particular Mortgage
      Loan for insured expenses incurred with respect to such Mortgage Loan and to
      reimburse the Servicer from Liquidation Proceeds from a particular Mortgage
      Loan
      for Liquidation Expenses incurred with respect to such Mortgage Loan;

     

    (iv) to
      pay
      the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds
      received in connection with the liquidation of any Mortgage Loan, the amount
      which the Servicer would have been entitled to receive under subclause (xii)
      of
      this Subsection 4.03(a) as servicing compensation on account of each defaulted
      scheduled payment on such Mortgage Loan if paid in a timely manner by the
      related Mortgagor;

     

    
      
         

      

      
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    (v) to
      pay
      the Servicer from the Purchase Price for any Mortgage Loan, the amount which
      the
      Servicer would have been entitled to receive under subclause (xii) of this
      Subsection 4.03(a) as servicing compensation;

     

    (vi) to
      reimburse the Servicer for servicing related advances of funds, the right to
      reimbursement pursuant to this subclause being limited to amounts received
      on
      the related Mortgage Loan (including, for this purpose, the Purchase Price
      therefor, Insurance Proceeds and Liquidation Proceeds) which represent late
      recoveries of the payments for which such servicing advances were
      made;

     

    (vii) to
      reimburse the Servicer for any Advance after a Realized Loss has been allocated
      with respect to the related Mortgage Loan if the Advance has not been reimbursed
      pursuant to clauses (i) and (vi);

     

    (viii) to
      pay
      the Servicer its monthly Servicing Fee and any other servicing compensation
      payable pursuant to the Servicing Agreement;

     

    (ix) to
      pay
      the Trustee any investment income;

     

    (x) to
      reimburse or pay the Servicer any such amounts as are due thereto under the
      Servicing Agreement and have not been retained by or paid to the Servicer,
      to
      the extent provided in the Servicing Agreement;

     

    (xi) to
      reimburse the Trustee for expenses, costs and liabilities incurred by or
      reimbursable to it pursuant to Sections 7.02(d), 8.05, 8.10 or
      8.17;

     

    (xii) to
      remove
      amounts deposited in error; and

     

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

     

    (b) The
      Trustee shall keep and maintain separate accounting for the purpose of
      accounting for any payments or reimbursements from the Distribution Account
      pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with
      respect to any such amounts which would have been covered by such subclauses
      had
      the amounts not been retained by the Trustee without being deposited in the
      Distribution Account under Section 4.02(b).

     

    
      
         

      

      
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    (c) In
      order
      to comply with its duties under the USA PATRIOT Act of 2001, the Trustee shall
      obtain and verify certain information and documentation from the other parties
      hereto, including, but not limited to, each such party’s name, address and other
      identifying information.

     

    (d) On
      each
      Distribution Date, the Trustee, as Paying Agent, shall withdraw funds on deposit
      in the Distribution Account to the extent of the aggregate Available Funds
      and
      distribute such funds to the Holders of the Certificates and any other parties
      entitled thereto, in accordance with Section 5.01.

     

    SECTION
      4.04. [Reserved]

     

    ARTICLE
      V

     

    FLOW
      OF FUNDS

     

     

    SECTION
      5.01. Distributions. 

     

    (a) On
      each
      Distribution Date and after making any withdrawals from the Distribution Account
      pursuant to Section 4.03(a), the Trustee, as Paying Agent, shall withdraw funds
      on deposit in the Distribution Account to the extent of Available Funds for
      each
      Loan Subgroup for such Distribution Date and, make the following disbursements
      and transfers as set forth below:

     

    (i) the
      Available Funds for Subgroup 1 shall be distributed on each Distribution Date
      (other than on the Distribution Date following the optional purchase of the
      Mortgage Loans by the Servicer) in the following order of priority:

     

    
      	 	
              (A)

            	
              to
                the Class 1-A-1 Certificates, the related Interest Distributable
                Amount;
                and

            

    

     

    
      	 	
              (B)

            	
              concurrently,
                as follows:

            

    

     

    first,
      to the
      Class PO Certificates, the PO Principal Distribution Amount; and

     

    second,
      an
      amount equal to the Senior Principal Distribution Amount for Subgroup 1 for
      that
      date, to the Class 1-A-1 Certificates, until its Class Principal Balance is
      reduced to zero;

    

    (ii) the
      Available Funds for Subgroup 2 shall be distributed on each Distribution Date
      (other than on the Distribution Date following the optional purchase of the
      Mortgage Loans by the Servicer) in the following order of priority:

     

    
      	 	
              (A)

            	
              to
                the Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4, Class 2-A5
                and
                Class R Certificates, the related Interest Distributable Amounts,
                pro
                rata
                (based on the Interest Distributable Amounts to which each such Class
                is
                entitled);

            

    

     

    
      	 	
              (B)

            	
              an
                amount equal to the Senior Principal Distribution Amount for Loan
                Group 2
                for that date, as follows:

            

    

     

    first,
      to the
      Class R Certificate, until its Class Principal Balance is reduced to
      zero;

     

    second,
      pro
      rata,
      to the
      Class 2-A-4 and Class 2-A-5 Certificates, based on their respective Class
      Principal Balances, the Subgroup 2 Priority Amount, until their respective
      Class
      Principal Balances are reduced to zero;

     

    
      
         

      

      
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    third,
      pro
      rata,
      to the
      Class 2-A-1 and Class 2-A-2 Certificates, based on their respective Class
      Principal Balances, until their respective Class Principal Balances are reduced
      to zero;

     

    fourth,
      to the
      Class 2-A-3 Certificates, until its Class Principal Balance is reduced to zero;
      and

     

    fourth,
      pro
      rata,
      to the
      Class 2-A-4 and Class 2-A-5 Certificates, based on their respective Class
      Principal Balances, until their respective Class Principal Balances are reduced
      to zero;

     

    (iii) the
      Available Funds for Subgroup 3 shall be distributed on each Distribution Date
      (other than on the Distribution Date following the optional purchase of the
      Mortgage Loans by the Servicer) in the following order of priority:

     

    
      	 	
              (A)

            	
              to
                the Class 3-A-1, Class 3-A-2 and Class X Certificates, the related
                Interest Distributable Amounts, pro
                rata
                (based on the Interest Distributable Amounts to which each such Class
                is
                entitled);

            

    

     

    
      	 	
              (B)

            	
              an
                amount equal to the Senior Principal Distribution Amount for Subgroup
                3
                for that date, to the Class 3-A-1 Certificates, until its Class Principal
                Balance is reduced to zero

            

    

     

    (iv) if
      such
      Distribution Date is prior to the Senior Credit Support Depletion Date, to
      the
      Class PO Certificates, to the extent of amounts otherwise available to pay
      the
      Subordinate Principal Distribution Amount for the Subordinate Certificates,
      the
      related PO Deferred Amount; provided,
      however,
      that
      any amounts distributed pursuant to this subclause (iv) will not cause a further
      reduction on the Class Principal Balance of the Class PO Certificates;

     

    (v) the
      Available Funds for each Loan Subgroup remaining after giving effect to the
      distributions specified in subsections (i) through (iv) above shall be
      distributed to the Certificateholders on any Distribution Date on or prior
      to
      the Senior Credit Support Depletion Date in the following order of
      priority:

     

    
      	 	
              (A)

            	
              to
                the Class B-1 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      
         

      

      
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              (B)

            	
              to
                the Class B-1 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (C)

            	
              to
                the Class B-2 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (D)

            	
              to
                the Class B-2 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (E)

            	
              to
                the Class B-3 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (F)

            	
              to
                the Class B-3 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (G)

            	
              to
                the Class B-4 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (H)

            	
              to
                the Class B-4 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (I)

            	
              to
                the Class B-5 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (J)

            	
              to
                the Class B-5 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (K)

            	
              to
                the Class B-6 Certificates, the related Interest Distributable Amount
                for
                that date; 

            

    

     

    
      	 	
              (L)

            	
              to
                the Class B-6 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to zero;

            

    

     

    
      	 	
              (M)

            	
              to
                the Class B-7 Certificates, the related Interest Distributable Amount
                for
                that date; and

            

    

     

    
      	 	
              (N)

            	
              to
                the Class B-7 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to zero;
                and

            

    

     

    
      
         

      

      
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    (vi) the
      Available Funds for each Loan Subgroup remaining after giving effect to the
      distributions specified in subsections (i) through (v) above will be distributed
      to the Certificateholders in the following order of priority:

     

    
      	 	
              (A)

            	
              to
                the Holder of the Class R Certificate, any Available Funds, other
                than any
                portion thereof in respect of Premium Proceeds, then remaining;
                and

            

    

    

    
      	 	
              (B)

            	
              on
                the final Distribution Date, to the Holder of the Class LT-R Certificate,
                the Premium Proceeds.

            

    

    

    On
      the
      Distribution Date following the optional purchase of the Mortgage Loans by
      the
      Servicer, Available Funds for each Loan Subgroup shall be applied in the amounts
      and in the order specified above.

    

    (b) Amounts
      to be paid to the Holders of a Class of Certificates shall be payable with
      respect to all Certificates of that Class, pro
      rata,
      based
      on the Certificate Principal Balance or Certificate Notional Balance, as
      applicable, of each Certificate of that Class.

     

    (c) Notwithstanding
      the priority and allocation set forth in Section 5.01(a)(v) above, if with
      respect to any Class of Subordinate Certificates on any Distribution Date the
      sum of the related Class Subordination Percentages of such Class and of all
      other Classes of Subordinate Certificates which have a higher numerical Class
      designation than such Class (the “Applicable
      Credit Support Percentage”)
      is
      less than the Original Applicable Credit Support Percentage for such Class,
      no
      distribution of Principal Prepayments will be made to any such Classes (the
      “Restricted
      Classes”)
      and
      the amount of such Principal Prepayment otherwise distributable to the
      Restricted Classes shall be distributed to any Classes of Subordinate
      Certificates having lower numerical Class designations than such Class,
pro
      rata,
      based
      on the Class Principal Balances of the respective Classes immediately prior
      to
      such Distribution Date and shall be distributed in the sequential order provided
      in Section 5.01(a)(v) above.

     

    (d) On
      each
      Distribution Date, the Trustee shall distribute to the Holder of the Class
      P
      Certificate, the Class P Distributable Amount.

     

    (e) i) 
      Notwithstanding the priority and allocation set forth in Section 5.01(a)(v),
      with respect to any Loan Subgroup, on each Distribution Date prior to the Senior
      Credit Support Depletion Date but after the date on which the aggregate Class
      Principal Balance of each Class of the Senior Certificates (other than the
      Class
      PO Certificates) related to a Loan Subgroup have been reduced to zero, 100%
      of
      the Principal Prepayments on the Mortgage Loans (other than the PO Percentage
      of
      such Principal Prepayments on any Discount Mortgage Loans) in that Loan Subgroup
      otherwise distributable on each Class of Subordinate Certificates pursuant
      to
      Section 5.01(a)(v), in reverse order of priority, shall be distributed as
      principal to the Senior Certificates (other than the Class PO Certificates
      and
      the Interest-Only Certificates) related to the other Loan Subgroup remaining
      outstanding in the amounts provided in the next succeeding sentence. Such amount
      shall be allocated to the other Loan Subgroups, pro
      rata
      based on
      aggregate Class Principal Balance of the related Senior Certificates, and paid
      to the Senior Certificates in such Loan Subgroup or Subgroups in the same
      priority as such Certificates would receive other distributions of principal
      pursuant to Section 5.01(a).

     

    
      
         

      

      
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    (ii) On
      any
      Distribution Date on which the Senior Certificates (other than the Class PO
      Certificates) related to a Loan Subgroup constitute an Undercollateralized
      Group, all amounts otherwise distributable as Available Funds on the Subordinate
      Certificates, in reverse order of priority (or, following the Senior Credit
      Support Depletion Date, such other amounts described in the immediately
      following sentence), will be distributed as principal to the Senior Certificates
      (other than the Class PO Certificates) of such Undercollateralized Group
      pursuant to Section 5.01(a), first, up to the sum of the Accrued Interest Amount
      and the Principal Deficiency Amount for the related Undercollateralized Group
      (such distribution, an “Undercollateralization
      Distribution”)
      and
      second, to pay to the Subordinate Certificates in the same order and priority
      as
      provided in Section 5.01(a)(v). In the event that the Senior Certificates (other
      than the Class PO Certificates) related to a Loan Subgroup constitute an
      Undercollateralized Group on any Distribution Date following the Senior Credit
      Support Depletion Date, Undercollateralization Distributions will be made from
      any Available Funds for a Loan Subgroup not related to an Undercollateralized
      Group remaining after all required amounts have been distributed to the related
      Class of Senior Certificates (other than the Class PO Certificates).
      Undercollateralization Distributions will be applied first to pay accrued but
      unpaid interest, if any, and second to pay principal in the same priority and
      allocation provided in Section 5.01(a).

     

    (f) Distributions
      on Physical Certificates.
      The
      Trustee shall make distributions in respect of a Distribution Date to each
      Certificateholder of record on the related Record Date (other than as provided
      in Section 10.01 hereof respecting the final distribution), in the case of
      Certificateholders of the Physical Certificates, by check or money order mailed
      to such Certificateholder at the address appearing in the Certificate Register,
      or by wire transfer. Distributions among Certificateholders of a Class shall
      be
      made in proportion to the Percentage Interests evidenced by the Certificates
      of
      that Class held by such Certificateholders.

     

    (g) Distributions
      on Book-Entry Certificates.
      Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit the amount of such distribution to the accounts
      of its Depository Participants in accordance with its normal procedures. Each
      Depository Participant shall be responsible for disbursing such distribution
      to
      the Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. All such credits and disbursements
      with respect to a Book-Entry Certificate are to be made by the Depository and
      the Depository Participants in accordance with the provisions of the
      Certificates. None of the Trustee, the Depositor or the Seller shall have any
      responsibility therefor.

     

    
      
         

      

      
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    SECTION
      5.02. [Reserved].

     

    SECTION
      5.03. Allocation
      of Realized Losses. 

     

    (a) On
      or
      prior to each Distribution Date, the Trustee shall aggregate the loan-level
      information provided by the Servicer with respect to the total amount of
      Realized Losses with respect to the Mortgage Loans in each Loan Subgroup for
      the
      related Distribution Date and include such information in the Distribution
      Date
      Statement.

     

    (b) On
      each
      Distribution Date, Realized Losses that occurred during the related prepayment
      period shall be allocated as follows:

     

    (i) to
      the
      Class PO Certificates, the applicable PO Percentage of the principal portion
      of
      any Realized Loss on a Discount Mortgage Loan in Loan Group 1, until its Class
      Certificate Principal Balance is reduced to zero;

     

    (ii) on
      each
      Distribution Date prior to the Senior Credit Support Depletion Date,
      distributions in respect of each PO Deferred Amount will be made on the Class
      PO
      Certificates in accordance with Section 5.01(a)(iv) above to the extent of
      any
      PO Recoveries and certain other Available Funds remaining after distributions
      in
      accordance with Section 5.01(a)(i), (ii) and (iii) above. Any distribution
      of
      such PO Recoveries and any other Available Funds in respect of a PO Deferred
      Amount will not reduce the Class Principal Balance of the Class PO Certificates.
      No interest will accrue on any PO Deferred Amount. After the Senior Credit
      Support Depletion Date, no distributions will be made in respect of any PO
      Deferred Amount and Realized Losses will be allocated to the Class PO
      Certificates without a right of reimbursement from any other Class of
      Certificates;

     

    (iii) the
      applicable Non-PO Percentage of the principal portion of all Realized Losses
      with respect to the Mortgage Loans in any Loan Subgroup will be
      allocated
      first
      to the
      classes of Subordinate Certificates, in the reverse order of their numerical
      Class designations (beginning with the class of Subordinate Certificates then
      outstanding with the highest numerical class designation), in each case until
      the Class Principal Balances of each such Class is reduced to zero, second,
      to the
      Senior Certificates (other than the Class PO and any Interest-Only Certificates)
      relating to all Loan Groups, on a pro
      rata
      basis,
      until the Class Principal Balances of each such class is reduced to zero;
provided,
      however,
      that
      the first $3,368,000.00 of Realized Losses allocable to the Class 2-A-2
      Certificates and the first $675,000.00 of Realized Losses allocable to the
      Class
      2-A-4 Certificates will instead each be allocated to the Class 2-A-5
      Certificates, until the Class Principal Balance of the Class 2-A-5 Certificates
      has been reduced to zero.

     

    (iv) On
      each
      Distribution Date, the Class Principal Balance of the class of Subordinate
      Certificates then outstanding with the lowest payment priority will be
      allocated, as a further Realized Loss, in reduction of its Class Principal
      Balance, the sum of (i) the amount of any Available Funds (other than PO
      Recoveries) distributed on that distribution date to the Class PO Certificates
      in reduction of a PO Deferred Amount and (ii) the excess, if any, of (a) the
      aggregate of the Class Principal Balances of all classes of Certificates
      following all distributions and the allocation of Realized Losses on that
      Distribution Date over (b) the Pool Balance as of the first day of the month
      of
      that Distribution Date.

     

    
      
         

      

      
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    (c) The
      Class
      Principal Balance of the Class of Subordinate Certificates then outstanding
      with
      the highest numerical Class designation shall be reduced on each Distribution
      Date by the amount, if any, by which the aggregate of the Class Principal
      Balances of all outstanding Classes of Certificates (after giving effect to
      the
      distribution of principal and the allocation of Realized Losses on such
      Distribution Date) exceeds the aggregate of the Stated Principal Balances of
      all
      the Mortgage Loans for the following Distribution Date.

     

    (d) Any
      Realized Loss allocated to a Class of Certificates or any reduction in the
      Class
      Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or
      (c)
      shall be allocated among the Certificates of such Class, pro
      rata,
      in
      proportion to their respective Certificate Principal Balances.

     

    (e) Any
      allocation of Realized Losses to a Certificate or any reduction in the
      Certificate Principal Balance of a Certificate pursuant to Section 5.03(b)
      or
      (c) shall be accomplished by reducing the Certificate Principal Balance thereof
      immediately following the distributions made on the related Distribution Date
      in
      accordance with the definition of “Certificate Principal Balance.”

     

    SECTION
      5.04. Statements. 

     

    (a) On
      each
      Distribution Date, the Trustee shall make available to each Certificateholder,
      the Seller and each Rating Agency, a statement based on loan-level information
      obtained from the Servicer (the “Distribution
      Date Statement”)
      as to
      the distributions to be made or made, as applicable, on such Distribution Date:
      

     

    (i) the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Certificates allocable to principal;

     

    (ii) the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Certificates allocable to interest;

     

    (iii) the
      Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and
      Subordinate Prepayment Percentage with respect to each Loan Subgroup for the
      following Distribution Date;

     

    (iv) the
      aggregate amount of servicing compensation received by the Servicer during
      the
      related Due Period and such other customary information as the Trustee deems
      necessary or desirable, or which a Certificateholder reasonably requests, to
      enable Certificateholders to prepare their tax returns;

     

    (v) the
      aggregate amount of Advances for the related Due Period and the amount of
      unreimbursed Advances;

     

    
      
         

      

      
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    (vi) the
      Pool
      Balance for such Distribution Date; 

     

    (vii) the
      Loan
      Subgroup Balance, the Non-PO Loan Group Balance and related Net WAC for each
      Loan Subgroup at the Close of Business at the end of the related Due
      Period;

     

    (viii) [Reserved];

     

    (ix) [Reserved];

     

    (x) [Reserved];

     

    (xi) for
      each
      Loan Subgroup, the number, weighted average remaining term to maturity and
      weighted average Loan Rate of the related Mortgage Loans as of the related
      Due
      Date;

     

    (xii) the
      number and aggregate unpaid principal balance of Mortgage Loans, in the
      aggregate and for each Loan Subgroup, (a) 30 to 59 days Delinquent, (b) 60
      to 89 days Delinquent, (c) 90 or more days Delinquent, (d) as to which
      foreclosure proceedings have been commenced and (e) in bankruptcy, in each
      case
      as of the close of business on the last day of the preceding calendar month,
      in
      each case, using the MBA method;

     

    (xiii) the
      book
      value (if available) of any REO Property as of the Close of Business on the
      last
      Business Day of the calendar month preceding the Distribution Date, and,
      cumulatively, the total number and cumulative principal balance of all REO
      Properties in each Loan Subgroup as of the Close of Business of the last day
      of
      the preceding Due Period;

     

    (xiv) the
      aggregate amount of Principal Prepayments with respect to each Loan Subgroup
      made during the related Prepayment Period;

     

    (xv) the
      aggregate amount of Realized Losses incurred during the related Due Period
      for
      each Loan Subgroup and the cumulative amount of Realized Losses and the amount
      of Realized Losses, if any, allocated to each Class of Certificates or after
      giving effect to any distribution made thereon, on such Distribution
      Date;

     

    (xvi) the
      Class
      Principal Balance or Class Notional Balance, as applicable, of each Class of
      Certificates and the Apportioned Principal Balances of the Subordinate
      Certificates after giving effect to any distributions made thereon, on such
      Distribution Date;

     

    (xvii) the
      Monthly Interest Distributable Amount and the Interest Distributable Amount
      in
      respect of each Class of Certificates, for such Distribution Date and the
      respective portions thereof, if any, remaining unpaid following the
      distributions made in respect of such Certificates on such Distribution
      Date;

     

    
      
         

      

      
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    (xviii) the
      aggregate amount of any Net Interest Shortfalls and the Unpaid Interest
      Shortfall Amount for such Distribution Date;

     

    (xix) the
      Available Funds with respect to each Loan Subgroup;

     

    (xx) the
      Pass-Through Rate for each Class of Certificates for such Distribution Date;
      

     

    (xxi) the
      aggregate Principal Balance of Mortgage Loans purchased hereunder by the Seller
      during the related Due Period, and indicating the relevant section of the
      Servicing Agreement, or the Section of this Agreement, as applicable, requiring
      or allowing the purchase of each such Mortgage Loan;

     

    (xxii) the
      amount of any Principal Deficiency Amounts or Accrued Interest Amounts paid
      to
      an Undercollateralized Group or amounts paid pursuant to Section 5.01(e)(i);
      

     

    (xxiii) current
      and cumulative Recoveries allocable to each Loan Subgroup;

     

    (xxiv) current
      and cumulative PO Recoveries allocable to Subgroup 1; and

     

    (xxv) the
      amount of any Class P Distributable Amount for such Distribution
      Date.

     

    The
      Trustee shall make the Distribution Date Statement (and, at its option, any
      additional files containing the same information in an alternative format)
      available each month to Certificateholders and the other parties to this
      Agreement via the Trustee’s Internet website. The Trustee’s Internet website
      shall initially be located at “https://www.tss.db.com/invr.” 
      Assistance in using the website can be obtained by calling the Trustee customer
      service desk at (800) 735-7777. Parties that are unable to use the above
      distribution option are entitled to have a paper copy mailed to them via first
      class mail by calling the customer service desk and indicating such. The Trustee
      shall have the right to change the way such reports are distributed in order
      to
      make such distribution more convenient and/or more accessible to the parties,
      and the Trustee shall provide timely and adequate notification to all parties
      regarding any such change.

     

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed in a separate section of the report as a dollar
      amount for each Class for each $1,000 original dollar amount as of the Cut-off
      Date.

     

    In
      addition to the information listed above, such Distribution Date Statement
      or
      the report on Form 10-D for such Distribution Date shall also include any other
      information required by Item 1121 (§ 229.1121) of Regulation AB.

     

    (b) Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall, upon written request, furnish to each Person who at any time during
      the
      calendar year was a Certificateholder of a Regular Certificate, if requested
      in
      writing by such Person, such information as is reasonably necessary to provide
      to such Person a statement containing the information set forth in subclauses
      (i) and (ii) above, aggregated for such calendar year or applicable portion
      thereof during which such Person was a Certificateholder and such other
      customary information which a Certificateholder reasonably requests to prepare
      its tax returns. Such obligation of the Trustee shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      prepared and furnished by the Trustee to Certificateholders pursuant to any
      requirements of the Code as are in force from time to time.

     

    
      
         

      

      
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    (c) On
      each
      Distribution Date, the Trustee shall supply an electronic tape to Bloomberg
      Financial Markets, Inc. in a format acceptable to Bloomberg Financial Markets,
      Inc. on a monthly basis, and shall supply an electronic tape to Loan Performance
      and Intex Solutions in a format acceptable to Loan Performance and Intex
      Solutions on a monthly basis.

     

    SECTION
      5.05. Remittance
      Reports; Advances. 

     

    (a) No
      later
      than the related Servicer Remittance Date, the Servicer shall deliver to the
      Trustee by telecopy or electronic mail (or by such other means as the Servicer
      and the Trustee may agree from time to time) the Remittance Report with respect
      to the Distribution Date. No later than the Close of Business New York time
      on
      the related Servicer Remittance Date, the Servicer shall deliver or cause to
      be
      delivered to the Trustee in addition to the information provided on the
      Remittance Report, such other loan-level information reasonably available to
      it
      with respect to the Mortgage Loans as the Trustee may reasonably require to
      perform the calculations necessary to make the distributions contemplated by
      Section 5.01. The Trustee shall have no duty or obligation to calculate,
      recompute or verify any information in the Remittance Report or other loan
      level
      information that it receives from the Servicer. 

     

    (b) If
      the
      Monthly Payment on a Mortgage Loan that was due on a related Due Date and is
      delinquent, other than as a result of application of the Relief Act, and for
      which the Servicer was required to make an advance pursuant to the Servicing
      Agreement, exceeds the amount on deposit in the Distribution Account which
      will
      be used for an advance with respect to such Mortgage Loan, the Servicer shall,
      on the Business Day preceding the Distribution Date, deposit in the Distribution
      Account an amount equal to such deficiency, net of the Servicing Fee, for such
      Mortgage Loan except to the extent the Servicer determines any such Advance
      to
      be Nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future
      payments on the Mortgage Loan for which such Advance was made. Subject to the
      foregoing, the Servicer shall continue to make such Advances through the date
      that the Servicer is required to do so under the Servicing Agreement. If the
      Servicer determines that an Advance is Nonrecoverable, it shall, on or prior
      to
      the related Distribution Date, present an Officer’s Certificate to the Trustee
      (i) stating that the Servicer elects not to make a Advance in a stated amount
      and (ii) detailing the reason it deems the advance to be
      Nonrecoverable.

     

    SECTION
      5.06. [Reserved] 

     

    SECTION
      5.07. Recoveries.

     

    (a) Prior
      to
      the Senior Credit Support Depletion Date, with respect to any Class of
      Certificates (other than the Class PO Certificates and any Interest-Only
      Certificates) to which the Non-PO Percentage of any Realized Loss has been
      allocated (including any such Class for which the related Class Principal
      Balance has been reduced to zero), the Class Principal Balance will be
      increased, up to the amount of related Non-PO Recoveries for such Distribution
      Date as follows:

     

    
      
         

      

      
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    (i) first,
      the Class Principal Balance of each Class of Senior Certificates (other than
      the
      Class PO Certificates and any Interest-Only Certificates) related to the Loan
      Subgroup from which the Non-PO Recovery was collected, will be increased
pro
      rata,
      up to
      the lesser of the Non-PO Percentage of any Net Realized Losses previously
      allocated to each such Class and the amount of Non-PO Recoveries for such
      Distribution Date; and 

     

    (ii) second,
      the Class Principal Balance of each Class of Subordinate Certificates will
      be
      increased in order of seniority, up to the lesser of the Non-PO Percentage
      of
      any Net Realized Losses previously allocated to each such Class and the amount
      of Non-PO Recoveries for such Distribution Date.

     

    (b) Prior
      to
      the Senior Credit Support Depletion Date, with respect to the Class PO
      Certificates and any Class of Subordinate Certificates to which the PO
      Percentage of any Realized Loss has been allocated (including any such Class
      for
      which the related Class Principal Balance has been reduced to zero), the Class
      Principal Balance will be increased, up to the amount of related PO Recoveries
      for such Distribution Date as follows:

     

    (i) first,
      the Class Principal Balance of the Class PO Certificates will be increased
      up to
      the lesser of the PO Percentage of any Net Realized Losses previously allocated
      to such Class and the amount of PO Recoveries for such Distribution Date; and
      

     

    (ii) second,
      the Class Principal Balance of each Class of Subordinate Certificates will
      be
      increased in order of seniority, up to the lesser of the PO Percentage of any
      Net Realized Losses previously allocated to each such Class and the amount
      of PO
      Recoveries for such Distribution Date.

     

    (c) With
      respect to any Distribution Date on or after the Senior Credit Support Depletion
      Date, the Trustee shall distribute the amount of any Recovery on a Mortgage
      Loan
      received during the calendar month prior to that Distribution Date as
      follows:

     

    (i) to
      the
      Class PO Certificates, the PO Percentage of any such Recovery on any Mortgage
      Loan in Subgroup 1; and

     

    (ii) to
      the
      Classes of Senior Certificates (other than the Class PO Certificates and any
      Interest-Only Certificates) corresponding to the Loan Subgroup of the Mortgage
      Loan for which the Recovery was received, pro
      rata,
      the
      amount of the Recovery remaining after distribution pursuant to the preceding
      clause (i);

     

    provided,
      however,
      that
      any distribution to a Class of Certificates pursuant to this Section 5.07(c)
      shall not reduce the Class Principal Balance of such Class.

     

    
      
         

      

      
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    (d) Any
      increase to the Class Principal Balance of a Class of Certificates shall
      increase the Certificate Principal Balance of each Certificate of the related
      Class pro
      rata
      in
      accordance with each Percentage Interest.

     

     

    ARTICLE
      VI

     

    THE
      CERTIFICATES

     

    SECTION
      6.01. The
      Certificates.

     

    The
      Certificates shall be substantially in the form annexed hereto as Exhibit A-1
      through E. Each of the Certificates shall, on original issue, be executed by
      the
      Trustee and authenticated and delivered by the Certificate Registrar upon the
      written order of the Depositor concurrently with the sale and assignment to
      the
      Trustee of the Trust Fund. Each Class of the Regular Certificates (other than
      the Class 2-A-3, Class 3-A-2, Class X and Class P Certificates) shall be
      initially evidenced by one or more Certificates representing a Percentage
      Interest with a minimum dollar denomination of $25,000 and integral dollar
      multiples of $1 in excess thereof; in the case of the Class 2-A-3 Certificates,
      with a minimum dollar denomination of $1,000 and integral dollar multiples
      of $1
      in excess thereof; in the case of the Class X and Class 3-A-2 Certificates,
      a
      minimum notional amount of $100,000 and integral dollar multiples of $1 in
      excess thereof; provided,
      that,
      all such Certificates must be purchased in minimum total investments of at
      least
      $100,000. The Class P Certificates shall be issued in a minimum Percentage
      Interest of 5% and in integral percentage of multiples of 1% in excess thereof.
      The Class R and Class LT-R Certificates will each be issued as a single
      certificate in physical form. 

     

    The
      Certificates shall be executed on behalf of the Trust Fund by manual or
      facsimile signature on behalf of the Trustee by a Responsible Officer.
      Certificates bearing the manual or facsimile signatures of individuals who
      were,
      at the time when such signatures were affixed, authorized to sign on behalf
      of
      the Trustee shall be binding, notwithstanding that such individuals or any
      of
      them have ceased to be so authorized prior to the authentication and delivery
      of
      such Certificates or did not hold such offices at the date of such Certificate.
      Each Certificate shall, on original issue, be authenticated by the Certificate
      Registrar upon the order of the Depositor. No Certificate shall be entitled
      to
      any benefit under this Agreement or be valid for any purpose, unless such
      Certificate shall have been manually authenticated by the Certificate Registrar
      substantially in the form provided for herein, and such authentication upon
      any
      Certificate shall be conclusive evidence, and the only evidence, that such
      Certificate has been duly authenticated and delivered hereunder. All
      Certificates shall be dated the date of their authentication. At any time and
      from time to time after the execution and delivery of this Agreement, the
      Depositor may deliver Certificates executed by the Trustee to the Certificate
      Registrar for authentication and the Certificate Registrar shall authenticate
      and deliver such Certificates as provided in this Agreement and not otherwise.
      Subject to Section 6.02(c), the Senior Certificates (other than the Residual
      Certificates) and the Subordinate Certificates shall be Book-Entry Certificates.
      The Residual Certificates and the Class P Certificates shall be Physical
      Certificates.

     

    
      
         

      

      
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    The
      Privately-Offered B Certificates shall be offered and sold (i) to Qualified
      Institutional Buyers, and shall be issued initially in the form of one or more
      permanent global Certificates in definitive, fully registered form with the
      applicable legends set forth in Exhibit C (each, a “Restricted
      Global Security”)
      or
      (ii) outside the United States in reliance on Regulation S under the 1933 Act,
      and shall be issued initially in the form of one or more permanent global
      Certificates in definitive, fully registered form without interest coupons
      with
      the applicable legends set forth in Exhibit C hereto (each, a “Regulation
      S Global Security”),
      which
      shall be deposited on behalf of the subscribers for such Certificates
      represented thereby with the Trustee, as custodian for DTC and registered in
      the
      name of a nominee of DTC, duly executed by the Trustee and authenticated by
      the
      Certificate Registrar as hereinafter provided. The aggregate principal amounts
      of the Restricted Global Securities or Regulation S Global Securities, as
      applicable, may from time to time be increased or decreased by adjustments
      made
      on the records of the Certificate Registrar and DTC or its nominee, as the
      case
      may be, as hereinafter provided.

     

    The
      Class
      P Certificates shall be offered and sold either (i) to Qualified Institutional
      Buyers, and shall be issued initially in the form of one or more permanent
      global Certificates in definitive, fully registered form with the applicable
      legends set forth in Exhibit D or (ii) outside the United States in reliance
      on
      Regulation S under the 1933 Act, and shall be issued initially in the form
      of
      one or more permanent global Certificates in definitive, fully registered form
      without interest coupons with the applicable legends set forth in Exhibit D-2
      which shall be registered in the name Greenwich Capital Markets, Inc., duly
      executed by the Trustee and authenticated by the Certificate Registrar as
      hereinafter provided. The aggregate principal amount of the Class P Certificates
      may from time to time be increased or decreased by adjustments made on the
      records of the Certificate Registrar as hereinafter provided.

     

    SECTION
      6.02. Registration
      of Transfer and Exchange of Certificates. 

     

    (a) The
      Certificate Registrar shall cause to be kept a Certificate Register in which,
      subject to such reasonable regulations as it may prescribe, the Certificate
      Registrar shall provide for the registration of Certificates and of transfers
      and exchanges of Certificates as herein provided. The Trustee is hereby
      appointed, and the Trustee hereby accepts its appointment as, initial
      Certificate Registrar, for the purpose of registering Certificates and transfers
      and exchanges of Certificates as herein provided.

     

    Upon
      surrender for registration of transfer of any Certificate at the Corporate
      Trust
      Office of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph, the Trustee on behalf of the Trust Fund shall execute,
      and
      the Certificate Registrar shall authenticate and deliver, in the name of the
      designated transferee or transferees, one or more new Certificates of the same
      aggregate Percentage Interest.

     

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

     

    
      
         

      

      
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    (b) Except
      as
      provided in paragraph (c) or (d) below, the Book-Entry Certificates shall at
      all
      times remain registered in the name of the Depository or its nominee and at
      all
      times: (i) registration of such Certificates may not be transferred by the
      Trustee or the Certificate Registrar except to another Depository; (ii) the
      Depository shall maintain book-entry records with respect to the Certificate
      Owners and with respect to ownership and transfers of such Certificates; (iii)
      ownership and transfers of registration of such Certificates on the books of
      the
      Depository shall be governed by applicable rules established by the Depository;
      (iv) the Depository may collect its usual and customary fees, charges and
      expenses from its Depository Participants; (v) the Certificate Registrar and
      the
      Trustee shall for all purposes deal with the Depository as representative of
      the
      Certificate Owners of the Certificates for purposes of exercising the rights
      of
      Holders under this Agreement, and requests and directions for and votes of
      such
      representative shall not be deemed to be inconsistent if they are made with
      respect to different Certificate Owners; (vi) the Trustee, the Paying Agent
      and
      the Certificate Registrar may rely and shall be fully protected in relying
      upon
      information furnished by the Depository with respect to its Depository
      Participants and furnished by the Depository Participants with respect to
      indirect participating firms and Persons shown on the books of such indirect
      participating firms as direct or indirect Certificate Owners; and (vii) the
      direct participants of the Depository shall have no rights under this Agreement
      under or with respect to any of the Certificates held on their behalf by the
      Depository, and the Depository may be treated by the Trustee, the Paying Agent,
      the Certificate Registrar and their respective agents, employees, officers
      and
      directors as the absolute owner of the Certificates for all purposes
      whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute one or more Letter of Representations with the Depository or take such
      other action as may be necessary or desirable to register a Book-Entry
      Certificate to the Depository. In the event of any conflict between the terms
      of
      any such Letter of Representation and this Agreement, the terms of this
      Agreement shall control.

     

    (c) If
      (x)
      the Depository or the Depositor advises the Certificate Registrar in writing
      that the Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Certificate Registrar or the
      Depositor is unable to locate a qualified successor, upon surrender to the
      Certificate Registrar of the Book-Entry Certificates by the Depository,
      accompanied by registration instructions from the Depository for registration,
      the Trustee shall at the Seller’s expense execute on behalf of the Trust Fund
      and authenticate definitive, fully registered certificates (the “Definitive
      Certificates”).
      Neither the Depositor nor the Certificate Registrar shall be liable for any
      delay in delivery of such instructions and may conclusively rely on, and shall
      be protected in relying on, such instructions. Upon the issuance of Definitive
      Certificates, the Trustee, the Certificate Registrar, the Paying Agent and
      the
      Depositor shall recognize the Holders of the Definitive Certificates as
      Certificateholders hereunder.

     

    
      
         

      

      
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    (d) No
      transfer, sale, pledge or other disposition of any Privately-Offered B
      Certificate, other than a Private Certificate sold in an offshore transaction
      in
      reliance on Regulation S, shall be made unless such disposition is exempt from
      the registration requirements of the Securities Act, and any applicable state
      securities laws or is made in accordance with the Securities Act and laws.
      Any
      Private Certificates sold to an “accredited investor” under Rule 501(a)(1), (2),
      (3) or (7) under the Securities Act shall be issued only in the form of one
      or
      more Definitive Certificates and the records of the Certificate Registrar (and
      solely in the case of the Privately-Offered B Certificates, DTC or its nominee)
      shall be adjusted to reflect the transfer of such Definitive Certificates.
      In
      the event of any transfer of any Private Certificate in the form of a Definitive
      Certificate, (i) the transferee shall certify (A) such transfer is made to
      a
      Qualified Institutional Buyer in reliance upon Rule 144A (as evidenced by an
      investment letter delivered to the Certificate Registrar, in substantially
      the
      form attached hereto as Exhibit J-2) under the Securities Act, or (B) such
      transfer is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or
      (7) under the Securities Act (as evidenced by an investment letter delivered
      to
      the Certificate Registrar, in substantially the form attached hereto as Exhibit
      J-1, and, if so required by the Certificate Registrar and the Depositor, a
      written Opinion of Counsel (which may be in-house counsel) acceptable to and
      in
      form and substance reasonably satisfactory to the Certificate Registrar and
      the
      Depositor, delivered to the Certificate Registrar and the Depositor stating
      that
      such transfer may be made pursuant to an exemption, including a description
      of
      the applicable exemption and the basis therefor, from the Securities Act or
      is
      being made pursuant to the Securities Act, which Opinion of Counsel shall not
      be
      an expense of the Trust Fund, the Trustee, the Certificate Registrar or the
      Depositor) or (ii) the Certificate Registrar shall require the transferor to
      execute a transferor certificate and the transferee to execute an investment
      letter acceptable to and in form and substance reasonably satisfactory to the
      Depositor and the Certificate Registrar certifying to the Depositor and the
      Certificate Registrar the facts surrounding such transfer, which investment
      letter shall not be an expense of the Trust Fund, the Trustee, the Certificate
      Registrar or the Depositor. Each Holder of a Private Certificate desiring to
      effect such transfer shall, and does hereby agree to, indemnify the Trustee,
      the
      Certificate Registrar, the Seller and the Depositor against any liability that
      may result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws.

     

    In
      the
      case of a Privately-Offered B Certificate that is a Book-Entry Certificate,
      for
      purposes of the preceding paragraph, the representations set forth in the
      investment letter in clause (i) shall be deemed to have been made to the
      Certificate Registrar by the transferee’s acceptance of such Privately-Offered B
      Certificate that is also a Book-Entry Certificate (or the acceptance by a
      Certificate Owner of the beneficial interest in such Certificate).

     

    If
      any
      Certificate Owner that is required under this Section 6.02(d) to transfer its
      Privately-Offered B Certificate that are Book-Entry Certificates in the form
      of
      Definitive Certificates, (i) notifies the Trustee of such transfer or
      exchange and (ii) transfers such Book-Entry Certificates to the Trustee, in
      its capacity as such, through the book-entry facilities of the Depository,
      then
      the Trustee, on behalf of the Trust, shall decrease the balance of such
      Book-Entry Certificates, and thereupon, the Trustee shall execute, authenticate
      and deliver to such Certificate Owner or its designee one or more Definitive
      Certificates in authorized denominations and with a like aggregate Certificate
      Principal Balance.

     

    
      
         

      

      
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    Subject
      to the provisions of this Section 6.02(d) governing registration of transfer
      and
      exchange Privately-Offered B Certificate (i) held as Definitive
      Certificates may be transferred in the form of Book-Entry Certificates in
      reliance on Rule 144A (to one or more Qualified Institutional Buyers) or
      Regulation S under the Securities Act that are acquiring such Definitive
      Certificates, their own accounts for or for the accounts of other Qualified
      Institutional Buyers and (ii) held as Definitive Certificates by a
      Qualified Institutional Buyer or an investor under Regulation S for its own
      account or for the account of another Qualified Institutional Buyer or
      Regulation S investor may be exchanged for Book-Entry Certificates, in each
      case
      upon surrender of such Certificates for registration of transfer or exchange
      at
      the offices of the Trustee maintained for such purpose. Whenever any such
      Certificates are so surrendered for transfer or exchange, either the Trustee
      shall increase the balance of the related Book-Entry Certificates or the Trustee
      shall execute, authenticate and deliver the Book-Entry Certificates for which
      such Certificates were transferred or exchanged, as necessary and appropriate.
      No Holder of any such Definitive Certificates other than a Qualified
      Institutional Buyer or a Regulation S investor holding such Certificates for
      its
      own account or for the account of another Qualified Institutional Buyer or
      Regulation S investor may exchange such Certificates for Book-Entry
      Certificates. Further, any Certificate Owner of such Book-Entry Certificates
      other than any such Qualified Institutional Buyers or Regulation S investors
      shall notify the Trustee of its status as such and shall transfer such
      Book-Entry Certificate to the Trustee, through the book-entry facilities of
      the
      Depository, whereupon, and also upon surrender to the Trustee of such Book-Entry
      Certificates by the Depository, (which surrender the Trustee shall use
      reasonable efforts to cause to occur), the Trustee shall execute, authenticate
      and deliver to such Certificate Owner or such Certificate Owner’s nominee one or
      more Definitive Certificates in authorized denominations and with a like
      aggregate Certificate Principal Balance.

     

    None
      of
      the Depositor, the Seller, the Certificate Registrar or the Trustee is obligated
      to register or qualify the Private 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 a
      Private Certificate shall, and does hereby agree to, indemnify the Trustee,
      the
      Seller, the Depositor and the Certificate Registrar 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 an ERISA-Restricted Certificate in the form of a Definitive
      Certificate shall be made unless the Certificate Registrar shall have received
      either (i) a representation from the transferee of such Certificate, acceptable
      to and in form and substance satisfactory to the Certificate Registrar and
      the
      Depositor (such requirement is satisfied only by the Certificate Registrar’s
      receipt of a representation letter from the transferee substantially in the
      form
      of Exhibit I-1 or I-2, as applicable, hereto), to the effect that such
      transferee is not an employee benefit plan subject to Section 406 of ERISA
      or a
      plan or arrangement subject to Section 4975 of the Code (a “Plan”),
      nor a
      person acting on behalf of any such plan or arrangement nor using the assets
      of
      any such plan or arrangement to effect such transfer or (ii) if such Certificate
      has been the subject of an ERISA-Qualifying Underwriting, and the purchaser
      is
      an insurance company, a representation that the purchaser is an insurance
      company which is purchasing such Certificates with funds contained in an
“insurance company general account” (as such term is defined in Section V(e) of
      Prohibited Transaction Class Exemption 95-60 (“PTCE
      95-60”)
      and
      that the purchase and holding of such Certificates are covered under Sections
      I
      and III of PTCE 95-60 or (iii) an Opinion of Counsel satisfactory to the
      Certificate Registrar, which Opinion of Counsel shall not be an expense of
      the
      Trustee, the Certificate Registrar, the Servicer, the Depositor or the Trust
      Fund, addressed to the Certificate Registrar, to the effect that the purchase
      and holding of such ERISA-Restricted Certificate in the form of a Definitive
      Certificate will not result in a non-exempt prohibited transaction under Section
      406 of ERISA or Section 4975 of the Code and will not subject the Trustee,
      the
      Certificate Registrar, the Servicer, or the Depositor to any obligation in
      addition to those expressly undertaken in this Agreement or to any liability.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      an ERISA-Restricted Certificate in the form of a Definitive Certificate to
      an
      employee benefit plan subject to ERISA or Section 4975 of the Code without
      the
      delivery to the Certificate Registrar of an Opinion of Counsel satisfactory
      to
      the Certificate Registrar as described above shall be void and of no
      effect.

     

    
      
         

      

      
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    In
      the
      case of an ERISA-Restricted Certificate that is a Book-Entry Certificate, for
      purposes of clauses (i) or (ii) of the first sentence of the preceding
      paragraph, such representations shall be deemed to have been made to the
      Certificate Registrar by the transferee’s acceptance of such ERISA-Restricted
      Certificate that is also a Book-Entry Certificate (or the acceptance by a
      Certificate Owner of the beneficial interest in such Certificate).

     

    If
      any
      ERISA-Restricted Certificate, or any interest therein, is acquired or held
      in
      violation of the provisions of the preceding paragraph, the next preceding
      permitted beneficial owner will be treated as the beneficial owner of that
      Certificate, retroactive to the date of transfer to the purported beneficial
      owner. Any purported beneficial owner whose acquisition or holding of an
      ERISA-Restricted Certificate, or interest therein, was effected in violation
      of
      the provisions of the preceding paragraph shall indemnify to the extent
      permitted by law and hold harmless the Depositor and the Certificate Registrar
      from and against any and all liabilities, claims, costs or expenses incurred
      by
      such parties as a result of such acquisition or holding.

     

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      the Certificate Registrar shall be under no liability to any Person for any
      registration of transfer of any ERISA-Restricted Certificate that is in fact
      not
      permitted by this Section or for making any payments due on such Certificate
      to
      the Holder thereof or taking any other action with respect to such Holder under
      the provisions of this Agreement so long as the transfer was registered by
      the
      Certificate Registrar in accordance with the foregoing requirements.

     

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      none of the Trustee, the Certificate Registrar or the Depositor shall have
      any
      liability to any Person for any registration of transfer of any ERISA-Restricted
      Certificate that is in fact not permitted by this Section 6.02(d) or for the
      Paying Agent making any payments due on such Certificate to the Holder thereof
      or taking any other action with respect to such Holder under the provisions
      of
      this Agreement so long as the transfer was registered by the Certificate
      Registrar in accordance with the foregoing requirements. In addition, none
      of
      the Trustee, the Certificate Registrar or the Depositor shall be required to
      monitor, determine or inquire as to compliance with the transfer restrictions
      with respect to any ERISA-Restricted Certificate in the form of a Book-Entry
      Certificate, and none of the Trustee, the Certificate Registrar or the Depositor
      shall have any liability for transfers of Book-Entry Certificates or any
      interests therein made in violation of the restrictions on transfer described
      in
      the Prospectus Supplement and this Agreement.

     

    
      
         

      

      
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    (e) Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

    (i) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee who acquires such Ownership Interest in a
      Residual Certificate for its own account and not in the capacity as trustee,
      nominee or agent for another Person and shall promptly notify the Certificate
      Registrar and the Trustee of any change or impending change in its status as
      such a Permitted Transferee.

     

    (ii) No
      Ownership Interest in a Residual Certificate may be registered on the Closing
      Date and no Ownership Interest in a Residual Certificate may thereafter be
      transferred, and the Certificate Registrar shall not register the Transfer
      of a
      Residual Certificate unless, in addition to the certificates required to be
      delivered under subsection (d) above, the Trustee and the Certificate Registrar
      shall have been furnished with an affidavit (“Transfer
      Affidavit”)
      of the
      initial owner of such Residual Certificate or proposed transferee of a Residual
      Certificate in the form attached hereto as Exhibit L.

     

    (iii) In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Trustee and the Certificate Registrar shall as a condition
      to
      registration of the transfer, require delivery to them of a Transferor
      Certificate in the form of Exhibit K hereto from the proposed transferor to
      the
      effect that the transferor (a) has no knowledge the proposed Transferee is
      not a
      Permitted Transferee acquiring an Ownership Interest in such Residual
      Certificate for its own account and not in a capacity as trustee, nominee,
      or
      agent for another Person, and (b) has not undertaken the proposed transfer
      in
      whole or in part to impede the assessment or collection of tax.

     

    (iv) Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of such Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of Transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. None of the Trustee, the Certificate Registrar or the Depositor
      shall have any liability to any Person for any registration of Transfer of
      a
      Residual Certificate that is in fact not permitted by this Section or for the
      Paying Agent making any distributions due on such Residual Certificate to the
      Holder thereof or taking any other action with respect to such Holder within
      the
      provisions of this Agreement so long as the Trustee and the Certificate
      Registrar received the documents specified in clause (iii). The Certificate
      Registrar shall be entitled to recover from any Holder of such Residual
      Certificate that was in fact not a Permitted Transferee at the time such
      distributions were made all distributions made on such Residual Certificate.
      Any
      such distributions so recovered by the Certificate Registrar shall be
      distributed and delivered by the Certificate Registrar to the last Holder of
      such Residual Certificate that is a Permitted Transferee.

     

    
      
         

      

      
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    (v) If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Certificate Registrar shall have the right but not the obligation, without
      notice to the Holder of such Residual Certificate or any other Person having
      an
      Ownership Interest therein, to notify the Depositor to arrange for the sale
      of
      such Residual Certificate. The proceeds of such sale, net of commissions (which
      may include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the
      Certificate Registrar to the previous Holder of such Residual Certificate that
      is a Permitted Transferee, except that in the event that the Certificate
      Registrar determines that the Holder of such Residual Certificate may be liable
      for any amount due under this Section or any other provisions of this Agreement,
      the Certificate Registrar may withhold a corresponding amount from such
      remittance as security for such claim. The terms and conditions of any sale
      under this clause (v) shall be determined in the sole discretion of the Trustee
      and the Certificate Registrar and they shall not be liable to any Person having
      an Ownership Interest in such Residual Certificate as a result of its exercise
      of such discretion.

     

    (vi) If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee upon receipt of reasonable compensation will provide to the Internal
      Revenue Service, and to the persons specified in Sections 860E(e)(3) and (6)
      of
      the Code, information needed to compute the tax imposed under Section 860E(e)(5)
      of the Code on transfers of residual interests to disqualified
      organizations.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Certificate
      Registrar, in form and substance satisfactory to the Certificate Registrar,
      (i)
      written notification from each Rating Agency that the removal of the
      restrictions on Transfer set forth in this Section will not cause such Rating
      Agency to downgrade its ratings of the Certificates and (ii) an Opinion of
      Counsel to the effect that such removal will not cause the REMIC created
      hereunder to fail to qualify as a REMIC.

     

    (f) Notwithstanding
      any provision to the contrary herein, so long as a Restricted Global Security
      or
      Regulation S Global Security, as applicable, representing any Privately-Offered
      B Certificates remains outstanding and is held by or on behalf of the
      Depository, transfers of a Restricted Global Security or Regulation S Global
      Security, as applicable, representing the Certificates, in whole or in part,
      shall only be made in accordance with Section 6.01 and this Section
      6.02(f).

     

    
      
         

      

      
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    (i) Subject
      to clauses (ii) and (iii) of this Section 6.02(f), transfers of a Restricted
      Global Security or Regulation S Global Security, as applicable, representing
      any
      Privately-Offered B Certificates shall be limited to transfers of such a
      Restricted Global Security or Regulation S Global Security, as applicable,
      in
      whole, but not in part, to nominees of the Depository or to a successor of
      the
      Depository or such successor’s nominee.

     

    (ii) Restricted
      Global Security to Regulation S Global Security.
      If a
      holder of a beneficial interest in a Restricted Global Security deposited with
      or on behalf of the Depository wishes at any time to exchange its interest
      in
      such Restricted Global Security for an interest in a Regulation S Global
      Security, or to transfer its interest in such Restricted Global Security to
      a
      Person who wishes to take delivery thereof in the form of an interest in a
      Regulation S Global Security, such holder, provided such holder is not a U.S.
      Person, may, subject to the rules and procedures of the Depository, exchange
      or
      cause the exchange of such interest for an equivalent beneficial interest in
      the
      Regulation S Global Security. Upon receipt by the Certificate Registrar, of
      (A)
      instructions from the Depository directing the Certificate Registrar, to cause
      to be credited a beneficial interest in a Regulation S Global Security in an
      amount equal to the beneficial interest in such Restricted Global Security
      to be
      exchanged but not less than the minimum denomination applicable to such
      Certificateholders’ held through a Regulation S Global Security, (B) a written
      order given in accordance with the Depository’s procedures containing
      information regarding the participant account of the Depository and, in the
      case
      of a transfer pursuant to and in accordance with Regulation S, the Euroclear
      or
      Clearstream account to be credited with such increase and (C) a certificate
      in
      the form of Exhibit N-1 hereto given by the holder of such beneficial interest
      stating that the exchange or transfer of such interest has been made in
      compliance with the transfer restrictions applicable to the Global Securities,
      including that the holder is not a U.S. Person and pursuant to and in accordance
      with Regulation S, the Certificate Registrar shall reduce the principal amount
      of the Restricted Global Security and increase the principal amount of the
      Regulation S Global Security by the aggregate principal amount of the beneficial
      interest in the Restricted Global Security to be exchanged, and shall instruct
      Euroclear or Clearstream, as applicable, concurrently with such reduction,
      to
      credit or cause to be credited to the account of the Person specified in such
      instructions a beneficial interest in the Regulation S Global Security equal
      to
      the reduction in the principal amount of the Restricted Global
      Security.

     

    (iii) Regulation
      S Global Security to Restricted Global Security.
      If a
      holder of a beneficial interest in a Regulation S Global Security deposited
      with
      or on behalf of the Depository wishes at any time to transfer its interest
      in
      such Regulation S Global Security to a Person who wishes to take delivery
      thereof in the form of an interest in a Restricted Global Security, such holder
      may, subject to the rules and procedures of the Depository, exchange or cause
      the exchange of such interest for an equivalent beneficial interest in a
      Restricted Global Security. Upon receipt by the Certificate Registrar of (A)
      instructions from the Depository directing the Certificate Registrar to cause
      to
      be credited a beneficial interest in a Restricted Global Security in an amount
      equal to the beneficial interest in such Regulation S Global Security to be
      exchanged but not less than the minimum denomination applicable to such
      Certificateholder’s Certificates held through a Restricted Global Security, to
      be exchanged, such instructions to contain information regarding the participant
      account with the Depository to be credited with such increase, and (B) a
      certificate in the form of Exhibit N-2 hereto given by the holder of such
      beneficial interest and stating, among other things, that the Person
      transferring such interest in such Regulation S Global Security reasonably
      believes that the Person acquiring such interest in a Restricted Global Security
      is a Qualified Institutional Buyer within the meaning of Rule 144A, is obtaining
      such beneficial interest in a transaction meeting the requirements of Rule
      144A
      and in accordance with any applicable securities laws of any State of the United
      States or any other jurisdiction, then the Certificate Registrar will reduce
      the
      principal amount of the Regulation S Global Security and increase the principal
      amount of the Restricted Global Security by the aggregate principal amount
      of
      the beneficial interest in the Regulation S Global Security to be transferred
      and the Certificate Registrar shall instruct the Depository, concurrently with
      such reduction, to credit or cause to be credited to the account of the Person
      specified in such instructions a beneficial interest in the Restricted Global
      Security equal to the reduction in the principal amount of the Regulation S
      Global Security.

     

    
      
         

      

      
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    (iv) Other
      Exchanges.
      In the
      event that a Restricted Global Security or Regulation S Global Security, as
      applicable, is exchanged for Certificates in definitive registered form without
      interest coupons, such Certificates may be exchanged for one another only in
      accordance with such procedures as are substantially consistent with the
      provisions above (including certification requirements intended to insure that
      such transfers comply with Rule 144A, comply with Rule 501(a)(1), (2), (3)
      or
      (7) or are to non U.S. Persons in compliance with Regulation S under the
      Securities Act, as the case may be) and as may be from time to time adopted
      by
      the Depositor and the Certificate Registrar. 

     

    (v) Restrictions
      on U.S. Transfers.
      Transfers of interests in the Regulation S Global Security to U.S. persons
      (as
      defined in Regulation S) shall be limited to transfers made pursuant to the
      provisions of Section 6.02(f)(iii).

     

    (g) No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, but the Certificate Registrar may require payment
      of
      a sum sufficient to cover any tax or governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      cancelled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    
      
         

      

      
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    SECTION
      6.03. Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (i)
      any mutilated Certificate is surrendered to the Trustee or the Certificate
      Registrar or the Trustee or the Certificate Registrar receives evidence to
      its
      satisfaction of the destruction, loss or theft of any Certificate and (ii)
      there
      is delivered to the Depositor and the Certificate Registrar or the Trustee
      such
      security or indemnity as may be required by them to save each of them harmless,
      then, in the absence of notice to the Trustee, the Depositor or the Certificate
      Registrar that such Certificate has been acquired by a bona fide purchaser,
      the
      Trustee shall execute on behalf of the Trust Fund and the Certificate Registrar
      shall authenticate and deliver, in exchange for or in lieu of any such
      mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
      tenor and Percentage Interest. Upon the issuance of any new Certificate under
      this Section, the Trustee, the Depositor or the Certificate Registrar may
      require the payment of a sum sufficient to cover any tax or other governmental
      charge that may be imposed in relation thereto and any other expenses (including
      the fees and expenses of the Depositor and the Certificate Registrar) in
      connection therewith. Any duplicate Certificate issued pursuant to this Section,
      shall constitute complete and indefeasible evidence of ownership in the Trust
      Fund, 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 Trustee, the Certificate Registrar, the Paying Agent and any
      agent of the Depositor, the Trustee, the Paying Agent or Certificate Registrar
      may treat the Person, including a Depository, in whose name any Certificate
      is
      registered as the owner of such Certificate for the purpose of receiving
      distributions pursuant to Section 5.01 hereof and for all other purposes
      whatsoever, and none of the Trust, the Depositor, the Trustee, the Paying Agent,
      the Certificate Registrar or any agent of any of them shall be affected by
      notice to the contrary.

     

    SECTION
      6.05. Appointment
      of Paying Agent.

     

    (a) The
      Trustee may appoint a Paying Agent (which may be the Trustee) for the purpose
      of
      making distributions to Certificateholders hereunder. The Trustee hereby
      appoints itself as the initial Paying Agent. The duties of the Paying Agent
      may
      include the obligation (i) to withdraw funds from the Distribution Account
      pursuant to Section 4.03 hereof and (ii) to distribute statements and provide
      information to Certificateholders as required hereunder. The Paying Agent
      hereunder shall at all times be an entity duly incorporated and validly existing
      under the laws of the United States of America or any state thereof, authorized
      under such laws to exercise corporate trust powers and subject to supervision
      or
      examination by federal or state authorities. 

     

    (b) The
      Trustee, as Paying Agent, shall hold all sums, if any, held by it for payment
      to
      the Certificateholders in trust for the benefit of the Certificateholders
      entitled thereto until such sums shall be paid to such Certificateholders and
      shall comply with all requirements of the Code regarding the withholding of
      payments in respect of federal income taxes due from Certificate Owners and
      otherwise comply with the provisions of this Agreement applicable to
      it.

     

     

    
      
         

      

      
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    ARTICLE
      VII

     

    DEFAULT

     

    SECTION
      7.01. Events
      of Default. 

     

    If
      an
      Event of Default described in the Servicing Agreement shall occur and be
      continuing, then, and in each and every such case, so long as an Event of
      Default shall not have been remedied within the applicable grace period, the
      Trustee may, and at the written direction of the Holders of Certificates
      evidencing Voting Rights aggregating not less than 51%, shall, by notice then
      given in writing to the Servicer, terminate all of the rights and obligations
      of
      the Servicer as servicer under this Agreement. Any such notice to the Servicer
      shall also be given to the Rating Agencies, the Depositor and the Seller. The
      Trustee, upon a Responsible Officer having actual knowledge of such default,
      shall deliver a written notice to the Servicer of the Event of Default on any
      Servicer Remittance Date on which the Servicer fails to make any deposit or
      payment required pursuant to the Servicing Agreement (including but not limited
      to Advances to the extent required pursuant to the Servicing Agreement).
      Pursuant to the Servicing Agreement, on or after the receipt by the Servicer
      (and by the Trustee if such notice is given by the Holders) of such written
      notice, all authority and power of the Servicer under the Servicing Agreement,
      with respect to the Mortgage Loans or otherwise, shall pass to and be vested
      in
      the Trustee and the Trustee is hereby authorized and empowered to execute and
      deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and
      all documents and other instruments, and to do or accomplish all other acts
      or
      things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement of each Mortgage
      Loan and related documents or otherwise. 

     

    SECTION
      7.02. Trustee
      to Act.

     

    (a) From
      and
      after the date the Servicer (and the Trustee, if notice is sent by the Holders)
      receives a notice of termination pursuant to Section 7.01, the Trustee
      immediately shall be the successor in all respects to the Servicer in its
      capacity as servicer under the Servicing Agreement and the transactions set
      forth or provided for herein and shall be subject to all the responsibilities,
      duties and liabilities relating thereto placed on the Servicer by the terms
      and
      provisions hereof arising on and after its succession, including the immediate
      obligation to make Advances. As compensation therefor, the Trustee shall be
      entitled to such compensation as the Servicer would have been entitled to under
      the Servicing Agreement if no such notice of termination had been given.
      Notwithstanding the above, (i) if the Trustee is unwilling to act as successor
      Servicer or (ii) if the Trustee is legally unable so to act, the Trustee shall
      appoint or petition a court of competent jurisdiction to appoint, any
      established housing and home finance institution, bank or other mortgage loan
      or
      home equity loan servicer having a net worth of not less than $15,000,000 as
      the
      successor to the Servicer under the Servicing Agreement in the assumption of
      all
      or any part of the responsibilities, duties or liabilities of the Servicer
      under
      the Servicing Agreement; provided,
      that
      the
      appointment of any such successor Servicer shall not result in the
      qualification, reduction or withdrawal of the ratings assigned to the
      Certificates by each Rating Agency as evidenced by a letter to such effect
      from
      such Rating Agency. Pending appointment of a successor to the Servicer under
      the
      Servicing Agreement, unless the Trustee is prohibited by law from so acting,
      the
      Trustee shall act in such capacity as hereinabove provided. In connection with
      such appointment and assumption, the successor shall be entitled to receive
      compensation out of payments on Mortgage Loans in an amount equal to the
      compensation which the Servicer would otherwise have received hereunder. Except
      with respect to the making of Advances the defaulting Servicer was required
      to
      make but did not make, the successor Servicer, including the Trustee in such
      capacity, shall not be liable for any acts or omissions of the predecessor
      Servicer or for any breach by such Servicer of any of its representations or
      warranties made by it in the Servicing Agreement or in any related document
      or
      agreement. The Trustee and such successor shall take such action, consistent
      with this Agreement, as shall be necessary to effectuate any such succession.
      

     

    
      
         

      

      
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    (b) Any
      successor, including the Trustee, to the Servicer under the Servicing Agreement
      shall during the term of its service as Servicer continue to service and
      administer the Mortgage Loans for the benefit of Certificateholders pursuant
      to
      the terms and conditions of the Servicing Agreement, and maintain in force
      a
      policy or policies of insurance covering errors and omissions in the performance
      of its obligations as Servicer under the Servicing Agreement.

     

    (c) Notwithstanding
      anything else herein to the contrary, in no event shall the Trustee be liable
      for any servicing fee or for any differential in the amount of the servicing
      fee
      paid hereunder and the amount necessary to induce any successor Servicer to
      act
      as successor Servicer under this Agreement and the transactions set forth or
      provided for herein.

     

    (d) The
      Trustee shall be entitled to be reimbursed by the Trust Fund (pursuant to
      Section 4.03(a)(xi)), in the event that the Servicer does not reimburse the
      Trustee under the Servicing Agreement, for all costs associated with the
      transfer of servicing from the predecessor Servicer, including, without
      limitation, any costs or expenses associated with the termination of the
      predecessor Servicer, the appointment of a successor servicer, the complete
      transfer of all servicing data and the completion, correction or manipulation
      of
      such servicing data as may be required by the Trustee or any successor servicer
      to correct any errors or insufficiencies in the servicing data or otherwise
      to
      enable the Trustee or successor servicer to service the Mortgage Loans property
      and effectively.

     

    SECTION
      7.03. Waiver
      of Event of Default.

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders, by notice
      in writing to the Trustee, direct the Trustee to waive any events permitting
      removal of the Servicer under this Agreement, provided,
      however,
      that
      the Majority Certificateholders may not waive an event that results in a failure
      to make any required distribution on a Certificate without the consent of the
      Holder of such Certificate. Upon any waiver of an Event of Default, such event
      shall cease to exist and any Event of Default arising therefrom shall be deemed
      to have been remedied for every purpose of this Agreement. No such waiver shall
      extend to any subsequent or other event or impair any right consequent thereto
      except to the extent expressly so waived. Notice of any such waiver shall be
      given by the Trustee to the Rating Agencies.

     

    
      
         

      

      
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    SECTION
      7.04. Notification
      to Certificateholders.

     

    (a) Upon
      any
      termination or appointment of a successor to the Servicer pursuant to this
      Article VII, the Trustee shall give prompt written notice thereof to the
      Certificateholders and each Rating Agency.

     

    (b) No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute an Event of Default of
      which
      a Responsible Officer of the Trustee becomes aware of the occurrence of such
      an
      event, the Trustee shall transmit by mail to all Certificateholders notice
      of
      such occurrence unless such Event of Default shall have been waived or
      cured.

     

    ARTICLE
      VIII

     

    THE
      TRUSTEE 

     

    SECTION
      8.01. Duties
      of the Trustee

     

    (a) The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred, undertakes to perform
      such duties and only such duties as are specifically set forth in this
      Agreement. If an Event of Default has occurred (which has not been cured or
      waived) of which a Responsible Officer has actual knowledge, the Trustee shall
      exercise such of the rights and powers vested in it by this Agreement, and
      use
      the same degree of care and skill in their exercise, as a prudent man would
      exercise or use under the circumstances in the conduct of his own
      affairs.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee, which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement; provided,
      however,
      that
      the Trustee will not be responsible for the accuracy or content of any such
      resolutions, certificates, statements, opinions, reports, documents or other
      instruments. If any such instrument is found not to conform to the requirements
      of this Agreement in a material manner, the Trustee shall take such action
      as it
      deems appropriate to have the instrument corrected. If the instrument is not
      correct to the satisfaction of the Trustee, the Trustee shall provide notice
      thereof to the Certificateholders and will, at the expense of the Trust Fund,
      which expense shall be reasonable given the scope and nature of the required
      action, take such further action as directed by the Certificateholders.

     

    On
      each
      Distribution Date, the Trustee, as Paying Agent, shall make monthly
      distributions and the final distribution to the Certificateholders from funds
      in
      the Distribution Account as provided in Sections 5.01 and 10.01
      herein.

     

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

     

    
      
         

      

      
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    (i) prior
      to
      the occurrence of an Event of Default, and after the curing of all such Events
      of Default which may have occurred, the duties and obligations of the Trustee
      shall be determined solely by the express provisions of this Agreement, the
      Trustee shall not be liable except for the performance of such duties and
      obligations as are specifically set forth in this Agreement, no implied
      covenants or obligations shall be read into this Agreement against the Trustee
      and, in the absence of bad faith on the part of the Trustee, the Trustee may
      conclusively rely, as to the truth of the statements and the correctness of
      the
      opinions expressed therein, upon any certificates or opinions furnished to
      the
      Trustee and conforming to the requirements of this Agreement;

     

    (ii) the
      Trustee shall not be liable for an error of judgment made in good faith by
      a
      Responsible Officer of the Trustee unless it shall be proved that the Trustee
      was negligent in ascertaining or investigating the facts related
      thereto;

     

    (iii) the
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      consent or at the direction of Holders of Certificates as provided herein
      relating to the time, method and place of conducting any remedy pursuant to
      this
      Agreement, or exercising or omitting to exercise any trust or power conferred
      upon the Trustee under this Agreement;

     

    (iv) the
      Trustee shall not be responsible for any act or omission of the Servicer (except
      in its capacity as successor servicer to the extent provided in Section
      7.02(a)), the Depositor, the Seller or the Custodian, or any successor
      Custodian; and

     

    (v) the
      Trustee shall not be charged with knowledge of any Event of Default unless
      a
      Responsible Officer of the Trustee at the Corporate Trust Office obtains actual
      knowledge of such failure or the Trustee receives written notice at the
      Corporate Trust Office of such Event of Default.

     

    The
      Trustee shall not appoint any Subcontractor without receiving the prior written
      consent of the Depositor to appoint any Subcontractor, which consent shall
      not
      be unreasonably withheld. If the Trustee appoints a Subcontractor without
      receiving such prior written consent, the Trustee shall be deemed to be in
      breach of this Agreement and may be removed by the Depositor.

     

    The
      Trustee shall promptly notify the Depositor and the Sponsor of knowledge thereof
      (i) of any legal proceedings pending against the Trustee of the type described
      in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Trustee shall become
      (but only to the extent not previously disclosed) at any time an affiliate
      of
      any of the responsible parties listed on Exhibit O. On or before March 1 of
      each
      year, the Depositor shall distribute the information on Exhibit O to the
      Trustee.

     

    The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial or other liability in the performance of any of its duties hereunder,
      or in the exercise of any of its rights or powers, if there is reasonable ground
      for believing that the repayment of such funds or indemnity satisfactory to
      it
      against such risk or liability is not assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Servicer under the Servicing Agreement, except during such time, if any,
      as
      the Trustee shall be the successor to, and be vested with the rights, duties,
      powers and privileges of, the Servicer in accordance with the terms of the
      Servicing Agreement.

     

     

    
      
         

      

      
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    SECTION
      8.02. Certain
      Matters Affecting the Trustee

     

    (a) Except
      as
      otherwise provided in Section 8.01 hereof:

     

    (i) the
      Trustee may request and conclusively rely upon, and shall be fully protected
      in
      acting or refraining from acting upon, any resolution, Officers’ Certificate,
      certificate of auditors or any other certificate, statement, instrument,
      opinion, report, notice, request, consent, order, appraisal, bond or other
      paper
      or document reasonably believed by it to be genuine and to have been signed
      or
      presented by the proper party or parties, and the manner of obtaining consents
      and of evidencing the authorization of the execution thereof by
      Certificateholders shall be subject to such reasonable regulations as the
      Trustee may prescribe;

     

    (ii) the
      Trustee may consult with counsel and any advice of its 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) the
      Trustee shall not be under any obligation to exercise any of the rights or
      powers vested in it by this Agreement, or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or direction
      of any of the Certificateholders, pursuant to the provisions of this Agreement,
      unless such Certificateholders shall have offered to the Trustee reasonable
      security or indemnity satisfactory to it against the costs, expenses and
      liabilities which may be incurred therein or thereby; the right of the Trustee
      to perform any discretionary act enumerated in this Agreement shall not be
      construed as a duty, and the Trustee shall not be answerable for other than
      its
      negligence or willful misconduct in the performance of any such
      act;

     

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

     

    (v) prior
      to
      the occurrence of an Event of Default and after the curing or waiver of all
      Events of Default which may have occurred, the Trustee shall not be bound to
      make any investigation into the facts or matters stated in any resolution,
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, approval, bond or other paper or documents, unless requested in writing
      to do so by the Majority Certificateholder; provided,
      however,
      that if
      the payment within a reasonable time to the Trustee of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement, the Trustee may require
      reasonable indemnity against such cost, expense or liability as a condition
      to
      such proceeding. If the Servicer fails to reimburse the Trustee in respect
      of
      the reasonable expense of every such examination relating to the Servicer,
      the
      Trustee shall be reimbursed by the Trust Fund; 

     

    
      
         

      

      
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    (vi) the
      Trustee shall not be accountable, shall have no liability and makes no
      representation as to any acts or omissions hereunder of the Servicer until
      such
      time as the Trustee may be required to act as the Servicer pursuant to Section
      7.02 hereof and thereupon only for the acts or omissions of the Trustee as
      a
      successor Servicer;

     

    (vii) the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, nominees, attorneys or a
      custodian, and shall not be responsible for any willful misconduct or negligence
      on the part of any agent, nominee, attorney or custodian appointed by the
      Trustee in good faith; and

     

    (viii) the
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act.

     

    (ix) In
      order
      to comply with laws, rules, regulations and executive orders in effect from
      time
      to time applicable to banking institutions, including those relating to the
      funding of terrorist activities and money laundering (“Applicable
      Law”),
      the
      Trustee is required to obtain, verify and record certain information relating
      to
      certain individuals and certain entities which maintain a business relationship
      with the Trustee. Accordingly, each of the parties agrees to provide to the
      Trustee upon its request from time to time such identifying information and
      documentation as may be available for such party in order to enable the Trustee
      to comply with Applicable Law.

     

    It
      is
      expressly understood and agreed that the Trustee shall be entitled to all the
      rights, protections, immunities, and indemnities set forth herein, with respect
      to the Reconstitution Agreement and the Servicing Agreement, and any actions
      taken or omitted by the Trustee pursuant to the terms thereof, as if such
      rights, protections, immunities, and indemnities were specifically set forth
      therein.

     

    SECTION
      8.03. Trustee
      Not Liable for Certificates or Mortgage Loans.

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      and countersignature on the Certificates) shall be taken as the statements
      of
      the Seller, and the Trustee assumes no responsibility for the correctness of
      the
      same. The Trustee makes no representation or warranty as to the validity or
      sufficiency of this Agreement or of the Certificates (other than the signature
      and countersignature on the Certificates) or of any Mortgage Loan or related
      document or of MERS or the MERS System. The Trustee shall not at any time have
      any responsibility or liability for or with respect to the legality, validity
      and enforceability of any Mortgage or any Mortgage Loan, or the perfection
      and
      priority of any Mortgage or the maintenance of any such perfection and priority,
      or for or with respect to the sufficiency of the Trust Fund or the ability
      to
      generate the payments to be distributed to Certificateholders under this
      Agreement, including, without limitation: the existence, condition and ownership
      of any Mortgaged Property; the existence and enforceability of any hazard
      insurance thereon (other than if the Trustee shall assume the duties of the
      Servicer pursuant to Section 7.02 hereof); the validity of the assignment of
      any
      Mortgage Loan to the Trustee or of any intervening assignment; the completeness
      of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other
      than if the Trustee shall assume the duties of the Servicer pursuant to Section
      7.02 hereof); the compliance by the Depositor or the Seller with any warranty
      or
      representation made under this Agreement or in any related document or the
      accuracy of any such warranty or representation prior to the Trustee’s receipt
      of notice or other discovery of any non-compliance therewith or any breach
      thereof; the acts or omissions of the Servicer (other than if the Trustee shall
      assume the duties of the Servicer pursuant to Section 7.02 hereof, and then
      only
      for the acts or omissions of the Trustee as the successor Servicer), any
      Mortgagor; or any action by the Trustee taken at the instruction of the Servicer
      (other than if the Trustee shall assume the duties of the Servicer pursuant
      to
      Section 7.02 hereof, and then only for the actions of the Trustee as the
      successor Servicer); provided,
      however,
      that
      the foregoing shall not relieve the Trustee of its obligation to perform its
      duties under this Agreement, including, without limitation, the Trustee’s duty
      to review the Mortgage Files, if so required pursuant to Section 2.01 of this
      Agreement. 

     

    
      
         

      

      
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    SECTION
      8.04. Trustee
      and Custodian May Own Certificates.

     

    The
      Trustee, and the Custodian in their respective individual capacities, or in
      any
      capacity other than as Trustee, or Custodian, hereunder, may become the owner
      or
      pledgee of any Certificates with the same rights as they would have if they
      were
      not Trustee or Custodian, as applicable, and may otherwise deal with the parties
      hereto.

     

    SECTION
      8.05. Trustee’s
      Fees and Expenses.

     

    The
      Trustee shall be compensated by the Trustee Fee as compensation for its services
      hereunder. In addition, the Trustee will be entitled to recover from the
      Distribution Account pursuant to Section 4.03(a) all reasonable out-of-pocket
      expenses, disbursements and advances, including without limitation, in
      connection with any filing that the Trustee is required to make under Section
      3.07 hereof, any Event of Default, any breach of this Agreement or any claim
      or
      legal action (including any pending or threatened claim or legal action)
      incurred or made by the Trustee in the performance of its duties or the
      administration of the trusts hereunder (including, but not limited to, the
      performance of its duties under Section 2.03 hereof) (including the reasonable
      compensation, expenses and disbursements of its counsel) except any such
      expense, disbursement or advance as may arise from its negligence or intentional
      misconduct or which is specifically designated herein as the responsibility
      of
      the Depositor, the Seller, the Trust Fund or the Certificateholders hereunder.
      If funds in the Distribution Account are insufficient therefor, the Trustee
      shall recover such expenses from future collections on the Mortgage Loans or
      as
      otherwise agreed by the Certificateholders. Such compensation and reimbursement
      obligation shall not be limited by any provision of law in regard to the
      compensation of a trustee of an express trust. 

     

    
      
         

      

      
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    SECTION
      8.06. Eligibility
      Requirements for Trustee

     

    The
      Trustee hereunder shall each at all times be an entity duly organized and
      validly existing under the laws of the United States of America or any state
      thereof, authorized under such laws to exercise corporate trust powers, and
      shall each have a combined capital and surplus of at least $50,000,000, a
      minimum long-term debt rating in the third highest rating category by each
      Rating Agency, a minimum short-term debt rating in the second highest rating
      category by each Rating Agency, and shall each be subject to supervision or
      examination by federal or state authority. If such entity publishes reports
      of
      condition at least annually, pursuant to law or to the requirements of the
      aforesaid supervising or examining authority, then for the purposes of this
      Section 8.06, the combined capital and surplus of such entity shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. The principal office of the Trustee (other than the
      initial Trustee) shall be in a state with respect to which an Opinion of Counsel
      has been delivered to such Trustee at the time such Trustee is appointed Trustee
      to the effect that the Trust Fund will not be a taxable entity under the laws
      of
      such state. In case at any time the Trustee shall cease to be eligible in
      accordance with the provisions of this Section 8.06, the Trustee shall resign
      immediately in the manner and with the effect specified in Section 8.07
      hereof.

     

    SECTION
      8.07. Resignation
      or Removal of Trustee 

     

    The
      Trustee (including the Trustee as Certificate Registrar) may at any time resign
      and be discharged from the trust hereby created by giving written notice thereof
      to the Trustee, the Depositor, the Seller and the Rating Agencies. Upon
      receiving such notice of resignation of the Trustee, the Depositor shall
      promptly appoint a successor Trustee that meets the requirements in Section
      8.06
      by written instrument, in duplicate, one copy of which instrument shall be
      delivered to the resigning Trustee and one copy to the successor Trustee. If
      no
      successor Trustee shall have been so appointed and having accepted appointment
      within 30 days after the giving of such notice of resignation, the resigning
      Trustee may petition any court of competent jurisdiction for the appointment
      of
      a successor Trustee.

     

    If
      at any
      time the Trustee (a) shall cease to be eligible in accordance with the
      provisions of Section 8.06 hereof, (b) shall be legally unable to act, or shall
      be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its
      property shall be appointed, or any public officer shall take charge or control
      of the Trustee or of its property or affairs for the purpose of rehabilitation,
      conservation or liquidation, (c) shall fail to deliver to the Depositor and
      the
      Sponsor the assessment of compliance or an attestation report required under
      Section 3.04 hereto within 15 calendar days of March 1 of each calendar year
      in
      which Exchange Act reports are required or (d) shall fail to file any Form
      10-D
      or Form 10-K when due pursuant to Section 3.07 hereof (other than as a result
      of
      the failure of the Depositor to sign and return to the Trustee such Form 10-D
      or
      Form 10-K within the time limitations of Section 3.07 or any other party to
      deliver information in a timely manner as set forth in Section 3.07), then
      the
      Depositor may immediately remove the Trustee. If the Depositor removes the
      Trustee under the authority of the immediately preceding sentence, the Depositor
      shall promptly appoint a successor Trustee that meets the requirements of
      Section 8.06, by written instrument, in triplicate, one copy of which instrument
      shall be delivered to the Trustee so removed and one copy to the successor
      Trustee.

     

    
      
         

      

      
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    The
      Majority Certificateholders may at any time remove the Trustee by written
      instrument or instruments delivered to the Depositor and the Trustee; the
      Depositor or the Trustee shall thereupon use its best efforts to appoint a
      successor Trustee in accordance with this Section.

     

    Any
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee as provided
      in Section 8.08 hereof. 

     

    SECTION
      8.08. Successor
      Trustee 

     

    Any
      successor Trustee appointed as provided in Section 8.07 hereof shall execute,
      acknowledge and deliver to the Depositor and the Seller and to its predecessor
      Trustee (i) an instrument accepting such appointment hereunder and (ii) the
      certification required pursuant to the first sentence of Section 8.02(b) hereof,
      and thereupon the resignation or removal of the predecessor Trustee shall become
      effective, and such successor Trustee without any further act, deed or
      conveyance, shall become fully vested with all the rights, powers, duties and
      obligations of its predecessor hereunder, with like effect as if originally
      named as Trustee. The Depositor, the Seller, and the predecessor Trustee shall
      execute and deliver such instruments and do such other things as may reasonably
      be required for fully and certainly vesting and confirming in the successor
      Trustee, as applicable, all such rights, powers, duties and
      obligations.

     

    No
      successor Trustee shall accept appointment as provided in this Section 8.08
      unless at the time of such acceptance such successor Trustee shall be eligible
      under the provisions of Section 8.06 hereof and the appointment of such
      successor Trustee shall not result in a downgrading of the Senior Certificates
      by each Rating Agency, as evidenced by a letter from such Rating
      Agency.

     

    Upon
      acceptance of appointment by a successor Trustee as provided in this Section
      8.08, the successor Trustee shall mail notice of such appointment hereunder
      to
      all Holders of Certificates at their addresses as shown in the Certificate
      Register and to each Rating Agency.

     

    SECTION
      8.09. Merger
      or Consolidation of Trustee

     

    Any
      entity into which the Trustee may be merged or converted or with which it may
      be
      consolidated, or any entity resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any entity succeeding
      to
      the corporate trust business of the Trustee shall be the successor of the
      Trustee hereunder, provided such entity shall be eligible under the provisions
      of Section 8.06 and 8.08 hereof, without the execution or filing of any paper
      or
      any further act on the part of any of the parties hereto, anything herein to
      the
      contrary notwithstanding.

     

    SECTION
      8.10. Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust Fund
      or any Mortgaged Property may at the time be located, the Depositor and the
      Trustee acting jointly shall have the power, and the Trustee shall, and shall
      instruct the Depositor to, at the expense of the Trust Fund, 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 the Trust Fund, and to vest in such
      Person or Persons, in such capacity and for the benefit of the
      Certificateholders, such title to the Trust Fund, or any part thereof, and,
      subject to the other provisions of this Section 8.10, such powers, duties,
      obligations, rights and trusts as the Depositor and 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
      8.06 hereof, and no notice to Certificateholders of the appointment of any
      co-trustee or separate trustee shall be required under Section 8.08
      hereof.

     

    
      
         

      

      
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    Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i) all
      rights, powers, duties and obligations conferred or imposed upon the Trustee
      shall be conferred or imposed upon and exercised or performed by the Trustee
      and
      such separate trustee or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed (whether
      as
      Trustee hereunder or as successor to the Servicer hereunder), the Trustee shall
      be incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to the
      Trust Fund or any portion thereof in any such jurisdiction) shall be exercised
      and performed singly by such separate trustee or co-trustee, but solely at
      the
      direction of the Trustee;

     

    (ii) no
      trustee hereunder shall be held personally liable by reason of any act or
      omission of any other trustee hereunder; and

     

    (iii) the
      Depositor and the Trustee, acting jointly may at any time accept the resignation
      of or remove any separate trustee or co-trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. Each separate trustee and co-trustee, upon its acceptance of the trusts
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy thereof given to
      the
      Depositor.

     

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

     

    
      
         

      

      
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    SECTION
      8.11. Limitation
      of Liability.

     

    The
      Certificates are executed by the Trustee, not in its individual capacity but
      solely as Trustee on behalf of the Trust Fund, in the exercise of the powers
      and
      authority conferred and vested in it by this Agreement. Each of the undertakings
      and agreements made on the part of the Trustee in the Certificates is made
      and
      intended not as a personal undertaking or agreement by the Trustee but is made
      and intended for the purpose of binding only the Trust Fund.

     

    SECTION
      8.12. Trustee
      May Enforce Claims Without Possession of Certificates.

     

    (a) All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee (for the avoidance of doubt, in its
      individual capacity and as Trustee on behalf of the Trust Fund), its agents
      and
      counsel, be for the ratable benefit or the Certificateholders in respect of
      which such judgment has been recovered.

     

    (b) The
      Trustee shall afford the Seller, the Depositor and each Certificateholder upon
      reasonable notice during normal business hours at its Corporate Trust Office
      or
      other office designated by the Trustee, access to all records maintained by
      the
      Trustee in respect of its duties hereunder and access to officers of the Trustee
      responsible for performing such duties. Upon request, the Trustee shall furnish
      the Depositor and any requesting Certificateholder with its most recent audited
      financial statements. The Trustee shall cooperate fully with the Seller, the
      Depositor and such Certificateholder and shall, subject to the first sentence
      of
      this Section 8.12(b), make available to the Seller, the Depositor and such
      Certificateholder for review and copying such books, documents or records as
      may
      be requested with respect to the Trustee’s duties hereunder. The Seller, the
      Depositor and the Certificateholders shall not have any responsibility or
      liability for any action or failure to act by the Trustee and are not obligated
      to supervise the performance of the Trustee under this Agreement or
      otherwise.

     

    SECTION
      8.13. Suits
      for Enforcement.

     

    In
      case
      an Event of Default or a default by the Depositor hereunder shall occur and
      be
      continuing, the Trustee may proceed to protect and enforce its rights and the
      rights of the Certificateholders under this Agreement, as the case may be,
      by a
      suit, action or proceeding in equity or at law or otherwise, whether for the
      specific performance of any covenant or agreement contained in this Agreement
      or
      in aid of the execution of any power granted in this Agreement or for the
      enforcement of any other legal, equitable or other remedy, as the Trustee,
      being
      advised by counsel, and subject to the foregoing, shall deem most effectual
      to
      protect and enforce any of the rights of the Trustee and the
      Certificateholders.

     

    
      
         

      

      
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    SECTION
      8.14. Waiver
      of Bond Requirement.

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust Fund, or any part thereof,
      may be located that the Trustee post a bond or other surety with any court,
      agency or body whatsoever.

     

    SECTION
      8.15. Waiver
      of Inventory, Accounting and Appraisal Requirement.

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust Fund, or any part thereof,
      may be located that the Trustee file any inventory, accounting or appraisal
      of
      the Trust Fund with any court, agency or body at any time or in any manner
      whatsoever.

     

    SECTION
      8.16. Appointment
      of Custodians.

     

    The
      Trustee may, and at the direction of the Depositor shall, appoint one or more
      custodians to hold all or a portion of the related Mortgage Files as agent
      for
      the Trustee, by entering into a custodial agreement. The custodian may at any
      time be terminated and a substitute custodian appointed therefor by the Trustee.
      Subject to this Article VIII, the Trustee agrees to comply with the terms of
      each custodial agreement and to enforce the terms and provisions thereof against
      the custodian for the benefit of the Certificateholders having an interest
      in
      any Mortgage File held by such custodian. Each custodian shall be a depository
      institution or trust company subject to supervision by federal or state
      authority, shall have combined capital and surplus of at least $15,000,000
      and
      shall be qualified to do business in the jurisdiction in which it holds any
      Mortgage File. 

     

    SECTION
      8.17. Indemnification

     

    The
      Trustee and its respective directors, officers, employees and agents shall
      be
      entitled to indemnification from the Trust Fund incurred hereunder or under
      or
      with respect to any Certificate, the Servicing Agreement or under or pursuant
      to
      the Mortgage Loan Purchase Agreement, without negligence or willful misconduct
      on the Trustee’s part, arising out of, or in connection with, the acceptance or
      administration of the trusts created hereunder or in connection with the
      performance of the Trustee’s duties hereunder including the costs and expenses
      of defending themselves against any claim in connection with the exercise or
      performance of any of their powers or duties hereunder, provided
      that:

     

    (i) with
      respect to any such claim, the Trustee shall have given the Depositor written
      notice thereof promptly after the Trustee shall have knowledge thereof;
      and

     

    (ii) notwithstanding
      anything to the contrary in this Section 8.17, the Trust Fund shall not be
      liable for settlement of any such claim by the Trustee entered into without
      the
      prior consent of the Depositor, which consent shall not be unreasonably
      withheld.

     

    
      
         

      

      
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    The
      provisions of this Section 8.17 shall survive any termination of this Agreement
      and the resignation or removal of the Trustee and shall be construed to include,
      but not be limited to any loss, liability or expense under any environmental
      law. 

     

     

    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

    SECTION
      9.01. REMIC
      Administration.

     

    (a) The
      Trustee hereby elects to treat each REMIC created hereby as a REMIC for federal
      tax purposes. The Trustee shall sign and file such elections on Form 1066 or
      other appropriate federal tax or information return for the taxable year ending
      on the last day of the calendar year in which the Certificates are issued.
      The
      regular interests in each REMIC created hereunder and the related residual
      interest shall be as designated in the Preliminary Statement. Following the
      Closing Date, the Trustee shall apply to the Internal Revenue Service for an
      employer identification number for each REMIC created hereunder by means of
      a
      Form SS-4 or other acceptable method and shall file a Form 8811 with the
      Internal Revenue Service.

     

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC created
      hereunder within the meaning of section 860G(a)(9) of the Code. The latest
      possible maturity date for purposes of Treasury Regulation 1.860G-1(a)(4) for
      each interest in any REMIC created hereby shall be the Latest Possible Maturity
      Date.

     

    (c) Except
      as
      provided in subsection (d) of this Section 9.01, the Seller shall pay any and
      all tax related expenses (not including taxes) of each REMIC created hereunder,
      including but not limited to any professional fees or expenses related to audits
      or any administrative or judicial proceedings with respect to any such REMIC
      that involve the Internal Revenue Service or state tax authorities, but only
      to
      the extent that (i) such expenses are ordinary or routine expenses, including
      expenses of a routine audit but not expenses of litigation (except as described
      in (ii)); or (ii) such expenses or liabilities (including taxes and penalties)
      are attributable to the negligence or willful misconduct of the Trustee in
      fulfilling its duties hereunder (including the Trustee’s duties as tax return
      preparer).

     

    (d) The
      Trustee shall prepare and file, and the Trustee shall sign all of the federal
      and state tax and information returns of each REMIC created hereunder
      (collectively, the “Tax
      Returns”)
      as the
      direct representative. The expenses of preparing and filing such Tax Returns
      shall be borne by the Trustee. Notwithstanding the foregoing, the Trustee shall
      have no obligation to prepare, file or otherwise deal with partnership tax
      information or returns. In the event that partnership tax information or returns
      are required by the Internal Revenue Service, the Seller, at its own cost and
      expense, will prepare and file all necessary returns. The Internal Revenue
      Service has issued OID regulations under Sections 1271 to 1275 of the Code
      generally addressing the treatment of debt instruments issued with original
      issue discount. Under those regulations, debt issued to one Person generally
      is
      aggregated in determining if there is OID. Because certain Classes of Regular
      Certificates are expected to be issued to one Person (which intends to continue
      to hold the Regular Certificates indefinitely and, in any case, for at least
      30
      days), the Trustee, on behalf of the Trust Fund and upon receipt of written
      direction from the Depositor, will determine the existence and amount of any
      OID
      as if those Classes of Regular Certificates were one debt instrument and based
      solely on information provided by the Depositor to the Trustee. 

     

    
      
         

      

      
        107

        
          

        

      

      
         

      

    

    (e) The
      Trustee shall perform on behalf of each REMIC created hereunder all reporting
      and other tax compliance duties that are the responsibility of each such REMIC
      under the Code, the REMIC Provisions or other compliance guidance issued by
      the
      Internal Revenue Service or any state or local taxing authority. Among its
      other
      duties, if required by the Code, the REMIC Provisions or other such guidance,
      the Trustee, shall provide (i) to the Treasury or other governmental authority
      such information as is necessary for the application of any tax relating to
      the
      transfer of a Residual Certificate to any disqualified organization and (ii)
      to
      the Certificateholders such information or reports as are required by the Code
      or REMIC Provisions.

     

    (f) The
      Trustee (to the extent that the affairs of the REMICs are within such Person’s
      control and the scope of its specific responsibilities under the Agreement)
      and
      the Holders of Certificates shall take any action or cause any REMIC created
      hereunder to take any action necessary to create or maintain the status of
      any
      REMIC created hereunder as a REMIC under the REMIC Provisions and shall assist
      each other as necessary to create or maintain such status. None of the Trustee,
      or the Holder a Residual Certificate shall take any action, cause any REMIC
      created hereunder to take any action or fail to take (or fail to cause to be
      taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could result in an Adverse REMIC Event unless the Trustee
      has
      received an Opinion of Counsel (at the expense of the party seeking to take
      such
      action) to the effect that the contemplated action will not result in an Adverse
      REMIC Event. In addition, prior to taking any action with respect to any REMIC
      created hereunder or the assets therein, or causing any such REMIC to take
      any
      action which is not expressly permitted under the terms of this Agreement,
      any
      Holder of a Residual Certificate will consult with the Trustee, or its designee,
      in writing, with respect to whether such action could cause an Adverse REMIC
      Event to occur with respect to any such REMIC, and no such Person shall take
      any
      such action or cause any REMIC created hereunder to take any such action as
      to
      which the Trustee has advised it in writing that an Adverse REMIC Event could
      occur. 

     

    (g) Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      any REMIC created hereunder in which it owns the residual interest by federal
      or
      state governmental authorities. To the extent that such Trust Fund taxes are
      not
      paid by such Residual Certificateholder, the Trustee shall pay any remaining
      REMIC taxes out of current or future amounts otherwise distributable to such
      Holder or, if no such amounts are available, out of other amounts held in the
      Distribution Account, and shall reduce amounts otherwise payable to holders
      of
      regular interests in such REMIC, as the case may be.

     

    (h) The
      Trustee shall, for federal income tax purposes, maintain books and records
      with
      respect to each REMIC created hereunder on a calendar year and on an accrual
      basis.

     

    
      
         

      

      
        108

        
          

        

      

      
         

      

    

    (i) No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

     

    (j) The
      Trustee, shall not enter into any arrangement by which REMIC created hereunder
      will receive a fee or other compensation for services.

     

     

    SECTION
      9.02. Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the Servicer or the Trustee shall sell, dispose of, or substitute
      for any of the Mortgage Loans, except in a disposition pursuant to (i) the
      foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of the REMICs created hereunder pursuant to Article X
      of
      this Agreement, (iv) a substitution pursuant to Article II hereof or (v) a
      repurchase of Mortgage Loans as contemplated hereunder, nor acquire any assets
      for any REMIC created hereunder, nor sell or dispose of any investments in
      the
      Distribution Account for gain, nor accept any contributions to any REMIC created
      hereunder after the Closing Date, unless the Depositor and the Trustee have
      received an Opinion of Counsel (at the expense of the party causing such sale,
      disposition, or substitution) that such disposition, acquisition, substitution,
      or acceptance will not (a) affect adversely the status of any REMIC created
      hereunder as a REMIC or of the interests therein other than a Residual
      Certificate as the “residual interest” therein, (b) affect the distribution of
      interest or principal on the Certificates, (c) result in the encumbrance of
      the
      assets transferred or assigned to the Trust Fund (except pursuant to the
      provisions of this Agreement) or (d) cause any REMIC created hereunder to be
      subject to a tax on prohibited transactions or prohibited contributions pursuant
      to the REMIC Provisions.

     

    ARTICLE
      X

     

    TERMINATION

     

    SECTION
      10.01. Termination.

     

    (a) The
      respective obligations and responsibilities of the Seller, the Depositor, and
      the Trustee created hereby (other than the obligation of the Trustee, as Paying
      Agent, to make certain payments to Certificateholders after the Final
      Distribution Date and the obligation of the Servicer to send certain notices
      as
      hereinafter set forth) shall terminate upon notice to the Trustee upon the
      earliest of (i) the Distribution Date on which the Class Principal Balance
      of each Class of Certificates has been reduced to zero, (ii) the final
      payment or other liquidation of the last Mortgage Loan, (iii) the optional
      purchase of the Mortgage Loans as described in the following paragraph and
      (iv) the Latest Possible Maturity Date. Notwithstanding the foregoing, in
      no event shall the trust created hereby continue beyond the expiration of
      21 years from the death of the last survivor of the descendants of
      Joseph P. Kennedy, the late ambassador of the United States to the Court of
      St. James’s, living on the date hereof.

     

    Following
      the date on which the aggregate of the Stated Principal Balances of the Mortgage
      Loans (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) on
      such
      date is equal to or less than 10% of the Cut-off Date Aggregate Principal
      Balance (the “Call
      Option Date”),
      the
      Servicer may, at its option, terminate this Agreement with regard to such
      Mortgage Loans by purchasing, on the next succeeding Distribution Date, all
      of
      the outstanding Mortgage Loans and related REO Properties at a price equal
      to
      (A) the greater of (i) the aggregate Stated Principal Balance of the Mortgage
      Loans, as applicable, (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and the appraised value of the REO Properties and (ii) the fair market
      value of the Mortgage Loans and REO Properties (as determined and as agreed
      upon
      by (x) the Servicer and (y) the Holders of a majority in Percentage Interest
      of
      the Class LT-R Certificates in their good faith business judgment as of the
      close of business on the third Business Day next preceding the date upon which
      notice of any such termination is furnished to the Certificateholders pursuant
      to Section 10.01(b)), plus,
      (B) in
      each case, accrued and unpaid interest thereon at the weighted average of the
      Mortgage Rates of the Mortgage Loans through the end of the Due Period preceding
      the Final Distribution Date, plus any unreimbursed Servicing Advances and
      Advances and any unpaid Servicing Fees allocable to such Mortgage Loans and
      REO
      Properties and all amounts, if any, then due and owing to the Trustee under
      this
      Agreement (the “Termination
      Price”);
      provided,
      however,
      such
      option may only be exercised if the Termination Price is sufficient to result
      in
      the payment of all interest accrued on, as well as amounts necessary to retire
      the Class Principal Balance of each Class of Certificates issued pursuant to
      this Agreement. The fair market value of the Mortgage Loans and REO Properties
      shall be required to be made and agreed upon by the Servicer and the Holders
      of
      a majority in Percentage Interest of the Class LT-R Certificates as provided
      in
      (ii) above in their good faith business judgment, and such determination shall
      take into consideration an appraisal of the value of the Mortgage Loans and
      REO
      Properties conducted by an independent appraiser mutually agreed upon by the
      Servicer and the Holders of a majority in Percentage Interest of the Class
      LT-R
      Certificates in their reasonable discretion, such appraisal to be obtained
      by
      the Holders of a majority in Percentage Interest of the Class LT-R Certificates
      at their expense, and (A) such appraisal shall be obtained at no expense to
      the
      Trustee and (B) the Trustee may conclusively rely on, and shall be protected
      in
      relying on, such fair market value determination.

     

    
      
         

      

      
        109

        
          

        

      

      
         

      

    

    In
      connection with any such purchase pursuant to the preceding paragraph, the
      Servicer shall remit to the Trustee for deposit in the Distribution Account
      all
      amounts then on deposit in the Collection Account, which deposit shall be deemed
      to have occurred immediately preceding such purchase.

     

    (b) Notice
      of
      any termination pursuant to the second paragraph of Section 10.01(a), specifying
      the Distribution Date (which shall be a date that would otherwise be a
      Distribution Date) upon which the Certificateholders may surrender their
      Certificates to the Certificate Registrar for payment of the final distribution
      and cancellation, shall be given promptly by the Trustee upon the Trustee
      receiving notice of such date from the Servicer by letter to the
      Certificateholders mailed not earlier than the 10th
      day and
      not later than the 19th
      day of
      the month immediately preceding the month of such final distribution specifying
      (1) the Distribution Date upon which final distribution of the Certificates
      will be made upon presentation and surrender of such Certificates at the office
      or agency of the Certificate Registrar therein designated, (2) the amount
      of any such final distribution and (3) that the Record Date otherwise
      applicable to such Distribution Date is not applicable, distributions being
      made
      only upon presentation and surrender of the Certificates at the office or agency
      of the Certificate Registrar therein specified. The Trustee shall give such
      notice to the Certificate Registrar at the time such notice is given to Holders
      of the Certificates. Upon any such termination, the duties of the Certificate
      Registrar with respect to the Certificates shall terminate and the Trustee
      shall
      terminate the Distribution Account and any other account or fund maintained
      with
      respect to the Certificates, subject to the Trustee’s obligation hereunder to
      hold all amounts payable to Certificateholders in trust without interest pending
      such payment.

     

    
      
         

      

      
        110

        
          

        

      

      
         

      

    

    (c) Upon
      presentation and surrender of the Certificates, the Trustee, as Paying Agent,
      shall cause to be distributed to the Holders of the Certificates on the
      Distribution Date for such final distribution, in proportion to the Percentage
      Interests of their respective Class and to the extent that funds are available
      for such purpose, an amount equal to the amount required to be distributed
      to
      such Holders in accordance with the provisions of Section 5.01 hereof for
      such Distribution Date.

     

    (d) In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such Final Distribution Date, the
      Trustee shall promptly following such date cause all funds in the Distribution
      Account not distributed in final distribution to Certificateholders to be
      withdrawn therefrom and credited to the remaining Certificateholders by
      depositing such funds in a separate account for the benefit of such
      Certificateholders, and within six months, the Trustee shall give a second
      written notice to the remaining Certificateholders to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within nine months after the second notice all the Certificates
      shall not have been surrendered for cancellation, the Servicer shall be entitled
      to all unclaimed funds and other assets which remain subject hereto, and the
      Trustee upon transfer of such funds shall be discharged of any responsibility
      for such funds, and the Certificateholders shall look to the Servicer for
      payment.

     

    SECTION
      10.02. Additional
      Termination Requirements.

     

    (a) In
      the
      event the purchase option provided in Section 10.01 is exercised, the Trust
      Fund shall be terminated in accordance with the following additional
      requirements:

     

    (i) The
      Trustee shall sell any remaining assets of the Trust Fund for cash and, within
      90 days of such sale, shall distribute to (or credit to the account of) the
      Certificateholders the proceeds of such sale together with any cash on hand
      (less amounts retained to meet claims) in complete liquidation of the Trust
      Fund
      and each REMIC created hereunder; and

     

    (ii) The
      Trustee shall attach a statement to the final federal income tax return for
      each
      REMIC created hereunder stating that pursuant to Treasury Regulation §1.860F-1,
      the first day of the 90-day liquidation period for such REMIC was the date
      on
      which the Trustee sold the assets of the Trust Fund 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 delivered to the
      Trustee obtained at the expense of the Seller.

     

    
      
         

      

      
        111

        
          

        

      

      
         

      

    

    (b) By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee as their attorney in fact to undertake the foregoing steps.

     

     

    ARTICLE
      XI

     

    [RESERVED]

     

     

    ARTICLE
      XII

     

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      12.01. Amendment.

     

    This
      Agreement may be amended from time to time by the Seller, the Depositor, and
      the
      Trustee without the consent of the Certificateholders, (i) to cure any
      ambiguity, (ii) to correct or supplement any provisions herein which may be
      defective or inconsistent with any other provisions herein, (iii) to 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, or (iv) to conform the terms hereof to the description thereof
      provided in the Prospectus or the Private Placement memorandum; provided,
      however,
      that
      any such action listed in clause (i) through (iii) above shall not
      adversely affect in any material respect the interests of any Certificateholder;
      provided,
      further,
      that
      any such action listed in (i) through (iii) above shall be deemed not to
      adversely affect in any material respect the interests of any Certificateholder,
      if evidenced by (i) written notice to the Depositor, the Seller and the
      Trustee from each Rating Agency that such action will not result in the
      reduction or withdrawal of the rating of any outstanding Class of Certificates
      with respect to which it is a Rating Agency or (ii) an Opinion of Counsel
      to the effect that such amendment shall not adversely affect in any material
      respect the interests of any Certificateholder, is permitted by the Agreement
      and all the conditions precedent, if any have been complied with, delivered
      to
      the Trustee.

     

    In
      addition, this Agreement may be amended from time to time by Seller, the
      Depositor, and the Trustee with the consent of the Majority Certificateholders
      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 or waiver shall (x) reduce in any manner the amount of, or
      delay the timing of, payments on the Certificates that are required to be made
      on any Certificate without the consent of the Holder of such Certificate,
      (y) adversely affect in any material respect the interests of the Holders
      of any Class of Certificates in a manner other than as described in clause
      (x)
      above, without the consent of the Holders of Certificates of such Class
      evidencing at least a 662⁄3% Percentage Interest in such Class, or (z) reduce
      the percentage of Voting Rights required by clause (y) above without the
      consent of the Holders of all Certificates of such Class then outstanding.
      Upon
      approval of an amendment, a copy of such amendment shall be sent to each Rating
      Agency.

     

    
      
         

      

      
        112

        
          

        

      

      
         

      

    

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee shall not consent
      to any amendment to this Agreement unless it shall have first received an
      Opinion of Counsel, delivered by and at the expense of the Person seeking such
      Amendment (unless such Person is the Trustee, in which case the Trustee shall
      be
      entitled to be reimbursed for such expenses by the Trust Fund pursuant to
      Section 8.05 hereof), to the effect that such amendment will not result in
      an
      Adverse REMIC Event and that the amendment is being made in accordance with
      the
      terms hereof, such amendment is permitted by this Agreement and all conditions
      precedent, if any, have been complied with. 

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the Seller
      (but in no event at the expense of the Trustee), otherwise at the expense of
      the
      Trust Fund, a copy of such amendment and the Opinion of Counsel referred to
      in
      the immediately preceding paragraph to the Servicer and each Rating
      Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 12.01 to approve the particular form of any proposed amendment;
      instead it shall be sufficient if such consent shall approve the substance
      thereof. The manner of obtaining such consents and of evidencing the
      authorization of the execution thereof by Certificateholders shall be subject
      to
      such reasonable regulations as the Trustee may prescribe.

     

    The
      Trustee may, but shall not be obligated to, enter into any amendment pursuant
      to
      this 12.01 Section that affects its rights, duties and immunities under
      this Agreement or otherwise.

     

    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 Mortgaged Properties
      are situated, and in any other appropriate public recording office or elsewhere,
      such recordation to be effected by the Trustee at the expense of the Trust
      Fund,
      but only upon direction of Certificateholders accompanied by an Opinion of
      Counsel to the effect that such recordation materially and beneficially affects
      the interests of the Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall together constitute but one and the same
      instrument.

     

    SECTION
      12.03. Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate
      this Agreement or the Trust Fund, (ii) entitle such Certificateholder’s
      legal representatives or heirs to claim an accounting or to take any action
      or
      proceeding in any court for a partition or winding up of the Trust Fund or
      (iii) otherwise affect the rights, obligations and liabilities of the
      parties hereto or any of them.

     

    
      
         

      

      
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    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust
      Fund, or the obligations of the parties hereto, nor shall anything herein set
      forth or contained in the terms of the Certificates be construed so as to
      constitute the Certificateholders from time to time as partners or members
      of an
      association; nor shall any Certificateholder be under any liability to any
      third
      person by reason of any action taken by the parties to this Agreement pursuant
      to any provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 days after its receipt
      of such notice, request and offer of indemnity, shall have neglected or refused
      to institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder, and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 12.03, each and every Certificateholder and the Trustee shall be
      entitled to such relief as can be given either at law or in equity.

     

    SECTION
      12.04. Governing
      Law; Jurisdiction.

     

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

     

    SECTION
      12.05. Notices.

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, or by express delivery service, to (a) in the
      case of the Seller and the Sponsor, to Greenwich Capital Financial Products,
      Inc., 600 Steamboat Road, Greenwich, Connecticut 06830, Attention: General
      Counsel (telecopy number (203) 618-2132), or such other address or telecopy
      number as may hereafter be furnished to the Depositor and the Trustee in writing
      by the Seller and the Sponsor, (b) in the case of the Trustee, to Deutsche
      Bank
      National Trust Company, 1761 East St. Andrew Place, Santa Ana, CA 92705-4934,
      Attention: GC070A (telecopy number (714) 247-6470), with a copy to the Corporate
      Trust Office or such other address or telecopy number as may hereafter be
      furnished to the Depositor and the Seller in writing by the Trustee and
      (c) in the case of the Depositor, to Greenwich Capital
      Acceptance, Inc., 600 Steamboat Road, Greenwich, Connecticut 06830,
      Attention: Legal (telecopy number (203) 618-2132), or such other address or
      telecopy number as may be furnished to the Seller and the Trustee in writing
      by
      the Depositor. Any notice required or permitted to be mailed to a
      Certificateholder shall be given by first class mail, postage prepaid, at the
      address of such Holder as shown in the Certificate Register. Notice of any
      Event
      of Default shall be given by telecopy and by certified mail. Any notice so
      mailed within the time prescribed in this Agreement shall be conclusively
      presumed to have duly been given when mailed, whether or not the
      Certificateholder receives such notice. A copy of any notice required to be
      telecopied hereunder shall also be mailed to the appropriate party in the manner
      set forth above. Any notice required to be delivered by the Trustee to the
      Depositor pursuant to Section 3.19 may be delivered by the Trustee,
      notwithstanding any provision of this Agreement to the contrary, to Greenwich
      Capital Acceptance, Inc., 600 Steamboat Road, Greenwich, Connecticut
      06830, Attention: Mark Hagelin (telephone number (203) 618-2596; fax number
      (203) 422-4284; e-mail mark.hagelin@gcm.com), or such other address or telecopy
      number as may be furnished to the Trustee in writing by the
      Depositor.

     

    
      
         

      

      
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    SECTION
      12.06. Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall for any reason whatsoever be held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    SECTION
      12.07. Article
      and Section References.

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    SECTION
      12.08. Notices
      to each Rating Agencies.

     

    (a) The
      Trustee shall be obligated to use its best reasonable efforts promptly to
      provide notice to each Rating Agency with respect to each of the following
      of
      which a Responsible Officer of the Trustee has actual knowledge:

     

    (i) any
      material change or amendment to this Agreement;

     

    (ii) the
      occurrence of any Event of Default that has not been cured or
      waived;

     

    
      
         

      

      
        115

        
          

        

      

      
         

      

    

    (iii) the
      resignation or termination of the Servicer or the Trustee;

     

    (iv) the
      final
      payment to Holders of the Certificates of any Class;

     

    (v) any
      change in the location of any Account; and

     

    (vi) if
      the
      Trustee is acting as a successor Servicer pursuant to Section 7.02 hereof,
      any
      event that would result in the inability of the Trustee to make Advances as
      successor Servicer.

     

    (b) The
      Trustee shall promptly furnish to each Rating Agency copies of the following,
      unless such documents were made available on the Trustee’s website or filed with
      the SEC:

     

    (i) each
      Distribution Date Statement described in Section 5.04 hereof;

     

    (ii) each
      annual statement as to compliance described in Section 3.05 hereof;

     

    (iii) each
      annual assessment of compliance and attestation report described in Section
      3.05
      hereof; and

     

    (iv) each
      notice delivered to the Trustee pursuant to Section 5.05(b) hereof which relates
      to the fact that the Servicer has not made an Advance.

     

    (c) All
      notices to the Rating Agencies provided for in this Agreement shall be in
      writing and sent by first class mail, telecopy or overnight courier, as
      follows:

     

    If
      to
      S&P, to:

    

    Standard
      & Poor’s Ratings Services,

       
 a
      division of The McGraw-Hill Companies, Inc.

    55
      Water
      Street

    New
      York,
      New York 10041

    Attention:
      Residential Mortgages

     

    If
      to
      Moody’s, to:

     

    Moody’s
      Investors Service, Inc.

    99
      Church
      Street 

    New
      York,
      New York 10007

    Attention:
      Residential Mortgages

     

    If
      to
      Fitch, to:

     

    Fitch
      Ratings, Inc.

    One
      State
      Street Plaza

    New
      York,
      New York 10004

     

    
      
         

      

      
        116

        
          

        

      

      
         

      

    

    SECTION
      12.09. Further
      Assurances.

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    SECTION
      12.10. Benefits
      of Agreement.

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders and the parties hereto and their
      successors hereunder, any benefit or any legal or equitable right, remedy or
      claim under this Agreement.

     

    SECTION
      12.11. Acts
      of Certificateholders.

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee. Such instrument or
      instruments (and the action embodied therein and evidenced thereby) are herein
      sometimes referred to as the “act” of the Certificateholders signing such
      instrument or instruments. Proof of execution of any such instrument or of
      a
      writing appointing any such agent shall be sufficient for any purpose of this
      Agreement and conclusive in favor of the Trustee and the Trust Fund, if made
      in
      the manner provided in this Section 12.11.

     

    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust Fund
      in reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    SECTION
      12.12. Successors
      and Assigns.

     

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto.

     

    
      
         

      

      
        117

        
          

        

      

      
         

      

    

    SECTION
      12.13. Provision
      of Information.

     

    For
      so
      long as any of the Certificates of any Class are “restricted securities” within
      the meaning of Rule 144(a)(3) under the Securities Act, the Depositor agrees
      to
      provide to any Certificateholders and to any prospective purchaser of
      Certificates designated by such holder, upon the request of such holder or
      prospective purchaser, any information required to be provided to such holder
      or
      prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
      under the Securities Act. 

     

    The
      Trustee shall provide to any person to whom a Prospectus or Private Placement
      Memorandum was delivered by Greenwich Capital Markets, Inc. (as identified
      by
      Greenwich Capital Markets, Inc.), upon the request of such person specifying
      the
      document or documents requested (and certifying that it is a Person entitled
      hereunder), (i) a copy (excluding exhibits) of any report on Form 8-K, Form
      10-D or Form 10-K filed with the Securities and Exchange Commission pursuant
      to
      Section 3.07 and (ii) a copy of any other document incorporated by
      reference in the Prospectus or Private Placement Memorandum (to the extent
      in
      the Trustee’s possession). Any reasonable out-of-pocket expenses incurred by the
      Trustee in providing copies of such documents shall be reimbursed by the
      Depositor. 

     

    

     

    [SIGNATURE
      PAGE IMMEDIATELY FOLLOWS]

     

    
      
         

      

      
        118

        
          

        

      

      
         

      

    

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

     

    
      	 	 	 
	 	
              GREENWICH
                CAPITAL
                ACCEPTANCE, INC.,

              as
                Depositor

            
	 
 	 
 	 
 
	 	By:  	/s/ Pat
              Leo
              
	 	
              

              Name:
                Pat Leo

              Title:
                Vice President 

            
	 	 

    
      
        	 	 	 
	 	GREENWICH
                CAPITAL
                FINANCIAL PRODUCTS, INC., as Seller
	 
 	 
 	 
 
	 	By:  	/s/ Pat
                Leo
	 	
                

                Name:
                  Pat Leo

                Title:
                  Vice President 

              
	 	 

    

    
      
        	 	 	 
	 	
                DEUTSCHE
                  BANK
                  NATIONAL TRUST 

                COMPANY,
                  as
                  Trustee and Custodian

              
	 
 	 
 	 
 
	 	By:  	/s/ Ronaldo
                Reyes
	 	
                

                Name:
                  Ronaldo Reyes

                Title:
                  Vice President 

              
	 	 

    

    
      
        
          	 	 	 
	 
 	 
 	 
 
	 	By:  	/s/ Jennifer
                  Hermansader
	 	
                  

                  Name:
                    Jennifer Hermansader

                  
                    Title:
                      Associate

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