Document:

efc7-2429_6338310ex41.htm

    Exhibit
      4.1

    
 

     
      
        

      

       

       

    

    IndyMac
      MBS, Inc.

    Depositor

     

    IndyMac
      Bank, F.S.B.

    Seller
      and Servicer

     

    Deutsche
      Bank National Trust Company

    Trustee

     

    ________________________________________

     

    Pooling
      and Servicing Agreement

    Dated
      as
      of September 1, 2007

    ________________________________________

     

    IndyMac
      IMJA Mortgage Loan Trust

    2007-A3

     

    Mortgage
      Pass-Through Certificates

    Series
      2007-A3

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      TABLE
        OF CONTENTS

    

    Page

    

    
      	
              ARTICLE
                ONE

            	
              DEFINITIONS

            	
              5

            
	 	 	 
	
              Section
                1.01

            	
              Definitions.

            	
              5

            
	
              Section
                1.02

            	
              Rules
                of Construction.

            	
              34

            
	 	 	 
	
              ARTICLE
                TWO

            	
              CONVEYANCE
                OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

            	
              37

            
	 	 	 
	
              Section
                2.01

            	
              Conveyance
                of Mortgage Loans.

            	
              37

            
	
              Section
                2.02

            	
              Acceptance
                by the Trustee of the Mortgage Loans.

            	
              40

            
	
              Section
                2.03

            	
              Representations,
                Warranties, and Covenants of the Seller and the Servicer.

            	
              42

            
	
              Section
                2.04

            	
              Representations
                and Warranties of the Depositor as to the Mortgage Loans.

            	
              44

            
	
              Section
                2.05

            	
              Delivery
                of Opinion of Counsel in Connection with Substitutions.

            	
              44

            
	
              Section
                2.06

            	
              Execution
                and Delivery of Certificates.

            	
              44

            
	
              Section
                2.07

            	
              REMIC
                Matters.

            	
              45

            
	 	 	 
	
              ARTICLE
                THREE

            	
              ADMINISTRATION
                AND SERVICING OF MORTGAGE LOANS

            	
              46

            
	 	 	 
	
              Section
                3.01

            	
              Servicer
                to Service Mortgage Loans.

            	
              46

            
	
              Section
                3.02

            	
              [Reserved].

            	
              47

            
	
              Section
                3.03

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

            	
              47

            
	
              Section
                3.04

            	
              [Reserved].

            	
              47

            
	
              Section
                3.05

            	
              Trustee
                to Act as Servicer.

            	
              47

            
	
              Section
                3.06

            	
              Collection
                of Mortgage Loan Payments; Certificate Account; Distribution
                Account.

            	
              47

            
	
              Section
                3.07

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

            	
              50

            
	
              Section
                3.08

            	
              Access
                to Certain Documentation and Information Regarding the Mortgage
                 Loans.

            	
              51

            
	
              Section
                3.09

            	
              Permitted
                Withdrawals from the Certificate Account and the Distribution
                Account.

            	
              51

            
	
              Section
                3.10

            	
              Maintenance
                of Hazard Insurance; Maintenance of Primary Insurance
                Policies.

            	
              52

            
	
              Section
                3.11

            	
              Enforcement
                of Due-On-Sale Clauses; Assumption Agreements.

            	
              54

            
	
              Section
                3.12

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	
              55

            
	
              Section
                3.13

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            	
              57

            
	
              Section
                3.14

            	
              Documents,
                Records and Funds in Possession of the Servicer to be Held for the
                Trustee.

            	
              57

            
	
              Section
                3.15

            	
              Servicing
                Compensation.

            	
              58

            
	
              Section
                3.16

            	
              Access
                to Certain Documentation.

            	
              58

            
	
              Section
                3.17

            	
              Annual
                Statement as to Compliance.

            	
              58

            
	
              Section
                3.18

            	
              Errors
                and Omissions Insurance; Fidelity Bonds.

            	
              59

            
	
              Section
                3.19

            	
              [Reserved].

            	
              59

            
	
              Section
                3.20

            	
              Prepayment
                Charges.

            	
              59

            
	
              Section
                3.21

            	
              Late
                Payment Fees.

            	
              60

            

    

     

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

     

    
      	 	 	 
	
              ARTICLE
                FOUR

            	
              DISTRIBUTIONS
                AND ADVANCES BY THE SERVICER

            	
              61

            
	 	 	 
	
              Section
                4.01

            	
              Advances.

            	
              61

            
	
              Section
                4.02

            	
              Priorities
                of Distribution.

            	
              62

            
	
              Section
                4.03

            	
              [Reserved].

            	
              65

            
	
              Section
                4.04

            	
              [Reserved].

            	
              65

            
	
              Section
                4.05

            	
              Allocation
                of Realized Losses.

            	
              65

            
	
              Section
                4.06

            	
              Monthly
                Statements to Certificateholders.

            	
              66

            
	
              Section
                4.07

            	
              [Reserved].

            	
              69

            
	
              Section
                4.08

            	
              [Reserved].

            	
              69

            
	
              Section
                4.09

            	
              Determination
                of Pass-Through Rates for LIBOR Certificates.

            	
              69

            
	 	 	
               

            
	
              ARTICLE
                FIVE

            	
              THE
                CERTIFICATES

            	
              72

            
	 	 	 
	
              Section
                5.01

            	
              The
                Certificates.

            	
              72

            
	
              Section
                5.02

            	
              Certificate
                Register; Registration of Transfer and Exchange of
                Certificates.

            	
              72

            
	
              Section
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	
              76

            
	
              Section
                5.04

            	
              Persons
                Deemed Owners.

            	
              76

            
	
              Section
                5.05

            	
              Access
                to List of Certificateholders’ Names and Addresses.

            	
              77

            
	
              Section
                5.06

            	
              Maintenance
                of Office or Agency.

            	
              77

            
	 	 	 
	
              ARTICLE
                SIX

            	
              THE
                DEPOSITOR AND THE SERVICER

            	
              78

            
	 	 	 
	
              Section
                6.01

            	
              Respective
                Liabilities of the Depositor and the Servicer.

            	
              78

            
	
              Section
                6.02

            	
              Merger
                or Consolidation of the Depositor or the Servicer.

            	
              78

            
	
              Section
                6.03

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

            	
              78

            
	
              Section
                6.04

            	
              Limitation
                on Resignation of the Servicer.

            	
              79

            
	 	 	 
	
              ARTICLE
                SEVEN

            	
              DEFAULT

            	
              80

            
	 	 	 
	
              Section
                7.01

            	
              Events
                of Default.

            	
              80

            
	
              Section
                7.02

            	
              Trustee
                to Act; Appointment of Successor.

            	
              81

            
	
              Section
                7.03

            	
              Notification
                to Certificateholders.

            	
              83

            
	 	 	 
	
              ARTICLE
                EIGHT

            	
              CONCERNING
                THE TRUSTEE

            	
              84

            
	 	 	 
	
              Section
                8.01

            	
              Duties
                of the Trustee.

            	
              84

            
	
              Section
                8.02

            	
              Certain
                Matters Affecting the Trustee.

            	
              84

            
	
              Section
                8.03

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans.

            	
              86

            
	
              Section
                8.04

            	
              Trustee
                May Own Certificates.

            	
              86

            
	
              Section
                8.05

            	
              Trustee’s
                Fees and Expenses.

            	
              86

            
	
              Section
                8.06

            	
              Eligibility
                Requirements for the Trustee.

            	
              87

            
	
              Section
                8.07

            	
              Resignation
                and Removal of the Trustee.

            	
              87

            
	
              Section
                8.08

            	
              Successor
                Trustee.

            	
              88

            
	
              Section
                8.09

            	
              Merger
                or Consolidation of the Trustee.

            	
              89

            
	
              Section
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	
              89

            
	
              Section
                8.11

            	
              Tax
                Matters.

            	
              90

            
	 	 	 
	
              ARTICLE
                NINE

            	
              TERMINATION

            	
              93

            

    

     

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

     

    
      	 	 	 
	
              Section
                9.01

            	
              Termination
                upon Liquidation or Purchase of the Mortgage Loans.

            	
              93

            
	
              Section
                9.02

            	
              Final
                Distribution on the Certificates.

            	
              93

            
	
              Section
                9.03

            	
              Additional
                Termination Requirements.

            	
              95

            
	 	 	 
	
              ARTICLE
                TEN

            	
              MISCELLANEOUS
                PROVISIONS

            	
              96

            
	 	 	 
	
              Section
                10.01

            	
              Amendment.

            	
              96

            
	
              Section
                10.02

            	
              Recordation
                of Agreement; Counterparts.

            	
              97

            
	
              Section
                10.03

            	
              Governing
                Law.

            	
              98

            
	
              Section
                10.04

            	
              Intention
                of Parties.

            	
              98

            
	
              Section
                10.05

            	
              Notices.

            	
              98

            
	
              Section
                10.06

            	
              Severability
                of Provisions.

            	
              99

            
	
              Section
                10.07

            	
              Assignment.

            	
              99

            
	
              Section
                10.08

            	
              Limitation
                on Rights of Certificateholders.

            	
              99

            
	
              Section
                10.09

            	
              Inspection
                and Audit Rights.

            	
              100

            
	
              Section
                10.10

            	
              Certificates
                Nonassessable and Fully Paid.

            	
              100

            
	
              Section
                10.11

            	
              Official
                Record.

            	
              100

            
	
              Section
                10.12

            	
              Protection
                of Assets.

            	
              101

            
	
              Section
                10.13

            	
              Qualifying
                Special Purpose Entity.

            	
              101

            
	 	 	 
	
              ARTICLE
                ELEVEN

            	
              EXCHANGE
                ACT REPORTING

            	
              102

            
	 	 	 
	
              Section
                11.01

            	
              Filing
                Obligations.

            	
              102

            
	
              Section
                11.02

            	
              Form
                10-D Filings.

            	
              102

            
	
              Section
                11.03

            	
              Form
                8-K Filings.

            	
              103

            
	
              Section
                11.04

            	
              Form
                10-K Filings.

            	
              103

            
	
              Section
                11.05

            	
              Sarbanes-Oxley
                Certification.

            	
              106

            
	
              Section
                11.06

            	
              Form
                15 Filing.

            	
              106

            
	
              Section
                11.07

            	
              Report
                on Assessment of Compliance and Attestation.

            	
              106

            
	
              Section
                11.08

            	
              Use
                of Subcontractors.

            	
              108

            
	
              Section
                11.09

            	
              Amendments.

            	
              108

            

    

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    

    
      	
              SCHEDULES

            
	
              Schedule
                I:

            	
              Mortgage
                Loan Schedule

            	
              S-I-1

            
	
              Schedule
                II:

            	
              Representations
                and Warranties of the Seller/Servicer

            	
              S-II-1

            
	
              Schedule
                III:

            	
              Representations
                and Warranties as to the Mortgage Loans

            	
              S-III-1

            
	
              Schedule
                IV:

            	
              [Reserved]

            	
              S-IV-1

            
	
              Schedule
                V:

            	
              Form
                of Monthly Report

            	
              S-V-1

            
	 	 	 
	
              EXHIBITS

            
	 	 	 
	
              Exhibit
                A:

            	
              Form
                of Senior Certificate (other than the Notional Amount
                Certificates)

            	
              A-1

            
	
              Exhibit
                B:

            	
              Form
                of Subordinated Certificate

            	
              B-1

            
	
              Exhibit
                C:

            	
              Form
                of Class A-R Certificate

            	
              C-1

            
	
              Exhibit
                D:

            	
              Form
                of Notional Amount Certificate

            	
              D-1

            
	
              Exhibit
                E:

            	
              Form
                of Reverse of Certificates

            	
              E-1

            
	
              Exhibit
                F-1:

            	
              Form
                of Class P Certificates

            	
              F-1-1

            
	
              Exhibit
                F-2:

            	
              Form
                of Class L Certificates

            	
              F-2-1

            
	
              Exhibit
                G-1:

            	
              Form
                of Initial Certification of Trustee

            	
              G-1-1

            
	
              Exhibit
                G-2:

            	
              Form
                of Delay Delivery Certification

            	
              G-2-1

            
	
              Exhibit
                H:

            	
              Form
                of Final Certification of Trustee

            	
              H-1

            
	
              Exhibit
                I:

            	
              Form
                of Transfer Affidavit

            	
              I-1

            
	
              Exhibit
                J:

            	
              Form
                of Transferor Certificate

            	
              J-1

            
	
              Exhibit
                K:

            	
              Form
                of Investment Letter (Non-Rule 144A)

            	
              K-1

            
	
              Exhibit
                L:

            	
              Form
                of Rule 144A Letter

            	
              L-1

            
	
              Exhibit
                M:

            	
              Form
                of Request for Release (for Trustee)

            	
              M-1

            
	
              Exhibit
                N:

            	
              Request
                for Release of Documents

            	
              N-1

            
	
              Exhibit
                O-1:

            	
              Form
                of Certificate to Be Provided by the Depositor with Form
                10-K

            	
              O-1-1

            
	
              Exhibit
                O-2:

            	
              Form
                of Trustee’s Officer’s Certificate

            	
              O-2-1

            

    

     

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Exhibit
                P:

            	
              [Reserved]

            	
              P-1

            
	
              Exhibit
                Q

            	
              Reporting
                Responsibility

            	
              Q-1

            
	
              Exhibit
                R:

            	
              Form
                of Performance Certification (Trustee)

            	
              R-1

            
	
              Exhibit
                S:

            	
              Form
                of Servicing Criteria to Be Addressed in Assessment of

              Compliance
                Statement

            	
              S-1

            
	
              Exhibit
                T:

            	
              Form
                of List of Item 1119 Parties

            	
              T-1

            
	
              Exhibit
                U:

            	
              Form
                of Sarbanes-Oxley Certification (Replacement of Servicer)

            	
              U-1

            

    

     

     

    
 

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

     

    This
      Pooling And Servicing Agreement, dated as of September 1, 2007, among IndyMac
      MBS, Inc., a Delaware corporation, as depositor (the
“Depositor”), IndyMac Bank,
      F.S.B.  (“IndyMac”), a federal savings bank,
      as seller (in that capacity, the “Seller”) and as
      servicer (in that capacity, the “Servicer”), and
      Deutsche Bank National Trust Company, a national banking association, as trustee
      (the “Trustee”),

     

    W
      i t n e s s e t h  T h a t

     

    In
      consideration of the mutual agreements set forth in this Agreement, the parties
      agree as follows:

     

    P
      r e l i m i n a r y  S t a t e m e n t

     

    The
      Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
      in return for the Certificates.  The Trust Fund (exclusive of any
      amounts in respect of waived Prepayment Charges paid by the Servicer to the
      Class P Certificates pursuant to Section 3.20(b) and any amounts in respect
      of
      waived Late Payment Fees paid by the Servicer to the Class L Certificates
      pursuant to Section 3.21(b)) for federal income tax purposes will consist of
      one
      real estate mortgage investment conduit (the “Master
      REMIC”).  Each Certificate, other than the Class A-R and
      Class L Certificates, will represent ownership of one or more regular interests
      in the Master REMIC for purposes of the REMIC Provisions.  The Class
      A-R represents ownership of the sole class of residual interest in the Master
      REMIC.  The Master REMIC will hold as assets all property of the Trust
      Fund (exclusive of any amounts in respect of waived Prepayment Charges paid
      by
      the Servicer to the Class P Certificates pursuant to Section 3.20(b) and any
      amounts in respect of waived Late Payment Fees paid by the Servicer to the
      Class
      L Certificates pursuant to Section 3.21(b)).  For federal income tax
      purposes, each Certificate (other than the Class A-R and Class L Certificates)
      is hereby designated as a regular interest in the Master REMIC.  The
      latest possible maturity date of all REMIC regular interests created in this
      Agreement shall be the Latest Possible Maturity Date.  All amounts in
      respect of waived Prepayment Charges paid by the Servicer to the Class P
      Certificates pursuant to Section 3.20(b) will be treated as paid directly by
      the
      Servicer to the Class P Certificates and not as paid by or through any REMIC
      under this Agreement.  All amounts in respect of waived Late Payment
      Fees paid by the Servicer to the Class L Certificates will be treated as paid
      directly by the Servicer to the Class L Certificates pursuant to Section 3.21(b)
      and not as paid by or through any REMIC created under this Agreement or by
      or
      through the Grantor Trust described in this Agreement.

     

    

    The
      Master REMIC

     

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

     

    
      	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              Class
                Designation

            	 	
              Initial
                Class Certificate Balance or Notional Amount

            	 	 	
              Pass-Through
                Rate

            	 	 	
              Minimum
                Denomination

            	 	 	
              Integral
                Multiples in Excess of Minimum

            	 
	
              Class
                A-1

            	 	$	
              200,329,000

            	 	 	 	6.2500	%	 	$	
              1,000

            	 	 	$	
              1,000

            	 
	
              Class
                A-2

            	 	$	
              9,214,900

            	 	 	 	6.2500	%	 	$	
              25,000

            	 	 	$	
              1,000

            	 
	
              Class
                PO

            	 	$	
              2,120,257

            	 	 	
              N/A
                (3)

            	 	 	$	
              100,000

            	 	 	$	
              1

            	 
	
              Class
                A-X

            	 	$	175,468,670	(1)	 	
              Variable
                (4)

            	 	 	$	100,000	(2)	 	$	1,000	(2)
	
              Class
                A-R

            	 	$	
              100

            	 	 	 	6.2500	%	 	$	
              100

            	 	 	
              N/A

            	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              Class
                Designation

            	 	
              Initial
                Class Certificate Balance or Notional Amount

            	 	 	 	
              Pass-Through
                Rate

            	 	 	 	
              Minimum
                Denomination

            	 	 	
              Integral
                Multiples in Excess of Minimum

            	
               

            
	
              Class
                B-1

            	 	$	
              6,003,000

            	 	 	 	6.2500	%	 	$	
              100,000

            	 	 	$	
              1,000

            	 
	
              Class
                B-2

            	 	$	
              1,556,000

            	 	 	 	6.2500	%	 	$	
              100,000

            	 	 	$	
              1,000

            	 
	
              Class
                B-3

            	 	$	
              1,112,000

            	 	 	 	6.2500	%	 	$	
              100,000

            	 	 	$	
              1,000

            	 
	
              Class
                B-4

            	 	$	
              778,000

            	 	 	 	6.2500	%	 	$	
              100,000

            	 	 	$	
              1,000

            	 
	
              Class
                B-5

            	 	$	
              778,000

            	 	 	 	6.2500	%	 	$	
              100,000

            	 	 	$	
              1,000

            	 
	
              Class
                B-6

            	 	$	
              445,566

            	 	 	 	6.2500	%	 	$	
              100,000

            	 	 	$	
              1,000

            	 
	
              Class
                P

            	 	$	
              100

            	 	 	
              N/A(5)

            	 	 	$	
              100

            	 	 	
              N/A

            	 
	
              Class
                L

            	 	
              N/A

            	 	 	
              N/A(6)

            	 	 	 	(6	)	 	 	(6	)

    

    

    
      	
              (1)

            	
              This
                Class of Certificates will be Notional Amount Certificates, will
                have no
                Class Certificate Balance and will bear interest on its Notional
                Amount.

            

    

     

    
      	
              (2)

            	
              Denomination
                is based on Notional Amount.

            

    

     

    
      	
              (3)

            	
              The
                Class PO Certificates are Principal Only Certificates and are not
                entitled
                to receive distributions of
                interest.

            

    

     

    
      	
              (4)

            	
              The
                Pass-Through Rate for the Class A-X Certificates for the Interest
                Accrual
                Period related to each Distribution Date will be equal to the excess,
                if
                any, of the average of the Adjusted Net Mortgage Rates of each Mortgage
                Loan that has an Adjusted Net Mortgage Rate greater than 6.2500%
                per
                annum, weighted on the basis of their respective stated Principal
                Balances
                as of the first day of the related due period (after giving effect
                to
                Principal Prepayments received in the Prepayment Period ending during
                the
                Due Period), over 6.25% per annum.

            

    

     

    
      	
              (5)

            	
              The
                Class P Certificates will not be entitled to any interest, but will
                be
                entitled to 100% of any Prepayment Charges paid on the Mortgage
                Loans.  For federal income tax purposes, all amounts in respect
                of waived Prepayment Charges paid by the Servicer to the Class P
                Certificates pursuant to Section 3.20(b) will be treated as paid
                directly
                by the Servicer to the Class P Certificates and not as paid by or
                through
                any REMIC created hereunder.  The Class P Certificates shall be
                issued as a single certificate.

            

    

     

    
      	
              (6)

            	
              The
                Class L Certificates will not evidence an interest in any REMIC and
                will
                not be entitled to any interest but will be entitled to 100% of the
                Late
                Payment Fees collected.  For federal income tax purposes, the
                Trustee will treat Late Payment Fees as beneficially owned by the
                Holder
                of the Class L Certificates and shall treat such portion of the Trust
                Fund
                as an interest in a “trust” within the meaning of Treasury regulations
                section 301.7701-4(a) (the “Grantor
                Trust”).  The Class L Certificates shall be issued
                as a single certificate.

            

    

     

    The
      foregoing REMIC structure is
      intended to cause all of the cash from the Mortgage Loans to flow through to
      the
      Master REMIC as cash flow on a REMIC regular interest, without creating any
      shortfall—actual or potential (other than for credit losses) to any REMIC
      regular interest.

     

    Set
      forth
      below are designations of Classes of Certificates to the categories used
      herein:

     

    Accretion
      Directed Certificates

     

    None.

     

    Accrual
      Certificates

     

    None.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Book-Entry
      Certificates

     

    All
      Classes of Certificates other than the Physical Certificates.

     

    COFI
      Certificates

     

    None.

     

    Component
      Certificates

     

    None.

     

    Components

     

    None.

     

    Delay
      Certificates

     

    All
      interest-bearing Classes of Certificates other than any Non-Delay
      Certificates.

     

    ERISA-Restricted
      Certificates

     

    The
      Residual Certificates and the Private Certificates; the Retained Certificates
      (other than the Private Certificates) until they have been the subject of an
      ERISA-Qualifying Underwriting; and Certificates of any Class that ceases to
      have
      a rating of BBB- (or its equivalent) or better from at least one Rating
      Agency.

     

    LIBOR
      Certificates

     

    None.

     

    Non-Delay
      Certificates

     

    None.

     

    Notional
      Amount Certificates

     

    Class
      A-X
      Certificates

     

    Offered
      Certificates

     

    All
      Classes of Certificates other than the Private Certificates.

     

    Physical
      Certificates

     

    Class
      A-R
      Certificates and the Private Certificates.

     

    Planned
      Principal Classes

     

    None.

     

    Principal
      Only Certificates

     

    Class
      PO
      Certificates.

     

    Private
      Certificates

     

    Class
      B-4, Class B-5, Class B-6, Class P and Class L Certificates.

     

    Rating
      Agencies

     

    Fitch
      and
      S&P.

     

    Regular
      Certificates

     

    All
      Classes of Certificates other than the Class A-R Certificates.

     

    Residual
      Certificate

     

    Class
      A-R
      Certificates.

     

    Retained
      Certificates

     

    Class
      A-X, Class PO, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class
      B-6,
      Class P and Class L Certificates.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Senior
      Certificates

     

    Class
      A-1, Class A-2, Class A-X, Class PO and Class A-R Certificates

     

    Subordinated
      Certificates

     

    Class
      B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
      Certificates.

     

    Targeted
      Principal Classes

     

    None.

     

    Targeted
      Principal Component

     

    None.

     

    With
      respect to any of the foregoing designations as to which the corresponding
      reference is “None,” all defined terms and provisions in this Agreement relating
      solely to such designations shall be of no force or effect, and any calculations
      in this Agreement incorporating references to such designations shall be
      interpreted without reference to such designations and
      amounts.  Defined terms and provisions in this Agreement relating to
      statistical rating agencies not designated above as Rating Agencies shall be
      of
      no force or effect.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    ARTICLE
      ONE

     

    DEFINITIONS

     

    Section
      1.01    Definitions.

     

    Unless
      the context requires a different meaning, capitalized terms are used in this
      Agreement as defined below.

     

    Accretion
      Directed Certificates:  As specified in the Preliminary
      Statement.

     

    Accretion
      Direction Rule:  Not applicable.

     

    Accrual
      Amount:  Not applicable.

     

    Accrual
      Certificates:  As specified in the Preliminary
      Statement.

     

    Accrual
      Termination Date: Not applicable.

     

    Additional
      Designated Information:  As defined in Section
      11.02.

     

    Adjusted
      Mortgage Rate:  As to each Mortgage Loan and at any
      time, the per annum rate equal to the Mortgage Rate less the Servicing Fee
      Rate.

     

    Adjusted
      Net Mortgage Rate:  As to each Mortgage Loan and any
      Distribution Date, the per annum rate equal to the Mortgage Rate of that
      Mortgage Loan (as of the Due Date in the month preceding the month in which
      such
      Distribution Date occurs) less the Expense Fee Rate for that Mortgage
      Loan.

     

    Advance:  The
      payment required to be made by the Servicer with respect to any Distribution
      Date pursuant to Section 4.01, the amount of any such payment being equal to
      the
      aggregate of payments of principal and interest (net of the Servicing Fee) on
      the Mortgage Loans that were due during the related Due Period and not received
      as of the close of business on the related Determination Date, together with
      an
      amount equivalent to interest on each REO Property, net of any net income from
      such REO Property, less the aggregate amount of any such delinquent
      payments that the Servicer has determined would constitute a Nonrecoverable
      Advance if advanced.

     

    Advance
      Notice: As defined in Section 4.01(b).

     

    Advance
      Deficiency: As defined in Section 4.01(b).

     

    Affiliate:  With
      respect to any Person, any other Person controlling, controlled 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.  Affiliates also include any entities consolidated with
      the requirements of generally accepted accounting principles.

     

    Aggregate
      Planned Balance:  Not applicable.

     

    Agreement:  This
      Pooling and Servicing Agreement and all amendments and supplements.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Aggregate
      Subordinated Percentage:  With respect to any
      Distribution Date, the fraction, expressed as a percentage, the numerator of
      which is equal to the aggregate Class Certificate Balance of the Subordinated
      Certificates immediately prior to such Distribution Date and the denominator
      of
      which is the aggregate Stated Principal Balance of all the Mortgage Loans as
      of
      the Due Date in the month preceding the month of such Distribution Date (after
      giving effect to Principal Prepayments received in the Prepayment Period related
      to that prior Due Date).

     

    Allocable
      Share:  As to any Distribution Date and any Mortgage
      Loan (i) [reserved]; (ii) with respect to the Class PO Certificates, zero and
      (iii) with respect to each other Class of Certificates the product of (a) the
      lesser of (I) the ratio that the Required Coupon bears to such Adjusted Net
      Mortgage Rate of such Mortgage Loan and (II) one, multiplied by (b) the ratio
      that the amount calculated with respect to such Distribution Date for such
      Class, pursuant to clause (i) of the definition of Class Optimal Interest
      Distribution Amount (without giving effect to any reduction of such amount
      pursuant to Section 4.02(d)) bears to the aggregate amount calculated with
      respect to such Distribution Date for each such Class of Certificates pursuant
      to clause (i) of the definition of Class Optimal Interest Distribution Amount
      (without giving effect to any reduction of such amounts pursuant to Section
      4.02(d)).

     

    Amount
      Available for Senior Principal:  As to any Distribution
      Date, the Available Funds for such Distribution Date, reduced by the aggregate
      amount distributable (or allocable to the Accrual Amount, if applicable) on
      such
      Distribution Date in respect of interest on the Senior Certificates pursuant
      to
      Section 4.02(a)(1)(iii).

     

    Amount
      Held for Future Distribution:  As to any Distribution
      Date, the aggregate amount held in the Certificate Account at the close of
      business on the related Determination Date on account of (i) Principal
      Prepayments received after the last day of the related Prepayment Period and
      Liquidation Proceeds and Subsequent Recoveries received in the month of such
      Distribution Date and (ii) all Scheduled Payments due after the related Due
      Date.

     

    Applicable
      Credit Support Percentage:  As defined in Section
      4.02(e).

     

    Appraised
      Value:  With respect to any Mortgage Loan, the Appraised
      Value of the related Mortgaged Property shall be: (i) with respect to a Mortgage
      Loan other than a Refinance Loan, the lesser of (a) the value of the Mortgaged
      Property based upon the appraisal made at the time of the origination of such
      Mortgage Loan and (b) the sales price of the Mortgaged Property at the time
      of
      the origination of such Mortgage Loan; and (ii) with respect to a Refinance
      Loan, the value of the Mortgaged Property based upon the appraisal made at
      the
      time of the origination of such Refinance Loan.

     

    Available
      Funds:  As to any Distribution Date, the sum of
      (a) the aggregate amount held in the Certificate Account at the close of
      business on the related Determination Date, including any Subsequent Recoveries,
      net of the Amount Held for Future Distribution, net of Prepayment Charges,
      the
      $100 held in trust for the Class P Certificates and Late Payment Fees and net
      of
      amounts permitted to be withdrawn from the Certificate Account pursuant to
      clauses (i) - (viii), inclusive, of Section 3.09(a) and amounts permitted to
      be
      withdrawn from the Distribution Account pursuant to clauses (i) - (ii),
      inclusive, of Section 3.09(b), (b) the amount of the related Advance,
      (c) in connection with Defective Mortgage Loans, the aggregate of the
      Purchase Prices and Substitution Adjustment Amounts deposited on the related
      Distribution Account Deposit Date, and (d) any amount deposited on the
      related Distribution Account Deposit Date pursuant to Section
      3.10.  The Holders of the Class P Certificates will be entitled to all
      Prepayment Charges received on the Mortgage Loans and the Holders of the Class
      L
      Certificates will be entitled to all Late Payment Fees received on the Mortgage
      Loans and such amounts will not be available for distribution to the Holders
      of
      any other Class of Certificates.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Bankruptcy
      Code:  The United States Bankruptcy Reform Act of 1978,
      as amended.

     

    Bankruptcy
      Coverage Termination Date:  The point in time at which
      the Bankruptcy Loss Coverage Amount is reduced to zero.

     

    Bankruptcy
      Loss:  With respect to any Mortgage Loan, a Deficient
      Valuation or Debt Service Reduction; provided, however, that a Bankruptcy Loss
      shall not be deemed a Bankruptcy Loss under this Agreement so long as the
      Servicer has notified the Trustee in writing that the Servicer is diligently
      pursuing any remedies that may exist in connection with the related Mortgage
      Loan and either (A) the related Mortgage Loan is not in default with regard
      to
      payments due under the Mortgage Loan or (B) delinquent payments of principal
      and
      interest under the related Mortgage Loan and any related escrow payments in
      respect of such Mortgage Loan are being advanced on a current basis by the
      Servicer, in either case without giving effect to any Debt Service Reduction
      or
      Deficient Valuation.

     

    Bankruptcy
      Loss Coverage Amount:  As of any date of determination,
      the Bankruptcy Loss Coverage Amount shall equal the Initial Bankruptcy Loss
      Coverage Amount as reduced by (i) the aggregate amount of Bankruptcy Losses
      allocated to the Certificates since the Cut-off Date and (ii) any permissible
      reductions in the Bankruptcy Loss Coverage Amount as evidenced by a letter
      of
      each Rating Agency to the Trustee to the effect that any such reduction will
      not
      result in a downgrading, qualification or withdrawal of the then current ratings
      assigned to the Classes of Certificates rated by it.

     

    Blanket
      Mortgage:  The mortgage or mortgages encumbering a
      Cooperative Property.

     

    Book-Entry
      Certificates:  As specified in the Preliminary
      Statement.

     

    Business
      Day:  Any day other than (i) a Saturday or a Sunday, or
      (ii) a day on which banking institutions in the City of New York, New York,
      the
      State of California or the city in which the Corporate Trust Office of the
      Trustee is located (excluding the city where the Certificate Registrar is
      located) are authorized or obligated by law or executive order to be
      closed.

     

    Cap
      Counterparty:  Not applicable.

     

    Certificate:  Any
      one of the certificates issued by the Trust Fund and executed by the Trustee
      in
      substantially the forms attached as exhibits.

     

    Certificate
      Account:  The separate Eligible Account or Accounts
      created and maintained by the Servicer pursuant to Section 3.06(d) with a
      depository institution in the name of the Servicer for the benefit of the
      Trustee on behalf of Certificateholders and designated “IndyMac Bank, F.S.B., in
      trust for the registered holders of IndyMac IMJA Mortgage Loan Trust 2007-A3,
      Mortgage Pass-Through Certificates, Series 2007-A3.”

     

    Certificate
      Balance:  With respect to any Certificate (other than
      the Notional Amount Certificates) at any date of determination, the maximum
      dollar amount of principal to which the Holder thereof is then entitled under
      this Agreement, such amount being equal to the Denomination thereof (A) plus
any increase in the Certificate Balance of such Certificate pursuant
      to
      Section 4.02 due to the receipt of Subsequent Recoveries, (B) minus the
      sum of (i) all distributions of principal previously made with respect thereto
      and (ii) all Realized Losses allocated to that Certificate and, in the case
      of
      any Subordinated Certificates, all other reductions in Certificate Balance
      previously allocated to that Certificate pursuant to Section 4.05 and (C) in
      the
      case of any Class of Accrual Certificates, plus the Accrual Amount added
      to the Class Certificate Balance of such Class prior to such
      date.  The Notional Amount Certificates and the Class L Certificates
      do not have Certificate Balances.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    Certificate
      Group:  Not applicable.

     

    Certificateholder
      or Holder:  The person in whose name a Certificate is
      registered in the Certificate Register, except that, solely for the purpose
      of
      giving any consent pursuant to this Agreement, any Certificate registered in
      the
      name of the Depositor or any affiliate of the Depositor is not Outstanding
      and
      the Percentage Interest evidenced thereby shall not be taken into account in
      determining whether the requisite amount of Percentage Interests necessary
      to
      effect a consent has been obtained, except that if the Depositor or its
      affiliates own 100% of the Percentage Interests evidenced by a Class of
      Certificates, the Certificates shall be Outstanding for purposes of any
      provision of this Agreement requiring the consent of the Holders of Certificates
      of a particular Class as a condition to the taking of any action.  The
      Trustee is entitled to rely conclusively on a certification of the Depositor
      or
      any affiliate of the Depositor in determining which Certificates are registered
      in the name of an affiliate of the Depositor.

     

    Certificate
      Owner:  With respect to a Book-Entry Certificate, the
      Person who is the beneficial owner of the Book-Entry Certificate.  For
      the purposes of this Agreement, in order for a Certificate Owner to enforce
      any
      of its rights under this Agreement, it shall first have to provide evidence
      of
      its beneficial ownership interest in a Certificate that is reasonably
      satisfactory to the Trustee, the Depositor and/or the Servicer, as
      applicable.

     

    Certificate
      Register:  The register maintained pursuant to Section
      5.02.

     

    Certificate
      Registrar:  Deutsche Bank National Trust Company and its
      successors and, if a successor certificate registrar is appointed under this
      Agreement, the successor.

     

    Certification
      Party:  As defined in Section 11.05.

     

    Certifying
      Person:  As defined in Section 11.05.

     

    Class:  All
      Certificates bearing the same class designation as set forth in the Preliminary
      Statement.

     

    Class
      Certificate Balance: For any Class as of any date of
      determination, the aggregate of the Certificate Balances of all Certificates
      of
      the Class as of that date.

     

    Class
      Interest Shortfall:  As to any Distribution Date and
      interest-bearing Class, the amount by which the amount described in clause
      (i)
      of the definition of Class Optimal Interest Distribution Amount for such Class
      exceeds the amount of interest actually distributed on such Class on such
      Distribution Date pursuant to such clause (i).

     

    Class
      Optimal Interest Distribution Amount:  With respect to
      any Distribution Date and Class, the sum of (i) one month’s interest accrued
      during the related Interest Accrual Period at the Pass-Through Rate for such
      Class, on the related Class Certificate Balance or Notional Amount, as
      applicable, immediately prior to such Distribution Date, subject to reduction
      pursuant to Section 4.02(d), and (ii) any Class Unpaid Interest Amounts for
      such
      Class.  All Classes of Certificates will accrue interest on the basis
      of a 360-day year consisting of twelve 30-day months.

     

    Class
      PO Deferred Amount:  As to any Distribution Date, the
      aggregate of the applicable PO Percentage of each Realized Loss, other than
      any
      Excess Loss, on a Discount Mortgage Loan to be allocated to the Class PO
      Certificates on such Distribution Date on or prior to the Senior Credit Support
      Depletion Date or previously allocated to that Class PO Certificates and not
      yet
      paid to the Holders of the Class PO Certificates.

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Class
      Subordination Percentage:  With respect to any
      Distribution Date and each Class of Subordinated Certificates, the fraction
      (expressed as a percentage) the numerator of which is the Class Certificate
      Balance of such Class of Subordinated Certificates immediately prior to such
      Distribution Date and the denominator of which is the aggregate Class
      Certificate Balance of all Classes of Certificates immediately prior to such
      Distribution Date.

     

    Class
      Unpaid Interest Amounts:  As to any Distribution Date
      and Class of interest-bearing Certificates, the amount by which the aggregate
      Class Interest Shortfalls for such Class on prior Distribution Dates exceeds
      the
      amount distributed on such Class on prior Distribution Dates pursuant to clause
      (ii) of the definition of Class Optimal Interest Distribution
      Amount.

     

    Closing
      Date:  September 25, 2007.

     

    CMT
      Index: Not applicable.

     

    Code:
      The Internal Revenue Code of 1986, including any successor or
      amendatory provisions.

     

    COFI:  Not
      applicable.

     

    COFI
      Certificates:  Not applicable.

     

    Commission:  The
      United States Securities and Exchange Commission.

     

    Compensating
      Interest: For any Distribution Date, 0.125% multiplied by
      one-twelfth multiplied by the aggregate Stated Principal Balance of the Mortgage
      Loans as of the first day of the prior month.

     

    Component
      Balance:  Not applicable.

     

    Component
      Certificates:  As specified in the Preliminary
      Statement.

     

    Component
      Notional Amount:  Not applicable.

     

    Components:  As
      specified in the Preliminary Statement.

     

    Co-op
      Shares:  Shares issued by a Cooperative
      Corporation.

     

    Cooperative
      Corporation:  The entity that holds title (fee or an
      acceptable leasehold estate) to the real property and improvements constituting
      the Cooperative Property and that 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 Co-op Shares and a
      Proprietary Lease.

     

    Cooperative
      Property:  The real property and improvements owned by
      the Cooperative Corporation, including the allocation of individual dwelling
      units to the holders of the Co-op Shares of the Cooperative
      Corporation.

     

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

     

    Corporate
      Trust Office:  The designated office of the Trustee in
      the State of California at which at any particular time its corporate trust
      business with respect to this Agreement is administered, which office at the
      date of the execution of this Agreement is located at 1761 East St. Andrew
      Place, Santa Ana, 

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    California
      92705, Attn: Mortgage Administration-IN07J3 (IndyMac MBS, Inc., IndyMac IMJA
      Mortgage Loan Trust 2007-A3, Mortgage Pass-Through Certificates, Series
      2007-A3), and which is the address to which notices to and correspondence with
      the Trustee should be directed.  With respect to the Certificate
      Registrar, the designated office for presentment and surrender of Certificates
      for registration of transfer, exchange or final payment thereof is located
      at DB
      Services Tennessee, 648 Grassmere Park Road, Nashville, Tennessee, 37211-3658,
      Attention: Transfer Unit.

     

    Corridor
      Contract:  Not applicable.

     

    Corridor
      Contract Termination Date:  Not applicable.

     

    Cross-over
      Situation:  Not applicable.

     

    Cut-off
      Date:  September 1, 2007.

     

    Cut-off
      Date Pool Principal
      Balance:  $222,336,824.44.

     

    Cut-off
      Date Principal Balance:  As to any Mortgage Loan, its
      Stated Principal Balance as of the close of business on the Cut-off
      Date.

     

    Debt
      Service Reduction:  For any Mortgage Loan, a reduction
      by a court of competent jurisdiction in a proceeding under the Bankruptcy Code
      in the Scheduled Payment for the Mortgage Loan that became final and
      non-appealable, except a reduction resulting from a Deficient Valuation or
      a
      reduction that results in a permanent forgiveness of principal.

     

    Defective
      Mortgage Loan:  Any Mortgage Loan that is required to be
      repurchased pursuant to Section 2.02 or 2.03.

     

    Deficient
      Valuation:  For 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 the Mortgage Loan, or any reduction
      in
      the amount of principal to be paid in connection with any Scheduled Payment
      that
      results in a permanent forgiveness of principal, which valuation or reduction
      results from an order of the court that is final and non-appealable in a
      proceeding 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 5.02(e).

     

    Delay
      Certificates:  As specified in the Preliminary
      Statement.

     

    Delay
      Delivery Certification:  A certification substantially
      in the form of Exhibit G-2.

     

    Delay
      Delivery Mortgage Loans:  The Mortgage Loans identified
      on the Mortgage Loan Schedule for which none of a related Mortgage File or
      neither the Mortgage Note nor a lost note affidavit for a lost Mortgage Note
      has
      been delivered to the Trustee by the Closing Date.  The Depositor
      shall deliver the Mortgage Files to the Trustee:

     

    (A)           for
      at least 70% of the Mortgage Loans, not later than the Closing Date,
      and

     

    (B)           for
      the remaining 30% of the Mortgage Loans, not later than five Business Days
      following the Closing Date.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    To
      the
      extent that the Seller is in possession of any Mortgage File for any Delay
      Delivery Mortgage Loan, until delivery of the Mortgage File to the Trustee
      as
      provided in Section 2.01, the Seller shall hold the files as Servicer, as agent
      and in trust for the Trustee.

     

    Deleted
      Mortgage Loan:  As defined in Section
      2.03(c).

     

    Delinquent:  A
      Mortgage Loan is “Delinquent” if any monthly payment due on a Due Date is not
      made by the close of business on the day immediately preceding the next
      scheduled Due Date for such Mortgage Loan.  A Mortgage Loan is “30
      days Delinquent” if such monthly payment has not been received by the close of
      business on the last day of the month in which such monthly payment was
      due.  The determination of whether a Mortgage Loan is “60 days
      Delinquent”, “90 days Delinquent”, etc.  shall be made in a like
      manner.

     

    Denomination:  For
      each Certificate, the amount on the face of the Certificate as the “Initial
      Certificate Balance of this Certificate” or the “Initial Notional Amount of this
      Certificate” or, if neither of the foregoing, the Percentage Interest appearing
      on the face of the Certificate.

     

    Depositor:  IndyMac
      MBS, Inc., a Delaware corporation, or its successor in interest.

     

    Depository:  The
      initial Depository shall be The Depository Trust Company, the nominee of which
      is CEDE & Co., as the registered Holder of the Book-Entry
      Certificates.  The Depository shall at all times be a “clearing
      corporation” as defined in Section 8-102(a)(5) of the UCC.

     

    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.

     

    Derivative
      Notional Balance:  Not applicable.

     

    Determination
      Date:  As to any Distribution Date, the 15th
      day of each month
      or if that day is not a Business Day the next Business Day.

     

    Discount
      Mortgage Loan:  Any Mortgage Loan with an Adjusted Net
      Mortgage Rate that is less than the Required Coupon.

     

    Distribution
      Account:  The separate Eligible Account created and
      maintained by the Trustee pursuant to Section 3.06(e) in the name of the Trustee
      for the benefit of the Certificateholders and designated “Deutsche Bank National
      Trust Company  in trust for registered holders of IndyMac IMJA
      Mortgage Loan Trust 2007-A3, Mortgage Pass-Through Certificates, Series
      2007-A3.” Funds in the Distribution Account shall be held in trust for the
      Certificateholders for the uses and purposes set forth in this
      Agreement.

     

    Distribution
      Account Deposit Date:  As to any Distribution Date,
      12:30 P.M. Pacific time on the Business Day preceding the Distribution
      Date.

     

    Distribution
      Date:  The 25th
      day of each
      calendar month after the initial issuance of the Certificates, or if that day
      is
      not a Business Day, the next Business Day, commencing in October
      2007.

     

    Due
      Date:  For any Mortgage Loan and Distribution Date, the
      first day of the month in which such Distribution Date occurs.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    Due
      Period:  For any Distribution Date, the period
      commencing on the second day of the month preceding the month in which the
      Distribution Date occurs and ending on the first day of the month in which
      the
      Distribution Date occurs.

     

    EDGAR:  The
      Commission’s Electronic Data Gathering, Analysis and Retrieval
      System.

     

    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 debt obligations of either such
      holding company or the depository institution or trust company, whichever are
      rated higher) have (x) if Moody’s is a Rating Agency at the time amounts are
      held on deposit therein, the highest short-term ratings of Moody’s (which shall
      be Prime-1), (y) if Fitch is a Rating Agency at the time any amounts are held
      on
      deposit therein, the highest short-term rating of Fitch (which shall be F1
      for
      funds held for less than 30 days, and F1+ for funds held for longer than 30
      days
      and less than 365 days) and (z) if S&P is a Rating Agency at the time any
      amounts are held on deposit therein, a short-term rating of at least A-2, for
      funds held no longer than 30 days, and, if funds will be held longer than 30
      days and less than 365 days, a short-term rating of at least A-1+,
      or

     

    (ii)           if
      either of Moody’s or Fitch is a Rating Agency, an account or accounts in a
      depository institution or trust company in which such accounts are insured
      by
      the FDIC (to the limits established by the FDIC) and the uninsured deposits
      in
      which accounts are otherwise secured such that, as evidenced by an Opinion
      of
      Counsel delivered to the Trustee and to each Rating Agency, the
      Certificateholders have a claim with respect to the funds in such account or
      a
      perfected first priority security interest against any collateral (which shall
      be limited to Permitted Investments) securing such funds that is superior to
      claims of any other depositors or creditors of the depository institution or
      trust company in which such account is maintained (it being understood that
      any
      account permitted by this clause (ii) shall not be an Eligible Account in
      connection with a rating provided by S&P of any Class of Certificates),
      or

     

    (iii)           a
      trust account or accounts maintained with (a) the trust department of a federal
      or state chartered depository institution or (b) a trust company, acting in
      its
      fiduciary capacity, or

     

    (iv)           any
      other account acceptable to each Rating Agency.

     

    Eligible
      Accounts may bear interest, and may include, if otherwise qualified under this
      definition, accounts maintained with the Trustee.

     

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

     

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

     

    ERISA-Restricted
      Certificate:  As specified in the Preliminary
      Statement.

     

    Escrow
      Account:  The Eligible Account or Accounts established
      and maintained pursuant to Section 3.07(a).

     

    Event
      of Default:  As defined in Section 7.01.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    Excess
      Loss:  The amount of any (i) Fraud Loss on the Mortgage
      Loans realized after the Fraud Loss Coverage Termination Date, (ii) Special
      Hazard Loss on the Mortgage Loans realized after the Special Hazard Coverage
      Termination Date or (iii) Bankruptcy Loss on the Mortgage Loans realized after
      the Bankruptcy Coverage Termination Date.

     

    Excess
      Proceeds:  For any Liquidated Mortgage Loan, the excess
      of

     

    (a)           all
      Liquidation Proceeds from the Mortgage Loan received in the calendar month
      in
      which the Mortgage Loan became a Liquidated Mortgage Loan, net of any amounts
      previously reimbursed to the Servicer as Nonrecoverable Advances with respect
      to
      the Mortgage Loan pursuant to Section 3.09(a)(iii), over

     

    (b)           the
      sum of (i) the unpaid principal balance of the Liquidated Mortgage Loan as
      of
      the Due Date in the month in which the Mortgage Loan became a Liquidated
      Mortgage Loan plus (ii) accrued interest at the Mortgage Rate from the Due
      Date
      for which interest was last paid or advanced (and not reimbursed) to
      Certificateholders up to the Due Date applicable to the Distribution Date
      following the calendar month during which the liquidation occurred.

     

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

     

    Exchange
      Act Reports:  Any reports on Form 10-D, Form 8-K and
      Form 10-K required to be filed by the Depositor with respect to the Trust Fund
      under the Exchange Act.

     

    Expense
      Fee Rate:  As to each Mortgage Loan, the sum of (a) the
      related Servicing Fee Rate and (b) the Trustee Fee Rate.

     

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

     

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

     

    Fitch:  Fitch,
      Inc., or any successor thereto.  If Fitch is designated as a Rating
      Agency in the Preliminary Statement, for purposes of Section 10.05(b) the
      address for notices to Fitch shall be Fitch, Inc., One State Street Plaza,
      New
      York, NY 10004, Attention: MBS Monitoring - IndyMac 2007-A3, or any other
      address Fitch furnishes to the Depositor and the Servicer.

     

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

     

    Form
      10-D Disclosure Item:  With respect to any Person, any
      material litigation or governmental proceedings pending against such Person,
      or
      against any of the Trust Fund, the Depositor, the Trustee or the Servicer,
      if
      such Person has actual knowledge thereof.

     

    Form
      10-K Disclosure Item:  With respect to any Person, (a)
      Form 10-D Disclosure Item, and (b) any affiliations or relationships between
      such Person and any Item 1119 Party.

     

    Fraud
      Loan:  A Liquidated Mortgage Loan as to which a Fraud
      Loss has occurred.

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    Fraud
      Loss Coverage Amount:  As of the Closing Date,
      $2,223,368, subject to reduction from time to time, by the amount of Fraud
      Losses allocated to the Certificates.  In addition, on each
      anniversary of the Cut-off Date, the Fraud Loss Coverage Amount will be reduced
      as follows: (a) on the first, second, third and fourth anniversaries of the
      Cut-off Date, to an amount equal to the lesser of (i) 1% of the then current
      Stated Principal Balance of the Mortgage Loans in the case of the first and
      second anniversaries and 0.50% as of the third and fourth such anniversaries
      and
      (ii) the excess of the Fraud Loss Coverage Amount as of the preceding
      anniversary of the Cut-off Date over the cumulative amount of Fraud Losses
      allocated to the Certificates since such preceding anniversary; and (b) on
      the
      fifth anniversary of the Cut-off Date, to zero.

     

    Fraud
      Loss Coverage Termination Date:  The point in time at
      which the Fraud Loss Coverage Amount is reduced to zero.

     

    Fraud
      Losses:  Realized Losses on Mortgage Loans as to which a
      loss is sustained by reason of a default arising from fraud, dishonesty or
      misrepresentation in connection with the related Mortgage Loan, including a
      loss
      by reason of the denial of coverage under any related Primary Insurance Policy
      because of such fraud, dishonesty or misrepresentation.

     

    Grantor
      Trust:  As specified in the Preliminary
      Statement.

     

    Indirect
      Participant: A broker, dealer, bank, or other financial
      institution or other Person that clears through or maintains a custodial
      relationship with a Depository Participant.

     

    Initial
      Bankruptcy Loss Coverage Amount:  $100,000.

     

    Initial
      Component Balance:  As specified in the Preliminary
      Statement.

     

    Initial
      LIBOR Rate:  Not applicable.

     

    Insurance
      Policy:  For any Mortgage Loan included in the Trust
      Fund, any insurance policy, including all riders and endorsements thereto in
      effect, including any replacement policy or policies for any Insurance
      Policies.

     

    Insurance
      Proceeds:  Proceeds paid by an insurer pursuant to any
      Insurance Policy, in each case other than any amount included in such Insurance
      Proceeds in respect of Insured Expenses.

     

    Insured
      Expenses:  Expenses covered by an Insurance Policy or
      any other insurance policy with respect to the Mortgage Loans.

     

    Interest
      Accrual Period:  With respect to each Class of Delay
      Certificates and any Distribution Date, the calendar month prior to the month
      of
      such Distribution Date.  With respect to each Class of Non-Delay
      Certificates and any Distribution Date, the one-month period commencing on
      the
      25th day of
      the
      month preceding the month in which such Distribution Date occurs and ending
      on
      the 24th day of
      the month in which such Distribution Date occurs.  All Classes of
      Certificates will accrue interest on the basis of a 360-day year consisting
      of
      twelve 30-day months.

     

    Interest
      Determination Date:  With respect to (a) any Interest
      Accrual Period for any LIBOR Certificates and (b) any Interest Accrual Period
      for the COFI Certificates for which the applicable Index is LIBOR, the second
      Business Day prior to the first day of such Interest Accrual
      Period.

     

    Interest
      Settlement Rate:  As defined in Section
      4.09.

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    Item
      1119 Party:  The Depositor, the Seller, the Servicer,
      the Trustee, the Cap Counterparty and any other material transaction party,
      as
      identified in Exhibit T, as updated pursuant to Section 11.04.

     

    Last
      Scheduled Distribution Date:  The Distribution Date in
      the month immediately following the month of the latest scheduled maturity
      date
      for any of the Mortgage Loans.

     

    Late
      Payment Fee:  As to a Mortgage Loan, any fees assessable
      by the related mortgagee in connection with the late payment of a Scheduled
      Payment due after the Cut-off Date.

     

    Latest
      Possible Maturity Date:  The Distribution Date,
      calculated on the Closing Date, following the third anniversary of the later
      of
      (i) the scheduled maturity date of the Mortgage Loan having the latest scheduled
      maturity date as of the Cut-off Date, and (ii) the latest possible maturity
      of
      any Substitute Mortgage Loan that may be substituted for any Mortgage Loan
      pursuant to this Agreement.

     

    Lender
      PMI Loans:  Mortgage Loans with respect to which the
      lender rather than the borrower acquired the primary mortgage guaranty insurance
      and charged the related borrower an interest premium.

     

    LIBOR:  The
      London interbank offered rate for one month United States dollar deposits
      calculated in the manner described in Section 4.09.

     

    LIBOR
      Determination Date: For any Interest Accrual Period, the second
      London Business Day prior to the commencement of such Interest Accrual
      Period.

     

    Limited
      Exchange Act Reporting Obligations: The obligations of the
      Servicer under Section 3.17(b), Section 6.02 and Section 6.04 with respect
      to
      notice and information to be provided to the Depositor and Article 11 (except
      Section 11.07(a)(i) and (ii)).

     

    Liquidated
      Mortgage Loan:  For any Distribution Date, a defaulted
      Mortgage Loan (including any REO Property) that was liquidated in the calendar
      month preceding the month of the Distribution Date and as to which the Servicer
      has certified (in accordance with this Agreement) that it has received all
      amounts it expects to receive in connection with the liquidation of the Mortgage
      Loan, including the final disposition of an REO Property.

     

    Liquidation
      Proceeds:  Amounts, including Insurance Proceeds
      regardless of when received, received in connection with the partial or complete
      liquidation of defaulted Mortgage Loans, whether through trustee’s sale,
      foreclosure sale, or otherwise or amounts received in connection with any
      condemnation or partial release of a Mortgaged Property, and any other proceeds
      received in connection with an REO Property, less the sum of related
      unreimbursed Servicing Fees, Servicing Advances, and Advances.

     

    Loan
      Group:  Not applicable.

     

    Loan-to-Value
      Ratio:  For any Mortgage Loan and as of any date of
      determination, is the fraction whose numerator is the original principal balance
      of the related Mortgage Loan at that date of determination and whose denominator
      is the Appraised Value of the related Mortgaged Property.

     

    London
      Business Day:  Any day on which dealings in deposits of
      United States dollars are transacted in the London interbank
      market.

     

    Lost
      Mortgage Note:  Any Mortgage Note the original of which
      was permanently lost or destroyed and has not been replaced.

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    Maintenance:  For
      any Cooperative Unit, the rent paid by the Mortgagor to the Cooperative
      Corporation pursuant to the Proprietary Lease.

     

    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.

     

    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
      Statement:  The statement delivered to the
      Certificateholders pursuant to Section 4.06.

     

    Moody’s:  Moody’s
      Investors Service, Inc., or any successor thereto.  If Moody’s is
      designated as a Rating Agency in the Preliminary Statement, for purposes of
      Section 10.05(b) the address for notices to Moody’s shall be Moody’s Investors
      Service, Inc., 99 Church Street, New York, New York 10007, Attention:
      Residential Loan Monitoring Group, or any other address that Moody’s furnishes
      to the Depositor and the Servicer.

     

    Mortgage:  The
      mortgage, deed of trust, or other instrument creating a first lien on an estate
      in fee simple or leasehold interest in real property securing a Mortgage
      Note.

     

    Mortgage
      File:  The mortgage documents listed in Section 2.01
      pertaining to a particular Mortgage Loan and any additional documents delivered
      to the Trustee to be added to the Mortgage File pursuant to this
      Agreement.

     

    Mortgage
      Loans:  Such of the mortgage loans transferred and
      assigned to the Trustee pursuant to this Agreement, as from time to time are
      held as a part of the Trust Fund (including any REO Property), the Mortgage
      Loans so held being identified on the Mortgage Loan Schedule, notwithstanding
      foreclosure or other acquisition of title of the related Mortgaged
      Property.

     

    Mortgage
      Loan Schedule:  As of any date, the list set forth in
      Schedule I of Mortgage Loans included in the Trust Fund on that
      date.  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
                loan number;

            

    

     

    
      	
               

            	
              (ii)

            	
              the
                street address of the Mortgaged Property, including the zip
                code;

            

    

     

    
      	
               

            	
              (iii)

            	
              the
                maturity date;

            

    

     

    
      	
               

            	
              (iv)

            	
              the
                original principal balance;

            

    

     

    
      	
               

            	
              (v)

            	
              the
                Cut-off Date Principal Balance;

            

    

     

    
      	
               

            	
              (vi)

            	
              the
                first payment date of the Mortgage
                Loan;

            

    

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

            	
              (vii)

            	
              the
                Scheduled Payment in effect as of the Cut-off
                Date;

            

    

     

    
      	
               

            	
              (viii)

            	
              the
                Loan-to-Value Ratio at origination;

            

    

     

    
      	
               

            	
              (ix)

            	
              a
                code indicating whether the residential dwelling at the time of
                origination was represented to be
                owner-occupied;

            

    

     

    
      	
               

            	
              (x)

            	
              a
                code indicating whether the residential dwelling is either (a) a
                detached
                single family dwelling, (b) a dwelling in a PUD, (c) a condominium
                unit,
                (d) a two- to four-unit residential property, or (e) a Cooperative
                Unit;

            

    

     

    
      	
               

            	
              (xi)

            	
              the
                Mortgage Rate;

            

    

     

    
      	
               

            	
              (xii)

            	
              the
                purpose for the Mortgage Loan;

            

    

     

    
      	
               

            	
              (xiii)

            	
              the
                type of documentation program pursuant to which the Mortgage Loan
                was
                originated;

            

    

     

    
      	
               

            	
              (xiv)

            	
              a
                code indicating whether the Mortgage Loan is a borrower-paid mortgage
                insurance loan;

            

    

     

    
      	
               

            	
              (xv)

            	
              the
                Servicing Fee Rate;

            

    

     

    
      	
               

            	
              (xvi)

            	
              a
                code indicating whether the Mortgage Loan is a Lender PMI
                Loan;

            

    

     

    
      
        	
                 

              	
                (xvii)

              	
                
                  the
                    coverage amount of any mortgage
                    insurance;

                

              

      

      
         

        
          	
                   

                	
                  (xvii)

                	
                  
                    with
                      respect to the Lender PMI Loans, the interest premium charged
                      by the
                      lender;

                  

                

        

         

      

    

    
      	
               

            	
              (xix)

            	
              a
                code indicating whether the Mortgage Loan is a Delay Delivery Mortgage
                Loan;

            

    

     

    
      	
               

            	
              (xx)

            	
              a
                code indicating whether the Mortgage Loan is subject to a buydown
                agreement;

            

    

     

    
      	
               

            	
              (xxi)

            	
              a
                code indicating whether the Mortgage Loan is a MERS Mortgage Loan;
                and

            

    

     

    
      
        	
                 

              	
                (xxii)

              	
                
                  the
                    type of Prepayment Charge and the Prepayment Charge
                    Period.

                

              

      

       

    

    The
      schedule shall also set forth the total of the amounts described under (v)
      above
      for all of the Mortgage Loans.

     

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

     

    Mortgage
      Rate:  The annual rate of interest borne by a Mortgage
      Note from time to time (net of the interest premium for any Lender PMI
      Loan).

     

    Mortgaged
      Property:  The underlying property securing a Mortgage
      Loan, which, with respect to a Cooperative Loan, is the related Co-op Shares
      and
      Proprietary Lease.

     

    Mortgagor:  The
      obligors on a Mortgage Note.

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    National
      Cost of Funds Index:  The National Monthly Median Cost
      of Funds Ratio to SAIF-Insured Institutions published by the OTS.

     

    Net
      Prepayment Interest Shortfall:  As to any Distribution
      Date, the amount, if any, by which the aggregate of the Prepayment Interest
      Shortfalls for such Distribution Date exceeds the Compensating Interest for
      such
      Distribution Date.

     

    Non-Delay
      Certificates:  As specified in the Preliminary
      Statement.

     

    Non-Discount
      Mortgage Loan:  Any Mortgage Loan with an Adjusted Net
      Mortgage Rate that is greater than or equal to the Required Coupon.

     

    Non-PO
      Formula Principal Amount:  As to any Distribution Date,
      the sum of (i) the applicable Non-PO Percentage of (a) all monthly payments
      of
      principal due on each Mortgage Loan on the related Due Date, (b) the principal
      portion of the purchase price of each Mortgage Loan that was repurchased by
      the
      Seller pursuant to this Agreement as of such Distribution Date, excluding any
      Mortgage Loan that was repurchased pursuant to Section 3.12, (c) the
      Substitution Adjustment Amount in connection with any Deleted Mortgage Loan
      received with respect to such Distribution Date, (d) any Insurance Proceeds
      or
      Liquidation Proceeds allocable to recoveries of principal of Mortgage Loans
      that
      are not yet Liquidated Mortgage Loans received during the calendar month
      preceding the month of such Distribution Date, (e) with respect to each Mortgage
      Loan that became a Liquidated Mortgage Loan during the calendar month preceding
      the month of such Distribution Date, the amount of Liquidation Proceeds
      allocable to principal received with respect to such Mortgage Loan, and (f)
      all
      partial and full Principal Prepayments received during the related Prepayment
      Period and (ii) (A) any Subsequent Recoveries received during the calendar
      month
      preceding the month of such Distribution Date, or (B) with respect to Subsequent
      Recoveries attributable to a Discount Mortgage Loan that incurred (1) an Excess
      Loss or (2) a Realized Loss after the Senior Credit Support Depletion Date,
      the
      Non-PO Percentage of any Subsequent Recoveries received during the calendar
      month preceding the month of such Distribution Date.

     

    Non-PO
      Percentage:  As to any Discount Mortgage Loan, a
      fraction (expressed as a percentage) the numerator of which is the Adjusted
      Net
      Mortgage Rate of such Discount Mortgage Loan and the denominator of which is
      the
      Required Coupon.  As to any Non-Discount Mortgage Loan,
      100%.

     

    Nonrecoverable
      Advance:  Any portion of an Advance previously made or
      proposed to be made by the Servicer, that, in the good faith judgment of the
      Servicer, will not be ultimately recoverable by the Servicer from the related
      Mortgagor, related Liquidation Proceeds or otherwise.

     

    Notice
      of Final Distribution:  The notice to be provided
      pursuant to Section 9.02 to the effect that final distribution on any of the
      Certificates shall be made only upon presentation and surrender
      thereof.

     

    Notional
      Amount:  With respect to the Interest Accrual Period for
      any Distribution Date and the Class A-X Certificates, the aggregate of the
      Stated Principal Balance of each Mortgage Loan that has an Adjusted Net Mortgage
      Rate greater than 6.2500% per annum as of the first day of the related Due
      Period (after giving effect to Principal Prepayments received in the Prepayment
      Period ending during that Due Period).

     

    Notional
      Amount Certificates:  As specified in the Preliminary
      Statement.

     

    Offered
      Certificates:  As specified in the Preliminary
      Statement.

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    Officer’s
      Certificate:  A certificate (i) signed by the Chairman
      of the Board, the Vice Chairman of the Board, the President, a Managing
      Director, a Vice President (however denominated), an Assistant Vice President,
      the Treasurer, the Secretary, or one of the Assistant Treasurers or Assistant
      Secretaries of the Depositor or the Servicer, (ii) if provided for in this
      Agreement, signed by a Servicing Officer, as the case may be, and delivered
      to
      the Depositor and the Trustee as required by this Agreement or (iii) in the
      case
      of any other Person, signed by an authorized officer of such
      Person.

     

    Opinion
      of Counsel:  For the interpretation or application of
      the REMIC Provisions, a written opinion of counsel who (i) is in fact
      independent of the Depositor and the Servicer, (ii) does not have any direct
      financial interest in the Depositor or the Servicer or in any affiliate of
      either, and (iii) is not connected with the Depositor or the Servicer as an
      officer, employee, promoter, underwriter, trustee, partner, director, or person
      performing similar functions.  Otherwise, a written opinion of counsel
      who may be counsel for the Depositor or the Servicer, including in-house
      counsel, reasonably acceptable to the Trustee.

     

    Original
      Applicable Credit Support Percentage:  With respect to
      each of the following Classes of Subordinated Certificates, the corresponding
      percentage described below:

     

    
      	
              Class B-1                                                      

            	 	 	4.80	%
	
              Class B-2                                                      

            	 	 	2.10	%
	
              Class B-3                                                      

            	 	 	1.40	%
	
              Class B-4                                                      

            	 	 	0.90	%
	
              Class B-5                                                      

            	 	 	0.55	%
	
              Class B-6                                                      

            	 	 	0.20	%
	 	 	 	 	 

    

    Original
      Mortgage Loan:  The Mortgage Loan refinanced in
      connection with the origination of a Refinance Loan.

     

    Original
      Subordinated Principal Balance:  The aggregate Class
      Certificate Balance of the Subordinated Certificates as of the Closing
      Date.

     

    OTS:  The
      Office of Thrift Supervision.

     

    Outside
      Reference Date:  Not applicable.

     

    Outstanding:
      For the Certificates as of any date of determination, all
      Certificates theretofore executed and authenticated under this Agreement
      except:

     

    
      	
               

            	
              (i)

            	
              Certificates
                theretofore canceled by the Trustee or delivered to the Trustee for
                cancellation; and

            

    

     

    
      	
               

            	
              (ii)

            	
              Certificates
                in exchange for which or in lieu of which other Certificates have
                been
                executed and delivered by the Trustee pursuant to this
                Agreement.

            

    

     

    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
      Principal Prepayment in Full before the Due Date or during the related
      Prepayment Period and that did not become a Liquidated Mortgage Loan before
      the
      Due Date.

     

    Overcollateralized
      Group:  Not applicable.

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    Ownership
      Interest: As to any Residual Certificate, any ownership interest
      in the Certificate including any interest in the Certificate as its Holder
      and
      any other interest therein, whether direct or indirect, legal or
      beneficial.

     

    Pass-Through
      Rate:  For each interest-bearing Class of Certificates,
      the per annum rate set forth or calculated in the manner described in the
      Preliminary Statement.

     

    Percentage
      Interest:  As to any Certificate, the percentage
      interest evidenced thereby in distributions required to be made on the related
      Class, the percentage interest being set forth on its face or equal to the
      percentage obtained by dividing the Denomination of the Certificate by the
      aggregate of the Denominations of all Certificates of the same
      Class.

     

    Performance
      Certification:  As defined in Section
      11.05.

     

    Permitted
      Investments:  At any time, any of the
      following:

     

    (i)           obligations
      of the United States or any agency thereof backed by the full faith and credit
      of the United States;

     

    (ii)           general
      obligations of or obligations guaranteed by any state of the United States
      or
      the District of Columbia receiving the highest long-term debt rating of each
      Rating Agency, or any lower rating that will not result in the downgrading,
      qualification or withdrawal of the ratings then assigned to the Certificates
      by
      the Rating Agencies, as evidenced by a signed writing delivered by each Rating
      Agency;

     

    (iii)           commercial
      or finance company paper that is then receiving the highest commercial or
      finance company paper rating of each Rating Agency, or any lower rating that
      will not result in the downgrading, qualification or withdrawal of the ratings
      then assigned to the Certificates by the Rating Agencies , as evidenced by
      a
      signed writing delivered by each Rating Agency;

     

    (iv)           certificates
      of deposit, demand or time deposits, or bankers’ acceptances issued by any
      depository institution or trust company incorporated under the laws of the
      United States or of any state thereof and subject to supervision and examination
      by federal or state banking authorities, provided that the commercial paper
      or
      long-term unsecured debt obligations of the depository institution or trust
      company (or in the case of the principal depository institution in a holding
      company system, the commercial paper or long-term unsecured debt obligations
      of
      the holding company, but only if Moody’s is not a Rating Agency) are then rated
      one of the two highest long-term and the highest short-term ratings of each
      Rating Agency for the securities, or any lower rating that will not result
      in
      the downgrading, qualification or withdrawal of the ratings then assigned to
      the
      Certificates by the Rating Agencies, as evidenced by a signed writing delivered
      by each Rating Agency;

     

    (v)           demand
      or time deposits or certificates of deposit issued by any bank or trust company
      or savings institution to the extent that the deposits are fully insured by
      the
      FDIC;

     

    (vi)           guaranteed
      reinvestment agreements issued by any bank, insurance company, or other
      corporation acceptable to the Rating Agencies at the time of the issuance of
      the
      agreements, as evidenced by a signed writing delivered by each Rating
      Agency;

     

    (vii)           repurchase
      obligations with respect to any security described in clauses (i) and (ii)
      above, in either case entered into with a depository institution or trust
      company (acting as principal) described in 

     

     

    
      
        
        

      

      
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    clause
      (iv) above; provided that such repurchase obligation would be accounted for
      as a
      financing arrangement under generally accepted accounting
      principles;

     

    (viii)           securities
      (other than stripped bonds, stripped coupons, or instruments sold at a purchase
      price in excess of 115% of their face amount) bearing interest or sold at a
      discount issued by any corporation incorporated under the laws of the United
      States or any state thereof that, at the time of the investment, have one of
      the
      two highest ratings of each Rating Agency (except if the Rating Agency is
      Moody’s the rating shall be the highest commercial paper rating of Moody’s for
      the securities), or any lower rating that will not result in the downgrading,
      qualification or withdrawal of the ratings then assigned to the Certificates
      by
      the Rating Agencies, as evidenced by a signed writing delivered by each Rating
      Agency and that have a maturity date occurring no more than 365 days from their
      date of issuance;

     

    (ix)           units
      of a taxable money-market portfolio having the highest rating assigned by each
      Rating Agency (except (i) if Fitch is a Rating Agency and has not rated the
      portfolio, the highest rating assigned by Moody’s and (ii) if S&P is a
      Rating Agency, “AAAm” or “AAAM-G” by S&P) and restricted to obligations
      issued or guaranteed by the United States of America or entities whose
      obligations are backed by the full faith and credit of the United States of
      America and repurchase agreements collateralized by such obligations;
      and

     

    (x)           any
      other investments bearing interest or sold at a discount acceptable to each
      Rating Agency that will not result in the downgrading, qualification or
      withdrawal of the ratings then assigned to the Certificates by the Rating
      Agencies, as evidenced by a signed writing delivered by each Rating
      Agency.

     

    No
      Permitted Investment may (i) evidence the right to receive interest only
      payments with respect to the obligations underlying the instrument, (ii) be
      sold
      or disposed of before its maturity or (iii) be any obligation of the Seller
      or
      any of its Affiliates.  Any Permitted Investment shall be relatively
      risk free and no options or voting rights shall be exercised with respect to
      any
      Permitted Investment.  Any Permitted Investment shall be sold or
      disposed of in accordance with Financial Accounting Standard 140, paragraph
      35c(6) in effect as of the Closing Date.

     

    Permitted
      Transferee:  Any person other than

     

    (i)           the
      United States, any State or political subdivision thereof, or any agency or
      instrumentality of any of the foregoing,

     

    (ii)           a
      foreign government, International Organization, or any agency or instrumentality
      of either of the foregoing,

     

    (iii)           an
      organization (except certain farmers’ cooperatives described in section 521 of
      the Code) that is exempt from tax imposed by Chapter 1 of the Code (including
      the tax imposed by section 511 of the Code on unrelated business taxable income)
      on any excess inclusions (as defined in section 860E(c)(1) of the Code) with
      respect to any Residual Certificate,

     

    (iv)           a
      rural electric and telephone cooperatives described in section 1381(a)(2)(C)
      of
      the Code,

     

    (v)           an
      “electing large partnership” as defined in section 775 of the Code,

     

    (vi)           a
      Person that is not a U.S. Person, and

     

     

    
      
        
        

      

      
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    (vii)           any
      other Person so designated by the Depositor based on an Opinion of Counsel
      that
      the Transfer of an Ownership Interest in a Residual Certificate to the Person
      may cause any REMIC created hereunder to fail to qualify as a REMIC at any
      time
      that the Certificates are outstanding.

     

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

     

    Physical
      Certificates:  As specified in the Preliminary
      Statement.

     

    Planned
      Balance:  Not applicable.

     

    Planned
      Principal Classes:  As specified in the Preliminary
      Statement.

     

    PO
      Formula Principal Amount:  As to any Distribution Date
      and the Class PO Certificates, the sum of (i) the sum of the applicable PO
      Percentage of (a) the principal portion of each Scheduled Payment (without
      giving effect, prior to the Bankruptcy Coverage Termination Date, to any
      reductions thereof caused by any Debt Service Reductions or Deficient
      Valuations) due on each Mortgage Loan on the related Due Date, (b) the Stated
      Principal Balance of each Mortgage Loan that was repurchased by the Seller
      or
      the Servicer pursuant to this Agreement as of such Distribution Date, excluding
      any Mortgage Loan that was repurchased pursuant to Section 3.12, (c) the
      Substitution Adjustment Amount in connection with any Deleted Mortgage Loan
      received with respect to such Distribution Date, (d) any Insurance Proceeds
      or
      Liquidation Proceeds allocable to recoveries of principal of Mortgage Loans
      that
      are not yet Liquidated Mortgage Loans received during the calendar month
      preceding the month of such Distribution Date, (e) with respect to each Mortgage
      Loan that became a Liquidated Mortgage Loan during the calendar month preceding
      the month of such Distribution Date, the amount of Liquidation Proceeds
      allocable to principal received with respect to such Mortgage Loan during the
      calendar month preceding the month of such Distribution Date, and (f) all
      Principal Prepayments with respect to the Mortgage Loans received during the
      related Prepayment Period, and (ii) with respect to Subsequent Recoveries
      attributable to a Discount Mortgage Loan that incurred (1) an Excess Loss or
      (2)
      a Realized Loss after the Senior Credit Support Depletion Date, the PO
      Percentage of any Subsequent Recoveries received during the calendar month
      preceding the month of such Distribution Date.

     

    PO
      Percentage:  As to any Discount Mortgage Loan, a
      fraction (expressed as a percentage) the numerator of which is the excess of
      the
      Required Coupon over the Adjusted Net Mortgage Rate of such Discount Mortgage
      Loan and the denominator of which is such Required Coupon.  As to any
      Non-Discount Mortgage Loan, 0%.

     

    Pool
      Stated Principal Balance:  The aggregate Stated
      Principal Balance of the Mortgage Loans.

     

    Prepayment
      Assumption:  The prepayment model used in the Prospectus
      Supplement.

     

    Prepayment
      Charge:  As to a Mortgage Loan, any charge payable by a
      Mortgagor in connection with certain partial prepayments and all prepayments
      in
      full made within the related Prepayment Charge Period, the Prepayment Charges
      with respect to each applicable Mortgage Loan so held by the Trust Fund being
      identified in the Mortgage Loan Schedule.

     

    Prepayment
      Charge Period:  As to any Mortgage Loan, the period of
      time during which a Prepayment Charge may be imposed.

     

     

    
      
        
        

      

      
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    Prepayment
      Interest Excess:  As to any Principal Prepayment
      received by the Servicer on a Mortgage Loan from the first day through the
      fifteenth day of any calendar month other than the  month of the
      Cut-off Date, all amounts paid by the related Mortgagor in respect of interest
      on such Principal Prepayment.  All Prepayment Interest Excess shall be
      retained by the Servicer as additional servicing compensation.

     

    Prepayment
      Interest Shortfall:  As to any Distribution Date,
      Mortgage Loan and Principal Prepayment received on or after the sixteenth day
      of
      the month preceding the month of such Distribution Date (or, in the case of
      the
      first Distribution Date, on or after the Cut-off Date) and on or before the
      last
      day of the month preceding the month of such Distribution Date, the amount,
      if
      any, by which one month’s interest at the related Mortgage Rate, net of the
      Servicing Fee Rate, on such Principal Prepayment exceeds the amount of interest
      paid in connection with such Principal Prepayment.

     

    Prepayment
      Period:  As to any Distribution Date and related Due
      Date, the period from and including the 16th day of the month immediately prior
      to the month of such Distribution Date (or, in the case of the first
      Distribution Date, from the Cut-off Date) and to and including the 15th day
      of
      the month of such Distribution Date.

     

    Prepayment
      Shift Percentage:  For any Distribution Date occurring
      during the five years beginning on the first Distribution Date,
      0%.  For any Distribution Date occurring on or after the fifth
      anniversary of the first Distribution Date as follows:  for any
      Distribution Date in the first year thereafter, 30%; for any Distribution Date
      in the second year thereafter, 40%; for any Distribution Date in the third
      year
      thereafter, 60%; for any Distribution Date in the fourth year thereafter, 80%;
      and for any Distribution Date thereafter, 100%.

     

    Primary
      Insurance Policy:  Each policy of primary mortgage
      guaranty insurance or any replacement policy therefor with respect to any
      Mortgage Loan.

     

    Principal
      Balance Schedule:  Not applicable.

     

    Principal
      Only Certificates:  As specified in the Preliminary
      Statement.

     

    Principal
      Prepayment:  Any payment of principal by a Mortgagor on
      a Mortgage Loan (including the principal portion of the Purchase Price of any
      Mortgage Loan purchased pursuant to Section 3.12) that is received in advance
      of
      its scheduled Due Date and is not accompanied by an amount representing
      scheduled interest due on any date in any month after the month of
      prepayment.  The Servicer shall apply partial Principal Prepayments in
      accordance with the related Mortgage Note.

     

    Principal
      Prepayment in Full:  Any Principal Prepayment made by a
      Mortgagor of the entire principal balance of a Mortgage Loan.

     

    Priority
      Amount:  Not applicable.

     

    Priority
      Percentage:  Not applicable.

     

    Private
      Certificates:  As specified in the Preliminary
      Statement.

     

    Pro
      Rata Share:  As to any Distribution Date and any Class
      of Subordinated Certificates, the portion of the Subordinated Principal
      Distribution Amount allocable to such Class, equal to the product of the
      Subordinated Principal Distribution Amount on such Distribution Date and a
      fraction, the numerator of which is the related Class Certificate Balance
      thereof and the denominator of which is the aggregate 

     

     

    
      
        
        

      

      
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    Class
      Certificate Balance of the Subordinated Certificates, in each case immediately
      prior to such Distribution Date.

     

    Proprietary
      Lease:  For any Cooperative Unit, a lease or occupancy
      agreement between a Cooperative Corporation and a holder of related Co-op
      Shares.

     

    Prospectus
      Supplement:  The Prospectus Supplement dated September
      25, 2007, relating to the Offered Certificates.

     

    PUD:  Planned
      Unit Development.

     

    Purchase
      Price:  For any Mortgage Loan required to be purchased
      by the Seller pursuant to Section 2.02 or 2.03 or purchased by the Servicer
      pursuant to Section 3.12, the sum of

     

    (i)           100%
      of the unpaid principal balance of the Mortgage Loan on the date of the
      purchase,

     

    (ii)           accrued
      and unpaid interest on the Mortgage Loan at the applicable Mortgage Rate (or
      at
      the applicable Adjusted Mortgage Rate if (x) the purchaser is the Servicer
      or
      (y) if the purchaser is the Seller and the Seller is the Servicer) from the
      date
      through which interest was last paid by the Mortgagor to the Due Date in the
      month in which the Purchase Price is to be distributed to Certificateholders,
      net of any unreimbursed Advances made by the Servicer on the Mortgage Loan,
      and

     

    (iii)           any
      costs and damages incurred by the Trust Fund in connection with any violation
      by
      the Mortgage Loan of any predatory or abusive lending law.

     

    If
      the
      Mortgage Loan is purchased pursuant to Section 3.12, the interest component
      of
      the Purchase Price shall be computed (i) on the basis of the applicable Adjusted
      Mortgage Rate before giving effect to the related modification and (ii) from
      the
      date to which interest was last paid to the date on which the Mortgage Loan
      is
      assigned to the Servicer pursuant to Section 3.12.

     

    Qualified
      Insurer:  A mortgage guaranty insurance company duly
      qualified as such under the laws of the state of its principal place of business
      and each state having jurisdiction over the insurer in connection with the
      insurance policy issued by the insurer, duly authorized and licensed in such
      states to transact a mortgage guaranty insurance business in such states and
      to
      write the insurance provided by the insurance policy issued by it, approved
      as a
      FNMA- or FHLMC-approved mortgage insurer or having a claims paying ability
      rating of at least “AA” or equivalent rating by a nationally recognized
      statistical rating organization.  Any replacement insurer with respect
      to a Mortgage Loan must have at least as high a claims paying ability rating
      as
      the insurer it replaces had on the Closing Date.

     

    Rating
      Agency:  Each of the Rating Agencies specified in the
      Preliminary Statement.  If any of them or a successor is no longer in
      existence, “Rating Agency” shall be the nationally recognized statistical rating
      organization, or other comparable Person, designated by the Depositor and
      identified as a “Rating Agency” in the Underwriter’s Exemption, notice of which
      designation shall be given to the Trustee.  References to a given
      rating or rating category of a Rating Agency means the rating category without
      giving effect to any modifiers.

     

    Realized
      Loss:  With respect to each Liquidated Mortgage Loan, an
      amount (not less than zero or more than the Stated Principal Balance of the
      Mortgage Loan) as of the date of such liquidation, equal to (i) the Stated
      Principal Balance of the Liquidated Mortgage Loan as of the date of such
      liquidation, plus (ii) interest at the Adjusted Net Mortgage Rate from the
      Due
      Date as to which interest was last paid or advanced (and not reimbursed) to
      Certificateholders up to the Due Date in the month in which 

     

     

    
      
        
        

      

      
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    Liquidation
      Proceeds are required to be distributed on the Stated Principal Balance of
      such
      Liquidated Mortgage Loan from time to time, minus (iii) the Liquidation
      Proceeds, if any, received during the month in which such liquidation occurred,
      to the extent applied as recoveries of interest at the Adjusted Net Mortgage
      Rate and to principal of the Liquidated Mortgage Loan.  With respect
      to each Mortgage Loan that has become the subject of a Deficient Valuation,
      if
      the principal amount due under the related Mortgage Note has been reduced,
      the
      difference between the principal balance of the Mortgage Loan outstanding
      immediately prior to such Deficient Valuation and the principal balance of
      the
      Mortgage Loan as reduced by the Deficient Valuation.  With respect to
      each Mortgage Loan that has become the subject of a Debt Service Reduction
      and
      any Distribution Date, the amount, if any, by which the principal portion of the
      related Scheduled Payment has been reduced.

     

    To
      the
      extent the Servicer receives Subsequent Recoveries with respect to any Mortgage
      Loan, the amount of the Realized Loss with respect to that Mortgage Loan will
      be
      reduced by such Subsequent Recoveries.

     

    Recognition
      Agreement:  For any Cooperative Loan, an agreement
      between the Cooperative Corporation and the originator of the Mortgage Loan
      that
      establishes the rights of the originator in the Cooperative
      Property.

     

    Record
      Date:  With respect to any Distribution Date and any
      Definitive Certificate and the Delay Certificates, the close of business on
      the
      last Business Day of the month preceding the month of that Distribution
      Date.  With respect to any Distribution Date and the Non-Delay
      Certificates as long as they are Book-Entry Certificates, the Business Day
      immediately prior to such Distribution Date.

     

    Reference
      Bank:  As defined in Section 4.09.

     

    Refinance
      Loan:  Any Mortgage Loan the proceeds of which are used
      to refinance an Original Mortgage Loan.

     

    Regular
      Certificates:  As specified in the Preliminary
      Statement.

     

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

     

    Relief
      Act:  The Servicemembers Civil Relief Act.

     

    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 calendar month as
      a
      result of the application of the Relief Act or any similar state or local laws,
      the amount, if any, by which (i) interest collectible on such Mortgage Loan
      for
      the most recently ended calendar month is less than (ii) interest accrued
      thereon for such month pursuant to the Mortgage Note.

     

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

     

    REMIC
      Provisions:  Provisions of the federal income tax law
      relating to real estate mortgage investment conduits, which appear at sections
      860A through 860G of Subchapter M of Chapter 1 of the 

     

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    Code,
      and
      related provisions, and regulations promulgated thereunder, as the foregoing
      may
      be in effect from time to time as well as provisions of applicable state
      laws.

     

    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.

     

    Reportable
      Event:  Any event required to be reported on Form 8-K,
      and in any event, the following:

     

    (a)           entry
      into a definitive agreement related to the Trust Fund, the Certificates or
      the
      Mortgage Loans, or an amendment to a Transaction Document, even if the Depositor
      is not a party to such agreement (e.g., a servicing agreement with a servicer
      contemplated by Item 1108(a)(3) of Regulation AB);

     

    (b)           termination
      of a Transaction Document (other than by expiration of the agreement on its
      stated termination date or as a result of all parties completing their
      obligations under such agreement), even if the Depositor is not a party to
      such
      agreement (e.g., a servicing agreement with a servicer contemplated by Item
      1108(a)(3) of Regulation AB);

     

    (c)           with
      respect to the Servicer only, if the Servicer becomes aware of any bankruptcy
      or
      receivership with respect to the Seller, the Depositor, the Servicer, the
      Trustee, the Cap Counterparty, any enhancement or support provider contemplated
      by Items 1114(b) or 1115 of Regulation AB, or any other material party
      contemplated by Item 1101(d)(1) of Regulation AB;

     

    (d)           with
      respect to the Trustee, the Servicer and the Depositor only, the occurrence
      of
      an early amortization, performance trigger or other event, including an Event
      of
      Default under this Agreement;

     

    (e)           any
      amendment to this Agreement;

     

    (f)           the
      resignation, removal, replacement, substitution of the Servicer or the
      Trustee;

     

    (g)           with
      respect to the Servicer only, if the Servicer becomes aware that (i) any
      material enhancement or support specified in Item 1114(a)(1) through (3) of
      Regulation AB or Item 1115 of Regulation AB that was previously applicable
      regarding one or more Classes of the Certificates has terminated other than
      by
      expiration of the contract on its stated termination date or as a result of
      all
      parties completing their obligations under such agreement; (ii) any material
      enhancement specified in Item 1114(a)(1) through (3) of Regulation AB or Item
      1115 of Regulation AB has been added with respect to one or more Classes of
      the
      Certificates; or (iii) any existing material enhancement or support specified
      in
      Item 1114(a)(1) through (3) of Regulation AB or Item 1115 of Regulation AB
      with
      respect to one or more Classes of the Certificates has been materially amended
      or modified; and

     

    (h)           with
      respect to the Trustee, the Servicer and the Depositor only, a required
      distribution to Holders of the Certificates is not made as of the required
      Distribution Date under this Agreement.

     

    Reporting
      Date:  As to any Distribution Date, the 18th
      day of each month
      or if that day is not a Business Day the next Business Day.

     

    Reporting
      Subcontractor: With respect to the Servicer or the Trustee, any
      Subcontractor determined by such Person pursuant to Section 11.08(b) to be
      “participating in the servicing function” 

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

     

    within
      the meaning of Item 1122 of Regulation AB.  References to a Reporting
      Subcontractor shall refer only to the Subcontractor of such Person and shall
      not
      refer to Subcontractors generally.

     

    Request
      for Release:  The Request for Release submitted by the
      Servicer to the Trustee, substantially in the form of Exhibits M and N, as
      appropriate.

     

    Required
      Coupon:  6.2500% per annum.

     

    Required
      Insurance Policy:  For any Mortgage Loan, any insurance
      policy that is required to be maintained from time to time under this
      Agreement.

     

    Residual
      Certificates:  As specified in the Preliminary
      Statement.

     

    Responsible
      Officer:  When used with respect to the Trustee, any
      Managing Director, any Director, Vice President, any Assistant Vice President,
      any Associate, any Assistant Secretary, any Trust Officer, or any other officer
      of the Trustee customarily performing functions similar to those performed
      by
      any of the above designated officers who at such time shall be officers to
      whom,
      with respect to a particular matter, the matter is referred because of the
      officer’s knowledge of and familiarity with the particular subject and who has
      direct responsibility for the administration of this Agreement.

     

    Restricted
      Classes:  As defined in Section 4.02(e).

     

    Reuters
      Page LIBOR01:  The display page currently so designated
      as the “LIBOR01” page on Reuters (or any page replacing that page on that
      service for the purpose of displaying comparable rates or prices).

     

    SAIF:  The
      Savings Association Insurance Fund, or any successor thereto.

     

    Sarbanes-Oxley
      Certification:  As defined in Section
      11.05.

     

    S&P:  Standard
      & Poor’s, a division of The McGraw-Hill Companies, Inc.  If
      S&P is designated as a Rating Agency in the Preliminary Statement, for
      purposes of Section 10.05(b) the address for notices to S&P shall be
      Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., 55 Water
      Street, New York, New York 10041, Attention: Mortgage Surveillance Monitoring,
      or any other address that S&P furnishes to the Depositor and the
      Servicer.

     

    Scheduled
      Balance:  Not applicable.

     

    Scheduled
      Classes:  As specified in the Preliminary
      Statement.

     

    Scheduled
      Payment:  The scheduled monthly payment on a Mortgage
      Loan due on any Due Date allocable to principal and/or interest on such Mortgage
      Loan which, unless otherwise specified herein, shall give effect to any related
      Debt Service Reduction and any Deficient Valuation that affects the amount
      of
      the monthly payment due on such Mortgage Loan.

     

    Scheduled
      Principal Distribution Amount:  Not
      applicable.

     

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

     

    Security
      Agreement:  For any Cooperative Loan, the agreement
      between the owner of the related Co-op Shares and the originator of the related
      Mortgage Note that defines the security interest in the Co-op
      Shares and the related Proprietary Lease.

     

     

    
      
        
        

      

      
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    Seller:  IndyMac
      Bank, F.S.B., a federal savings bank, and its successors and assigns, in its
      capacity as seller of the Mortgage Loans to the Depositor.

     

    Senior
      Certificate Group:  As specified in the Preliminary
      Statement.

     

    Senior
      Certificates:  As specified in the Preliminary
      Statement.

     

    Senior
      Credit Support Depletion Date:  The date on which the
      Class Certificate Balance of each Class of Subordinated Certificates has been
      reduced to zero.

     

    Senior
      Liquidation Amount:  Not applicable.

     

    Senior
      Percentage:  As to any Distribution Date, the percentage
      equivalent of a fraction, not greater than 100%, the numerator of which is
      the
      aggregate Class Certificate Balance of the Senior Certificates (other than
      the
      Class PO Certificates and the Notional Amount Certificates) immediately before
      the Distribution Date and the denominator of which is the aggregate Class
      Certificate Balance of the Certificates (other than the Class PO Certificates
      and the Notional Amount Certificates) immediately before the Distribution
      Date.

     

    Senior
      Prepayment Percentage:  As to any Distribution Date
      during the five years beginning on the first Distribution Date,
      100%.  The Senior Prepayment Percentage for any Distribution Date
      occurring on or after the fifth anniversary of the first Distribution Date
      will,
      except as provided in this Agreement, be as follows: for any Distribution Date
      in the first year thereafter, the Senior Percentage plus 70% of the Subordinated
      Percentage for such Distribution Date; for any Distribution Date in the second
      year thereafter, the Senior Percentage plus 60% of the Subordinated Percentage
      for such Distribution Date; for any Distribution Date in the third year
      thereafter, the Senior Percentage plus 40% of the Subordinated Percentage for
      such Distribution Date; for any Distribution Date in the fourth year thereafter,
      the Senior Percentage plus 20% of the Subordinated Percentage for such
      Distribution Date; and for any Distribution Date thereafter, the Senior
      Percentage for such Distribution Date (unless on any Distribution Date the
      Senior Percentage exceeds the initial Senior Percentage, in which case the
      Senior Prepayment Percentage for such Distribution Date will once again equal
      100%).  Notwithstanding the foregoing, no decrease in the Senior
      Prepayment Percentage will occur unless both Senior Step Down Conditions are
      satisfied.

     

    Senior
      Principal Distribution Amount:  As to any Distribution
      Date, the sum of (i) the Senior Percentage of the Non-PO Percentage of all
      amounts described in subclauses (a) through (d) of clause (i) of the definition
      of Non-PO Formula Principal Amount for such Distribution Date, (ii) for
      each Mortgage Loan that became a Liquidated Mortgage Loan during the calendar
      month preceding the month of the Distribution Date, the lesser of (a) the Senior
      Percentage of the applicable Non-PO Percentage of the Stated Principal Balance
      of the Mortgage Loan and (b) either (x) if an Excess Loss was not sustained
      on
      the Liquidated Mortgage Loan during the preceding calendar month, the Senior
      Prepayment Percentage of the applicable Non-PO Percentage of the amount of
      the
      Liquidation Proceeds allocable to principal received on the Mortgage Loan or
      (y)
      if an Excess Loss was sustained on the Liquidated Mortgage Loan during the
      preceding calendar month, the Senior Percentage of the applicable Non-PO
      Percentage of the amount of the Liquidation Proceeds allocable to principal
      received on the Mortgage Loan, (iii) the Senior Prepayment Percentage of the
      applicable Non-PO Percentage of the amounts described in subclause (f) of clause
      (i) of the definition of Non-PO Formula Principal Amount for such Distribution
      Date, and (iv) the Senior Prepayment Percentage of any Subsequent Recoveries
      described in clause (ii) of the definition of Non-PO Formula Principal Amount
      for such Distribution Date; provided, however, that if a Bankruptcy Loss that
      is
      an Excess Loss is sustained with respect to a Mortgage Loan that is not a
      Liquidated Mortgage Loan, the Senior Principal Distribution Amount will be
      reduced on the related Distribution 

     

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    Date
      by
      the Senior Percentage of the applicable Non-PO Percentage of the principal
      portion of such Bankruptcy Loss.

     

    Senior
      Step Down Conditions:  As to any Distribution Date:
      (i) the aggregate Stated Principal Balance of all Mortgage Loans that are
      either (x) delinquent 60 days or more (averaged over the preceding six month
      period) (including any Mortgage Loans in foreclosure proceedings, REO Property
      and Mortgage Loans the Mortgagors of which are in bankruptcy) or (y) the subject
      of a modification during the preceding 12-month period other than a modification
      in lieu of refinancing, as a percentage of the aggregate Class Certificate
      Balance of the Subordinated Certificates immediately prior to that Distribution
      Date, does not equal or exceed 50%, and (ii) cumulative Realized Losses do
      not
      exceed: (a) commencing with the Distribution Date on the fifth anniversary
      of the first Distribution Date, 30% of the Original Subordinated Principal
      Balance, (b) commencing with the Distribution Date on the sixth anniversary
      of the first Distribution Date, 35% of the Original Subordinated Principal
      Balance, (c) commencing with the Distribution Date on the seventh
      anniversary of the first Distribution Date, 40% of the Original Subordinated
      Principal Balance, (d) commencing with the Distribution Date on the eighth
      anniversary of the first Distribution Date, 45% of the Original Subordinated
      Principal Balance, and (e) commencing with the Distribution Date on the
      ninth anniversary of the first Distribution Date, 50% of the Original
      Subordinated Principal Balance

     

    Senior
      Termination Date:  Not applicable.

     

    Servicer:  IndyMac
      Bank, F.S.B., a federal savings bank, and its successors and assigns, in its
      capacity as servicer under this Agreement.

     

    Servicer
      Advance Date:  As to any Distribution Date, 12:30
      P.M.  Pacific time on the Business Day preceding that Distribution
      Date.

     

    Servicing
      Advances:  All customary, reasonable, and necessary “out
      of pocket” costs and expenses incurred in the performance by the Servicer of its
      servicing obligations, including the cost of

     

    (a)           the
      preservation, restoration, and protection of a Mortgaged Property,

     

    (b)           expenses
      reimbursable to the Servicer pursuant to Section 3.12 and any enforcement or
      judicial proceedings, including foreclosures,

     

    (c)           the
      maintenance and liquidation of any REO Property,

     

    (d)           compliance
      with the obligations under Section 3.10; and

     

    (e)           reasonable
      compensation to the Servicer or its affiliates for acting as broker in
      connection with the sale of foreclosed Mortgaged Properties and for performing
      certain default management and other similar services (including appraisal
      services) in connection with the servicing of defaulted Mortgage
      Loans.  For purposes of this clause (e), only costs and expenses
      incurred in connection with the performance of activities generally considered
      to be outside the scope of customary servicing or master servicing duties shall
      be treated as Servicing Advances.

     

    Servicing
      Criteria:  The “servicing criteria” set forth in Item
      1122(d) of Regulation AB.

     

    Servicing
      Fee:  As to each Mortgage Loan and any Distribution
      Date, one month’s interest at the applicable Servicing Fee Rate on the Stated
      Principal Balance of the Mortgage Loan as of the Due Date in the month preceding
      the month of such Distribution Date or, whenever a payment of interest
      accompanies 

     

     

    
      
        
        

      

      
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    a
      Principal Prepayment in Full made by the Mortgagor, interest at the Servicing
      Fee Rate on the Stated Principal Balance of the Mortgage Loan for the period
      covered by the payment of interest, subject to reduction as provided in Section
      3.15.

     

    Servicing
      Fee Rate:  For each Mortgage Loan, the per annum rate
      specified on the Mortgage Loan Schedule.

     

    Servicing
      Officer:  Any officer of the Servicer involved in, or
      responsible for, the administration and servicing of the Mortgage Loans whose
      name and facsimile signature appear on a list of servicing officers furnished
      to
      the Trustee by the Servicer on the Closing Date pursuant to this Agreement,
      as
      the list may from time to time be amended.

     

    Servicing
      Standard: That degree of skill and care exercised by the Servicer
      with respect to mortgage loans comparable to the Mortgage Loans serviced by
      the
      Servicer for itself or others.

     

    Shift
      Percentage:  For any Distribution Date occurring during
      the five years beginning on the first Distribution Date, 0%.  For any
      Distribution Date thereafter, 100%.

     

    Special
      Hazard Coverage Termination Date:  The point in time at
      which the Special Hazard Loss Coverage Amount is reduced to zero.

     

    Special
      Hazard Loss:  Any Realized Loss suffered by a Mortgaged
      Property on account of direct physical loss, but not including (i) any loss
      of a
      type covered by a hazard insurance policy or a flood insurance policy required
      to be maintained with respect to such Mortgaged Property pursuant to Section
      3.10 to the extent of the amount of such loss covered thereby, or (ii) any
      loss
      caused by or resulting from:

     

    (a)           normal
      wear and tear;

     

    (b)           fraud,
      conversion or other dishonest act on the part of the Trustee, the Servicer
      or
      any of their agents or employees (without regard to any portion of the loss
      not
      covered by any errors and omissions policy);

     

    (c)           errors
      in design, faulty workmanship or faulty materials, unless the collapse of the
      property or a part thereof ensues and then only for the ensuing
      loss;

     

    (d)           nuclear
      or chemical reaction or nuclear radiation or radioactive or chemical
      contamination, all whether controlled or uncontrolled, and whether such loss
      be
      direct or indirect, proximate or remote or be in whole or in part caused by,
      contributed to or aggravated by a peril covered by the definition of the term
      “Special Hazard Loss”;

     

    (e)           hostile
      or warlike action in time of peace and war, including action in hindering,
      combating or defending against an actual, impending or expected
      attack:

     

    1.           by
      any government or sovereign power, dejure or
defacto, or by any authority maintaining or using
      military, naval
      or air forces; or

     

    2.           by
      military, naval or air forces; or

     

    3.           by
      an agent of any such government, power, authority or forces;

     

     

    
      
        
        

      

      
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    (f)           any
      weapon of war employing nuclear fission, fusion or other radioactive force,
      whether in time of peace or war; or

     

    (g)           insurrection,
      rebellion, revolution, civil war, usurped power or action taken by governmental
      authority in hindering, combating or defending against such an occurrence,
      seizure or destruction under quarantine or customs regulations, confiscation
      by
      order of any government or public authority, or risks of contraband or illegal
      transportation or trade.

     

    Special
      Hazard Loss Coverage Amount:  With respect to the first
      Distribution Date, $4,400,000.  With respect to any Distribution Date
      after the first Distribution Date, the lesser of (a) the greatest of (i) 1%
      of
      the aggregate of the principal balances of the Mortgage Loans, (ii) twice the
      principal balance of the largest Mortgage Loan and (iii) the aggregate of the
      principal balances of all Mortgage Loans secured by Mortgaged Properties located
      in the single California postal zip code area having the highest aggregate
      principal balance of any such zip code area and (b) the Special Hazard Loss
      Coverage Amount as of the Closing Date less the amount, if any, of Special
      Hazard Losses allocated to the Certificates since the Closing
      Date.  All principal balances for the purpose of this definition will
      be calculated as of the first day of the calendar month preceding the month
      of
      such Distribution Date after giving effect to Scheduled Payments on the Mortgage
      Loans then due, whether or not paid.

     

    Special
      Hazard Mortgage Loan:  A Liquidated Mortgage Loan as to
      which a Special Hazard Loss has occurred.

     

    Startup
      Day:  The Closing Date.

     

    Stated
      Principal Balance:  As to any Mortgage Loan and Due
      Date, the unpaid principal balance of such Mortgage Loan as of such Due Date,
      as
      specified in the amortization schedule at the time relating thereto (before
      any
      adjustment to such amortization schedule by reason of any moratorium or similar
      waiver or grace period) after giving effect to the sum of: (i) the payment
      of
      principal due on such Due Date and irrespective of any delinquency in payment
      by
      the related Mortgagor and (ii) any Liquidation Proceeds allocable to principal
      received in the prior calendar month and Principal Prepayments received through
      the last day of the Prepayment Period in which the Due Date occurs, in each
      case
      with respect to such Mortgage Loan.

     

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

     

    Subordinated
      Certificates:  As specified in the Preliminary
      Statement.

     

    Subordinated
      Percentage:  As to any Distribution Date, 100% minus the
      Senior Percentage for such Distribution Date.

     

    Subordinated
      Prepayment Percentage:  As to any Distribution Date,
      100% minus the Senior Prepayment Percentage for such Distribution
      Date.

     

    Subordinated
      Principal Distribution Amount:  As to any Distribution
      Date, the sum of the following: (i) the Subordinated Percentage of the
      applicable Non-PO Percentage of all amounts described in subclauses (a)
      through (d) of clause (i) of the definition of Non-PO Formula Principal Amount
      with respect to such Distribution Date, (ii) for each Mortgage Loan that
      became a Liquidated Mortgage Loan 

     

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    during
      the calendar month preceding the month of the Distribution Date, the applicable
      Non-PO Percentage of the portion of the Liquidation Proceeds allocable to
      principal received on the Mortgage Loan, after application of the amounts
      pursuant to clause (ii) of the definition of Senior Principal Distribution
      Amount, up to the Subordinated Percentage of the applicable Non-PO Percentage
      of
      the Stated Principal Balance of the Mortgage Loan, and (iii) the
      Subordinated Prepayment Percentage of the applicable Non-PO Percentage of the
      amounts described in subclause (f) of clause (i) and in clause (ii) of the
      definition of Non-PO Formula Principal Amount with respect to such Distribution
      Date, reduced by the amount of any payments in respect of Class PO Deferred
      Amounts for such Distribution Date.

     

    Subsequent
      Recoveries:  As to any Distribution Date, with respect
      to a Liquidated Mortgage Loan that resulted in a Realized Loss in a prior
      calendar month, unexpected amounts received by the Servicer (net of any related
      expenses permitted to be reimbursed pursuant to Section 3.09) specifically
      related to such Liquidated Mortgage Loan.

     

    Substitute
      Mortgage Loan:  A Mortgage Loan substituted by the
      Seller for a Deleted Mortgage Loan that must, on the date of substitution,
      as
      confirmed in a Request for Release, substantially in the form of Exhibit
      M,

     

    (i)           have
      a Stated Principal Balance, after deduction of the principal portion of the
      Scheduled Payment due in the month of substitution, not in excess of, and not
      more than 10% less than, the Stated Principal Balance of the Deleted Mortgage
      Loan (unless the amount of any shortfall is deposited by the Seller in the
      Certificate Account and held for distribution to the Certificateholders on
      the
      related Distribution Date);

     

    (ii)           have
      a Mortgage Rate no lower than and not more than 1% per annum higher than the
      Deleted Mortgage Loan;

     

    (iii)           have
      a Loan-to-Value Ratio no higher than that of the Deleted Mortgage
      Loan;

     

    (iv)           have
      a remaining term to maturity not more than one year greater than (and not more
      than one year less than) that of the Deleted Mortgage Loan, provided that
      Substitute Mortgage Loan with a remaining term to maturity greater than that
      of
      the Deleted Mortgage Loan may not exceed 5% of the Cut-off Date Pool Principal
      Balance;

     

    (v)           not
      be a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative Loan;
      and

     

    (vi)           comply
      with each representation and warranty in Section 2.03.

     

    Substitution
      Adjustment Amount:  As defined in Section
      2.03.

     

    Supplemental
      Interest Reserve Fund:  Not applicable.

     

    Supplemental
      Interest Trust:  Not applicable.

     

    Supplemental
      Interest Trustee:  Not applicable.

     

    Suspension
      Notification:  Notification to the Commission of the
      suspension of the Trust Fund’s obligation to file reports pursuant to Section
      15(d) of the Exchange Act.

     

    Targeted
      Balance: Not applicable.

     

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

     

    Targeted
      Principal Classes:  As specified in the Preliminary
      Statement.

     

    Transaction
      Documents:  This Agreement and any other document or
      agreement entered into in connection with the Trust Fund, the Certificates
      or
      the Mortgage Loans.

     

    Transfer:
      Any direct or indirect transfer or sale of any Ownership Interest
      in a Residual Certificate.

     

    Transfer
      Payment Made:  Not applicable.

     

    Transfer
      Payment Received:  Not applicable.

     

    Trust
      Fund:  The corpus of the trust created under this
      Agreement consisting of

     

    (i)           the
      Mortgage Loans and all interest and principal received on them after the Cut-off
      Date, other than amounts due on the Mortgage Loans by the Cut-off
      Date;

     

    (ii)           the
      Certificate Account, the Distribution Account and all amounts deposited therein
      pursuant to this Agreement (including amounts received from the Depositor on
      the
      Closing Date that will be deposited by the Servicer in the Certificate Account
      pursuant to Section 2.01);

     

    (iii)           property
      that secured a Mortgage Loan and has been acquired by foreclosure, deed-in-lieu
      of foreclosure, or otherwise;

     

    (iv)           the
      right to collect any amounts under any mortgage insurance policies covering
      any
      Mortgage Loan and any collections received under any mortgage insurance policies
      covering any Mortgage Loan;

     

    (v)           [reserved];
      and

     

    (vi)           all
      proceeds of the conversion, voluntary or involuntary, of any of the
      foregoing.

     

    Trustee:  Deutsche
      Bank National Trust Company and its successors and, if a successor trustee
      is
      appointed under this Agreement, the successor.

     

    Trustee
      Fee:  The fee payable to the Trustee on each
      Distribution Date for its services as Trustee hereunder, in an amount equal
      to
      one-twelfth of the Trustee Fee Rate multiplied by the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Due Date in the month preceding the
      month  of such Distribution Date (after giving effect to Principal
      Prepayments in the Prepayment Period related to that prior Due
      Date).

     

    Trustee
      Fee Rate:  0.010% per annum.

     

    The
      terms
“United States,” “State,” and
“International Organization” have the meanings in
      section 7701
      of the Code or successor provisions.  A corporation will not be
      treated as an instrumentality of the United States or of any State or political
      subdivision thereof for these purposes if all of its activities are subject
      to
      tax and, with the exception of the Federal Home Loan Mortgage Corporation,
      a
      majority of its board of directors is not selected by such government
      unit.

     

    UCC:  The
      Uniform Commercial Code for the State of New York.

     

    Undercollateralized
      Group:  Not applicable.

     

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

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

     

    United
      States Person or U.S. Person:

     

    (i)           A
      citizen or resident of the United States;

     

    (ii)           a
      corporation (or entity treated as a corporation for tax purposes) created or
      organized in the United States or under the laws of the United States or of
      any
      state thereof, including, for this purpose, the District of
      Columbia;

     

    (iii)           a
      partnership (or entity treated as a partnership for tax purposes) organized
      in
      the United States or under the laws of the United States or of any state
      thereof, including, for this purpose, the District of Columbia (unless provided
      otherwise by future Treasury regulations);

     

    (iv)           an
      estate whose income is includible in gross income for United States income
      tax
      purposes regardless of its source; or

     

    (v)           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 U.S. Persons
      have authority to control all substantial decisions of the
      trust.  Notwithstanding the last clause of the preceding sentence, to
      the extent provided in Treasury regulations, certain trusts in existence on
      August 20, 1996, and treated as U.S. Persons before that date, may elect to
      continue to be U.S. Persons.

     

    Unscheduled
      Principal Distribution Amount: For any Distribution Date, the sum
      of (i) the sum of (A) the Senior Liquidation Amount and (B) the amount set
      forth
      under clause (ii) of the definition of Subordinated Principal Distribution
      Amount, (ii) the Non-PO Percentage of the sum of the amounts set forth under
      subclause (f) of clause (i) of the definition of Non-PO Formula Principal Amount
      for such Distribution Date and (iii) any Subsequent Recoveries described in
      clause (ii) of the definition of Non-PO Formula Principal Amount for that
      Distribution Date.

     

    U.S.A.
      Patriot Act: The Uniting and Strengthening America by Providing
      Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
      2001.

     

    Voting
      Rights: The portion of the voting rights of all of the
      Certificates that is allocated to any Certificate.  As of any date of
      determination, (a) 1% of all Voting Rights shall be allocated to each Class
      of
      Notional Amount Certificates (the Voting Rights to be allocated among the
      holders of Certificates of each Class in accordance with their respective
      Percentage Interests), (b) 1% of all Voting Rights shall be allocated to the
      Holder of the Class A-R Certificates and (c) the remaining Voting Rights shall
      be allocated among Holders of the remaining Classes of Senior and Subordinated
      Certificates in proportion to the Certificate Balances of the respective
      Certificates on the date.

     

    Yield
      Supplement Amount:  Not applicable.

     

    Section
      1.02    Rules of
      Construction.

     

    Except
      as
      otherwise expressly provided in this Agreement or unless the context clearly
      requires otherwise

     

     

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

     

    
          (a)  References
        to designated articles, sections, subsections, exhibits, and other subdivisions
        of this Agreement, such as “Section 6.12 (a),” refer to the designated article,
        section, subsection, exhibit, or other subdivision of this Agreement as a
        whole
        and to all subdivisions of the designated article, section, subsection, exhibit,
        or other subdivision.  The words “herein,” “hereof,” “hereto,”
“hereunder,” and other words of similar import refer to this Agreement as a
        whole and not to any particular article, section, exhibit, or other subdivision
        of this Agreement.

    (b)  Any
      term that relates to a document or a statute, rule, or regulation includes
      any
      amendments, modifications, supplements, or any other changes that may have
      occurred since the document, statute, rule, or regulation came into being,
      including changes that occur after the date of this Agreement.

     

    (c)  Any
      party may execute any of the requirements under this Agreement either directly
      or through others, and the right to cause something to be done rather than
      doing
      it directly shall be implicit in every requirement under this
      Agreement.  Unless a provision is restricted as to time or limited as
      to frequency, all provisions under this Agreement are implicitly available
      and
      things may happen from time to time.

     

    (d)  The
      term “including” and all its variations mean “including but not limited to.”
Except when used in conjunction with the word “either,” the word “or” is always
      used inclusively (for example, the phrase “A or B” means “A or B or both,” not
“either A or B but not both”).

     

    (e)  A
      reference to “a [thing]” or “any [of a thing]” does not imply the existence or
      occurrence of the thing referred to even though not followed by “if any,” and
“any [of a thing]” is any of it.  A reference to the plural of
      anything as to which there could be either one or more than one does not imply
      the existence of more than one (for instance, the phrase “the obligors on a
      note” means “the obligor or obligors on a note”).  “Until [something
      occurs]” does not imply that it must occur, and will not be modified by the word
“unless.” The word “due” and the word “payable” are each used in the sense that
      the stated time for payment has passed.  The word “accrued” is used in
      its accounting sense, i.e., an amount paid is no longer accrued.  In
      the calculation of amounts of things, differences and sums may generally result
      in negative numbers, but when the calculation of the excess of one thing over
      another results in zero or a negative number, the calculation is disregarded
      and
      an “excess” does not exist.  Portions of things may be expressed as
      fractions or percentages interchangeably.

     

    (f)  All
      accounting terms used in an accounting context and not otherwise defined, and
      accounting terms partly defined in this Agreement, to the extent not completely
      defined, shall be construed in accordance with generally accepted accounting
      principles.  To the extent that the definitions of accounting terms in
      this Agreement are inconsistent with their meanings under generally accepted
      accounting principles, the definitions contained in this Agreement shall
      control.  Capitalized terms used in this Agreement without definition
      that are defined in the Uniform Commercial Code are used in this Agreement
      as
      defined in the Uniform Commercial Code.

     

    (g)  In
      the computation of a period of time from a specified date to a later specified
      date or an open-ended period, the words “from” and “beginning” mean “from and
      including,” the word “after” means “from but excluding,” the words “to” and
“until” mean “to but excluding,” and the word “through” means “to and
      including.” Likewise, in setting deadlines or other periods, “by” means “by.”
The words “preceding,” “following,” and words of similar import, 

     

     

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

     

    mean
      immediately preceding or following.  References to a month or a year
      refer to calendar months and calendar years.

     

    (h)  Any
      reference to the enforceability of any agreement against a party means that
      it
      is enforceable, subject as to enforcement against the party, to applicable
      bankruptcy, insolvency, reorganization, and other similar laws of general
      applicability relating to or affecting creditors’ rights and to general equity
      principles.

     

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

     

    ARTICLE
      TWO

     

    CONVEYANCE
      OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

     

    Section
      2.01    Conveyance of
      Mortgage Loans.

     

    (a)  The
      Seller, concurrently with the execution and delivery of this Agreement, hereby
      transfers to the Depositor, without recourse, all the interest of the Seller
      in
      each Mortgage Loan, including all interest and principal received or receivable
      by the Seller on each Mortgage Loan after the Cut-off Date and all interest
      and
      principal payments on each Mortgage Loan received before the Cut-off Date for
      installments of interest and principal due after the Cut-off Date but not
      including payments of principal and interest due by the Cut-off Date. By the
      Closing Date, the Seller shall deliver to the Depositor or, at the Depositor’s
      direction, to the Trustee or other designee of the Depositor, the Mortgage
      File
      for each  Mortgage Loan listed in the Mortgage Loan Schedule (except
      that, in the case of Mortgage Loans that are Delay Delivery Mortgage Loans,
      such
      delivery may take place within five Business Days of the Closing Date) as of
      the
      Closing Date.  The delivery of the Mortgage Files shall be made
      against payment by the Depositor of the purchase price, previously agreed to
      by
      the Seller and Depositor, for the Mortgage Loans.  With respect to any
      Mortgage Loan that does not have a first payment date on or before the Due
      Date
      in the month of the first Distribution Date, the Seller shall deposit into
      the
      Distribution Account on the first Distribution Account Deposit Date an amount
      equal to one month’s interest at the related Adjusted Mortgage Rate on the
      Cut-off Date Principal Balance of such Mortgage Loan. On the Closing Date,
      the
      Depositor shall deposit $100 into the Certificate Account for the benefit of
      the
      Class P Certificates.

     

    (b)  The
      Depositor, concurrently with the execution and delivery of this Agreement,
      hereby transfers to the Trustee for the benefit of the Certificateholders,
      without recourse, all the interest of the Depositor in the Trust Fund, together
      with the Depositor’s right to require the Seller to cure any breach of a
      representation or warranty made in this Agreement by the Seller or to repurchase
      or substitute for any affected Mortgage Loan in accordance with this
      Agreement.

     

    (c)  In
      connection with the transfer and assignment of each Mortgage Loan, the Depositor
      has delivered (or, in the case of the Delay Delivery Mortgage Loans, will
      deliver to the Trustee within the time periods specified in the definition
      of
      Delay Delivery Mortgage Loans), for the benefit of the Certificateholders the
      following documents or instruments with respect to each Mortgage Loan so
      assigned:

     

    (i)           The
      original Mortgage Note, endorsed by manual or facsimile signature in blank
      in
      the following form: “Pay to the order of _______________ ______________without
      recourse,” with all intervening endorsements showing a complete chain of
      endorsement from the originator to the Person endorsing the Mortgage Note (each
      endorsement being sufficient to transfer all interest of the party so endorsing,
      as noteholder or assignee thereof, in that Mortgage Note) or a lost note
      affidavit for any Lost Mortgage Note from the Seller stating that the original
      Mortgage Note was lost or destroyed, together with a copy of the Mortgage
      Note;

     

    (ii)           Except
      as provided below and for each Mortgage Loan that is not a MERS Mortgage Loan,
      the original recorded Mortgage or a copy of such Mortgage certified by the
      Seller as being a true and complete copy of the Mortgage (or, in the case of
      a
      Mortgage for which the related Mortgaged Property is located in the Commonwealth
      of Puerto Rico, a true copy of the Mortgage certified as such by the applicable
      notary) and in the case of each MERS Mortgage Loan, the original Mortgage,
      noting the presence of the MIN of the Mortgage Loan and either 

     

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

     

     

    language
      indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM
      Loan or if the Mortgage Loan was not a MOM Loan at origination, the original
      Mortgage and the assignment thereof to MERS, with evidence of recording
      indicated thereon, or a copy of the Mortgage certified by the public recording
      office in which such Mortgage has been recorded;

     

    (iii)           In
      the case of a Mortgage Loan that is not a MERS Mortgage Loan, a duly executed
      assignment of the Mortgage (which may be included in a blanket assignment or
      assignments), together with, except as provided below, all interim recorded
      assignments of the mortgage (each assignment, when duly and validly completed,
      to be in recordable form and sufficient to effect the assignment of and transfer
      to its assignee of the Mortgage to which the assignment relates).  If
      the related Mortgage has not been returned from the applicable public recording
      office, the assignment of the Mortgage may exclude the information to be
      provided by the recording office.  The assignment of Mortgage need not
      be delivered in the case of a Mortgage for which the related Mortgage Property
      is located in the Commonwealth of Puerto Rico;

     

    (iv)           The
      original or copies of each assumption, modification, written assurance, or
      substitution agreement;

     

    (v)           Except
      as provided below, the original or duplicate original lender’s title policy and
      all its riders;

     

    (vi)           The
      originals of the following documents for each Cooperative Loan:

     

    
      	
               

            	
              (A)

            	
              the
                Co-op Shares, together with a stock power in
                blank;

            

    

     

    
      	
               

            	
              (B)

            	
              the
                executed Security Agreement;

            

    

     

    
      	
               

            	
              (C)

            	
              the
                executed Proprietary Lease;

            

    

     

    
      	
               

            	
              (D)

            	
              the
                executed Recognition Agreement;

            

    

     

    
      	
               

            	
              (E)

            	
              the
                executed UCC-1 financing statement that has been filed in all places
                required to perfect the Seller’s interest in the Co-op Shares and the
                Proprietary Lease with evidence of recording on it;
                and

            

    

     

    
      	
               

            	
              (F)

            	
              executed
                UCC-3 financing statements 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).

            

    

     

    In
      addition, in connection with the assignment of any MERS Mortgage Loan, the
      Seller agrees that it will cause, at the Seller’s expense, the MERS® System to
      indicate that the Mortgage Loans sold by the Seller to the Depositor 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 such Mortgage
      Loans.  The Seller further agrees that it will not, and will not
      permit the Servicer to, and the Servicer agrees that it will not, alter the
      information referenced in this paragraph with respect to any Mortgage Loan
      sold
      by the Seller to the Depositor during the term of this Agreement unless and
      until such Mortgage Loan is repurchased in accordance with the terms of this
      Agreement.

     

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

     

    In
      the
      event that in connection with any Mortgage Loan that is not a MERS Mortgage
      Loan
      the Depositor cannot deliver (a) the original recorded Mortgage, (b) all interim
      recorded assignments or (c) the lender’s title policy (together with all riders
      thereto) satisfying the requirements of clause (ii), (iii) or (v) above,
      respectively, concurrently with the execution and delivery of this Agreement
      because such document or documents have not been returned from the applicable
      public recording office in the case of clause (ii) or (iii) above, or because
      the title policy has not been delivered to either the Servicer or the Depositor
      by the applicable title insurer in the case of clause (v) above, then the
      Depositor shall promptly deliver to the Trustee, in the case of clause (ii)
      or
      (iii) above, the original Mortgage or the interim assignment, as the case may
      be, with evidence of recording indicated on when it is received from the public
      recording office, or a copy of it, certified, if appropriate, by the relevant
      recording office and in the case of clause (v) above, 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 duplicate copy
      thereof to be delivered to the Trustee upon receipt thereof.  The
      delivery of the original Mortgage Loan and each interim assignment or a copy
      of
      them, certified, if appropriate, by the relevant recording office, shall not
      be
      made later than one year following the Closing Date, or, in the case of clause
      (v) above, later than 120 days following the Closing Date.  If the
      Depositor is unable to deliver each Mortgage by that date and each interim
      assignment because any documents have not been returned by the appropriate
      recording office, or, in the case of each interim assignment, because the
      related Mortgage has not been returned by the appropriate recording office,
      the
      Depositor shall deliver the documents to the Trustee as promptly as possible
      upon their receipt and, in any event, within 720 days following the Closing
      Date.

     

    The
      Depositor shall forward to the Trustee (a) from time to time additional original
      documents evidencing an assumption or modification of a Mortgage Loan and (b)
      any other documents required to be delivered by the Depositor or the Servicer
      to
      the Trustee.  If the original Mortgage is not delivered and in
      connection with the payment in full of the related Mortgage Loan the public
      recording office requires the presentation of a “lost instruments affidavit and
      indemnity” or any equivalent document, because only a copy of the Mortgage can
      be delivered with the instrument of satisfaction or reconveyance, the Servicer
      shall execute and deliver the required document to the public recording
      office.  If a public recording office retains the original recorded
      Mortgage or if a Mortgage is lost after recordation in a public recording
      office, the Seller shall deliver to the Trustee a copy of the Mortgage certified
      by the public recording office to be a true and complete copy of the original
      recorded Mortgage.

     

    As
      promptly as practicable after any transfer of a Mortgage Loan under this
      Agreement, and in any event within thirty days after the transfer, the Trustee
      shall (i) affix the Trustee’s name to each assignment of Mortgage, as its
      assignee, and (ii) cause to be delivered for recording in the appropriate public
      office for real property records the assignments of the Mortgages to the
      Trustee, except that, if the Trustee has not received the information required
      to deliver any assignment of a Mortgage for recording, the Trustee shall deliver
      it as soon as practicable after receipt of the needed information and in any
      event within thirty days.

     

    If
      any
      Mortgage Loans have been prepaid in full as of the Closing Date, the Depositor,
      in lieu of delivering the above documents to the Trustee, will deposit in the
      Certificate Account the portion of the prepayment that is required to be
      deposited in the Certificate Account pursuant to Section 3.06.

     

    Notwithstanding
      anything to the contrary in this Agreement, within five Business Days after
      the
      Closing Date, the Seller shall either

     

    (x)           deliver
      to the Trustee the Mortgage File as required pursuant to this Section 2.01
      for
      each Delay Delivery Mortgage Loan or

     

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

     

    (y)           (A)
      repurchase the Delay Delivery Mortgage Loan or (B) substitute the Substitute
      Mortgage Loan for a Delay Delivery Mortgage Loan, which repurchase or
      substitution shall be accomplished in the manner and subject to the conditions
      in Section 2.03 (treating each such Delay Delivery Mortgage Loan as a Deleted
      Mortgage Loan for purposes of such Section 2.03);

     

    provided,
      however, that if the Seller fails to deliver a Mortgage File for any
      Delay Delivery Mortgage Loan within the period specified herein, the Seller
      shall use its best reasonable efforts to effect a substitution, rather than
      a
      repurchase of, such Deleted Mortgage Loan and provided further that the cure
      period provided for in Section 2.02 or in Section 2.03 shall not apply to the
      initial delivery of the Mortgage File for such Delay Delivery Mortgage Loan,
      but
      rather the Seller shall have five (5) Business Days to cure such failure to
      deliver.  At the end of such period, the Trustee shall send a Delay
      Delivery Certification for the Delay Delivery Mortgage Loans delivered during
      such period in accordance with the provisions of Section 2.02.

     

    (d)  Notwithstanding
      the foregoing, however, the assignments of Mortgage shall not be required to
      be
      submitted for recording (except with respect to any Mortgage Loan secured by
      Mortgaged Property located in Maryland) unless such failure to record would,
      as
      certified to the Trustee in writing by the Servicer, result in a withdrawal
      or a
      downgrading by any Rating Agency of the rating on any Class of Certificates;
      provided, however, that each assignment of Mortgage shall be submitted for
      recording by the Seller (at the direction of the Servicer) in the manner
      described above, at no expense to the Trust Fund or the Trustee, upon the
      earliest to occur of: (i) reasonable direction by the Holders of Certificates
      entitled to at least 25% of the Voting Rights, (ii) the occurrence of a
      bankruptcy, insolvency or foreclosure relating to the Seller, (iii) the
      occurrence of a servicing transfer as described in Section 7.02 and (iv) if
      the
      Seller is not the Servicer and with respect to any one assignment or Mortgage,
      the occurrence of a bankruptcy, insolvency or foreclosure relating to the
      Mortgagor under the related Mortgage.  Notwithstanding the foregoing,
      if the Seller is unable to pay the cost of recording the assignments of
      Mortgage, such expense shall be paid by the Trustee and shall be reimbursable
      out of the Distribution Account.

     

    (e)  The
      Seller agrees to treat the transfer of the Mortgage Loans to the Depositor
      as a
      sale for all tax, accounting, and regulatory purposes.

     

    (f)  The
      Trust Fund does not intend to acquire or hold any Mortgage Loan that would
      violate the representations made by the Seller set forth in clause (28) of
      Schedule III.

     

    Section
      2.02    Acceptance by
      the
      Trustee of the Mortgage Loans.

     

    The
      Trustee acknowledges receipt of the documents identified in the Initial
      Certification in the form of Exhibit G-1, and declares that it holds and will
      hold such documents and the other documents delivered to it constituting the
      Mortgage Files for the Mortgage Loans, and that it holds or will hold such
      other
      assets as are included in the Trust Fund, in trust for the exclusive use and
      benefit of all present and future Certificateholders.

     

    The
      Trustee acknowledges that it will maintain possession of the related Mortgage
      Notes in the State of California, unless otherwise permitted by the Rating
      Agencies.  The Trustee agrees to execute and deliver on the Closing
      Date to the Depositor, the Servicer and the Seller an Initial Certification
      in
      the form of Exhibit G-1.  Based on its review and examination, and
      only as to the documents identified in such Initial Certification, the Trustee
      acknowledges that such documents appear regular on their face and relate to
      such
      Mortgage Loans.  The Trustee shall be under no duty or obligation to
      inspect, review or 

     

     

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

    examine
      said documents, instruments, certificates or other papers to determine that
      the
      same are genuine, enforceable or appropriate for the represented purpose or
      that
      they have actually been recorded in the real estate records or that they are
      other than what they purport to be on their face.

     

    By
      the
      thirtieth day after the Closing Date (or if that day is not a Business Day,
      the
      succeeding Business Day), the Trustee shall deliver to the Depositor, the
      Servicer, and the Seller a Delay Delivery Certification with respect to the
      Mortgage Loans substantially in the form of Exhibit G-2, with any applicable
      exceptions noted thereon.

     

    By
      the
      ninetieth day after the Closing Date (or if that day is not a Business Day,
      the
      succeeding Business Day), the Trustee shall deliver to the Depositor, the
      Servicer and the Seller a Final Certification with respect to the Mortgage
      Loans
      in the form of Exhibit H, with any applicable exceptions noted
      thereon.

     

    If,
      in
      the course of its review, the Trustee finds any document constituting a part
      of
      a Mortgage File that does not meet the requirements of Section 2.01, the Trustee
      shall list such as an exception in the Final Certification.  The
      Trustee shall not make any determination as to whether (i) any endorsement
      is
      sufficient to transfer all interest of the party so endorsing, as noteholder
      or
      assignee thereof, in that Mortgage Note or (ii) any assignment is in recordable
      form or is sufficient to effect the assignment of and transfer to the assignee
      thereof under the mortgage to which the assignment relates.  The
      Seller shall promptly correct any defect that materially and adversely affects
      the interests of the Certificateholders within 90 days from the date it was
      so
      notified of the defect and, if the Seller does not correct the defect within
      that period, the Seller shall either (a) substitute for the related Mortgage
      Loan a Substitute Mortgage Loan, which substitution shall be accomplished in
      the
      pursuant Section 2.03, or (b) purchase the Mortgage Loan at its Purchase Price
      from the Trustee within 90 days from the date the Seller was notified of the
      defect in writing.

     

    If
      a
      substitution or purchase of a Mortgage Loan pursuant to this provision is
      required because of a delay in delivery of any documents by the appropriate
      recording office, or there is a dispute between either the Servicer or the
      Seller and the Trustee over the location or status of the recorded document,
      then the substitution or purchase shall occur within 720 days from the Closing
      Date.  In no other case may a substitution or purchase occur more than
      540 days from the Closing Date.  Any substitution shall not be
      effected before the delivery to the Trustee of the Opinion of Counsel, if
      required by Section 2.05, and any substitution shall not be effected before
      the
      additional delivery to the Trustee of a Request for Release substantially in
      the
      form of Exhibit N.  No substitution is permitted to be made in any
      calendar month after the Determination Date for the month.

     

    The
      Purchase Price for any Mortgage Loan shall be deposited by the Seller in the
      Certificate Account by the Distribution Account Deposit Date for the
      Distribution Date in the month following the month of repurchase and, upon
      receipt of the deposit and certification with respect thereto in the form of
      Exhibit N, the Trustee shall release the related Mortgage File to the Seller
      and
      shall execute and deliver at the Seller’s request any instruments of transfer or
      assignment prepared by the Seller, in each case without recourse, necessary
      to
      vest in the Seller, or a designee, the Trustee’s interest in any Mortgage Loan
      released pursuant hereto.

     

    If
      pursuant to the foregoing provisions the Seller repurchases a Mortgage Loan
      that
      is a MERS Mortgage Loan, the Servicer shall either (i) cause MERS to execute
      and
      deliver an assignment of the 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 as
      the beneficial holder of such Mortgage Loan.

     

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

     

    The
      Trustee shall retain possession and custody of each Mortgage File in accordance
      with and subject to the terms and conditions set forth herein.  The
      Servicer shall promptly deliver to the Trustee, upon the execution or receipt
      thereof, the originals of any other documents or instruments constituting the
      Mortgage File that come into the possession of the Servicer from time to
      time.

     

    The
      obligation of the Seller to substitute for or to purchase any Mortgage Loan
      that
      does not meet the requirements of Section 2.01 shall constitute the sole remedy
      respecting the defect available to the Trustee, the Depositor, and any
      Certificateholder against the Seller.

     

    Section
      2.03     Representations,
      Warranties, and Covenants of the Seller and the Servicer.

     

    (a)           IndyMac,
      in its capacities as Seller and Servicer, makes the representations and
      warranties in Schedule II, and by this reference incorporated in this Agreement,
      to the Depositor and the Trustee, as of the Closing Date.

     

    (b)           The
      Seller, in its capacity as Seller, makes the representations and warranties
      in
      Schedule III, and by this reference incorporated in this Agreement, to the
      Depositor and the Trustee, as of the Closing Date, or if so specified in
      Schedule III, as of the Cut-off Date.

     

    (c)           Upon
      discovery by any of the parties hereto of a breach of a representation or
      warranty made pursuant to Section 2.03(b) that materially and adversely affects
      the interests of the Certificateholders in any Mortgage Loan, the party
      discovering such breach shall give prompt notice thereof to the other
      parties.  Any breach of the representations or warranties made
      pursuant to clauses (28) and (33) of Schedule III shall be deemed to materially
      and adversely affect the interests of the Certificateholders in the related
      Mortgage Loan.  The Seller covenants that within 90 days of the
      earlier of its discovery or its receipt of written notice from any party of
      a
      breach of any representation or warranty made pursuant to Section 2.03(b) which
      materially and adversely affects the interests of the Certificateholders in
      any
      Mortgage Loan, it shall cure such breach in all material respects, and if such
      breach is not so cured, shall, (i) if the 90-day period expires before the
      second anniversary of the Closing Date, remove the Mortgage Loan (a
“Deleted Mortgage Loan”) from the Trust Fund and
      substitute in its place a Substitute Mortgage Loan, in accordance with this
      Section 2.03; or (ii) repurchase the affected Mortgage Loan or Mortgage Loans
      from the Trustee at the Purchase Price in the manner set forth
      below.  Any substitution pursuant to (i) above shall not be effected
      before the delivery to the Trustee of the Opinion of Counsel, if required by
      Section 2.05, and a Request for Release substantially in the form of Exhibit
      N,
      and the Mortgage File for any Substitute Mortgage Loan.  The Seller
      shall promptly reimburse the Servicer and the Trustee for any expenses
      reasonably incurred by the Servicer or the Trustee in respect of enforcing
      the
      remedies for the breach.

     

    With
      respect to any Substitute Mortgage Loan or Loans, the Seller shall deliver
      to
      the Trustee for the benefit of the Certificateholders the Mortgage Note, the
      Mortgage, the related assignment of the Mortgage, and such other documents
      and
      agreements as are required by Section 2.01, with the Mortgage Note endorsed
      and
      the Mortgage assigned as required by Section 2.01.  No substitution is
      permitted to be made in any calendar month after the Determination Date for
      such
      month.  Scheduled Payments due with respect to Substitute Mortgage
      Loans in the month of substitution shall not be part of the Trust Fund and
      will
      be retained by the Seller on the next succeeding Distribution
      Date.  For the month of substitution, distributions to
      Certificateholders will include the monthly payment due on any Deleted Mortgage
      Loan for such month and thereafter the Seller shall be entitled to retain all
      amounts received in respect of such Deleted Mortgage Loan.

     

    The
      Servicer shall amend the Mortgage Loan Schedule for the benefit of the
      Certificateholders to reflect the removal of the Deleted Mortgage Loan and
      the
      substitution of the Substitute Mortgage Loans 

     

     

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    and
      the
      Servicer shall deliver the amended Mortgage Loan Schedule to the
      Trustee.  Upon the substitution, the Substitute Mortgage Loans shall
      be subject to this Agreement in all respects, and the Seller shall be deemed
      to
      have made with respect to the Substitute Mortgage Loans, as of the date of
      substitution, the representations and warranties made pursuant to Section
      2.03(b) with respect to the Mortgage Loan.  Upon any substitution and
      the deposit to the Certificate Account of the amount required to be deposited
      therein in connection with the substitution as described in the following
      paragraph, the Trustee shall release the Mortgage File held for the benefit
      of
      the Certificateholders relating to the Deleted Mortgage Loan to the Seller
      and
      shall execute and deliver at the Seller’s direction such instruments of transfer
      or assignment prepared by the Seller, in each case without recourse, as shall
      be
      necessary to vest title in the Seller, or its designee, the Trustee’s interest
      in any Deleted Mortgage Loan substituted for pursuant to this Section
      2.03.

     

    For
      any
      month in which the Seller substitutes one or more Substitute Mortgage Loans
      for
      one or more Deleted Mortgage Loans, the Servicer will determine the amount
      (if
      any) by which the aggregate principal balance of all such Substitute Mortgage
      Loans as of the date of substitution is less than the aggregate Stated Principal
      Balance of all such Deleted Mortgage Loans (after application of the scheduled
      principal portion of the monthly payments due in the month of
      substitution).  The amount of such shortage (the
“Substitution Adjustment Amount”) plus, if the Seller
      is not the Servicer, an amount equal to the aggregate of any unreimbursed
      Advances and Servicer Advances with respect to such Deleted Mortgage Loans
      shall
      be deposited into the Certificate Account by the Seller by the Distribution
      Account Deposit Date for the Distribution Date in the month succeeding the
      calendar month during which the related Mortgage Loan became required to be
      purchased or replaced hereunder.  If the Seller repurchases a Mortgage
      Loan, the Purchase Price therefor shall be deposited in the Certificate Account
      pursuant to Section 3.06 by the Distribution Account Deposit Date for the
      Distribution Date in the month following the month during which the Seller
      became obligated hereunder to repurchase or replace the Mortgage Loan and upon
      such deposit of the Purchase Price and receipt of a Request for Release in
      the
      form of Exhibit N, the Trustee shall release the related Mortgage File held
      for
      the benefit of the Certificateholders to such Person, and the Trustee shall
      execute and deliver at such Person’s direction such instruments of transfer or
      assignment prepared by such Person, in each case without recourse, as shall
      be
      necessary to transfer title from the Trustee.  The obligation under
      this Agreement of any Person to cure, repurchase, or replace any Mortgage Loan
      as to which a breach has occurred and is continuing shall constitute the sole
      remedy against the Person respecting the breach available to Certificateholders,
      the Depositor, or the Trustee on their behalf.

     

    The
      representations and warranties made pursuant to this Section 2.03 shall survive
      delivery of the respective Mortgage Files to the Trustee for the benefit of
      the
      Certificateholders and shall not be waived by the Depositor.

     

    The
      Seller assigns to the Depositor and the Depositor assigns to the Trustee all
      rights the Seller might have under contracts with third parties relating to
      early payment defaults on the Mortgage Loans (“EPD
      Rights”) and the Servicer assumes any related duties as part of
      its servicing obligations.  Consistent with the Servicing Standard,
      the Servicer shall attempt to enforce the EPD Rights.  If the
      Servicer’s enforcement of the EPD Rights obligates the Servicer to sell a
      Mortgage Loan to a third party, the Servicer shall repurchase the Mortgage
      Loan
      at the Purchase Price and sell the Mortgage Loan to the third party, provided
      however, in no case shall the Servicer be obligated to repurchase a Mortgage
      Loan on account of EPD Rights unless and until the Servicer shall have
      previously received repurchase payment from a third party.  The
      Servicer shall deposit into the Certificate Account all amounts received in
      connection with the enforcement of EPD Rights, not exceeding the Purchase Price,
      with respect to any Mortgage Loan.  Any amounts received by the
      Servicer with respect to a Mortgage Loan in excess of the Purchase Price shall
      be retained by the Servicer as additional servicing compensation. The Trustee,
      upon receipt of certification from the Servicer of the deposit of the Purchase
      Price in connection with a 

     

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

     

    repurchase
      of a Mortgage Loan and a Request for File Release from the Servicer, shall
      release or cause to be released to the purchaser of such Mortgage Loan the
      related Mortgage File and shall execute and deliver such instruments of transfer
      or assignment prepared by the purchaser of such Mortgage Loan, in each case
      without recourse, as shall be necessary to vest in the purchaser of such
      Mortgage Loan any Mortgage Loan released pursuant hereto and the purchaser
      of
      such Mortgage Loan shall succeed to all the Trustee’s right, title and interest
      in and to such Mortgage Loan and all security and documents related
      thereto.  Such assignment shall be an assignment outright and not for
      security.  The purchaser of such Mortgage Loan shall thereupon own
      such Mortgage Loan, and all security and documents, free of any further
      obligation to the Trustee or the Certificateholders with respect
      thereto.

     

    Section
      2.04     Representations
      and
      Warranties of the Depositor as to the Mortgage Loans.

     

    (a)           The
      Depositor represents and warrants to the Trustee with respect to each Mortgage
      Loan as of the date of this Agreement or such other date set forth in this
      Agreement that as of the Closing Date, and following the transfer of the
      Mortgage Loans to it by the Seller, the Depositor had good title to the Mortgage
      Loans and the Mortgage Notes were subject to no offsets, defenses, or
      counterclaims.

     

    (b)           The
      representations and warranties in this Section 2.04 shall survive delivery
      of
      the Mortgage Files to the Trustee.  Upon discovery by the Depositor or
      the Trustee of any breach of any of the representations and warranties in this
      Section that materially and adversely affects the interest of the
      Certificateholders, the party discovering the breach shall give prompt written
      notice to the others and to each Rating Agency.

     

    Section
      2.05     Delivery of Opinion
      of Counsel in Connection with Substitutions.

     

    Notwithstanding
      any contrary provision of this Agreement, no substitution pursuant to Section
      2.02 or 2.03 shall be made more than 90 days after the Closing Date unless
      the
      Seller delivers to the Trustee an Opinion of Counsel, which Opinion of Counsel
      shall not be at the expense of either the Trustee or the Trust Fund, addressed
      to the Trustee, to the effect that such substitution will not (i) result in
      the
      imposition of the tax on “prohibited transactions” on the Trust Fund or
      contributions after the Startup Date, as defined in sections 860F(a)(2) and
      860G(d) of the Code, respectively or (ii) cause any REMIC created under this
      Agreement to fail to qualify as a REMIC at any time that any Certificates are
      outstanding.

     

    Upon
      discovery by the Depositor, the Seller, the Servicer or the Trustee that any
      Mortgage Loan does not constitute a “qualified mortgage” within the meaning of
      section 860G(a)(3) of the Code, the party discovering such fact shall promptly
      (and in any event within five Business Days of discovery) give written notice
      thereof to the other parties.  In connection therewith, the Trustee
      shall require the Seller, at the Seller’s option, to either (i) substitute, if
      the conditions in Section 2.03(c) with respect to substitutions are satisfied,
      a
      Substitute Mortgage Loan for the affected Mortgage Loan, or (ii) repurchase
      the
      affected Mortgage Loan within 90 days of such discovery in the same manner
      as it
      would a Mortgage Loan for a breach of representation or warranty made pursuant
      to Section 2.03.  The Trustee shall reconvey to the Seller the
      Mortgage Loan to be released pursuant hereto in the same manner, and on the
      same
      terms and conditions, as it would a Mortgage Loan repurchased for breach of
      a
      representation or warranty contained in Section 2.03.

     

    Section
      2.06    Execution and
      Delivery of Certificates.

     

    The
      Trustee acknowledges the transfer and assignment to it of the Trust Fund and,
      concurrently with such transfer and assignment, has executed and delivered
      to or
      upon the order of the Depositor, the Certificates in authorized denominations
      evidencing directly or indirectly the entire ownership of the 

     

     

    
      
        
        

      

      
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    Trust
      Fund.  The Trustee agrees to hold the Trust Fund and exercise the
      rights referred to above for the benefit of all present and future Holders
      of
      the Certificates.

     

    Section
      2.07    REMIC
      Matters.

     

    The
      Preliminary Statement sets forth the designations and “latest possible maturity
      date” for federal income tax purposes of all interests created under this
      Agreement.  The “Startup Day” for purposes of the REMIC Provisions
      shall be the Closing Date.  Each REMIC’s fiscal year shall be the
      calendar year.

     

     

    
      
        
        

      

      
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    ARTICLE
      THREE

     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

     

    Section
      3.01     Servicer to Service
      Mortgage Loans.

     

    For
      and
      on behalf of the Certificateholders, the Servicer shall service and administer
      the Mortgage Loans in accordance with this Agreement and the Servicing
      Standard.

     

    The
      Servicer shall not make or permit any modification, waiver, or amendment of
      any
      term of any Mortgage Loan that would cause any REMIC created under this
      Agreement to fail to qualify as a REMIC or result in the imposition of any
      tax
      under section 860F(a) or section 860G(d) of the Code.

     

    Without
      limiting the generality of the foregoing, the Servicer, in its own name or
      in
      the name of the Depositor and the Trustee, is hereby authorized and empowered
      by
      the Depositor and the Trustee, when the Servicer believes it appropriate in
      its
      reasonable judgment, to execute and deliver, on behalf of the Trustee, the
      Depositor, the Certificateholders, or any of them, any 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 held for the benefit of the
      Certificateholders.  The Servicer shall prepare and deliver to the
      Depositor or the Trustee any documents requiring execution and delivery by
      either or both of them appropriate to enable the Servicer to service and
      administer the Mortgage Loans to the extent that the Servicer is not permitted
      to execute and deliver such documents pursuant to the preceding
      sentence.  Upon receipt of the documents, the Depositor or the Trustee
      shall execute the documents and deliver them to the Servicer.

     

    The
      Servicer further is authorized and empowered by the Trustee, on behalf of the
      Certificateholders and the Trustee, in its own name, when the Servicer believes
      it appropriate in its best judgment to register any Mortgage Loan on the MERS®
System, or cause the removal from the registration of any Mortgage Loan on
      the
      MERS® System, to execute and deliver, on behalf of the Trustee and the
      Certificateholders or any of them, any and all instruments of assignment and
      other comparable instruments with respect to such assignment or re-recording
      of
      a Mortgage in the name of MERS, solely as nominee for the Trustee and its
      successors and assigns.

     

    In
      accordance with and to the extent of the Servicing Standard, the Servicer shall
      advance funds necessary to effect the payment of taxes and assessments on the
      Mortgaged Properties, which advances shall be reimbursable in the first instance
      from related collections from the Mortgagors pursuant to Section 3.07, and
      further as provided in Section 3.09.  The costs incurred by the
      Servicer in effecting the timely payments of taxes and assessments on the
      Mortgaged Properties and related insurance premiums shall not, for the purpose
      of calculating monthly distributions to the Certificateholders, be added to
      the
      Stated Principal Balances of the related Mortgage Loans, notwithstanding that
      the Mortgage Loans so permit.

     

    Nothing
      in this Agreement to the contrary shall limit the Servicer from undertaking
      any
      legal action that it may deem appropriate with respect to the Mortgage Loans
      including, without limitation, any rights or causes of action arising out of
      the
      origination of the Mortgage Loans.

     

     

    
      
        
        

      

      
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    Section
      3.02    [Reserved].

     

    Section
      3.03    Rights of the
      Depositor and the Trustee in Respect of the Servicer.

     

    The
      Depositor may, but is not obligated to, enforce the obligations of the Servicer
      under this Agreement and may, but is not obligated to, perform, or cause a
      designee to perform, any defaulted obligation of the Servicer under this
      Agreement and in connection with any such defaulted obligation to exercise
      the
      related rights of the Servicer under this Agreement; provided that the Servicer
      shall not be relieved of any of its obligations under this Agreement by virtue
      of such performance by the Depositor or its designee.  Neither the
      Trustee nor the Depositor shall have any responsibility or liability for any
      action or failure to act by the Servicer nor shall the Trustee or the Depositor
      be obligated to supervise the performance of the Servicer under this Agreement
      or otherwise.

     

    Section
      3.04    [Reserved].

     

    Section
      3.05    Trustee to Act
      as
      Servicer.

     

    If
      the
      Servicer for any reason is no longer the Servicer under this Agreement
      (including because of the occurrence or existence of an Event of Default or
      termination by the Depositor), the Trustee or its successor shall assume all
      of
      the rights and obligations of the Servicer under this Agreement arising
      thereafter (except that the Trustee shall not be

     

    (i)           liable
      for losses of the Servicer pursuant to Section 3.10 or any acts or omissions
      of
      the predecessor Servicer hereunder,

     

    (ii)           obligated
      to make Advances if it is prohibited from doing so by applicable
      law,

     

    (iii)           obligated
      to effectuate repurchases or substitutions of Mortgage Loans hereunder,
      including repurchases or substitutions pursuant to Section 2.02 or
      2.03,

     

    (iv)           responsible
      for expenses of the Servicer pursuant to Section 2.03, or

     

    (v)           deemed
      to have made any representations and warranties of the Servicer
      hereunder).  Any assumption shall be subject to Section
      7.02.

     

    Notwithstanding
      anything else in this Agreement 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 under this Agreement and the amount necessary to induce
      any
      successor Servicer to act as successor Servicer under this Agreement and the
      transactions provided for in this Agreement.

     

    Section
      3.06    Collection of
      Mortgage Loan Payments; Certificate Account; Distribution
      Account.

     

    (a)  In
      accordance with and to the extent of the Servicing Standard, the Servicer shall
      make reasonable efforts in accordance with the customary and usual standards
      of
      practice of prudent mortgage servicers to collect all payments called for under
      the Mortgage Loans to the extent the procedures are consistent with this
      Agreement and any related Required Insurance Policy.  Consistent with
      the foregoing, the Servicer may in its discretion (i) subject to Section 3.21,
      waive any Late Payment Fee or, to the extent provided in Section 3.20, waive
      any
      Prepayment Charge in connection with the prepayment of a Mortgage Loan and
      (ii)
      extend the due dates for payments due on a Delinquent Mortgage Loan for a period
      not greater than 125 

     

     

    
      
        
        

      

      
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    days.  In
      connection with a Mortgage Loan that is in default, or with respect to which
      default is reasonably foreseeable, the Servicer may, consistent with the
      Servicing Standard, waive, modify or vary any term of that Mortgage Loan
      (including modifications  that change the Mortgage Rate, forgive the
      payment of principal or interest or extend the final maturity date of that
      Mortgage Loan ), accept payment from the related Mortgagor of an amount less
      than the Stated Principal Balance in final satisfaction of that Mortgage Loan,
      or consent to the postponement of strict compliance with any such term or
      otherwise grant indulgence to any Mortgagor if in the Servicer’s determination
      such waiver, modification, postponement or indulgence is not materially adverse
      to the interests of the Certificateholders (taking into account any estimated
      loss that might result absent such action) and is expected to minimize the
      loss
      on such Mortgage Loan; provided, however, the Servicer shall not initiate new
      lending to such Mortgagor through the Trust and cannot, except as provided
      in
      the immediately succeeding sentence, extend the maturity of any Mortgage Loan
      past the date on which the final payment is due on the latest maturing Mortgage
      Loan as of the Cut-off Date.  With respect to no more than 5% of the
      Mortgage Loans (measured by aggregate Cut-off Date Principal Balance of the
      Mortgage Loans), the Servicer may extend the maturity of a Mortgage Loan past
      the date on which the final payment is due on the latest maturing Mortgage
      Loan
      as of the Cut-off Date, but in no event more than one year past such date.
      In
      the event of any such arrangement, the Servicer shall make Advances on the
      related Mortgage Loan in accordance with Section 4.01 during the scheduled
      period in accordance with the amortization schedule of the Mortgage Loan without
      modification thereof because of the arrangements.  The Servicer shall
      not be required to institute or join in litigation with respect to collection
      of
      any payment (whether under a Mortgage, Mortgage Note, or otherwise or against
      any public or governmental authority with respect to a taking or condemnation)
      if it reasonably believes that enforcing the provision of the Mortgage or other
      instrument pursuant to which the payment is required is prohibited by applicable
      law.  The Servicer shall not have the discretion to sell any
      Delinquent or defaulted Mortgage Loan.

     

    (b)  [Reserved].

     

    (c)  [Reserved].

     

    (d)  The
      Servicer shall establish and maintain a Certificate Account into which the
      Servicer shall deposit within two Business Days of receipt or as otherwise
      specified in this Agreement, the following payments and collections received
      by
      it in respect of Mortgage Loans after the Cut-off Date (other than in respect
      of
      principal and interest due on the Mortgage Loans by the Cut-off Date) and the
      following amounts required to be deposited hereunder:

     

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

     

    (ii)           all
      payments on account of interest on the Mortgage Loans, net of the Prepayment
      Interest Excess and the Servicing Fee;

     

    (iii)           all
      Insurance Proceeds, Subsequent Recoveries and Liquidation Proceeds, other than
      proceeds to be applied to the restoration or repair of the Mortgaged Property
      or
      released to the Mortgagor in accordance with the Servicer’s normal servicing
      procedures;

     

    (iv)           any
      amount required to be deposited by the Servicer pursuant to Section 3.06(f)
      in
      connection with any losses on Permitted Investments;

     

     

    
      
        
        

      

      
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    (v)           any
      amounts required to be deposited by the Servicer pursuant to Sections 3.10
      and
      3.12;

     

    (vi)           all
      Purchase Prices from the Servicer or Seller and all Substitution Adjustment
      Amounts;

     

    (vii)           all
      Advances made by the Servicer pursuant to Section 4.01;

     

    (viii)           any
      other amounts required to be deposited under this Agreement; and

     

    (ix)           all
      Prepayment Charges collected and amounts payable by the Servicer for the waiver
      of such amounts.

     

    In
      addition, with respect to any Mortgage Loan that is subject to a buydown
      agreement, on each Due Date for the Mortgage Loan, in addition to the monthly
      payment remitted by the Mortgagor, the Servicer shall cause funds to be
      deposited into the Certificate Account in an amount required to cause an amount
      of interest to be paid with respect to the Mortgage Loan equal to the amount
      of
      interest that has accrued on the Mortgage Loan from the preceding Due Date
      at
      the Mortgage Rate net of the Servicing Fee Rate on that date.

     

    The
      foregoing requirements for remittance by the Servicer to the Certificate Account
      shall be exclusive, it being understood and agreed that, without limiting the
      generality of the foregoing, payments in the nature of assumption fees, if
      collected, need not be remitted by the Servicer.  If the Servicer
      remits any amount not required to be remitted, it may at any time withdraw
      that
      amount from the Certificate Account, any provision in this Agreement to the
      contrary notwithstanding.  The withdrawal or direction may be
      accomplished by delivering written notice of it to the Trustee or any other
      institution maintaining the Certificate Account that describes the amounts
      deposited in error in the Certificate Account.  The Servicer shall
      maintain adequate records with respect to all withdrawals made pursuant to
      this
      Section 3.06.  All funds deposited in the Certificate Account shall be
      held in trust for the Certificateholders until withdrawn in accordance with
      Section 3.09.

     

    (e)  The
      Trustee shall establish and maintain the Distribution Account on behalf of
      the
      Certificateholders.  The Trustee shall, promptly upon receipt, deposit
      in the Distribution Account and retain in the Distribution Account the
      following:

     

    (i)           the
      aggregate amount remitted by the Servicer to the Trustee pursuant to Section
      3.09(a);

     

    (ii)           any
      amount deposited by the Servicer pursuant to Section 3.06(f) in connection
      with
      any losses on Permitted Investments; and

     

    (iii)           any
      other amounts deposited under this Agreement that are required to be deposited
      in the Distribution Account.

     

    If
      the
      Servicer remits any amount not required to be remitted, it may at any time
      direct the Trustee in writing to withdraw that amount from the Distribution
      Account, any provision in this Agreement to the contrary
      notwithstanding.  The direction may be accomplished by delivering an
      Officer’s Certificate to the Trustee that describes the amounts deposited in
      error in the Distribution Account.  All funds deposited in the
      Distribution Account shall be held by the Trustee in trust for the
      Certificateholders until disbursed in accordance with this Agreement or
      withdrawn in accordance with 

     

     

     

    
      
        
        

      

      
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    Section
      3.09.  In no event shall the Trustee incur liability for withdrawals
      from the Distribution Account at the direction of the Servicer.

     

    (f)  Each
      institution at which the Certificate Account is maintained shall invest the
      funds in such account as directed in writing by the Servicer in Permitted
      Investments, which shall mature not later than the second Business Day preceding
      the related Distribution Account Deposit Date (except that if the Permitted
      Investment is an obligation of the institution that maintains the account,
      then
      the Permitted Investment shall mature not later than the Business Day preceding
      the Distribution Account Deposit Date) and which shall not be sold or disposed
      of before its maturity.  The funds in the Distribution Account shall
      remain uninvested.  All such Permitted Investments shall be made in
      the name of the Trustee, for the benefit of the
      Certificateholders.  All income realized from any such investment of
      funds on deposit in the Certificate Account shall be for the benefit of the
      Servicer as servicing compensation and shall be remitted to it monthly as
      provided in this Agreement.  The amount of any realized losses on
      Permitted Investments in the Certificate Account shall promptly be deposited
      by
      the Servicer in the Certificate Account.  The Trustee shall not be
      liable for the amount of any loss incurred in respect of any investment or
      lack
      of investment of funds held in the Certificate Account and made in accordance
      with this Section 3.06.

     

    (g)  [reserved].

     

    (h)  [reserved].

     

    (i)  The
      Servicer shall give notice to the Trustee, the Seller, each Rating Agency and
      the Depositor of any proposed change of the location of the Certificate Account
      not later than 30 days and not more than 45 days prior to any change of this
      Agreement.  The Trustee shall give notice to the Servicer, the Seller,
      each Rating Agency and the Depositor of any proposed change of the location
      of
      the Distribution Account not later than 30 days and not more than 45 days prior
      to any change of this Agreement.

     

    (j)  Upon
      a downgrade in the rating of an institution at which an Eligible Account is
      held
      below the required ratings set forth in the definition of Eligible Account,
      within 30 days of such downgrade, such account will be transferred to an account
      meeting the requirements of the definition of Eligible Account; provided,
      however, that this transfer requirement may be waived by the applicable Rating
      Agency.

     

    Section
      3.07    Collection of
      Taxes,
      Assessments and Similar Items; Escrow Accounts.

     

    (a)  To
      the extent required by the related Mortgage Note and not violative of current
      law, the Servicer shall establish and maintain one or more accounts (each,
      an
“Escrow Account”) and deposit and retain therein all
      collections from the Mortgagors (or advances) for the payment of taxes,
      assessments, hazard insurance premiums or comparable items for the account
      of
      the Mortgagors.  Nothing herein shall require the Servicer to compel a
      Mortgagor to establish an Escrow Account in violation of applicable
      law.

     

    (b)  Withdrawals
      of amounts so collected from the Escrow Accounts may be made only to effect
      timely payment of taxes, assessments, hazard insurance premiums, condominium
      or
      PUD association dues, or comparable items, to reimburse (without duplication)
      the Servicer out of related collections for any payments made pursuant to
      Section 3.01 (with respect to taxes and assessments and insurance premiums)
      and
      Section 3.10 (with respect to hazard insurance), to refund to any Mortgagors
      any
      sums determined to be overages, to pay interest, if required by law

     

     

    
      
        
        

      

      
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    or
      the
      related Mortgage or Mortgage Note, to Mortgagors on balances in the Escrow
      Account or to clear and terminate the Escrow Account at the termination of
      this
      Agreement in accordance with Section 9.01.  The Escrow Accounts shall
      not be a part of the Trust Fund.

     

    (c)  The
      Servicer shall advance any payments referred to in Section 3.07(a) that are
      not
      timely paid by the Mortgagors or advanced by the Servicer on the date when
      the
      tax, premium or other cost for which such payment is intended is due, but the
      Servicer shall be required so to advance only to the extent that such advances,
      in the good faith judgment of the Servicer, will be recoverable by the Servicer
      out of Insurance Proceeds, Liquidation Proceeds or otherwise.

     

    Section
      3.08     Access to Certain
      Documentation and Information Regarding the Mortgage Loans.

     

    The
      Servicer shall afford the Depositor and the Trustee reasonable access to all
      records and documentation regarding the Mortgage Loans and all accounts,
      insurance information and other matters relating to this Agreement, such access
      being afforded without charge, but only upon reasonable request and during
      normal business hours at the office designated by the Servicer.

     

    Upon
      reasonable advance notice in writing, the Servicer will provide to each
      Certificateholder or Certificate Owner that is a savings and loan association,
      bank, or insurance company certain reports and reasonable access to information
      and documentation regarding the Mortgage Loans sufficient to permit the
      Certificateholder or Certificate Owner to comply with applicable regulations
      of
      the OTS or other regulatory authorities with respect to investment in the
      Certificates.  The Servicer shall be entitled to be reimbursed by each
      such Certificateholder or Certificate Owner for actual expenses incurred by
      the
      Servicer in providing the reports and access.

     

    Section
      3.09    Permitted Withdrawals
      from the Certificate Account and the Distribution Account.

     

    (a)  The
      Servicer may (and, in the case of clause (ix) below, shall) from time to time
      make withdrawals from the Certificate Account for the following
      purposes:

     

    (i)           to
      pay to the Servicer (to the extent not previously retained) the servicing
      compensation to which it is entitled pursuant to Section 3.15, and to pay to
      the
      Servicer, as additional servicing compensation, earnings on or investment income
      with respect to funds in or credited to the Certificate Account;

     

    (ii)           to
      reimburse the Servicer or successor Servicer for the unreimbursed Advances
      made
      by it, such right of reimbursement pursuant to this subclause (ii) being limited
      to amounts received on the Mortgage Loans in respect of which the Advance was
      made;

     

    (iii)           to
      reimburse the Servicer or successor Servicer for any Nonrecoverable Advance
      previously made by it;

     

    (iv)           to
      reimburse the Servicer for Insured Expenses from the related Insurance
      Proceeds;

     

    (v)           to
      reimburse the Servicer for (a) unreimbursed Servicing Advances, the Servicer’s
      right to reimbursement pursuant to this clause (a) with respect to any Mortgage
      Loan being limited to amounts received on the Mortgage Loans that represent
      late
      recoveries of the payments for which the advances were made pursuant to Section
      3.01 or Section 3.07, (b) 

     

     

    
      
        
        

      

      
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    unreimbursed
      Servicing Advances made in respect of a Mortgage Loan for which such Servicing
      Advances are not recoverable from the Mortgagor and (c) for unpaid Servicing
      Fees as provided in Section 3.12;

     

    (vi)           to
      pay to the purchaser, with respect to each Mortgage Loan or property acquired
      in
      respect of such Mortgage Loan that has been purchased pursuant to Section 2.02,
      2.03, or 3.12, all amounts received thereon after the date of such
      purchase;

     

    (vii)           to
      reimburse the Seller, the Servicer, or the Depositor for expenses incurred
      by
      any of them and reimbursable pursuant to Section 6.03;

     

    (viii)           to
      withdraw any amount deposited in the Certificate Account and not required to
      be
      deposited in the Certificate Account;

     

    (ix)           by
      the Distribution Account Deposit Date, to withdraw (1) the Available Funds
      and
      Trustee Fee for the Distribution Date, to the extent on deposit, (2) the
      Prepayment Charges on deposit and (3) the $100 held in trust for the Class
      P
      Certificates, and remit such amount to the Trustee for deposit in the
      Distribution Account; and

     

    (x)           to
      clear and terminate the Certificate Account upon termination of this Agreement
      pursuant to Section 9.01.

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, to justify any withdrawal from the Certificate Account
      pursuant to subclauses (i), (ii), (iv), (v), and (vi).  Before making
      any withdrawal from the Certificate Account pursuant to subclause (iii), the
      Servicer shall deliver to the Trustee an Officer’s Certificate of a Servicing
      Officer indicating the amount of any previous Advance determined by the Servicer
      to be a Nonrecoverable Advance and identifying the related Mortgage Loans and
      their respective portions of the Nonrecoverable Advance.

     

    In
      addition to the amounts remitted to the Trustee by the Servicer from the
      Certificate Account, by the Distribution Account Deposit Date, the Servicer
      shall remit all Late Payment Fees assessable and not waived pursuant to Section
      3.21(a) to the Trustee for deposit into the Distribution Account.

     

    (b)  The
      Trustee shall withdraw funds from the Distribution Account for distributions
      to
      Certificateholders in the manner specified in this Agreement (and to withhold
      from the amounts so withdrawn the amount of any taxes that it is authorized
      to
      withhold pursuant to the third paragraph of Section 8.11).  In
      addition, the Trustee may from time to time make withdrawals from the
      Distribution Account for the following purposes:

     

    (i)           to
      pay to itself the Trustee Fee for the related Distribution Date;

     

    (ii)           to
      withdraw and return to the Servicer any amount deposited in the Distribution
      Account and not required to be deposited therein; and

     

    (iii)           to
      clear and terminate the Distribution Account upon termination of the Agreement
      pursuant to Section 9.01.

     

    Section
      3.10    Maintenance of
      Hazard
      Insurance; Maintenance of Primary Insurance Policies.

     

    (a)  The
      Servicer shall maintain, for each Mortgage Loan, hazard insurance with extended
      coverage in an amount that is at least equal to the lesser of

     

     

    
      
        
        

      

      
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    (i)           the
      maximum insurable value of the improvements securing the Mortgage Loan
      and

     

    (ii)           the
      greater of (y) the outstanding principal balance of the Mortgage Loan and (z)
      an
      amount such that the proceeds of the policy are sufficient to prevent the
      Mortgagor or the mortgagee from becoming a co-insurer.

     

    Each
      policy of standard hazard insurance shall contain, or have an accompanying
      endorsement that contains, a standard mortgagee clause.  Any amounts
      collected under the policies (other than the amounts to be applied to the
      restoration or repair of the related Mortgaged Property or amounts released
      to
      the Mortgagor in accordance with the Servicer’s normal servicing procedures)
      shall be deposited in the Certificate Account.  Any cost incurred in
      maintaining any insurance shall not, for the purpose of calculating monthly
      distributions to the Certificateholders or remittances to the Trustee for their
      benefit, be added to the principal balance of the Mortgage Loan, notwithstanding
      that the Mortgage Loan so permits.  Such costs shall be recoverable by
      the Servicer out of late payments (other than Late Payment Fees) by the related
      Mortgagor or out of Liquidation Proceeds to the extent permitted by Section
      3.09.  No earthquake or other additional insurance is to be required
      of any Mortgagor or maintained on property acquired in respect of a Mortgage
      other than pursuant to any applicable laws and regulations in force that require
      additional insurance.  If the Mortgaged Property is located at the
      time of origination of the Mortgage Loan in a federally designated special
      flood
      hazard area and the area is participating in the national flood insurance
      program, the Servicer shall maintain flood insurance for the Mortgage
      Loan.  The flood insurance shall be in an amount equal to the least of
      (i) the original principal balance of the related Mortgage Loan, (ii) the
      replacement value of the improvements that are part of the Mortgaged Property,
      and (iii) the maximum amount of flood insurance available for the related
      Mortgaged Property under the national flood insurance program.

     

    If
      the
      Servicer obtains and maintains a blanket policy insuring against hazard losses
      on all of the Mortgage Loans, it shall have satisfied its obligations in the
      first sentence of this Section 3.10.  The policy may contain a
      deductible clause on terms substantially equivalent to those commercially
      available and maintained by comparable servicers.  If the policy
      contains a deductible clause and a policy complying with the first sentence
      of
      this Section 3.10 has not been maintained on the related Mortgaged Property,
      and
      if a loss that would have been covered by the required policy occurs, the
      Servicer shall deposit in the Certificate Account, without any right of
      reimbursement, the amount not otherwise payable under the blanket policy because
      of the deductible clause.  In connection with its activities as
      Servicer of the Mortgage Loans, the Servicer agrees to present, on behalf of
      itself, the Depositor, and the Trustee for the benefit of the
      Certificateholders, claims under any blanket policy.

     

    (b)  The
      Servicer shall not take any action that would result in non-coverage under
      any
      applicable Primary Insurance Policy of any loss that, but for the actions of
      the
      Servicer, would have been covered thereunder.  The Servicer shall not
      cancel or refuse to renew any Primary 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 unless the replacement Primary Insurance Policy for the canceled
      or non-renewed policy is maintained with a Qualified Insurer.  The
      Servicer need not maintain any Primary Insurance Policy if maintaining the
      Primary Insurance Policy is prohibited by applicable law.  The
      Servicer agrees, to the extent permitted by applicable law, to effect the timely
      payment of the premiums on each Primary Insurance Policy, and any costs not
      otherwise recoverable shall be recoverable by the Servicer from the related
      liquidation proceeds.

     

    In
      connection with its activities as Servicer of the Mortgage Loans, the Servicer
      agrees to present, on behalf of itself, the Trustee and the Certificateholders,
      claims to the insurer under any Primary Insurance Policies and, in this regard,
      to take any reasonable action in accordance with the Servicing Standard
      necessary to permit recovery under any Primary Insurance Policies respecting
      defaulted 

     

     

     

    
      
        
        

      

      
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    Mortgage
      Loans.  Any amounts collected by the Servicer under any Primary
      Insurance Policies shall be deposited in the Certificate Account.

     

    Section
      3.11    Enforcement
      of
      Due-On-Sale Clauses; Assumption Agreements.

     

    (a)  Except
      as otherwise provided in this Section 3.11, when any property subject to a
      Mortgage has been conveyed by the Mortgagor, the Servicer shall to the extent
      that it has knowledge of the conveyance and in accordance with the Servicing
      Standard, enforce any due-on-sale clause contained in any Mortgage Note or
      Mortgage, to the extent permitted under applicable law and governmental
      regulations, but only to the extent that enforcement will not adversely affect
      or jeopardize coverage under any Required Insurance
      Policy.  Notwithstanding the foregoing, the Servicer is not required
      to exercise these rights with respect to a Mortgage Loan if the Person to whom
      the related Mortgaged Property has been conveyed or is proposed to be conveyed
      satisfies the conditions contained in the Mortgage Note and Mortgage related
      thereto and the consent of the mortgagee under the Mortgage Note or Mortgage
      is
      not otherwise so required under the Mortgage Note or Mortgage as a condition
      to
      the transfer.

     

    If
      (i)
      the Servicer is prohibited by law from enforcing any due-on-sale clause, (ii)
      coverage under any Required Insurance Policy would be adversely affected, (iii)
      the Mortgage Note does not include a due-on-sale clause, or (iv) nonenforcement
      is otherwise permitted hereunder, the Servicer is authorized, subject to Section
      3.11(b), to take or enter into an assumption and modification agreement from
      or
      with the person to whom the property has been or is about to be conveyed,
      pursuant to which the person becomes liable under the Mortgage Note and, unless
      prohibited by applicable state law, the Mortgagor remains liable
      thereon.  The Mortgage Loan must continue to be covered (if so covered
      before the Servicer enters into the agreement) by the applicable Required
      Insurance Policies.

     

    The
      Servicer, subject to Section 3.11(b), is also authorized with the prior approval
      of the insurers under any Required Insurance Policies to enter into a
      substitution of liability agreement with the Person, pursuant to which the
      original Mortgagor is released from liability and the Person is substituted
      as
      Mortgagor and becomes liable under the Mortgage Note.  Notwithstanding
      the foregoing, the Servicer shall not be deemed to be in default under this
      Section 3.11 because of any transfer or assumption that the Servicer reasonably
      believes it is restricted by law from preventing, for any reason
      whatsoever.

     

    (b)  Subject
      to the Servicer’s duty to enforce any due-on-sale clause to the extent set forth
      in Section 3.11(a), in any case in which a Mortgaged Property has been conveyed
      to a Person by a Mortgagor, and the Person is to enter into an assumption
      agreement or modification agreement or supplement to the Mortgage Note or
      Mortgage that requires the signature of the Trustee, or if an instrument of
      release signed by the Trustee is required releasing the Mortgagor from liability
      on the Mortgage Loan, the Servicer shall prepare and deliver to the Trustee
      for
      signature and shall direct the Trustee, in writing, to execute the assumption
      agreement with the Person to whom the Mortgaged Property is to be conveyed,
      and
      the modification agreement or supplement to the Mortgage Note or Mortgage or
      other instruments appropriate to carry out the terms of the Mortgage Note or
      Mortgage or otherwise to comply with any applicable laws regarding assumptions
      or the transfer of the Mortgaged Property to the Person.  In
      connection with any such assumption, no material term of the Mortgage Note
      may
      be changed.

     

    In
      addition, the substitute Mortgagor and the Mortgaged Property must be acceptable
      to the Servicer in accordance with its underwriting standards as then in
      effect.  Together with each substitution, assumption, or other
      agreement or instrument delivered to the Trustee for execution by it, the
      Servicer shall deliver an Officer’s Certificate signed by a Servicing Officer
      stating that the requirements of this subsection have been met in connection
      with such Officer’s Certificate.  The Servicer shall notify the

     

     

    
      
        
        

      

      
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    Trustee
      that any substitution or assumption agreement has been completed by forwarding
      to the Trustee the original of the substitution or assumption agreement, which
      in the case of the original shall be added to the related Mortgage File and
      shall, for all purposes, be considered a part of the Mortgage File to the same
      extent as all other documents and instruments constituting a part of the
      Mortgage File.  The Servicer will retain any fee collected by it for
      entering into an assumption or substitution of liability agreement as additional
      servicing compensation.

     

    Section
      3.12    Realization Upon
      Defaulted Mortgage Loans.

     

    The
      Servicer shall use reasonable efforts in accordance with the Servicing Standard
      to foreclose on or otherwise comparably convert the ownership of assets 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.  In connection with the foreclosure or other conversion, the
      Servicer shall follow the Servicing Standard and shall follow the requirements
      of the insurer under any Required Insurance Policy.  The Servicer
      shall not be required to expend its own funds in connection with any foreclosure
      or towards the restoration of any property unless it determines (i) that the
      restoration or foreclosure will increase the proceeds of liquidation of the
      Mortgage Loan after reimbursement to itself of restoration expenses and (ii)
      that restoration expenses will be recoverable to it through Liquidation Proceeds
      (respecting which it shall have priority for purposes of withdrawals from the
      Certificate Account).  The Servicer shall be responsible for all other
      costs and expenses incurred by it in any foreclosure proceedings.  The
      Servicer is entitled to reimbursement of such costs and expenses from the
      liquidation proceeds with respect to the related Mortgaged Property, as provided
      in the definition of Liquidation Proceeds.  If the Servicer has
      knowledge that a Mortgaged Property that the Servicer is contemplating acquiring
      in foreclosure or by deed in lieu of foreclosure is located within a one mile
      radius of any site listed in the Expenditure Plan for the Hazardous Substance
      Clean Up Bond Act of 1984 or other site with environmental or hazardous waste
      risks known to the Servicer, the Servicer will, before acquiring the Mortgaged
      Property, consider the risks and only take action in accordance with its
      established environmental review procedures.

     

    With
      respect to any REO Property, the deed or certificate of sale shall be taken
      in
      the name of the Trustee for the benefit of the Certificateholders, or its
      nominee, on behalf of the Certificateholders.  The Trustee’s name
      shall be placed on the title to the REO Property solely as the Trustee hereunder
      and not in its individual capacity.  The Servicer shall ensure that
      the title to the REO Property references the Pooling and Servicing Agreement
      and
      the Trustee’s capacity hereunder.  Pursuant to its efforts to sell the
      REO Property, the Servicer shall either itself or through an agent selected
      by
      the Servicer protect and conserve the REO Property in accordance with the
      Servicing Standard.

     

    The
      Servicer shall perform the tax reporting and withholding required by sections
      1445 and 6050J of the Code with respect to foreclosures and abandonments, the
      tax reporting required by section 6050H of the Code with respect to the receipt
      of mortgage interest from individuals and, if required by section 6050P of
      the
      Code with respect to the cancellation of indebtedness by certain financial
      entities, by preparing any required tax and information returns, in the form
      required.

     

    If
      the
      Trust Fund acquires any Mortgaged Property as aforesaid or otherwise in
      connection with a default or imminent default on a Mortgage Loan, the REO
      Property shall only be held temporarily, shall be actively marketed for sale,
      and the Servicer shall dispose of the Mortgaged Property as soon as practicable,
      and in any case before the end of the third calendar year following the calendar
      year in which the Trust Fund acquires the property.  Notwithstanding
      any other provision of this Agreement, no Mortgaged Property acquired by the
      Trust Fund shall be rented (or allowed to continue to be rented) or otherwise
      used for the production of income by or on behalf of the Trust
      Fund.

     

     

    
      
        
        

      

      
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    The
      decision of the Servicer to foreclose on a defaulted Mortgage Loan shall be
      subject to a determination by the Servicer that the proceeds of the foreclosure
      would exceed the costs and expenses of bringing a foreclosure
      proceeding.  The proceeds received from the maintenance of any REO
      Properties, net of reimbursement to the Servicer for costs incurred (including
      any property or other taxes) in connection with maintenance of the REO
      Properties and net of unreimbursed Servicing Fees, Advances, and Servicing
      Advances, shall be applied to the payment of principal of and interest on the
      related defaulted Mortgage Loans (with interest accruing as though the Mortgage
      Loans were still current and adjustments, if applicable, to the Mortgage Rate
      were being made in accordance with the Mortgage Note) and all such proceeds
      shall be deemed, for all purposes in this Agreement, to be payments on account
      of principal and interest on the related Mortgage Notes and shall be deposited
      into the Certificate Account.  To the extent the net proceeds received
      during any calendar month exceeds the amount attributable to amortizing
      principal and accrued interest at the related Mortgage Rate on the related
      Mortgage Loan for the calendar month, the excess shall be considered to be
      a
      partial prepayment of principal of the related Mortgage Loan.

     

    The
      proceeds from any liquidation of a Mortgage Loan, as well as any proceeds from
      an REO Property, will be applied in the following priority: first, to reimburse
      the Servicer for any related unreimbursed Servicing Advances or Servicing Fees
      or for any related unreimbursed Advances, as applicable; second, to reimburse
      the Servicer, as applicable, and to reimburse the Certificate Account for any
      Nonrecoverable Advances (or portions thereof) that were previously withdrawn
      by
      the Servicer pursuant to Section 3.09(a)(iii) that related to the Mortgage
      Loan;
      third, to accrued and unpaid interest (to the extent no Advance has been made
      for such amount or any such Advance has been reimbursed) on the Mortgage Loan
      or
      related REO Property, at the Adjusted Net Mortgage Rate to the Due Date
      occurring in the month in which such amounts are required to be distributed;
      and
      fourth, as a recovery of principal of the Mortgage Loan.  The Servicer
      will retain any Excess Proceeds from the liquidation of a Liquidated Mortgage
      Loan as additional servicing compensation pursuant to Section 3.15.

     

    The
      Servicer may agree to a modification of any Mortgage Loan at the request of
      the
      related Mortgagor if (i) the modification is in lieu of a refinancing and (ii)
      the Servicer purchases that Mortgage Loan from the Trust Fund as described
      below.  Upon the agreement of the Servicer to modify a Mortgage Loan
      in accordance with the preceding sentence, the Servicer shall purchase that
      Mortgage Loan and all interest of the Trustee in that Mortgage Loan shall
      automatically be deemed transferred and assigned to the Servicer and all
      benefits and burdens of ownership thereof, including the right to accrued
      interest thereon from the date of purchase and the risk of default thereon,
      shall pass to the Servicer.  The Servicer shall promptly deliver to
      the Trustee a certification of a Servicing Officer to the effect that all
      requirements of this paragraph have been satisfied with respect to a Mortgage
      Loan to be repurchased pursuant to this paragraph.

     

    The
      Servicer shall deposit the Purchase Price for any Mortgage Loan repurchased
      pursuant to Section 3.12 in the Certificate Account pursuant to Section 3.06
      within one Business Day after the purchase of the Mortgage Loan.  Upon
      receipt by the Trustee of written notification of any such deposit signed by
      a
      Servicing Officer, the Trustee shall release to the Servicer the related
      Mortgage File and shall execute and deliver such instruments of transfer or
      assignment, in each case without recourse, as shall be necessary to vest in
      the
      Servicer any Mortgage Loan previously transferred and assigned pursuant
      hereto.  The Servicer covenants and agrees to indemnify the Trust Fund
      against any liability for any “prohibited transaction” taxes and any related
      interest, additions, and penalties imposed on the Trust Fund established
      hereunder as a result of any modification of a Mortgage Loan effected pursuant
      to this Section, or any purchase of a Mortgage Loan by the Servicer in
      connection with a modification (but such obligation shall not prevent the
      Servicer or any other appropriate Person from contesting any such tax in
      appropriate proceedings and shall not prevent the Servicer from withholding
      payment of such tax, if permitted by law, pending the outcome of such
      proceedings).  The Servicer shall have no right of reimbursement for
      any 

     

     

    
      
        
        

      

      
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    amount
      paid pursuant to the foregoing indemnification, except to the extent that the
      amount of any tax, interest, and penalties, together with interest thereon,
      is
      refunded to the Trust Fund.

     

    Section
      3.13    Trustee to Cooperate;
      Release of Mortgage Files.

     

    Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full will be escrowed in a manner customary for
      such purposes, the Servicer will immediately notify the Trustee by delivering
      a
      Request for Release substantially in the form of Exhibit N.  Upon
      receipt of the request, the Trustee shall promptly release the related Mortgage
      File to the Servicer, and the Trustee shall at the Servicer’s direction execute
      and deliver to the Servicer the request for reconveyance, deed of reconveyance,
      or release or satisfaction of mortgage or such instrument releasing the lien
      of
      the Mortgage in each case provided by the Servicer, together with the Mortgage
      Note with written evidence of cancellation thereon.  The Servicer is
      authorized to cause the removal from the registration on the MERS System of
      such
      Mortgage and to execute and deliver, on behalf of the Trustee and the
      Certificateholders or any of them, any and all instruments of satisfaction
      or
      cancellation or of partial or full release.  Expenses incurred in
      connection with any instrument of satisfaction or deed of reconveyance shall
      be
      chargeable to the related Mortgagor.

     

    From
      time
      to time and as shall be appropriate for the servicing or foreclosure of any
      Mortgage Loan, including for such purpose collection under any policy of flood
      insurance, any fidelity bond or errors or omissions policy, or for the purposes
      of effecting a partial release of any Mortgaged Property from the lien of the
      Mortgage or the making of any corrections to the Mortgage Note or the Mortgage
      or any of the other documents included in the Mortgage File, the Trustee shall,
      upon delivery to the Trustee of a Request for Release in the form of Exhibit
      M
      signed by a Servicing Officer, release the Mortgage File to the Servicer or
      its
      designee.  Subject to the further limitations set forth below, the
      Servicer shall cause the Mortgage File or documents so released to be returned
      to the Trustee when the need therefor by the Servicer no longer exists, unless
      the Mortgage Loan is liquidated and the proceeds thereof are deposited in the
      Certificate Account, in which case the Servicer shall deliver to the Trustee
      a
      Request for Release in the form of Exhibit N, signed by a Servicing
      Officer.

     

    If
      the
      Servicer at any time seeks to initiate a foreclosure proceeding in respect
      of
      any Mortgaged Property as authorized by this Agreement, the Servicer shall
      deliver to the Trustee, for signature, as appropriate, any court pleadings,
      requests for trustee’s sale, or other documents necessary to effectuate such
      foreclosure or any legal action brought to obtain judgment against the Mortgagor
      on the Mortgage Note or the Mortgage or to obtain a deficiency judgment or
      to
      enforce any other remedies or rights provided by the Mortgage Note or the
      Mortgage or otherwise available at law or in equity.

     

    Section
      3.14     Documents, Records
      and Funds in Possession of the Servicer to be Held for the
      Trustee.

     

    The
      Servicer shall account fully to the Trustee for any funds it receives or
      otherwise collects as Liquidation Proceeds or Insurance Proceeds in respect
      of
      any Mortgage Loan.  All Mortgage Files and funds collected or held by,
      or under the control of, the Servicer in respect of any Mortgage Loans, whether
      from the collection of principal and interest payments or from Liquidation
      Proceeds, including any funds on deposit in the Certificate Account, shall
      be
      held by the Servicer for and on behalf of the Trustee and shall be and remain
      the sole and exclusive property of the Trustee, subject to the applicable
      provisions of this Agreement.  The Servicer also agrees that it shall
      not create, incur or subject any Mortgage File or any funds that are deposited
      in the Certificate Account, Distribution Account, or any Escrow Account, or
      any
      funds that otherwise are or may become due or payable to the Trustee for the
      benefit of the Certificateholders, to any claim, lien, security interest,
      judgment, levy, writ of attachment, or other encumbrance, or assert by legal
      action or otherwise any claim or right of setoff against any 

     

     

    
      
        
        

      

      
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    Mortgage
      File or any funds collected on, or in connection with, a Mortgage Loan, except,
      however, that the Servicer shall be entitled to set off against and deduct
      from
      any such funds any amounts that are properly due and payable to the Servicer
      under this Agreement.

     

    Section
      3.15    Servicing
      Compensation.

     

    The
      Servicer may retain or withdraw from the Certificate Account the Servicing
      Fee
      for each Mortgage Loan for the related Distribution Date.  If the
      Servicer directly services a Mortgage Loan, the Servicer may retain the
      Servicing Fee for its own account as compensation for performing
      services.  Notwithstanding the foregoing, the Servicing Fee payable to
      the Servicer shall be reduced by the lesser of the aggregate of the Prepayment
      Interest Shortfalls with respect to the Distribution Date and the aggregate
      Compensating Interest for the Distribution Date.

     

    Additional
      servicing compensation in the form of Excess Proceeds, Prepayment Interest
      Excess, assumption fees and all income net of any losses realized from Permitted
      Investments shall be retained by the Servicer to the extent not required to
      be
      deposited in the Certificate Account pursuant to Section 3.06.  The
      Servicer shall be required to pay all expenses incurred by it in connection
      with
      its servicing activities hereunder (including the payment of any premiums for
      hazard insurance, and any Primary Insurance Policy and maintenance of the other
      forms of insurance coverage required by this Agreement) and shall not be
      entitled to reimbursement therefor except as specifically provided in this
      Agreement.

     

    Section
      3.16     Access to Certain
      Documentation.

     

    The
      Servicer shall provide to the OTS and the FDIC and to comparable regulatory
      authorities supervising Holders of Certificates and Certificate Owners and
      the
      examiners and supervisory agents of the OTS, the FDIC, and such other
      authorities, access to the documentation regarding the Mortgage Loans required
      by applicable regulations of the OTS and the FDIC.  Access shall be
      afforded without charge, but only upon reasonable prior written request and
      during normal business hours at the offices designated by the
      Servicer.  Nothing in this Section 3.16 shall limit the obligation of
      the Servicer to observe any applicable law prohibiting disclosure of information
      regarding the Mortgagors and the failure of the Servicer to provide access
      as
      provided in this Section 3.16 as a result of such obligation shall not
      constitute a breach of this Section 3.16.

     

    Section
      3.17    Annual Statement
      as
      to Compliance.

     

    (a)  By
      March 15 of each year, commencing with 2008, the Servicer shall deliver to
      the
      Trustee via electronic mail (DBSEC.Notifications@db.com) and the
      Depositor an Officer’s Certificate signed by two Servicing Officers stating, as
      to each signer thereof, that (i) a review of the activities of the Servicer
      during the preceding calendar year (or applicable portion thereof) and of the
      performance of the Servicer under this Agreement has been made under such
      officer’s supervision, and (ii) to the best of such officer’s knowledge, based
      on the review, the Servicer has fulfilled all its obligations under this
      Agreement, in all material respects throughout the year (or applicable portion
      thereof), or, if there has been a failure to fulfill any obligation in any
      material respect, specifying each failure known to the officer and the nature
      and status thereof.

     

    (b)  [Reserved].

     

    (c)  Copies
      of such statement shall be provided by the Trustee to any Certificateholder
      or
      Certificate Owner upon request at the Servicer’s expense, provided such
      statement is delivered by the Servicer to the Trustee.

     

     

    
      
        
        

      

      
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    Section
      3.18    Errors and Omissions
      Insurance; Fidelity Bonds.

     

    The
      Servicer shall obtain and maintain in force (a) policies of insurance covering
      errors and omissions in the performance of its obligations as Servicer hereunder
      and (b) a fidelity bond covering its officers, employees, and
      agents.  Each policy and bond shall, together, comply with the
      requirements from time to time of FNMA or FHLMC for persons performing servicing
      for mortgage loans purchased by FNMA or FHLMC.  If any policy or bond
      ceases to be in effect, the Servicer shall obtain a comparable replacement
      policy or bond from an insurer or issuer meeting the above requirements as
      of
      the date of the replacement.

     

    Section
      3.19    [Reserved].

     

    Section
      3.20    Prepayment
      Charges.

     

    (a)  The
      Servicer will not waive any part of any Prepayment Charge unless the waiver
      relates to a default or a reasonably foreseeable default, the Prepayment Charge
      would cause an undue hardship to the related borrower, the Mortgaged Property
      is
      sold by the Mortgagor, the collection of any Prepayment Charge would violate
      any
      relevant law or regulation or the waiving of the Prepayment Charge would
      otherwise benefit the Trust Fund and it is expected that the waiver would
      maximize recovery of total proceeds taking into account the value of the
      Prepayment Charge and related Mortgage Loan and doing so is standard and
      customary in servicing similar Mortgage Loans (including any waiver of a
      Prepayment Charge in connection with a refinancing of a Mortgage Loan that
      is
      related to a default or a reasonably foreseeable default).  The
      Servicer will not waive a Prepayment Charge in connection with a refinancing
      of
      a Mortgage Loan that is not related to a default or a reasonably foreseeable
      default.

     

    (b)  If
      a Prepayment Charge is waived other than as permitted by the prior paragraph,
      then the Servicer is required to pay the amount of such waived Prepayment
      Charge, for the benefit of the Holders of the Class P Certificates, by
      depositing such amount into the Distribution Account from its own funds, without
      any right of reimbursement therefor, together with and at the time that the
      amount prepaid on the related Mortgage Loan is required to be deposited into
      the
      Distribution Account.

     

    (c)  The
      Seller represents and warrants to the Depositor and the Trustee, as of the
      Closing Date, that the information in the Prepayment Charge Schedule (including
      the attached prepayment charge summary) is complete and accurate in all material
      respects at the dates as of which the information is furnished and each
      Prepayment Charge is permissible and enforceable in accordance with its terms
      under applicable state law, except as the enforceability thereof is limited
      due
      to acceleration in connection with a foreclosure or other involuntary
      payment.

     

    (d)  Upon
      discovery by the Servicer or upon actual knowledge by a Responsible Officer
      of
      the Trustee (provided, however, that the Trustee shall have no obligation to
      conduct an independent investigation or inquiry in relation thereto) of a breach
      of the foregoing clause (c) that materially and adversely affects the right
      of
      the Holders of the Class P Certificates to any Prepayment Charge, the party
      discovering the breach shall give prompt written notice to the other
      parties.  Within 60 days of the earlier of discovery by the Servicer
      or receipt of notice by the Servicer of breach, the Servicer shall cure the
      breach in all material respects or shall pay into the Certificate Account the
      amount of the Prepayment Charge that would otherwise be due from the Mortgagor,
      less any amount representing such Prepayment Charge previously collected and
      paid by the Servicer into the Certificate Account.

     

     

    
      
        
        

      

      
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    Section
      3.21    Late Payment
      Fees.

     

    (a)  The
      Servicer shall not waive any part of any Late Payment Fee unless (i) the
      collection of any Late Payment Fee would violate any relevant law or regulation
      or (ii) the waiving of the Late Payment Fee would otherwise benefit the Trust
      Fund and it is expected that the waiver would maximize recovery of total
      proceeds, taking into account the value of the Late Payment Fee and related
      Mortgage Loan and doing so is standard and customary in servicing similar
      Mortgage Loans (including the waiver of a Late Payment Fee in connection with
      a
      refinancing of a Mortgage Loan that is related to a default or reasonably
      foreseeable default).

     

    (b)  If
      the covenant made by the Servicer in clause (a) above is breached, the Servicer
      must pay into the Certificate Account prior to the Distribution Account Deposit
      Date following the end of the related Prepayment Period the amount of the waived
      Late Payment Fee.

     

    (c)  The
      Servicer shall remit Late Payment Fees assessable and not waived pursuant to
      clause (a) above in accordance with Section 3.09.

     

     

     

    
      
        
        

      

      
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    ARTICLE
      FOUR

     

    DISTRIBUTIONS
      AND ADVANCES BY THE SERVICER

     

    Section
      4.01    Advances.

     

    (a)  The
      Servicer shall determine on or before each Servicer Advance Date whether it
      is
      required to make an Advance pursuant to the definition thereof.  If
      the Servicer determines it is required to make an Advance, it shall, on or
      before the Servicer Advance Date, either (i) deposit into the Certificate
      Account an amount equal to the Advance or (ii) make an appropriate entry in
      its
      records relating to the Certificate Account that any Amount Held for Future
      Distribution has been used by the Servicer in discharge of its obligation to
      make any such Advance.  Any funds so applied shall be replaced by the
      Servicer by deposit in the Certificate Account no later than the close of
      business on the next Servicer Advance Date.  The Servicer shall be
      entitled to be reimbursed from the Certificate Account for all Advances of
      its
      own funds made pursuant to this Section 4.01 as provided in Section
      3.09.  The obligation to make Advances with respect to any Mortgage
      Loan shall continue if such Mortgage Loan has been foreclosed or otherwise
      terminated and the Mortgaged Property has not been liquidated.  The
      Servicer shall inform the Trustee of the amount of the Advance to be made on
      each Servicer Advance Date no later than the second Business Day before the
      related Distribution Date.

     

    (b)  If
      the Servicer determines that it will be unable to comply with its obligation
      to
      make the Advances as and when described in the second sentence of Section
      4.01(a), it shall use its best efforts to give written notice thereof to the
      Trustee (each such notice an “Advance Notice”; and
      such notice may be given by telecopy), not later than 3:00 P.M., New York time,
      on the Business Day immediately preceding the related Servicer Advance Date,
      specifying the amount that it will be unable to deposit (each such amount an
      “Advance Deficiency”) and certifying that such Advance
      Deficiency constitutes an Advance hereunder and is not a Nonrecoverable
      Advance.  If the Trustee receives a Trustee Advance Notice on or
      before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is
      entitled to immediately terminate the Servicer under Section 7.01, and shall,
      not later than 3:00 P.M., New York time, on the related Distribution Date,
      deposit in the Distribution Account an amount equal to the Advance Deficiency
      identified in such Trustee Advance Notice unless it is prohibited from so doing
      by applicable law.  Notwithstanding the foregoing, the Trustee shall
      not be required to make such deposit if the Trustee shall have received written
      notification from the Servicer that the Servicer has deposited or caused to
      be
      deposited in the Certificate Account an amount equal to such Advance Deficiency
      by 3:00 P.M. New York time on the related Distribution Date.  If the
      Trustee has not terminated the Servicer, the Servicer shall reimburse the
      Trustee for the amount of any Advance (including interest at the Prime Rate
      on
      the day of such reimbursement published in The Wall Street Journal) on such
      amount, made by the Trustee pursuant to this Section 4.01(b) not later than
      the
      second day following the related Servicer Advance Date.  In the event
      that the Servicer does not reimburse the Trustee in accordance with the
      requirements of the preceding sentence, the Trustee shall immediately (a)
      terminate all of the rights and obligations of the Servicer under this Agreement
      in accordance with Section 7.01 and (b) subject to the limitations set forth
      in
      Section 3.05, assume all of the rights and obligations of the Servicer
      hereunder.

     

    (c)  The
      Servicer shall, not later than the close of business on the Business Day
      immediately preceding each Servicer Advance Date, deliver to the Trustee a
      report (in form and substance reasonably satisfactory to the Trustee) that
      indicates (i) the Mortgage Loans with respect to which the Servicer has
      determined that the related Scheduled Payments should be 

     

     

    
      
        
        

      

      
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    advanced
      and (ii) the amount of the related Scheduled Payments.  The Servicer
      shall deliver to the Trustee on the related Servicer Advance Date an Officer’s
      Certificate of a Servicing Officer indicating the amount of any proposed Advance
      determined by the Servicer to be a Nonrecoverable Advance.

     

    Section
      4.02    Priorities of
      Distribution.

     

    (a)  (1)
      On each Distribution Date, the Trustee shall withdraw any Available Funds from
      the Distribution Account and apply such funds to distributions on the Senior
      Certificates in the following priority, in each case, to the extent of Available
      Funds remaining:

     

    (i)           concurrently,
      to each interest-bearing Class of Senior Certificates, an amount allocable
      to
      interest equal to the related Class Optimal Interest Distribution Amount, any
      shortfall being allocated among such Classes in proportion to the amount of
      the
      Class Optimal Interest Distribution Amount that would have been distributed
      in
      the absence of such shortfall; provided that prior to the Accrual Termination
      Date, the Accrual Amount shall be distributed as provided in Section
      4.02(a)(1)(ii);

     

    (ii)           [reserved];

     

    (iii)           concurrently,
      to the Classes of Senior Certificates as follows:

     

    
      	
               

            	
              (A)

            	
              to
                the Class PO Certificates the PO Formula Principal Amount until its
                Class
                Certificate Balance is reduced to zero;
                and

            

    

     

    
      	
               

            	
              (B)

            	
              the
                Non-PO Formula Principal Amount up to the amount of the Senior Principal
                Distribution Amount for such Distribution Date, in the following
                priority:

            

    

     

    (1)
      to
      the Class A-R Certificates, until its Class Certificate Balance is reduced
      to
      zero; and

     

    (2)
      concurrently, to the Class A-1 and Class A-2 Certificates, pro rata, until
      their
      respective Class Certificate Balances are reduced to zero.

     

    (iv)           to
      the Class PO Certificates, any Class PO Deferred Amount, up to an amount not
      to
      exceed the amount calculated pursuant to the definition of Subordinated
      Principal Distribution Amount actually received or advanced for such
      Distribution Date (with such amount to be allocated first from amounts
      calculated pursuant to (i) and (ii) and then (iii) of the definition of
      Subordinated Principal Distribution Amount;

     

    (2)           On
      each Distribution Date, Available Funds remaining after making the distributions
      described in Section 4.02(a)(1) will be distributed to the Subordinated
      Certificates and the Class A-R Certificates, subject to paragraph 4.02(e) below,
      in the following order of priority:

     

    
      	
               

            	
              (A)

            	
              to
                the Class B-1 Certificates, an amount allocable to interest equal
                to the
                Class Optimal Interest Distribution Amount for such Class for such
                Distribution Date;

            

    

     

     

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

            	
              (B)

            	
              to
                the Class B-1 Certificates, an amount allocable to principal equal
                to its
                Pro Rata Share for such Distribution Date until the Class Certificate
                Balance thereof is reduced to zero;

            

    

     

    
      	
               

            	
              (C)

            	
              to
                the Class B-2 Certificates, an amount allocable to interest equal
                to the
                Class Optimal Interest Distribution Amount for such Class for such
                Distribution Date;

            

    

     

    
      	
               

            	
              (D)

            	
              to
                the Class B-2 Certificates, an amount allocable to principal equal
                to its
                Pro Rata Share for such Distribution Date until the Class Certificate
                Balance thereof is reduced to zero;

            

    

     

    
      	
               

            	
              (E)

            	
              to
                the Class B-3 Certificates, an amount allocable to interest equal
                to the
                Class Optimal Interest Distribution Amount for such Class for such
                Distribution Date;

            

    

     

    
      	
               

            	
              (F)

            	
              to
                the Class B-3 Certificates, an amount allocable to principal equal
                to its
                Pro Rata Share for such Distribution Date until the Class Certificate
                Balance thereof is reduced to zero;

            

    

     

    
      	
               

            	
              (G)

            	
              to
                the Class B-4 Certificates, an amount allocable to interest equal
                to the
                Class Optimal Interest Distribution Amount for such Class for such
                Distribution Date;

            

    

     

    
      	
               

            	
              (H)

            	
              to
                the Class B-4 Certificates, an amount allocable to principal equal
                to its
                Pro Rata Share for such Distribution Date until the Class Certificate
                Balance thereof is reduced to zero;

            

    

     

    
      	
               

            	
              (I)

            	
              to
                the Class B-5 Certificates, an amount allocable to interest equal
                to the
                Class Optimal Interest Distribution Amount for such Class for such
                Distribution Date;

            

    

     

    
      	
               

            	
              (J)

            	
              to
                the Class B-5 Certificates, an amount allocable to principal equal
                to its
                Pro Rata Share for such Distribution Date until the Class Certificate
                Balance thereof is reduced to zero;

            

    

     

    
      	
               

            	
              (K)

            	
              to
                the Class B-6 Certificates, an amount allocable to interest equal
                to the
                Class Optimal Interest Distribution Amount for such Class for such
                Distribution Date; and

            

    

     

    
      	
               

            	
              (L)

            	
              to
                the Class B-6 Certificates, an amount allocable to principal equal
                to its
                Pro Rata Share for such Distribution Date until the Class Certificate
                Balance thereof is reduced to zero;

            

    

     

    (3)           to
      the Class A-R Certificates, any remaining funds; provided, that such amounts
      shall not include the $100 held in trust for the Class P
      Certificates.

     

    On
      each
      Distribution Date, all amounts representing Prepayment Charges received during
      the related Prepayment Period (and amounts paid by the Servicer for waiving
      them) will be distributed to the holders of the Class P
      Certificates.  On the Distribution Date immediately following the
      expiration of the latest Prepayment Charge Period of the Mortgage Loans, the
      $100 held in trust for the Class P Certificates 

     

     

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

     

     

    will
      be
      distributed to the Class P Certificates.  On each Distribution Date,
      all amounts representing Late Payment Fees assessable during the related
      Prepayment Period (and amounts paid by the Servicer for waiving them less any
      such amounts not deposited into the Distribution Account by the preceding
      Distribution Account Deposit date plus any such amounts deposited into the
      Distribution Account with respect to prior Prepayment Periods) will be
      distributed to the Holders of the Class L Certificates.

     

    On
      any
      Distribution Date, amounts distributed in respect of Class PO Deferred Amounts
      will not reduce the Class Certificate Balance of the Class PO
      Certificates.

     

    On
      any
      Distribution Date, to the extent the Amount Available for Senior Principal
      is
      insufficient to make the full distribution required to be made pursuant to
      Section 4.02(a)(1)(iii), (A) the amount distributable on the Class PO
      Certificates in respect of principal shall be equal to the product of (1) the
      Amount Available for Senior Principal and (2) a fraction, the numerator of
      which
      is the PO Formula Principal Amount and the denominator of which is the sum
      of
      such PO Formula Principal Amount and the Senior Principal Distribution Amount
      and (B) the amount distributable on the Senior Certificates other than the
      Class
      PO Certificates, in respect of principal shall be equal to the product of (1)
      such Amount Available for Senior Principal and (2) a fraction, the numerator
      of
      which is the Senior Principal Distribution Amount and the denominator of which
      is the sum of such Senior Principal Distribution Amount and the PO Formula
      Principal Amount.

     

    (b)  On
      each Distribution Date prior to and including the Accrual Termination Date,
      the
      Accrual Amount for such Distribution Date shall not (except as provided in
      the
      second to last sentence in this paragraph) be distributed as interest with
      respect to the Class of Accrual Certificates, but shall instead be added to
      the
      Class Certificate Balance of such Class on the related Distribution
      Date.  With respect to any Distribution Date prior to and including
      the Accrual Termination Date on which principal payments on
      the  Class of Accrual Certificates are distributed pursuant to
      Section 4.02(a)(1)(ii), the related Accrual Amount shall be deemed to have
      been
      added on such Distribution Date to the Class Certificate Balance (and
      included in the amount distributable on the related Classes of Accretion
      Directed Certificates pursuant to Section 4.02(a)(1)(ii) for such Distribution
      Date) and the related distribution thereon shall be deemed to have been applied
      concurrently towards the reduction of all or a portion of the amount so added
      and, to the extent of any excess, towards the reduction of the
      Class Certificate Balance of such Class of Accrual Certificates
      immediately prior to such Distribution Date. Notwithstanding any such
      distribution, each such Class shall continue to be a Class of Accrual
      Certificates on each subsequent Distribution Date until the Accrual Termination
      Date.

     

    (c)  [Reserved].

     

    (d)  On
      each Distribution Date, the amount referred to in clause (i) of the definition
      of Class Optimal Interest Distribution Amount for each Class of Certificates
      for
      such Distribution Date shall be reduced by (i) the related Class’ pro rata share
      of Net Prepayment Interest Shortfalls based on the related Class Optimal
      Interest Distribution Amount, without taking into account such Net Prepayment
      Interest Shortfalls and (ii) the related Class’ Allocable Share of (A) after the
      Special Hazard Coverage Termination Date, with respect to each Mortgage Loan
      (or, after the Senior Credit Support Depletion Date, any Mortgage Loan) that
      became a Special Hazard Mortgage Loan during the calendar month preceding the
      month of such Distribution Date, the excess of one month’s interest at the
      Adjusted Net Mortgage Rate on the Stated Principal Balance of such Mortgage
      Loan
      as of the Due Date in such month over the amount of Liquidation Proceeds applied
      as interest on such Mortgage Loan with respect to such month, (B) after the
      Bankruptcy Coverage Termination Date, with respect to each Mortgage Loan (or,
      after the Senior Credit Support Depletion Date, any Mortgage Loan) that became
      subject to a 

     

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

     

     

    Bankruptcy
      Loss during the calendar month preceding the month of such Distribution Date,
      the interest portion of the related Debt Service Reduction or Deficient
      Valuation, (C) each Relief Act Reduction for the Mortgage Loans (or, after
      the
      Senior Credit Support Depletion Date, any Mortgage Loan) incurred during the
      calendar month preceding the month of such Distribution Date and (D) after
      the
      Fraud Loss Coverage Termination Date, (or, after the Senior Credit Support
      Depletion Date, any Mortgage Loan) that became a Fraud Loan during the calendar
      month preceding the month of such Distribution Date, the excess of one month’s
      interest at the Adjusted Net Mortgage Rate on the Stated Principal Balance
      of
      such Mortgage Loan as of the Due Date in such month over the amount of
      Liquidation Proceeds applied as interest on such Mortgage Loan with respect
      to
      such month.

     

    (e)  Notwithstanding
      the priority and allocation contained in Section 4.02(a), if, with respect
      to
      any Class of Subordinated Certificates, on any Distribution Date the sum of
      the
      related Class Subordination Percentages of such Class and of all Classes of
      Subordinated Certificates that 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 on the
      Mortgage Loans will be made to any such Classes (the “Restricted
      Classes”) and the amount of such Principal Prepayments otherwise
      distributable to the Restricted Classes shall be distributed to the Classes
      of
      Subordinated Certificates having lower numerical Class designations than such
      Class, pro rata, based on their respective Class Certificate Balances
      immediately prior to such Distribution Date and shall be distributed in the
      sequential order set forth in Section 4.02(a)(2).  Notwithstanding the
      foregoing, the Class of Subordinated Certificates then outstanding with the
      lowest numerical class designation shall not be a Restricted Class.

     

    (f)  If
      the amount of a Realized Loss on a Mortgage Loan has been reduced by application
      of Subsequent Recoveries with respect to such Mortgage Loan, the amount of
      such
      Subsequent Recoveries will be applied sequentially, in the order of payment
      priority, to increase the Class Certificate Balance of each related Class of
      Certificates to which Realized Losses have been allocated, but in each case
      by
      not more than the amount of Realized Losses previously allocated to that Class
      of Certificates pursuant to Section 4.05.  Holders of such
      Certificates will not be entitled to any payment in respect of the Class Optimal
      Interest Distribution Amount on the amount of such increases for any Interest
      Accrual Period preceding the Distribution Date on which such increase
      occurs.  Any such increases shall be applied to the Certificate
      Balance of each Certificate, of such Class in accordance with its respective
      Percentage Interest.

     

    Section
      4.03    [Reserved].

     

    Section
      4.04    [Reserved].

     

    Section
      4.05    Allocation of
      Realized Losses.

     

    (a)  On
      each Distribution Date, the Trustee shall allocate, based on information
      delivered by the Servicer, the total amount of Realized Losses, including Excess
      Losses, with respect to such Distribution Date.  Realized Losses with
      respect to any Distribution Date shall be allocated as follows:

     

    (i)             the
      applicable PO Percentage of any Realized Loss, including any Excess Loss, shall
      be allocated to the Class PO Certificates until its Class Certificate Balance
      is
      reduced to zero; and

     

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

     

     

    (ii)             (A)
      the applicable Non-PO Percentage of any Realized Loss (other than any Excess
      Loss) shall be allocated first to the Subordinated Certificates in reverse
      order
      of their respective numerical Class designations (beginning with the Class
      of
      Subordinated Certificates then outstanding with the highest numerical Class
      designation) until the respective Class Certificate Balance of each such Class
      is reduced to zero, second to the Class A-2 Certificates, until its Class
      Certificate Balance is reduced to zero, and third, to the Class A-1
      Certificates, until its Class Certificate Balance is reduced to zero;
      and

     

    (B)
      the
      applicable Non-PO Percentage of any Excess Losses on the Mortgage Loans shall
      be
      allocated to the Classes of Senior Certificates (other than the Class PO
      Certificates and Notional Amount Certificates) and the Classes of Subordinated
      Certificates then outstanding, pro rata, on the basis of their respective Class
      Certificate Balances, in each case immediately prior to such Distribution Date
      and until the respective Class Certificate Balances thereof have been reduced
      to
      zero.

     

    (b)  The
      Class Certificate Balance of the Class of Subordinated Certificates then
      outstanding with the highest numerical Class designation shall be reduced on
      each Distribution Date by the sum of (i) the amount of any payments on the
      Class
      PO Certificates in respect of Class PO Deferred Amounts and (ii) the amount,
      if
      any, by which the aggregate Class Certificate Balance of all outstanding Classes
      of Certificates (after giving effect to the distribution of principal and the
      allocation of Realized Losses and Class PO Deferred Amounts on such Distribution
      Date) exceeds the aggregate Stated Principal Balance of the Mortgage Loans
      for
      the following Distribution Date.

     

    (c)  Any
      Realized Loss allocated to a Class of Certificates or any reduction in the
      Class
      Certificate Balance of a Class of Certificates pursuant to Section 4.05(b)
      shall
      be allocated among the Certificates of such Class in proportion to their
      respective Certificate Balances.

     

    (d)  Any
      allocation of Realized Losses to a Certificate or any reduction in the
      Certificate Balance of a Certificate pursuant to Section 4.05(b) shall be
      accomplished by reducing the Certificate Balance thereof immediately following
      the distributions made on the related Distribution Date in accordance with
      the
      definition of Certificate Balance.

     

    (e)  Realized
      Losses shall not be allocated to the Class P and Class L
      Certificates.

     

    Section
      4.06    Monthly Statements
      to
      Certificateholders.

     

    (a)  Not
      later than each Distribution Date, the Trustee shall prepare and make available
      on its website at https://www.tss.db.com/invr to each Certificateholder, the
      Servicer and the Depositor a statement for the related distribution
      of:

     

    (i)           the
      applicable Record Dates, Interest Accrual Periods and Determination Dates for
      calculating distributions for the Distribution Date;

     

    (ii)           the
      amount of funds received from the Servicer for the Distribution Date separately
      identifying amounts received in respect of the Mortgage Loans and the amount
      of
      Advances included in the distribution on the Distribution Date;

     

    (iii)           the
      Servicing Fee and the amounts of any additional servicing compensation received
      by the Servicer attributable to penalties, fees, Excess Proceeds or other
      similar charges 

     

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

     

     

    or
      fees
      and items with respect to the Distribution Date, and, with respect to Lender
      PMI
      Loans, the interest premium charged the related borrower for primary mortgage
      guaranty insurance;

     

    (iv)          the
      Trustee Fee for the Distribution Date;

     

    (v)           the
      aggregate amount of expenses paid from amounts on deposit in the Distribution
      Account;

     

    (vi)          the
      aggregate amount on deposit in the Distribution Account as of the beginning
      and
      end of the related Due Period;

     

    (vii)         the
      amount of the distribution allocable to principal, separately identifying the
      aggregate amount of any Principal Prepayments and Liquidation Proceeds included
      therein;

     

    (viii)        the
      amount of the distribution allocable to interest, any Class Unpaid Interest
      Amounts included in the distribution and any remaining Class Unpaid Interest
      Amounts after giving effect to the distribution;

     

    (ix)           if
      the distribution to the Holders of any Class of Certificates is less than the
      full amount that would be distributable to them if sufficient funds were
      available, the amount of the shortfall and the allocation of the shortfall
      between principal and interest;

     

    (x)           
      the aggregate amount of Realized Losses incurred and Subsequent Recoveries,
      if
      any, received during the preceding calendar month and aggregate Realized Losses
      through the Distribution Date;

     

    (xi)           the
      Class Certificate Balance or Notional Amount of each Class of Certificates
      before and after giving effect to the distribution of principal on the
      Distribution Date;

     

    (xii)          the
      Pass-Through Rate for each Class of Certificates with respect to the
      Distribution Date;

     

    (xiii)         [reserved];

     

    (xiv)         the
      number of Mortgage Loans and the aggregate Stated Principal Balance of the
      Mortgage Loans as the first day of the related Due Period and the last day
      of
      the related Due Period;

     

    (xv)          as
      of the last day of the related Due Period:

     

    
      	
               

            	
              (A)

            	
              the
                weighted average Mortgage Rate of the Mortgage Loans,
                and

            

    

     

    
      	
               

            	
              (B)

            	
              the
                weighted average remaining term to maturity of the Mortgage
                Loans;

            

    

     

    (xvi)         the
      number and aggregate outstanding Stated Principal Balance of the Mortgage Loans
      as of the end of the preceding calendar month:

     

    
      	
               

            	
              (A)

            	
              delinquent
                (exclusive of Mortgage Loans in foreclosure) (1) 30 to 59 days, (2)
                60 to
                89 days and (3) 90 or more days and

            

    

     

    
      	
               

            	
              (B)

            	
              in
                foreclosure and delinquent (1) 30 to 59 days, (2) 60 to 89 days and
                (3) 90
                or more days,

            

    

     

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

     

     

    in
      each
      case as of the close of business on the last day of the calendar month preceding
      the Distribution Date;

     

    (xvii)         for
      each of the preceding 12 calendar months, or all calendar months since the
      Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled
      Payments (A) due on all Outstanding Mortgage Loans on the Due Date in each
      such
      month and (B) delinquent sixty (60) days or more on the Due Date in each such
      month;

     

    (xviii)       with
      respect to any Mortgage Loan that became an REO Property during the preceding
      calendar month, the loan number and Stated Principal Balance of the Mortgage
      Loan as of the close of business on the Determination Date preceding the
      Distribution Date;

     

    (xix)          the
      total number and principal balance of any REO Properties (and market value,
      if
      available) as of the close of business on the Determination Date preceding
      the
      Distribution Date;

     

    (xx)           the
      aggregate amount of Principal Prepayments received during the related Prepayment
      Period and the number of Mortgage Loans subject to such Principal
      Prepayments;

     

    (xxi)          the
      amount of Advances included in the distribution on the Distribution Date and
      the
      aggregate amount of Advances outstanding as of the close of business on the
      Determination Date;

     

    (xxii)         the
      aggregate amount of Advances reimbursed during the related Due Period, the
      general source of funds for such reimbursements and the aggregate amount of
      Advances outstanding as of the close of business on the Determination
      Date;

     

    (xxiii)        the
      aggregate amount of Servicing Advances reimbursed during the related Due Period,
      the general source of funds for such reimbursements and the aggregate amount
      of
      Servicing Advances outstanding as of the close of business on the Determination
      Date;

     

    (xxiv)        the
      aggregate number and outstanding Stated Principal Balance of Mortgage Loans
      repurchased during the related Due Period due to material breaches of
      representations and warranties regarding such Mortgage Loans;

     

    (xxv)         the
      Senior Prepayment Percentage and Subordinated Prepayment Percentage for the
      Distribution Date;

     

    (xxvi)        the
      Senior Percentage and Subordinated Percentage for the Distribution
      Date;

     

    (xxvii)       the
      Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the
      Bankruptcy Loss Coverage Amount, in each case as of the related Determination
      Dates;

     

    (xxviii)      Prepayment
      Charges collected or waived by the Servicer;

     

    (xxix)         Late
      Payment Fees collected or waived by the Servicer;

     

    (xxx)          the
      aggregate Stated Principal Balance of the Mortgage Loans that became Liquidated
      Mortgage Loans in the prior month and since the Cut-off Date (in each case
      immediately prior to the Stated Principal Balance being reduced to
      zero);

     

     

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

     

     

    (xxxi)                      [reserved];

     

    (xxxii)                      the
      Stated Principal Balance of any Mortgage Loan that has been repurchased by
      the
      Servicer in accordance with Section 2.02, 2.03 or 3.12; and

     

    (xxxiii)                      the
      Stated Principal Balance of any Substitute Mortgage Loan provided by the Seller
      and the Stated Principal Balance of any Mortgage Loan that has been replaced
      by
      a Substitute Mortgage Loan in accordance with Section 2.03.

     

    The
      Trustee’s responsibility for disbursing the above information to the
      Certificateholders is limited to the availability, timeliness and accuracy
      of
      the information derived from the Servicer.

     

    By
      the
      Reporting Date, the Servicer shall provide to the Trustee in electronic form
      the
      information needed to determine the distributions to be made pursuant to Section
      4.02 and any other information on which the Servicer and the Trustee mutually
      agree.

     

    (b)  On
      or before the fifth Business Day following the end of each Prepayment Period
      (but in no event later than the third Business Day prior to the related
      Distribution Date), the Servicer shall deliver to the Trustee (which delivery
      may be by electronic data transmission) a report in substantially the form
      set
      forth as Schedule V.

     

    (c)  Within
      a reasonable period of time after the end of each calendar year, the Trustee
      shall cause to be furnished to each Person who at any time during the calendar
      year was a Certificateholder, a statement containing the information set forth
      in clauses (a)(v) and (a)(vi) of this Section 4.06 aggregated for such calendar
      year or applicable portion thereof during which such Person was a
      Certificateholder.  Such obligation of the Trustee shall be deemed to
      have been satisfied to the extent that substantially comparable information
      shall be provided by the Trustee pursuant to any requirements of the Code as
      from time to time in effect.

     

    Section
      4.07    [Reserved].

     

    Section
      4.08    [Reserved].

     

    Section
      4.09    Determination
      of
      Pass-Through Rates for LIBOR Certificates.

     

    On
      each
      LIBOR Determination Date so long as the LIBOR Certificates are outstanding,
      the
      Trustee will determine LIBOR on the basis of the British Bankers’ Association
      (“BBA”) “Interest Settlement Rate” for one-month
      deposits in U.S. dollars as found on Reuters Page LIBOR01 as of 11:00 a.m.
      London time on each LIBOR Determination Date.

     

    (a)  If
      LIBOR cannot be determined as provided in the first paragraph of this Section
      4.09, the Trustee shall either (i) request each Reference Bank to inform the
      Trustee of the quotation offered by its principal London office for making
      one-month United States dollar deposits in leading banks in the London interbank
      market, as of 11:00 a.m. (London time) on such LIBOR Determination Date or
      (ii)
      in lieu of making any such request, rely on such Reference Bank quotations
      that
      appear at such time on the Reuters Page LIBOR01 (as defined in the International
      Swap Dealers Association Inc. Code of Standard Wording, Assumptions and
      Provisions for Swaps, 1986 Edition), to the extent available.

     

     

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

     

               (b)  LIBOR
      for the
      next Interest Accrual Period for a Class of LIBOR Certificates will be
      established by the Trustee on each LIBOR Determination Date as
      follows:

     

    (i)           If
      on any LIBOR Determination Date two or more Reference Banks provide such offered
      quotations, LIBOR for the next Interest  Accrual Period for a Class of
      LIBOR Certificates shall be the arithmetic mean of such offered quotations
      (rounding such arithmetic mean upwards if necessary to the nearest whole
      multiple of 1/32%).

     

    (ii)           If
      on any LIBOR Determination Date only one or none of the Reference Banks provides
      such offered quotations, LIBOR for the next Interest Accrual Period for a Class
      of LIBOR Certificates shall be whichever is the higher of (i) LIBOR as
      determined on the previous LIBOR Determination Date or (ii) the Reserve Interest
      Rate.  The “Reserve Interest Rate” shall be the rate per annum which
      the Trustee determines to be either (i) the arithmetic mean (rounded upwards
      if
      necessary to the nearest whole multiple of 1/32%) of the one-month United States
      dollar lending rates that New York City banks selected by the Trustee are
      quoting, on the relevant LIBOR Determination Date, to the principal London
      offices of at least two of the Reference Banks to which such quotations are,
      in
      the opinion of the Trustee, being so made, or (ii) in the event that the Trustee
      can determine no such arithmetic mean, the lowest one-month United States dollar
      lending rate which New York City banks selected by  the Trustee are
      quoting on such LIBOR Determination Date to leading European banks.

     

    (iii)           If
      on any LIBOR Determination Date the Trustee is required but is unable to
      determine the Reserve Interest Rate in the manner provided in paragraph (b)
      above, LIBOR shall be LIBOR as determined on the preceding LIBOR Determination
      Date, or, in the case of the first LIBOR Determination Date, the Initial LIBOR
      Rate.

     

    (c)          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 Servicer initially
      shall designate the Reference Banks.  Each “Reference Bank” shall be a
      leading bank engaged in transactions in Eurodollar deposits in the international
      Eurocurrency market, shall not control, be controlled by, or be under common
      control with, the Trustee and shall have an established place of business in
      London.  If any such Reference Bank should be unwilling or unable to
      act as such or if the Servicer should terminate its appointment as Reference
      Bank, the Trustee shall promptly appoint or cause to be appointed another
      Reference Bank.  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.

     

    (d)          The
      Pass-Through Rate for each Class of LIBOR Certificates for each related Interest
      Accrual Period shall be determined by the Trustee on each LIBOR Determination
      Date so long as the LIBOR Certificates are outstanding on the basis of LIBOR
      and
      the respective formulae appearing in footnotes corresponding to the LIBOR
      Certificates in the table relating to the Certificates in the Preliminary
      Statement.

     

    (e)          In
      determining LIBOR, any Pass-Through Rate for the LIBOR Certificates, any
      Interest Settlement Rate, or any Reserve Interest Rate, the Trustee may
      conclusively rely and shall be protected in relying upon the offered quotations
      (whether written, oral or on the Dow Jones Markets) from the BBA designated
      banks, the Reference Banks or the New York City banks as to LIBOR, the Interest
      Settlement Rate or the Reserve Interest Rate, as appropriate, in effect from
      time to time.  The Trustee shall not have any liability or
      responsibility to any Person 

     

     

    
      
        
        

      

      
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    for
      (i)
      the Trustee’s selection of New York City banks for purposes of determining any
      Reserve Interest Rate or (ii) its inability, following a good-faith reasonable
      effort, to obtain such quotations from, the BBA designated banks, the Reference
      Banks or the New York City banks or to determine such arithmetic mean, all
      as
      provided for in this Section 4.09.

     

    (f)  The
      establishment of LIBOR and each Pass-Through Rate for the LIBOR Certificates
      by
      the Trustee shall (in the absence of manifest error) be final, conclusive and
      binding upon each Holder of a Certificate and the Trustee.

     

    (g)  The
      Pass-Through Rate for the Interest Accrual Period for the first Distribution
      Date for each Class of LIBOR Certificates is set forth in the applicable
      footnote under the heading “Master REMIC” in the Preliminary
      Statement.

     

     

    
      
        
        

      

      
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    ARTICLE
      FIVE

     

    THE
      CERTIFICATES

     

    Section
      5.01    The
      Certificates.

     

    The
      Certificates shall be substantially in the forms attached hereto as
      exhibits.  The Certificates shall be issuable in registered form, in
      the minimum denominations, integral multiples of $1,000 in excess thereof
      (except that one Certificate in each Class may be issued in a different amount
      which must exceed the applicable minimum denomination) and aggregate
      denominations per Class set forth in the Preliminary Statement.

     

    Subject
      to Section 9.02 respecting the final distribution on the Certificates, on each
      Distribution Date the Trustee shall make distributions to each Certificateholder
      of record on the preceding Record Date either (x) by wire transfer in
      immediately available funds to the account of such holder at a bank or other
      entity having appropriate facilities therefor, if such Holder has so notified
      the Trustee at least five Business Days before the related Record Date or (y)
      by
      check mailed by first class mail to such Certificateholder at the address of
      such holder appearing in the Certificate Register.

     

    The
      Trustee shall execute the Certificates by the manual or facsimile signature
      of
      an authorized officer.  Certificates bearing the manual or facsimile
      signatures of individuals who were, at the time such signatures were affixed,
      authorized to sign on behalf of the Trustee shall bind the Trustee,
      notwithstanding that such individuals or any of them have ceased to be so
      authorized before the countersignature and delivery of any such Certificates
      or
      did not hold such offices at the date of such Certificate.  No
      Certificate shall be entitled to any benefit under this Agreement, or be valid
      for any purpose, unless countersigned by the Trustee by manual signature, and
      such countersignature upon any Certificate shall be conclusive evidence, and
      the
      only evidence, that such Certificate has been duly executed and delivered
      hereunder.  All Certificates shall be dated the date of their
      countersignature.  On the Closing Date, the Trustee shall countersign
      the Certificates to be issued at the direction of the Depositor, or any
      affiliate thereof.

     

    The
      Depositor shall provide the Trustee, on a continuous basis with an adequate
      inventory of Certificates to facilitate transfers.

     

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

     

    (a)  The
      Trustee shall maintain, in accordance with Section 5.06, a Certificate Register
      for the Trust Fund in which, subject to subsections (b) and (c) below and to
      such reasonable regulations as it may prescribe, the Trustee shall provide
      for
      the registration of Certificates and of transfers and exchanges of Certificates
      as herein provided.  Upon surrender for registration of transfer of
      any Certificate, the Trustee shall execute and deliver, in the name of the
      designated transferee or transferees, one or more new Certificates of the same
      Class and aggregate Percentage Interest.

     

    At
      the
      option of a Certificateholder, Certificates may be exchanged for other
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest upon surrender of the Certificates to be
      exchanged at the office or agency of the Trustee.  Whenever any
      Certificates are so surrendered for exchange, the Trustee shall execute,
      authenticate, and deliver the Certificates that the Certificateholder making
      the
      exchange is entitled to receive.  A written instrument of transfer in
      form satisfactory to the Trustee duly executed by the holder of a Certificate
      or
      his attorney duly 

     

     

    
      
        
        

      

      
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    authorized
      in writing shall accompany every Certificate presented or surrendered for
      registration of transfer or exchange.

     

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

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      cancelled and subsequently destroyed by the Trustee in accordance with the
      Trustee’s customary procedures.

     

    (b)  No
      transfer of a Private Certificate shall be made unless such transfer is made
      pursuant to an effective registration statement under the Securities Act and
      any
      applicable state securities laws or is exempt from the registration requirements
      under the Securities Act and such state securities laws.  If a
      transfer is to be made in reliance on an exemption from the Securities Act
      and
      such state securities laws, to assure compliance with the Securities Act and
      such state securities laws, the Certificateholder desiring to effect such
      transfer and such Certificateholder’s prospective transferee shall each certify
      to the Trustee in writing the facts surrounding the transfer in substantially
      the form set forth in Exhibit J (the “Transferor
      Certificate”) and deliver to the Trustee either (i) a letter in
      substantially the form of either Exhibit K (the “Investment
      Letter”) or Exhibit L (the “Rule 144A
      Letter”) or (ii) at the expense of the transferor, an Opinion of
      Counsel that the transfer may be made without registration under the Securities
      Act.  The Depositor shall provide to any Holder of a Private
      Certificate and any prospective transferee designated by that Holder,
      information regarding the related Certificates and the Mortgage Loans and any
      other information necessary to satisfy the condition to eligibility in Rule
      144A(d)(4) for transfer of the Certificate without registration thereof under
      the Securities Act pursuant to the registration exemption provided by Rule
      144A.  The Trustee and the Servicer shall cooperate with the Depositor
      in providing the Rule 144A information referenced in the preceding sentence,
      including providing to the Depositor such information regarding the
      Certificates, the Mortgage Loans, and other matters regarding the Trust Fund
      as
      the Depositor reasonably requests to meet its obligation under the preceding
      sentence.  Each Holder of a Private Certificate desiring to effect a
      transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor,
      the Seller, and the Servicer against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of an ERISA-Restricted Certificate shall be made unless the Trustee
      shall have received either (i) a representation from the transferee of such
      Certificate acceptable to and in form and substance satisfactory to the Trustee
      (if the Certificate is a Private Certificate, the requirement is satisfied
      only
      by the Trustee’s receipt of a representation letter from the transferee
      substantially in the form of Exhibit K or Exhibit L, and if the Certificate
      is a
      Residual Certificate, the requirement is satisfied only by the Trustee’s receipt
      of a representation letter from the transferee substantially in the form of
      Exhibit I), to the effect that (x) the transferee is not an employee benefit
      plan or arrangement subject to section 406 of ERISA or a plan subject to section
      4975 of the Code, or a person acting on behalf of any such plan or arrangement
      or using the assets of any such plan or arrangement to effect the transfer,
      or
      (y) if the ERISA-Restricted Certificate has been the subject of an
      ERISA-Qualifying Underwriting, a representation that the transferee is an
      insurance company that is purchasing such Certificate 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 Certificate
      satisfy the requirements for exemptive relief under Sections I and III of PTCE
      95-60, or (ii) in the case of any ERISA-Restricted Certificate presented for
      registration in the name of an employee benefit plan subject to ERISA, or a
      plan
      or arrangement subject to section 4975 of the Code (or comparable provisions
      of
      any subsequent enactments), or a trustee of any such plan or any other person
      

     

     

    
      
        
        

      

      
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    acting
      on
      behalf of any such plan or arrangement or using such plan’s or arrangement’s
      assets, an Opinion of Counsel satisfactory to the Trustee, which Opinion of
      Counsel shall not be an expense of the Trustee, the Servicer or the Trust Fund,
      addressed to the Trustee and the Servicer, to the effect that the purchase
      and
      holding of such ERISA-Restricted Certificate will not result in a non-exempt
      prohibited transaction under ERISA or section 4975 of the Code and will not
      subject the Trustee or the Servicer to any obligation in addition to those
      expressly undertaken in this Agreement or to any liability.  For
      purposes of the preceding sentence, with respect to an ERISA-Restricted
      Certificate that is not a Residual Certificate, if the appropriate
      representation letter or Opinion of Counsel referred to in the preceding
      sentence is not furnished, the representation in clause (i) above shall be
      deemed to have been made to the Trustee by the transferee’s (including an
      initial acquirer’s) acceptance of the ERISA-Restricted
      Certificates.  If the representation is violated, or any attempt is
      made to transfer to a plan or arrangement subject to section 406 of ERISA or
      a
      plan subject to section 4975 of the Code, or a person acting on behalf of any
      such plan or arrangement or using the assets of any such plan or arrangement,
      without the Opinion of Counsel described above, the attempted transfer or
      acquisition shall be void.

     

    To
      the
      extent permitted under applicable law (including ERISA), the Trustee shall
      be
      under no liability to any Person for any registration of transfer of any
      ERISA-Restricted Certificate that is in fact not permitted by this Section
      5.02(b) or for making any payments due on such Certificate to the Holder thereof
      or taking any other action with respect to such Holder under this Agreement
      so
      long as the transfer was registered by the Trustee in accordance with the
      foregoing requirements.

     

    (c)  Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions, and the rights of each
      Person acquiring any Ownership Interest in a Residual Certificate are expressly
      subject to the following provisions:

     

    (i)           Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

    (ii)           No
      Ownership Interest in a Residual Certificate may be registered on the Closing
      Date or thereafter transferred, and the Trustee shall not register the Transfer
      of any Residual Certificate unless, in addition to the certificates required
      to
      be delivered to the Trustee under subparagraph (b) above, the Trustee shall
      have
      been furnished with an affidavit (a “Transfer
      Affidavit”) of the initial owner or the proposed transferee in the
      form of Exhibit I.

     

    (iii)           Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (A) to obtain a Transfer Affidavit from any other Person to whom
      such Person attempts to Transfer its Ownership Interest in a Residual
      Certificate, (B) to obtain a Transfer Affidavit from any Person for whom such
      Person is acting as nominee, trustee or agent in connection with any Transfer
      of
      a Residual Certificate and (C) not to Transfer its Ownership Interest in a
      Residual Certificate or to cause the Transfer of an Ownership Interest in a
      Residual Certificate to any other Person if it has actual knowledge that such
      Person is not a Permitted Transferee.

     

    (iv)           Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of this Section 5.02(c) shall be absolutely null and
      void and shall vest no rights in the purported Transferee.  If any
      purported transferee shall become a Holder of a Residual Certificate in
      violation of this Section 5.02(c), then the last preceding Permitted Transferee
      shall be restored to all rights as Holder thereof retroactive to the date of
      registration of Transfer of such Residual Certificate.  The Trustee
      shall be under no liability to any Person for 

     

     

    
      
        
        

      

      
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    any
      registration of Transfer of a Residual Certificate that is in fact not permitted
      by Section 5.02(b) and this Section 5.02(c) or for making any payments due
      on
      such Certificate to the Holder thereof or taking any other action with respect
      to such Holder under this Agreement so long as the Transfer was registered
      after
      receipt of the related Transfer Affidavit, Transferor Certificate and either
      the
      Rule 144A Letter or the Investment Letter.  The Trustee shall be
      entitled but not obligated to recover from any Holder of a Residual Certificate
      that was in fact not a Permitted Transferee at the time it became a Holder
      or,
      at such subsequent time as it became other than a Permitted Transferee, all
      payments made on such Residual Certificate at and after either such
      time.  Any such payments so recovered by the Trustee shall be paid and
      delivered by the Trustee to the last preceding Permitted Transferee of such
      Certificate.

     

    (v)           The
      Depositor shall use its best efforts to make available, upon receipt of written
      request from the Trustee, all information necessary to compute any tax imposed
      under section 860E(e) of the Code as a result of a Transfer of an Ownership
      Interest in a Residual Certificate to any Holder who is not a Permitted
      Transferee.

     

    The
      restrictions on Transfers of a Residual Certificate set forth in this Section
      5.02(c) shall cease to apply (and the applicable portions of the legend on
      a
      Residual Certificate may be deleted) with respect to Transfers occurring after
      delivery to the Trustee of an Opinion of Counsel, which Opinion of Counsel
      shall
      not be an expense of the Trust Fund, the Trustee, the Seller or the Servicer,
      to
      the effect that the elimination of such restrictions will not cause any REMIC
      created under this Agreement to fail to qualify as a REMIC at any time that
      the
      Certificates are outstanding or result in the imposition of any tax on the
      Trust
      Fund, a Certificateholder or another Person.  Each Person holding or
      acquiring any Ownership Interest in a Residual Certificate hereby consents
      to
      any amendment of this Agreement which, based on an Opinion of Counsel furnished
      to the Trustee, is reasonably necessary (a) to ensure that the record ownership
      of, or any beneficial interest in, a Residual Certificate is not transferred,
      directly or indirectly, to a Person that is not a Permitted Transferee and
      (b)
      to provide for a means to compel the Transfer of a Residual Certificate which
      is
      held by a Person that is not a Permitted Transferee to a Holder that is a
      Permitted Transferee.

     

    (d)  The
      preparation and delivery of all certificates and opinions referred to above
      in
      this Section 5.02 in connection with transfer shall be at the expense of the
      parties to such transfers.

     

    (e)  Except
      as provided below, the Book-Entry Certificates shall at all times remain
      registered in the name of the Depository or its nominee and at all times: (i)
      registration of the Certificates may not be transferred by the Trustee except
      to
      another Depository; (ii) the Depository shall maintain book-entry records with
      respect to the Certificate Owners and with respect to ownership and transfers
      of
      such Book-Entry Certificates; (iii) ownership and transfers of registration
      of
      the Book-Entry Certificates on the books of the Depository shall be governed
      by
      applicable rules established by the Depository; (iv) the Depository may collect
      its usual and customary fees, charges and expenses from its Depository
      Participants; (v) the Trustee shall deal with the Depository, Depository
      Participants and Indirect Participants as representatives of the Certificate
      Owners of the Book-Entry Certificates for purposes of exercising the rights
      of
      holders under this Agreement, and requests and directions for and votes of
      such
      representatives shall not be deemed to be inconsistent if they are made with
      respect to different Certificate Owners; and (vi) the Trustee may rely and
      shall
      be fully protected in relying upon information furnished by the Depository
      with
      respect to its Depository Participants and furnished by the Depository
      Participants with respect to Indirect Participants and persons shown on the
      books of such Indirect Participants as direct or indirect Certificate
      Owners.

     

     

    
      
        
        

      

      
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    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 the Certificate Owner.  Each Depository
      Participant shall only transfer Book-Entry Certificates of Certificate Owners
      it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures.

     

    If
      (x)
      (i)  the Depository or the Depositor advises the Trustee in writing
      that the Depository is no longer willing or able to properly discharge its
      responsibilities as Depository, and (ii) the Trustee or the Depositor is unable
      to locate a qualified successor or (y) after the occurrence of an Event of
      Default, Certificate Owners representing at least 51% of the Certificate Balance
      of the Book-Entry Certificates together advise the Trustee and the Depository
      through the Depository Participants in writing that the continuation of a
      book-entry system through the Depository is no longer in the best interests
      of
      the Certificate Owners, the Trustee shall notify all Certificate Owners, through
      the Depository, of the occurrence of any such event and of the availability
      of
      definitive, fully-registered Certificates (the “Definitive Certificates”) to
      Certificate Owners requesting the same.  Upon surrender to the Trustee
      of the related Class of Certificates by the Depository, accompanied by the
      instructions from the Depository for registration, the Trustee shall issue
      the
      Definitive Certificates.  Neither the Servicer, the Depositor nor the
      Trustee shall be liable for any delay in delivery of such instruction and each
      may conclusively rely on, and shall be protected in relying on, such
      instructions.  The Servicer shall provide the Trustee with an adequate
      inventory of certificates to facilitate the issuance and transfer of Definitive
      Certificates.  Upon the issuance of Definitive Certificates all
      references herein to obligations imposed upon or to be performed by the
      Depository shall be deemed to be imposed upon and performed by the Trustee,
      to
      the extent applicable with respect to such Definitive Certificates and the
      Trustee shall recognize the Holders of the Definitive Certificates as
      Certificateholders hereunder; provided that the Trustee shall not by virtue
      of
      its assumption of such obligations become liable to any party for any act or
      failure to act of the Depository.

     

    Section
      5.03    Mutilated, Destroyed,
      Lost or Stolen Certificates.

     

    If
      (a)
      any mutilated Certificate is surrendered to the Trustee, or (b) the Trustee
      receives evidence to its satisfaction of the destruction, loss, or theft of
      any
      Certificate and the Servicer and the Trustee receive the security or indemnity
      required by them to hold each of them harmless, then, in the absence of notice
      to the Trustee that the Certificate has been acquired by a Protected Purchaser,
      and if the requirements of Section 8-406 of the UCC are met and subject to
      Section 8-405 of the UCC, the Trustee shall execute, countersign, and deliver,
      in exchange for or in lieu of any such mutilated, destroyed, lost, or stolen
      Certificate, a new Certificate of like Class, tenor, and Percentage
      Interest.  In connection with the issuance of any new Certificate
      under this Section 5.03, the Trustee may require the payment of a sum sufficient
      to cover any tax or other governmental charge that may be imposed in relation
      thereto and any other expenses (including the fees and expenses of the Trustee)
      connected therewith.  Any replacement Certificate issued pursuant to
      this Section 5.03 shall constitute complete and indefeasible evidence of
      ownership, as if originally issued, whether or not the lost, stolen, or
      destroyed Certificate is found at any time.

     

    Section
      5.04    Persons Deemed
      Owners.

     

    The
      Servicer, the Trustee, and any agent of the Servicer or the Trustee may treat
      the Person in whose name any Certificate is registered as the owner of such
      Certificate for the purpose of receiving distributions as provided in this
      Agreement and for all other purposes whatsoever, and neither the Servicer,
      the
      Trustee nor any agent of the Servicer or the Trustee shall be affected by any
      notice to the contrary.

     

     

    
      
        
        

      

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

     

    If
      three
      or more Certificateholders and/or Certificate Owners (a) request such
      information in writing from the Trustee, (b) state that such Certificateholders
      and/or Certificate Owners desire to communicate with other Certificateholders
      and/or Certificate Owners with respect to their rights under this Agreement
      or
      under the Certificates, and (c) provide a copy of the communication which such
      Certificateholders and/or Certificate Owners propose to transmit, or if the
      Depositor or Servicer shall request such information in writing from the
      Trustee, then the Trustee shall, within ten Business Days after the receipt
      of
      such request, provide the Depositor, the Servicer or such Certificateholders
      and/or Certificate Owners at such recipients’ expense the most recent list of
      the Certificateholders of such Trust Fund held by the Trustee.  The
      Depositor and every Certificateholder and/or Certificate Owner, by receiving
      and
      holding a Certificate, agree that the Trustee shall not be held accountable
      because of the disclosure of any such information as to the list of the
      Certificateholders hereunder, regardless of the source from which such
      information was derived.

     

    Section
      5.06    Maintenance of
      Office
      or Agency.

     

    The
      Certificate Registrar will maintain at its expense an office or offices or
      agency or agencies in the United States located at DB Services Tennessee, 648
      Grassmere Park Rd., Nashville, TN 37211-3658 Attention:  Transfer
      Unit., where Certificates may be surrendered for registration of transfer or
      exchange.  The Certificate Registrar will give prompt written notice
      to the Certificateholders and the Trustee (if other than the Certificate
      Registrar) of any change in such location of any such office or
      agency.

     

     

    
      
        
        

      

      
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    ARTICLE
      SIX

     

    THE
      DEPOSITOR AND THE SERVICER

     

    Section
      6.01    Respective
      Liabilities of the Depositor and the Servicer.

     

    The
      Depositor and the Servicer shall each be liable in accordance with this
      Agreement only to the extent of the obligations specifically and respectively
      imposed upon and undertaken by them in this Agreement.

     

    Section
      6.02    Merger or
      Consolidation of the Depositor or the Servicer.

     

    The
      Depositor and the Servicer will each keep in full effect their existence and
      their rights and franchises as a corporation and a federal savings bank,
      respectively, under the laws of the United States or under the laws of one
      of
      the states thereof and will each obtain and preserve its qualification to do
      business as a foreign corporation in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, or any of the Mortgage Loans and to perform
      its respective duties under this Agreement.

     

    Any
      Person into which the Depositor or the Servicer may be merged or consolidated,
      or any Person resulting from any merger or consolidation to which the Depositor
      or the Servicer shall be a party, or any person succeeding to the business
      of
      the Depositor or the Servicer, shall be the successor of the Depositor or the
      Servicer, as the case may be, hereunder, without the execution or filing of
      any
      paper or any further act on the part of any of the parties hereto, anything
      herein to the contrary notwithstanding; provided, however, that the successor
      or
      surviving Person to the Servicer shall be qualified to sell mortgage loans
      to,
      and to service mortgage loans on behalf of, FNMA or FHLMC.

     

    As
      a
      condition to the effectiveness of any merger or consolidation, at least 15
      calendar days prior to the effective date of any merger or consolidation of
      the
      Servicer, the Servicer shall provide (x) written notice to the Depositor of
      any
      successor pursuant to this Section and (y) in writing and in form and substance
      reasonably satisfactory to the Depositor, all information reasonably requested
      by the Depositor in order to comply with its reporting obligation under Item
      6.02 of Form 8-K with respect to a replacement Servicer.

     

    Section
      6.03    Limitation on
      Liability of the Depositor, the Seller, the Servicer, and
      Others.

     

    None
      of
      the Depositor, the Seller, the Servicer or any of the directors, officers,
      employees or agents of the Depositor, the Seller or the Servicer shall be under
      any liability to the Certificateholders for any action taken or for refraining
      from the taking of any action in good faith pursuant to this Agreement, or
      for
      errors in judgment; provided, however, that this provision shall not protect
      the
      Depositor, the Seller, the Servicer or any such Person against any breach of
      representations or warranties made by it herein or protect the Depositor, the
      Seller, the Servicer or any such Person from any liability which would otherwise
      be imposed by reasons of willful misfeasance, bad faith or gross negligence
      in
      the performance of duties or because of reckless disregard of obligations and
      duties hereunder.  The Depositor, the Seller, the Servicer, and any
      director, officer, employee or agent of the Depositor, the Seller or the
      Servicer may rely in good faith on any document of any kind prima facie properly
      executed and submitted by any Person respecting any matters arising
      hereunder.  The Depositor, the Seller, the Servicer, and any director,
      officer, employee or agent of the Depositor, the Seller or the Servicer shall
      be
      indemnified by the Trust Fund and held harmless against any loss, liability
      or
      expense incurred in connection with any audit, controversy or judicial
      proceeding relating to a governmental taxing authority or any legal action
      relating to this Agreement or the Certificates, other than any loss, liability
      or expense related to any specific 

    
 

    
      
        
        

      

      
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    Mortgage
      Loan or Mortgage Loans (except as any such loss, liability or expense shall
      be
      otherwise reimbursable pursuant to this Agreement) and any loss, liability
      or
      expense incurred because of willful misfeasance, bad faith or gross negligence
      in the performance of duties hereunder or because of reckless disregard of
      obligations and duties hereunder.  None of the Depositor, the Seller
      or the Servicer shall be under any obligation to appear in, prosecute or defend
      any legal action that is not incidental to its respective duties hereunder
      and
      which in its opinion may involve it in any expense or liability; provided,
      however, that any of the Depositor, the Seller or the Servicer may in its
      discretion undertake any such action that it may deem appropriate in respect
      of
      this Agreement and the rights and duties of the parties hereto and interests
      of
      the Trustee and 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 Depositor,
      the Seller, and the Servicer shall be entitled to be reimbursed therefor out
      of
      the Certificate Account.

     

    Section
      6.04    Limitation on
      Resignation of the Servicer.

     

    The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except (a) upon appointment of a successor servicer and receipt by the Trustee
      of a letter from each Rating Agency that such a resignation and appointment
      will
      not result in a downgrading, qualification or withdrawal of the rating of any
      of
      the Certificates or (b) upon determination that its duties under this Agreement
      are no longer permissible under applicable law.  Any such
      determination under clause (b) permitting the resignation of the Servicer shall
      be evidenced by an Opinion of Counsel to such effect delivered to the
      Trustee.  No such resignation shall become effective until the Trustee
      or a successor servicer shall have assumed the Servicer’s responsibilities,
      duties, liabilities and obligations under this Agreement and the Depositor
      shall
      have received the information described in the following sentence.  As
      a condition to the effectiveness of any such resignation, at least 15 calendar
      days prior to the effective date of such resignation, the Servicer shall provide
      (x) written notice to the Depositor of any successor pursuant to this Section
      and (y) in writing and in form and substance reasonably satisfactory to the
      Depositor, all information reasonably requested by the Depositor in order to
      comply with its reporting obligation under Item 6.02 of Form 8-K with respect
      to
      the resignation of the Servicer.

     

     

    
      
        
        

      

      
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    ARTICLE
      SEVEN

     

    DEFAULT

     

    Section
      7.01    Events of
      Default.

     

    “Event
      of Default,” wherever used in this Agreement, means any one of the
      following events:

     

    (a)  any
      failure by the Servicer to deposit in the Certificate Account or remit to the
      Trustee any payment required to be made by it under this Agreement, which
      failure continues unremedied for five days after the date on which written
      notice of the failure has been given to the Servicer by the Trustee or the
      Depositor or to the Servicer and the Trustee by the Holders of Certificates
      of
      any Class evidencing not less than 25% of the aggregate Percentage Interests
      of
      the Class; or

     

    (b)  any
      failure by the Servicer to observe or perform in any material respect any other
      of the covenants or agreements on the part of the Servicer contained in this
      Agreement (except with respect to a failure related to a Limited Exchange Act
      Reporting Obligation), which failure materially affects the rights of
      Certificateholders and continues unremedied for a period of 60 days after the
      date on which written notice of such failure shall have been given to the
      Servicer by the Trustee or the Depositor, or to the Servicer and the Trustee
      by
      the Holders of Certificates of any Class evidencing not less than 25% of the
      Percentage Interests of the Class; provided that the sixty-day cure period
      shall
      not apply to the initial delivery of the Mortgage File for Delay Delivery
      Mortgage Loans nor the failure to repurchase or substitute in lieu thereof;
      or

     

    (c)  a
      decree or order of a court or agency or supervisory authority having
      jurisdiction in the premises for the appointment of a receiver, conservator
      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 Servicer and such decree or order
      shall have remained in force undischarged or unstayed for a period of 60
      consecutive days; or

     

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

     

    (e)  the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of, or commence a voluntary case
      under, any applicable insolvency or reorganization statute, make an assignment
      for the benefit of its creditors, or voluntarily suspend payment of its
      obligations; or

     

    (f)  the
      Servicer shall fail (i) to make an Advance on the Servicer Advance Date or
      (ii)
      to reimburse in full the Trustee within two days of the Servicer Advance Date
      for any Advance made by the Trustee pursuant to Section 4.01(b).

     

    If
      an
      Event of Default described in clauses (a) through (f) of this Section 7.01
      occurs, then, and in each and every such case, so long as such Event of Default
      shall not have been remedied, the Trustee may, or at the direction of the
      Holders of Certificates of any Class evidencing not less than 66 2/3% of the
      Percentage Interests of the Class, the Trustee shall by notice in writing to
      the
      Servicer (with a copy to each Rating Agency), terminate all of the rights and
      obligations of the Servicer under this Agreement and 

     

     

     

    
      
        
        

      

      
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    in
      the
      Mortgage Loans and the proceeds thereof, other than its rights as a
      Certificateholder hereunder.  In addition, if during the period that
      the Depositor is required to file Exchange Act Reports with respect to the
      Trust
      Fund, the Servicer shall fail to observe or perform any of the obligations
      that
      constitute a Limited Exchange Act Reporting Obligation or the obligations set
      forth in Section 3.17(a) or Section 11.07(a)(i) and (ii), and such failure
      continues for the lesser of 10 calendar days or such period in which the
      applicable Exchange Act Report can be filed timely (without taking into account
      any extensions), so long as such failure shall not have been remedied, the
      Trustee shall, but only at the direction of the Depositor, terminate all of
      the
      rights and obligations of the Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof, other than its rights as a
      Certificateholder hereunder.  The Depositor shall not be entitled to
      terminate the rights and obligations of the Servicer if a failure of the
      Servicer to identify a Subcontractor “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB was attributable solely to
      the
      role or functions of such Subcontractor with respect to mortgage loans other
      than the Mortgage Loans.

     

    On
      and
      after the receipt by the Servicer of such written notice, all authority and
      power of the Servicer hereunder, whether with respect to the Mortgage Loans
      or
      otherwise, shall pass to and be vested in the Trustee.  The Trustee
      shall make any Advance that the Servicer failed to make subject to Section
      3.05,
      whether or not the obligations of the Servicer have been terminated pursuant
      to
      this Section.  The Trustee is hereby authorized and empowered to
      execute and deliver, on behalf of the Servicer, as attorney-in-fact or
      otherwise, any 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.  Unless expressly provided in such written notice, no such
      termination shall affect any obligation of the Servicer to pay amounts owed
      pursuant to Article Eight.  The Servicer agrees to cooperate with the
      Trustee in effecting the termination of the Servicer’s responsibilities and
      rights hereunder, including the transfer to the Trustee of all cash amounts
      which shall at the time be credited to the Certificate Account, or thereafter
      be
      received with respect to the Mortgage Loans.  If the Servicer fails to
      make any Advance required under Section 4.01 of this Agreement, thereby
      triggering an Event of Default described in clause (f) of this Section 7.01,
      the
      Trustee shall make such Advance on that Distribution Date.

     

    Notwithstanding
      any termination of the activities of the Servicer under this Agreement, the
      Servicer shall be entitled to receive, out of any late collection of a Scheduled
      Payment on a Mortgage Loan which was due before the notice terminating such
      Servicer’s rights and obligations as Servicer hereunder and received after such
      notice, that portion thereof to which such Servicer would have been entitled
      pursuant to Sections 3.09(a)(i) through (viii), and any other amounts payable
      to
      such Servicer hereunder the entitlement to which arose before the termination
      of
      its activities hereunder.

     

    If
      the
      Servicer is terminated, the Trustee shall provide the Depositor in writing
      and
      in form and substance reasonably satisfactory to the Depositor, all information
      reasonably requested by the Depositor in order to comply with its reporting
      obligation under Item 6.02 of Form 8-K with respect to a successor servicer
      in
      the event the Trustee should succeed to the duties of the Servicer as set forth
      herein.

     

    Section
      7.02    Trustee to Act;
      Appointment of Successor.

     

    On
      and
      after the time the Servicer receives a notice of termination pursuant to Section
      7.01, the Trustee shall, subject to and to the extent provided in Section 3.05,
      be the successor to the Servicer in its capacity as Servicer under this
      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 hereof and applicable law including the
      obligation to make Advances pursuant to Section 4.01.  As compensation
      therefor, the Trustee shall be entitled to all funds relating to the Mortgage
      Loans that the 

     

     

    
      
        
        

      

      
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    Servicer
      would have been entitled to charge to the Certificate Account or Distribution
      Account if the Servicer had continued to act hereunder, including, if the
      Servicer was receiving the Servicing Fee, the Servicing
      Fee.  Notwithstanding the foregoing, if the Trustee has become the
      successor to the Servicer in accordance with Section 7.01, the Trustee may,
      if
      it shall be unwilling to so act, or shall, if it is prohibited by applicable
      law
      from making Advances pursuant to Section 4.01 or if it is otherwise unable
      to so
      act, appoint, or petition a court of competent jurisdiction to appoint, any
      established mortgage loan servicing institution the appointment of which does
      not adversely affect the then current rating of the Certificates by each Rating
      Agency, as the successor to the Servicer hereunder in the assumption of all
      or
      any part of the responsibilities, duties or liabilities of the Servicer
      hereunder.  Any successor to the Servicer shall be an institution
      which is a FNMA and FHLMC approved seller/servicer in good standing, which
      has a
      net worth of at least $15,000,000, which is willing to service the Mortgage
      Loans and which executes and delivers to the Depositor and the Trustee an
      agreement accepting such delegation and assignment, containing an assumption
      by
      such Person of the rights, powers, duties, responsibilities, obligations and
      liabilities of the Servicer (other than liabilities of the Servicer under
      Section 6.03 incurred before termination of the Servicer under Section 7.01),
      with like effect as if originally named as a party to this Agreement; provided
      that each Rating Agency acknowledges that its rating of the Certificates in
      effect immediately before such assignment and delegation will not be qualified
      or reduced as a result of such assignment and delegation.  Pending
      appointment of a successor to the Servicer hereunder, the Trustee shall act
      in
      such capacity as provided above, subject to section 3.03 and unless prohibited
      by law.  In connection with such appointment and assumption, the
      Trustee may make such arrangements for the compensation of such successor out
      of
      payments on Mortgage Loans as it and such successor shall agree; provided,
      however, that in no case shall the rate of such compensation exceed the
      Servicing Fee Rate.  The Trustee and such successor shall take such
      action, consistent with this Agreement, as shall be necessary to effectuate
      any
      such succession.  Neither the Trustee nor any other successor servicer
      shall be deemed to be in default hereunder because of any failure to make,
      or
      any delay in making, any distribution hereunder or any portion thereof or any
      failure to perform, or any delay in performing, any duties or responsibilities
      hereunder, in either case caused by the failure of the Servicer to deliver
      or
      provide, or any delay in delivering or providing, any cash, information,
      documents or records to it.

     

    In
      connection with the termination or resignation of the Servicer hereunder, either
      (i) the successor Servicer, including the Trustee if the Trustee is acting
      as successor Servicer, shall represent and warrant that it is a member of MERS
      in good standing and shall agree to comply in all material respects with the
      rules and procedures of MERS in connection with the servicing of the Mortgage
      Loans that are registered with MERS, or (ii) the predecessor Servicer shall
      cooperate with the successor Servicer either (x) in causing MERS to execute
      and
      deliver an assignment of Mortgage in recordable form to transfer the Mortgage
      from MERS to the Trustee and to execute and deliver such other notices,
      documents and other instruments as may be necessary or desirable to effect
      a
      transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS®
System to the successor Servicer or (y) in causing MERS to designate on the
      MERS® System the successor Servicer as the servicer of such Mortgage
      Loan.  The predecessor Servicer shall file or cause to be filed any
      such assignment in the appropriate recording office.  The successor
      Servicer shall cause such assignment to be delivered to the Trustee promptly
      upon receipt of the original with evidence of recording thereon or a copy
      certified by the public recording office in which such assignment was
      recorded.

     

    Any
      successor to the Servicer as servicer shall give notice to the Mortgagors of
      such change of servicer and shall, during the term of its service as servicer,
      maintain in force the policy or policies that the Servicer is required to
      maintain pursuant to this Agreement.

     

     

    
      
        
        

      

      
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    Section
      7.03     Notification to
      Certificateholders.

     

    (a)  Upon
      any termination of or appointment of a successor to the Servicer, the Trustee
      shall give prompt written notice thereof to Certificateholders and to each
      Rating Agency.

     

    (b)  Within
      60 days after the occurrence of any Event of Default, the Trustee shall transmit
      by mail to all Certificateholders and each Rating Agency notice of each such
      Event of Default hereunder known to the Trustee, unless such Event of Default
      shall have been cured or waived.

     

     

    
      
        
        

      

      
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    ARTICLE
      EIGHT

     

    CONCERNING
      THE TRUSTEE

     

    Section
      8.01     Duties of the
      Trustee.

     

    The
      Trustee, before the occurrence of an Event of Default and after the curing
      of
      all Events of Default that may have occurred, shall undertake to perform such
      duties and only such duties as are specifically set forth in this
      Agreement.  In case an Event of Default has occurred and remains
      uncured, 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.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee that
      are specifically required to be furnished pursuant to any provision of this
      Agreement shall examine them to determine whether they are in the form required
      by this Agreement.  The Trustee shall not be responsible for the
      accuracy or content of any such resolution, certificate, statement, opinion,
      report, document, order, or other instrument.

     

    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, unless an Event of Default
      known to the Trustee has occurred and is continuing,

     

    (a)  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 the duties and obligations specifically set forth in this
      Agreement, no implied covenants or obligations shall be read into this Agreement
      against the Trustee, and 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 which it believed in good faith to be genuine
      and
      to have been duly executed by the proper authorities respecting any matters
      arising hereunder;

     

    (b)  the
      Trustee shall not be liable for an error of judgment made in good faith by
      a
      Responsible Officer or Responsible Officers of the Trustee, unless it is finally
      proven that the Trustee was negligent in ascertaining the pertinent facts;
      and

     

    (c)  the
      Trustee shall not be liable with respect to any action taken, suffered, or
      omitted to be taken by it in good faith in accordance with the direction of
      Holders of Certificates evidencing not less than 25% of the Voting Rights of
      Certificates relating to the time, method, and place of conducting any
      proceeding for any remedy available to the Trustee, or exercising any trust
      or
      power conferred upon the Trustee under this Agreement.  As long as any
      Voting Rights are held by parties other than the Seller, its Affiliates, or
      its
      agents, as the Seller shall certify to the Trustee upon any such entity
      obtaining such ownership, Voting Rights of Certificates held by the Seller,
      its
      Affiliates or its agents will be excluded from participating in such voting
      arrangements, and excluded from determining the 25% threshold.

     

    Section
      8.02    Certain Matters
      Affecting the Trustee.

     

    Except
      as
      otherwise provided in Section 8.01:

     

     

    
      
        
        

      

      
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    (a)  the
      Trustee may request and 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, appraisal, bond or other paper or document believed
      by
      it to be genuine and to have been signed or presented by the proper party or
      parties and the Trustee shall have no responsibility to ascertain or confirm
      the
      genuineness of any signature of any such party or parties;

     

    (b)  the
      Trustee may consult with counsel, financial advisers or accountants and the
      advice of any such counsel, financial advisers or accountants and 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 Opinion of Counsel;

     

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

     

    (d)  the
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, consent, order, approval, bond or other paper or document,
      unless requested in writing so to do by Holders of Certificates evidencing
      not
      less than 25% of the Voting Rights allocated to each Class of Certificates
      (provided, however, that no Certificates held by the Seller, the Depositor
      or
      any Affiliate thereof shall be given effect for the purpose of calculating
      any
      such aggregation of Voting Rights);

     

    (e)  the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, accountants or attorneys
      and
      the Trustee shall not be responsible for any misconduct or negligence on the
      part of any agents, accountants or attorneys appointed with due care by it
      hereunder;

     

    (f)  the
      Trustee shall not be required to risk or expend its own funds or otherwise
      incur
      any financial liability in the performance of any of its duties or in the
      exercise of any of its rights or powers hereunder if it shall have reasonable
      grounds for believing that repayment of such funds or adequate indemnity against
      such risk or liability is not assured to it;

     

    (g)  the
      Trustee shall not be liable for any loss on any investment of funds pursuant
      to
      this Agreement (other than as issuer of the investment security);

     

    (h)  the
      Trustee shall not be deemed to have knowledge of an Event of Default until
      a
      Responsible Officer of the Trustee shall have received written notice
      thereof;

     

    (i)  the
      Trustee shall be under no obligation to exercise any of the trusts, 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 this Agreement, unless such
      Certificateholders shall have offered to the Trustee reasonable security or
      indemnity satisfactory to the Trustee against the costs, expenses and
      liabilities which may be incurred therein or thereby;

     

    (j)  the
      Trustee or its Affiliates are permitted to receive additional compensation
      that
      could be deemed to be in the Trustee’s economic self-interest for (i) serving as
      investment adviser, administrator, shareholder servicing agent, custodian or
      sub-custodian with respect to certain of the Permitted Investments, (ii) using
      Affiliates to effect transactions in certain 

     

     

    
      
        
        

      

      
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    Permitted
      Investments and (iii) effecting transactions in certain Permitted
      Investments.  The Trustee does not guarantee the performance of any
      Permitted Investment; and

     

    (k)  the
      Trustee shall not knowingly take any action that would cause the Trust Fund
      to
      fail to qualify as a qualifying special purpose entity.

     

    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
      individuals and 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.

     

    Section
      8.03    Trustee Not Liable
      for Certificates or Mortgage Loans.

     

    The
      recitals contained herein and in the Certificates shall be taken as the
      statements of the Depositor or the Seller, as the case may be, and the Trustee
      assumes no responsibility for their correctness.  The Trustee makes no
      representations as to the validity or sufficiency of this Agreement or of the
      Certificates or of any Mortgage Loan or related document other than with respect
      to the Trustee’s execution and countersignature of the
      Certificates.  The Trustee shall not be accountable for the use or
      application by the Depositor or the Servicer of any funds paid to the Depositor
      or the Servicer in respect of the Mortgage Loans or deposited in or withdrawn
      from the Certificate Account by the Depositor or the Servicer.

     

    Except
      as
      provided in Section 2.01(c), the Trustee shall have no responsibility for filing
      or recording 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 (unless the Trustee shall have become the
      successor Servicer).  The Trustee makes no representations as to the
      validity or sufficiency of this Agreement or of the Certificates or of any
      Mortgage Loan or related document or of MERS or the MERS® System other than with
      respect to the Trustee’s execution and counter-signature of the
      Certificates.

     

    The
      Trustee executes the Certificates not in its individual capacity but solely
      as
      Trustee of the Trust Fund created by this Agreement, 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 on behalf of the Trust Fund 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
      8.04    Trustee May Own
      Certificates.

     

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

     

    Section
      8.05     Trustee’s Fees
      and Expenses.

     

    As
      compensation for its activities under this Agreement, on each Distribution
      Date
      the Trustee may withdraw from the Distribution Account the Trustee Fee for
      that
      Distribution Date.  The Trustee and any director, officer, employee,
      or agent of the Trustee shall be indemnified by the Servicer against any loss,
      liability, or expense (including reasonable attorney’s fees) resulting from any
      error in any tax or 

     

     

    
      
        
        

      

      
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    information
      return prepared by the Servicer or incurred in connection with any claim or
      legal action relating to

     

    (a)  this
      Agreement, (b) the Certificates, or (c) the performance of any of the Trustee’s
      duties under this Agreement, other than any loss, liability or expense incurred
      because of willful misfeasance, bad faith or negligence in the performance
      of
      any of the Trustee’s duties hereunder or incurred by reason of any action of the
      Trustee taken at the direction of the Certificateholders under this
      Agreement.  This indemnity shall survive the termination of this
      Agreement or the resignation or removal of the Trustee under this
      Agreement.  Without limiting the foregoing, except as otherwise agreed
      upon in writing by the Depositor and the Trustee, and except for any expense,
      disbursement, or advance arising from the Trustee’s negligence, bad faith, or
      willful misconduct, the Servicer shall pay or reimburse the Trustee, for all
      reasonable expenses, disbursements, and advances incurred or made by the Trustee
      in accordance with this Agreement with respect to

     

    (A)  the
      reasonable compensation, expenses, and disbursements of its counsel not
      associated with the closing of the issuance of the Certificates and

     

    (B)  the
      reasonable compensation, expenses, and disbursements of any accountant,
      engineer, or appraiser that is not regularly employed by the Trustee, to the
      extent that the Trustee must engage them to perform services under this
      Agreement.

     

    Except
      as
      otherwise provided in this Agreement, the Trustee shall not be entitled to
      payment or reimbursement for any routine ongoing expenses incurred by the
      Trustee in the ordinary course of its duties as Trustee, Registrar, or Paying
      Agent under this Agreement or for any other expenses.

     

    Section
      8.06    Eligibility
      Requirements for the Trustee.

     

    The
      Trustee hereunder shall at all times be a corporation or association organized
      and doing business under the laws of a state or the United States of America,
      authorized under such laws to exercise corporate trust powers, having a combined
      capital and surplus of at least $50,000,000, subject to supervision or
      examination by federal or state authority and with a credit rating which would
      not cause either of the Rating Agencies to reduce their respective then current
      ratings of the Certificates (or having provided such security from time to
      time
      as is sufficient to avoid such reduction) as evidenced in writing by each Rating
      Agency.  If such corporation or 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 8.06 the combined capital and surplus of such corporation or association
      shall be deemed to be its combined capital and surplus as set forth in its
      most
      recent report of condition so published.  In case at any time the
      Trustee shall cease to be eligible in accordance with this Section 8.06, the
      Trustee shall resign immediately in the manner and with the effect specified
      in
      Section 8.07.  The entity serving as Trustee may have normal banking
      and trust relationships with the Depositor and its affiliates or the Servicer
      and its affiliates; provided, however, that such entity cannot be an affiliate
      of the Seller, the Depositor or the Servicer other than the Trustee in its
      role
      as successor to the Servicer.

     

    Section
      8.07    Resignation and
      Removal of the Trustee.

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice of resignation to the Depositor, the Servicer, and
      each
      Rating Agency not less than 60 days before the date specified in such notice,
      when, subject to Section 8.08, such resignation is to take effect, and
      acceptance by a successor trustee in accordance with Section 8.08 meeting the
      qualifications set forth in Section 8.06.  If no successor trustee
      meeting such qualifications shall have been so appointed and have 

     

     

     

    
      
        
        

      

      
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    accepted
      appointment within 30 days after the giving of such notice or resignation,
      the
      resigning Trustee may petition any court of competent jurisdiction for the
      appointment of a successor trustee.

     

    As
      a
      condition to the effectiveness of any such resignation, at least 15 calendar
      days prior to the effective date of such resignation, the Trustee shall provide
      (x) written notice to the Depositor of any successor pursuant to this Section
      and (y) in writing and in form and substance reasonably satisfactory to the
      Depositor, all information reasonably requested by the Depositor in order to
      comply with its reporting obligation under Item 6.02 of Form 8-K with respect
      to
      the resignation of the Trustee.

     

    If
      at any
      time (i) the Trustee shall cease to be eligible in accordance with Section
      8.06
      and shall fail to resign after written request thereto by the Depositor, (ii)
      the Trustee shall become incapable of acting, or shall be adjudged as 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) a tax is imposed with respect to the Trust Fund by any
      state in which the Trustee or the Trust Fund is located and (B) the imposition
      of such tax would be avoided by the appointment of a different trustee, or
      (iv)
      during the period which the Depositor is required to file Exchange Act Reports
      with respect to the Trust Fund, the Trustee fails to comply with its obligations
      under the last sentence of Section 7.01, the preceding paragraph, Section 8.09
      or Article Eleven and such failure is not remedied within the lesser of 10
      calendar days or such period in which the applicable Exchange Act Report can
      be
      filed timely (without taking into account any extensions), then, in the case
      of
      clauses (i) through (iii), then the Depositor or the Servicer, or in the case
      of
      clause (iv), the Depositor, may remove the Trustee and appoint a successor
      trustee by written instrument, in triplicate, one copy of which shall be
      delivered to the Trustee, one copy to the Servicer and one copy to the successor
      trustee.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee and appoint a successor trustee by written instrument
      or
      instruments, in triplicate, signed by such Holders or their attorneys-in-fact
      duly authorized, one complete set of which shall be delivered by the successor
      Trustee to the Servicer, one complete set to the Trustee so removed, one
      complete set to the successor so appointed and one complete set to the
      Depositor, together with a written description of the basis for such
      removal.  As long as any Voting Rights are held by parties other than
      the Seller, its Affiliates, or its agents, as the Seller shall certify to the
      Trustee upon any such entity obtaining such ownership, Voting Rights of
      Certificates held by the Seller, its Affiliates or its agents will be excluded
      from participating in such voting arrangements, and excluded from determining
      the 51% threshold.  The successor trustee shall notify each Rating
      Agency of any removal of the Trustee.

     

    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to this Section 8.07 shall become effective upon acceptance of
      appointment by the successor trustee as provided in Section 8.08.

     

    Section
      8.08    Successor
      Trustee.

     

    Any
      successor trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the Depositor and to its predecessor trustee and
      the
      Servicer 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 the like effect as if originally named as trustee
      herein.  The Depositor, the Servicer and the predecessor trustee shall
      execute and deliver such instruments and do such other things as may reasonably
      be required for more fully and certainly vesting and confirming in the successor
      trustee all such rights, powers, duties, and obligations.

     

     

    
      
        
        

      

      
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    No
      successor trustee shall accept appointment as provided in this Section 8.08
      unless, at the time of its acceptance, the successor trustee is eligible under
      Section 8.06 and its appointment does not adversely affect the then current
      rating of the Certificates and has provided to the Depositor in writing and
      in
      form and substance reasonably satisfactory to the Depositor, all information
      reasonably requested by the Depositor in order to comply with its reporting
      obligation under Item 6.02 of Form 8-K with respect to a replacement
      Trustee.

     

    Upon
      acceptance of appointment by a successor trustee as provided in this Section
      8.08, the Depositor shall mail notice of the succession of such trustee
      hereunder to all Holders of Certificates.  If the Depositor fails to
      mail such notice within 10 days after acceptance of appointment by the successor
      trustee, the successor trustee shall cause such notice to be mailed at the
      expense of the Depositor.

     

    Section
      8.09    Merger or
      Consolidation of the Trustee.

     

    Any
      corporation into which the Trustee may be merged or converted or with which
      it
      may be consolidated or any corporation resulting from any merger, conversion
      or
      consolidation to which the Trustee shall be a party, or any corporation
      succeeding to the business of the Trustee, shall be the successor of the Trustee
      hereunder, provided that such corporation shall be eligible under Section 8.06
      without the execution or filing of any paper or further act on the part of
      any
      of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    As
      a
      condition to the effectiveness of any merger or consolidation, at least 15
      calendar days prior to the effective date of any merger or consolidation of
      the
      Trustee, the Trustee shall provide (x) written notice to the Depositor of any
      successor pursuant to this Section and (y) in writing and in form and substance
      reasonably satisfactory to the Depositor, all information reasonably requested
      by the Depositor in order to comply with its reporting obligation under Item
      6.02 of Form 8-K with respect to a replacement Trustee.

     

    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 property securing any Mortgage Note may at the time be located, the Servicer
      and the Trustee acting jointly shall have the power and shall execute and
      deliver all instruments to appoint one or more Persons approved by the Trustee
      to act as co-trustee or co-trustees jointly with the Trustee, or separate
      trustee or 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, whichever
      is applicable, and, subject to the other provisions of this Section 8.10, such
      powers, duties, obligations, rights and trusts as the Servicer and the Trustee
      may consider appropriate.  If the Servicer shall not have joined in
      such appointment within 15 days after the receipt by it of a request to do
      so,
      or in the case an Event of Default shall have occurred and be continuing, the
      Trustee alone shall have the power to make such appointment.  No
      co-trustee or separate trustee hereunder shall be required to meet the terms
      of
      eligibility as a successor trustee under Section 8.06 and no notice to
      Certificateholders of the appointment of any co-trustee or separate trustee
      shall be required under Section 8.08.

     

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

     

    (a)  To
      the extent necessary to effectuate the purposes of this Section 8.10, all
      rights, powers, duties and obligations conferred or imposed upon the Trustee,
      except for the obligation of the Trustee under this Agreement to advance funds
      on behalf of the Servicer, shall be 

     

     

    
      
        
        

      

      
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    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 applicable 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;

     

    (b)  No
      trustee hereunder shall be held personally liable because of any act or omission
      of any other trustee hereunder and such appointment shall not, and shall not
      be
      deemed to, constitute any such separate trustee or co-trustee as agent of the
      Trustee;

     

    (c)  The
      Trustee may at any time accept the resignation of or remove any separate trustee
      or co-trustee; and

     

    (d)  The
      Servicer, and not the Trustee, shall be liable for the payment of reasonable
      compensation, reimbursement and indemnification to any such 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 separate trustees and co-trustees, when and 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 Eight.  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 Servicer and 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.

     

    Section
      8.11     Tax
      Matters.

     

    It
      is
      intended that the assets with respect to which one or more REMIC elections
      pertaining to the Trust Fund is to be made, as set forth in the Preliminary
      Statement, shall constitute, and that the conduct of matters relating to such
      assets shall be such as to qualify such assets as, a “real estate mortgage
      investment conduit” as defined in and in accordance with the REMIC
      Provisions.  In furtherance of such intention, the Trustee covenants
      and agrees that it shall act as agent (and the Trustee is hereby appointed
      to
      act as agent) on behalf of each REMIC created under this Agreement and that
      in
      such capacity it shall:

     

    (a)  prepare
      and file in a timely manner, a U.S. Real Estate Mortgage Investment Conduit
      Income Tax Return (Form 1066 or any successor form adopted by the Internal
      Revenue Service) with respect to each REMIC created hereunder and prepare and
      file with the Internal Revenue Service and applicable state or local tax
      authorities income tax or information returns for each taxable year with respect
      to each REMIC described in the Preliminary Statement, 

     

     

    
      
        
        

      

      
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    containing
      such information and at the times and in the manner as may be required by the
      Code or state or local tax laws, regulations, or rules, and furnish to
      Certificateholders the schedules, statements or information at such times and
      in
      such manner as may be required thereby;

     

    (b)  within
      thirty days of the Closing Date, furnish to the Internal Revenue Service, on
      Forms 8811 or as otherwise may be required by the Code, the name, title,
      address, and telephone number of the person that the holders of the Certificates
      may contact for tax information relating thereto, together with such additional
      information as may be required by such Form, and update such information at
      the
      time or times in the manner required by the Code;

     

    (c)  make
      an election that each REMIC created under this Agreement be treated as a REMIC
      on the federal tax return for its first taxable year (and, if necessary, under
      applicable state law);

     

    (d)  prepare
      and forward to the Certificateholders and to the Internal Revenue Service and,
      if necessary, state tax authorities, all information returns and reports as
      and
      when required to be provided to them in accordance with the REMIC Provisions,
      including the calculation of any original issue discount using the Prepayment
      Assumption;

     

    (e)  provide
      information necessary for the computation of tax imposed on the transfer of
      a
      Residual Certificate to a Person that is not a Permitted Transferee, or an
      agent
      (including a broker, nominee or other middleman) of a Person that is not a
      Permitted Transferee, or a pass-through entity in which a Person that is not
      a
      Permitted Transferee is the record holder of an interest (the reasonable cost
      of
      computing and furnishing such information may be charged to the Person liable
      for such tax);

     

    (f)  to
      the extent that they are under its control, conduct matters relating to such
      assets at all times that any Certificates are outstanding so as to maintain
      the
      status as any REMIC created under this Agreement under the REMIC
      Provisions;

     

    (g)  not
      knowingly or intentionally take any action or omit to take any action that
      would
      cause the termination of the REMIC status of any REMIC created under this
      Agreement;

     

    (h)  pay,
      from the sources specified in the third paragraph of this Section 8.11, the
      amount of any federal or state tax, including prohibited transaction taxes
      as
      described below, imposed on any REMIC before its termination when and as the
      same shall be due and payable (but such obligation shall not prevent the Trustee
      or any other appropriate Person from contesting any such tax in appropriate
      proceedings and shall not prevent the Trustee from withholding payment of such
      tax, if permitted by law, pending the outcome of such proceedings);

     

    (i)  ensure
      that federal, state or local income tax or information returns shall be signed
      by the Trustee or such other person as may be required to sign such returns
      by
      the Code or state or local laws, regulations or rules;

     

    (j)  maintain
      records relating to each REMIC created under this Agreement, including the
      income, expenses, assets, and liabilities thereof and the fair market value
      and
      adjusted basis of the assets determined at such intervals as may be required
      by
      the Code, as may be necessary to prepare the foregoing returns, schedules,
      statements or information; and

     

     

    
      
        
        

      

      
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    (k)  as
      and when necessary and appropriate, represent each REMIC created under this
      Agreement in any administrative or judicial proceedings relating to an
      examination or audit by any governmental taxing authority, request an
      administrative adjustment as to any taxable year of such REMIC, enter into
      settlement agreements with any governmental taxing agency, extend any statute
      of
      limitations relating to any tax item of such REMIC, and otherwise act on behalf
      of such REMIC in relation to any tax matter or controversy involving
      it.

     

    To
      enable
      the Trustee to perform its duties under this Agreement, the Depositor shall
      provide to the Trustee within ten days after the Closing Date all information
      or
      data that the Trustee requests in writing and determines to be relevant for
      tax
      purposes to the valuations and offering prices of the Certificates, including
      the price, yield, prepayment assumption, and projected cash flows of the
      Certificates and the Mortgage Loans.  Thereafter, the Depositor shall
      provide to the Trustee promptly upon written request therefor any additional
      information or data that the Trustee may, from time to time, reasonably request
      to enable the Trustee to perform its duties under this Agreement.  The
      Depositor hereby indemnifies the Trustee for any losses, liabilities, damages,
      claims, or expenses of the Trustee arising from any errors or miscalculations
      of
      the Trustee that result from any failure of the Depositor to provide, or to
      cause to be provided, accurate information or data to the Trustee on a timely
      basis.

     

    If
      any
      tax is imposed on “prohibited transactions” (as defined in section 860F(a)(2) of
      the Code) of any REMIC created under this Agreement, on the “net income from
      foreclosure property” of any REMIC created under this Agreement as defined in
      section 860G(c) of the Code, on any contribution to any REMIC created under
      this
      Agreement after the Startup Day pursuant to section 860G(d) of the Code, or
      any
      other tax is imposed, including any minimum tax imposed on any REMIC created
      hereunder pursuant to sections 23153 and 24874 of the California Revenue and
      Taxation Code, if not paid as otherwise provided for herein, the tax shall
      be
      paid by (i) the Trustee, if any such other tax arises out of or results from
      negligence of the Trustee in the performance of any of its obligations under
      this Agreement, (ii) the Servicer or the Seller, in the case of any such minimum
      tax, if such tax arises out of or results from a breach by the Servicer or
      Seller of any of their obligations under this Agreement, (iii) the Seller,
      if
      any such tax arises out of or results from the Seller’s obligation to repurchase
      a Mortgage Loan pursuant to Section 2.02 or 2.03, or (iv) in all other cases,
      or
      if the Trustee, the Servicer, or the Seller fails to honor its obligations
      under
      the preceding clauses (i), (ii), or (iii), any such tax will be paid with
      amounts otherwise to be distributed to the Certificateholders, as provided
      in
      Section 3.09(b).

     

    The
      Trustee shall file or cause to be filed with the Internal Revenue Service,
      Form
      1041 or such other form as may be applicable, and shall furnish or cause to
      be
      furnished to the Holders of the Class L Certificate the Late Payment Fees that
      are received, in the time or times and in the manner required by the
      Code.

     

    

    
      
        
        

      

      
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    ARTICLE
      NINE

     

    TERMINATION

     

    Section
      9.01    Termination upon
      Liquidation or Purchase of the Mortgage Loans.

     

    Subject
      to Section 9.03, the obligations and responsibilities of the Depositor, the
      Servicer, and the Trustee created hereby shall terminate upon the earlier
      of

     

    (a)  the
      purchase by the Servicer of all Mortgage Loans (and REO Properties) at the
      price
      equal to the sum of

     

    (i)           100%
      of the Stated Principal Balance of each Mortgage Loan (other than in respect
      of
      a Delinquent Mortgage Loan or REO Property) plus one month’s accrued interest
      thereon at the applicable Adjusted Mortgage Rate less any amounts collected
      by
      the Servicer representing principal and interest due after the related Due
      Date,

     

    (ii)           the
      lesser of (x) the appraised value of any Delinquent Mortgage Loan or REO
      Property as determined by the higher of two appraisals completed by two
      independent appraisers selected by the Servicer at the expense of the Servicer
      and (y) the Stated Principal Balance of each such Delinquent Mortgage Loan
      or
      Mortgage Loan related to such REO Property, in each case plus accrued and unpaid
      interest thereon at the applicable Adjusted Net Mortgage Rate and

     

    (iii)           any
      costs and damages incurred by the Trust Fund in connection with any violation
      by
      each Mortgage Loan of any predatory or abusive lending law and

     

    (b)  the
      later of

     

    (i)           the
      maturity or other liquidation (or any Advance with respect thereto) of the
      last
      Mortgage Loan and the disposition of all REO Property and

     

    (ii)           the
      distribution to Certificateholders of all amounts required to be distributed
      to
      them pursuant to this Agreement.  In no event shall the trusts created
      hereby continue beyond the expiration of 21 years from the death of the 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 of this
      Agreement.

     

    The
      right
      to purchase all Mortgage Loans and REO Properties pursuant to clause (a) above
      shall be conditioned upon the aggregate Stated Principal Balance of those
      Mortgage Loans, at the time of any such repurchase, aggregating less than ten
      percent (10%) of the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the Cut-off Date.  The Servicer shall effect any such repurchase by
      depositing the purchase price, as calculated above, as of the month preceding
      the date on which such purchase price shall be distributed to Certificateholders
      into the Certificate Account.

     

    The
      Grantor Trust with respect to the Late Payment Fees shall terminate
      automatically upon termination of the Trust Fund.

     

    Section
      9.02    Final Distribution
      on
      the Certificates.

     

    If
      on any
      Determination Date the Servicer determines that there are no Outstanding
      Mortgage Loans and no other funds or assets in the Trust Fund other than the
      funds in the Certificate Account, the 

     

     

     

    
      
        
        

      

      
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    Servicer
      shall direct the Trustee promptly to send a final distribution notice to each
      Certificateholder.  If the Servicer elects to terminate the Trust Fund
      pursuant to clause (a) of Section 9.01, no later than the 15th day of
      the month
      preceding the month of the final Distribution Date the Servicer shall notify
      the
      Depositor and the Trustee of the date the Servicer intends to terminate the
      Trust Fund and of the applicable repurchase price of the Mortgage Loans and
      REO
      Properties.

     

    Notice
      of
      any termination of the Trust Fund specifying the Distribution Date on which
      Certificateholders may surrender their Certificates for payment of the final
      distribution and cancellation shall be given promptly by the Trustee by letter
      to Certificateholders mailed not earlier than the 15th day and not later than
      the last day of the month next preceding the month of such final
      distribution.  Any such notice shall specify (a) the Distribution Date
      upon which final distribution on the Certificates will be made upon presentation
      and surrender of Certificates at the office therein designated, (b) the amount
      of such final distribution, (c) the location of the office or agency at which
      such presentation and surrender must be made, and (d) that the Record Date
      otherwise applicable to the Distribution Date is not applicable, distributions
      being made only upon presentation and surrender of the Certificates at the
      office therein specified.  The Servicer will give such notice to each
      Rating Agency at the time such notice is given to
      Certificateholders.

     

    If
      this
      notice is given, the Servicer shall cause all funds in the Certificate Account
      to be remitted to the Trustee for deposit in the Distribution Account on the
      Business Day before the applicable Distribution Date in an amount equal to
      the
      final distribution in respect of the Certificates.  Upon such final
      deposit with respect to the Trust Fund and the receipt by the Trustee of a
      Request for Release therefor, the Trustee shall promptly release to the Servicer
      the Mortgage Files for the Mortgage Loans.

     

    Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Certificateholders of each Class, in each case on the final
      Distribution Date and in the order set forth in Section 4.02, in proportion
      to their respective Percentage Interests, with respect to Certificateholders
      of
      the same Class, an amount equal to (i) as to each Class of Regular Certificates,
      its Certificate Balance plus for each such Class accrued interest thereon (or
      on
      their Notional Amount, if applicable) in the case of an interest-bearing
      Certificate and (ii) as to the Residual Certificates, any amount remaining
      on
      deposit in the Distribution Account (other than the amounts retained to meet
      claims) after application pursuant to clause (i)
      above.  Notwithstanding the reduction of the Certificate Balance of
      any Class of Certificates to zero, such Class will be outstanding hereunder
      solely for the purpose of receiving distributions and for no other purpose
      until
      the termination of the respective obligations and responsibilities of the
      Depositor, the Servicer and the Trustee hereunder in accordance with Article
      Nine.  The foregoing provisions are intended to distribute to each
      Class of Regular Certificates any accrued and unpaid interest and principal
      to
      which they are entitled based on the Pass-Through Rates and actual Class
      Certificate Balances or Notional Amounts set forth in the Preliminary Statement
      upon liquidation of the Trust Fund.

     

    If
      any
      affected Certificateholder does not surrender its Certificates for cancellation
      within six months after the date specified in the above mentioned written
      notice, the Trustee shall give a second written notice to the remaining
      Certificateholders to surrender their Certificates for cancellation and receive
      the final distribution with respect thereto.  If within six months
      after the second notice all the applicable Certificates shall not have been
      surrendered for cancellation, the Trustee may take appropriate steps, or may
      appoint an agent to take appropriate steps, to contact the remaining
      Certificateholders concerning surrender of their Certificates, and the cost
      thereof shall be paid out of the funds and other assets which remain a part
      of
      the Trust Fund.  If within one year after the second notice all
      Certificates shall not have been surrendered for cancellation, then the
      Class A-R Certificateholders shall be entitled to all unclaimed funds and
      other assets of the Trust Fund which remain subject hereto.

     

     

    
      
        
        

      

      
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    Section
      9.03    Additional
      Termination Requirements.

     

    (a)  If
      the Servicer exercises its purchase option with respect to the Mortgage Loans
      as
      provided in Section 9.01, the Trust Fund shall be terminated in accordance
      with
      the following additional requirements, unless the Trustee has been supplied
      with
      an Opinion of Counsel, at the expense of the Servicer, to the effect that the
      failure to comply with the requirements of this Section 9.03 will not (i) result
      in the imposition of taxes on “prohibited transactions” on any REMIC created
      hereunder as defined in section 860F of the Code, or (ii) cause any REMIC
      created under this Agreement to fail to qualify as a REMIC at any time that any
      Certificates are outstanding:

     

    (b)  The
      Trustee shall sell all of the assets of the Trust Fund to the Servicer, and,
      within 90 days of such sale, shall distribute to the Certificateholders the
      proceeds of such sale in complete liquidation of each REMIC created under this
      Agreement.

     

    (c)  The
      Trustee shall attach a statement to the final federal income tax return for
      each
      REMIC created under this Agreement 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 to the
      Servicer.

     

     

    
      
        
        

      

      
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    ARTICLE
      TEN

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      10.01    Amendment.

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer and
      the Trustee without the consent of any of the Certificateholders (i) to cure
      any
      ambiguity or mistake, (ii) to correct any defective provision in this Agreement
      or to supplement any provision in this Agreement which may be inconsistent
      with
      any other provision in this Agreement, (iii) to conform this Agreement to the
      Prospectus Supplement, (iv) to add to the duties of the Depositor, the Seller
      or
      the Servicer, (v) to modify, alter, amend, add to or rescind any of the terms
      or
      provisions contained in this Agreement to comply with any rules or regulations
      promulgated by the Securities and Exchange Commission from time to time, (vi)
      to
      add any other provisions with respect to matters or questions arising under
      this
      Agreement, or (vii) to modify, alter, amend, add to, or rescind any of the
      terms
      or provisions contained in this Agreement.

     

    No
      action
      pursuant to clauses (v), (vi) or (vii) above may, as evidenced by an Opinion
      of
      Counsel (which Opinion of Counsel shall not be an expense of the Trustee or
      the
      Trust Fund), adversely affect in any material respect the interests of any
      Certificateholder.  The amendment shall not be deemed to adversely
      affect in any material respect the interests of the Certificateholders if the
      Person requesting the amendment obtains a letter from each Rating Agency stating
      that the amendment would not result in the downgrading, qualification or
      withdrawal of the respective ratings then assigned to the
      Certificates.  Any such letter in and of itself will not represent a
      determination as to the materiality of any amendment and will represent a
      determination only as to the credit issues affecting any rating.  Each
      party to this Agreement agrees that it will cooperate with each other party
      in
      amending this Agreement pursuant to clause (v) above.

     

    The
      Trustee, the Depositor, and the Servicer also may at any time and from time
      to
      time amend this Agreement without the consent of the Certificateholders to
      modify, eliminate or add to any of its provisions to the extent necessary or
      helpful to (i) maintain the qualification of any REMIC created under this
      Agreement as a REMIC under the Code, (ii) avoid or minimize the risk of the
      imposition of any tax on any REMIC created under this Agreement pursuant to
      the
      Code that would be a claim at any time before the final redemption of the
      Certificates, or (iii) comply with any other requirements of the Code, if the
      Trustee has been provided an Opinion of Counsel, which opinion shall be an
      expense of the party requesting such opinion but in any case shall not be an
      expense of the Trustee or the Trust Fund, to the effect that the action is
      necessary or helpful for one of the foregoing purposes.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Servicer,
      and the Trustee with the consent of the Holders of Certificates evidencing
      Percentage Interests aggregating not less than 51% of each Class of Certificates
      adversely 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 of
      Certificates.  As long as any Voting Rights are held by parties other
      than the Seller, its Affiliates, or its agents, as the Seller shall certify
      to
      the Trustee upon any such entity obtaining such ownership, Voting Rights of
      Certificates held by the Seller, its Affiliates or its agents will be excluded
      from participating in such voting arrangements, and excluded from determining
      the 51% threshold.  No amendment shall

     

    (i)           reduce
      in any manner the amount of, or delay the timing of, payments required to be
      distributed on any Certificate without the consent of the Holder of such
      Certificate,

     

     

    
      
        
        

      

      
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    (ii)           amend,
      modify, add to, rescind, or alter in any respect Section 10.13, notwithstanding
      any contrary provision of this Agreement, without the consent of the Holders
      of
      Certificates evidencing Percentage Interests aggregating not less than 66 2/3%
      (provided, however, that no Certificates held by the Seller, the Depositor
      or
      any Affiliate thereof shall be given effect for the purpose of calculating
      any
      such aggregation of Percentage Interests), or

     

    (iii)           reduce
      the aforesaid percentages of Certificates the Holders of which are required
      to
      consent to any such amendment, without the consent of the Holders of all such
      Certificates then outstanding.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless (i) it shall have first received an Opinion
      of Counsel, which opinion shall not be an expense of the Trustee or the Trust
      Fund, to the effect that such amendment will not cause the imposition of any
      tax
      on any REMIC created under this Agreement or the Certificateholders or cause
      any
      REMIC created hereunder to fail to qualify as a REMIC at any time that any
      Certificates are outstanding and (ii) because the Trust Fund is required to
      be a
      Qualifying Special Purpose Entity (as that term is defined in Statement of
      Financial Accounting Standards No. 140 (“SFAS 140”), in order for the Seller to
      continue to account for the transfer of the Mortgage Loans under this Agreement
      as a sale under SFAS 140, prior to the parties hereto entering into such an
      amendment, the Trustee shall receive an Officer’s Certificate, which shall not
      be an expense of the Trustee or the Trust Fund, to the effect that such
      amendment would not “significantly change” (within the meaning of SFAS 140) the
      permitted activities of the Trust Fund so as to cause the Trust Fund to fail
      to
      qualify as a Qualifying Special Purpose Entity.

     

    Promptly
      after the execution of any amendment to this Agreement requiring the consent
      of
      Certificateholders, the Trustee shall furnish written notification of the
      substance or a copy of such amendment to each Certificateholder and each Rating
      Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 10.01
      to approve the particular form of any proposed amendment, but it shall be
      sufficient if such consent shall approve the substance thereof.  The
      manner of obtaining such consents and of evidencing the authorization of the
      execution thereof by Certificateholders shall be subject to such reasonable
      regulations as the Trustee may prescribe.

     

    Nothing
      in this Agreement shall require the Trustee to enter into an amendment without
      receiving an Opinion of Counsel (which Opinion shall not be an expense of the
      Trustee or the Trust Fund), satisfactory to the Trustee that (i) such amendment
      is permitted and is not prohibited by this Agreement and that all requirements
      for amending this Agreement have been complied with; and (ii) either (A) the
      amendment does not adversely affect in any material respect the interests of
      any
      Certificateholder or (B) the conclusion set forth in the preceding clause (A)
      is
      not required to be reached pursuant to this Section 10.01.

     

    Section
      10.02    Recordation of
      Agreement; Counterparts.

     

    This
      Agreement is subject to recordation in all appropriate public offices for real
      property records in all the counties or other comparable jurisdictions in which
      any or all of the properties subject to the Mortgages are situated, and in
      any
      other appropriate public recording office or elsewhere, such recordation to
      be
      effected by the Servicer at its expense, but only upon receipt of an Opinion
      of
      Counsel to the effect that such recordation materially and beneficially affects
      the interests of the Certificateholders.

     

     

    
      
        
        

      

      
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    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

    Section
      10.03    Governing
      Law.

     

    THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
      LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
      IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
      HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
      LAWS.

     

    Section
      10.04    Intention of
      Parties.

     

    It
      is the
      express intent of the parties hereto that the conveyance (i) of the Mortgage
      Loans by the Seller to the Depositor and (ii) of the Trust Fund by the Depositor
      to the Trustee each be, and be construed as, an absolute sale
      thereof.  It is, further, not the intention of the parties that such
      conveyances be deemed a pledge thereof.  However, if, notwithstanding
      the intent of the parties, the assets are held to be the property of the Seller
      or Depositor, as the case may be, or if for any other reason this Agreement
      is
      held or deemed to create a security interest in either such assets, then (i)
      this Agreement shall be deemed to be a security agreement within the meaning
      of
      the UCC and (ii) the conveyances provided for in this Agreement shall be deemed
      to be an assignment and a grant (i) by the Seller to the Depositor or (ii)
      by
      the Depositor to the Trustee, for the benefit of the Certificateholders, of
      a
      security interest in all of the assets transferred, whether now owned or
      hereafter acquired.

     

    The
      Seller and the Depositor for the benefit of the Certificateholders shall, to
      the
      extent consistent with this Agreement, take such actions as may be necessary
      to
      ensure that, if this Agreement were deemed to create a security interest in
      the
      Trust Fund, such security interest would be deemed to be a perfected security
      interest of first priority under applicable law and will be maintained as such
      throughout the term of the Agreement.  The Depositor shall arrange for
      filing any Uniform Commercial Code continuation statements in connection with
      any security interest granted or assigned to the Trustee for the benefit of
      the
      Certificateholders.

     

    Section
      10.05    Notices.

     

    (a)  The
      Trustee shall use its best efforts to promptly provide notice to each Rating
      Agency with respect to each of the following of which it has actual
      knowledge:

     

    1.  Any
      material change or amendment to this Agreement;

     

    2.  The
      occurrence of any Event of Default that has not been cured;

     

    3.  The
      resignation or termination of the Servicer or the Trustee and the appointment
      of
      any successor;

     

    4.  The
      repurchase or substitution of Mortgage Loans pursuant to Section 2.03;
      and

     

    5.  The
      final distribution to Certificateholders.

     

    In
      addition, the Trustee shall promptly furnish to each Rating Agency copies of
      the
      following:

     

     

    
      
        
        

      

      
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    1.  Each
      report to Certificateholders described in Section 4.06;

     

    2.  Each
      annual statement as to compliance described in Section 3.17;

     

    3.  Each
      annual independent public accountants’ servicing report described in Section
      11.07; and

     

    4.  Any
      notice of a purchase of a Mortgage Loan pursuant to Section 2.02, 2.03 or
      3.11.

     

    (b)  All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when delivered to (a) in the case of the
      Depositor, IndyMac MBS, Inc., 155 North Lake Avenue, Pasadena, California 91101,
      Attention: Secondary Marketing, Transaction Management; (b) in the case of
      the
      Servicer, IndyMac Bank, F.S.B., 888 East Walnut Street, Pasadena, California
      91101-7211, Attention: Secondary Marketing, Transaction Management or such
      other
      address as may be hereafter furnished to the Depositor and the Trustee by the
      Servicer in writing; (c) in the case of the Trustee to the Corporate Trust
      Office, Deutsche Bank National Trust Company, 1761 East St. Andrew Place, Santa
      Ana, California 92705-4934, Attention:  Trust Administration IN07J3,
      Series 2007-A3, or such other address as the Trustee may hereafter furnish
      to
      the Depositor or Servicer and (d) in the case of each of the Rating Agencies,
      the address specified therefor in the definition corresponding to the name
      of
      such Rating Agency.  Notices to Certificateholders shall be deemed
      given when mailed, first class postage prepaid, to their respective addresses
      appearing in the Certificate Register.

     

    Section
      10.06    Severability of
      Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    Section
      10.07    Assignment.

     

    Notwithstanding
      anything to the contrary contained in this Agreement, except as provided in
      Section 6.02, this Agreement may not be assigned by the Servicer without the
      prior written consent of the Trustee and Depositor.

     

           
      Section 10.08    Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the trust created by this Agreement, nor entitle such
      Certificateholder’s legal representative or heirs to claim an accounting or to
      take any action or commence any proceeding in any court for a petition or
      winding up of the trust created hereby, or otherwise affect the rights,
      obligations and liabilities of the parties to this Agreement or any of
      them.

     

    No
      Certificateholder shall have any right to vote (except as provided in this
      Agreement) or in any manner otherwise control the operation and management
      of
      the Trust Fund, or the obligations of the parties to this Agreement, 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 party because of any action taken by the parties
      to
      this Agreement pursuant to any provision of this Agreement.

     

     

    
      
        
        

      

      
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    No
      Certificateholder shall have any right by virtue or by availing itself of any
      provisions 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 provided in this Agreement, and
      unless the Holders of Certificates evidencing not less than 25% of the Voting
      Rights evidenced by the Certificates shall also have made written request to
      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 60 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 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 itself
      or
      themselves of any provisions of this Agreement to affect, disturb or prejudice
      the rights of the Holders of any other of the 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
      common benefit of all Certificateholders.  For the protection and
      enforcement of this Section 10.08, each Certificateholder and the Trustee shall
      be entitled to any relief that can be given either at law or in equity. As
      long
      as any Voting Rights are held by parties other than the Seller, its Affiliates,
      or its agents, as the Seller shall certify to the Trustee upon any such entity
      obtaining such ownership, Voting Rights of Certificates held by the Seller,
      its
      Affiliates or its agents will be excluded from participating in such voting
      arrangements, and excluded from determining the 25% threshold.

     

    Section
      10.09     Inspection and
      Audit Rights.

     

    The
      Servicer agrees that, on reasonable prior notice, it will permit any
      representative of the Depositor or the Trustee during the Servicer’s normal
      business hours, to examine all the books of account, records, reports and other
      papers of the Servicer relating to the Mortgage Loans, to make copies and
      extracts therefrom, to cause such books to be audited by independent certified
      public accountants selected by the Depositor or the Trustee and to discuss
      its
      affairs, finances and accounts relating to the Mortgage Loans with its officers,
      employees and independent public accountants (and by this provision the Servicer
      hereby authorizes said accountants to discuss with such representative such
      affairs, finances and accounts), all at such reasonable times and as often
      as
      may be reasonably requested.  Any out-of-pocket expense incident to
      the exercise by the Depositor or the Trustee of any right under this Section
      10.09 shall be borne by the party requesting such inspection; all other such
      expenses shall be borne by the Servicer.

     

    Section
      10.10    Certificates
      Nonassessable and Fully Paid.

     

    It
      is the
      intention of the Depositor that Certificateholders shall not be personally
      liable for obligations of the Trust Fund, that the interests in the Trust Fund
      represented by the Certificates shall be nonassessable for any reason
      whatsoever, and that the Certificates, upon due authentication thereof by the
      Trustee pursuant to this Agreement, are and shall be deemed fully
      paid.

     

    Section
      10.11    Official
      Record.

     

    The
      Seller agrees that this Agreement is and shall remain at all times before the
      time at which this Agreement terminates an official record of the Seller as
      referred to in Section 13(e) of the Federal Deposit Insurance Act.

     

     

    
      
        
        

      

      
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    Section
      10.12    Protection of
      Assets.

     

    (a)  Except
      for transactions and activities entered into in connection with the
      securitization that is the subject of this Agreement, the trust created by
      this
      Agreement is not authorized and has no power to:

     

    (1)           borrow
      money or issue debt;

     

    (2)           merge
      with another entity, reorganize, liquidate or sell assets;

     

    (3)           engage
      in any business or activities.

     

    (b)  Each
      party to this Agreement agrees that it will not file an involuntary bankruptcy
      petition against the Trustee or the Trust Fund or initiate any other form of
      insolvency proceeding until after the Certificates have been paid in
      full.

     

    Section
      10.13    Qualifying Special
      Purpose Entity.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trust Fund shall not hold any
      property or engage in any activity that would disqualify the Trust Fund from
      being a qualifying special purpose entity under generally accepted accounting
      principles.

     

    
      
        
        

      

      
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    ARTICLE
      ELEVEN

     

    EXCHANGE
      ACT REPORTING

     

    Section
      11.01    Filing
      Obligations.

     

    The
      Servicer, the Trustee and the Seller shall reasonably cooperate with the
      Depositor in connection with the satisfaction of the Depositor’s reporting
      requirements under the Exchange Act with respect to the Trust
      Fund.  In addition to the information specified below, if so requested
      by the Depositor for the purpose of satisfying its reporting obligation under
      the Exchange Act, the Servicer, the Trustee and the Seller shall provide the
      Depositor with (a) such information which is available to such Person without
      unreasonable effort or expense and within such timeframe as may be reasonably
      requested by the Depositor to comply with the Depositor’s reporting obligations
      under the Exchange Act and (b) to the extent such Person is a party (and the
      Depositor is not a party) to any agreement or amendment required to be filed,
      copies of such agreement or amendment in EDGAR-compatible form.

     

    Section
      11.02    Form 10-D
      Filings.

     

    (a)  In
      accordance with the Exchange Act, unless no reporting obligation under the
      Exchange Act exists at such time with respect to the Trust Fund, the Trustee
      shall prepare for filing and file within 15 days after each Distribution Date
      (subject to permitted extensions under the Exchange Act) with the Commission
      with respect to the Trust Fund, a Form 10-D with copies of the Monthly Report
      and, to the extent delivered to the Trustee, no later than five calendar days
      following the Distribution Date, such other information identified by the
      Depositor or the Servicer, in writing, to be filed with the Commission (such
      other information, the “Additional Designated
      Information”).  If the Depositor or Servicer directs
      that any Additional Designated Information is to be filed with any Form 10-D,
      the Depositor or Servicer, as the case may be, shall specify the Item on Form
      10-D to which such information is responsive and, with respect to any Exhibit
      to
      be filed on Form 10-D, the Exhibit number.  Any information to be
      filed on Form 10-D shall be delivered to the Trustee in EDGAR-compatible form
      or
      as otherwise agreed upon by the Trustee and the Depositor or the Servicer,
      as
      the case may be, at the Depositor’s expense, and any necessary conversion to
      EDGAR-compatible format will be at the Depositor’s expense.  At the
      reasonable request of, and in accordance with the reasonable directions of,
      the
      Depositor or the Servicer, subject to the two preceding sentences, the Trustee
      shall prepare for filing and file an amendment to any Form 10-D previously
      filed
      with the Commission with respect to the Trust Fund.  The Depositor
      shall sign the Form 10-D filed on behalf of the Trust Fund.

     

    The
      Trustee shall prepare each Form 10-D and, no later than five Business Days
      prior
      to the date on which such Form 10-D is required to be filed, deliver a copy
      of
      such Form 10-D to the Depositor for review.  No later than the
      Business Day following the receipt thereof, the Depositor shall notify the
      Trustee of any changes to be made to the Form 10-D.  The Trustee shall
      make any changes thereto requested by the Depositor and deliver the final Form
      10-D to the Depositor for signature no later than three Business Days prior
      to
      the date on which such Form 10-D must be filed by the Trustee in accordance
      with
      this Section 11.02.  The Depositor shall execute the final Form 10-D
      and deliver the same to the Trustee via electronic mail
      (DBSEC.Notifications@db.com) or facsimile no later than the Business Day
      following receipt of the same (which, unless not received within such time
      frame
      from the Trustee, shall be no later than two Business Days prior to the date
      on
      which the Form 10-D is required to be filed), with an original executed hard
      copy to follow by overnight courier.

     

     

    
      
        
        

      

      
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    (b)  No
      later than each Distribution Date, any party responsible for providing
      Additional Designated Information shall notify the Depositor and the Trustee
      of
      any Form 10-D Disclosure Item, together with a description of any such Form
      10-D
      Disclosure Item in form and substance reasonably acceptable to the
      Depositor.  In addition to such information as the Servicer and the
      Trustee are obligated to provide pursuant to other provisions of this Agreement,
      if so requested by the Depositor, each of the Servicer and the Trustee shall
      provide such information which is available to the Servicer and the Trustee,
      as
      applicable, without unreasonable effort or expense regarding the performance
      or
      servicing of the Mortgage Loans (in the case of the Trustee, based on the
      information provided by the Servicer) as is reasonably required to facilitate
      preparation of distribution reports in accordance with Item 1121 of Regulation
      AB.  Such information shall be provided concurrently with the
      Remittance Reports in the case of the Servicer and the Monthly Statement in
      the
      case of the Trustee, commencing with the first such report due not less than
      five Business Days following such request.

     

    (c)  The
      Trustee shall not have any responsibility to file any items (other than those
      generated by it) that have not been received in a format suitable (or readily
      convertible into a format suitable) for electronic filing via the EDGAR system
      and shall not have any responsibility to convert any such items to such format
      (other than those items generated by it or that are readily convertible to
      such
      format).  The Trustee shall have no liability to the
      Certificateholders, the Trust Fund, the Servicer or the Depositor with respect
      to any failure to properly prepare or file any of Form 10-D to the extent that
      such failure is not the result of any negligence, bad faith or willful
      misconduct on its part.  The Trustee will not have any duty to verify
      the accuracy or sufficiency of any information to be included in any Form 10-D
      not provided by it.

     

    (d)  The
      Trustee shall have no liability with respect to any failure to properly prepare
      and file such periodic reports resulting or relating to the Trustee’s inability
      or failure to obtain any information not resulting from its own negligence
      or
      willful misconduct.

     

    Section
      11.03    Form 8-K
      Filings.

     

    The
      Servicer shall prepare and file on behalf of the Trust Fund any Form 8-K
      required by the Exchange Act.  Each Form 8-K must be signed by the
      Servicer.  Any reporting party identified on Exhibit T shall promptly
      notify the Depositor and the Servicer (if the notifying party is not the
      Servicer), but in no event later than one (1) Business Day after its occurrence,
      of any Reportable Event of which it has actual knowledge.  Each Person
      shall be deemed to have actual knowledge of any such event to the extent that
      it
      relates to such Person or any action or failure to act by such
      Person.

     

    Section
      11.04    Form 10-K
      Filings.

     

    Prior
      to
      (x) March 31, 2008 and (y) unless and until a Form 15 Suspension Notice shall
      have been filed, March 31st of each year thereafter (or, in either case, such
      earlier date as may be required by the Exchange Act), the Trustee shall, subject
      to the provisions of this Section 11.04, file a Form 10-K, with respect to
      the
      Trust Fund.  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.  The Trustee shall prepare each Form 10-K and, no later than 5
      Business Days prior to the date on which such Form 10-K is required to be filed,
      deliver a copy of such Form 10-K to the Depositor for review.  No
      later than the Business Day following the receipt thereof, the Depositor shall
      notify the Trustee of any changes to be made to the Form 10-K. The Trustee
      shall
      make any changes thereto requested by the Depositor and deliver the final Form
      10-K to the Depositor for signature no later than three Business Days prior
      to
      the date on which such Form 10-K must be filed by the Trustee in accordance
      with
      this Section 11.04.  The Depositor shall execute the final Form

     

     

    
      
        
        

      

      
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    10-K
      and
      deliver the same to the Trustee via electronic mail (DBSEC.Notifications@db.com)
      or facsimile no later than Business Day following receipt of the same (which,
      unless not received within such time frame from the Trustee, shall be no later
      than two Business Days prior to the date on which the From 10-K is required
      to
      be filed), with an original executed hard copy to follow by overnight mail.
      Such
      Form 10-K shall include the Assessment of Compliance, Attestation Report, Annual
      Compliance Statements and other documentation provided by the Servicer pursuant
      to Sections 3.17 and 11.07, a certification in the form attached hereto as
      Exhibit O-1 (the “Depositor Certification”), which shall be signed by the senior
      officer of the Depositor in charge of securitization, and an accountant’s report
      described under Section 11.07.  Each Form 10-K shall also include any
      Sarbanes-Oxley Certification required to be included therewith, as described
      in
      Section 11.05.

     

    If
      the
      Item 1119 Parties listed on Exhibit T have changed since the Closing Date,
      no
      later than March 1 of each year, the Depositor shall provide each of the
      Servicer and the Trustee via electronic mail (DBSEC.Notifications@db.com) with
      an updated Exhibit T setting forth the Item 1119 Parties.

     

    As
      to
      each item of information required to be included in any Form 10-D, Form 8-K
      or
      Form 10-K, the Trustee’s or Depositor’s obligation to include the information in
      the applicable report is subject to receipt from the entity that is indicated
      in
      Exhibit Q as the responsible party for providing that information, if other
      than
      the Trustee or the Depositor, as applicable, as and when required as described
      above.  Each of the Trustee, the Servicer and the Depositor, as
      applicable, hereby agree to notify and provide to the Trustee and the Depositor
      all information that is required to be included in any Form 10-D, Form 8-K
      or
      Form 10-K, with respect to which that entity is indicated in Exhibit Q as the
      responsible party for providing that information. In the case
      of  information to be included in the From 10-D, such information
      shall be delivered to the Trustee (with a copy to the Depositor) no later than
      no later than 5 calendar days following each Distribution Date. In the case
      of  information to be included in the Form 8-K, such information shall
      be delivered to the Depositor no later than no later 2 Business Days following
      the occurrence of a reportable event.  In the case of information to
      be included in the From 10-K, such information, other than the documentation
      provided pursuant to Sections 3.17 and 11.07, shall be delivered to the
      Trustee  no later than (x) March 1, 2008 (with a 15 day cure period)
      and (y) unless and until a Form 15 Suspension Notice shall have been filed,
      March 1st of each year thereafter.  The Servicer shall be responsible
      for determining the pool concentration applicable to any subservicer or
      originator at any time, for purposes of disclosure as required by Items 1117
      and
      1119 of Regulation AB.  The Trustee shall provide electronic or paper
      copies of all Form 10-D, 8-K and 10-K filings free of charge to any
      Certificateholder upon request.

     

    The
      Trustee shall sign a certification (in the form attached hereto as Exhibit
      O-2)
      for the benefit of the Depositor and its officers, directors and
      Affiliates.  The Trustee’s certification shall be delivered to the
      Depositor by no later than March 18th of each year (or if such day is not a
      Business Day, the immediately preceding Business Day) and the Depositor shall
      deliver the Depositor Certification to the Trustee for filing no later than
      March 20th of each year (or if such day is not a Business Day, the immediately
      preceding Business Day).

     

    The
      Trustee shall indemnify and hold harmless the Depositor and its officers,
      directors and Affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon (i) a breach of the
      Trustee’s obligations under this Section 11.04 and Section 11.07 or (ii) any
      material misstatement or omission contained in any information provided by
      the
      Trustee including, without limitation, in the certification provided by the
      Trustee in the form of Exhibit O-2 or the assessment of compliance provided
      pursuant to Section 11.07.  If the indemnification provided for herein
      is unavailable or insufficient to hold harmless the Depositor, then the Trustee,
      in connection with (i) a breach of the Trustee’s obligations under this Section
      11.04 or Section 11.07 or (ii) any material misstatement or 

     

     

     

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

     

    omission
      contained in any information provided by the Trustee including, without
      limitation, in the certification provided by the Trustee in the form of Exhibit
      O-2, or in the assessment of compliance or attestation report provided pursuant
      to Section 11.07, agrees that it shall contribute to the amount paid or payable
      by the Depositor as a result of the losses, claims, damages or liabilities
      of
      the Depositor 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
      indemnification shall survive the termination of this Agreement or the
      termination of any party to this Agreement.

     

    The
      Servicer shall indemnify and hold harmless the Depositor, the Trustee and their
      respective officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses that such Person
      may sustain based upon (i) a breach of the Servicer’s obligations under Sections
      3.17, 11.07 or 11.04 or (ii) any material misstatement or omission contained
      in
      any information provided by the Servicer including, without limitation, in
      the
      information  provided pursuant to Sections 3.17 and 11.07. This
      indemnification shall survive the termination of this Agreement or the
      termination of any party to this Agreement.

     

    The
      Depositor shall indemnify and hold harmless the Servicer, the Trustee and their
      respective officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses that such Person
      may sustain based upon (i) a breach of the Depositor’s obligations under this
      Section 11.04 or (ii) any material misstatement or omission contained in any
      information provided by the Depositor.

     

    The
      Trustee will have no duty or liability to verify the accuracy or sufficiency
      of
      any information not prepared by it included in any Form 10-D, Form 10-K or
      Form
      8-K.  The Trustee shall have no liability with respect to any failure
      to properly prepare or file any Form 10-D or Form 10-K resulting from or
      relating to the Trustee’s inability or failure to receive any information in a
      timely manner from the party responsible for delivery of such
      information.  The Trustee shall have no liability with respect to any
      failure to properly file any Form 10-D or 10-K resulting from or relating to
      the
      Depositor’s failure to timely comply with the provisions of this
      section.  Nothing herein shall be construed to require the Trustee or
      any officer, director or Affiliate thereof to sign any Form 10-D, Form 10-K
      or
      Form 8-K. Copies of all reports filed by the Trustee under the Exchange Act
      shall be sent to the Depositor electronically or at the address set forth in
      Section 10.05.  Fees and expenses incurred by the Trustee in
      connection with this Section 11.04 shall not be reimbursable from the Trust
      Fund.

     

    Upon
      any
      filing with the Commission, the Trustee shall promptly deliver to the Depositor
      a copy of any executed report, statement or information.

     

    To
      the
      extent that, following the Closing Date, the Depositor certifies that reports
      and certifications differing from those required under this Section 11.04 are
      necessary to comply with the reporting requirements under the Exchange Act,
      the
      parties hereto hereby agree that each will reasonably cooperate to amend the
      provisions of this Section 11.04 in order to comply with such amended reporting
      requirements and such amendment of this Section 11.04.  Any such
      amendment may result in the reduction of the reports executed by and filed
      on
      behalf of the Depositor under the Exchange Act.  Notwithstanding the
      foregoing, the Trustee shall not be obligated to enter into any amendment
      pursuant to this Section that adversely affects its obligations and immunities
      under this Agreement.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.17, 11.07
      and
      this Section 11.04 of this Agreement is to facilitate compliance by the
      Depositor with the provisions of Regulation AB.  Therefore, each of
      the parties agree 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 

     

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

     

     

    be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance in respect of the requirements
      of
      Regulation AB, (c) the parties shall comply with reasonable requests made by
      the
      Depositor for delivery of additional or different information as 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.

     

    Section
      11.05    Sarbanes-Oxley
      Certification.

     

    Each
      Form
      10-K shall include a certification (the “Sarbanes-Oxley
      Certification”) required by Rules 13a-14(d) and 15d-14(d) under
      the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
      and
      the rules and regulations of the Commission promulgated thereunder (including
      any interpretations thereof by the Commission’s staff)).  No later
      than March 15 of each year, beginning in 2008, the Servicer and the Trustee
      shall (unless such person is the Certifying Person), and the Servicer shall
      cause each Reporting Subcontractor and the Trustee shall cause each Reporting
      Subcontractor to, provide to the Person who signs the Sarbanes-Oxley
      Certification (the “Certifying Person”) a
      certification (each, a “Performance Certification”),
      in the form attached hereto as Exhibit R on 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 in charge of the servicing function of the
      Servicer shall serve as the Certifying Person on behalf of the Trust
      Fund.  Neither the Servicer nor the Depositor will request delivery of
      a certification under this clause unless the Trustee is required under the
      Exchange Act to file an annual report on Form 10-K with respect to the Trust
      Fund.  In the event that prior to the filing date of the Form 10-K in
      March of each year, the Servicer or the Depositor has actual knowledge of
      information material to the Sarbanes-Oxley Certification, the Servicer or the
      Depositor, as the case may be, shall promptly notify the Servicer and the
      Trustee.  The respective parties hereto agree to cooperate with all
      reasonable requests made by any Certifying Person or Certification Party in
      connection with such Person’s attempt to conduct any due diligence that such
      Person reasonably believes to be appropriate in order to allow it to deliver
      any
      Sarbanes-Oxley Certification or portion thereof with respect to the Trust
      Fund.

     

    Section
      11.06    Form 15
      Filing.

     

    Prior
      to
      January 30 of the first year in which the Depositor is able to do so under
      applicable law, the Trustee on behalf of the Depositor shall file a Form 15
      relating to the automatic suspension of reporting in respect of the Trust Fund
      under the Exchange Act.

     

    Section
      11.07    Report on Assessment
      of Compliance and Attestation.

     

    (a)  On
      or before March 15 of each calendar year, commencing in 2008, unless no
      reporting obligation under the Exchange Act exists at such time with respect
      to
      the Trust Fund:

     

    (i)           The
      Servicer shall deliver to the Trustee (with a copy to the Depositor) a report
      (in form and substance reasonably satisfactory to the Trustee) regarding the
      Servicer’s or the Trustee’s, as applicable, assessment of compliance with the
      Servicing Criteria during the immediately preceding calendar year, as required
      under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB.  Such report shall be signed by an authorized officer of such
      Person and shall address each of the Servicing Criteria applicable to each
      party
      specified on a certification delivered to the Trustee substantially in the
      form
      of Exhibit S.  To the extent any of the Servicing Criteria are not
      applicable to such Person, with respect to asset-backed securities transactions
      taken as a whole involving such Person and that are backed by the same asset
      type backing the Certificates, such report shall include such a statement to
      that effect.  The 

     

     

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

     

    Trustee
      and the Servicer, and each of their respective officers and directors shall
      be
      entitled to rely upon each such servicing criteria assessment.

     

    (ii)           The
      Servicer shall deliver to the Trustee, and the Trustee shall provide on its
      own
      behalf, a report of a registered public accounting firm reasonably acceptable
      to
      the Trustee that attests to, and reports on, the assessment of compliance made
      by Servicer or the Trustee, as applicable, and delivered pursuant to the
      preceding paragraphs.  Such attestation shall be in accordance with
      Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and
      the
      Exchange Act, including, without limitation that 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.  To the extent any of the Servicing Criteria are not
      applicable to such Person, with respect to asset-backed securities transactions
      taken as a whole involving such Person and that are backed by the same asset
      type backing the Certificates, such report shall include such a statement to
      that effect.

     

    (iii)           The
      Servicer shall cause each of its Reporting Subcontractors to deliver to the
      Trustee (with a copy to the Depositor) an assessment of compliance and
      accountant’s attestation as and when provided in paragraphs (a) and (b) of this
      Section 11.07.

     

    (iv)           The
      Trustee shall cause each of its Reporting Subcontractors to deliver to the
      Trustee (with a copy to the Depositor) and the Servicer an assessment of
      compliance and accountant’s attestation as and when provided in paragraphs (a)
      and (b) of this Section.

     

    (v)           The
      Servicer shall execute (and the Servicer shall cause each Reporting
      Subcontractor to execute) a reliance certificate to enable the Certification
      Parties to rely upon each (A) annual compliance statement provided pursuant
      to
      Section 3.17, (B) annual report on assessments of compliance with servicing
      criteria provided pursuant to this Section 11.07 and (C) accountant’s report
      provided pursuant to this Section 11.07 and shall include a certification that
      each such annual compliance statement or report discloses any deficiencies
      or
      defaults described to the registered public accountants of such Person to enable
      such accountants to render the certificates provided for in this Section
      11.07.

     

    (vi)           The
      Trustee shall execute (and the Trustee shall cause each Reporting Subcontractor
      to execute) a reliance certificate to enable the Certification Parties to rely
      upon each (A) annual report on assessments of compliance with servicing criteria
      provided pursuant to this Section 11.07 and (C) accountant’s report provided
      pursuant to this Section 11.07 and shall include a certification that each
      such
      report discloses any deficiencies or defaults described to the registered public
      accountants of such Person to enable such accountants to render the certificates
      provided for in this Section 11.07.

     

    (b)  In
      the event the Servicer, the Trustee or Reporting Subcontractor is terminated
      or
      resigns during the term of this Agreement, such Person shall provide documents
      and information required by this Section 11.07 with respect to the period of
      time it was subject to this Agreement or provided services with respect to
      the
      Trust Fund, the Certificates or the Mortgage Loans.

     

    (c)  An
      assessment of compliance provided by a Subcontractor pursuant to Section
      11.07(a)(iii) or (iv) need not address any elements of the Servicing Criteria
      other than those specified by the Servicer or the Trustee, as applicable,
      pursuant to Section 11.07(a)(i).

     

     

    
      
        
        

      

      
        107

        
          

        

      

      
        
        

      

    

     

     

    Section
      11.08    Use of
      Subcontractors.

     

    (a)  [Reserved].

     

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

     

    As
      a
      condition to the utilization of any Subcontractor determined to be a Reporting
      Subcontractor, the Servicer or the Trustee, as applicable, shall cause any
      such
      Subcontractor used by such Person for the benefit of the Depositor to comply
      with the provisions of Sections 11.07 and 11.09 of this Agreement to the same
      extent as if such Subcontractor were the Servicer  (except with
      respect to the Servicer’s duties with respect to preparing and filing any
      Exchange Act Reports or as the Certifying Person) or the Trustee, as
      applicable.  The Servicer or the Trustee, as applicable, shall be
      responsible for obtaining from each Subcontractor and delivering to the Trustee
      and the Servicer, any assessment of compliance and attestation required to
      be
      delivered by such Subcontractor under Section 11.05 and Section 11.07, in each
      case as and when required to be delivered.

     

    Section
      11.09    Amendments.

     

    In
      the
      event the parties to this Agreement desire to further clarify or amend any
      provision of this Article 11, this Agreement shall be amended to reflect the
      new
      agreement between the parties covering matters in this Article 11 pursuant
      to
      Section 10.01, which amendment shall not require any Opinion of Counsel or
      Rating Agency confirmations or the consent of any
      Certificateholder.

     

    If,
      during the period that the Depositor is required to file Exchange Act Reports
      with respect to the Trust Fund, the Servicer is no longer an Affiliate of the
      Depositor, the Depositor shall assume the obligations and responsibilities
      of
      the Servicer in this Article 11 with respect to the preparation and filing
      of
      the Exchange Act Reports and/or acting as the Certifying Person, if the
      Depositor has received indemnity from such successor Servicer satisfactory
      to
      the Depositor, and such Servicer has agreed to provide a Sarbanes-Oxley
      Certification to the Depositor substantially in the form of Exhibit
      U.

     

    *  *  *  *  *  *

     

     

    
      
        
        

      

      
        108

        
          

        

      

      
        
        

      

    

     

     

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

     

    
      	 	INDYMAC
              MBS, INC.,	 
	 	 	 as
              Depositor	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/
              Jill
              Jacobson 	 
	 	 	Name:
              Jill
              Jacobson 	 
	 	 	Title:  
Vice
              President	 
	 	 	 	 

    

     

    
      	 	DEUTSCHE
              BANK NATIONAL TRUST COMPANY,	 
	 	 	 as
              Trustee	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Jennifer
              Hermansader	 
	 	 	Name:
              Jennifer Hermansader	 
	 	 	Title:  
              Associate	 
	 	 	 	 

    

     

    
      	
               

            	
              By:
                

            	/s/ Marion
              Hogan	 
	 	 	Name:
              Marion Hogan	 
	 	 	Title:  
              Associate	 
	 	 	 

    

     

    
      	 	INDYMAC
              BANK, F.S.B.,	 
	 	 	 as
              Seller and Servicer	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Jill
              Jacobson	 
	 	 	Name:
              Jill Jacobson	 
	 	 	Title:  
              Vice President	 
	 	 	 	 

    

     

     

     

    
      
        
        

      

      
        109

        
          

        

      

      
        
        

      

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              :  ss.:

            
	
              COUNTY
                OF Los Angeles

            	
              )

            
	 	 

    

    On
      this
      21st day of September, 2007, before me, personally appeared Jill Jacobson,
      known
      to me to be a Vice President of IndyMac MBS, Inc., one of the entities that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said entity, and acknowledged to me that such entity
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 	 	 	 
	
               

            	 	 	
              /s/
                Maria E.
                Camarillo

            	 
	
               

            	 	 	
              Notary
                Public

            	 
	
               

            	 	 	
               

            	 

    

     

    [NOTARIAL
      SEAL]

     

    
      
        
        

      

      
        110

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              :  ss.:

            
	
              COUNTY
                OF Orange

            	
              )

            
	 	 

    

    On
      this
      25th day of September, 2007, before me, personally appeared Jennifer Hermansader
      and Marion Hogan, known to me to be an associate and an associate, respectively,
      of Deutsche Bank National Trust Company, one of the entities that executed
      the
      within instrument, and also known to me to be the person who executed it on
      behalf of said entity, and acknowledged to me that such entity executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 	 	 	 
	
               

            	 	 	
              /s/Tiffany
                Yuan

            	 
	
               

            	 	 	
              Notary
                Public

            	 
	
               

            	 	 	
               

            	 

    

     

     

    [NOTARIAL
      SEAL]

     

     

    
      
        
        

      

      
        111

        
          

        

      

      
        
        

      

    

     

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              :  ss.:

            
	
              COUNTY
                OF Los Angeles

            	
              )

            
	 	 

    

    On
      this
      21st day of September, 2007, before me, personally appeared Jill Jacobson,
      known
      to me to be a Vice President of IndyMac Bank, F.S.B., one of the entities that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said entity, and acknowledged to me that such entity
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 	 	 	 
	
               

            	 	 	
              /s/
                Maria E.
                Camarillo

            	 
	
               

            	 	 	
              Notary
                Public

            	 
	
               

            	 	 	
               

            	 

    

     

    [NOTARIAL
      SEAL]

     

     

     

    
      
        
        

      

      
        112

        
          

        

      

      
        
        

      

    

     

     

    Schedule
      I

     

    Mortgage
      Loan Schedule [Delivered at Closing to Trustee]

     

     

     

    
      
        
        

      

      
        S-I-1

        
          

        

      

      
        
        

      

    

     

    Schedule
      II

     

    IndyMac
      MBS, Inc. Mortgage Pass-Through Certificates, Series 2007-A3

     

    Representations
      and Warranties of the Seller/Servicer

     

    Indy
      Mac
      Bank, F.S.B. (“IndyMac”) hereby makes the
      representations and warranties set forth in this Schedule II to the Depositor
      and the Trustee, as of the Closing Date.  Capitalized terms used but
      not otherwise defined in this Schedule II shall have the meanings assigned
      thereto in the Pooling and Servicing Agreement (the “Pooling and
      Servicing Agreement”) relating to the above-referenced Series,
      among IndyMac, as seller and servicer, IndyMac MBS, Inc., as depositor, and
      Deutsche Bank National Trust Company, as trustee.

     

    (1)
      IndyMac is duly organized as a federally insured savings bank and is validly
      existing and in good standing under the laws of the United States of America
      and
      is duly authorized and qualified to transact any business contemplated by the
      Pooling and Servicing Agreement to be conducted by IndyMac in any state in
      which
      a Mortgaged Property is located or is otherwise not required under applicable
      law to effect such qualification and, in any event, is in compliance with the
      doing business laws of any such state, to the extent necessary to ensure its
      ability to enforce each Mortgage Loan, to service the Mortgage Loans in
      accordance with the Pooling and Servicing Agreement and to perform any of its
      other obligations under the Pooling and Servicing Agreement in accordance with
      the terms thereof.

     

    (2)
      IndyMac has the full corporate power and authority to sell and service each
      Mortgage Loan, and to execute, deliver and perform, and to enter into and
      consummate the transactions contemplated by the Pooling and Servicing Agreement
      and has duly authorized by all necessary corporate action on the part of IndyMac
      the execution, delivery and performance of the Pooling and Servicing Agreement;
      and the Pooling and Servicing Agreement, assuming the due authorization,
      execution and delivery thereof by the other parties thereto, constitutes a
      legal, valid and binding obligation of IndyMac, enforceable against IndyMac
      in
      accordance with its terms, except that (a) the enforceability thereof may be
      limited by bankruptcy, insolvency, moratorium, receivership and other similar
      laws relating to creditors’ rights generally and (b) the remedy of specific
      performance and injunctive and other forms of equitable relief may be subject
      to
      equitable defenses and to the discretion of the court before which any
      proceeding therefor may be brought.

     

    (3)
      The
      execution and delivery of the Pooling and Servicing Agreement by IndyMac, the
      sale and servicing of the Mortgage Loans by IndyMac under the Pooling and
      Servicing Agreement, the consummation of any other of the transactions
      contemplated by the Pooling and Servicing Agreement, and the fulfillment of
      or
      compliance with the terms thereof are in the ordinary course of business of
      IndyMac and will not (A) result in a material breach of any term or provision
      of
      the charter or by-laws of IndyMac or (B) materially conflict with, result in
      a
      material breach, violation or acceleration of, or result in a material default
      under, any other material agreement or instrument to which IndyMac is a party
      or
      by which it may be bound, or (C) constitute a material violation of any statute,
      order or regulation applicable to IndyMac of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over IndyMac
      (including the OTS, the Federal Deposit Insurance Corporation or any other
      governmental entity having regulatory authority over IndyMac); and IndyMac
      is
      not in breach or violation of any material indenture or other material agreement
      or instrument, or in violation of any statute, order or regulation of any court,
      regulatory body, administrative agency or 

     

     

     

    
      
        
        

      

      
        S-II-1

        
          

        

      

      
        
        

      

    

     

    governmental
      body having jurisdiction over it (including the OTS, the Federal Deposit
      Insurance Corporation or any other governmental entity having regulatory
      authority over IndyMac) which breach or violation may materially impair
      IndyMac’s ability to perform or meet any of its obligations under the Pooling
      and Servicing Agreement.

     

    (4)
      IndyMac is an approved servicer of conventional mortgage loans for FNMA or
      FHLMC
      or is a mortgagee approved by the Secretary of Housing and Urban Development
      pursuant to Sections 203 and 211 of the National Housing Act.

     

    (5)
      No
      litigation is pending or, to the best of IndyMac’s knowledge, threatened against
      IndyMac that would prohibit the execution or delivery of, or performance under,
      the Pooling and Servicing Agreement by IndyMac.

     

    (6)
      IndyMac is a member of MERS in good standing, and will comply in all material
      respects with the rules and procedures of MERS in connection with the servicing
      of the MERS Mortgage Loans for as long as such Mortgage Loans are registered
      with MERS.

     

     

    
      
        
        

      

      
        S-II-2

        
          

        

      

      
        
        

      

    

     

     

    Schedule
      III

     

    IndyMac
      MBS, Inc.

    Mortgage
      Pass-Through Certificates,

    Series
      2007-A3

     

    Representations
      and Warranties as to the Mortgage Loans

     

    IndyMac
      Bank, F.S.B. (“IndyMac”) hereby makes the
      representations and warranties set forth in this Schedule III to the Depositor
      and the Trustee, as of the Closing Date or if so specified in this Schedule
      III,
      as of the Cut-off Date with respect to each Mortgage
      Loan.  Capitalized terms used but not otherwise defined in this
      Schedule III shall have the meanings assigned to them in the Pooling and
      Servicing Agreement (the “Pooling and Servicing
      Agreement”) relating to the above-referenced Series, among
      IndyMac, as seller and servicer, IndyMac MBS, Inc., as depositor, and Deutsche
      Bank National Trust Company, as trustee.

     

    (1)           The
      information set forth on Schedule I to the Pooling and Servicing Agreement
      with
      respect to each Mortgage Loan is true and correct in all material respects
      as of
      the Closing Date.

     

    (2)           All
      regularly scheduled monthly payments due with respect to each Mortgage Loan
      up
      to and including the Due Date before the Cut-off Date have been made; and as
      of
      the Cut-off Date, no Mortgage Loan had a regularly scheduled monthly payment
      that was 60 or more days Delinquent during the twelve months before the Cut-off
      Date.

     

    (3)           With
      respect to any Mortgage Loan that is not a Cooperative Loan, each Mortgage
      is a
      valid and enforceable first lien on the Mortgaged Property subject only to
      (a)
      the lien of nondelinquent current real property taxes and assessments and liens
      or interests arising under or as a result of any federal, state or local law,
      regulation or ordinance relating to hazardous wastes or hazardous substances
      and, if the related Mortgaged Property is a unit in a condominium project or
      planned unit development, any lien for common charges permitted by statute
      or
      homeowner association fees, (b) covenants, conditions and restrictions, rights
      of way, easements and other matters of public record as of the date of recording
      of such Mortgage, such exceptions appearing of record being generally acceptable
      to mortgage lending institutions in the area wherein the related Mortgaged
      Property is located or specifically reflected in the appraisal made in
      connection with the origination of the related Mortgage Loan, and (c) other
      matters to which like properties are commonly subject which do not materially
      interfere with the benefits of the security intended to be provided by such
      Mortgage.

     

    (4)           Immediately
      before the assignment of the Mortgage Loans to the Depositor, the Seller had
      good title to, and was the sole owner of, each Mortgage Loan free and clear
      of
      any pledge, lien, encumbrance 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 the same pursuant to the Pooling and Servicing
      Agreement.

     

    (5)           As
      of the Closing Date, there was no delinquent tax or assessment lien against
      the
      related Mortgaged Property.

     

     

    
      
        
        

      

      
        S-III-1

        
          

        

      

      
        
        

      

    

     

    (6)           There
      is no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
      including the obligation of the Mortgagor to pay the unpaid principal of or
      interest on such Mortgage Note.

     

    (7)           There
      are no mechanics’ liens or claims for work, labor or material affecting any
      Mortgaged Property which are or may be a lien prior to or equal with, the lien
      of such Mortgage, except those which are insured against by the title insurance
      policy referred to in item (11) below.

     

    (8)           No
      Mortgaged Property has been materially damaged by water, fire, earthquake,
      windstorm, flood, tornado or similar casualty (excluding casualty from the
      presence of hazardous wastes or hazardous substances, as to which the Seller
      makes no representation) so as to affect adversely the value of the related
      Mortgaged Property as security for the Mortgage Loan.

     

    (9)           Each
      Mortgage Loan at origination complied in all material respects with applicable
      local, state and federal laws and regulations, including usury, equal credit
      opportunity, real estate settlement procedures, truth-in-lending, and disclosure
      laws, or any noncompliance does not have a material adverse effect on the value
      of the related Mortgage Loan.

     

    (10)           The
      Seller has not modified the Mortgage in any material respect (except that a
      Mortgage Loan may have been modified by a written instrument which has been
      recorded or submitted for recordation, if necessary, to protect the interests
      of
      the Certificateholders and which has been delivered to the Trustee); satisfied,
      cancelled or subordinated such Mortgage in whole or in part; released the
      related Mortgaged Property in whole or in part from the lien of such Mortgage;
      or executed any instrument of release, cancellation, modification or
      satisfaction with respect thereto.

     

    (11)           A
      lender’s policy of title insurance together with a condominium endorsement and
      extended coverage endorsement, if applicable, in an amount at least equal to
      the
      Cut-off Date Principal Balance of each such Mortgage Loan or a commitment
      (binder) to issue the same was effective on the date of the origination of
      each
      Mortgage Loan and each such policy is valid and remains in full force and
      effect.

     

    (12)           Each
      Mortgage Loan was originated (within the meaning of Section 3(a)(41) of the
      Exchange Act) by an entity that satisfied at the time of origination the
      requirements of Section 3(a)(41) of the Exchange Act.

     

    (13)           All
      of the improvements which were included for the purpose of determining the
      Appraised Value of the Mortgaged Property lie wholly within the boundaries
      and
      building restriction lines of such property, and no improvements on adjoining
      properties encroach upon the Mortgaged Property, unless such failure to be
      wholly within such boundaries and restriction lines or such encroachment, as
      the
      case may be, does not have a material effect on the value of the Mortgaged
      Property.

     

    (14)           As
      of the date of origination of each Mortgage Loan, no improvement located on
      or
      being part of the Mortgaged Property is in violation of any applicable zoning
      law or regulation unless such violation would not have a material adverse effect
      on the value of the related Mortgaged Property.  All inspections,
      licenses and certificates required to be made or issued with respect to all
      occupied portions of the Mortgaged Property and, with respect to the use and
      occupancy of the same, including certificates of occupancy and fire underwriting
      certificates, have been made or obtained from the appropriate authorities,
      unless the lack thereof would not have a material adverse effect on the value
      of
      the Mortgaged Property.

     

     

    
      
        
        

      

      
        S-III-2

        
          

        

      

      
        
        

      

    

     

    (15)           The
      Mortgage Note and the related Mortgage are genuine, and each is the legal,
      valid
      and binding obligation of the maker thereof, enforceable in accordance with
      its
      terms and under applicable law.

     

    (16)           The
      proceeds of the Mortgage Loan have been fully disbursed and there is no
      requirement for future advances thereunder.

     

    (17)           The
      related Mortgage contains customary and enforceable provisions which render
      the
      rights and remedies of the holder thereof adequate for the realization against
      the Mortgaged Property of the benefits of the security, including, (i) in the
      case of a Mortgage designated as a deed of trust, by trustee’s sale, and (ii)
      otherwise by judicial foreclosure.

     

    (18)           With
      respect to each Mortgage constituting a deed of trust, a trustee, duly qualified
      under applicable law to serve as such, has been properly designated and
      currently so serves and is named in such Mortgage, and no fees or expenses
      are
      or will become payable by the Certificateholders to the trustee under the deed
      of trust, except in connection with a trustee’s sale after default by the
      Mortgagor.

     

    (19)           At
      the Closing Date, the improvements upon each Mortgaged Property are covered
      by a
      valid and existing hazard insurance policy with a generally acceptable carrier
      that provides for fire and extended coverage and coverage for such other hazards
      as are customarily required by institutional single family mortgage lenders
      in
      the area where the Mortgaged Property is located, and the Seller has received
      no
      notice that any premiums due and payable thereon have not been paid; the
      Mortgage obligates the Mortgagor thereunder to maintain all such insurance
      including flood insurance at the Mortgagor’s cost and
      expense.  Anything to the contrary in this item (19) notwithstanding,
      no breach of this item (19) shall be deemed to give rise to any obligation
      of
      the Seller to repurchase or substitute for such affected Mortgage Loan or Loans
      so long as the Servicer maintains a blanket policy pursuant to the second
      paragraph of Section 3.10(a) of the Pooling and Servicing
      Agreement.

     

    (20)           If
      at the time of origination of each Mortgage Loan, the related Mortgaged Property
      was in an area then identified in the Federal Register by the Federal Emergency
      Management Agency as having special flood hazards, a flood insurance policy
      in a
      form meeting the then-current requirements of the Flood Insurance Administration
      is in effect with respect to the Mortgaged Property with a generally acceptable
      carrier.

     

    (21)           There
      is no proceeding pending or threatened for the total or partial condemnation
      of
      any Mortgaged Property, nor is such a proceeding currently
      occurring.

     

    (22)           There
      is no material event which, with the passage of time or with notice and the
      expiration of any grace or cure period, would constitute a material non-monetary
      default, breach, violation or event of acceleration under the Mortgage or the
      related Mortgage Note; and the Seller has not waived any material non-monetary
      default, breach, violation or event of acceleration.

     

    (23)           Each
      Mortgage File contains an appraisal of the related Mortgaged Property prepared
      in accordance with the Uniform Standards of Professional Appraisal Practice
      (USPAP).

     

    (24)           Any
      leasehold estate securing a Mortgage Loan has a stated term of not less than
      five years in excess of the term of the related Mortgage Loan.

     

     

    
      
        
        

      

      
        S-III-3

        
          

        

      

      
        
        

      

    

     

     

    (25)           Each
      Mortgage Loan was selected from among the outstanding fixed-rate one- to
      four-family mortgage loans in the Seller’s portfolio at the Closing Date as to
      which the representations and warranties made with respect to the Mortgage
      Loans
      set forth in this Schedule III can be made.  No such selection was
      made in a manner intended to adversely affect the interests of the
      Certificateholders.

     

    (26)           Approximately
      0.63% of the Mortgage Loans by Cut-off Date Pool Principal Balance are
      Cooperative Loans.

     

    (27)           The
      PO Percentage of the Stated Principal Balances of the Discount Mortgage Loans
      does not exceed $2,120,257.

     

    (28)           None
      of the Mortgage Loans is a “high cost” loan, “covered” loan or any other
      similarly designated loan as defined under any state, local or federal
      law,  as defined by applicable predatory and abusive lending
      laws.

     

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

     

    (30)           No
      Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
      Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et
      seq.).

     

    (31)           No
      Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
      Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
      seq.).

     

    (32)           Each
      Mortgage Loan has been underwritten and serviced substantially in accordance
      with the Seller’s guidelines, subject to such variances as are reflected on the
      Mortgage Loan Schedule or that the Seller has approved.

     

    (33)           No
      Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such terms
      are defined in the then-current version of Standard & Poor’s LEVELS®
Glossary, which is now Version 6.0 Revised, Appendix E) and no Mortgage Loan
      originated on or after October 1, 2002 through March 6, 2003 is governed by
      the
      Georgia Fair Lending Act (Exclusion Representation).

     

    (34)           The
      Pooling and Servicing Agreement creates a valid and continuing “security
      interest” (as defined in Section 1-201(37) of the UCC) in each Mortgage Note in
      favor of the Trustee, which security interest is prior to all other liens and
      is
      enforceable as such against creditors of and purchasers from the Depositor.
      Each
      Mortgage Note constitutes “promissory notes” (as defined in Section 9-102(a)(65)
      of the UCC). Immediately before the assignment of each Mortgage Note to the
      Trustee, the Depositor had good and marketable title to such Mortgage Note
      free
      and clear of any lien, claim, encumbrance of any Person. All original executed
      copies of each Mortgage Note have been or shall be delivered to the Trustee
      within five Business Days following the Closing Date. Other than the security
      interest granted to the Trustee, the Depositor has not pledged, assigned, sold,
      granted a security interest in, or otherwise conveyed any Mortgage Note. The
      Depositor has not authorized the filing of and is not aware of any financing
      statements against the Depositor that include a description of any of the
      Mortgage Notes. The Depositor is not aware of any judgment or tax liens filed
      against the Depositor.  None of the Mortgage Notes has any marks or
      notations indicating that they have been pledged, assigned or otherwise conveyed
      to any Person other than the Trustee.

     

     

    
      
        
        

      

      
        S-III-4

        
          

        

      

      
        
        

      

    

     

     

    (35)           To
      the best of the Seller’s knowledge, there was no fraud involved in the
      origination of any Mortgage Loan by the mortgagee or by the Mortgagor, any
      appraiser or any other party involved in the origination of the Mortgage
      Loan

     

    (36)           No
      Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
      Massachusetts Predatory Home Loan Practices Act effective November 7, 2004
      (Mass. Gen. Laws ch. 183C).

     

    
      
        
        

      

      
        S-III-5

        
          

        

      

      
        
        

      

    

    (37)  No
      Mortgage Loan is subject to the requirements of the Home Ownership and Equity
      Protection Act of 1994.

     

    (38)  No
      Mortgage Loan is a “High-Cost Home Loan” as defined in any of the following
      statutes: the Georgia Fair Lending Act, as amended (the “Georgia Act”), the New
      York Banking Law 6-1, the Arkansas Home Loan Protection Act effective July
      16,
      2003 (Act 1340 of 2003), the Kentucky high-cost home loan statute effective
      June
      24, 2003 (Ky. Rev. Stat. Section 360.100), the New Jersey Home Ownership Act
      effective November 27, 2003 (N.J.S.A. 46:10B-22 et seq.), or the New Mexico
      Home
      Loan Protection Act effective January 1, 2004 (N.M. Stat. Ann §§ 58-21A-1 et
      seq.).  No Mortgage Loan subject to the Georgia Act and secured by
      owner occupied real property or an owner occupied manufactured home located
      in
      the state of Georgia was originated (or modified) on or after October 1, 2002
      through and including March 6, 2003.  No Mortgage Loan is a “High-Risk
      Home Loan” as defined in the Illinois High-Risk Home Loan Act effective January
      1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.).  None of the Mortgage
      Loans that are secured by property located in the State of Illinois are in
      violation of the provisions of the Illinois Interest Act (815 Ill. Comp. Stat.
      205/1 et seq.).

     

    (39)  None
      of the Mortgage Loans is a “high cost” loan, “covered” loan (excluding home
      loans defined as “covered home loans” in the New Jersey Home Ownership Security
      Act of 2002 that were originated between November 26, 2003 and July 7, 2004),
      “high risk home” or “predatory” loan or any other similarly designated loan as
      defined under any state, local or federal law, as defined by applicable
      predatory and abusive lending laws.

     

    

    
      
        
        

      

      
        S-III-6

        
          

        

      

      
        
        

      

    

    

    Schedule
      IV

     

    [Reserved]

     

     

     

    
      
        
        

      

      
        S-IV-1

        
          

        

      

      
        
        

      

    

     

    Schedule
      V

    Form
      of
      Monthly Report

     

    [On
      file
      with the Trustee]

     

     

     

    
      
        
        

      

      
        S-V-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    [FORM
      OF
      SENIOR CERTIFICATE (OTHER THAN NOTIONAL AMOUNT CERTIFICATES)]

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    [UNTIL
      THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING,
      NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS
      THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
      THAT SUCH TRANSFEREE IS NOT AND IS NOT INVESTING ON BEHALF OF OR WITH PLAN
      ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR A PLAN SUBJECT TO SECTION 4975 OF
      THE CODE, OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE
      AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE
      CONTRARY HEREIN, UNTIL THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN
      ERISA-QUALIFYING UNDERWRITING, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO
      OR
      ON BEHALF OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT
      THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL
      BE
      VOID AND OF NO EFFECT.]

     

    

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off  Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Certificate Balance of this Certificate (“Denomination”)

            	
              :

            	
              $

            
	 	 	 
	
              Initial
                Certificate Balances of all Certificates of this Class

            	
              :

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              ISIN

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              %

            
	 	 	 
	
              Maturity
                Date

            	
              :

            	 

    

    INDYMAC
      MBS, INC.

    IndyMac
      IMJA Mortgage Loan Trust 2007-A3

    Mortgage
      Pass-Through Certificates, Series 2007-A3

    Class
      [__]

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class with respect to a Trust Fund consisting primarily of
      a
      pool of 30-year conventional fixed-rate mortgage loans (the “Mortgage Loans”)
      secured by first liens on one- to four-family residential
      properties.

     

    IndyMac
      MBS, Inc., as Depositor

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein
      or
      in the Agreement (defined below).  Accordingly, the Certificate
      Balance at any time may be less than the Certificate Balance as set forth
      herein.  This Certificate does not evidence an obligation of, or an
      interest in, and is not guaranteed by the Depositor, the Seller, the Servicer
      or
      the Trustee referred to below or any of their respective
      affiliates.  Neither this Certificate nor the Mortgage Loans are
      guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that
                                
      is the registered owner of the Percentage Interest evidenced by this Certificate
      (obtained by dividing the denomination of this Certificate by the aggregate
      Initial Certificate Balances of all Certificates of the Class to which this
      Certificate belongs) in certain monthly distributions with respect to a Trust
      Fund consisting primarily of the Mortgage Loans deposited by IndyMac MBS, Inc.
      (the “Depositor”).  The Trust Fund was created pursuant to a Pooling
      and Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”) among the Depositor, IndyMac Bank, F.S.B., as seller (in such
      capacity, the “Seller”) and as servicer (in such capacity, the “Servicer”), and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To
      the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement.  This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      

     

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

     

    which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      	 	DEUTSCHE
              BANK NATIONAL TRUST
              COMPANY,	 
	 	 	 as
              Trustee	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	Countersigned: 	 	 	 
	 	 	 	 
	 By	 	 	 	 
	 	
               Authorized
                Signatory of

              DEUTSCHE BANK NATIONAL TRUST COMPANY,

              as Trustee

            	 	                                     	 
	 	 	 	 
	 	 	 	 

    

     

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      B

     

    [FORM
      OF
      SUBORDINATED CERTIFICATE]

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN CERTIFICATES AS
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

     

    [THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
      REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
      FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.]

     

    [NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE REPRESENTS TO THE TRUSTEE THAT SUCH TRANSFEREE IS NOT AND IS NOT
      INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT
      TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR
      A PLAN SUBJECT TO SECTION 4975 OF THE CODE, OR, DELIVERS A REPRESENTATION IN
      ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN, OR DELIVERS
      TO THE TRUSTEE AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE
      AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE
      CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF
      OF
      AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO SECTION 4975 OF THE CODE WITHOUT
      THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL
      BE
      VOID AND OF NO EFFECT.]

     

    [UNTIL
      THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING,
      NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS
      THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
      THAT SUCH TRANSFEREE IS NOT AND IS NOT INVESTING ON BEHALF OF OR WITH PLAN
      ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR A PLAN SUBJECT TO SECTION 4975 OF
      THE CODE, OR AN 

     

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

     

    OPINION
      OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
      HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, UNTIL
      THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING,
      ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY
      TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.]

     

    

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off  Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Certificate Balance of this Certificate (“Denomination”)

            	
              :

            	
              $

            
	 	 	 
	
              Initial
                Certificate Balances of all Certificates of this Class

            	
              :

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              ISIN

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	 
	 	 	 
	
              Maturity
                Date

            	
              :

            	 
	 	 	 

    

    INDYMAC
      MBS, INC.

    IndyMac
      IMJA Mortgage Loan Trust 2007-A3

    Mortgage
      Pass-Through Certificates, Series 2007-A3

    Class
      [___]

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class with respect to a Trust Fund consisting primarily of
      a
      pool of 30-year conventional fixed-rate mortgage loans (the “Mortgage Loans”)
      secured by first liens on one- to four-family residential
      properties.

     

    IndyMac
      MBS, Inc., as Depositor

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein
      or
      in the Agreement (defined below).  Accordingly, the Certificate
      Balance at any time may be less than the Certificate Balance as set forth
      herein.  This Certificate does not evidence an obligation of, or an
      interest in, and is not guaranteed by the Depositor, the Seller, the Servicer
      or
      the Trustee referred to below or any of their respective
      affiliates.  Neither this Certificate nor the Mortgage Loans are
      guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that
                                
is the registered owner of the Percentage Interest evidenced by this
      Certificate (obtained by dividing the denomination of this Certificate by the
      aggregate Initial Certificate Balances of the denominations of all Certificates
      of the Class to which this Certificate belongs) in certain monthly distributions
      with respect to a Trust Fund consisting primarily of the Mortgage Loans
      deposited by IndyMac MBS, Inc. (the “Depositor”).  The Trust Fund was
      created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off
      Date specified above (the “Agreement”) among the Depositor, IndyMac Bank,
      F.S.B., as seller (in such capacity, the “Seller”), and as servicer (in such
      capacity, the “Servicer”), and Deutsche Bank National Trust Company, as trustee
      (the “Trustee”).  To the extent not defined herein, the capitalized
      terms used herein have the meanings assigned in the
      Agreement.  

     

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

     

     

    This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    [No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Securities Act
      and any applicable state securities laws or is exempt from the registration
      requirements under said Act and such laws.  In the event that a
      transfer is to be made in reliance upon an exemption from the Securities Act
      and
      such laws, in order to assure compliance with the Securities Act and such laws,
      the Certificateholder desiring to effect such transfer and such
      Certificateholder’s prospective transferee shall each certify to the Trustee in
      writing the facts surrounding the transfer.  In the event that such a
      transfer is to be made within three years from the date of the initial issuance
      of Certificates pursuant hereto, there shall also be delivered (except in the
      case of a transfer pursuant to Rule 144A of the Securities Act) to the Trustee
      an Opinion of Counsel that such transfer may be made pursuant to an exemption
      from the Securities Act and such state securities laws, which Opinion of Counsel
      shall not be obtained at the expense of the Trustee, the Seller, the Servicer
      or
      the Depositor.  The Holder hereof desiring to effect such transfer
      shall, and does hereby agree to, indemnify the Trustee and the Depositor against
      any liability that may result if the transfer is not so exempt or is not made
      in
      accordance with such federal and state laws.]

     

    [No
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received either (i) a representation [letter] from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      or
      other benefit plan subject to Section 406 of ERISA or Section 4975 of the Code,
      nor a person acting on behalf of or investing plan assets of any such plan,
      which representation letter shall not be an expense of the Trustee or the
      Servicer, (ii) if the ERISA-Restricted 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 Certificate 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
      Certificate are covered under Sections I and III of PTCE 95-60 or (iii) in
      the
      case of any such Certificate presented for registration in the name of an
      employee benefit plan subject to ERISA or Section 4975 of the Code (or
      comparable provisions of any subsequent enactments), or a trustee of any such
      plan or any other person acting on behalf of any such plan, an Opinion of
      Counsel satisfactory to the Trustee to the effect that the purchase and holding
      of such Certificate will not result in a nonexempt prohibited transaction under
      ERISA or Section 4975 of the Code and will not subject the Trustee or the
      Servicer to any obligation in addition to those undertaken in the Agreement,
      which Opinion of Counsel shall not be an expense of the Trustee, the Servicer
      or
      the Trust Fund.  Notwithstanding anything else to the contrary herein,
      any purported transfer of a Certificate of this Class to or on behalf of an
      employee benefit plan subject to ERISA or to Section 4975 of the Code without
      the opinion of counsel satisfactory to the Trustee as described above shall
      be
      void and of no effect.]

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
       

      
        	 	DEUTSCHE
                BANK NATIONAL TRUST
                COMPANY,	 
	 	 	 as
                Trustee	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	Countersigned: 	 	 	 
	 	 	 	 
	 By	 	 	 	 
	 	
                 Authorized
                  Signatory of

                DEUTSCHE BANK NATIONAL TRUST COMPANY,

                as Trustee

              	 	                                     	 
	 	 	 	 
	 	 	 	 

      

    

     

     

    
      
        
        

      

      
        B-5

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      C

     

    [FORM
      OF
      CLASS A-R CERTIFICATE]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
      THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE REPRESENTS TO THE TRUSTEE THAT SUCH TRANSFEREE IS NOT AND IS NOT
      INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT
      TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR
      A PLAN SUBJECT TO SECTION 4975 OF THE CODE, OR, IF SUCH PURCHASER IS AN
      INSURANCE COMPANY, DELIVERS A REPRESENTATION IN ACCORDANCE WITH THE PROVISIONS
      OF THE AGREEMENT REFERRED TO HEREIN, OR DELIVERS TO THE TRUSTEE AN OPINION
      OF
      COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
      HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO ERISA OR TO SECTION 4975 OF THE CODE WITHOUT THE OPINION OF
      COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF
      NO
      EFFECT.

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off  Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Certificate Balance of this Certificate (“Denomination”)

            	
              :

            	
              $

            
	 	 	 
	
              Initial
                Certificate Balances of all Certificates of this Class

            	
              :

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              ISIN

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	 
	 	 	 
	
              Maturity
                Date

            	
              :

            	 
	 	 	 

    

    INDYMAC
      MBS, INC.

    IndyMac
      IMJA Mortgage Loan Trust 2007-A3

    Mortgage
      Pass-Through Certificates, Series 2007-A3

     

    evidencing
      the distributions allocable to the Class A-R Certificates with respect to a
      Trust Fund consisting primarily of a pool of 30-year conventional fixed rate
      mortgage loans (the “Mortgage Loans”) secured by first liens on one- to
      four-family residential properties.

     

    IndyMac
      MBS, Inc., as Depositor

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein
      or
      in the Agreement (defined below).  Accordingly, the Certificate
      Balance at any time may be less than the Certificate Balance as set forth
      herein.  This Certificate does not evidence an obligation of, or an
      interest in, and is not guaranteed by the Depositor, the Seller, the Servicer
      or
      the Trustee referred to below or any of their respective
      affiliates.  Neither this Certificate nor the Mortgage Loans are
      guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that
                                
      is the registered owner of the Percentage Interest (obtained by dividing the
      denomination of this Certificate by the aggregate Initial Certificate Balances
      of the denominations of all Certificates of the Class to which this Certificate
      belongs) in certain monthly distributions with respect to a Trust Fund
      consisting of the Mortgage Loans deposited by IndyMac MBS, Inc. (the
“Depositor”).  The Trust Fund was created pursuant to a Pooling and
      Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”) among the Depositor, IndyMac Bank, F.S.B., as seller (in such
      capacity, the “Seller”) and as servicer (in such capacity, the “Servicer”), and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To
      the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement.  This Certificate is issued

     

     

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     

    under
      and
      is subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Any
      distribution of the proceeds of any remaining assets of the Trust Fund will
      be
      made only upon presentment and surrender of this Class A-R Certificate at the
      Corporate Trust Office .

     

    No
      transfer of a Class A-R Certificate shall be made unless the Trustee shall
      have
      received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or Section 4975 of the Code, or a person
      investing on behalf of or with plan assets of any such plan, which
      representation letter shall not be an expense of the Trustee or the Servicer,
      (ii) if the purchaser is an insurance company, a representation that the
      purchaser is an insurance company which is purchasing such Certificate 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 Certificate are covered under
      Sections I and III of PTCE 95-60 or (iii) in the case of any Certificate
      presented for registration in the name of an employee benefit plan subject
      to
      ERISA or Section 4975 of the Code (or comparable provisions of any subsequent
      enactments), or a trustee of any such plan or any other person acting on behalf
      of any such plan, an Opinion of Counsel satisfactory to the Trustee and the
      Servicer to the effect that the purchase and holding of such Class A-R
      Certificate will not result in a nonexempt prohibited transaction under Section
      406 of ERISA or Section 4975 of the Code and will not subject the Trustee or
      the
      Servicer to any obligation in addition to those undertaken in the Agreement,
      which Opinion of Counsel shall not be an expense of the Trustee, the Servicer
      or
      the Trust Fund.  Such representation shall be deemed to have been made
      to the Trustee by the Transferee’s acceptance of this Class A-R Certificate and
      by a beneficial owner’s acceptance of its interest in such
      Certificate.  Notwithstanding anything else to the contrary herein,
      any purported transfer of a Class A-R Certificate to or on behalf of an employee
      benefit plan subject to ERISA or to Section 4975 of the Code without the opinion
      of counsel satisfactory to the Trustee as described above shall be void and
      of
      no effect.

     

    Each
      Holder of this Class A-R Certificate will be deemed to have agreed to be bound
      by the restrictions of the Agreement, including but not limited to the
      restrictions that (i) each person holding or acquiring any Ownership Interest
      in
      this Class A-R Certificate must be a Permitted Transferee, (ii) no Ownership
      Interest in this Class A-R Certificate may be transferred without delivery
      to
      the Trustee of (a) a transfer affidavit of the proposed transferee and (b)
      a
      transfer certificate of the transferor, each of such documents to be in the
      form
      described in the Agreement, (iii) each person holding or acquiring any Ownership
      Interest in this Class A-R Certificate must agree to require a transfer
      affidavit and to deliver a transfer certificate to the Trustee as required
      pursuant to the Agreement, (iv) each person holding or acquiring an Ownership
      Interest in this Class A-R Certificate must agree not to transfer an Ownership
      Interest in this Class A-R Certificate if it has actual knowledge that the
      proposed transferee is not a Permitted Transferee and (v) any attempted or
      purported transfer of any Ownership Interest in this Class A-R Certificate
      in
      violation of such restrictions will be absolutely null and void and will vest
      no
      rights in the purported transferee.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      
        	 	DEUTSCHE
                BANK NATIONAL TRUST
                COMPANY,	 
	 	 	 as
                Trustee	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	Countersigned: 	 	 	 
	 	 	 	 
	 By	 	 	 	 
	 	
                 Authorized
                  Signatory of

                DEUTSCHE BANK NATIONAL TRUST COMPANY,

                as Trustee

              	 	                                     	 
	 	 	 	 
	 	 	 	 

      

       

    

     

     

    
      
        
        

      

      
        C-4

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      D

     

    [FORM
      OF
      NOTIONAL AMOUNT CERTIFICATE]

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    [UNTIL
      THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING,
      NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS
      THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
      THAT SUCH TRANSFEREE IS NOT AND IS NOT INVESTING ON BEHALF OF OR WITH PLAN
      ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED, OR A PLAN SUBJECT TO SECTION 4975 OF THE
      CODE,
      OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT
      REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY
      HEREIN, UNTIL THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING
      UNDERWRITING, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF
      AN
      EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO SECTION 4975 OF THE CODE WITHOUT
      THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL
      BE
      VOID AND OF NO EFFECT.]

     

    THIS
      CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY DISTRIBUTIONS
      IN
      RESPECT OF PRINCIPAL.

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off  Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Notional Amount of this Certificate (“Denomination”)

            	
              :

            	
              $

            
	 	 	 
	
              Initial
                Notional Amount of all Certificates of this Class

            	
              :

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              ISIN

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              %

            
	 	 	 
	
              Maturity
                Date

            	
              :

            	 
	 	 	 

    

    INDYMAC
      MBS, INC.

    IndyMac
      IMJA Mortgage Loan Trust 2007-A3

    Mortgage
      Pass-Through Certificates, Series 2007-A3

    Class
      [__]

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class with respect to a Trust Fund consisting primarily of
      a
      pool of 30-year conventional fixed-rate mortgage loans (the “Mortgage Loans”)
      secured by first liens on one- to four-family residential
      properties.

     

    IndyMac
      MBS, Inc., as Depositor

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Seller, the Servicer or the Trustee referred
      to
      below or any of their respective affiliates.  Neither this Certificate
      nor the Mortgage Loans are guaranteed or insured by any governmental agency
      or
      instrumentality.

     

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

     

     

    This
      certifies that __________ is the
      registered owner of the Percentage Interest evidenced by this Certificate
      (obtained by dividing the denomination of this Certificate by the aggregate
      Initial Notional Amounts of all Certificates of the Class to which this
      Certificate belongs) in certain monthly distributions with respect to a Trust
      Fund consisting primarily of the Mortgage Loans deposited by IndyMac MBS, Inc.
      (the “Depositor”).  The Trust Fund was created pursuant to a Pooling
      and Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”) among the Depositor, IndyMac Bank, F.S.B., as seller (in such
      capacity, the “Seller”) and as servicer (in such capacity, the “Servicer”), and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”).  To
      the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement.  This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    [Until
      this certificate has been the subject of an ERISA-Qualifying Underwriting,
      no
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA or Section 4975 of the Code, or a person
      investing on behalf of or with plan assets of any such plan, which
      representation letter shall not be an expense of the Trustee or the Servicer,
      or
      (ii) in the case of any such Certificate presented for registration in the
      name
      of an employee benefit plan subject to ERISA or Section 4975 of the Code (or
      comparable provisions of any subsequent enactments), or a trustee of any such
      plan or any other person acting on behalf of any such plan, an Opinion of
      Counsel satisfactory to the Trustee to the effect that the purchase and holding
      of such Certificate will not result in a nonexempt prohibited transaction under
      Section 406 of ERISA or Section 4975 of the Code and will not subject the
      Trustee or the Servicer to any obligation in addition to those undertaken in
      the
      Agreement, which Opinion of Counsel shall not be an expense of the Trustee,
      the
      Servicer, or the Trust Fund.  Notwithstanding anything else to the
      contrary herein, until this certificate has been the subject of an
      ERISA-Qualifying Underwriting, any purported transfer of a Certificate of this
      Class to or on behalf of an employee benefit plan subject to ERISA or to the
      Code without the opinion of counsel satisfactory to the Trustee as described
      above shall be void and of no effect.]

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  ____________,
      20__

     

    
      
        
          	 	DEUTSCHE
                  BANK NATIONAL TRUST
                  COMPANY,	 
	 	 	 as
                  Trustee	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	Countersigned: 	 	 	 
	 	 	 	 
	 By	 	 	 	 
	 	
                   Authorized
                    Signatory of

                  DEUTSCHE BANK NATIONAL TRUST COMPANY,

                  as Trustee

                	 	                                     	 
	 	 	 	 
	 	 	 	 

        

         

         

        
          
            
            

          

          
            D-4

            
              

            

          

          
            
            

          

        

         

         

      

    

    EXHIBIT
      E

    [Form
      of
      Reverse of Certificates]

     

    INDYMAC
      MBS, INC.

    IndyMac
      IMJA Mortgage Loan Trust 2007-A3

    Mortgage
      Pass-Through Certificates, Series 2007-A3

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      IndyMac MBS, Inc. Mortgage Pass-Through Certificates, of the Series specified
      on
      the face hereof (herein collectively called the “Certificates”), and
      representing a beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Distribution Date”), commencing on the first
      Distribution Date specified on the face hereof, to the Person in whose name
      this
      Certificate is registered at the close of business on the applicable Record
      Date
      in an amount equal to the product of the Percentage Interest evidenced by this
      Certificate and the amount required to be distributed to Holders of Certificates
      of the Class to which this Certificate belongs on such Distribution Date
      pursuant to the Agreement.  The Record Date applicable to each
      Distribution Date is the Business Day set forth in the Agreement.

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Trustee in writing at least five Business Days prior to the Record
      Date and such Certificateholder shall satisfy the conditions to receive such
      form of payment set forth in the Agreement, or, if not, by check mailed by
      first
      class mail to the address of such Certificateholder appearing in the Certificate
      Register.  The final distribution on each Certificate will be made in
      like manner, but only upon presentment and surrender of such Certificate at
      the
      Corporate Trust Office or such other location specified in the notice to
      Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee with the consent of the Holders of
      Certificates affected by such amendment evidencing the requisite Percentage
      Interest, as provided in the Agreement.  Any such consent by the
      Holder of this Certificate shall be conclusive and binding on such Holder and
      upon all future Holders of this Certificate and of any Certificate issued upon
      the transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate.  The Agreement
      also permits the amendment thereof, in certain limited circumstances, without
      the consent of the Holders of any of the Certificates.

     

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

     

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the Corporate Trust Office, accompanied by a written instrument of transfer
      in
      form satisfactory to the Trustee and the Certificate Registrar duly executed
      by
      the holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      Fund will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement.  As provided in the
      Agreement and subject to certain limitations therein set forth, Certificates
      are
      exchangeable for new Certificates of the same Class in authorized denominations
      and evidencing the same aggregate Percentage Interest, as requested by the
      Holder surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer, the Seller and the Trustee and any agent of the
      Depositor or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and neither the Depositor,
      the
      Trustee, nor any such agent shall be affected by any notice to the
      contrary.

     

    On
      any
      Distribution Date on which the aggregate Stated Principal Balance of the
      Mortgage Loans in the mortgage pool is less than 10% of the Cut-off Date Pool
      Principal Balance, the Servicer will have the option to repurchase, in whole,
      from the Trust Fund all remaining Mortgage Loans in the mortgage pool and all
      property acquired in respect of the Mortgage Loans in the mortgage pool at
      a
      purchase price determined as provided in the Agreement.  In the event
      that no such optional termination occurs, the obligations and responsibilities
      created by the Agreement will terminate upon the later of the maturity or other
      liquidation (or any advance with respect thereto) of the last Mortgage Loan
      remaining in the Trust Fund or the disposition of all property in respect
      thereof and the distribution to Certificateholders of all amounts required
      to be
      distributed pursuant to the Agreement.  In no event, however, will the
      trust created by the Agreement continue beyond the expiration of 21 years from
      the death of the last survivor of the descendants living at the date of the
      Agreement of a certain person named in the Agreement.

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

    _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

    _____________________________

     

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

     

    _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ .

     

    Dated:

     

     

    
      	 	 	 	 	 
	
               

            	 	 	
               

            	 
	
               

            	 	 	
              Signature
                by or
                on behalf of assignor

            	 
	
               

            	 	 	
               

            	 

    

     

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to___

    ____________________________________________________________________________________,

    for
      the
      account of
      _____________________________________________________________________,

    account
      number ___________________ , or, if mailed by check,
      to________________________________

    ____________________________________________________________________________________

    ____________________________________________________________________________________.

    Applicable
      statements should be mailed to
      __________________________________________________

    ____________________________________________________________________________________

    ____________________________________________________________________________________

     

    This
      information is provided by
      ____________________________________________________,

    the
      assignee named above, or
      ____________________________________________________________,

    as
      its
      agent.

     

    
      
        
        

      

      
        E-3

        
          

        

      

      
        
        

      

    

     

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              :  ss.:

            
	
              COUNTY
                OF _________

            	
              )

            
	 	 

    

    On
      the
  th day of
             ,
      20    before me, a notary public in and for said State,
      personally appeared
                               ,
      known to me who, being by me duly sworn, did depose and say that he executed
      the
      foregoing instrument.

     

     

    
      	
               

            	
              ___________________________________

            

      	 	 Notary
              Public

    

     

     

    [Notarial
      Seal]

     

     

     

    
      
        
        

      

      
        E-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F-1

     

    [FORM
      OF
      CLASS P CERTIFICATE]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
      REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
      FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
      THAT SUCH TRANSFEREE IS NOT AND IS NOT INVESTING ON BEHALF OF OR WITH PLAN
      ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR A PLAN SUBJECT TO SECTION 4975 OF
      THE CODE, OR, IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING
      UNDERWRITING AND THE PURCHASER IS AN INSURANCE COMPANY, A REPRESENTATION IN
      ACCORDANCE WITH THE AGREEMENT REFERRED TO HEREIN, OR AN OPINION OF COUNSEL
      IN
      ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
      HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO ERISA OR TO SECTION 4975 OF THE CODE WITHOUT THE OPINION OF
      COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF
      NO
      EFFECT.

     

    
      
        
        

      

      
        F-1-1

        
          

        

      

      
        
        

      

    

    
      

      
        	
                Certificate
                  No.

              	
                :

              	 
	 	 	 
	
                Cut-off  Date

              	
                :

              	 
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	 
	 	 	 
	
                Initial
                  Certificate Balance of this Certificate (“Denomination”)

              	
                :

              	
                $

              
	 	 	 
	
                Initial
                  Certificate Balances of all Certificates of this Class

              	
                :

              	
                $

              
	 	 	 
	
                CUSIP

              	
                :

              	 
	 	 	 
	
                ISIN

              	
                :

              	 
	 	 	 
	
                Interest
                  Rate

              	
                :

              	
                %

              
	 	 	 
	
                Maturity
                  Date

              	
                :

              	 
	 	 	 

      

    

     

    INDYMAC
      MBS, INC.

    IndyMac
      IMJA Mortgage Loan Trust 2007-A3

    Mortgage
      Pass-Through Certificates, Series 2007-A3

    

    Class
      P

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class with respect to a Trust Fund consisting primarily of
      a
      pool of 30-year conventional fixed-rate mortgage loans (the “Mortgage Loans”)
      secured by first liens on one- to four-family residential
      properties.

     

    Distributions
      in respect of this Certificate are distributable monthly as set forth
      herein.  Accordingly, the Certificate Balance at any time may be less
      than the Certificate Balance as set forth herein.  This Certificate
      does not evidence an obligation of, or an interest in, and is not guaranteed
      by
      the Depositor, the Seller, the Servicer or the Trustee referred to below or
      any
      of their respective affiliates.  Neither this Certificate nor the
      Mortgage Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that ________________ is the registered owner of the Percentage
      Interest evidenced by this Certificate (obtained by dividing the denomination
      of
      this Certificate by the aggregate of the denominations of all Certificates
      of
      the Class to which this Certificate belongs) in certain monthly distributions
      with respect to a Trust Fund consisting primarily of the Mortgage Loans
      deposited by IndyMac MBS, Inc. (the “Depositor”).  The Trust Fund was
      created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off
      Date specified above (the “Agreement”) among the Depositor, IndyMac Bank,
      F.S.B., as seller and servicer (the “Seller” or the “Servicer”, as
      appropriate),  and 

     

     

     

    
      
        
        

      

      
        F-1-2

        
          

        

      

      
        
        

      

    

     

    Deutsche
      Bank National Trust Company, as trustee (the “Trustee”).  To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement.  This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement.  As provided in the Agreement,
      withdrawals from the Distribution Account may be made from time to time for
      purposes other than distributions to Certificateholders, such purposes including
      reimbursement of advances made, or certain expenses incurred, with respect
      to
      the Mortgage Loans.

     

    This
      Certificate does not have a Certificate Balance or Pass-Through Rate and will
      be
      entitled to distributions only to the extent set forth in the
      Agreement.  In addition, any distribution of the proceeds of any
      remaining assets of the Trust will be made only upon presentment and surrender
      of this Certificate at the Corporate Trust Office or the office or agency
      maintained by the Trustee.

     

    No
      transfer of a Certificate of this Class shall be made unless such disposition
      is
      exempt from the registration requirements of the Securities Act of 1933, as
      amended (the “1933 Act”), and any applicable state securities laws or is made in
      accordance with the 1933 Act and such laws.  In the event of any such
      transfer, the Trustee shall require the transferor to execute a transferor
      certificate (in substantially the form attached to the Pooling and Servicing
      Agreement) and deliver either (i) an Investment Letter  or the Rule
      144A Letter, in either case substantially in the form attached to the Agreement,
      or (ii) a written Opinion of Counsel to the Trustee that such transfer may
      be
      made pursuant to an exemption, describing the applicable exemption and the
      basis
      therefor, from the 1933 Act or is being made pursuant to the 1933 Act, which
      Opinion of Counsel shall be an expense of the transferor.

     

    No
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such (x) transferee is not an employee benefit
      plan
      subject to Section 406 of ERISA or Section 4975 of the Code, or a
      person acting on behalf of or investing plan assets of any such plan, which
      representation letter shall not be an expense of the Trustee or (y) if the
      Certificate has been the subject of an ERISA-Qualifying Underwriting, a
      representation that the transferee is an insurance company that is purchasing
      such Certificate 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 Certificate satisfy the requirements for exemptive relief
      under Sections I and III of PTCE 95-60 or (ii) in the case of a Certificate
      presented for registration in the name of an employee benefit plan subject
      to
      ERISA, or a plan or arrangement subject to Section 4975 of the Code (or
      comparable provisions of any subsequent enactments), or a trustee of any such
      plan or any other person acting on behalf of any such plan or arrangement or
      using such plan’s or arrangement’s assets, an Opinion of Counsel satisfactory to
      the Trustee, which Opinion of Counsel shall not be an expense of the Trustee,
      the Servicer or the Trust Fund, addressed to the Trustee and the Servicer,
      to
      the effect that the purchase and holding of such Certificate will not result
      in
      a nonexempt prohibited transaction under ERISA or Section 4975 of the Code
      and will not subject the Trustee or the Servicer to any obligation in addition
      to those expressly undertaken in this Agreement or to any
      liability.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

     

    
      
        
        

      

      
        F-1-3

        
          

        

      

      
        
        

      

    

     

     

    *            *            *

     

    
      
        
        

      

      
        F-1-4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  _______,
      ____

     

    
      	 	DEUTSCHE
              BANK NATIONAL TRUST
              COMPANY,	 
	 	 	 as
              Trustee	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	Countersigned: 	 	 	 
	 	 	 	 
	 By	 	 	 	 
	 	
               Authorized
                Signatory of

              DEUTSCHE BANK NATIONAL TRUST COMPANY,

              as Trustee

            	 	                                     	 
	 	 	 	 
	 

    

     

     

     

    
      
        
        

      

      
        F-1-5

        
          

        

      

      
        
        

      

    

    

    Exhibit
      F-2

    

    [FORM
      OF
      CLASS L CERTIFICATE]

    

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
      REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
      FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
      THAT SUCH TRANSFEREE IS NOT, AND IS NOT INVESTING ON BEHALF OF OR WITH PLAN
      ASSETS OF, AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO
      SECTION 4975 OF THE CODE, OR IF THE TRANSFEREE IS AN INSURANCE COMPANY AND
      THE
      CERTIFICATES HAVE BEEN THE SUBJECT OF AN ERISA QUALIFYING UNDERWRITING, A
      REPRESENTATION IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED
      TO
      HEREIN OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE
      AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE
      CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF
      OF
      AN EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ERISA OR TO SECTION 4975
      OF
      THE CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED
      ABOVE SHALL BE VOID AND OF NO EFFECT.

     

    
      
        
        

      

      
        F-2-1

        
          

        

      

      
        
        

      

    

    
      	
              Certificate
                No.

            	
              :

            	 
	 	 	 
	
              Cut-off  Date

            	
              :

            	 
	 	 	 
	
              First
                Distribution Date

            	
              :

            	 
	 	 	 
	
              Initial
                Percentage Interest of this Certificate (“Denomination”)

            	
              :

            	
              $

            
	 	 	 
	
              CUSIP

            	
              :

            	 
	 	 	 
	
              ISIN

            	
              :

            	 
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              Not
                Applicable

            
	 	 	 
	
              Maturity
                Date

            	
              :

            	Not
              Applicable
	 	 	 

       

    INDYMAC
      MBS, INC.

    IndyMac
      IMJA Mortgage Loan Trust 2007-A3

    Mortgage
      Pass-Through Certificates, Series 2007-A3

    

    Class
      L

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class solely from Late Payment Fees.

     

    Distributions
      in respect of this Certificate are distributable monthly as set forth
      herein.  Accordingly, the Certificate Balance at any time may be less
      than the Certificate Balance as set forth herein.  This Certificate
      does not evidence an obligation of, or an interest in, and is not guaranteed
      by
      the Depositor, the Seller, the Servicer or the Trustee referred to below or
      any
      of their respective affiliates.  Neither this Certificate nor the
      Mortgage Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that ________________ is the registered owner of the Percentage
      Interest evidenced by this Certificate (obtained by dividing the denomination
      of
      this Certificate by the aggregate of the denominations of all Certificates
      of
      the Class to which this Certificate belongs) in certain monthly distributions
      with respect to a Trust Fund consisting primarily of the Mortgage Loans
      deposited by IndyMac MBS, Inc. (the “Depositor”).  The Trust Fund was
      created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off
      Date specified above (the “Agreement”) among the Depositor, IndyMac Bank,
      F.S.B., as seller and servicer (the “Seller” or the “Servicer”, as
      appropriate),  and Deutsche Bank National Trust Company, as trustee
      (the “Trustee”).  To the extent not defined herein, the capitalized
      terms used herein have the meanings assigned in the Agreement.  This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

     

    
      
        
        

      

      
        F-2-2

        
          

        

      

      
        
        

      

    

     

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement and solely payable from Late Payment
      Fees.  As provided in the Agreement, withdrawals from the Distribution
      Account may be made from time to time for purposes other than distributions
      to
      Certificateholders, such purposes including reimbursement of advances made,
      or
      certain expenses incurred, with respect to the Mortgage Loans.

     

    This
      Certificate does not have a Certificate Balance or Pass-Through Rate and will
      be
      entitled to distributions only to the extent set forth in the
      Agreement.  In addition, any distribution of the proceeds of any
      remaining assets of the Trust will be made only upon presentment and surrender
      of this Certificate at the Corporate Trust Office or the office or agency
      maintained by the Trustee.

     

    No
      transfer of a Certificate of this Class shall be made unless such disposition
      is
      exempt from the registration requirements of the Securities Act of 1933, as
      amended (the “1933 Act”), and any applicable state securities laws or is made in
      accordance with the 1933 Act and such laws.  In the event of any such
      transfer, the Trustee shall require the transferor to execute a transferor
      certificate (in substantially the form attached to the Pooling and Servicing
      Agreement) and deliver either (i) an Investment Letter  or the Rule
      144A Letter, in either case substantially in the form attached to the Agreement,
      or (ii) a written Opinion of Counsel to the Trustee that such transfer may
      be
      made pursuant to an exemption, describing the applicable exemption and the
      basis
      therefor, from the 1933 Act or is being made pursuant to the 1933 Act, which
      Opinion of Counsel shall be an expense of the transferor.

     

    No
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received either (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      or
      arrangement subject to Section 406 of ERISA or Section 4975 of the Code, or
      a
      person investing on behalf of or with plan assets of any such plan, which
      representation letter shall not be an expense of the Trustee, or (ii) if the
      transferee is an insurance company and the Certificates have been the subject
      of
      an ERISA-Qualifying Underwriting, 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) in the case of a Certificate presented for registration
      in the name of an employee benefit plan or arrangement subject to ERISA, or
      a
      plan or arrangement subject to Section 4975 of the Code (or comparable
      provisions of any subsequent enactments), or a trustee of any such plan or
      arrangement or any other person acting on behalf of any such plan or arrangement
      or using such plan’s or arrangement’s assets, an Opinion of Counsel satisfactory
      to the Trustee and addressed to the Trustee and the Servicer, which Opinion
      of
      Counsel shall not be an expense of the Trustee, the Servicer or the Trust Fund,
      to the effect that the purchase and holding of such 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 or the Servicer to any
      obligation in addition to those expressly undertaken in this Agreement or to
      any
      liability.  If no written representation or Opinion of Counsel as
      described above is delivered to the Trustee, the representation in (i) or (ii)
      above, as appropriate, shall be deemed to have been made to the Trustee by
      the
      Transferee’s acceptance of this Certificate and by a beneficial owner’s
      acceptance of its interest in such Certificate.  Notwithstanding
      anything else to the contrary herein, any purported transfer of a Certificate
      of
      this Class to or on behalf of an employee benefit plan or arrangement subject
      to
      ERISA or to the Code without the Opinion of Counsel satisfactory to the Trustee
      as described above shall be void and of no effect.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

     

    
      
        
        

      

      
        F-2-3

        
          

        

      

      
        
        

      

    

     

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Trustee.

     

    
      
        
        

      

      
        F-2-4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:  _______,
      ____

     

    
      	 	DEUTSCHE
              BANK NATIONAL TRUST
              COMPANY,	 
	 	 	 as
              Trustee	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	Countersigned: 	 	 	 
	 	 	 	 
	 By	 	 	 	 
	 	
               Authorized
                Signatory of

              DEUTSCHE BANK NATIONAL TRUST COMPANY,

              as Trustee

            	 	                                     	 
	 	 	 	 
	 

    

     

     

    
 

    
      
        
        

      

      
        F-2-5

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      G-1

     

    FORM
      OF
      INITIAL CERTIFICATION OF TRUSTEE

     

    [date]

     

    [Depositor]

     

    [Servicer]

     

    [Seller]

     

    _____________________

    _____________________

     

    
      	
               

            	
              Re:

            	
              Pooling
                and Servicing Agreement among IndyMac MBS, Inc., as

              Depositor, IndyMac Bank, F.S.B.,
                as Seller
                and Servicer,

              
                and
                  Deutsche Bank National Trust Company, as Trustee,

                
                  IndyMac
                    IMJA Mortgage Loan Trust 2007-A3, 
                    
                      
                        Mortgage
                          Pass-Through Certificates,
                          Series 2007-A3

                      

                    

                  

                

              

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Trustee,
      hereby certifies that, as to each Mortgage Loan listed in the Mortgage Loan
      Schedule (other than any Mortgage Loan listed in the attached schedule), it
      has
      received:

     

    (i)  the
      original Mortgage Note, endorsed as provided in the following
      form:  “Pay to the order of ________, without recourse”;
      and

     

    (ii)  an
      executed assignment of the Mortgage (which may be included in a blanket
      assignment or assignments); provided, however, that it has received no
      assignment with respect to any Mortgage for which the Mortgaged Property is
      located in the Commonwealth of Puerto Rico.

     

    Based
      on
      its review and examination and only as to the foregoing documents, such
      documents appear regular on their face and to such Mortgage Loan.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement.  The Trustee makes no representations as
      to:  (i) the validity, legality, sufficiency, enforceability or
      genuineness of any of the documents contained in each Mortgage File of any
      of
      the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the
      collectability, insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        G-1-1

        
          

        

      

      
        
        

      

    

    
      	 	DEUTSCHE
              BANK NATIONAL TRUST COMPANY,	 
	 	 	 as
              Trustee	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

    

     

     

     

    
      
        
        

      

      
        G-1-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      G-2

     

    FORM
      OF
      DELAY DELIVERY CERTIFICATION (MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Servicer]

     

    [Seller]

     

    _____________________

    _____________________

     

    
      	
               

            	
              Re:

            	
              Pooling
                and Servicing Agreement among IndyMac MBS, Inc., as

              Depositor, IndyMac Bank, F.S.B.,
                as Seller
                and Servicer,

              
                and
                  Deutsche Bank National Trust Company, as Trustee,

                
                  IndyMac
                    IMJA Mortgage Loan Trust 2007-A3,

                  
                    Mortgage
                      Pass-Through Certificates, Series
                      2007-A3

                  

                

              

            

    

     

    
      Gentlemen:

    

     

    Reference
      is made to the Initial Certification of Trustee relating to the above-referenced
      series, with the schedule of exceptions attached thereto (the “Schedule A”),
      delivered by the undersigned, as Trustee, on the Closing Date in accordance
      with
      Section 2.02 of the above-captioned Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”).  The undersigned hereby certifies
      that, as to each Delay Delivery Mortgage Loan listed on Schedule A attached
      hereto (other than any Mortgage Loan paid in full or listed on Schedule B
      attached hereto) it has received:

     

    
      	
               

            	
              (i)

            	
              the
                original Mortgage Note, endorsed by the Seller or the originator
                of such
                Mortgage Loan, without recourse in the following form:  “Pay to
                the order of _______________ without recourse”, with all intervening
                endorsements that show a complete chain of endorsement from the originator
                to the Seller, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost note affidavit from
                the
                Seller, stating that the original Mortgage Note was lost or destroyed,
                together with a copy of the Mortgage
                Note;

            

    

     

    
      	
               

            	
              (ii)

            	
              the
                original recorded Mortgage;

            

    

     

    
      	
               

            	
              (iii)

            	
              an
                executed assignment of the Mortgage to “Deutsche Bank National Trust
                Company, as trustee under the Pooling and Servicing Agreement dated
                as of
                July 1, 2007, without recourse” (each such assignment, when duly and
                validly completed, to be in recordable form and sufficient to effect
                the
                assignment of and transfer to the assignee thereof, under the Mortgage
                to
                which such assignment relates);

            

    

     

    
      	
               

            	
              (iv)

            	
              the
                original recorded assignment or assignments of the Mortgage together
                with
                all interim recorded assignments of such
                Mortgage;

            

    

     

     

    
      
        
        

      

      
        G-2-1

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

            	
              (v)

            	
              the
                original or copies of each assumption, modification, written assurance
                or
                substitution agreement, if any, with evidence of recording thereon
                if
                recordation thereof is permissible under applicable law;
                and

            

    

     

    
      	
               

            	
              (vi)

            	
              the
                original or duplicate original lender’s title policy and all riders, if
                any, thereto or, in the event such original title policy has not
                been
                received from the insurer, any one of an original title binder, an
                original preliminary title report or an original title commitment,
                or a
                copy thereof certified by the title company, with the original policy
                of
                title insurance to be delivered within one year of the Closing
                Date.

            

    

     

    In
      the
      event that in connection with any Mortgage Loan for which the Seller cannot
      deliver the original recorded Mortgage or all interim recorded assignments
      of
      the Mortgage satisfying the requirements of clause (ii), (iii) or (iv), as
      applicable, the Trustee has received, in lieu thereof, a true and complete
      copy
      of such Mortgage and/or such assignment or assignments of the Mortgage, as
      applicable, each certified by the Seller, the applicable title company, escrow
      agent or attorney, or the originator of such Mortgage Loan, as the case may
      be,
      to be a true and complete copy of the original Mortgage or assignment of
      Mortgage submitted for recording.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Mortgage Loan, and
      (ii) the information set forth in items (i), (iv), (vi) and (xi) of the
      definition of the “Mortgage Loan Schedule” in Section 1.01 of the Pooling
      and Servicing Agreement accurately reflects information set forth in the
      Mortgage File.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the above-referenced
      Pooling and Servicing Agreement.  The Trustee makes no representations
      as to:  (i) the validity, legality, sufficiency, enforceability
      or genuineness of any of the documents contained in each Mortgage File of any
      of
      the Mortgage Loans identified on the [Mortgage Loan Schedule][Loan Number and
      Borrower Identification Mortgage Loan Schedule] or (ii) the collectability,
      insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      	 	DEUTSCHE
              BANK NATIONAL TRUST COMPANY,	 
	 	 	 as
              Trustee	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 

    

     

     

    
      
        
        

      

      
        G-2-2

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      H

     

    FORM
      OF
      FINAL CERTIFICATION OF TRUSTEE

     

    [date]

     

    [Depositor]

     

    [Servicer]

     

    [Seller]

     

    _____________________

    _____________________

     

    
      	
               

            	
              Re:

            	
              Pooling
                and Servicing Agreement among IndyMac MBS, Inc., as

              Depositor, IndyMac Bank, F.S.B.,
                as Seller
                and Servicer,

              
                and
                  Deutsche Bank National Trust Company, as Trustee,

                
                  IndyMac
                    IMJA Mortgage Loan Trust 2007-A3,

                  
                    Mortgage
                      Pass-Through Certificates, Series
                      2007-A3

                  

                

              

            

    

     

    
       

    

    Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Trustee,
      hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan
      Schedule (other than any Mortgage Loan paid in full or listed on the attached
      Document Exception Report) it has received:

     

    (i)  The
      original Mortgage Note, endorsed in the form provided in Section 2.01(c) of
      the
      Pooling and Servicing Agreement, with all intervening endorsements showing
      a
      complete chain of endorsement from the originator to the Seller.

     

    (ii)  The
      original recorded Mortgage.

     

    (iii)  An
      executed assignment of the Mortgage in the form provided in Section 2.01(c)
      of
      the Pooling and Servicing Agreement; provided, however, that it has received
      no
      assignment with respect to any Mortgage for which the Mortgaged Property is
      located in the Commonwealth of Puerto Rico, or, if the Depositor has certified
      or the Trustee otherwise knows that the Mortgage has not been returned from
      the
      applicable recording office, a copy of the assignment of the Mortgage (excluding
      information to be provided by the recording office).

     

    (iv)  The
      original or duplicate original recorded assignment or assignments of the
      Mortgage showing a complete chain of assignment from the originator to the
      Seller.

     

    (v)  The
      original or duplicate original lender’s title policy and all riders thereto or,
      any one of an original title binder, an original preliminary title report or
      an
      original title commitment, or a copy thereof certified by the title
      company.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (a) such
      documents appear regular on their face and related to such Mortgage Loan, and
      (b) the information set forth in items 

     

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

     

     

    (i),
      (ii), (iii), (iv), (vi) and (xi) of the definition of the “Mortgage Loan
      Schedule” in Section 1.01 of the Pooling and Servicing Agreement accurately
      reflects information set forth in the Mortgage File.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement.  The Trustee makes no representations as
      to:  (i) the validity, legality, sufficiency, enforceability or
      genuineness of any of the documents contained in each Mortgage File of any
      of
      the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the
      collectability, insurability, effectiveness or suitability of any such Mortgage
      Loan.  Notwithstanding anything herein to the contrary, the Trustee
      has made no determination and makes no representations as to whether (i) any
      endorsement is sufficient to transfer all right, title and interest of the
      party
      so endorsing, as noteholder or assignee thereof, in and to that Mortgage Note
      or
      (ii) any assignment is in recordable form or sufficient to effect the assignment
      of and transfer to the assignee thereof, under the Mortgage to which the
      assignment relates.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      
        	 	DEUTSCHE
                BANK NATIONAL TRUST COMPANY,	 
	 	 	 as
                Trustee	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 

      

       

    

     

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      I

     

    TRANSFER
      AFFIDAVIT

     

    IndyMac
      MBS, Inc.

    Mortgage
      Pass-Through Certificates

    Series
      2007-A3

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              :  ss.:

            
	
              COUNTY
                OF _________

            	
              )

            
	 	 

    

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1.           The
      undersigned is an officer of
                   ,
      the proposed Transferee of an Ownership Interest in a Class A-R Certificate
      (the
“Certificate”) issued pursuant to the Pooling and Servicing Agreement, (the
“Agreement”), relating to the above-referenced Series, by and among IndyMac MBS,
      Inc., as depositor (the “Depositor”), IndyMac Bank, F.S.B., as seller and
      servicer and Deutsche Bank National Trust Company, as
      Trustee.  Capitalized terms used, but not defined herein or in Exhibit
      1 hereto, shall have the meanings ascribed to such terms in the
      Agreement.  The Transferee has authorized the undersigned to make this
      affidavit on behalf of the Transferee.

     

    2.           The
      Transferee is, as of the date hereof, and will be, as of the date of the
      Transfer, a Permitted Transferee.  The Transferee is acquiring its
      Ownership Interest in the Certificate for its own account.

     

    3.           The
      Transferee has been advised of, and understands that (i) a tax will be imposed
      on Transfers of the Certificate to Persons that are not Permitted Transferees;
      (ii) such tax will be imposed on the transferor, or, if such Transfer is through
      an agent (which includes a broker, nominee or middleman) for a Person that
      is
      not a Permitted Transferee, on the agent; and (iii) the Person otherwise liable
      for the tax shall be relieved of liability for the tax if the subsequent
      Transferee furnished to such Person an affidavit that such subsequent Transferee
      is a Permitted Transferee and, at the time of Transfer, such Person does not
      have actual knowledge that the affidavit is false.

     

    4.           The
      Transferee has been advised of, and understands that a tax will be imposed
      on a
“pass-through entity” holding the Certificate if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      is
      the record holder of an interest in such entity.  The Transferee
      understands that such tax will not be imposed for any period with respect to
      which the record holder furnishes to the pass-through entity an affidavit that
      such record holder is a Permitted Transferee and the pass-through entity does
      not have actual knowledge that such affidavit is false.  (For this
      purpose, a “pass-through entity” includes a regulated investment company, a real
      estate investment trust or common trust fund, a partnership, trust or estate,
      and certain cooperatives and, except as may be provided in Treasury Regulations,
      persons holding interests in pass-through entities as a nominee for another
      Person.)

     

    5.           The
      Transferee has reviewed the provisions of Section 5.02(c) of the Agreement
      (attached hereto as Exhibit 2 and incorporated herein by reference) and
      understands the legal consequences of the acquisition of an Ownership Interest
      in the Certificate including, without limitation, the restrictions on subsequent
      Transfers and the provisions regarding voiding the Transfer and mandatory
      sales.  The Transferee expressly agrees to be bound by and to abide by
      the provisions of Section 5.02(c) 

     

     

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

     

    of
      the
      Agreement and the restrictions noted on the face of the
      Certificate.  The Transferee understands and agrees that any breach of
      any of the representations included herein shall render the Transfer to the
      Transferee contemplated hereby null and void.

     

    6.           The
      Transferee agrees to require a Transfer Affidavit from any Person to whom the
      Transferee attempts to Transfer its Ownership Interest in the Certificate,
      and
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, and the Transferee will not Transfer its Ownership
      Interest or cause any Ownership Interest to be Transferred to any Person that
      the Transferee knows is not a Permitted Transferee.  In connection
      with any such Transfer by the Transferee, the Transferee agrees to deliver
      to
      the Trustee a certificate substantially in the form set forth as Exhibit J
      to
      the Agreement (a “Transferor Certificate”) to the effect that such Transferee
      has no actual knowledge that the Person to which the Transfer is to be made
      is
      not a Permitted Transferee.

     

    7.           The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the
      Certificate.

     

    8.           The
      Transferee’s taxpayer identification number is
           .

     

    9.           [Reserved].

     

    10.           The
      Transferee is a U.S. Person as defined in Code Section 7701(a)(30).

     

    11.           The
      Transferee is aware that the Certificate may be a “noneconomic residual
      interest” within the meaning of proposed Treasury regulations promulgated
      pursuant to the Code and that the transferor of a noneconomic residual interest
      will remain liable for any taxes due with respect to the income on such residual
      interest, unless no significant purpose of the transfer was to impede the
      assessment or collection of tax.

     

    12.           The
      Transferee is not a foreign permanent establishment or fixed base (within the
      meaning of an applicable income tax treaty) of a U.S. taxpayer.

     

    13.           The
      Transferee will not transfer the Certificates, directly or indirectly, to a
      foreign permanent establishment or fixed base (within the meaning of an
      applicable income tax treaty) of the Transferee or another U.S.
      taxpayer.

     

    14.           The
      Transferee will not cause income from the Certificates to be attributable to
      a
      foreign permanent establishment or fixed base (within the meaning of an
      applicable income tax treaty) of the Transferee or another U.S.
      taxpayer.

     

    15.           Either:

     

    (a)
      (i)
      At the time of the transfer, and at the close of each of the Transferee’s two
      fiscal years preceding the Transferee’s fiscal year of transfer, the
      Transferee’s gross assets for financial reporting purposes exceed $100 million
      and its net assets for financial reporting purposes exceed $10 million. For
      purposes of the preceding sentence, the gross assets and net assets of a
      Transferee do not include any obligation of any Related Person, as defined
      below, or any other asset if a principal purpose for holding or acquiring the
      other asset is to permit the Transferee to satisfy the conditions of this
      paragraph 15(a); (ii) The Transferee is an Eligible Corporation, as defined
      below, and hereby agrees that any subsequent transfer of the interest will
      be to
      another Eligible Corporation in a transaction that satisfies this Transfer
      Affidavit, including this paragraph 15(a); and (iii) The Transferee has not
      given the Transferor any reason to know that the 

     

     

    
      
        
        

      

      
        I-2

        
          

        

      

      
        
        

      

    

     

     

    Transferee
      will not honor the restrictions on subsequent transfers of the residual interest
      or that the Transferee cannot or will not pay any taxes associated with the
      residual interest; or

     

    (b)(i)
      The Transferee is a United States Person; (ii) The present value of the
      anticipated tax liabilities associated with holding the residual interest does
      not exceed the sum of: (A) The present value of any consideration given to
      the
      Transferee to acquire the interest; (B) The present value of the expected future
      distributions on the interest; and (C) The present value of the anticipated
      tax
      savings associated with holding the interest as any REMIC generates losses;
      and
      (iii) For purposes of calculating the aforementioned present values: (A) The
      transferee has assumed that it pays tax at a rate equal to the highest rate
      of
      tax specified in Code Section 11(b)(1) (unless the Transferee has been subject
      to the alternative minimum tax under Code Section 55 in the preceding two years
      and will compute its taxable income in the current taxable year using the
      alternative minimum tax rate, in which case the Transferee can assume that
      it
      pays tax at the rate specified in Code Section 55(b)(1)(B) provided the
      Transferee states in this Transfer Affidavit that it is using such alternate
      rate and that has been subject to the alternative minimum tax under Code Section
      55 in the preceding two years and will compute its taxable income in the current
      taxable year using the alternative minimum tax rate):and (B) The Transferee
      uses
      a discount rate equal to the Federal short-term rate prescribed by section
      1274(d) for the month of the transfer and the compounding period used by the
      Transferee.

     

    The
      term
“Eligible Corporation” means any domestic C corporation (as defined in section
      1361(a)(2) of the Code) other than a corporation which is exempt from, or is
      not
      subject to, tax under section 11 of the Code, an entity described in section
      851(a) or 856(a) of the Code, a REMIC; or an organization to which part I,
      subchapter T, chapter 1, subtitle A of the Code applies.  The Term
“Related Person” means any person that bears a relationship to the Transferee
      enumerated in section 267(b) or 707(b)(1) of the Code, using “20 percent”
instead of “50 percent” where it appears under the provisions; or is under
      common control (within the meaning of section 52(a) and (b) of the Code) with
      the Transferee.

     

    16.           Either
      (i) the Transferee is not an employee benefit plan that is subject to ERISA
      or a
      plan that is subject to Section 4975 of the Code, and the Transferee is not
      acting on behalf of or with plan assets of such a plan; or (ii) the Transferee
      is an insurance company that is investing funds contained in an “insurance
      company general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”) and the purchase and holding of
      the Class A-R Certificate satisfy the requirements for exemptive relief under
      Sections I and III of PTCE 95-60.

     

    *           *           *

    
      
        
        

      

      
        I-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
           day of
                 ,
      20 .

     

    
      	 	 	 	 	 
	
               

            	 	 	
               

            	 
	
               

            	 	 	
              Print
                Name of
                Transferee

            	 

    

    
      
        	 	 	 	 	 
	
                 

              	 	 By:	
                 

              	 
	
                 

              	 	 	
                Name: 

              	 
	
                 

              	 	 	
                Title:

              	     

      

       

    

     

    [Corporate
      Seal]

     

    ATTEST:

     

    [Assistant]
      Secretary

     

    Personally
      appeared before me the above-named
            ,
      known or proved to me to be the same person who executed the foregoing
      instrument and to be the
                    
      of the Transferee, and acknowledged that he executed the same as his free act
      and deed and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this      day of
        ,
      20 .

     

    
      
        	 	 	 	 	 
	
                 

              	 	 	
                 

              	 
	
                 

              	 	 	
                NOTARY
                  PUBLIC

              	 
	
                 

              	 	 	
                My
                  Commission
                  expires the ___ day of _____, 200_.

              	     

      

      
        
          	 	 	 	 

        

      

    

     

     

     

    
      
        
        

      

      
        I-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      1

    to
      EXHIBIT I

     

    Certain
      Definitions

     

    “Ownership
      Interest”:  As to any Certificate, any ownership 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.

     

    “Permitted
      Transferee”:  Any Person other than (i) the United States, any State
      or political subdivision thereof, or any agency or instrumentality of any of
      the
      foregoing, (ii) a foreign government, International Organization or any agency
      or instrumentality of either of the foregoing, (iii) an organization (except
      certain farmers’ cooperatives described in Code Section 521) which is exempt
      from tax imposed by Chapter 1 of the Code (including the tax imposed by Code
      Section 511 on unrelated business taxable income) on any excess inclusions
      (as
      defined in Code Section 860E(c)(1)) with respect to any Class A-R Certificate,
      (iv) rural electric and telephone cooperatives described in Code Section
      1381(a)(2)(c), (v) a Person that is not a citizen or resident of the United
      States, a corporation, partnership, or other entity created or organized in
      or
      under the laws of the United States or any political subdivision thereof, or
      an
      estate or trust whose income from sources without the United States is
      includible in gross income for federal income tax purposes regardless of its
      connection with the conduct of a trade or business within the United States,
      and
      (vi) any other Person so designated by the Depositor based upon an Opinion
      of
      Counsel that the Transfer of an Ownership Interest in a Class A-R Certificate
      to
      such Person may cause the Trust Fund to fail to qualify as a REMIC at any time
      that certain Certificates are Outstanding.  The terms “United States,”
“State” and “International Organization” shall have the meanings set forth in
      Code Section 7701 or successor provisions.  A corporation will not be
      treated as an instrumentality of the United States or of any State or political
      subdivision thereof if all of its activities are subject to tax, and, with
      the
      exception of the FHLMC, a majority of its board of directors is not selected
      by
      such governmental unit.

     

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

     

    “Transfer”:  Any
      direct or indirect transfer or sale of any Ownership Interest in a Certificate,
      including the acquisition of a Certificate by the Depositor.

     

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

     

    
      
        
        

      

      
        I-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      2

    to
      EXHIBIT I

     

    Section
      5.02(c) of the Agreement

     

    (c)  Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions, and the rights of each
      Person acquiring any Ownership Interest in a Residual Certificate are expressly
      subject to the following provisions:

     

    (i)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

    (ii)  No
      Ownership Interest in a Residual Certificate may be registered on the Closing
      Date or thereafter transferred, and the Trustee shall not register the Transfer
      of any Residual Certificate unless, in addition to the certificates required
      to
      be delivered to the Trustee under subparagraph (b) above, the Trustee shall
      have
      been furnished with an affidavit (a “Transfer Affidavit”) of the initial owner
      or the proposed transferee in the form attached hereto as Exhibit
      I.

     

    (iii)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (A) to obtain a Transfer Affidavit from any other Person to whom
      such Person attempts to Transfer its Ownership Interest in a Residual
      Certificate, (B) to obtain a Transfer Affidavit from any Person for whom such
      Person is acting as nominee, trustee or agent in connection with any Transfer
      of
      a Residual Certificate and (C) not to Transfer its Ownership Interest in a
      Residual Certificate or to cause the Transfer of an Ownership Interest in a
      Residual Certificate to any other Person if it has actual knowledge that such
      Person is not a Permitted Transferee.

     

    (iv)  Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section 5.02(c) shall be
      absolutely null and void and shall vest no rights in the purported
      Transferee.  If any purported transferee shall become a Holder of a
      Residual Certificate in violation of the provisions of this Section 5.02(c),
      then the last preceding Permitted Transferee shall be restored to all rights
      as
      Holder thereof retroactive to the date of registration of Transfer of such
      Residual Certificate.  The Trustee shall be under no liability to any
      Person for any registration of Transfer of a Residual Certificate that is in
      fact not permitted by Section 5.02(b) and this Section 5.02(c) or for making
      any
      payments due on such Certificate to the Holder thereof or taking any other
      action with respect to such Holder under the provisions of this Agreement so
      long as the Transfer was registered after receipt of the Transfer Affidavit,
      Transferor Certificate and either the Rule 144A Letter or the Investment
      Letter.  The Trustee shall be entitled but not obligated to recover
      from any Holder of a Residual Certificate that was in fact not a Permitted
      Transferee at the time it became a Holder or, at such subsequent time as it
      became other than a Permitted Transferee, all payments made on such Residual
      Certificate at and after either such time.  Any such payments so
      recovered by the Trustee shall be paid and delivered by the Trustee to the
      last
      preceding Permitted Transferee of such Certificate.

     

     

     

    
      
        
        

      

      
        I-6

        
          

        

      

      
        
        

      

    

     

    (v)  The
      Depositor shall use its best efforts to make available, upon receipt of written
      request from the Trustee, all information necessary to compute any tax imposed
      under Section 860E(e) of the Code as a result of a Transfer of an Ownership
      Interest in a Residual Certificate to any Holder who is not a Permitted
      Transferee.

     

     

    
      
        
        

      

      
        I-7

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      J

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

     

    __________,
      200__

     

    IndyMac
      MBS, Inc.

    155
      North
      Lake Avenue, 7th Floor

    Pasadena,
      CA  91101

    Attention:  Secondary
      Marketing, Transaction Management

     

    DB
      Services Tennessee

    648
      Grassmere Park Road

    Nashville,
      TN 37211-3658

    Attention:  Transfer
      Unit, Series 200 -

     

    
      	
               

            	
              Re:

            	
              IndyMac
                MBS, Inc.

              
                IndyMac
                  IMJA Mortgage Loan Trust 2007-A3,

                
                  Mortgage
                    Pass-Through Certificates, Series 2007-A3,
                    Class

                

              

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above Certificates we certify that (a)
      we
      understand that the Certificates have not been registered under the Securities
      Act of 1933, as amended (the “Act”), and are being disposed by us in a
      transaction that is exempt from the registration requirements of the Act, (b)
      we
      have not offered or sold any Certificates to, or solicited offers to buy any
      Certificates from, any person, or otherwise approached or negotiated with any
      person with respect thereto, in a manner that would be deemed, or taken any
      other action which would result in, a violation of Section 5 of the Act and
      (c)
      to the extent we are disposing of a Class A-R Certificate, we have no knowledge
      the Transferee is not a Permitted Transferee.

     

    
      	 	 	 	 Very
              truly yours,	 
	 	 	 	 	 
	
               

            	 	 	
               

            	 
	
               

            	 	 	
              Print
                Name of
                Transferor 

            	 
	
               

            	 	 	
               

            	 
	 	 	 	 By:	 	 
	 	 	 	             Authorized
              Officer	 
	 	 	 	 	 

    

     

     

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      K

     

    FORM
      OF
      INVESTMENT LETTER (NON-RULE 144A)

     

    __________,
      200__

     

    IndyMac
      MBS, Inc.

    155
      North
      Lake Avenue, 7th Floor

    Pasadena,
      CA  91101

    Attention:  Secondary
      Marketing, Transaction Management

     

    DB
      Services Tennessee

    648
      Grassmere Park Road

    Nashville,
      TN 37211-3658

    Attention:  Transfer
      Unit, Series 200 -

     

    
      	
               

            	
              Re:

            	
              IndyMac
                MBS, Inc.

              IndyMac IMJA Mortgage Loan Trust
                2007-A3,

              
                Mortgage
                  Pass-Through Certificates, Series 2007-A3,
                  Class

              

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-referenced Certificates we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we are an
“accredited investor,” as defined in Regulation D under the Act, and have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Certificates, (c)
      we
      have had the opportunity to ask questions of and receive answers from the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) either (i) we are not an employee benefit plan
      that is subject to the Employee Retirement Income Security Act of 1974, as
      amended, or a plan or arrangement that is subject to Section 4975 of the
      Internal Revenue Code of 1986, as amended, nor are we acting on behalf of any
      such plan or arrangement or using the assets of any such plan or arrangement
      to
      effect such acquisition or (ii) [if the Certificate has been the subject of
      an
      ERISA-Qualifying Underwriting,] we are an insurance company which is purchasing
      such Certificates with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction Class
      Exemption 95-60 (“PTCE 95-60”)) and the purchase and holding of such
      Certificates are covered under Sections I and III of PTCE 95-60, (e) we are
      acquiring the Certificates for investment for our own account and not with
      a
      view to any distribution of such Certificates (but without prejudice to our
      right at all times to sell or otherwise dispose of the Certificates in
      accordance with clause (g) below), (f) we have not offered or sold any
      Certificates to, or solicited offers to buy any Certificates from, any person,
      or otherwise approached or negotiated with any person with respect thereto,
      or
      taken any other action which would result in a violation of Section 5 of the
      Act, and (g) we will not sell, transfer or otherwise dispose of any Certificates
      unless (1) such sale, transfer or other disposition is made pursuant to an
      effective registration statement under the Act or is exempt from such
      registration requirements, and if requested, we will at our expense provide
      an
      opinion of counsel satisfactory to the addressees of this Certificate that
      such
      sale, transfer or other disposition may be made pursuant to an exemption from
      the Act, (2) the purchaser or transferee of such Certificate has executed and
      delivered to you a certificate to substantially 

     

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

     

     

    the
      same
      effect as this certificate, and (3) the purchaser or transferee has otherwise
      complied with any conditions for transfer set forth in the Pooling and Servicing
      Agreement.

     

    
      	 	 	 	 Very
              truly yours,	 
	 	 	 	 	 
	
               

            	 	 	
               

            	 
	
               

            	 	 	
              Print
                Name of
                Transferee

            	 
	
               

            	 	 	
               

            	 
	 	 	 	 By:	 	 
	 	 	 	             Authorized
              Officer	 
	 	 	 	 

    

     

     

     

    
      
        
        

      

      
        K-2

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      L

     

    FORM
      OF
      RULE 144A LETTER

     

    ____________,
      200__

     

    IndyMac
      MBS, Inc.

    155
      North
      Lake Avenue, 7th Floor

    Pasadena,
      CA  91101

    Attention:  Secondary
      Marketing, Transaction Management

     

    DB
      Services Tennessee

    648
      Grassmere Park Road

    Nashville,
      TN 37211-3658

    Attention:  Transfer
      Unit, Series 200 -

     

    
      	
               

            	
              Re:

            	
              IndyMac
                MBS, Inc.

              IndyMac IMJA Mortgage Loan Trust
                2007-A3,

              
                Mortgage
                  Pass-Through Certificates, Series 2007-A3,
                  Class

              

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-referenced Certificates we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Certificates, (c)
      we
      have had the opportunity to ask questions of and receive answers from the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) either (i) we are not an employee benefit plan
      that is subject to the Employee Retirement Income Security Act of 1974, as
      amended, or a plan or arrangement that is subject to Section 4975 of the
      Internal Revenue Code of 1986, as amended, nor are we acting on behalf of any
      such plan or arrangement or using the assets of any such plan or arrangement
      to
      effect such acquisition, or (ii) [if the Certificate has been the subject of
      an
      ERISA-Qualifying Underwriting,] we are purchasing the Certificates with funds
      contained in an “insurance company general account” (as defined in Section V(e)
      of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”)) and our purchase
      and holding of the Certificates satisfy the requirements for exemptive relief
      under Sections I and III of PTCE 95-60, (e) we have not, nor has anyone acting
      on our behalf offered, transferred, pledged, sold or otherwise disposed of
      the
      Certificates, any interest in the Certificates or any other similar security
      to,
      or solicited any offer to buy or accept a transfer, pledge or other disposition
      of the Certificates, any interest in the Certificates or any other similar
      security from, or otherwise approached or negotiated with respect to the
      Certificates, any interest in the Certificates or any other similar security
      with, any person in any manner, or made any general solicitation by means of
      general advertising or in any other manner, or taken any other action, that
      would constitute a distribution of the Certificates under the Act or that would
      render the disposition of the Certificates a violation of Section 5 of the
      Act
      or require registration pursuant thereto, nor will act, nor has authorized
      or
      will authorize any person to act, in such manner with respect to the
      Certificates, (f) we are a “qualified institutional buyer” as that term is
      defined in Rule 144A under the Act (“Rule 144A”) and have completed either of
      the forms of certification to that effect attached hereto as Annex 1 or Annex
      2,
      (g) we 

     

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

     

     

    are
      aware
      that the sale to us is being made in reliance on Rule 144A, and (h) we are
      acquiring the Certificates for our own account or for resale pursuant to Rule
      144A and further, understand that such Certificates may be resold, pledged
      or
      transferred only (A) to a person reasonably believed to be a qualified
      institutional buyer that purchases for its own account or for the account of
      a
      qualified institutional buyer to whom notice is given that the resale, pledge
      or
      transfer is being made in reliance on Rule 144A, or (B) pursuant to another
      exemption from registration under the Act.

     

    
      
        	 	 	 	 Very
                truly yours,	 
	 	 	 	 	 
	
                 

              	 	 	
                 

              	 
	
                 

              	 	 	
                Print
                  Name of
                  Transferee

              	 
	
                 

              	 	 	
                 

              	 
	 	 	 	 By:	 	 
	 	 	 	             Authorized
                Officer	 
	 	 	 	 

      

       

    

     

    
      
        
        

      

      
        L-2

        
          

        

      

      
        
        

      

    

    ANNEX
      1
      TO EXHIBIT L

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1.  As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    2.  In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
      discretionary basis
      $            1 in securities (except for the excluded
      securities referred to below) as of the end of the Buyer’s most recent fiscal
      year (such amount being calculated in accordance with Rule 144A and (ii) the
      Buyer satisfies the criteria in the category marked below.

    

      ___           Corporation,
        etc.  The Buyer is a corporation (other than a bank, savings and
        loan association or similar institution), Massachusetts or similar business
        trust, partnership, or charitable organization described in Section 501(c)(3)
        of
        the Internal Revenue Code of 1986, as amended.

       

      ___           Bank.  The
        Buyer (a) is a national bank or banking institution organized under the laws
        of
        any State, territory or the District of Columbia, the business of which is
        substantially confined to banking and is supervised by the State or territorial
        banking commission or similar official or is a foreign bank or equivalent
        institution, and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a copy of which is
        attached hereto.

       

      ___           Savings
        and Loan.  The Buyer (a) is a savings and loan association,
        building and loan association, cooperative bank, homestead association or
        similar institution, which is supervised and examined by a State or Federal
        authority having supervision over any such institutions or is a foreign savings
        and loan association or equivalent institution and (b) has an audited net
        worth
        of at least $25,000,000 as demonstrated in its latest annual financial
        statements, a copy of which is attached hereto.

       

      ___           Broker-dealer.  The
        Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
        Act of 1934.

       

      ___           Insurance
        Company.  The Buyer is an insurance company whose primary and
        predominant business activity is the writing of insurance or the reinsuring
        of
        risks underwritten by insurance companies and which is subject to supervision
        by
        the 

    

     

     

     ______________

      
        	
                1

              	
                Buyer
                  must own and/or invest on a discretionary basis at least $100,000,000
                  in
                  securities unless Buyer is a dealer, and, in that case, Buyer must
                  own
                  and/or invest on a discretionary basis at least $10,000,000 in
                  securities.

              

      

    

    

    
      
        
          
          

        

        
          L-3

          
            

          

        

        
          
          

        

      

    

    
 

     

    insurance
      commissioner or a similar official or
      agency of a State, territory or the District of Columbia.

     

    ___           State
      or Local Plan.  The Buyer is a plan established and maintained by
      a State, its political subdivisions, or any agency or instrumentality of the
      State or its political subdivisions, for the benefit of its
      employees.

     

    ___           ERISA
      Plan.  The Buyer is an employee benefit plan within the meaning of
      Title I of the Employee Retirement Income Security Act of 1974.

     

    ___           Investment
      Advisor.  The Buyer is an investment advisor registered under the
      Investment Advisors Act of 1940.

     

    ___           Small
      Business Investment Company.  Buyer is a small business investment
      company licensed by the U.S. Small Business Administration under Section 301(c)
      or (d) of the Small Business Investment Act of 1958.

     

    ___           Business
      Development Company.  Buyer is a business development company as
      defined in Section 202(a)(22) of the Investment Advisors Act of
      1940.

     

    3.  The
      term “securities” as used herein does not include (i) securities of issuers that
      are affiliated with the Buyer, (ii) securities that are part of an unsold
      allotment to or subscription by the Buyer, if the Buyer is a dealer, (iii)
      securities issued or guaranteed by the U.S. or any instrumentality thereof,
      (iv)
      bank deposit notes and certificates of deposit, (v) loan participations, (vi)
      repurchase agreements, (vii) securities owned but subject to a repurchase
      agreement and (viii) currency, interest rate and commodity swaps.

     

    4.  For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published.  If clause (ii) in the preceding sentence applies, the
      securities may be valued at market.  Further, in determining such
      aggregate amount, the Buyer may have included securities owned by subsidiaries
      of the Buyer, but only if such subsidiaries are consolidated with the Buyer
      in
      its financial statements prepared in accordance with generally accepted
      accounting principles and if the investments of such subsidiaries are managed
      under the Buyer’s direction.  However, such securities were not
      included if the Buyer is a majority-owned, consolidated subsidiary of another
      enterprise and the Buyer is not itself a reporting company under the Securities
      Exchange Act of 1934, as amended.

     

    5.  The
      Buyer acknowledges that it is familiar with Rule 144A and understands that
      the
      seller to it and other parties to the Certificates are relying and will continue
      to rely on the statements made herein because one or more sales to the Buyer
      may
      be in reliance on Rule 144A.

     

    6.  Until
      the date of purchase of the Rule 144A Securities, the Buyer will notify each
      of
      the parties to which this certification is made of any changes in the
      information and conclusions herein.  Until such notice is given, the
      Buyer’s purchase of the Certificates will constitute a reaffirmation of this
      certification as of the date of such purchase.  In addition, if the
      Buyer is a bank or savings and loan is provided above, the Buyer agrees that
      it
      will furnish to such parties updated annual financial statements promptly after
      they become available.

     

     

     

    
      
        
        

      

      
        L-4

        
          

        

      

      
        
        

      

    

     

     

    
      	 	 	 	 	 
	
               

            	 	 	
               

            	 
	
               

            	 	 	
              
                Print
                  Name of Buyer

              

            	 
	 	 	 	 	 
	
               

            	 	 	
              By:

            	 	 
	 	 	 	
                       Name:

            	 
	 	 	 	         Title:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 Date:	 

    

     

     

     

     

    
       

      
        
        

      

      
        L-5

        
          

        

      

      
        
        

      

    

    ANNEX
      2
      TO EXHIBIT L

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1.  As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
      Investment Companies (as defined below), is such an officer of the
      Adviser.

     

    2.  In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, as amended and
      (ii)
      as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
      owned at least $100,000,000 in securities (other than the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal
      year.  For purposes of determining the amount of securities owned by
      the Buyer or the Buyer’s Family of Investment Companies, the cost of such
      securities was used, except (i) where the Buyer or the Buyer’s Family of
      Investment Companies reports its securities holdings in its financial statements
      on the basis of their market value, and (ii) no current information with respect
      to the cost of those securities has been published.  If clause (ii) in
      the preceding sentence applies, the securities may be valued at
      market.

     

    ___           The
      Buyer owned
      $             in
      securities (other than the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A).

     

    ___           The
      Buyer is part of a Family of Investment Companies which owned in the aggregate
      $          in securities
      (other than the excluded securities referred to below) as of the end of the
      Buyer’s most recent fiscal year (such amount being calculated in accordance with
      Rule 144A).

     

    3.  The
      term “Family of Investment Companies” as used herein means two or more
      registered investment companies (or series thereof) that have the same
      investment adviser or investment advisers that are affiliated (by virtue of
      being majority owned subsidiaries of the same parent or because one investment
      adviser is a majority owned subsidiary of the other).

     

    4.  The
      term “securities” as used herein does not include (i) securities of
      issuers that are affiliated with the Buyer or are part of the Buyer’s Family of
      Investment Companies, (ii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
      (iv) loan participations, (v) repurchase agreements, (vi) securities owned
      but
      subject to a repurchase agreement and (vii) currency, interest rate and
      commodity swaps.

     

    5.  The
      Buyer is familiar with Rule 144A and understands that the parties listed in
      the
      Rule 144A Transferee Certificate to which this certification relates are relying
      and will continue to rely on the statements made herein because one or more
      sales to the Buyer will be in reliance on Rule 144A.  In addition, the
      Buyer will only purchase for the Buyer’s own account.

     

     

    
      
        
        

      

      
        L-6

        
          

        

      

      
        
        

      

    

     

     

     

    6.  Until
      the date of purchase of the Certificates, the undersigned will notify the
      parties listed in the Rule 144A Transferee Certificate to which this
      certification relates of any changes in the information and conclusions
      herein.  Until such notice is given, the Buyer’s purchase of the
      Certificates will constitute a reaffirmation of this certification by the
      undersigned as of the date of such purchase.

     

    
      	 	 	 	 	 
	
               

            	 	 	
               

            	 
	
               

            	 	 	
              
                Print
                  Name of Buyer

              

            	 
	 	 	 	 	 	 
	
               

            	 	 	
              By:

            	 	 
	 	 	 	
                       Name:

            	 
	 	 	 	         Title:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 Date:	 

       

    

     

    
      
        
        

      

      
        L-7

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      M

     

    REQUEST
      FOR RELEASE

    (for
      Trustee)

     

    IndyMac
      MBS, Inc.

    Mortgage
      Pass-Through Certificates

    Series
      2007-A3

     

     

    Loan
      Information

     

        Name
      of Mortgagor:

     

        Servicer
    Loan
      No.:    _______________________

     

    Trustee

     

        Name:     __________________________

     

        Address:    __________________________

    __________________________

               
Trustee

    Mortgage
      File No.:   

     

    The
      undersigned Servicer hereby acknowledges that it has received from Deutsche
      Bank
      National Trust Company, as Trustee for the Holders of Mortgage Pass-Through
      Certificates, of the above-referenced Series, the documents referred to below
      (the “Documents”).  All capitalized terms not otherwise defined in
      this Request for Release shall have the meanings given them in the Pooling
      and
      Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
      above-referenced Series among the Trustee, IndyMac Bank, F.S.B., as Seller
      and
      Servicer and IndyMac MBS, Inc., as Depositor.

     

    
      	
              ( )

            	
              Mortgage
                Note dated
                           ,
                20 , in the original principal sum of
                $         , made by
                                 .
                payable to, or endorsed to the order of, the
                Trustee.

            

    

     

    
      	
              ( )

            	
              Mortgage
                recorded on
                                
                as instrument no.
                                    
                in the County Recorder’s Office of the County of
                                  ,
                State of
                              
                in book/reel/docket
                                
                of official records at page/image
                               .

            

    

     

    
      	
              ( )

            	
              Deed
                of Trust recorded on
                                  
                as instrument no.
                                
                in the County Recorder’s Office of the County of
                               ,
                State of
                              
                in book/reel/docket
                              
                of official records at page/image
                               .

            

    

     

    
      	
              ( )

            	
              Assignment
                of Mortgage or Deed of Trust to the Trustee, recorded on
                                
                as instrument no.
                            
                in the County Recorder’s Office of the County of
                         , State of
                                
                in book/reel/docket
                              
                of official records at page/image
                              .

            

    

     

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

     

     

    
      	
              ( )

            	
              Other
                documents, including any amendments, assignments or other assumptions
                of
                the Mortgage Note or Mortgage.

            

    

     

    The
      undersigned Servicer hereby acknowledges and agrees as follows:

     

    (1)           The
      Servicer shall hold and retain possession of the Documents in trust for the
      benefit of the Trustee, solely for the purposes provided in the
      Agreement.

     

    (2)           The
      Servicer shall not cause or knowingly permit the Documents to become subject
      to,
      or encumbered by, any claim, liens, security interest, charges, writs of
      attachment or other impositions nor shall the Servicer assert or seek to assert
      any claims or rights of setoff to or against the Documents or any proceeds
      thereof.

     

    (3)           The
      Servicer shall return each and every Document previously requested from the
      Mortgage File to the Trustee when the need therefor no longer exists, unless
      the
      Mortgage Loan relating to the Documents has been liquidated and the proceeds
      thereof have been remitted to the Certificate Account and except as expressly
      provided in the Agreement.

     

    (4)           The
      Documents and any proceeds thereof, including any proceeds of proceeds, coming
      into the possession or control of the Servicer shall at all times be earmarked
      for the account of the Trustee, and the Servicer shall keep the Documents and
      any proceeds separate and distinct from all other property in the Servicer’s
      possession, custody or control.

     

    
      	 	INDYMAC
              BANK, F.S.B.	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

    

     

    Date:
                      ,
      20

     

     

    
      
        
        

      

      
        M-2

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      N

     

    REQUEST
      FOR RELEASE OF DOCUMENTS

     

    
      	
              To:

            	
              Deutsche
                Bank National Trust Company

            

    

     

    
      	
              Attn:

            	
              Mortgage
                Custody Services

            

    

     

    
      	
              Re:

            	
              The
                Pooling and Servicing Agreement dated September 1, 2007 among
                IndyMac

              Bank, F.S.B. as Servicer, Inc, IndyMac
                MBS,
                Inc. and Deutsche

              
                Bank
                  National Trust Company, as
                  Trustee

              

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the administration of the Mortgage Loans held by you as Trustee
      for IndyMac MBS, Inc., we request the release of the Mortgage Loan File for
      the
      Mortgage Loan(s) described below, for the reason indicated.

     

    FT
      Account
      #:                                Pool
      #:

     

    Mortgagor’s
      Name, Address and Zip Code:

     

    Mortgage
      Loan Number:

     

    Reason
      for Requesting Documents (check one)

     

    
      	
              _______1.

            	
              Mortgage
                Loan paid in full (IndyMac hereby certifies that all amounts have
                been
                received.)

            
	 	 
	
              _______2.

            	
              Mortgage
                Loan Liquidated (IndyMac hereby certifies that all proceeds of
                foreclosure, insurance, or other liquidation have been finally
                received.)

            
	 	 
	
              _______3.

            	
              Mortgage
                Loan in Foreclosure.

            
	 	 
	
              _______4.

            	
              Other
                (explain): ____________________________________

            
	 	 

    

    If
      item 1
      or 2 above is checked, and if all or part of the Mortgage File was previously
      released to us, please release to us our previous receipt on file with you,
      as
      well as an additional documents in your possession relating to the
      above-specified Mortgage Loan.  If item 3 or 4 is checked, upon return
      of all of the above documents to you as Trustee, please acknowledge your receipt
      by signing in the space indicated below, and returning this form.

     

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    INDYMAC
      BANK, F.S.B.

    888
      East
      Walnut Street

    Pasadena,
      CA  91101-7211

     

    By:________________________

    Name:______________________

    Title:_______________________

    Date:______________________

     

    TRUSTEE
      CONSENT TO RELEASE AND

    ACKNOWLEDGEMENT
      OF RECEIPT

     

    By:________________________

    Name:______________________

    Title:_______________________

    Date:______________________

     

     

    
      
        
        

      

      
        N-2

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      O-1

     

    FORM
      OF
      CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH FORM 10-K

     

    Re:          IndyMac
      MBS, Inc.

    IndyMac
      IMJA Mortgage Loan Trust 200_-  , Series 200_- __

    

    I,
      [identify the certifying individual], certify that:

     

    1.           I
      have reviewed this report on Form 10-K and all reports on Form 10-D required
      to
      be filed in respect of the period covered by this report on Form 10-K of IndyMac
      IMJA Mortgage Loan Trust 200 -   , Series
      200 -    (the “Exchange Act periodic reports”);

     

    2.           Based
      on my knowledge, the Exchange Act periodic reports, taken as a whole, does
      not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in light of the circumstances under
      which
      such statements were made, not misleading with respect to the period covered
      by
      this report;

     

    3.           Based
      on my knowledge, the distribution, servicing and other information required
      to
      be provided under Form 10-D for the period covered by this report is included
      in
      the Exchange Act periodic reports;

     

    4.           Based
      on my knowledge and the servicer compliance statement required in this report
      under Item 1123 of Regulation AB and except as disclosed in the Exchange Act
      periodic reports, the servicer has fulfilled its obligations under the servicing
      agreement in all material respects; and

     

    5.           All
      of the reports on assessment of compliance with servicing criteria for
      asset-backed securities and their related attestation reports on assessment
      of
      compliance with servicing criteria for asset-backed securities required to
      be
      included in this report in accordance with Item 1122 of Regulation AB and
      Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this
      report, except as otherwise disclosed in this report.  Any material
      instances of noncompliance described in such reports have been disclosed in
      this
      report on Form 10-K.

     

    In
      giving
      the certifications above, I have reasonably relied on information provided
      to me
      by the following unaffiliated parties: Deutsche Bank National Trust
      Company.

     

    Date:
      __________________

     

    
      	 	 
	 	
              [Signature]

              [Title]

            

    

     

     

    
      
        
        

      

      
        0-1-1

        
          

        

      

      
        
        

      

    

     

    
 

    EXHIBIT
      O-2

     

    

    FORM
      OF
      TRUSTEE’S OFFICER’S CERTIFICATE

     

    

    I,
      ____________________, a duly elected and acting officer of Deutsche Bank
      National Trust Company (the “Trustee”) hereby certify as follows:

     

    Reference
      is hereby made to the Pooling and Servicing Agreement dated as of September
      1,
      2007 (the “Pooling Agreement”) by and among IndyMac Bank, F.S.B., as seller and
      servicer, IndyMac MBS, Inc., as depositor and Deutsche Bank National Trust
      Company, as trustee, pursuant to which was created the IndyMac IMJA Mortgage
      Loan Trust 200 -   , Series 200 -   
(the “Trust”). Capitalized terms used herein but not defined shall have the
      meanings assigned to them in the Pooling Agreement.

     

    1.           I
      am an authorized officer of the Trustee and I have reviewed this annual report
      on Form 10-K and all reports on Form 10-D required to be filed in respect of
      the
      period covered by this report on Form 10-K of IndyMac IMJA Mortgage Loan Trust
      200 -   , Series 200 -    (the “Exchange
      Act Periodic Reports”);

     

    2.           For
      purposes of this certificate, “Relevant Information” means the information in
      the report on assessment of the Trustee’s compliance with the servicing criteria
      set forth in Item 1122(d) of Reg AB (the “Servicing Assessment”), the registered
      public accounting firm’s attestation provided in accordance with Rules 13a-18
      and 15d-18 under the Exchange Act and Section 1122(b) of Reg AB ( the
“Attestation Report”) applicable to the Trustee and the Monthly Statements
      (excluding information provided, or based on information provided, by the
      Servicer or any servicer) and those items in Exhibit S attached to the Pooling
      and Servicing Agreement which indicate the 4.03 statement or the Trustee as
      the
      responsible party during the Relevant Year. Based on my knowledge, the Relevant
      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 light of the circumstances under which such statements were made,
      not
      misleading with respect to the period covered by this annual report;
      and

     

    3.           Based
      on my knowledge, the distribution information required to be provided by the
      Trustee under the Pooling and Servicing Agreement is included in the Monthly
      Statements.

     

    4.           I
      am responsible for reviewing the activities performed by the Trustee, as
      servicer under the Pooling Agreement during the Relevant Year. Based upon the
      review required by the Pooling Agreement and except as disclosed in the
      Servicing Assessment or Attestation Report, to the best of my knowledge, the
      Trustee has fulfilled its obligations under the Pooling Agreement throughout
      the
      Relevant Year. Relevant Year shall mean 200__.

     

    DATED
      as
      of _____________, 200____.

     

    By:      _____________________________

    Name:

    Title:

     

     

     

    
      
        
        

      

      
        0-2-1

        
          

        

      

      
        
        

      

    

     

     

     

    EXHIBIT
      P

     

    [Reserved]

     

     

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      Q

     

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the Trustee pursuant
      to Section 11.04.  If the Trustee is indicated below as to any item,
      then the Trustee is primarily responsible for obtaining that
      information.

    

    Under
      Item 1 of Form 10-D: a) items marked “4.03 statement” are required to be
      included in the periodic Distribution Date statement under Section 4.03,
      provided by the Trustee based on information received from the Servicer; and
      b)
      items marked “Form 10-D report” are required to be in the Form 10-D report but
      not the 4.06 statement, provided by the party indicated.  Information
      under all other Items of Form 10-D is to be included in the Form 10-D
      report.

     

    
      
        	
                Form

              	
                Item

              	
                Description

              	
                Responsible
                  Party

              

      

      
        	
                10-D

              	
                Must
                  be filed within 15 days of the distribution date for the mortgage-backed
                  securities.

              
	 	
                1

              	
                Distribution
                  and Pool Performance Information

              	 

      

      
        	 	 	
                Item
                  1121(a) – Distribution and Pool Performance
                  Information

              	 
	 	 	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	
                4.06
                  statement

              
	 	 	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	
                4.06
                  statement

              
	 	 	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	
                4.06
                  statement

              
	 	 	
                (i)
                  Fees or expenses accrued and
                  paid, with an identification of the general purpose of such fees
                  and the
                  party receiving such fees or expenses.

              	
                4.06
                  statement

              
	 	 	
                (ii)
                  Payments accrued or paid
                  with respect to enhancement or other support identified in Item
                  1114 of
                  Regulation AB (such as insurance premiums or other enhancement
                  maintenance
                  fees), with an identification of the general purpose of such payments
                  and
                  the party receiving such payments.

              	
                4.06
                  statement

              
	 	 	
                (iii)
                  Principal, interest and
                  other distributions accrued and paid on the mortgage-backed securities
                  by
                  type and by class or series and any principal or interest shortfalls
                  or
                  carryovers.

              	
                4.06
                  statement

              
	 	 	
                (iv)
                  The amount of excess cash
                  flow or excess spread and the disposition of excess cash
                  flow.

              	
                4.06
                  statement

              
	 	 	
                (4)
                  Beginning and ending principal balances of the mortgage-backed
                  securities.

              	
                4.06
                  statement

              
	 	 	
                (5)
                  Interest rates applicable to the pool assets and the mortgage-backed
                  securities, as applicable.

              	
                4.06
                  statement

              
	 	 	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	
                4.06
                  statement

              

      

       

       

       

      
        
          
          

        

        
          Q-1

          
            

          

        

        
          
          

        

      

      
 

      
        	 	 	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	
                4.06
                  statement

              
	 	 	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average life, weighted average remaining term,
                  pool
                  factors and prepayment amounts.

              	
                4.06
                  statement Updated pool composition information fields to be as
                  specified
                  by Depositor from time to time

              
	 	 	
                (9)
                  Delinquency and loss information for the period.  In addition,
                  describe any material changes to the information specified in Item
                  1100(b)(5) of Regulation AB regarding the pool assets.

              	
                4.06
                  statement.  Form 10-D report: Servicer

              
	 	 	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                4.06
                  statement

              
	 	 	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                Form
                  10-D report: Servicer

              
	 	 	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                Form
                  10-D report: Trustee (based on actual knowledge to the extent not
                  notified
                  by the Servicer or the Depositor)and Depositor (to the extent of
                  actual
                  knowledge)

              
	 	 	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	
                4.06
                  statement

              
	 	 	
                (14)
                  Information regarding any new issuance of mortgage-backed securities
                  backed by the same asset pool,

              	
                Form
                  10-D report:  Depositor

              
	 	 	
                [information
                  regarding] any pool asset changes (other than in connection with
                  a pool
                  asset converting into cash in accordance with its terms), such
                  as
                  additions or removals in connection with a pre-funding or revolving
                  period
                  and pool asset substitutions and repurchases (and purchase rates,
                  if
                  applicable), and cash flows available for future purchases, such
                  as the
                  balances of any pre-funding or revolving accounts, if
                  applicable.

              	
                Form
                  10-D report:  Servicer

              

      

       

       

      
        
          
          

        

        
          Q-2

          
            

          

        

        
          
          

        

      

       

      
 

      
        	 	 	substitutions
                and repurchases (and purchase rates, if applicable), and cash flows
                available for future purchases, such as the balances of any pre-funding
                or
                revolving accounts, if applicable.	 
	 	 	
                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	
                Form
                  10-D report: Servicer

              
	 	 	
                Item
                  1121(b) – Pre-Funding or Revolving Period Information

              	
                N/A

              
	 	 	
                Updated
                  pool information as required under Item 1121(b).

              	 
	 	
                2

              	
                Legal
                  Proceedings

              	 
	 	 	
                Item
                  1117 – Legal proceedings pending against the following entities, or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

              	 
	 	 	
                Sponsor
                  (Seller)

              	
                Seller

              
	 	 	
                Depositor

              	
                Depositor

              
	 	 	
                Trustee

              	
                Trustee

              
	 	 	
                Issuing
                  entity

              	
                Depositor

              
	 	 	
                Servicer,
                  affiliated Servicer, other Servicer servicing 20% or more of pool
                  assets
                  at time of report, other material servicers

              	
                Servicer

              
	 	 	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	
                Seller

              
	 	 	
                Custodian

              	
                Trustee

              
	 	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	 
	 	 	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

              	 
	 	 	
                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K.  Pricing
                  information can be omitted if securities were not
                  registered.

              	
                Depositor

              
	 	
                4

              	
                Defaults
                  Upon Senior Securities

              	 
	 	 	
                Information
                  from Item 3 of Part II of Form 10-Q:

              	 

      

       

       

       

      
        
          
          

        

        
          Q-3

          
            

          

        

        
          
          

        

      

      
 

      
        	 	 	
                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                Trustee

              
	 	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 
	 	 	
                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Party
                  submitting the matter to Holders for vote

              
	 	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 
	 	 	
                Item
                  1112(b) –Significant Obligor Financial
                  Information*

              	
                N/A

              
	 	 	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	 	
                7

              	
                Significant
                  Enhancement Provider Information

              	 
	 	 	
                Item
                  1114(b)(2) – Credit Enhancement Provider Financial
                  Information*

              	
                Depositor

              
	 	 	
                Determining
                  applicable disclosure threshold

              	 
	 	 	
                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	 
	 	 	
                Item
                  1115(b) – Derivative Counterparty Financial
                  Information*

              	
                Depositor

              
	 	 	
                Determining
                  current maximum probable exposure

              	 
	 	 	
                Determining
                  current significance percentage

              	 
	 	 	
                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	 
	 	 	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	 	
                8

              	
                Other
                  Information

              	 
	 	 	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  below

              
	 	
                9

              	
                Exhibits

              	 
	 	 	
                Distribution
                  report

              	
                Trustee

              
	 	 	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              

      

      
        	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              
	 	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

              	 

      

       

       

       

      
        
          
          

        

        
          Q-4

          
            

          

        

        
          
          

        

      

       

      
 

      
        	 	 	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a
                  party.

              	
                Servicer;
                  or any of the following that is a party to the agreement if Servicer
                  is
                  not: Trustee, Sponsor, Depositor

              
	 	 	
                Examples:
                  servicing agreement, custodial agreement.

              	 
	 	 	
                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	 
	 	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	 
	 	 	
                Disclosure
                  is required regarding termination of  any definitive agreement
                  that is material to the securitization (other than expiration in
                  accordance with its terms), even if depositor is not a
                  party.

              	
                Servicer;
                  or any of the following that is a party to the agreement if Servicer
                  is
                  not: Trustee, Sponsor, Depositor

              
	 	 	
                Examples:
                  servicing agreement, custodial agreement.

              	 
	 	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 
	 	 	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Depositor, with respect to any of the following:

              	
                Depositor

              
	 	 	
                Sponsor
                  (Seller), Depositor, Servicer, affiliated Servicer, other Servicer
                  servicing 20% or more of pool assets at time of report, other material
                  servicers, Trustee, significant obligor, credit enhancer (10% or
                  more),
                  derivatives counterparty

              	 
	 	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

              	 
	 	 	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

              	
                Servicer/Trustee
                  (to the extent of actual knowledge)

              
	 	 	
                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the 4.06 statement

              	 
	 	
                3.03

              	
                Material
                  Modification to Rights of Security Holders

              	 
	 	 	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	
                Trustee

              
	 	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 
	 	 	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	
                Depositor

              

      

       

       

      
        
          
          

        

        
          Q-5

          
            

          

        

        
          
          

        

      

       

      
 

      
        	 	
                5.06

              	
                Change
                  in Shell Company Status

              	 
	 	 	
                [Not
                  applicable to ABS issuers]

              	
                Depositor

              
	 	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 
	 	 	
                [Not
                  included in reports to be filed under Section 11.03]

              	
                Depositor

              
	 	
                6.02

              	
                Change
                  of Servicer or Trustee

              	 
	 	 	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  servicer, affiliated servicer, other servicer servicing 10% or
                  more of
                  pool assets at time of report, other material servicers, certificate
                  administrator or trustee.  Reg AB disclosure about any new
                  servicer or trustee is also required.

              	
                Trustee
                  or Servicer

              
	 	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support

              	 
	 	 	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided.  Applies to external credit enhancements as well as
                  derivatives.  Reg AB disclosure about any new enhancement
                  provider is also required.

              	
                Depositor
                  or Trustee

              
	 	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	
                Trustee

              
	 	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	 
	 	 	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	 	 	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	 	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                Depositor

              
	 	
                8.01

              	
                Other
                  Events

              	 
	 	 	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

              	
                Depositor

              
	 	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable
                  event

              

      

      
        	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              
	 	
                9B

              	
                Other
                  Information

              	 
	 	 	
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  above

              
	 	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 
	 	 	
                Item
                  1112(b) –Significant Obligor Financial
                  Information

              	
                Servicer

              

      

       

       

       

      
        
          
          

        

        
          Q-6

          
            

          

        

        
          
          

        

      

       

      
 

      
        	 	 	
                Item
                  1114(b)(2) – Credit Enhancement Provider Financial
                  Information

              	
                Depositor

              
	 	 	
                Determining
                  applicable disclosure threshold

              	 
	 	 	
                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	 
	 	 	
                Item
                  1115(b) – Derivative Counterparty Financial
                  Information

              	
                Depositor

              
	 	 	
                Determining
                  current maximum probable exposure

              	 
	 	 	
                Determining
                  current significance percentage

              	 
	 	 	
                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	 
	 	 	
                Item
                  1117 – Legal proceedings pending against the following entities, or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

              	 
	 	 	
                Sponsor
                  (Seller)

              	
                Seller

              
	 	 	
                Depositor

              	
                Depositor

              
	 	 	
                Trustee

              	
                Trustee

              
	 	 	
                Issuing
                  entity

              	
                Depositor

              
	 	 	
                Servicer,
                  affiliated Servicer, other Servicer servicing 20% or more of pool
                  assets
                  at time of report, other material servicers

              	
                Servicer

              
	 	 	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	
                Servicer

              
	 	 	
                Item
                  1119 – Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

              	 
	 	 	
                Sponsor
                  (Seller)

              	
                Seller

              
	 	 	
                Depositor

              	
                Depositor

              
	 	 	
                Trustee

              	
                Trustee
                  (only as to affiliations between the Trustee and such other parties
                  listed)

              
	 	 	
                Servicer,
                  affiliated Servicer, other Servicer servicing 20% or more of pool
                  assets
                  at time of report, other material servicers

              	
                 

              
	 	 	
                Originator

              	
                Servicer

              

      

       

       

      
        
          
          

        

        
          Q-7

          
            

          

        

        
          
          

        

      

       

      
 

      
        	 	 	
                Credit
                  Enhancer/Support Provider

              	
                 

              
	 	 	
                Significant
                  Obligor

              	
                Depositor

                Depositor

                Servicer

              
	 	 	
                Item
                  1122 – Assessment of Compliance with Servicing
                  Criteria

              	
                Each
                  Party participating in the servicing function

              
	 	 	
                Item
                  1123 – Servicer Compliance Statement

              	
                Servicer

              

      

    

     

     

     

    
      
        
        

      

      
        Q-8

        
          

        

      

      
        
        

      

    

    
      

      EXHIBIT
        R

    

     

    FORM
      OF
      PERFORMANCE CERTIFICATION

     

    (Trustee)

     

    
      	
               

            	
              Re:

            	
              The
                Pooling and Servicing Agreement dated as of September 1, 2007 (the
                “Pooling and Servicing Agreement”) among IndyMac
                MBS, Inc., as Depositor, IndyMac Bank, F.S.B., as Seller and Servicer,
                and
                the undersigned, as Trustee (the
                “Trustee”)

            

    

     

    I,
      ________________________________, the _______________________ of the Trustee,
      certify to the Depositor and the Servicer, and their officers, with the
      knowledge and intent that they will rely upon this certification,
      that:

     

    (i)           I
      have reviewed the report on assessment of the Trustee’s compliance with the
      servicing criteria set forth in Item 1122(d) of Regulation AB (the
“Servicing Criteria”), provided in accordance with
      Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended (the
      “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public
      accounting firm’s attestation report provided in accordance with Rules 13a-18
      and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the
      “Attestation Report”), all reports on Form 10-D
      containing statements to certificateholders filed in respect of the period
      included in the year covered by the annual report of the Trust Fund
      (collectively, the “Distribution Date
      Statements”);

     

    (ii)           Assuming
      the accuracy and completeness of the information delivered to the Trustee by
      the
      Servicer as provided in the Pooling and Servicing Agreement and subject to
      paragraph (iv) below, to its knowledge the distribution information determined
      by the Trustee and set forth in the Distribution Date Statements contained
      in
      all Form 10-D’s included in the year covered by the annual report of such Trust
      on Form 10-K for the calendar year 200[  ], is complete and does not
      contain any material misstatement of fact as of the last day of the period
      covered by such annual report;

     

    (iii)           Based
      solely on the information delivered to the Trustee by the Servicer as provided
      in the Pooling and Servicing Agreement, the distribution information required
      under the Pooling and Servicing Agreement to be contained in the Trust Fund’s
      Distribution Date Statements, is included in such Distribution Date
      Statements;

     

    (iv)           The
      Trustee is not certifying as to the accuracy, completeness or correctness of
      the
      information which it received from the Servicer and did not independently verify
      or confirm the accuracy, completeness or correctness of the information provided
      by the Servicer;

     

    (v)           I
      am responsible for reviewing the activities performed by the Trustee as a person
      “performing a servicing function” under the Pooling and Servicing Agreement, and
      based on my knowledge and the compliance review conducted in preparing the
      Servicing Assessment and except as disclosed in the Servicing Assessment or
      the
      Attestation Report, the Trustee has fulfilled its obligations under the Pooling
      and Servicing Agreement; and

     

    (vi)           The
      Servicing Assessment and Attestation Report required to be provided by the
      Trustee and by Subcontractor, if any, pursuant to the Pooling and Servicing
      Agreement, have been provided to the Servicer and the Depositor.  Any
      material instances of noncompliance

     

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

     

     

    described
      in such reports have been disclosed to the Servicer and the
      Depositor.  Any material instance of noncompliance with the Servicing
      Criteria has been disclosed in such reports.

     

    
      	 	 	 	 Date:	 	 
	 	 	 	 	 
	
               

            	 	 	
              By:

            	 	 
	
               

            	 	 	
                      Name 

            	 
	
               

            	 	 	
                      Title

            	 

    

     

     

    
      
        
        

      

      
        R-2

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      S

     

    FORM
      OF
      SERVICING CRITERIA TO BE ADDRESSED IN

    ASSESSMENT
      OF COMPLIANCE STATEMENT

     

    

    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.

    

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
               Servicer

            	
              Trustee

            	
              Notes

            
	
              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

            	
              X

            	 
	
              1122(d)(1)(ii)

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

            	
              X

            	
              X

            	 
	
              1122(d)(1)(iii)

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

            	 	 	
              NA

            
	
              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

            	 	 

    

    

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Primary
                Servicer

            	
              Trustee

            	
              Notes

            
	
              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

            	 
	
              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

            	 
	
              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

            	
              X

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	
              X

            	 	 
	
              1122(d)(2)(vii)

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	
              X

            	
              X

            	 

    

     

     

    
 

    
      
        
        

      

      
        S-2

        
          

        

      

      
        
        

      

    

    

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Servicer

            	
              Trustee

            	
              Notes

            
	
              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

            	 
	
              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

            	 

    

    

    
      
        
        

      

      
        S-3

        
          

        

      

      
        
        

      

    

     

    
 

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Servicer

            	
              Trustee

            	
              Notes

            
	
              1122(d)(4)(i)

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

            	
              X

            	
              X

            	 
	
              1122(d)(4)(ii)

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

            	
              X

            	
              X

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	
              X

            	
              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.

            	
              X

            	 	 
	
              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.

            	
              X

            	 	 
	
              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).

            	
              X

            	 	 
	
              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.

            	
              X

            	 	 

    

     

     

     

    
      
        
        

      

      
        S-4

        
          

        

      

      
        
        

      

    

     

    
 

    
      	 	 	 	 	 
	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Servicer

            	
              Trustee

            	
              Notes

            
	
              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.

            	
              X

            	 	 
	
              1122(d)(4)(xi)

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

            	
              X

            	 	 
	
              1122(d)(4)(xii)

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

            	
              X

            	 	 
	
              1122(d)(4)(xiii)

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

            	
              X

            	 	 
	
              1122(d)(4)(xiv)

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

            	
              X

            	 	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	
              X(with
                respect to a swap
                disclosure event)

            	
              X

            	 

    

     

     

     

     

    
      
        
        

      

      
        S-5

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      T

     

    [FORM
      OF]
      LIST OF ITEM 1119 PARTIES

     

    ASSET
      BACKED CERTIFICATES

    Series
      200_-__

     

    [Date]

     

    
      	
              Party

            	
              Contact
                Information

            
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

    

     

     

     

    
 

    
      
        
        

      

      
        T-1

        
          

        

      

      
        
        

      

    

     

     

     

    EXHIBIT
      U

     

    FORM
      OF
      SARBANES-OXLEY CERTIFICATION

    

    

    Re:           IndyMac
      IMJA Mortgage Loan Trust 2007-A3

    

    

    The
      undersigned Servicer hereby
      certifies to the Depositor and its officers, directors and Affiliates
      (collectively, the “Certification Parties”) as follows, with the knowledge and
      intent that the Certification Parties will rely on this Certification in
      connection with the certification concerning the Trust Fund to be signed by
      an
      officer of the Depositor and submitted to the Securities and Exchange Commission
      pursuant to the Sarbanes-Oxley Act of 2002:

    

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

    

    2.           Based
      on my knowledge, the 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 Servicing Information;

    

    3.           Based
      on my knowledge, all of the Servicing Information required to be provided by
      the
      Servicer under the Agreement has been provided to the Depositor or the Trustee,
      as applicable;

    

    4.           I
      am responsible for reviewing the activities performed by the Servicer as
      servicer under the Servicing Agreement (the “Pooling and Servicing Agreement”)
      relating to the above-referenced Series, among IndyMac MBS, Inc., as Depositor,
      IndyMac Bank, F.S.B., as Seller and Servicer, and Deutsche Bank National Trust
      Company, as Trustee and based on my knowledge and the compliance review
      conducted in preparing the Compliance Statement and except as disclosed in
      the
      Compliance Statement, the Pooling and Servicing Assessment or the Attestation
      Report, the Servicer has fulfilled its obligations under the Agreement in all
      material respects; and

    

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

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

    
      	 	[SERVICER]	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 	 
	 	 	 Date:	 	 
	 	 	 	 
	 	 	 	 

    

    

    
 

    

    

    U-2Exhibit 4.1

INDENTURE 

between 

USAA AUTO OWNER TRUST 2007-2

as Issuer 

and 

THE BANK OF NEW YORK

as Indenture Trustee 

Dated as of October 4, 2007 

 

TABLE OF CONTENTS 

	 

		 
		 

		 
		
Page 
	
	 

	
	
ARTICLE I
	
	
DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE
	
	
SECTION 1.1	 
		
Definitions and Usage	 
		
2
	
SECTION 1.2	 
		
Incorporation by Reference of Trust Indenture Act	 
		
2
	
ARTICLE II
	
	
THE NOTES
	
	
SECTION 2.1	 
		
Form	 
		
2
	
SECTION 2.2	 
		
Execution, Authentication and Delivery	 
		
3
	
SECTION 2.3	 
		
Temporary Notes	 
		
4
	
SECTION 2.4	 
		
Tax Treatment	 
		
4
	
SECTION 2.5	 
		
Registration; Registration of Transfer and Exchange	 
		
4
	
SECTION 2.6	 
		
Mutilated, Destroyed, Lost or Stolen Notes	 
		
7
	
SECTION 2.7	 
		
Persons Deemed Owners	 
		
8
	
SECTION 2.8	 
		
Payment of Principal and Interest; Defaulted Interest	 
		
8
	
SECTION 2.9	 
		
Cancellation	 
		
9
	
SECTION 2.10	 
		
Release of Collateral	 
		
9
	
SECTION 2.11	 
		
Book-Entry Notes	 
		
10
	
SECTION 2.12	 
		
Notices to Clearing Agency	 
		
10
	
SECTION 2.13	 
		
Definitive Notes	 
		
11
	
SECTION 2.14	 
		
Authenticating Agents	 
		
11
	
ARTICLE III
	
	
COVENANTS
	
	
SECTION 3.1	 
		
Payment of Principal and Interest	 
		
12
	
SECTION 3.2	 
		
Maintenance of Office or Agency	 
		
12
	
SECTION 3.3	 
		
Money for Payments to Be Held in Trust	 
		
12
	
SECTION 3.4	 
		
Existence	 
		
14
	
SECTION 3.5	 
		
Protection of Indenture Trust Estate	 
		
14
	
SECTION 3.6	 
		
Opinions as to Indenture Trust Estate	 
		
15
	
SECTION 3.7	 
		
Performance of Obligations; Servicing of Receivables	 
		
16
	
SECTION 3.8	 
		
Negative Covenants	 
		
18
	
SECTION 3.9	 
		
Annual Statement as to Compliance	 
		
18

-i- 

 

TABLE OF CONTENTS

 (continued) 

	 

		 
		 

		 
		
Page 
	
	 

	
	
SECTION 3.10	 
		
Issuer May Consolidate, etc., Only on Certain Terms	 
		
19
	
SECTION 3.11	 
		
Successor or Transferee	 
		
20
	
SECTION 3.12	 
		
No Other Business	 
		
20
	
SECTION 3.13	 
		
No Borrowing	 
		
21
	
SECTION 3.14	 
		
Servicer’s Obligations	 
		
21
	
SECTION 3.15	 
		
Guarantees, Loans, Advances and Other Liabilities	 
		
21
	
SECTION 3.16	 
		
Capital Expenditures	 
		
21
	
SECTION 3.17	 
		
Further Instruments and Acts	 
		
21
	
SECTION 3.18	 
		
Restricted Payments	 
		
21
	
SECTION 3.19	 
		
Notice of Events of Default	 
		
21
	
SECTION 3.20	 
		
Removal of Administrator	 
		
21
	
ARTICLE IV
	
	
SATISFACTION AND DISCHARGE
	
	
SECTION 4.1	 
		
Satisfaction and Discharge of Indenture	 
		
22
	
SECTION 4.2	 
		
Application of Trust Money	 
		
23
	
SECTION 4.3	 
		
Repayment of Monies Held by Note Paying Agent	 
		
23
	
ARTICLE V
	
	
REMEDIES
	
	
SECTION 5.1	 
		
Events of Default	 
		
23
	
SECTION 5.2	 
		
Acceleration of Maturity; Rescission and Annulment	 
		
24
	
SECTION 5.3	 
		
Collection of Indebtedness and Suits for Enforcement by Indenture	 
		 

	
	 

		 
		
Trustee	 
		
25
	
SECTION 5.4	 
		
Remedies; Priorities	 
		
27
	
SECTION 5.5	 
		
Optional Preservation of the Receivables	 
		
30
	
SECTION 5.6	 
		
Limitation of Suits	 
		
30
	
SECTION 5.7	 
		
Unconditional Rights of Noteholders to Receive Principal and Interest	 
		
31
	
SECTION 5.8	 
		
Restoration of Rights and Remedies	 
		
31
	
SECTION 5.9	 
		
Rights and Remedies Cumulative	 
		
31
	
SECTION 5.10	 
		
Delay or Omission Not a Waiver	 
		
31
	
SECTION 5.11	 
		
Control by Controlling Class	 
		
31
	
SECTION 5.12	 
		
Waiver of Past Defaults	 
		
32

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TABLE OF CONTENTS

 (continued) 

	 

		 
		 

		 
		
Page 
	
	 

	
	
SECTION 5.13	 
		
Undertaking for Costs	 
		
32
	
SECTION 5.14	 
		
Waiver of Stay or Extension Laws	 
		
33
	
SECTION 5.15	 
		
Action on Notes	 
		
33
	
SECTION 5.16	 
		
Performance and Enforcement of Certain Obligations	 
		
33
	
ARTICLE VI
	
	
THE INDENTURE TRUSTEE
	
	
SECTION 6.1	 
		
Duties of Indenture Trustee	 
		
34
	
SECTION 6.2	 
		
Rights of Indenture Trustee	 
		
35
	
SECTION 6.3	 
		
Individual Rights of Indenture Trustee	 
		
36
	
SECTION 6.4	 
		
Indenture Trustee’s Disclaimer	 
		
36
	
SECTION 6.5	 
		
Notice of Defaults	 
		
37
	
SECTION 6.6	 
		
Reports by Indenture Trustee to Noteholders	 
		
37
	
SECTION 6.7	 
		
Compensation and Indemnity	 
		
37
	
SECTION 6.8	 
		
Replacement of Indenture Trustee	 
		
37
	
SECTION 6.9	 
		
Successor Indenture Trustee by Merger	 
		
39
	
SECTION 6.10	 
		
Appointment of Co-Indenture Trustee or Separate Indenture Trustee	 
		
39
	
SECTION 6.11	 
		
Eligibility; Disqualification	 
		
40
	
SECTION 6.12	 
		
Preferential Collection of Claims Against Issuer	 
		
41
	
ARTICLE VII
	
	
NOTEHOLDERS’ LISTS AND REPORTS
	
	
SECTION 7.1	 
		
Issuer to Furnish Indenture Trustee Names and Addresses of	 
		 

	
	 

		 
		
Noteholders	 
		
41
	
SECTION 7.2	 
		
Preservation of Information; Communications to Noteholders	 
		
41
	
SECTION 7.3	 
		
Reports by Issuer	 
		
42
	
SECTION 7.4	 
		
Reports by Indenture Trustee	 
		
42
	
ARTICLE VIII
	
	
ACCOUNTS, DISBURSEMENTS AND RELEASES
	
	
SECTION 8.1	 
		
Collection of Money	 
		
43
	
SECTION 8.2	 
		
Trust Accounts	 
		
43
	
SECTION 8.3	 
		
General Provisions Regarding Accounts	 
		
47
	
SECTION 8.4	 
		
Release of Indenture Trust Estate	 
		
48

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TABLE OF CONTENTS

 (continued) 

	 

		 
		 

		 
		
Page 
	
	 

	
	
SECTION 8.5	 
		
Opinion of Counsel	 
		
48
	
ARTICLE IX
	
	
SUPPLEMENTAL INDENTURES
	
	
SECTION 9.1	 
		
Supplemental Indentures Without Consent of Noteholders	 
		
49
	
SECTION 9.2	 
		
Supplemental Indentures with Consent of Noteholders	 
		
50
	
SECTION 9.3	 
		
Execution of Supplemental Indentures	 
		
52
	
SECTION 9.4	 
		
Effect of Supplemental Indenture	 
		
52
	
SECTION 9.5	 
		
Conformity with Trust Indenture Act	 
		
52
	
SECTION 9.6	 
		
Reference in Notes to Supplemental Indentures	 
		
52
	
ARTICLE X
	
	
PREPAYMENT
	
	
SECTION 10.1	 
		
Prepayment	 
		
52
	
SECTION 10.2	 
		
Form of Prepayment Notice	 
		
53
	
SECTION 10.3	 
		
Notes Payable on Prepayment Date	 
		
53
	
ARTICLE XI
	
	
MISCELLANEOUS
	
	
SECTION 11.1	 
		
Compliance Certificates and Opinions, etc	 
		
54
	
SECTION 11.2	 
		
Form of Documents Delivered to Indenture Trustee	 
		
55
	
SECTION 11.3	 
		
Acts of Noteholders	 
		
56
	
SECTION 11.4	 
		
Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	 
		
56
	
SECTION 11.5	 
		
Notices to Noteholders; Waiver	 
		
57
	
SECTION 11.6	 
		
Alternate Payment and Notice Provisions	 
		
58
	
SECTION 11.7	 
		
Conflict with Trust Indenture Act	 
		
58
	
SECTION 11.8	 
		
Effect of Headings and Table of Contents	 
		
58
	
SECTION 11.9	 
		
Successors and Assigns	 
		
58
	
SECTION 11.10	 
		
Separability	 
		
58
	
SECTION 11.11	 
		
Benefits of Indenture	 
		
58
	
SECTION 11.12	 
		
Legal Holidays	 
		
58
	
SECTION 11.13	 
		
GOVERNING LAW	 
		
59
	
SECTION 11.14	 
		
Counterparts	 
		
59
	
SECTION 11.15	 
		
Recording of Indenture	 
		
59

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TABLE OF CONTENTS

 (continued) 

	 

		 
		 

		 
		
Page 
	
	 

	
	
SECTION 11.16	 
		
Trust Obligation	 
		
59
	
SECTION 11.17	 
		
No Petition	 
		
59
	
SECTION 11.18	 
		
Subordination Agreement	 
		
59
	
SECTION 11.19	 
		
No Recourse	 
		
60
	
SECTION 11.20	 
		
Inspection	 
		
60
	 

	
	
EXHIBIT A-1	 
		
FORM OF CLASS A-1 NOTE	 
		
A-1-1
	
EXHIBIT A-2	 
		
FORM OF CLASS A-2 NOTE	 
		
A-2-1
	
EXHIBIT A-3	 
		
FORM OF CLASS A-3 NOTE	 
		
A-3-1
	
EXHIBIT A-4	 
		
FORM OF CLASS A-4 NOTE	 
		
A-4-1
	
EXHIBIT B	 
		
FORM OF CLASS B NOTE	 
		
B-1
	
SCHEDULE A	 
		
Schedule of Receivables Sch-A-1	 
		 

	

-v- 

 

     INDENTURE, dated as of October 4, 2007 (as from time to time amended, supplemented or otherwise modified and in effect, this “Indenture”), between USAA AUTO OWNER TRUST 2007-2, a Delaware statutory trust, as issuer (the “Issuer”), and THE BANK OF NEW YORK, a banking corporation organized under
the laws of the State of New York, as trustee and not in its individual capacity (in such capacity, the “Indenture Trustee”). 

     Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the holders of the Issuer’s Class A-1 5.24862% Asset Backed Notes (the
“Class A-1 Notes”), Class A-2 5.04% Asset Backed Notes (the “Class A-2
Notes”), Class A-3 4.90% Asset Backed Notes (the “Class A-3 Notes”), Class A-4 5.07% Asset Backed Notes (the “Class A-4 Notes” and, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”) and Class B 5.97% Asset Backed Notes (the “Class B Notes” and, together with the Class A Notes, the
“Notes”): 

GRANTING CLAUSE 

     The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Noteholders, all of the Issuer’s right, title and interest in, to and under,
whether now owned or existing or hereafter acquired or arising, (a) the Receivables; (b) monies received thereunder on or after the Cut-off Date; (c) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and
any other interest of the Issuer in the Financed Vehicles; (d) rights to receive proceeds with respect to the Receivables from claims on any theft, physical damage, credit life, credit disability, or other insurance policies covering Financed
Vehicles or Obligors; (e) all of the rights to the Receivable Files; (f) the Trust Accounts, and all amounts, securities, investments, investment property and other property deposited in or credited to any of the foregoing, all securities
entitlements related to the foregoing and all proceeds thereof; (g) the Depositor’s rights under the Receivables Purchase Agreement and the Sale and Servicing Agreement; (h) payments and proceeds with respect to the Receivables held by the
Servicer; (i) all property (including the right to receive Liquidation Proceeds) securing a Receivable (other than a Receivable purchased by the Servicer or repurchased by the Depositor or the Seller); (j) rebates of premiums and other amounts
relating to insurance policies and other items financed under the Receivables in effect as of the Cut-off Date; and (k) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing and all
payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds,
accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and
other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). 

     The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or
distinction, except as provided in this Indenture, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. 

 

     The Bank of New York, as Indenture Trustee on behalf of the Noteholders, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees
to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Noteholders may be adequately and effectively protected. 

ARTICLE I 

DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE 

     SECTION 1.1 Definitions and Usage.  Except as otherwise specified herein or as the context may otherwise
require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement, dated as of October 4, 2007, by and among the Issuer, USAA
Acceptance, LLC and USAA Federal Savings Bank, which also contains rules as to usage that shall be applicable herein. 

     SECTION 1.2 Incorporation by Reference of Trust Indenture Act.  Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings: 

     
“indenture securities” shall mean the Notes. 

     
“indenture security holder” shall mean a Noteholder. 

     
“indenture to be qualified” shall mean this Indenture. 

     
“indenture trustee” or “institutional trustee” shall mean the Indenture Trustee. 

     “obligor” on the indenture securities shall mean the Issuer and any other obligor on the indenture securities. 

     All other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions.

ARTICLE II 

THE NOTES 

     SECTION 2.1 Form.  (a)  The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and
the Class B Notes, together with the Indenture Trustee’s certificates of authentication, shall be in substantially the forms set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and Exhibit B, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such
letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution thereof. Any portion of the text of
any 

-2- 

 

Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

     (b) The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or
without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

     (c) Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit
A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4
and Exhibit B are part of the terms of this Indenture and are incorporated herein by reference. 

     SECTION 2.2 Execution, Authentication and Delivery. (a) The Notes shall be executed on behalf of the Issuer by
any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 

     (b) Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the
Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 

     (c) The Indenture Trustee shall, upon Issuer Order, authenticate and deliver the Notes for original issue in the Classes and initial aggregate
principal amounts as set in the table below. 

	 

		 
		Initial Aggregate 	 

	
Class	 
		Principal Amount  	 
	
	

		
		
	

	
	
Class A-1 Notes	 
		$348,000,000	 

	
Class A-2 Notes	 
		$298,000,000	 
	
	
Class A-3 Notes	 
		$436,000,000	 
	
	
Class A-4 Notes	 
		$222,850,000 	 

	
Class B Notes	 
		$36,899,842	 

     The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes Outstanding at any time may not exceed those respective amounts except as
provided in Section 2.6. 

     (d) The Class A-1, Class A-2, Class A-3, Class A-4 and Class B Notes shall be issuable as Book-Entry Notes in minimum denominations of
$100,000 and in integral multiples of $1,000 in excess thereof (except for one Note of each class which may be issued in a denomination other than an integral of $1,000). 

     (e) No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note
a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the
only evidence, that such Note has been duly authenticated and delivered hereunder. 

-3- 

 

     SECTION 2.3 Temporary Notes. (a) Pending the preparation of Definitive Notes, the Issuer may execute, and upon
receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, substantially of the tenor of the Definitive Notes in lieu of which
they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing the temporary Notes may determine, as evidenced by their execution of such temporary Notes. 

     If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable
for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the Noteholder.  Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like principal amount of Definitive Notes of authorized denominations. Until so
exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Notes. 

     SECTION 2.4 Tax Treatment. The Issuer has entered into this Indenture, and the Notes shall be issued, with the
intention that, for federal, State and local income and franchise tax purposes, the Notes shall qualify as indebtedness of the Issuer secured by the Indenture Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by its
acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes for federal, State and local income and franchise tax purposes as indebtedness of the Issuer. This paragraph does
not apply to Notes when owned by a sole owner of the Certificate. 

     For each taxable year of the Issuer, pursuant to Sections 7704(c) and 7704(d) of the Code, the principal activity of the Issuer will consist of purchasing and holding debt receivables (which are
capital assets to the Issuer) and issuing and paying notes, and at least 90% of the Issuer’s gross income for each taxable year of the Issuer will constitute “qualifying income” under such Code provisions in the form of interest and
gains from such receivables and other qualifying income. 

     SECTION 2.5 Registration; Registration of Transfer and Exchange. (a) The Issuer shall cause to be kept a
register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of
transfers of Notes. The Indenture Trustee initially shall be the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint
a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar. If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, (i) the Issuer shall give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, (ii) the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain
copies thereof, and (iii) the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an 

-4- 

 

Executive Officer thereof as to the names and addresses of the Noteholders and the principal amounts and number of such Notes. 

     (b) Upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in
Section 3.2, if the requirements of Section 8-401(a) of the UCC are met, an Authorized Officer of the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder
shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of the same Class in any authorized denomination, of a like aggregate principal amount. 

     (c) At the option of the Noteholder, Notes may be exchanged for other Notes of the same Class in any authorized denominations, of a like
aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of the UCC are met, the Issuer shall execute, the Indenture
Trustee shall authenticate, and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making such exchange is entitled to receive. 

     (d) All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same
debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

     (e) Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder thereof or such Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar and (ii) accompanied by such other documents or evidence as the Indenture Trustee may require. 

     (f) No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Note Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section
2.3 or 9.6 not involving any transfer. 

     (g) The preceding provisions of this Section 2.5 notwithstanding, the Issuer shall
not be required to make and the Note Registrar need not register transfers or exchanges of Notes selected for redemption or of any Note for a period of fifteen (15) days preceding the Payment Date for any payment with respect to such Note.

     (h) Each Class A Noteholder, by its acceptance of a Class A Note (and each Note Owner, by its acceptance of a beneficial interest in a Class A
Note) will be deemed to have represented that (x) it is not, and is not acquiring the Class A Note on behalf of, or with “plan assets” (as determined under Department of Labor Regulation §2510.3 -101 (as modified by Section 3(42) of
ERISA) or otherwise) of, a Plan, or any employee benefit plan subject to Similar Law, or (y) its acquisition and holding of the Class A Note satisfy the requirements for relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, the service provider exemption provided under Section 408(b)(17) of 

 

-5- 

 

ERISA and Section 4975(d)(20) of the Code or a similar exemption, or, in the case of an employee benefit plan subject to Similar Law, do not result in a nonexempt violation of Similar Law. 

     (i) Each Class B Noteholder, by its acceptance of a Class B Note (and each Note Owner by its acceptance of a beneficial interest in a Class B
Note) will be deemed to have represented the following: 

	 	(i)      Either:
	 	 
	 	          (A) for the entire period during which such purchaser or
      transferee holds its interest in the Class B Notes, no portion of such
    purchaser’s or transferee’s assets constitutes assets of any Plan
    or any governmental plan, church plan or non-U.S. plan that is subject to
    any Similar Law; or
	 	 	 
	 	          (B) (1) (a) the assets used
        by such purchaser or transferee to acquire the Class B
        Notes (or any interest therein) constitute assets of an insurance company
general account, (b) for the entire period
        during which such purchaser or transferee holds its interest in the
        Class B Notes, less than 25% of the assets of such insurance company
        general account will constitute “plan assets” of any Plan,
        (c) neither such purchaser or transferee nor any affiliate is a Controlling
        Person of the Issuer and (d) the acquisition and holding of the Class
        B Notes by such purchaser or transferee will satisfy the requirements
        of Section I of PTCE 95-60 and will not constitute a non-exempt prohibited
        transaction under Section 406 of ERISA or Section 4975 of the Code or
        (2) if such purchaser or transferee is a governmental plan, church plan
        or non-U.S. plan that is subject to any Similar Law, the acquisition
        and holding of the Class B Notes by such purchaser or transferee will
    not constitute a nonexempt violation of any applicable Similar Law.     
	 	 
	 	     (ii)  It
        is, and each account (if any) for which it is purchasing Class B Notes
        is, a Person who is (A) a citizen or resident of the United States, (B)
        a corporation or partnership organized in or under the laws of the United
        States, any state thereof or the District of Columbia, (C) an estate
        the income of which is includible gross income for United States tax
        purposes, regardless of its source or (D) a trust with respect to which
        a U.S. court is able to exercise primary supervision over the administration
        of such trust and one or more Persons meeting the conditions of clause
        (A), (B), (C) or (D) of
        this paragraph (ii) has the authority to
    control all substantial decisions of the trust.
	 	 
	 	     (iii)  It
        understands that any purported transfer of any Class B Note (or any interest
        therein) to any Person who does not meet the conditions of paragraphs
        (i) and (ii) above
        shall be, to the fullest extent permitted by law, void ab initio, and
        the purported transferee in such a transfer shall not be recognized by
    the Issuer or any other Person as a Class B Noteholder for any purpose.

-6- 

 

     (j) Plans and persons investing on behalf of or with “plan assets” of Plans may not acquire the Class B Notes.  However, an insurance
company using the assets of its general account that include “plan assets” may purchase the Class B Notes if: 

	 	        (i) such insurance company is able to represent that, as of the date it acquiresan interest in the Class B Notes, less than 25% of the assets of such general account constitute “plan assets” of a Plan within the meaning of 29 C.F.R. §2510.3-101(f), as modified by Section 3(42) of ERISA;
	 
	
	 	        (ii) such insurance company agrees that if at any time during any calendar quarter while it is holding an interest in the Class B Notes, 25% or more of the assets ofsuch general account constitute “plan assets” of a Plan within the meaning of 29 C.F.R.§2510.3-101(f) as modified by Section 3(42) of ERISA, and if, at that time, noappropriate exemption or exception applies to the operation of the Issuer and its assetsunder ERISA, such insurance company will dispose of the Class B Notes then held in itsgeneral account;
	 
	
	 	        (iii) neither such insurance company nor any affiliate is a Controlling Personof the Issuer; and
	 
	
	 	        (iv) the purchase satisfies the conditions for relief under Section I of PTCE 95-60.

     SECTION 2.6 Mutilated, Destroyed, Lost or Stolen Notes. (a) If (i) any mutilated Note is surrendered to the
Indenture Trustee or the Note Registrar, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required
by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a “protected purchaser”, as defined in Section 8-303
of the UCC, and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute, and upon Issuer Request the Indenture Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the
Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Prepayment Date without surrender thereof.  If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso
to the preceding sentence, a protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note
(or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to
recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 

-7- 

 

     (b) Upon the issuance of any replacement Note under this Section 2.6, the Issuer may
require the payment by the Noteholder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee)
connected therewith. 

     (c) Every replacement Note issued pursuant to this Section 2.6 in replacement of any
mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to
all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

     (d) The provisions of this Section 2.6 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

     SECTION 2.7 Persons Deemed Owners.  Prior to due presentment for registration of transfer of any Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of
principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice
to the contrary. 

     SECTION 2.8 Payment of Principal and Interest; Defaulted Interest. (a) The Class A-1 Notes, the Class A-2
Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes shall accrue interest at the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, the Class A-4 Rate and the Class B Rate, respectively, as set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit
A-4 and Exhibit B, respectively, and such interest shall be due and payable on each Payment Date as specified therein, subject to Section 3.1.  Any installment of interest or principal, if any, payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in
whose name such Note (or one or more Predecessor Notes) is registered on the Record Date either by wire transfer in immediately available funds, to the account of such Noteholder at a bank or other entity having appropriate facilities therefor, if
such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five (5) Business Days prior to such Payment Date and such Noteholder’s Notes in the aggregate evidence a denomination of not less than
$1,000,000, or, if not, by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided that, unless Definitive
Notes have been issued to Note Owners pursuant to Section 2.13, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payment shall be made by wire transfer in immediately available funds to the account designated by such nominee, and except for the final installment of principal payable with respect to such Note on a Payment Date, Prepayment
Date or the applicable Final Scheduled Payment Date, which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 

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     (b) The principal of each Note shall be payable in installments on each Payment Date as provided in this Indenture and in the forms of Notes
set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and Exhibit B hereto. Notwithstanding the foregoing, the entire unpaid principal amount of each Class of Notes shall be due and
payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of the principal amount of the Controlling
Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment
Date on which the Issuer expects that the final installment of principal of and interest on such Note shall be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Payment Date and shall specify that such final
installment shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment.  Notices in connection with redemption of Notes shall be
mailed to Noteholders as provided in Section 10.2. 

     (c) If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted
interest to the extent lawful) at the applicable Note Interest Rate on the Payment Date following such default.  The Issuer shall pay such defaulted interest to the Persons who are Noteholders on the Record Date for such following Payment Date.

     SECTION 2.9 Cancellation. All Notes surrendered for payment, registration of transfer or exchange shall, if
surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee.  No Notes shall be authenticated in lieu of or in exchange
for any Notes cancelled as provided in this Section 2.9, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in
accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it and so long as such Issuer Order is timely and the Notes have not been
previously disposed of by the Indenture Trustee. 

     SECTION 2.10 Release of Collateral. Subject to Section 11.1 and the terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.  If the Commission shall
issue an exemptive order under TIA Section 304(d) modifying the Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1 and the terms of the Basic
Documents, the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 

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     SECTION 2.11 Book-Entry Notes. The Notes, upon original issuance, shall be issued in the form of typewritten
Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer.  The Book-Entry Notes shall be registered initially on the Note Register in the name of Cede
& Co., the nominee of the initial Clearing Agency, and no Note Owner thereof shall receive a Definitive Note (as defined below) representing such Note Owner’s interest in such Note, except as provided in Section
2.13.  Unless and until definitive, fully registered Notes (the “Definitive Notes”) have
been issued to such Note Owners pursuant to Section 2.13: 

	 	 
         (i) the provisions of this Section 2.11 shall be in full force and effect;

	 	    (ii) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Book-Entry Notes and the giving of instructions or directions hereunder) as the sole Noteholder, and shall have no obligation to the Note Owners;

	 	    (iii) to the extent that the provisions of this Section 2.11 conflict with any other
provisions of this Indenture, the provisions of this Section 2.11 shall control;

	 	    (iv) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Security Depository Agreement. Unless and until Definitive Notes are issued to Note Owners pursuant to Section 2.13, the initial Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Book-Entry Notes to such Clearing Agency Participants (and neither the Indenture Trustee nor the Note Registrar shall have any liability or responsibility therefor); and

	 	    (v) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders of Notes evidencing a specified percentage of the principal amount of the Notes Outstanding (or any Class thereof), the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest of the Notes Outstanding (or Class thereof) and has delivered such instructions to the Indenture Trustee.

     SECTION 2.12 Notices to Clearing Agency.  Whenever a notice or other communication to the Noteholders of
Book-Entry Notes is required under this Indenture, unless and until Definitive Notes shall have been issued to the Note Owners pursuant to Section 2.13, the Indenture Trustee shall give all
such notices and communications specified herein to be given to Noteholders of Book-Entry Notes to the Clearing Agency, and shall have no obligation to such Note Owners. 

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     SECTION 2.13 Definitive Notes. With respect to any Class or Classes of Book-Entry Notes, if (i) the
Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to such Class of Book-Entry Notes and the Administrator is unable to locate a
qualified successor or (ii) after the occurrence of an Event of Default or an Event of Servicing Termination, Note Owners of such Class of Book- Entry Notes evidencing beneficial interests aggregating not less than a majority of the principal amount
of such Class advise the Indenture Trustee and the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such Class of Note Owners, then the Clearing Agency shall
notify all Note Owners of such Class and the Indenture Trustee of the occurrence of such event and of the availability of Definitive Notes to the Note Owners of the applicable Class requesting the same. Upon surrender to the Indenture Trustee of the
typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of
the Clearing Agency.  None of the Issuer, the Note Registrar or the Indenture 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 Notes to Note Owners, the Indenture Trustee shall recognize the holders of such Definitive Notes as Noteholders. 

     SECTION 2.14 Authenticating Agents. (a) The Indenture Trustee may appoint one or more Persons (each, an
“Authenticating Agent”) with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under
Sections 2.2, 2.3, 2.5, 2.6 and 9.6, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes.  For all
purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section 2.14 shall be deemed to be the authentication of Notes “by the Indenture
Trustee.” 

     (b) Any corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor
of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. 

     (c) Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the Owner Trustee. The
Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Owner Trustee. Upon receiving such notice of resignation or upon such a termination, the
Indenture Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Owner Trustee. 

     (d) The Administrator agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services.  The provisions of
Sections 2.9 and 6.4 shall be applicable to any Authenticating Agent. 

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ARTICLE III 

COVENANTS 

     SECTION 3.1 Payment of Principal and Interest. The Issuer shall duly and punctually pay the principal of and
interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, on each Payment Date the Issuer shall cause to be paid pursuant to Section 8.2 all amounts on deposit in the Collection Account and the Principal Distribution Account with respect to the Collection Period preceding such Payment Date and deposited therein pursuant to the Sale and Servicing Agreement. Amounts
properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 

     SECTION 3.2 Maintenance of Office or Agency.  The Issuer shall maintain in the Borough of Manhattan, The City
of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially
appoints the Indenture Trustee to serve as its agent, and its Corporate Trust Office as its office, for the foregoing purposes. The Issuer shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location,
of any such office or agency. If, at any time, the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the
Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

     SECTION 3.3 Money for Payments to Be Held in Trust. (a) As provided in Sections
8.2 and 5.4(b), all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Accounts shall be
made on behalf of the Issuer by the Indenture Trustee or by another Note Paying Agent, and no amounts so withdrawn from the Trust Accounts for payments of Notes shall be paid over to the Issuer, except as provided in this Section 3.3. 

     (b) On or before the Business Day preceding each Payment Date and Prepayment Date, the Issuer shall deposit or cause to be deposited (including
the provision of written instructions to the Indenture Trustee to make any required withdrawals from the Reserve Account and to deposit such amounts in the Collection Account) in the Collection Account an aggregate sum sufficient to pay the amounts
then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the Note Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to
act. 

     (c) The Issuer shall cause each Note Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an
instrument in which such Note Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Note Paying Agent, it hereby so agrees), subject to the provisions of this Section
3.3, that such Note Paying Agent shall: 

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	 	    (i) hold all sums held by it for the payment
        of amounts due with respect to the Notes in trust for the benefit of
        the Persons entitled thereto until such sums shall be paid to such Persons
        or otherwise disposed of as herein provided and pay such sums to such
        Persons as herein provided;
	 	 	 	 
	 	    (ii) give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes;
	 	 	 	 
	 	    
(iii) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Note Paying Agent;
	 	 	 	 
	 	    
(iv) immediately resign as a Note Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Note Paying Agent at the time of its appointment; and
	 	 	 	 
	 	    
(v) comply with all requirements of the Code and any State or local tax law with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

     (d) The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by
Issuer Order direct any Note Paying Agent to pay to the Indenture Trustee all sums held in trust by such Note Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Note Paying
Agent; and upon such payment by any Note Paying Agent to the Indenture Trustee, such Note Paying Agent shall be released from all further liability with respect to such money. 

     (e) Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Note Paying Agent in trust for
the payment of any amount due with respect to any Note and remaining unclaimed for two (2) years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request; and the Noteholder of such
Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Note Paying Agent with respect to
such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Note Paying Agent, before being
required to make any such repayment, shall at the expense and direction of the Issuer cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of
New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining shall be repaid to the
Issuer. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Noteholders whose

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Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Note Paying Agent, at
the last address of record for each such Noteholder). 

     SECTION 3.4 Existence.  The Issuer shall keep in full effect its existence, rights and franchises as a
statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer shall keep in full
effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity
and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Indenture Trust Estate. 

     SECTION 3.5 Protection of Indenture Trust Estate.  (a)  The Issuer shall from time to time execute, deliver
and file, as applicable, all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action necessary or advisable to:

	 	  (i) maintain or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof;
	 
	 	  (ii) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture;
	 
	 	  (iii) enforce any of the Collateral; or
	 
	 	  (iv) preserve and defend title to the Indenture Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Indenture Trust Estate against the claims of all Persons.

     The Issuer hereby authorizes the Indenture Trustee to file any financing statement, continuation statement or other instrument required to be executed pursuant to this Section 3.5; provided, however, that the Indenture Trustee shall be under no obligation
to file any such financing statement, continuation statement or other instrument required pursuant to this Section 3.5. 

     (b) The Issuer hereby represents and warrants that, as to the Collateral pledged to the Indenture Trustee for the benefit of the Noteholders,
on the Closing Date, which representations and warranties shall survive such pledge: 

	 	    (i) the Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral that is in existence in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer;
	 	 
	 	    (ii) the Receivables constitute “tangible chattel paper” under the applicable UCC;

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	 	    (iii) the Issuer owns and has good and marketable title to such Collateral freeand clear of any liens, claims or encumbrances of any Person, other than the interestGranted under this Indenture;
	 	 
	 	    (iv) the Issuer has acquired its ownership in such Collateral in good faith without notice of any adverse claim;
	 	 
	 	    (v) the Trust Accounts are not in the name of any person other than the Indenture Trustee and the Issuer has not consented to the bank maintaining the Trust Accounts to comply with the instructions of any person other than the Indenture Trustee;
	 	 
	 	    (vi) the Issuer has not assigned, pledged, sold, granted a security interest in or otherwise conveyed any interest in such Collateral (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture;
	 	 
	 	    (vii) the Issuer has caused or will have caused, within ten days after the ClosingDate, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdiction under the applicable law in order to perfect the security interest Granted hereunder in the Receivables, which financing statements will contain a statement to the following effect “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party”;
	 	 
		    (viii) other than its Granting hereunder, the Issuer has not Granted such Collateral, the Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of such Collateral other than the financing statement in favor of the Indenture Trustee, and the Issuer is not aware of any judgment or tax lien filing against it; and
	 	 
		    (ix) the information relating to such Collateral set forth in the Schedule of Receivables (attached hereto as Schedule A) is correct.

     SECTION 3.6 Opinions as to Indenture Trust Estate. (a) On the Closing Date, the Issuer shall furnish to the
Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite
documents, and with respect to the authorization and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the lien and security interest of this Indenture and reciting the details of such
action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 

     (b) On or before April 30 in each calendar year, beginning on April 30, 2008, the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, rerecording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with
respect to the filing of any financing statements and continuation statements and any other action that may be required by law as is necessary to maintain the lien and security interest created by this Indenture and reciting the details of such
action or stating 

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that in the opinion of such counsel no such action is necessary to maintain such lien and security interest.  Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and the filing of any financing statements and continuation statements that shall, in the opinion of such counsel, be required to maintain the lien and security interest of this
Indenture until April 30 in the following calendar year. 

     SECTION 3.7 Performance of Obligations; Servicing of Receivables.  (a)  The Issuer shall not take any action
and shall use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Indenture Trust Estate or
that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture and the other Basic
Documents. 

     (b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties
by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in
performing its duties under this Indenture. 

     (c) The Issuer shall punctually perform and observe all of its obligations and agreements contained in this Indenture, the other Basic
Documents and in the instruments and agreements included in the Indenture Trust Estate, including, but not limited to, filing or causing to be filed all financing statements and continuation statements required to be filed under the UCC by the terms
of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein.  Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or
terminate any Basic Document or any provision thereof other than in accordance with the amendment provisions set forth in such Basic Document. 

     (d) If the Issuer shall have knowledge of the occurrence of an Event of Servicing Termination under the Sale and Servicing Agreement, the
Issuer shall promptly notify the Indenture Trustee and the Rating Agencies thereof and shall specify in such notice the action, if any, the Issuer is taking in respect of such default. If an Event of Servicing Termination shall arise from the
failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure. 

     (e) As promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant to
Section 7.1 of the Sale and Servicing Agreement or the Servicer’s resignation in accordance with the terms of the Sale and Servicing Agreement, the Issuer shall appoint a Successor
Servicer meeting the requirements of the Sale and Servicing Agreement, and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. In the event that a Successor Servicer has not
been appointed at the time when the Servicer ceases to act as Servicer, the Indenture Trustee without further action shall automatically be appointed the Successor Servicer. If the Indenture Trustee 

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shall be legally unable to act as Successor Servicer, it may appoint, or petition a court of competent jurisdiction to appoint, a Successor Servicer. The Indenture Trustee may resign as the Servicer by giving written notice of
such resignation to the Issuer and the Depositor and in such event shall be released from such duties and obligations, such release not to be effective until the date a new servicer enters into a servicing agreement with the Issuer as provided
below. In each case of either the appointment of the Indenture Trustee (or any Affiliate as provided below) as Successor Servicer, or resignation of the Indenture Trustee as Servicer, the Indenture Trustee shall provide to the Depositor, in writing,
such information as reasonably requested by the Depositor to comply with its reporting obligation under the Exchange Act with respect to a successor Servicer or the resignation of the Servicer. Upon delivery of any such notice to the Issuer, the
Issuer shall obtain a new servicer as the Successor Servicer under the Sale and Servicing Agreement. Any Successor Servicer (other than the Indenture Trustee or any Affiliate thereof) shall (i) be an established institution having a net worth of not
less than $100,000,000 and whose regular business shall include the servicing of automotive receivables and whose appointment as Successor Servicer satisfies the Rating Agency Condition, (ii) enter into a servicing agreement with the Issuer
having substantially the same provisions as the provisions of the Sale and Servicing Agreement applicable to the Servicer and (iii) shall provide to the Depositor, in writing, such information as reasonably requested by the Depositor to comply with
its reporting obligation under the Exchange Act with respect to a successor Servicer. If, within thirty (30) days after the delivery of the notice referred to above, the Issuer shall not have obtained such a new servicer, the Indenture Trustee may
appoint, or may petition a court of competent jurisdiction to appoint, a Successor Servicer.  In connection with any such appointment, the Indenture Trustee may make such arrangements for the compensation of such successor as it and such successor
shall agree, subject to the limitations set forth below and in the Sale and Servicing Agreement, and, in accordance with Section 7.2 of the Sale and Servicing Agreement, the Issuer shall
enter into an agreement with such successor for the servicing of the Receivables (such agreement to be in form and substance satisfactory to the Indenture Trustee). Notwithstanding anything herein or in the Sale and Servicing Agreement to the
contrary, in no event shall the Indenture 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
the Basic Documents and the transactions set forth or provided for therein. If the Indenture Trustee shall succeed to the Servicer’s duties as servicer of the Receivables as provided herein, it shall do so in its individual capacity and not in
its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be inapplicable to the Indenture Trustee in its duties as the successor to the Servicer and the
servicing of the Receivables. In case the Indenture Trustee shall become successor to the Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as Servicer any one of its Affiliates; provided that the Indenture Trustee, in its capacity as the Servicer, shall be fully liable for the actions and omissions of such Affiliate in such capacity as Successor Servicer. 

     (f) Upon any termination of the Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, the Issuer shall promptly
notify the Indenture Trustee.  As soon as a Successor Servicer is appointed by the Issuer, the Issuer shall notify the Indenture Trustee of such appointment, specifying in such notice the name and address of such Successor Servicer. 

     (g) Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer 

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hereby agrees that it shall not, without the prior written consent of the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority in principal amount of the Notes Outstanding, amend, modify, waive,
supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral (except to the extent otherwise provided in the Sale and Servicing Agreement or the other Basic
Documents). 

     SECTION 3.8 Negative Covenants.  So long as any Notes are Outstanding, the Issuer shall not: 

	 	    (i) except as expressly permitted by this Indenture, the Trust Agreement or the Sale and Servicing Agreement, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Indenture Trust Estate, unless directed to do so by the Indenture Trustee;
	 	 
	 	    (ii) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon the Trust or the Indenture Trust Estate;
	 	 
	 	    (iii) dissolve or liquidate in whole or in part; or
	 	 
	 	    (iv) (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the assets of the Issuer, including those included in the Indenture Trust Estate, or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result of an action or omission of the related Obligor) or (C) permit the lien of this Indenture not to consti
tute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Indenture Trust Estate.

     SECTION 3.9 Annual Statement as to Compliance.  The Issuer shall deliver to the Indenture Trustee, within 120
days after the end of each calendar year, beginning within 120 days after the end of 2007, an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

	 	(i) a review of the activities of the Issuer during such year (or since the Closing Date, in the case of the first such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and
	 	 
	 	(ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied in all material respects with all conditions and covenants under

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	 	this Indenture throughout such year (or since the Closing Date, in the case of the first such Officer’s Certificate), or, if there has been a default in any material respect in its compliance with any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof.

     SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms.  (a) The Issuer shall not consolidate or
merge with or into any other Person, unless: 

	 	    (i) the Person (if other than the Issuer) formed by or surviving suchconsolidation or merger shall be a Person organized and existing under the laws of the United States of America or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein;
	 	 
	 	    (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;
	 	 
	 	    (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction;	
	 	 
	 	    (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse federal income tax consequence to the Issuer, any Noteholder or any Certificateholder;
	 	 
	 	    (v) any action that is necessary to maintain the lien and security interestcreated by this Indenture shall have been taken; and
	 	 
	 	    (vi) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).

     (b) Other than as specifically contemplated by the Basic Documents, the Issuer shall not convey or transfer any of its properties or assets,
including those included in the Indenture Trust Estate, to any Person, unless: 

	 	    (i) the Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any State, (B) expressly assumes, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein,

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	 	(C) expressly agrees by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Noteholders, (D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes, and (E) expressly agrees by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings, if any, with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes;
	 	 
	 	    (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;
	 	 
	 	    (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction;	
	 	 
	 	    (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse federal income tax consequence to the Issuer, any Noteholder or any Certificateholder;
	 	 
	 	    (v) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and
	 	 
	 	    (vi) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).

     SECTION 3.11 Successor or Transferee. (a) Upon any consolidation or merger of the Issuer in accordance with
Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power
of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein. 

     (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section
3.10(b), the Issuer shall be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice
to the Indenture Trustee stating that the Issuer is to be so released. 

     SECTION 3.12 No Other Business. The Issuer shall not engage in any business other than financing, acquiring,
owning and pledging the Receivables in the manner contemplated by this Indenture and the Basic Documents and activities incidental thereto. 

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     SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable,
directly or indirectly, for any indebtedness except for the Notes and the Certificates. 

     SECTION 3.14 Servicer’s Obligations.  The Issuer shall cause the Servicer to comply with the Sale and
Servicing Agreement, including Sections 3.9, 3.10, 3.11, 3.12, 3.13 and 4.9 and Article VI thereof. 

     SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities.  Except as contemplated by this Indenture and
the other Basic Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so
doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

     SECTION 3.16 Capital Expenditures.  The Issuer shall not make any expenditure (by long-term or operating lease
or otherwise) for capital assets (either realty or personalty). 

     SECTION 3.17 Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer shall execute and
deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

     SECTION 3.18 Restricted Payments.  The Issuer shall not, directly or indirectly, (i) make any distribution (by
reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in
or of the Issuer or to the Servicer or the Administrator, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose;
provided, however, that the Issuer may make, or cause to be made, (x) payments to the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee, the Noteholders and the Certificateholders as contemplated by, and to the extent funds are available for such purpose under, this Indenture and the other Basic Documents and (y) payments to the Indenture Trustee
pursuant to Section 2(a)(ii) of the Administration Agreement. The Issuer shall not, directly or indirectly, make payments to or distributions from the Collection Account or the Principal
Distribution Account except in accordance with this Indenture and the other Basic Documents. 

     SECTION 3.19 Notice of Events of Default. The Issuer shall give the Indenture Trustee and the Rating Agencies
prompt written notice of each Event of Default hereunder and of each default on the part of any party to the Sale and Servicing Agreement with respect to any of the provisions thereof. 

     SECTION 3.20 Removal of Administrator. For so long as any Notes are Outstanding, the Issuer shall not remove
the Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection therewith. 

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ARTICLE IV 

SATISFACTION AND DISCHARGE 

     SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with
respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv)
Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12 and 3.13, (v) the rights and immunities of the
Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.7) and the obligations of the Indenture Trustee under Section
4.3, and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the
expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when: 

	 	 	(A)  	either:  
	 	 	 	 
	 	 	        (1)  all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.6 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or
	 	 	 	 
	 	 	        (2)  all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable and the Issuer has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient without reinvestment to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the applicable Final Scheduled Payment Date or Prepayment Date (if Notes shall have been called for prepayment pursuant to Section 10.1), as the case may be, and all fees and other amounts due and payable to the Indenture Trustee;
	 	 	 	 
	 	                       (B)   the Issuer has paid or caused to be paid all other sums payable hereunder and under any of the other Basic Documents by the Issuer;
	 	 	 	 
	 	                       (C)   the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.1(a) and, subject to Section 11.2, each stating that all conditions precedent herein provided for

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	 	relating to the satisfaction and discharge of this Indenture have been complied with; and
	 	 	 	 
	 	                       (D)   unless the Notes have been prepaid in accordance with Section 
10.1, the Issuer has delivered to the Indenture Trustee an Opinion of Counsel tothe effect that the satisfaction and discharge of the Notes pursuant to this Section 4.1 will not cause any Noteholder to be treated as having sold or exchanged anyof its Notes for purposes of Section 1001 of the Code.

     Upon the satisfaction and discharge of the Indenture pursuant to this Section 4.1, at the request of the Owner Trustee, the Indenture Trustee
shall deliver to the Owner Trustee a certificate of a Trustee Officer stating that all Noteholders have been paid in full and stating whether, to the best knowledge of such Trustee Officer, any claims remain against the Issuer in respect of the
Indenture and the Notes. 

     SECTION 4.2 Application of Trust Money.  All monies deposited with the Indenture Trustee pursuant to
Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Note Paying Agent, as
the Indenture Trustee may determine, to the Noteholders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest,
but such monies need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law. 

     SECTION 4.3 Repayment of Monies Held by Note Paying Agent. In connection with the satisfaction and discharge
of this Indenture with respect to the Notes, all monies then held by any Note Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture
Trustee to be held and applied according to Section 3.3 and thereupon such Note Paying Agent shall be released from all further liability with respect to such monies. 

ARTICLE V 

REMEDIES 

     SECTION 5.1 Events of Default. “Event of Default,” wherever used herein, means the occurrence of any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

	 	    (i)  default in the payment of any interest on any Class A Note or, if the Class A Notes are no longer Outstanding, any Class B Note when the same becomes due and payable on a Payment Date, and such default shall continue for a period of five (5) days or more; or
	 	 
	 	    (ii)  default in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable; or
	 	 

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	 	    (iii)  default in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section 5.1 specifically dealt with) that materially and adversely affects the Noteholders and such default shall continue for a period of sixty (60) days, after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the holders of Notes evidencing not less than 25% of the principal amount of the Controlling Class, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or
	 	 
	 	    (iv)  the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Indenture Trust Estate in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Indenture Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or
	 	 
	 	    (v)  the commencement by the Issuer of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Indenture Trust Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of any action by the Issuer in furtherance of any of the foregoing.

The Issuer shall deliver to the Indenture Trustee, within five (5) days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time
would become an Event of Default under clause (iii) above, its status and what action the Issuer is taking or proposes to take with respect thereto. 

     SECTION 5.2 Acceleration of Maturity; Rescission and Annulment. (a) If an Event of Default should occur and be
continuing, then and in every such case the Indenture Trustee or the holders of Notes evidencing not less than a majority of the principal amount of the Controlling Class may declare all the Notes to be immediately due and payable, by a notice in
writing to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become
immediately due and payable. 

     (b) At any time after a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the amount due has
been obtained by the Indenture Trustee as hereinafter provided in this Article V, the holders of Notes evidencing not less than a majority of the principal amount of the Controlling Class,
by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 

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	 	(i)    the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay:
	 	 	 
	 	        (A)    all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and
	 	 	 
	 	        (B)    all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements, indemnities and advances of the Indenture Trustee and its agents and counsel; and
	 	 	 
	 	(ii)    all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12.

No such rescission shall affect any subsequent default or impair any right consequent thereto. 

     SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.  (a)  The Issuer covenants that if (i) there is an Event of Default relating to the nonpayment of any interest on any Note when the same becomes due and payable, and such Event of Default continues
for a period of five (5) days, or (ii) there is an Event of Default relating to the nonpayment in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuer shall, upon demand of
the Indenture Trustee, pay to the Indenture Trustee, for the benefit of the Noteholders, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal and, to the extent payment at such rate
of interest shall be legally enforceable, upon overdue installments of interest at the applicable Note Interest Rate borne by the Notes and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents, attorneys and counsel. 

     (b) In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an
express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in
the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable. 

     (c) If an Event of Default occurs and is continuing, the Indenture Trustee, as more particularly provided in Section 5.4, in its discretion, may proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the
Indenture Trustee by this Indenture or by law. 

     (d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership
interest in the Indenture Trust Estate, 

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Proceedings under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon
the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by intervention in such Proceedings
or otherwise: 

	 	    (i)  to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances and disbursements made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings;
	 	 
	 	    (ii)  unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;
	 	 
	 	    (iii)  to collect and receive any monies or other property payable or deliverable on any such claims and to pay all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and
	 	 
	 	    (iv)  to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuer, its creditors and its property; and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances and disbursements made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negli
gence or bad faith, and any other amounts due the Indenture Trustee pursuant to Section 6.7.

     (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder or to authorize the Indenture Trustee to vote in respect of the claim of any 

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Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

     (f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, shall be for the ratable
benefit of the Noteholders in respect of which such judgment has been recovered. 

     (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this
Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings. 

     SECTION 5.4 Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may, or at the direction of Noteholders of Notes evidencing not less than a majority of the principal amount of the Controlling Class shall, do one or more of the following (subject to Section
5.5): 

	 	    (i)    institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Notes monies adjudged due;
	 	 
	 	    (ii)    institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Indenture Trust Estate;
	 	 
	 	    (iii)    exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and
	 	 
	 	    (iv)    sell the Indenture Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, the Indenture Trustee may not sell or otherwise liquidate the Indenture Trust Estate unless:

	 	    (A)    the holders of Notes evidencing 100% of the principal amount of the Notes (excluding Notes held by the Seller, the Servicer or any of their Affiliates) consent thereto; or
	 	 
	 	    (B)    the proceeds of such sale or liquidation are sufficient to pay in full the principal of and the accrued interest on the Outstanding Notes; or
	 	 
	 	    (C)    if the Event of Default is of the type described in Section 5.1(i) or (ii):

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	 	      (1)    the Indenture Trustee determines (but shall have no obligation to make such determination) that the Indenture Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable; and 
	 	 
	 	      (2)    the Indenture Trustee obtains the consent of holders of Notes evidencing not less than 66 2/3% of the principal amount of the Controlling Class; or
	 	 
	 	     (D)  with
        respect to an Event of Default described in Section
    5.1(iii):
	 	 
	 	 	      (1)    the holders of all
    Outstanding Notes consent thereto; or
	 	 	 
	 	 	      (2)    in full the principal of and
    accrued interest on the Outstanding Notes.  

     In determining such sufficiency or insufficiency with respect to clauses (C)(1) and (D)(2) above, the Indenture Trustee may (at other than its own expense), but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Indenture Trust Estate for such purpose. 

     (b) Notwithstanding the provisions of Section 8.2 of this Indenture or
Section 4.6 of the Sale and Servicing Agreement, if the Indenture Trustee collects any money or property (and other amounts including amounts held on deposit in the Reserve Account) pursuant
to this Article V, it shall pay out the money or property in the following order of priority: 

	 	     (i)     first, to
    the Indenture Trustee and the Owner Trustee for all amounts due for fees,
          expenses and indemnification under Section
          6.7 of this Indenture and Article
    VII of the Trust Agreement, respectively, and not previously paid;
	 	 
	 	  (ii)    second, to
        the Servicer for due and unpaid Servicing Fees;
	 	 
	 	    (iii)        third, if
        an Event of Default specified in Section
        5.1(i), (ii), (iv) or (v) has     occurred,
        in the following order of priority:  
	 	 	 
	 	 	     (A)    first, to the Class A Noteholders, interest due and
      payable on the Class A Notes (including
      interest at the applicable Note Interest Rate on any overdue
      interest, to the extent lawful), provided that
      if there are not sufficient funds available
      to pay the entire amount of interest due and payable on the Class A
      Notes, the amounts available shall be applied to the payment of such interest
      on the Class A Notes on a pro
    rata basis;
	 	 	 
	 	 	     (B)    second,
        to the holders of the Class A-1 Notes in reduction of principal until
        the principal amount of the Class A-1 Notes has been paid in full and
        then to the holders of the Class A-2 Notes, the Class A-3 Notes and the
        Class

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	 	 	A-4 Notes on a pro
          rata basis in reduction of principal
    until the principal amount of such Class A Notes has been paid in full;
	 	 	 
	 	 	     (C)     third,
    to the holders of the Class B Notes, first, interest due and payable on the
        Class B Notes (including interest at the Class B Rate on any overdue
        interest, to the extent lawful) and second, in reduction of principal
        until the principal amount of the Class B Notes is paid in full; and
	 	 	 
	 	     (iv)  fourth, if
    the only Event of Default that has occurred is the Event of Default specified
          in Section 5.1(iii),
    in the following order of priority:
	 	 	 
	 	 	     (A)     to
    the Class A Noteholders, accrued and unpaid interest on the Class A Notes
    (together with interest on overdue interest at the applicable Note Interest
        Rate, to the extent lawful) provided that
    if there are not sufficient funds available to pay the entire amount of such
    interest, the amounts available shall be applied to the payment of such interest
    on the Class A Notes on a pro rata basis;
	 	 	 
	 	 	     (B)     to
    the Class A Noteholders, the First Priority Principal Payment, if any, to
        be distributed in the same manner as described under Section
    8.2(d) of this Indenture;
	 	 	 
	 	 	     (C)     to
    the holders of the Class B Notes, accrued and unpaid interest on the Class
    B Notes (together with interest on overdue interest at the Class B Rate,
    to the extent lawful);
	 	 	 
	 	 	     (D)     to
    the holders of the Class A-1 Notes in reduction of principal until the principal
    amount of the Class A-1 Notes has been paid in full and then to the holders
        of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes on
    a pro rata basis in reduction
    of principal until the principal amount of such Class A Notes has
    been paid in full; and
	 	 	 
	 	 	     (E)     to
    the holders of the Class B Notes in reduction of principal until the principal
    amount of the Class B Notes has been paid in full; and 
	 	 	 
	 	     (v)  fifth, to
    the Certificateholder, any money or property remaining after payment in full
        of the amounts described in clauses (i)-(iv) of
    this Section 5.4(b).

The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 5.4. At least fifteen (15) days before such record
date, the Indenture Trustee shall mail to each Noteholder a notice that states the record date, the payment date and the amount to be paid. 

     (c) Upon a sale or other liquidation of the Receivables in the manner set forth in Section 5.4(a), the Indenture Trustee shall provide reasonable prior notice of such sale or liquidation to each Noteholder and Certificateholder.  A Noteholder or Certificateholder may submit a bid with respect to such sale. 

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     SECTION 5.5 Optional Preservation of the Receivables. If the Notes have been declared to be due and payable
under Section 5.2 following an Event of Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain
possession of the Indenture Trust Estate and apply proceeds as if there had been no declaration of acceleration; provided, however,
that funds on deposit in the Collection Account at the time the Indenture Trustee makes such election or deposited therein during the Collection Period in which such election is made (including funds, if any, deposited therein from the Reserve
Account) shall be applied in accordance with such declaration of acceleration in the manner specified in Section 4.6(c) of the Sale and Servicing Agreement. It is the desire of the parties
hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of
the Indenture Trust Estate. In determining whether to maintain possession of the Indenture Trust Estate, the Indenture Trustee may (at other than its own expense), but need not, obtain and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Indenture Trust Estate for such purpose. 

     SECTION 5.6 Limitation of Suits. No Noteholder shall have any right to institute any Proceeding, judicial or
otherwise, with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

     (a) such Noteholder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

     (b) the holders of Notes evidencing not less than 25% of the principal amount of the Controlling Class have made written request to the
Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 

     (c) such Noteholder or Noteholders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be
incurred in complying with such request; 

     (d) the Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute such
Proceedings; and 

     (e) no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty-day period by the Noteholders
of Notes evidencing not less than a majority of the principal amount of the Controlling Class. 

     It is understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except in the manner herein provided. 

     In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each evidencing less than a majority of the principal amount
of the Controlling Class, the Indenture Trustee shall act at the direction of the 

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group of Noteholders representing the greater principal amount of the Controlling Class. If the Indenture Trustee receives conflicting or inconsistent requests and indemnity from two or more groups of Noteholders representing an
equal principal amount of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 

     SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other
provisions in this Indenture, any Noteholder shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on its Note on or after the respective due dates thereof expressed in such Note or
in this Indenture (or, in the case of prepayment pursuant to Article X, on or after the Prepayment Date) and to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Noteholder. 

     SECTION 5.8 Restoration of Rights and Remedies.  If the Indenture Trustee or any Noteholder has instituted any
Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the
Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and
the Noteholders shall continue as though no such Proceeding had been instituted. 

     SECTION 5.9 Rights and Remedies Cumulative.  No right or remedy herein conferred upon or reserved to the
Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

     SECTION 5.10 Delay or Omission Not a Waiver.  No delay or omission of the Indenture Trustee or any Noteholder
to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or any acquiescence therein. Every right and remedy given by this
Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the
Noteholders, as the case may be. 

     SECTION 5.11 Control by Controlling Class. The Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Class Outstanding shall have the right, subject to Section 6.2(f), to direct the time, method and place of conducting any Proceeding for any remedy
available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided that: 

     (a) such direction shall not be in conflict with any rule of law or with this Indenture; 

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     (b) subject to the express terms of Section 5.4, any direction to the Indenture
Trustee to sell or liquidate the Indenture Trust Estate shall be by holders of Notes evidencing not less than 100% of the principal amount of the Notes Outstanding; 

     (c) if the conditions set forth in Section 5.5 have been satisfied and the Indenture
Trustee elects to retain the Indenture Trust Estate pursuant to such Section 5.5, then any direction to the Indenture Trustee by Noteholders of Notes evidencing less than 100% of the
principal amount of the Notes Outstanding to sell or liquidate the Indenture Trust Estate shall be of no force and effect; and 

     (d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.

Notwithstanding the rights of Noteholders set forth in this Section 5.11, subject to Section 6.1, the Indenture
Trustee need not take any action that it determines might involve it in costs or expenses for which it would not be adequately indemnified or expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any
Noteholders not consenting to such action. 

     SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the
Notes as provided in Section 5.2, the holders of Notes evidencing not less than a majority of the principal amount of the Controlling Class Outstanding may waive any past Default or Event of
Default and its consequences except a Default (a) in the payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent of each
Noteholder. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereto. 

     Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not
to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

     SECTION 5.13 Undertaking for Costs.  All parties to this Indenture agree, and each Noteholder by such
Noteholder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any
action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.13 shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder or group of Noteholders, in each case holding in the aggregate more than 10% of the principal amount of the Notes
Outstanding, or in the case of a right or remedy under this Indenture which is instituted by the Controlling Class, more than 10% 

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of the Controlling Class Outstanding or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this
Indenture. 

     SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so)
that it shall not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the
performance of this Indenture, and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power herein
granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

     SECTION 5.15 Action on Notes.  The Indenture Trustee’s right to seek and recover judgment on the Notes or
under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the
Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Indenture Trust Estate or upon any of the assets of the Issuer. Any
money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 

     SECTION 5.16 Performance and Enforcement of Certain Obligations.  (a) Promptly following a request from the
Indenture Trustee to do so, and at the Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller, the Depositor and the Servicer,
as applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement, or the performance and observance by the Seller of each of its obligations to the Depositor under or in connection with the
Receivables Purchase Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement or the Receivables Purchase Agreement to the extent and
in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller, the Depositor or the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or
secure performance by the Seller, the Depositor or the Servicer of each of their obligations under the Receivables Purchase Agreement and the Sale and Servicing Agreement. 

     (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing
or by telephone, confirmed in writing promptly thereafter) of the Noteholders of Notes evidencing not less than a majority of the principal amount of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the
Issuer against the Seller, the Depositor or the Servicer under or in connection with the Receivables Purchase Agreement and the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or
observance by the Seller, the Depositor or the Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension, or waiver 

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under the Receivables Purchase Agreement and the Sale and Servicing Agreement and any right of the Issuer to take such action shall be suspended. 

ARTICLE VI 

THE INDENTURE TRUSTEE 

     SECTION 6.1 Duties of Indenture Trustee. (a) If an Event of Default has occurred and is continuing, the
Indenture Trustee shall exercise the rights and powers vested in it by this Indenture 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. 

	
     (b) Except during the continuance of an Event of Default:
	 

	
	 

		
     (i)   the Indenture
Trustee undertakes to perform such duties and only such duties as are specifically
set forth in this Indenture and no implied covenants or obligations shall be
read into this Indenture or the other Basic Documents against the Indenture Trustee;
and
	 	 
	 	     (ii)   in
    the absence of bad faith on its part, the Indenture Trustee may
      conclusively rely, as to the truth of the statements
      and the correctness of the opinions expressed
      therein, upon certificates or opinions furnished to the Indenture Trustee
      and, if required by the terms of this Indenture
      or the other Basic Documents, conforming to the requirements
      of this Indenture; provided, however,
      that the Indenture Trustee shall examine
      the certificates and opinions to determine whether or not they conform
    to the requirements of this Indenture.  
	 	 
	     (c) The
      Indenture Trustee may not be relieved from liability for its own negligent action,
      its own negligent failure to act or its own willful misconduct, except
    that:  
	 	 
	 	     
(i)  
this paragraph does not limit the effect of paragraph (b) of this Section 6.1;
	 	 
	 	     (ii)   the
      Indenture Trustee shall not be liable for any error of judgment made in good
      faith by a Trustee Officer unless it is proved that the Indenture Trustee
      was negligent in ascertaining the pertinent
    facts;
	 	 
	 	     (iii)  the
      Indenture Trustee shall not be liable with respect to any action it takes or
      omits to take in good faith at the direction of the Noteholders in accordance
    with the terms of this Indenture; and
	 	 
	 	     (iv)  the
      Indenture Trustee shall have no duty (A) to see to any recording, filing,
      or depositing of this Indenture 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 re-recording, 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 Estate other than as directed
    by the Servicer or the Administrator, in either case,

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	 	from funds available
        in the Collection Account, (D) except as otherwise set forth in Section
        6.1(b)(ii), to confirm or verify the contents
        of any reports or certificates of the Servicer
        delivered to the Indenture Trustee pursuant to this Indenture believed
        by the Indenture Trustee to be genuine
        and to have been signed or presented by the proper party or
        parties, or (E) to execute any certificates or other documents required
        pursuant to the Sarbanes-Oxley Act of
        2002 or the rules and regulations promulgated thereunder, except with
        respect to the back-up certification provided pursuant to Article
        X of the Sale and Servicing
    Agreement.  

     (d) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing
with the Issuer. 

     (e) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of
this Indenture or the Sale and Servicing Agreement. 

     (f) No provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it, and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under this Indenture except
during such time, if any, as the Indenture 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 this Indenture. 

     (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. 

     (h) The Indenture Trustee shall not be charged with knowledge of any Event of Default unless either (i) a Trustee Officer shall have actual
knowledge of such Event of Default or (ii) written notice of such Event of Default shall have been given to the Indenture Trustee in accordance with the provisions of this Indenture. 

     SECTION 6.2 Rights of Indenture Trustee. (a) The Indenture Trustee may rely and shall be protected in acting
or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or
presented by the proper Person. The Indenture Trustee need not investigate any facts or matters stated in any such document. 

     (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 

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     (c) The Indenture Trustee may execute any of the trusts or powers hereunder or under the Basic Documents or perform any duties hereunder or
thereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney,
custodian or nominee appointed with due care by it hereunder. 

     (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or
within its rights or powers; provided, however, that such action or omission by the Indenture Trustee does not constitute willful
misconduct, negligence or bad faith. 

     (e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

     (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto or to honor the request or direction of any of the Noteholders pursuant to this Indenture unless such Noteholders shall have offered to the Indenture Trustee reasonable security or
indemnity against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it, its agents and its counsel in compliance with such request or direction. 

     (g) Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request. 

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

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

     SECTION 6.3 Individual Rights of Indenture Trustee.  The Indenture Trustee, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Note Paying Agent, Note Registrar, co-registrar or co-paying agent
hereunder may do the same with like rights. 

     SECTION 6.4 Indenture Trustee’s Disclaimer.  The Indenture Trustee (i) shall not be responsible for, and
makes no representation as to, the validity or adequacy of this Indenture, the Notes or any other Basic Document and (ii) shall not be accountable for the Issuer’s use of the proceeds from the Notes, or responsible for any statement or omission
of the Issuer in this Indenture or any other Basic Document or in any document issued in connection with the sale of the Notes or in the Notes (all of which shall be taken as statements of the Issuer) other than the Indenture Trustee’s
certificate of authentication. 

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     SECTION 6.5 Notice of Defaults.  If a Default occurs and is continuing and if it is actually known to a
Trustee Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of such Default within ninety (90) days after it occurs. Except in the case of a Default in payment of principal of or interest on any Note
(including payments pursuant to the redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Trustee Officers in good faith determines that withholding the notice is in the interests of
Noteholders. 

     SECTION 6.6 Reports by Indenture Trustee to Noteholders.  Upon delivery to the Indenture Trustee by the
Servicer of such information prepared by the Servicer pursuant to Section 3.9 of the Sale and Servicing Agreement as may be required to enable each Noteholder to prepare its federal and
State income tax returns, the Indenture Trustee shall deliver such information to the Noteholders by mail, e-mail, courier, fax, or the Indenture Trustee’s website at www.bnyinvestorreporting.com. 

     SECTION 6.7 Compensation and Indemnity.  (a)  The Issuer shall cause the Administrator to pay to the Indenture
Trustee from time to time reasonable compensation for its services.  The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Issuer shall cause the Administrator to reimburse
the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services.  Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts.  The Issuer shall cause the Administrator to indemnify the Indenture Trustee, its directors, officers and agents for, and to hold it harmless
against, any and all loss, liability or expense (including attorneys’ fees and disbursements) incurred by it in connection with the administration of this trust and the performance of its duties hereunder, including the costs and expenses of
defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim for which it may seek
indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder. The Issuer shall cause the Administrator to defend any such claim, and the
Indenture Trustee may have separate counsel and the Issuer shall cause the Administrator to pay the fees and expenses of such counsel.  Neither the Issuer nor the Administrator need reimburse any expense or indemnity against any loss, liability or
expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. 

     (b) The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the resignation or removal of the Indenture Trustee and the discharge of this Indenture.  When the Indenture Trustee incurs expenses after the occurrence of a
Default specified in Section 5.1(iv) or (v) with respect to the Issuer, the expenses are intended to constitute expenses of
administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or similar law. 

     SECTION 6.8 Replacement of Indenture Trustee. (a) No resignation or removal of the Indenture Trustee, and no
appointment of a successor Indenture Trustee, shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 

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6.8 and payment in full of all sums due to the Indenture Trustee pursuant to Section 6.7. The Indenture Trustee may resign at any time by
so notifying the Issuer and the Depositor, and will provide all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the resignation of the Indenture Trustee.
The holders of Notes evidencing not less than a majority in principal amount of the Controlling Class may remove the Indenture Trustee without cause by so notifying the Indenture Trustee, the Issuer and the Depositor and may appoint a successor
Indenture Trustee.  The Administrator shall remove the Indenture Trustee if: 

	 	
     (i)   
the Indenture Trustee fails to comply with Section 6.11;
	 	 
	     	
     (ii)  
an Insolvency Event occurs with respect to the Indenture Trustee;
	 	 
	 	
     (iii)  
a receiver or other public officer takes charge of the Indenture
Trustee or its property; or
	 	 
	 	
     (iv) the Indenture Trustee otherwise becomes incapable of acting.

The Depositor may remove the Indenture Trustee if the Indenture Trustee fails to comply with Section 3.7(e), Section 6.8 or Section 6.9 of the Indenture with respect to notice to or providing information to the Depositor, or with Article X of the Sale and Servicing Agreement, in each case if such failure continues for the lesser of 10 days or such period in which the applicable Exchange Act Report can be filed timely (without taking into account any extensions). If the
Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Administrator shall promptly
appoint a successor Indenture Trustee and notify the Depositor such appointment. 

     (b) Any successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer
and shall also provide all information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with respect to the replacement Indenture Trustee. Thereupon, if all sums due the retiring Indenture
Trustee pursuant to Section 6.7 have been paid in full, the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have
all the rights, powers and duties of the Indenture Trustee under this Indenture.  The successor Indenture Trustee shall mail a notice of its succession to Noteholders. If all sums due the retiring Indenture Trustee pursuant to Section 6.7 have been paid in full, the retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 

     (c) If a successor Indenture Trustee does not take office within sixty (60) days after the retiring Indenture Trustee resigns or is removed,
the retiring Indenture Trustee, the Issuer or the holders of Notes evidencing not less than a majority in principal amount of the Controlling Class may petition any court of competent jurisdiction for the appointment of a successor Indenture
Trustee. If the Indenture Trustee fails to comply with Section 6.11, any Noteholder who has been a bona fide Noteholder for at least six (6) months may petition any court of 

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competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

     (d) Notwithstanding the replacement of the Indenture Trustee pursuant to this Section 6.8, the obligations of the Issuer and the Administrator under Section 6.7 shall continue for the benefit of the
retiring Indenture Trustee. 

     SECTION 6.9 Successor Indenture Trustee by Merger.  (a)  If the Indenture Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be
the successor Indenture Trustee; provided that such corporation or banking association shall be otherwise qualified and eligible under Section
6.11.  The Indenture Trustee shall provide the Rating Agencies and the Depositor with written notice of any such transaction and shall provide the Depositor with written notice of such event no later than one (1)
Business Day after the effective date of such merger, together with the information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with respect to a successor Indenture Trustee.

     (b) In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the
trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the
Indenture Trustee. In all such cases such certificates shall have the full force which it is provided anywhere in the Notes or in this Indenture that the certificate of the Indenture Trustee shall have. 

     SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. (a)  Notwithstanding any other
provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Indenture Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute
and deliver an instrument to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of
the Noteholders, such title to the Indenture Trust Estate, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts
as the Indenture 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 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8. 

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

	    	
      (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the

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Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee shall not be authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture 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 Indenture Trust Estate 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 Indenture Trustee;
	 	 

	
	 	
     (ii)   no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and
	 	 

	
	     	
     (iii)  the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

     (c) Any notice, request or other writing given to the Indenture 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 Indenture 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 Indenture Trustee or separately, as
may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee.  Every such
instrument shall be filed with the Indenture Trustee. 

     (d) Any separate trustee or co-trustee may at any time constitute the Indenture 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 Indenture 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 Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

     SECTION 6.11 Eligibility; Disqualification. (a) The Indenture Trustee shall at all times satisfy the
requirements of TIA Section 310(a). The Indenture Trustee or its parent shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long-term debt rating
of investment grade by each of the Rating Agencies or shall otherwise be acceptable to each of the Rating Agencies.  The Indenture Trustee shall comply with TIA Section 310(b). 

     (b) Within 90 days after ascertaining the occurrence of an Event of Default which shall not have been cured or waived, unless authorized by the
Commission, the Indenture Trustee shall resign with respect to the Class A Notes and the Class B Notes in accordance with Section 6.8 of this Indenture, and the Issuer shall appoint a successor Indenture Trustee for each of such Classes, as applicable, so that there will be separate Indenture Trustees for the Class A Notes and 

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the Class B Notes. In the event the Indenture Trustee fails to comply with the terms of the preceding sentence, the Indenture Trustee shall comply with clauses (ii) and (iii) of TIA Section 310(b). 

     (c) In the case of the appointment hereunder of a successor Indenture Trustee with respect to any Class of Notes pursuant to this
Section 6.11, the Issuer, the retiring Indenture Trustee and the successor Indenture Trustee with respect to such Class of Notes shall execute and deliver an indenture supplemental hereto
wherein each successor Indenture Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, the successor Indenture Trustee all the rights, powers,
trusts and duties of the retiring Indenture Trustee with respect to the Notes of the Class to which the appointment of such successor Indenture Trustee relates, (ii) if the retiring Indenture Trustee is not retiring with respect to all Classes of
Notes, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of each Class as to which the retiring Indenture
Trustee is not retiring shall continue to be vested in the Indenture Trustee and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by
more than one Indenture Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Indenture Trustees co-trustees of the same trust and that each such Indenture Trustee shall be a trustee of a trust or
trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Indenture Trustee; and upon the removal of the retiring Indenture Trustee shall become effective to the extent provided herein. 

     SECTION 6.12 Preferential Collection of Claims Against Issuer.  The Indenture Trustee shall comply with TIA
Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

ARTICLE VII

NOTEHOLDERS’ LISTS AND REPORTS 

     SECTION 7.1 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuer shall furnish
or cause to be furnished to the Indenture Trustee (a) not more than five (5) days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date and
(b) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten (10) days prior to the time such list
is furnished; provided, however, that (i) so long as the Indenture Trustee is the Note Registrar, no such list shall be required to
be furnished and (ii) no such list shall be required to be furnished with respect to Noteholders of Book-Entry Notes. 

     SECTION 7.2 Preservation of Information; Communications to Noteholders.  (a)  The Indenture Trustee shall
preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders received by the Indenture 

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Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so
furnished. 

     (b) Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or
under the Notes. Upon receipt by the Indenture Trustee of any request by three or more Noteholders or by one or more holders of Notes evidencing not less than 25% of the Notes Outstanding to receive a copy of the current list of Noteholders (whether
or not made pursuant to TIA Section 312(b)), the Indenture Trustee shall promptly notify the Administrator thereof by providing to the Administrator a copy of such request and a copy of the list of Noteholders produced in response thereto.

     (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c). 

SECTION 7.3 Reports by Issuer. (a) The Issuer shall: 

	     	
     (i)   
file with the Indenture Trustee, within fifteen (15) days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;
	 	 

	
	    	
     (ii)  file with the Indenture Trustee and the Commission in accordance with the rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and
	 	 

	
	 
     
	
     (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i)and (ii) of this Section 7.3(a) and by rules and regulations prescribed from time to time by the Commission.

     (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall correspond to the calendar year. 

     SECTION 7.4 Reports by Indenture Trustee.  (a)  If required by TIA Section 313(a), within sixty (60) days
after each July 15, beginning with July 15, 2008, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee also shall
comply with TIA Section 313(b). 

     (b) A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock
exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

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ARTICLE VIII 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

     SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may
demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this
Indenture and the Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in this Indenture, if any
default occurs in the making of any payment or performance under any agreement or instrument that is part of the Indenture Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance,
including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in
Article V. 

     SECTION 8.2 Trust Accounts. (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to
establish and maintain the Trust Accounts as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement. 

     (b) On or before each Payment Date, the Servicer shall deposit all Available Collections with respect to the Collection Period preceding such
Payment Date in the Collection Account as provided in Sections 4.2, 4.3, 4.4 and 4.5 of the Sale and Servicing Agreement. On or before each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited in the Collection
Account pursuant to Section 4.5 of the Sale and Servicing Agreement shall be withdrawn by the Indenture Trustee (based on the information contained in the Servicer’s Certificate
delivered on or before the related Determination Date pursuant to Section 3.9 of the Sale and Servicing Agreement) from the Reserve Account and deposited to the Collection Account.

     (c) On each Payment Date, the Indenture Trustee (based on the information contained in the Servicer’s Certificate delivered on or before
the related Determination Date pursuant to Section 3.9 of the Sale and Servicing Agreement) shall make the following withdrawals from the Collection Account and make deposits, distributions
and payments, to the extent of Available Funds for such Payment Date (including funds, if any, deposited in the Collection Account from the Reserve Account pursuant to Section 4.5(b) of the
Sale and Servicing Agreement), in the following order of priority: 

	     	     (i)  first,
        to the Servicer, the Servicing Fee and all unpaid Servicing Fees from
        prior Collection Periods; 
	 	 
	 	     (ii) second,
        to the Class A Noteholders, the Accrued Class A Note Interest for such
        Payment Date; provided that
        if there are not sufficient funds available to pay the entire amount
        of the Accrued Class A Note Interest, the amounts available shall be
        applied to the payment of such interest on the Class A Notes on a pro
        rata basis;

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     (iii)   
third, to the Class A Noteholders, the First Priority Principal Payment, if any, for such Payment Date to be distributed in the same priority as described under 
Section 8.2(d) of this Indenture;
	 	 

	
	 	
     (iv)   
fourth, to the Class B Noteholders, the Accrued Class B Note Interest for such Payment Date;
	 	 

	
	 	
     (v)   
fifth, to the Principal Distribution Account, the Regular Principal Distribution Amount (less any amounts distributed under clause (iii) above) for such Payment Date;
	 	 

	
	 	
     (vi) 
 sixth, if such Payment Date is a Final Scheduled Payment Date for any Class, to the Principal Distribution Account, the amount necessary to reduce the remaining principal amount of such Class to zero after giving effect to the amount, if any, to be applied on such Payment Date to such Class from funds deposited pursuant to 
clauses (iii) and (v) above;
	 	     

	
	 	
     (vii) 
seventh, to the Reserve Account, the amount, if any, required to reinstate the amount in the Reserve Account up to the Specified Reserve Balance for such Payment Date;
	 	 

	
	 	
     (viii) eighth, to the Indenture Trustee and the Owner Trustee, all amounts due for fees, expenses and indemnification pursuant to Section 6.7 of this Indenture and 
Section 7.1 of the Trust Agreement, respectively, and not previously paid;
	 	 

	
	 	
     (ix)  
ninth, to the Servicer, the legal expenses and costs, if any, payable pursuant to Sections 6.4(b) and (c) of the Sale and Servicing Agreement; and
	 	 

	
	     	
     (x)   
tenth, to the Certificateholder, any remaining Available Funds for such Payment Date.

Notwithstanding the foregoing in this Section 8.2(c), 

	     	     	
     (A)  if the Notes have been accelerated after an Event of Default specified in Section 5.1(iii), then the Indenture Trustee shall instead apply Available Funds in the following order of priority: 	
	 	 	 	 

	
	 	 	     	
       (1)   
to the Indenture Trustee and the Owner Trustee, all amounts due for fees, expenses and indemnification under Section 6.7 of this Indenture and Section 7.1 of the Trust Agreement, respectively, and not previously paid;
	 	 	 	 

	
	 	 	 	
       (2)   to the Servicer, the Servicing Fee and all unpaid Servicing Fees from prior Collection Periods;
	 	 	 	 

	
	 	 	 	
       (3)   
to the Class A Noteholders, the Accrued Class A Note Interest for such Payment Date; provided that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note

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Interest, the amounts available shall be applied to the payment of such interest on the Class A Notes on a pro rata basis;
	 	 	 	 

	
	 	 	 	
       (4)   to the Class A Noteholders, the First Priority Principal Payment, if any, for such Payment Date to be distributed in the same priority as described under Section 8.2(e) of this Indenture;
	 	 	 	 

	
	 	 	 	
       (5)   to the Class B Noteholders, the Accrued Class B Note Interest for such Payment Date;
	 	 	 	 

	
	 	 	 	
       (6)   first, to the holders of the Class A-1 Notes in reduction of principal until the principal amount of the Class A-1 Notes has been paid in full, and then, to the holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes on a pro rata basis in reduction of principal until the principal amount of such Class A Notes has been paid in full;
	 	 	 	 

	
	 	 	 	
       (7)   
to the holders of the Class B Notes in reduction of principal until the principal amount of the Class B Notes has been paid in full;
	 	 	 	 

	
	 	 	 	
       (8)   to the Servicer, legal expenses and costs, if any, incurred pursuant to Sections 6.4(b) and (c); and
	 	 	 	 

	
	 	 	 	
       (9)   
to the Certificateholder, any remaining Available Funds for such Payment Date; and

	     	     	     (B) 
    if the Notes have been accelerated after an Event of Default 
    specified in Section 5.1(i), (ii), (iv) or
    (v), then the Indenture Trustee shall instead 
    apply Available Funds in the following order of priority: 	
	 	 	     	 

	
	 	 	 	
       (1)   to the Indenture Trustee and the Owner Trustee, all amounts due for fees, expenses and indemnification under Section 6.7 of this Indenture and Section 7.1 of the Trust Agreement, respectively, and not previously paid;
	 	 	 	 

	
	 	 	 	
       (2)   
to the Servicer, the Servicing Fee and all unpaid Servicing Fees from prior Collection Periods;
	 	 	 	 

	
	 	 	 	
       (3)   
to the Class A Noteholders, the Accrued Class A Note Interest for such Payment Date; provided that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amounts available shall be applied to the payment of such interest on the Class A Notes on a pro rata basis;
	 	 	 	 

	
	 	 	 	
       (4)   
first, to the holders of the Class A-1 Notes in reduction of principal until the principal amount of the Class A-1 Notes has been paid in full, and then, to the holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes on a pro rata basis in reduction of principal until the principal amount of such Class A Notes has been paid in full;

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       (5)    to
the Class B Noteholders, first, the Accrued Class B Note Interest for such Payment
Date and second, in reduction of principal until the principal amount of the
Class B Notes has been paid in full;
	 	 	 	 

	
	 	 	 	
       (6)   to the Servicer, legal expenses and costs incurred pursuant to Sections 6.4(b) and (c) of the Sale and Servicing Agreement; and
	 	 	 	 

	
	 	 	 	
       (7)   to the Certificateholder, any remaining Available Funds for such Payment Date.

     (d) If the Notes have not been accelerated because of an Event of Default, then on each Payment Date, the Indenture Trustee (based on the
information contained in the Servicer’s Certificate delivered on or before the related Determination Date pursuant to Section 3.9 of the Sale and Servicing Agreement) shall withdraw the
funds deposited in the Principal Distribution Account on such Payment Date and make distributions and payments in the following order of priority: 

	 	
     (i)    
first, to the holders of the Class A-1 Notes on a pro rata basis in reduction
of principal until the principal amount of the Class A-1 Notes has been paid in full;
	 	 	 

	
	 	
     (ii)  
second, to the holders of the Class A-2 Notes on a pro rata basis in
reduction of principal until the principal amount of the Class A-2 Notes has been paid in
full;
	     	 	 

	
	 	
     (iii) 
 third, to the holders of the Class A-3 Notes on a pro rata basis in
reduction of principal until the principal amount of the Class A-3 Notes has been paid in
full;	
	 
	 	 	 
	 	
     (iv) 
fourth, to the holders of
the Class A-4 Notes on a pro rata basis
in
reduction of principal until the principal amount of the Class
A-4 Notes has been paid in
full; and
	 	 	 

	
	 	
     (v)  
fifth, to the holders of the Class B Notes, on a pro rata basis in reduction
of principal until the principal amount of the Class B Notes has been paid in full.

Any funds remaining on deposit in the Principal Distribution Account shall be paid to the Indenture Trustee and the Owner Trustee to the extent, if any, of amounts due to them under the Sale and Servicing Agreement that are
unpaid, then to the Servicer any amounts payable pursuant to Sections 6.4(b) and (c) of the Sale and Servicing Agreement and then
to the Certificateholder. 

     (e) Notwithstanding the foregoing in Section 8.2(d), if the Notes have been
accelerated after an Event of Default, then the Indenture Trustee shall (based on the information contained in the Servicer’s Certificate delivered on or before the related Determination Date pursuant to Section
3.9 of the Sale and Servicing Agreement) withdraw the funds deposited in the Principal Distribution Account on each Payment Date and pay them, first, to the holders of the Class A-1 Notes until the principal amount of
the Class A-1 Notes has been paid in full, then to the holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes on a pro rata basis 

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in reduction of principal until the principal amount of the Class A Notes has been paid in full and then to the holders of the Class B Notes in reduction of principal until the principal amount of the Class B Notes has been paid
in full.

     Notwithstanding anything to the contrary contained herein, all deposits, distributions or payments to the Certificateholder shall be made by the Indenture Trustee to the Person identified as the
Certificateholder in the most recent Transferor Certificate, Investment Letter or Rule 144A Letter delivered to the Indenture Trustee pursuant to Section 3.4 of the Trust Agreement. The
Indenture Trustee shall be fully protected and shall have no liability for making any deposits, distributions or payments in accordance with the most recent Transferor Certificate, Investment Letter or Rule 144A Letter that has been delivered to the
Indenture Trustee.

(f) [Reserved.] 

     SECTION 8.3 General Provisions Regarding Accounts.  (a)  So long as no Default or Event of Default shall have
occurred and be continuing, all or a portion of the funds in the Collection Account and the Reserve Account shall be invested by the Indenture Trustee at the written direction of the Servicer, in the case of the Collection Account, and at the
written direction of the holders of Certificates evidencing not less than a majority of the Percentage Interests evidenced by the Certificates, in the case of the Reserve Account, in Permitted Investments as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement.  All income or other gain (net of losses and investment expenses) from investments of
monies deposited in the Collection Account shall be withdrawn by the Indenture Trustee from such accounts and distributed as provided in Section 4.1 of the Sale and Servicing Agreement.
Amounts in the Reserve Account (including net income and gain) shall be applied as provided in Section 4.7 of the Sale and Servicing Agreement. The Servicer or the holders of the requisite
Percentage Interest evidencing the Certificates, as applicable, shall not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected
in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or
sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 

     (b) Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held
liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted
Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

     (c) If (i) the Servicer or holders of the requisite Percentage Interests evidencing the Certificates, as applicable, shall have failed to give
investment directions for any funds on deposit in the Collection Account or the Reserve Account to the Indenture Trustee or (ii) to the actual knowledge of a Trustee Officer of the Indenture Trustee, a Default or Event of Default shall have occurred
and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2 or (iii) if such Notes shall have been declared due and payable
following an Event of Default and amounts collected or received from the 

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Indenture Trust Estate are being applied in accordance with Section 5.4 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest
extent practicable, retain funds in the Collection Account or the Reserve Account, as the case may be, uninvested. 

     SECTION 8.4 Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to
Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the
Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this
Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

     (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to
Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Trust Accounts.  The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only
upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of
Section 11.1. 

     (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges
that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Seller in accordance with Section 3.03 of the Receivables
Purchase Agreement, (ii) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (iii) to the Servicer in accordance with Section
3.7 of the Sale and Servicing Agreement. 

     SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven (7) days’ notice when
requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require, except in connection
with any action contemplated by Section 8.4(c), as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of
any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes
or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion of
Counsel shall not be required to express an opinion as to the fair value of the Indenture Trust Estate.  Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Indenture Trustee in connection with any such action. 

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ARTICLE IX 

SUPPLEMENTAL INDENTURES 

     SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. (a) Without the consent of the Noteholders
but with prior notice to the Rating Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the
provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 

	     	
     (i)     
to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property;
	 	 

	
	 	
     (ii)    
to evidence the succession, in compliance with the applicable
provisions hereof, of another Person to the Issuer, and the assumption
by any such successor of the covenants of the Issuer herein and in the Notes contained;
	 	 

	
	 	
     (iii)   
to add to the covenants of the Issuer, for the benefit of
the Noteholders, or to surrender any right or power herein conferred upon the
Issuer;
	 	 

	
	 	
     (iv)
   to convey, transfer, assign, mortgage
or pledge any property to or with the Indenture Trustee;
	 	 

	
	 	
     (v)    
to cure any ambiguity, to correct or supplement any provision
herein or in any supplemental indenture that may be inconsistent with any
other provision herein or in any supplemental indenture or to make any other provisions
with respect to matters or questions arising under this Indenture or under any supplemental
indenture which shall not be inconsistent with the provisions of the Indenture; provided that
such action shall not materially adversely affect the interests of the Noteholders;
	 	 

	
	 	
     (vi)   
to evidence and provide for the acceptance of the appointment
hereunder by a successor trustee with respect to the Notes and to add
to or change any of the provisions of this Indenture as shall be necessary to facilitate
the administration of the trusts hereunder by more than one trustee, pursuant to the
requirements of Article VI;
or
	 	 

	
	 	
     (vii)   to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to affect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA.

     With respect to (iv) above, prior to the execution of such supplemental indenture, the Rating Agency Condition shall have been satisfied.

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     The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained.

     (b) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Noteholders but with
prior notice to the Rating Agencies, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any
manner (other than the modifications set forth in Section 9.2) the rights of the Noteholders under this Indenture; provided,
however, that (i) such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder, (ii) the Rating Agency Condition
shall have been satisfied with respect to such action and (iii) such action shall not, as evidenced by an Opinion of Counsel, cause the Issuer to be characterized for federal or any then Applicable Tax State income tax purposes as an association
taxable as a corporation or otherwise have any material adverse impact on the federal or any then Applicable Tax State income taxation of any Notes Outstanding or Outstanding Certificates or any Noteholder or Certificateholder. 

     (c) Notwithstanding anything in Section 9.1(a) or 9.1(b) to the contrary, no amendment entered into pursuant to this Section 9.1 may significantly change the permitted activities of the Issuer
without the consent of a majority of the Notes Outstanding. 

     SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when
authorized by an Issuer Order, also may, with prior notice to the Rating Agencies, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions
of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that (i) the
Rating Agency Condition shall have been satisfied with respect to such action and (ii) such action shall not, as evidenced by an Opinion of Counsel, cause the Issuer to be characterized for federal or any then Applicable Tax State income tax
purposes as an association taxable as a corporation or otherwise have any material adverse impact on the federal or any then Applicable Tax State income taxation of any Notes Outstanding or Outstanding Certificates or any Noteholder or
Certificateholder, and (iii) (x) such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder, with respect to supplemental indentures relating to matters other than those
specified in clause (y) below or (y) the Noteholders of each Outstanding Note affected thereby shall have consented thereto, with respect to any supplemental indenture which would:

	     	
     (i)   
modify or alter provisions of this Section
9.2;
	 	 

	
	 	
     (ii)
  change the Final Scheduled Payment Date or the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate thereon or the Prepayment Price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Indenture Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement

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of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Prepayment Date);	
	 	 

	
	 	
     (iii)     
reduce the percentage of the principal amount of the Controlling Class or of the Notes Outstanding, the consent of the Noteholders of which is required for any such supplemental indenture, or the consent of the Noteholders of which is required for any waiver of compliance with certain provisions of this Indenture or certain Defaults or Events of Default hereunder and their consequences provided for in this Indenture;
	 	 

	
	 	
     (iv)     
modify or alter the provisions of the proviso to the definition of the term “Outstanding”;
	 	 

	
	 	
     (v)      
reduce the percentage of the principal amount of the Controlling Class or the Notes Outstanding required to direct or consent to a sale or liquidation by the Indenture Trustee of the Indenture Trust Estate pursuant to Section 5.4 if the proceeds of such sale or liquidation would be insufficient to pay the principal amount and accrued but unpaid interest on the Notes;
	 	 

	
	 	
     (vi)     
modify any provision of this Indenture specifying a percentage of the aggregate principal amount of the Controlling Class or of the Notes necessary to amend this Indenture or the other Basic Documents except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the other Basic Documents cannot be modified or waived without the consent of the holder of each Outstanding Note affected thereby;
	 	 

	
	 	
     (vii)    
modify any of the provisions of this Indenture in such manner
as to affect the calculation of the amount of any payment of interest or principal
due on any Note on any Payment Date (including the calculation of any of the
individual components of such calculation) or to affect the rights of the Noteholders
to the benefit of any provisions for the redemption of the Notes contained herein;
or
	 	 

	
	 	
     (viii)    permit
the creation of any lien ranking prior to or on a parity with the lien of this
Indenture with respect to any part of the Indenture Trust Estate or, except as
otherwise permitted or contemplated herein, terminate the lien of this Indenture
on any such collateral at any time subject hereto or deprive any Noteholder of
the security provided by the lien of this Indenture.

The Indenture Trustee may in its discretion or upon receipt of an Opinion of Counsel determine whether or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the
Noteholders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith. 

     It shall not be necessary for any Act of Noteholders under this Section 9.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

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     Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section 9.2, the
Indenture Trustee shall mail to the Noteholders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture.  Any failure of the Indenture Trustee to
mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

     SECTION 9.3 Execution of Supplemental Indentures.  In executing, or permitting the additional trusts created
by, any supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent to the execution and delivery of such supplemental indenture have been satisfied. The Indenture Trustee may, but shall not be obligated to, enter
into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

     SECTION 9.4 Effect of Supplemental Indenture.  Upon the execution of any supplemental indenture pursuant to
the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and
immunities under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

     SECTION 9.5 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental
indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the
Trust Indenture Act. 

     SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any
matter provided for in such supplemental indenture.  If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be
prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 

ARTICLE X

PREPAYMENT 

     SECTION 10.1 Prepayment.  The Class A Notes and Class B Notes are subject to prepayment, in whole, but not in
part, on any Payment Date on which the Servicer exercises its 

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option to purchase the assets of the Issuer pursuant to Section 8.1 of the Sale and Servicing Agreement, and the amount paid by the Servicer shall be treated as
Collections of Receivables and applied to pay the unpaid principal amount of the Notes plus accrued and unpaid interest thereon. If the Notes are to be prepaid pursuant to this Section 10.1,
the Servicer or the Issuer shall furnish notice of such election to the Indenture Trustee and the Rating Agencies not later than forty (40) days prior to the Prepayment Date (and the Indenture Trustee shall promptly furnish notice to the
Noteholders) and the Servicer or the Issuer shall deposit by 10:00 a.m. (New York City time) on the Prepayment Date with the Indenture Trustee in the Collection Account the Prepayment Price of the Notes, whereupon all Notes shall be due and payable
on the Prepayment Date. 

     SECTION 10.2 Form of Prepayment Notice. Notice of prepayment under Section
10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted promptly following receipt of notice from the Issuer or Servicer pursuant to Section 10.1, but not later than thirty (30) days prior to the applicable Prepayment Date, to each Noteholder as of the close of business on the Record Date preceding the applicable Prepayment Date, at such
Noteholder’s address or facsimile number appearing in the Note Register. 

All notices of prepayment shall state: 

	     	
     (i)    
the Prepayment Date;
	 	 

	
	 	
     (ii)    the
Prepayment Price;
	 	 

	
	 	
     (iii)   
the place where such Notes are to be surrendered for payment
of the Prepayment Price (which shall be the office or agency of the
Issuer to be maintained as provided in Section 3.2);
and
	 	 

	
	 	
     (iv)
  that on the Prepayment Date, the Prepayment
Price will become due and payable upon each such Note and that interest thereon shall
cease to accrue for and after said date.	

Notice of prepayment of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer.  Failure to give notice of prepayment, or any defect therein, to any Noteholder shall not impair or affect the
validity of the prepayment of any other Note. 

     SECTION 10.3 Notes Payable on Prepayment Date.  The Notes following notice of prepayment as required by
Section 10.2, shall on the Prepayment Date become due and payable at the Prepayment Price and (unless the Issuer shall default in the payment of the Prepayment Price) no interest shall
accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price. 

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ARTICLE XI

MISCELLANEOUS 

     SECTION 11.1 Compliance Certificates and Opinions, etc. (a) Upon any application or request by the Issuer to
the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent
Certificate from a firm of certified public accountants meeting the applicable requirements of this Section 11.1, except that, in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

     Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

	     	     	
     (A)   
a statement that each signatory of such certificate or opinion
has read or has caused to be read such covenant or condition and
the definitions herein relating thereto;
	 	 	 

	
	 	 	
     (B)   
a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained
in such certificate or opinion are based;
	 	 	 

	
	 	 	
     (C)   
a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is
necessary to enable such signatory to express an informed opinion as to whether
or not such covenant or condition has been complied with; and
	 	 	 

	
	 	 	
     (D)   
a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

     (b) (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within
ninety (90) days of such deposit) to the Issuer of the Collateral or other property or securities to be so deposited. 

	     	
     (ii)   
Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the

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Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause 
(ii), is ten percent (10%) or more of the principal amount of the Notes Outstanding, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent (1%) of the principal amount of the Notes Outstanding.
	 	 

	
	 	
     (iii)    
Whenever any property or securities are to be released from
the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee
an Officer’s Certificate certifying or stating the opinion of each person
signing such certificate as to the fair value (within ninety (90) days of such
release) of the property or securities proposed to be released and stating that
in the opinion of such person the proposed release will not impair the security
under this Indenture in contravention of the provisions hereof.
	 	 

	
	 	
     (iv)    
Whenever the Issuer is required to furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of any
signer thereof as to the matters described in clause
(iii) above, the Issuer shall also furnish to the
Indenture Trustee an Independent Certificate as to the same matters if the fair
value of the property or securities and of all other property, other than property
as contemplated by clause (v) 
below or securities released from the lien of this Indenture
since the commencement of the then-current calendar year, as set forth in the
certificates required by clause (iii) above
and this clause (iv),
equals ten percent (10%) or more of the principal amount of the Notes Outstanding,
but such certificate need not be furnished in the case of any release of property
or securities if the fair value thereof as set forth in the related Officer’s
Certificate is less than $25,000 or less than one percent (1%) of the principal
amount of the Notes Outstanding.
	 	 

	
	 	
     (v)     
Notwithstanding Section 2.10 or any other provisions of this Section 11.1, the Issuer may, without compliance with the requirements of the other provisions of this
Section 11.1, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Basic Documents.

     SECTION 11.2 Form of Documents Delivered to Indenture Trustee.  (a)  In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

     (b) Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such officer’s certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or 

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opinion of, or representations by, an officer or officers of the Servicer, the Depositor, the Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the
Servicer, the Depositor, the Seller, the Administrator or the Issuer, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

     (c) Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

     (d) Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the
Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency
of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 

     SECTION 11.3 Acts of Noteholders. (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents 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 Indenture Trustee, and, where it is hereby expressly required, to the Issuer.  Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders 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 Indenture and (subject to Section 6.1) conclusive in favor of the
Indenture Trustee and the Issuer, if made in the manner provided in this Section 11.3. 

     (b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient. 

     (c) The ownership of Notes shall be proved by the Note Register. 

     (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Noteholder of any Notes shall bind the
Noteholder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation
of such action is made upon such Note. 

     SECTION 11.4 Notices, etc., to Indenture Trustee, Issuer and Rating Agencies.  Any request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders or other 

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documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders is to be made upon, given or furnished to or filed with:

	     	
     (i)    
the Indenture Trustee by any Noteholder, the Servicer, the
Administrator or the Issuer shall be sufficient for every purpose hereunder if
made, given, furnished or filed in writing to or with the Indenture Trustee at
its Corporate Trust Office; or
	 	 

	
	 	
     (ii)    the Issuer by the Indenture Trustee or by any Noteholder shall
be sufficient for every purpose hereunder if in writing and mailed first-class,
postage prepaid to the Issuer addressed to: USAA Auto Owner Trust 2007-2, in
care of Wells Fargo Delaware Trust Company, 919 North Market Street, Suite 700,
Wilmington, DE 19801, with a copy to the Administrator at 10750 McDermott Freeway,
San Antonio, TX 78288, Attention: Secretary, or at any other address previously
furnished in writing to the Indenture Trustee by the Issuer or the Administrator.
The Issuer shall promptly transmit any notice received by it from the Noteholders
to the Indenture Trustee.

     Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or the Owner Trustee shall be in writing, personally delivered, telecopied or mailed by certified mail, return
receipt requested, to (i) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007 and (ii) in case of Standard & Poor’s, at the
following address: Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street, 40th Floor, New York, New York 10041, Attention: Asset Backed Surveillance Department. 

     SECTION 11.5 Notices to Noteholders; Waiver. (a) Where this Indenture provides for notice to Noteholders of
any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not
later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to
any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

     (b) Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver. 

     (c) In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be
impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to
be a sufficient giving of such notice. 

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     (d) Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or
obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 

     SECTION 11.6 Alternate Payment and Notice Provisions.  Notwithstanding any provision of this Indenture or any
of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Note Paying Agent to such Noteholder, that is different from the methods provided
for in this Indenture for such payments or notices.  The Issuer shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall cause payments to be made and notices to be given in accordance with such
agreements. 

     SECTION 11.7 Conflict with Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with
another provision hereof that is required or deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required or deemed provision shall control. 

     The provisions of TIA Sections 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part
of and govern this Indenture, whether or not physically contained herein. 

     SECTION 11.8 Effect of Headings and Table of Contents.  The Article and Section headings herein and the Table
of Contents are for convenience only and shall not affect the construction hereof. 

     SECTION 11.9 Successors and Assigns.  All covenants and agreements in this Indenture and the Notes by the
Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 

     SECTION 11.10 Separability.  In case any provision in this Indenture or in the Notes shall be invalid, illegal
or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

     SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give
to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part of the Indenture Trust Estate, any benefit or any
legal or equitable right, remedy or claim under this Indenture. 

     SECTION 11.12 Legal Holidays. In any case where the date on which any payment is due shall not be a Business
Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due,
and no interest shall accrue for the period from and after any such nominal date. 

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     SECTION 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK WITHOUT REFERENCE TO ITS CONFLICTS 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 11.14 Counterparts.  This Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

     SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public
recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which shall be counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either
for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

     SECTION 11.16 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in
their individual capacities, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in their individual capacities, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacities), and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the
Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI and VII of the Trust
Agreement. 

     SECTION 11.17 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder or Note
Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenant and agree that prior to the end of the period that is one year and one day after there has been paid in full all debt issued by any
securitization vehicle in respect of which the Seller or the Depositor holds any interest, they will not institute against the Issuer, or join in, or assist or encourage others to institute any institution against the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other
Basic Documents. 

     SECTION 11.18 Subordination Agreement.  Each Noteholder, by accepting a Note, hereby covenants and agrees
that, to the extent it is deemed to have any interest in any assets of 

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the Seller or the Depositor, or a securitization vehicle (other than the Trust) related to the Seller or the Depositor, dedicated to other debt obligations of the Seller or the Depositor or debt obligations of any other
securitization vehicle (other than the Trust) related to the Seller or the Depositor, its interest in those assets is subordinate to claims or rights of such other debtholders to those other assets. Furthermore, each Noteholder, by accepting a Note,
hereby covenants and agrees that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. 

     SECTION 11.19 No Recourse. Notwithstanding any provisions herein to the contrary, all of the obligations of
the Issuer under or in connection with the Notes and this Indenture are nonrecourse obligations of the Issuer payable solely from the Collateral and following realization of the Collateral and its reduction to zero, any claims of the Noteholders and
the Indenture Trustee (other than in respect of Section 6.7) against the Issuer shall be extinguished and shall not thereafter revive. It is understood that the foregoing provisions of this
Section 11.19 shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (ii)
constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture (to the extent it relates to the obligation to make payments on the Notes) until such Collateral has been realized and
reduced to zero, whereupon any Outstanding indebtedness or obligation in respect of the Notes shall be extinguished and shall not thereafter revive. It is further understood that the foregoing provisions of this Section
11.19 shall not limit the right of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a
deficiency judgment shall be asked for or (if obtained) enforced against any such Person or entity. 

     SECTION 11.20 Inspection. The Issuer agrees that, with reasonable prior notice, it will permit any
representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited
by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified public accountants, all at such reasonable times and as often as may
be reasonably requested.  The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment
are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

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     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above
written. 

	 	 USAA
    AUTO OWNER TRUST 2007-2 

	 	 	 
	                                        	
By:	
      WELLS FARGO DELAWARE TRUST

    COMPANY, not in its individual

    USAA Auto Owner Trust 2007-2      
	 	 

		 
	 	 

		
By: /s/ Sandra Battaglia 
	
	 	 

		
Name: Sandra Battaglia
	 	 

		
Title: Vice President

S-1 

Indenture (2007-2) 

 

	 	THE BANK OF
      NEW YORK, not in its individual
      capacity but
    solely as Indenture Trustee
	 	 	 
	 	 	 
	                                        	 	By: /s/ Suhrita Das

              Name: Suhrita Das

        Title: Assistant Vice President    

S-2 

Indenture (2007-2) 

 

EXHIBIT A-1 

FORM OF CLASS A-1 NOTE 

     [FOR BOOK ENTRY NOTES] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

	
REGISTERED	               
		
$348,000,000
	
No. A-1-1	 
		
CUSIP NO. 90327T AA1
	 
	
USAA AUTO OWNER TRUST 2007-2
	
	 
	
CLASS A-1 5.24862% ASSET BACKED NOTES
	

     USAA Auto Owner Trust 2007-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THREE HUNDRED FORTY EIGHT MILLION dollars payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $348,000,000 (the original face amount of this Note) and the denominator of which is $348,000,000 by (ii) the aggregate amount, if any, payable to holders of Class A-1 Notes on such
Payment Date from the Principal Distribution Account or otherwise in respect of principal on the Class A-1 Notes pursuant to Section 3.1 of the Indenture dated as of October 4, 2007 (as from
time to time amended, supplemented or otherwise modified and in effect, the “Indenture”), between the Issuer and The Bank of New York, as Indenture Trustee (in such capacity the
“Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the March 2009 Payment Date (the “Class A-1 Final Scheduled Payment Date”). Capitalized terms used but not defined
herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable herein. 

     The Issuer shall pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of
this Note Outstanding on the preceding Payment Date or the Closing Date in the case of the first Payment Date (after giving effect to all payments of principal made on such 

A-1-1 

 

preceding Payment Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and
including the previous Payment Date on which interest has been paid (or, in the case of the initial Payment Date, from the Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of actual days elapsed and a 360-day
year. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

     The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All
payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

     Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

A-1-2 

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below. 

Date: October 4, 2007

	
USAA AUTO OWNER TRUST 2007-2
	 

	
	 

	
	
By:	
      WELLS FARGO DELAWARE TRUST

    COMPANY, not in its individual

    capacity but solely as Owner Trustee of

    USAA Auto Owner Trust 2007-2      
	 
	
	 

		 
		 
	 

		
      By:	 
	 

		 	Authorized Officer

A-1-3 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class A-1 Notes designated above and referred to in the within-mentioned Indenture. 

Date: October 4, 2007

	 	THE BANK OF NEW YORK, not in its individual 

      capacity
    but solely as Indenture Trustee
	 	 
	 	 
	 	By: 

	 
	 	 	Authorized Officer

A-1-4 

 

[REVERSE OF NOTE] 

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-1 5.24862% Asset Backed Notes (the “Class A-1 Notes”) which, together with the Issuer’s Class A-2 5.04% Asset Backed Notes (the “Class A-2 Notes”), Class A-3 4.90% Asset Backed Notes (the
“Class A-3 Notes”), Class A-4 5.07% Asset Backed Notes (the “Class A-4 Notes” and, together with the Class A-1
Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”) and Class B 5.97% Asset Backed Notes (the
“Class B Notes” and, together with the Class A Notes, the “Notes”), are issued under the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the
Indenture. 

     Subject to the subordination provisions of the Indenture, the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. 

     Principal of the Class A-1 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date”
means the 15th day of each month, or, if any such day is not a Business Day, the next succeeding Business Day, commencing October 15, 2007. 

     As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-1 Final Scheduled Payment Date.  Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-1
Notes shall be made pro rata to the Noteholders entitled thereto. 

     Payments of interest on this Note on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made to the Person whose name
appears as the Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date either by wire transfer in immediately available funds, to the account of such Noteholder at a
bank or other entity having appropriate facilities therefor, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date and such Noteholder’s Notes in the
aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided that, unless Definitive Notes have been issued to Note Owners, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in

A-1-5 

 

exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment
Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Noteholder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to
such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent
appointed for such purposes located in The City of New York. 

     The Issuer shall pay interest on overdue installments of interest at the Class A-1 Rate to the extent lawful. 

     As provided in the Indenture, the Notes may be prepaid, in whole but not in part, in the manner and to the extent described in the Indenture and the Sale and Servicing Agreement. 

     As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or such
Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, and thereupon one or more new Notes of the same Class in
authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner
Trustee, each in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. 

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that such
Noteholder or Note Owner will not prior to the end of the period that is one year and one day after there has been paid in full all debt issued by any securitization vehicle in 

A-1-6 

 

respect of which the Seller or the Depositor holds any interest institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents. 

     The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, State and local income, and franchise tax purposes, the Notes will qualify as indebtedness of
the Issuer secured by the Indenture Trust Estate.  Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial interest in a Note), will be deemed to agree to treat the Notes for federal, State and local
income and franchise tax purposes as indebtedness of the Issuer. 

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, will be deemed to have represented that (x) it is not, and is not acquiring
the Note on behalf of, or with “plan assets” (as determined under Department of Labor Regulation §2510.3 -101 (as modified by Section 3(42) of ERISA) or otherwise) of, a Plan, or any employee benefit plan subject to Similar Law, or
(y) its acquisition and holding of the Note satisfy the requirements for relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE
96-23, the service provider exemption provided under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or a similar exemption, or, in the case of an employee benefit plan subject to Similar Law, do not result in a nonexempt violation
of Similar Law. 

     Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 

     The Indenture permits (with certain exceptions requiring the consent of all Noteholders adversely affected) the amendment thereof by the Issuer and the Indenture Trustee without the consent of the
Noteholders provided certain conditions are satisfied. The Indenture also contains provisions permitting the Noteholders of Notes evidencing specified percentages of the principal amount of the Controlling Class Outstanding, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor
Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. 

     The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

A-1-7 

 

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

     The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

     This Note and the Indenture shall be governed by, and construed in accordance with the laws of the State of New York, without reference to its conflicts of law provisions. 

     No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

     Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Indenture Trustee, in its individual capacity, Owner Trustee, in its individual capacity,
any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the
payment of principal or of interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture.  The holder of this Note, by such holder’s acceptance hereof, agrees
that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

A-1-8 

 

ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

___________________________________________________________ 

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 

	 
	     (name and address of assignee)

the within Note and all rights thereunder,
    and hereby irrevocably constitutes and appoints _______________________________,
    attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 

	Dated:_______________________	 	___________________________________________________*/
	 	 	Signature Guaranteed
	 
	 	 	___________________________________________________*/ 

 

*/ NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such
  signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

A-1-9 

 

EXHIBIT A-2 

FORM OF CLASS A-2 NOTE 

     [FOR BOOK-ENTRY NOTES] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

	
REGISTERED	 
		 

		 
		
$298,000,000
	 	 	 	 	 
	
No. A-2-1	 
		 	 
		
CUSIP NO. 90327T AB9

USAA AUTO OWNER TRUST 2007-2 

CLASS A-2 5.04% ASSET BACKED NOTES 

     USAA Auto Owner Trust 2007-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO HUNDRED NINETY EIGHT MILLION dollars payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $298,000,000 (the original face amount of this Note) and the denominator of which is $298,000,000 by (ii) the aggregate amount, if any, payable to holders of Class A-2 Notes on such
Payment Date from the Principal Distribution Account or otherwise in respect of principal on the Class A-2 Notes pursuant to Section 3.1 of the Indenture dated as of October 4, 2007 (as from
time to time amended, supplemented or otherwise modified and in effect, the “Indenture”), between the Issuer and The Bank of New York, as Indenture Trustee (in such capacity the
“Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the April 2010 Payment Date (the “Class A-2 Final Scheduled Payment Date”). No payments of principal of the Class
A-2 Notes will be made until the Class A-1 Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as
to construction that shall be applicable herein. 

     The Issuer shall pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment, on the 

A-2-1 

 

principal amount of this Note Outstanding on the preceding Payment Date or the Closing Date in the case of the first Payment Date (after giving effect to all payments of principal made on such preceding Payment Date), subject to
certain limitations contained in Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the fifteenth day of the calendar month immediately
preceding such Payment Date (or, in the case of the initial Payment Date, from the Closing Date) to but excluding such Payment Date.  Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on
this Note shall be paid in the manner specified on the reverse hereof. 

     The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All
payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

     Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

A-2-2 

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below. 

Date: October 4, 2007

	USAA AUTO OWNER TRUST
        2007-2
	 
	 
	By:	WELLS FARGO DELAWARE TRUST

      COMPANY, not in its individual

      capacity but solely as Owner Trustee of

      USAA Auto Owner Trust 2007-2   
	 
	 	 	 
	 	By:	 
	 	 	Authorized Officer

A-2-3 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class A-2 Notes designated above and referred to in the within-mentioned Indenture. 

Date: October 4, 2007 

	 	THE BANK OF NEW YORK, not in its
        individual 

      capacity but solely as Indenture Trustee
	 	 
	 	 
	 	By: 

    	 
	 	 	Authorized Officer

 

A-2-4 

 

[REVERSE OF NOTE] 

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2 5.04% Asset Backed Notes (the “Class A-2 Notes”) which, together with the Issuer’s Class, A-1 5.24862% Asset Backed Notes (the “Class A-1 Notes”), Class A-3 4.90% Asset Backed Notes (the
“Class A-3 Notes”), Class A-4 5.07% Asset Backed Notes (the “Class A-4 Notes” and, together with the Class A-1
Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”) and Class B 5.97% Asset Backed Notes (the “Class B Notes” and, together with the Class A Notes, the “Notes”) are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. 

     Subject to the subordination provisions of the Indenture, the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. 

     Principal of the Class A-2 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date”
means the 15th day of each month, or, if any such day is not a Business Day, the next succeeding Business Day, commencing October 15, 2007. 

     As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-2 Final Scheduled Payment Date.  Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-2
Notes shall be made pro rata to the Noteholders entitled thereto. 

     Payments of interest on this Note on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made to the Person whose name
appears as the Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date either by wire transfer in immediately available funds, to the account of such Noteholder at a
bank or other entity having appropriate facilities therefor, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date and such Noteholder’s Notes in the
aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided that, unless Definitive Notes have been issued to Note Owners, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in

A-2-5 

 

exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment
Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Noteholder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to
such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent
appointed for such purposes located in The City of New York. 

     The Issuer shall pay interest on overdue installments of interest at the Class A-2 Rate to the extent lawful. 

     As provided in the Indenture, the Notes may be prepaid, in whole but not in part, in the manner and to the extent described in the Indenture and the Sale and Servicing Agreement. 

     As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or such
Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, and thereupon one or more new Notes of the same Class in
authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner
Trustee, each in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. 

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that such
Noteholder or Note Owner will not prior to the end of the period that is one year and one day after there has been paid in full all debt issued by any securitization vehicle in 

A-2-6 

 

respect of which the Seller or the Depositor holds any interest institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents. 

     The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, State and local income, and franchise tax purposes, the Notes will qualify as indebtedness of
the Issuer secured by the Indenture Trust Estate.  Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial interest in a Note), will be deemed to agree to treat the Notes for federal, State and local
income and franchise tax purposes as indebtedness of the Issuer. 

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, will be deemed to have represented that (x) it is not, and is not acquiring
the Note on behalf of, or with “plan assets” (as determined under Department of Labor Regulation §2510.3 -101 (as modified by Section 3(42) of ERISA) or otherwise) of, a Plan, or any employee benefit plan subject to Similar Law, or
(y) its acquisition and holding of the Note satisfy the requirements for relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE
96-23, the service provider exemption provided under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or a similar exemption, or, in the case of an employee benefit plan subject to Similar Law, do not result in a nonexempt violation
of Similar Law. 

     Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 

     The Indenture permits (with certain exceptions requiring the consent of all Noteholders adversely affected) the amendment thereof by the Issuer and the Indenture Trustee without the consent of the
Noteholders provided certain conditions are satisfied. The Indenture also contains provisions permitting the Noteholders of Notes evidencing specified percentages of the principal amount of the Controlling Class Outstanding, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor
Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. 

     The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

A-2-7 

 

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

     The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

     This Note and the Indenture shall be governed by, and construed in accordance with the laws of the State of New York, without reference to its conflicts of law provisions. 

     No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

     Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Indenture Trustee, in its individual capacity, Owner Trustee, in its individual capacity,
any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the
payment of principal or of interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture.  The holder of this Note, by such holder’s acceptance hereof, agrees
that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

A-2-8 

 

ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

___________________________________________________________ 

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 

	 
	     (name and address of assignee)

the within Note and all rights thereunder,
    and hereby irrevocably constitutes and appoints _______________________________,
    attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 

	Dated:_______________________	 	___________________________________________________*/
	 	 	Signature Guaranteed
	 
	 	 	___________________________________________________*/ 

 

*/ NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such
  signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

A-2-9 

 

EXHIBIT A-3 

FORM OF CLASS A-3 NOTE 

     [FOR BOOK-ENTRY NOTES] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

	
REGISTERED	 
		
$436,000,000
	 	 	 
	
No. A-3-1	 
		
CUSIP NO. 90327T AC7

USAA AUTO OWNER TRUST 2007-2 

CLASS A-3 4.90ASSET BACKED NOTES 

     USAA Auto Owner Trust 2007-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FOUR HUNDRED THIRTY SIX MILLION dollars payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $436,000,000 (the original face amount of this Note) and the denominator of which is $436,000,000 by (ii) the aggregate amount, if any, payable to holders of Class A-3 Notes on such
Payment Date from the Principal Distribution Account or otherwise in respect of principal on the Class A-3 Notes pursuant to Section 3.1 of the Indenture dated as of October 4, 2007 (as from
time to time amended, supplemented or otherwise modified and in effect, the “Indenture”), between the Issuer and The Bank of New York, as Indenture Trustee (in such capacity the
“Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the February 2012 Payment Date (the “Class A-3 Final Scheduled Payment Date”). No payments of principal of the
Class A-3 Notes will be made until the Class A-1 Notes and, except in the case of an Event of Default, Class A-2 Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article
I of the Indenture, which also contains rules as to construction that shall be applicable herein. 

A-3-1 

 

     The Issuer shall pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of
this Note Outstanding on the preceding Payment Date or the Closing Date in the case of the first Payment Date (after giving effect to all payments of principal made on such preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the fifteenth day of the calendar month immediately preceding such Payment Date (or,
in the case of the initial Payment Date, from the Closing Date) to but excluding such Payment Date.  Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof. 

     The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All
payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

     Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

A-3-2 

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below. 

Date: October 4, 2007 

	USAA AUTO OWNER TRUST
        2007-2
	 
	 
	By:	WELLS FARGO DELAWARE TRUST

      COMPANY, not in its individual

      capacity but solely as Owner Trustee of

      USAA Auto Owner Trust 2007-2   
	 
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

A-3-3 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class A-3 Notes designated above and referred to in the within-mentioned Indenture. 

Date: October 4, 2007

	 	THE BANK OF NEW YORK, not in its
        individual 

      capacity but solely as Indenture Trustee
	 	 
	 	 
	 	By: 

    	 
	 	 	Authorized Officer

 

A-3-4 

 

[REVERSE OF NOTE] 

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3 4.90% Asset Backed Notes (the “Class A-3 Notes”) which, together with the Issuer’s Class A-1 5.24862% Asset Backed Notes (the “Class A-1 Notes”), Class A-2 5.04% Asset Backed Notes (the
“Class A-2 Notes”), Class A-4 5.07% Asset Backed Notes (the “Class A-4 Notes” and, together with the Class A-1
Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”) and Class B 5.97% Asset Backed Notes (the
“Class B Notes” and, together with the Class A Notes, the “Notes”), are issued under the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the
Indenture. 

     Subject to the subordination provisions of the Indenture, the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. 

     Principal of the Class A-3 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date”
means the 15th day of each month, or, if any such day is not a Business Day, the next succeeding Business Day, commencing October 15, 2007. 

     As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-3 Final Scheduled Payment Date.  Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-3
Notes shall be made pro rata to the Noteholders entitled thereto. 

     Payments of interest on this Note on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made to the Person whose name
appears as the Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date either by wire transfer in immediately available funds, to the account of such Noteholder at a
bank or other entity having appropriate facilities therefor, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date and such Noteholder’s Notes in the
aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided that, unless Definitive Notes have been issued to Note Owners, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in

A-3-5 

 

exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment
Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Noteholder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to
such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent
appointed for such purposes located in The City of New York. 

     The Issuer shall pay interest on overdue installments of interest at the Class A-3 Rate to the extent lawful. 

     As provided in the Indenture, the Notes may be prepaid, in whole but not in part, in the manner and to the extent described in the Indenture and the Sale and Servicing Agreement. 

     As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or such
Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, and thereupon one or more new Notes of the same Class in
authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner
Trustee, each in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. 

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that such
Noteholder or Note Owner will not prior to the end of the period that is one year and one day after there has been paid in full all debt issued by any securitization vehicle in 

A-3-6 

 

respect of which the Seller or the Depositor holds any interest institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents. 

     The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, State and local income, and franchise tax purposes, the Notes will qualify as indebtedness of
the Issuer secured by the Indenture Trust Estate.  Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial interest in a Note), will be deemed to agree to treat the Notes for federal, State and local
income and franchise tax purposes as indebtedness of the Issuer. 

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, will be deemed to have represented that (x) it is not, and is not acquiring
the Note on behalf of, or with “plan assets” (as determined under Department of Labor Regulation §2510.3 -101 (as modified by Section 3(42) of ERISA) or otherwise) of, a Plan, or any employee benefit plan subject to Similar Law, or
(y) its acquisition and holding of the Note satisfy the requirements for relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE
96-23, the service provider exemption provided under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or a similar exemption, or, in the case of an employee benefit plan subject to Similar Law, do not result in a nonexempt violation
of Similar Law. 

     Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 

     The Indenture permits (with certain exceptions requiring the consent of all Noteholders adversely affected) the amendment thereof by the Issuer and the Indenture Trustee without the consent of the
Noteholders provided certain conditions are satisfied. The Indenture also contains provisions permitting the Noteholders of Notes evidencing specified percentages of the principal amount of the Controlling Class Outstanding, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor
Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. 

     The term “Issuer,” as used in this Note, includes any successor to the Issuer under the Indenture. 

A-3-7 

 

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

     The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

     This Note and the Indenture shall be governed by, and construed in accordance with the laws of the State of New York, without reference to its conflicts of law provisions. 

     No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

     Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Indenture Trustee, in its individual capacity, Owner Trustee, in its individual capacity,
any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the
payment of principal or of interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture.  The holder of this Note, by such holder’s acceptance hereof, agrees
that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

A-3-8 

 

ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

___________________________________________________________ 

     FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto:

	 
	     (name and address of assignee)

the within Note and all rights thereunder,
    and hereby irrevocably constitutes and appoints _______________________________,
    attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 

	Dated:_______________________	 	___________________________________________________*/
	 	 	Signature Guaranteed
	 
	 	 	___________________________________________________*/ 

 

*/ NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such
  signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

A-3-9 

 

EXHIBIT A-4 

FORM OF CLASS A-4 NOTE 

     [FOR BOOK-ENTRY NOTES] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

	
REGISTERED	 
		
$222,850,000
	 	 	 
	
No. A-4-1	 
		
CUSIP NO. 90327T AD5

USAA AUTO OWNER TRUST 2007-2 

CLASS A-4 5.07% ASSET BACKED NOTES 

     USAA Auto Owner Trust 2007-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO HUNDRED TWENTY TWO MILLION EIGHT HUNDRED FIFTY THOUSAND dollars payable on each Payment Date in an amount equal to
the result obtained by multiplying (i) a fraction the numerator of which is $222,850,000 (the original face amount of this Note) and the denominator of which is $222,850,000 by (ii) the aggregate amount, if any, payable to holders of Class
A-4 Notes on such Payment Date from the Principal Distribution Account or otherwise in respect of principal on the Class A-4 Notes pursuant to Section 3.1 of the Indenture dated as of
October 4, 2007 (as from time to time amended, supplemented or otherwise modified and in effect, the “Indenture”), between the Issuer and The Bank of New York, as Indenture Trustee
(in such capacity the “Indenture Trustee”); provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on the June 2013 Payment Date (the “Class A-4 Final Scheduled Payment
Date”). No payments of principal of the Class A-4 Notes will be made until the Class A-1 Notes and, except in the case of an Event of Default, the Class A-2 Notes and Class A-3 Notes have been paid in full.
Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to
construction that shall be applicable herein. 

A-4-1 

 

     The Issuer shall pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of
this Note Outstanding on the preceding Payment Date or the Closing Date in the case of the first Payment Date (after giving effect to all payments of principal made on such preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the fifteenth day of the calendar month immediately preceding such Payment Date (or,
in the case of the initial Payment Date, from the Closing Date) to but excluding such Payment Date.  Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof. 

     The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All
payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

     Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

A-4-2 

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below. 

Date: October 4, 2007

	USAA AUTO OWNER TRUST
        2007-2
	 
	 
	By:	WELLS FARGO DELAWARE TRUST

      COMPANY, not in its individual

      capacity but solely as Owner Trustee of

      USAA Auto Owner Trust 2007-2   
	 
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

A-4-3 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class A-4 Notes designated above and referred to in the within-mentioned Indenture. 

Date: October 4, 2007 

	 	THE BANK OF NEW YORK, not in its
        individual 

      capacity but solely as Indenture Trustee
	 	 
	 	 
	 	By: 

    	 
	 	 	Authorized Officer

 

A-4-4 

 

[REVERSE OF NOTE] 

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-4 5.07% Asset Backed Notes (the “Class A-4 Notes”) which, together with the Issuer’s Class A-1 5.24862% Asset Backed Notes (the “Class A-1 Notes”), Class A-2 5.04% Asset Backed Notes (the
“Class A-2 Notes”), Class A-3 4.90% Asset Backed Notes (the “Class A-3 Notes” and, together with the Class A-1
Notes, the Class A-2 Notes, Class A-3 Notes and the Class A-4 Notes, the “Class A Notes”) and Class B 5.97% Asset Backed Notes (the “Class B
Notes” and, together with the Class A Notes, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. 

     Subject to the subordination provisions of the Indenture, the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. 

     Principal of the Class A-4 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date”
means the 15th day of each month, or, if any such day is not a Business Day, the next succeeding Business Day, commencing October 15, 2007. 

     As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-4 Final Scheduled Payment Date.  Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class A-4
Notes shall be made pro rata to the Noteholders entitled thereto. 

     Payments of interest on this Note on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made to the Person whose name
appears as the Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date either by wire transfer in immediately available funds, to the account of such Noteholder at a
bank or other entity having appropriate facilities therefor, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date and such Noteholder’s Notes in the
aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided that, unless Definitive Notes have been issued to Note Owners, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in

A-4-5 

 

exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment
Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Noteholder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to
such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent
appointed for such purposes located in The City of New York. 

     The Issuer shall pay interest on overdue installments of interest at the Class A-4 Rate to the extent lawful. 

     As provided in the Indenture, the Notes may be prepaid, in whole but not in part, in the manner and to the extent described in the Indenture and the Sale and Servicing Agreement. 

     As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or such
Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, and thereupon one or more new Notes of the same Class in
authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner
Trustee, each in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. 

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that such
Noteholder or Note Owner will not prior to the end of the period that is one year and one day after there has been paid in full all debt issued by any securitization vehicle in 

A-4-6 

 

respect of which the Seller or the Depositor holds any interest institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents. 

     The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, State and local income, and franchise tax purposes, the Notes will qualify as indebtedness of
the Issuer secured by the Indenture Trust Estate.  Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial interest in a Note), will be deemed to agree to treat the Notes for federal, State and local
income and franchise tax purposes as indebtedness of the Issuer. 

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, will be deemed to have represented that (x) it is not, and is not acquiring
the Note on behalf of, or with “plan assets” (as determined under Department of Labor Regulation §2510.3 -101 (as modified by Section 3(42) of ERISA) or otherwise) of, a Plan, or any employee benefit plan subject to Similar Law, or
(y) its acquisition and holding of the Note satisfy the requirements for relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE
96-23, the service provider exemption provided under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or a similar exemption, or, in the case of an employee benefit plan subject to Similar Law, do not result in a nonexempt violation
of Similar Law. 

     Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 

     The Indenture permits (with certain exceptions requiring the consent of all Noteholders adversely affected) the amendment thereof by the Issuer and the Indenture Trustee without the consent of the
Noteholders provided certain conditions are satisfied. The Indenture also contains provisions permitting the Noteholders of Notes evidencing specified percentages of the principal amount of the Controlling Class Outstanding, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor
Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. 

     The term “Issuer,” as used in this Note, includes any successor to the Issuer under the Indenture. 

A-4-7 

 

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

     The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

     This Note and the Indenture shall be governed by, and construed in accordance with the laws of the State of New York, without reference to its conflicts of law provisions. 

     No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

     Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Indenture Trustee, in its individual capacity, Owner Trustee, in its individual capacity,
any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the
payment of principal or of interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture.  The holder of this Note, by such holder’s acceptance hereof, agrees
that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

A-4-8 

 

ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

___________________________________________________________ 

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 

	 
	     (name and address of assignee)

the within Note and all rights thereunder,
    and hereby irrevocably constitutes and appoints _______________________________,
    attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 

	Dated:_______________________	 	___________________________________________________*/
	 	 	Signature Guaranteed
	 
	 	 	___________________________________________________*/ 

 

*/ NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such
  signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

A-4-9 

 

EXHIBIT B 

FORM OF CLASS B NOTE 

     [FOR BOOK-ENTRY NOTES] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     PAYMENTS ON THIS NOTE ARE SUBORDINATE TO THE PAYMENT OF PRINCIPAL OF AND INTEREST ON THE CLASS A NOTES. 

	
REGISTERED	 
		
$36,899,842
	 	 	 
	
No. B-1	 
		
CUSIP NO. 90327T AE3

USAA AUTO OWNER TRUST 2007-2 

CLASS B 5.97% ASSET BACKED NOTES 

     USAA Auto Owner Trust 2007-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THIRTY SIX MILLION EIGHT HUNDRED NINETY NINE THOUSAND EIGHT HUNDRED FORTY TWO dollars payable on each Payment Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $36,899,842 (the original face amount of this Note) and the denominator of which is $36,899,842 by (ii) the aggregate amount, if any, payable to
holders of Class B Notes on such Payment Date from the Principal Distribution Account or otherwise in respect of principal on the Class B Notes pursuant to Section 3.1 of the Indenture dated
as of October 4, 2007 (as from time to time amended, supplemented or otherwise modified and in effect, the “Indenture”), between the Issuer and The Bank of New York, as Indenture
Trustee (in such capacity the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the March 2014 Payment Date (the “Class B Final Scheduled
Payment Date”). No payments of principal of the Class B Notes will be made until the Class A-1 Notes, the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes have been 

B-1 

 

paid in full.  Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be
applicable herein. 

     The Issuer shall pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of
this Note Outstanding on the preceding Payment Date or the Closing Date in the case of the first Payment Date (after giving effect to all payments of principal made on such preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the fifteenth day of the calendar month immediately preceding such Payment Date (or,
in the case of the initial Payment Date, from the Closing Date) to but excluding such Payment Date.  Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof. 

     The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All
payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

     Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

B-2 

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below. 

Date: October 4, 2007

	USAA AUTO OWNER TRUST
        2007-2
	 
	 
	By:	WELLS FARGO DELAWARE TRUST

      COMPANY, not in its individual

      capacity but solely as Owner Trustee of

      USAA Auto Owner Trust 2007-2   
	 
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

B-3 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Class B Notes designated above and referred to in the within-mentioned Indenture. 

Date: October 4, 2007

	 	THE BANK OF NEW YORK, not in its
        individual 

      capacity but solely as Indenture Trustee
	 	 
	 	 
	 	By: 

    	 
	 	 	Authorized Officer

 

B-4 

 

[REVERSE OF NOTE] 

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class B 5.97% Asset Backed Notes (the “Class B Notes”) which, together with the Issuer’s Class A-1 5.24862% Asset Backed Notes (the “Class A-1 Notes”), Class A-2 5.04% Asset Backed Notes (the
“Class A-2 Notes”), Class A-3 4.90% Asset Backed Notes (the “Class A-3 Notes”) and Class A-4 5.07% Asset Backed
Notes (the “Class A-4 Notes” and, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A
Notes”, and the Class A Notes together with the Class B Notes, the “Notes”), are issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. 

     Subject to the subordination provisions of the Indenture, the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. 

     Principal of the Class B Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such day is not a Business Day, the next succeeding Business Day, commencing October 15, 2007. 

     As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class B Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of the principal amount
of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal payments on the Class B Notes shall
be made pro rata to the Noteholders entitled thereto. 

     Payments of interest on this Note on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made to the Person whose name
appears as the Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date either by wire transfer in immediately available funds, to the account of such Noteholder at a
bank or other entity having appropriate facilities therefor, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date and such Noteholder’s Notes in the
aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided that, unless Definitive Notes have been issued to Note Owners, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in

B-5 

 

exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment
Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Noteholder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to
such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent
appointed for such purposes located in The City of New York. 

     The Issuer shall pay interest on overdue installments of interest at the Class B Rate to the extent lawful. 

     As provided in the Indenture, the Notes may be prepaid, in whole but not in part, in the manner and to the extent described in the Indenture and the Sale and Servicing Agreement. 

     As provided in the Indenture, and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or such
Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, and thereupon one or more new Notes of the same Class in
authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

     The Class B Notes may be acquired only if either: (A) for the entire period during which such purchaser or transferee holds its interest in the Class B Notes, no portion of such purchaser’s or
transferee’s assets constitutes assets of any Plan or any governmental plan, church plan or non-U.S. plan that is subject to any Similar Law; or (B) (1) (a) the assets used by such purchaser or transferee to acquire the Class B Notes (or any
interest therein) constitute assets of an insurance company general account, (b) for the entire period during which such purchaser or transferee holds its interest in the Class B Notes, less than 25% of the assets of such insurance company general
account will constitute “plan assets” of any Plan, (c) neither such purchaser or transferee nor any affiliate is a Controlling Person of the Issuer and (d) the acquisition and holding of the Class B Notes by such purchaser or transferee
will satisfy the requirements of Section I of PTCE 95-60 and will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or (2) if such purchaser or transferee is a governmental plan, church plan or
non-U.S. plan that is subject to any Similar Law, the acquisition and holding of the Class B Notes by such purchaser or transferee will not constitute a nonexempt violation of any applicable Similar Law. 

     In addition, the Class B Notes may not be acquired by or on behalf of a Person other than (A) a citizen or resident of the United States, (B) a corporation or partnership organized in or under the
laws of the United States, any state thereof or the District of Columbia, (C) an estate 

B-6 

 

the income of which is includible in gross income for United States tax purposes, regardless of its source or (D) a trust with respect to which a U.S. court is able to exercise primary supervision over the administration of such
trust and one or more Persons meeting the conditions of this paragraph has the authority to control all substantial decisions of the trust. 

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner
Trustee, each in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. 

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that such
Noteholder or Note Owner will not prior to the end of the period that is one year and one day after there has been paid in full all debt issued by any securitization vehicle in respect of which the Seller or the Depositor holds any interest
institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or State bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or the other Basic Documents. 

     The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, State and local income, and franchise tax purposes, the Notes will qualify as indebtedness of
the Issuer secured by the Indenture Trust Estate.  Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial interest in a Note), will be deemed to agree to treat the Notes for federal, State and local
income and franchise tax purposes as indebtedness of the Issuer. 

     Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this
Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary. 

     The Indenture permits (with certain exceptions requiring the consent of all Noteholders adversely affected) the amendment thereof by the Issuer and the Indenture Trustee without the consent of the
Noteholders provided certain conditions are satisfied. The Indenture also contains 

B-7 

 

provisions permitting the Noteholders of Notes evidencing specified percentages of the principal amount of the Controlling Class Outstanding, on behalf of all Noteholders, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon all
future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 

     The term “Issuer,” as used in this Note, includes any successor to the Issuer under the Indenture. 

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

     The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

     This Note and the Indenture shall be governed by, and construed in accordance with the laws of the State of New York, without reference to its conflicts of law provisions. 

     No reference herein to the Indenture, and no provision of this Note or of the Indenture, shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

     Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Indenture Trustee, in its individual capacity, Owner Trustee, in its individual capacity,
any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the
payment of principal or of interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture.  The holder of this Note, by such holder’s acceptance hereof, agrees
that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

B-8 

 

ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

___________________________________________________________ 

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 

	 
	     (name and address of assignee)

the within Note and all rights thereunder,
    and hereby irrevocably constitutes and appoints _______________________________,
    attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 

	Dated:_______________________	 	___________________________________________________*/
	 	 	Signature Guaranteed
	 
	 	 	___________________________________________________*/ 

 

*/ NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such
  signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

B-9 

 

SCHEDULE A

Schedule of Receivables

[On file with Indenture Trustee] 

App A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}]]