Document:

Unassociated Document

    
      
        

        

      

      

      

      

      FINANCIAL
        ASSET SECURITIES CORP.,

    

    Depositor

     

    

     

    OPTION
      ONE MORTGAGE CORPORATION

    Servicer

     

     

    and

     

    WELLS
      FARGO BANK, N.A.,

    Trustee

     

     

    

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of April 1, 2007

     

    

     

    ___________________________

     

    
      Soundview
        Home Loan Trust 2007-OPT1

       

      Asset-Backed
        Certificates, Series 2007-OPT1

       

      

       

      
        

        

      

      

       

      

       

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    
      	
              ARTICLE
                I

            	
              DEFINITIONS

            
	
              SECTION
                1.01

            	
              Defined
                Terms.

            
	
              SECTION
                1.02

            	
              Accounting.

            
	
              SECTION
                1.03

            	
              Allocation
                of Certain Interest Shortfalls.

            
	
              SECTION
                1.04

            	
              Rights
                of the NIMS Insurer.

            
	 	 
	
              ARTICLE
                II

            	
              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

            
	
              SECTION
                2.01

            	
              Conveyance
                of Mortgage Loans.

            
	
              SECTION
                2.02

            	
              Acceptance
                by Trustee.

            
	
              SECTION
                2.03

            	
              Repurchase
                or Substitution of Mortgage Loans by the Originator or the
                Seller.

            
	
              SECTION
                2.04

            	
              Intentionally
                Omitted.

            
	
              SECTION
                2.05

            	
              Representations,
                Warranties and Covenants of the Servicer.

            
	
              SECTION
                2.06

            	
              Representations
                and Warranties of the Depositor.

            
	
              SECTION
                2.07

            	
              Issuance
                of Certificates.

            
	
              SECTION
                2.08

            	
              Authorization
                to Enter into Basis Risk Cap Agreement and Interest Rate Swap
                Agreement.

            
	
              SECTION
                2.09

            	
              Acceptance
                of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6 and REMIC
                7 by the
                Trustee; Conveyance of REMIC 1 Regular Interests, Class C Interest
                and
                Class P Interest; Issuance of Certificates.

            
	 	 
	
              ARTICLE
                III

            	
              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS

            
	
              SECTION
                3.01

            	
              Servicer
                to Act as Servicer.

            
	
              SECTION
                3.02

            	
              Sub-Servicing
                Agreements Between Servicer and Sub-Servicers.

            
	
              SECTION
                3.03

            	
              Successor
                Sub-Servicers.

            
	
              SECTION
                3.04

            	
              Liability
                of the Servicer.

            
	
              SECTION
                3.05

            	
              No
                Contractual Relationship Between Sub-Servicers and the NIMS Insurer,
                the
                Trustee or Certificateholders.

            
	
              SECTION
                3.06

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Trustee.

            
	
              SECTION
                3.07

            	
              Collection
                of Certain Mortgage Loan Payments.

            
	
              SECTION
                3.08

            	
              Sub-Servicing
                Accounts.

            
	
              SECTION
                3.09

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

            
	
              SECTION
                3.10

            	
              Collection
                Account and Distribution Account.

            
	
              SECTION
                3.11

            	
              Withdrawals
                from the Collection Account and Distribution Account.

            
	
              SECTION
                3.12

            	
              Investment
                of Funds in the Collection Account and the Distribution
                Account.

            
	
              SECTION
                3.13

            	
              Rights
                of the Class C Certificateholder.

            
	
              SECTION
                3.14

            	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage.

            
	
              SECTION
                3.15

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

            
	
              SECTION
                3.16

            	
              Realization
                Upon Defaulted Mortgage Loans.

            
	
              SECTION
                3.17

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            
	
              SECTION
                3.18

            	
              Servicing
                Compensation.

            
	
              SECTION
                3.19

            	
              Reports
                to the Trustee; Collection Account Statements.

            
	
              SECTION
                3.20

            	
              Statement
                of Compliance.

            
	
              SECTION
                3.21

            	
              Assessments
                of Compliance and Attestation Reports.

            
	
              SECTION
                3.22

            	
              Access
                to Certain Documentation; Filing of Reports by Trustee.

            
	
              SECTION
                3.23

            	
              Title,
                Management and Disposition of REO Property.

            
	
              SECTION
                3.24

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            
	
              SECTION
                3.25

            	
              [Reserved].

            
	
              SECTION
                3.26

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

            
	
              SECTION
                3.27

            	
              Solicitations.

            
	
              SECTION
                3.28

            	
              [Reserved].

            
	
              SECTION
                3.29

            	
              Advance
                Facility.

            
	 	 
	
              ARTICLE
                IV

            	
              FLOW
                OF FUNDS

            
	
              SECTION
                4.01

            	
              Distributions.

            
	
              SECTION
                4.02

            	
              [Reserved].

            
	
              SECTION
                4.03

            	
              Statements.

            
	
              SECTION
                4.04

            	
              Remittance
                Reports; Advances.

            
	
              SECTION
                4.05

            	
              Commission
                Reporting.

            
	
              SECTION
                4.06

            	
              Net
                WAC Rate Carryover Reserve Account.

            
	
              SECTION
                4.07

            	
              Distributions
                on the REMIC Regular Interests.

            
	
              SECTION
                4.08

            	
              Allocation
                of Realized Losses.

            
	
              SECTION
                4.09

            	
              Swap
                Account.

            
	
              SECTION
                4.10

            	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments.

            
	
              SECTION
                4.11

            	
              Collateral
                Accounts

            
	
              SECTION
                4.12

            	
              Rights
                and Obligations Under the Basis Risk Cap Agreement, the Interest
                Rate Cap
                Agreement and the Interest Rate Swap Agreement.

            
	 	 
	
              ARTICLE
                V

            	
              THE
                CERTIFICATES

            
	
              SECTION
                5.01

            	
              The
                Certificates.

            
	
              SECTION
                5.02

            	
              Registration
                of Transfer and Exchange of Certificates.

            
	
              SECTION
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            
	
              SECTION
                5.04

            	
              Persons
                Deemed Owners.

            
	
              SECTION
                5.05

            	
              Appointment
                of Paying Agent.

            
	 	 
	
              ARTICLE
                VI

            	
              THE
                SERVICER and THE DEPOSITOR

            
	
              SECTION
                6.01

            	
              Liability
                of the Servicer and the Depositor.

            
	
              SECTION
                6.02

            	
              Merger
                or Consolidation of, or Assumption of the Obligations of, the Servicer
                or
                the Depositor.

            
	
              SECTION
                6.03

            	
              Limitation
                on Liability of the Servicer and Others.

            
	
              SECTION
                6.04

            	
              Servicer
                Not to Resign.

            
	
              SECTION
                6.05

            	
              Delegation
                of Duties.

            
	
              SECTION
                6.06

            	
              [Reserved].

            
	
              SECTION
                6.07

            	
              Inspection.

            
	 	 
	
              ARTICLE
                VII

            	
              DEFAULT

            
	
              SECTION
                7.01

            	
              Servicer
                Events of Termination.

            
	
              SECTION
                7.02

            	
              Trustee
                to Act; Appointment of Successor.

            
	
              SECTION
                7.03

            	
              Waiver
                of Defaults.

            
	
              SECTION
                7.04

            	
              Notification
                to Certificateholders.

            
	
              SECTION
                7.05

            	
              Survivability
                of Servicer Liabilities.

            
	 	 
	
              ARTICLE
                VIII

            	
              THE
                TRUSTEE

            
	
              SECTION
                8.01

            	
              Duties
                of Trustee.

            
	
              SECTION
                8.02

            	
              Certain
                Matters Affecting the Trustee.

            
	
              SECTION
                8.03

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans.

            
	
              SECTION
                8.04

            	
              Trustee
                May Own Certificates.

            
	
              SECTION
                8.05

            	
              Trustee
                Compensation, Custodial Fee and Expenses.

            
	
              SECTION
                8.06

            	
              Eligibility
                Requirements for Trustee.

            
	
              SECTION
                8.07

            	
              Resignation
                or Removal of Trustee.

            
	
              SECTION
                8.08

            	
              Successor
                Trustee.

            
	
              SECTION
                8.09

            	
              Merger
                or Consolidation of Trustee.

            
	
              SECTION
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	
              SECTION
                8.11

            	
              Limitation
                of Liability.

            
	
              SECTION
                8.12

            	
              Trustee
                May Enforce Claims Without Possession of Certificates.

            
	
              SECTION
                8.13

            	
              Suits
                for Enforcement.

            
	
              SECTION
                8.14

            	
              Waiver
                of Bond Requirement.

            
	
              SECTION
                8.15

            	
              Waiver
                of Inventory, Accounting and Appraisal Requirement.

            
	 	 
	
              ARTICLE
                IX

            	
              REMIC
                ADMINISTRATION

            
	
              SECTION
                9.01

            	
              REMIC
                Administration.

            
	
              SECTION
                9.02

            	
              Prohibited
                Transactions and Activities.

            
	
              SECTION
                9.03

            	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status.

            
	 	 
	
              ARTICLE
                X

            	
              TERMINATION

            
	
              SECTION
                10.01

            	
              Termination.

            
	
              SECTION
                10.02

            	
              Additional
                Termination Requirements.

            
	 	 
	
              ARTICLE
                XI

            	
              MISCELLANEOUS
                PROVISIONS

            
	
              SECTION
                11.01

            	
              Amendment.

            
	
              SECTION
                11.02

            	
              Recordation
                of Agreement; Counterparts.

            
	
              SECTION
                11.03

            	
              Limitation
                on Rights of Certificateholders.

            
	
              SECTION
                11.04

            	
              Governing
                Law; Jurisdiction.

            
	
              SECTION
                11.05

            	
              Notices.

            
	
              SECTION
                11.06

            	
              Severability
                of Provisions.

            
	
              SECTION
                11.07

            	
              Article
                and Section References.

            
	
              SECTION
                11.08

            	
              Notice
                to the Rating Agencies and the NIMS Insurer.

            
	
              SECTION
                11.09

            	
              Further
                Assurances.

            
	
              SECTION
                11.10

            	
              Third
                Party Rights.

            
	
              SECTION
                11.11

            	
              Benefits
                of Agreement.

            
	
              SECTION
                11.12

            	
              Acts
                of Certificateholders.

            
	
              SECTION
                11.13

            	
              Intention
                of the Parties and Interpretation.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibits:

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class I-A-1 Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class II-A-1 Certificates

            
	
              Exhibit
                A-3

            	
              Form
                of Class II-A-2 Certificates

            
	
              Exhibit
                A-4

            	
              Form
                of Class II-A-3 Certificates

            
	
              Exhibit
                A-5

            	
              Form
                of Class II-A-4 Certificates

            
	
              Exhibit
                A-6

            	
              Form
                of Class X Certificates

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-1 Certificates

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-2 Certificates

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-3 Certificates

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-4 Certificates

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-5 Certificates

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-6 Certificates

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-7 Certificates

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-8 Certificates

            
	
              Exhibit
                A-15

            	
              Form
                of Class M-9 Certificates

            
	
              Exhibit
                A-16

            	
              Form
                of Class M-10 Certificates

            
	
              Exhibit
                A-17

            	
              Form
                of Class C Certificates

            
	
              Exhibit
                A-18

            	
              Form
                of Class P Certificates

            
	
              Exhibit
                A-19

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                A-20

            	
              Form
                of Class R-X Certificates

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C

            	
              Form
                of Assignment Agreement

            
	
              Exhibit
                D

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

            	
              Form
                of Trustee’s Initial Certification

            
	
              Exhibit
                F-2

            	
              Form
                of Trustee’s Final Certification

            
	
              Exhibit
                F-3

            	
              Form
                of Receipt of Mortgage Note

            
	
              Exhibit
                G

            	
              [Reserved]

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                I

            	
              Form
                of Limited Power of Attorney

            
	
              Exhibit
                J

            	
              Form
                of Investment Letter

            
	
              Exhibit
                K

            	
              Form
                of Transfer Affidavit for Residual Certificates

            
	
              Exhibit
                L

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                M

            	
              Form
                of ERISA Representation Letter

            
	
              Exhibit
                N-1

            	
              Form
                of Certification to be Provided by the Depositor with Form
                10-K

            
	
              Exhibit
                N-2

            	
              Form
                of Certification to be Provided to the Depositor by the
                Trustee

            
	
              Exhibit
                N-3

            	
              Form
                of Certification to be Provided to the Depositor by the
                Servicer

            
	
              Exhibit
                O

            	
              Form
                of Interest Rate Swap Agreement

            
	
              Exhibit
                P

            	
              Form
                of Basis Risk Cap Agreement

            
	
              Exhibit
                Q

            	
              Servicing
                Criteria

            
	
              Exhibit
                R

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

            
	
              Schedule
                I

            	
              Prepayment
                Charge Schedule

            

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement is dated as of April 1, 2007 (the “Agreement”),
      among FINANCIAL ASSET SECURITIES CORP., as depositor (the “Depositor”), OPTION
      ONE MORTGAGE CORPORATION, as servicer (the “Servicer”) and WELLS FARGO BANK,
      N.A., as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple classes, which in the
      aggregate will evidence the entire beneficial ownership interest in the Trust
      Fund created hereunder. The Certificates will consist of twenty-one classes
      of
      certificates, designated as (i) the Class I-A-1 Certificates, (ii) the Class
      II-A-1 Certificates, (iii) the Class II-A-2 Certificates, (iv) Class II-A-3
      Certificates, (v) the Class II-A-4 Certificates, (vi) the Class X Certificates,
      (vii) the Class M-1 Certificates (viii) the Class M-2 Certificates, (ix) the
      Class M-3 Certificates, (x) the Class M-4 Certificates, (xi) the Class M-5
      Certificates, (xii) the Class M-6 Certificates, (xiii) the Class M-7
      Certificates, (xiv) the Class M-8 Certificates, (xv) the Class M-9 Certificates,
      (xvi) the Class M-10 Certificates, (xvii) the Class C Certificates, (xviii)
      the
      Class P Certificates, (xix) the Class R Certificates and (xx) the Class R-X
      Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      1

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the Mortgage Loans and certain other related assets subject to
      this Agreement (exclusive of the Net WAC Rate Carryover Reserve Account, the
      Swap Account, any Serivicer Prepayment Charge Payment Amounts, the Supplemental
      Interest Trust, the Cap Trust, the Interest Rate Swap Agreement and the Basis
      Risk Cap Agreement) as a REMIC for federal income tax purposes, and such
      segregated pool of assets shall be designated as “REMIC 1.”  The Class
      R-1 Interest shall represent the sole class of “residual interests” in REMIC 1
      for purposes of the REMIC Provisions (as defined herein).  The
      following table irrevocably sets forth the designation, the Uncertificated
      REMIC
      1 Pass-Through Rate, the initial Uncertificated Principal Balance and, for
      purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for each of the REMIC 1 Regular Interests (as
      defined herein).  None of the REMIC 1 Regular Interests shall be
      certificated.

     

    
      	
              Designation

            	 	
              Uncertificated
                REMIC 1

              Pass-Through
                Rate

            	 	
              Initial

              Uncertificated
                Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              I

            	 	
              Variable(2)

            	 	
              $

            	
              430,245,347.03

            	 	
              June
                25, 2037

            	 
	
              I-1-A

            	 	
              Variable(2)

            	 	
              $

            	
              17,949,713.75

            	 	
              June
                25, 2037

            	 
	
              I-1-B

            	 	
              Variable(2)

            	 	
              $

            	
              17,949,713.75

            	 	
              June
                25, 2037

            	 
	
              I-2-A

            	 	
              Variable(2)

            	 	
              $

            	
              20,085,446.25

            	 	
              June
                25, 2037

            	 
	
              I-2-B

            	 	
              Variable(2)

            	 	
              $

            	
              20,085,446.25

            	 	
              June
                25, 2037

            	 
	
              I-3-A

            	 	
              Variable(2)

            	 	
              $

            	
              22,154,972.50

            	 	
              June
                25, 2037

            	 
	
              I-3-B

            	 	
              Variable(2)

            	 	
              $

            	
              22,154,972.50

            	 	
              June
                25, 2037

            	 
	
              I-4-A

            	 	
              Variable(2)

            	 	
              $

            	
              24,120,385.00

            	 	
              June
                25, 2037

            	 
	
              I-4-B

            	 	
              Variable(2)

            	 	
              $

            	
              24,120,385.00

            	 	
              June
                25, 2037

            	 
	
              I-5-A

            	 	
              Variable(2)

            	 	
              $

            	
              25,799,133.75

            	 	
              June
                25, 2037

            	 
	
              I-5-B

            	 	
              Variable(2)

            	 	
              $

            	
              25,799,133.75

            	 	
              June
                25, 2037

            	 
	
              I-6-A

            	 	
              Variable(2)

            	 	
              $

            	
              26,546,071.25

            	 	
              June
                25, 2037

            	 
	
              I-6-B

            	 	
              Variable(2)

            	 	
              $

            	
              26,546,071.25

            	 	
              June
                25, 2037

            	 
	
              I-7-A

            	 	
              Variable(2)

            	 	
              $

            	
              25,846,586.25

            	 	
              June
                25, 2037

            	 
	
              I-7-B

            	 	
              Variable(2)

            	 	
              $

            	
              25,846,586.25

            	 	
              June
                25, 2037

            	 
	
              I-8-A

            	 	
              Variable(2)

            	 	
              $

            	
              25,160,798.75

            	 	
              June
                25, 2037

            	 
	
              I-8-B

            	 	
              Variable(2)

            	 	
              $

            	
              25,160,798.75

            	 	
              June
                25, 2037

            	 
	
              I-9-A

            	 	
              Variable(2)

            	 	
              $

            	
              24,501,378.75

            	 	
              June
                25, 2037

            	 
	
              I-9-B

            	 	
              Variable(2)

            	 	
              $

            	
              24,501,378.75

            	 	
              June
                25, 2037

            	 
	
              I-10-A

            	 	
              Variable(2)

            	 	
              $

            	
              23,817,683.75

            	 	
              June
                25, 2037

            	 
	
              I-10-B

            	 	
              Variable(2)

            	 	
              $

            	
              23,817,683.75

            	 	
              June
                25, 2037

            	 
	
              I-11-A

            	 	
              Variable(2)

            	 	
              $

            	
              23,136,780.00

            	 	
              June
                25, 2037

            	 
	
              I-11-B

            	 	
              Variable(2)

            	 	
              $

            	
              23,136,780.00

            	 	
              June
                25, 2037

            	 
	
              I-12-A

            	 	
              Variable(2)

            	 	
              $

            	
              22,476,882.50

            	 	
              June
                25, 2037

            	 
	
              I-12-B

            	 	
              Variable(2)

            	 	
              $

            	
              22,476,882.50

            	 	
              June
                25, 2037

            	 
	
              I-13-A

            	 	
              Variable(2)

            	 	
              $

            	
              21,823,940.00

            	 	
              June
                25, 2037

            	 
	
              I-13-B

            	 	
              Variable(2)

            	 	
              $

            	
              21,823,940.00

            	 	
              June
                25, 2037

            	 
	
              I-14-A

            	 	
              Variable(2)

            	 	
              $

            	
              21,208,482.50

            	 	
              June
                25, 2037

            	 
	
              I-14-B

            	 	
              Variable(2)

            	 	
              $

            	
              21,208,482.50

            	 	
              June
                25, 2037

            	 
	
              I-15-A

            	 	
              Variable(2)

            	 	
              $

            	
              20,730,631.25

            	 	
              June
                25, 2037

            	 
	
              I-15-B

            	 	
              Variable(2)

            	 	
              $

            	
              20,730,631.25

            	 	
              June
                25, 2037

            	 
	
              I-16-A

            	 	
              Variable(2)

            	 	
              $

            	
              22,138,873.75

            	 	
              June
                25, 2037

            	 
	
              I-16-B

            	 	
              Variable(2)

            	 	
              $

            	
              22,138,873.75

            	 	
              June
                25, 2037

            	 
	
              I-17-A

            	 	
              Variable(2)

            	 	
              $

            	
              28,979,567.50

            	 	
              June
                25, 2037

            	 
	
              I-17-B

            	 	
              Variable(2)

            	 	
              $

            	
              28,979,567.50

            	 	
              June
                25, 2037

            	 
	
              I-18-A

            	 	
              Variable(2)

            	 	
              $

            	
              40,023,296.25

            	 	
              June
                25, 2037

            	 
	
              I-18-B

            	 	
              Variable(2)

            	 	
              $

            	
              40,023,296.25

            	 	
              June
                25, 2037

            	 
	
              I-19-A

            	 	
              Variable(2)

            	 	
              $

            	
              37,198,032.50

            	 	
              June
                25, 2037

            	 
	
              I-19-B

            	 	
              Variable(2)

            	 	
              $

            	
              37,198,032.50

            	 	
              June
                25, 2037

            	 
	
              I-20-A

            	 	
              Variable(2)

            	 	
              $

            	
              33,418,420.00

            	 	
              June
                25, 2037

            	 
	
              I-20-B

            	 	
              Variable(2)

            	 	
              $

            	
              33,418,420.00

            	 	
              June
                25, 2037

            	 
	
              I-21-A

            	 	
              Variable(2)

            	 	
              $

            	
              26,372,645.00

            	 	
              June
                25, 2037

            	 
	
              I-21-B

            	 	
              Variable(2)

            	 	
              $

            	
              26,372,645.00

            	 	
              June
                25, 2037

            	 
	
              I-22-A

            	 	
              Variable(2)

            	 	
              $

            	
              16,849,297.50

            	 	
              June
                25, 2037

            	 
	
              I-22-B

            	 	
              Variable(2)

            	 	
              $

            	
              16,849,297.50

            	 	
              June
                25, 2037

            	 
	
              I-23-A

            	 	
              Variable(2)

            	 	
              $

            	
              16,314,478.75

            	 	
              June
                25, 2037

            	 
	
              I-23-B

            	 	
              Variable(2)

            	 	
              $

            	
              16,314,478.75

            	 	
              June
                25, 2037

            	 
	
              I-24-A

            	 	
              Variable(2)

            	 	
              $

            	
              15,797,358.75

            	 	
              June
                25, 2037

            	 
	
              I-24-B

            	 	
              Variable(2)

            	 	
              $

            	
              15,797,358.75

            	 	
              June
                25, 2037

            	 
	
              I-25-A

            	 	
              Variable(2)

            	 	
              $

            	
              15,295,202.50

            	 	
              June
                25, 2037

            	 
	
              I-25-B

            	 	
              Variable(2)

            	 	
              $

            	
              15,295,202.50

            	 	
              June
                25, 2037

            	 
	
              I-26-A

            	 	
              Variable(2)

            	 	
              $

            	
              14,812,265.00

            	 	
              June
                25, 2037

            	 
	
              I-26-B

            	 	
              Variable(2)

            	 	
              $

            	
              14,812,265.00

            	 	
              June
                25, 2037

            	 
	
              I-27-A

            	 	
              Variable(2)

            	 	
              $

            	
              14,345,303.75

            	 	
              June
                25, 2037

            	 
	
              I-27-B

            	 	
              Variable(2)

            	 	
              $

            	
              14,345,303.75

            	 	
              June
                25, 2037

            	 
	
              I-28-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,893,767.50

            	 	
              June
                25, 2037

            	 
	
              I-28-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,893,767.50

            	 	
              June
                25, 2037

            	 
	
              I-29-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,456,983.75

            	 	
              June
                25, 2037

            	 
	
              I-29-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,456,983.75

            	 	
              June
                25, 2037

            	 
	
              I-30-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,034,215.00

            	 	
              June
                25, 2037

            	 
	
              I-30-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,034,215.00

            	 	
              June
                25, 2037

            	 
	
              I-31-A

            	 	
              Variable(2)

            	 	
              $

            	
              263,398.75

            	 	
              June
                25, 2037

            	 
	
              I-31-B

            	 	
              Variable(2)

            	 	
              $

            	
              263,398.75

            	 	
              June
                25, 2037

            	 
	
              I-32-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,288,430.00

            	 	
              June
                25, 2037

            	 
	
              I-32-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,288,430.00

            	 	
              June
                25, 2037

            	 
	
              I-33-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,936,047.50

            	 	
              June
                25, 2037

            	 
	
              I-33-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,936,047.50

            	 	
              June
                25, 2037

            	 
	
              I-34-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,595,236.25

            	 	
              June
                25, 2037

            	 
	
              I-34-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,595,236.25

            	 	
              June
                25, 2037

            	 
	
              I-35-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,265,595.00

            	 	
              June
                25, 2037

            	 
	
              I-35-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,265,595.00

            	 	
              June
                25, 2037

            	 
	
              I-36-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,946,720.00

            	 	
              June
                25, 2037

            	 
	
              I-36-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,946,720.00

            	 	
              June
                25, 2037

            	 
	
              I-37-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,638,213.75

            	 	
              June
                25, 2037

            	 
	
              I-37-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,638,213.75

            	 	
              June
                25, 2037

            	 
	
              I-38-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,339,905.00

            	 	
              June
                25, 2037

            	 
	
              I-38-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,339,905.00

            	 	
              June
                25, 2037

            	 
	
              I-39-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,051,336.25

            	 	
              June
                25, 2037

            	 
	
              I-39-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,051,336.25

            	 	
              June
                25, 2037

            	 
	
              I-40-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,772,176.25

            	 	
              June
                25, 2037

            	 
	
              I-40-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,772,176.25

            	 	
              June
                25, 2037

            	 
	
              I-41-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,502,111.25

            	 	
              June
                25, 2037

            	 
	
              I-41-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,502,111.25

            	 	
              June
                25, 2037

            	 
	
              I-42-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,240,836.25

            	 	
              June
                25, 2037

            	 
	
              I-42-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,240,836.25

            	 	
              June
                25, 2037

            	 
	
              I-43-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,988,033.75

            	 	
              June
                25, 2037

            	 
	
              I-43-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,988,033.75

            	 	
              June
                25, 2037

            	 
	
              I-44-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,743,458.75

            	 	
              June
                25, 2037

            	 
	
              I-44-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,743,458.75

            	 	
              June
                25, 2037

            	 
	
              I-45-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,506,800.00

            	 	
              June
                25, 2037

            	 
	
              I-45-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,506,800.00

            	 	
              June
                25, 2037

            	 
	
              I-46-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,277,810.00

            	 	
              June
                25, 2037

            	 
	
              I-46-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,277,810.00

            	 	
              June
                25, 2037

            	 
	
              I-47-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,056,212.50

            	 	
              June
                25, 2037

            	 
	
              I-47-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,056,212.50

            	 	
              June
                25, 2037

            	 
	
              I-48-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,841,771.25

            	 	
              June
                25, 2037

            	 
	
              I-48-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,841,771.25

            	 	
              June
                25, 2037

            	 
	
              I-49-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,634,243.75

            	 	
              June
                25, 2037

            	 
	
              I-49-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,634,243.75

            	 	
              June
                25, 2037

            	 
	
              I-50-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,433,400.00

            	 	
              June
                25, 2037

            	 
	
              I-50-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,433,400.00

            	 	
              June
                25, 2037

            	 
	
              I-51-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,239,310.00

            	 	
              June
                25, 2037

            	 
	
              I-51-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,239,310.00

            	 	
              June
                25, 2037

            	 
	
              I-52-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,051,157.50

            	 	
              June
                25, 2037

            	 
	
              I-52-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,051,157.50

            	 	
              June
                25, 2037

            	 
	
              I-53-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,869,037.50

            	 	
              June
                25, 2037

            	 
	
              I-53-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,869,037.50

            	 	
              June
                25, 2037

            	 
	
              I-54-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,693,431.25

            	 	
              June
                25, 2037

            	 
	
              I-54-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,693,431.25

            	 	
              June
                25, 2037

            	 
	
              I-55-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,523,041.25

            	 	
              June
                25, 2037

            	 
	
              I-55-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,523,041.25

            	 	
              June
                25, 2037

            	 
	
              I-56-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,357,807.50

            	 	
              June
                25, 2037

            	 
	
              I-56-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,357,807.50

            	 	
              June
                25, 2037

            	 
	
              I-57-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,197,843.75

            	 	
              June
                25, 2037

            	 
	
              I-57-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,197,843.75

            	 	
              June
                25, 2037

            	 
	
              I-58-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,042,971.25

            	 	
              June
                25, 2037

            	 
	
              I-58-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,042,971.25

            	 	
              June
                25, 2037

            	 
	
              I-59-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,892,996.25

            	 	
              June
                25, 2037

            	 
	
              I-59-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,892,996.25

            	 	
              June
                25, 2037

            	 
	
              I-60-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,747,777.50

            	 	
              June
                25, 2037

            	 
	
              I-60-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,747,777.50

            	 	
              June
                25, 2037

            	 
	
              I-61-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,607,052.50

            	 	
              June
                25, 2037

            	 
	
              I-61-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,607,052.50

            	 	
              June
                25, 2037

            	 
	
              I-62-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,470,930.00

            	 	
              June
                25, 2037

            	 
	
              I-62-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,470,930.00

            	 	
              June
                25, 2037

            	 
	
              I-63-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,339,108.75

            	 	
              June
                25, 2037

            	 
	
              I-63-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,339,108.75

            	 	
              June
                25, 2037

            	 
	
              I-64-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,211,445.00

            	 	
              June
                25, 2037

            	 
	
              I-64-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,211,445.00

            	 	
              June
                25, 2037

            	 
	
              I-65-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,087,800.00

            	 	
              June
                25, 2037

            	 
	
              I-65-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,087,800.00

            	 	
              June
                25, 2037

            	 
	
              I-66-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,968,042.50

            	 	
              June
                25, 2037

            	 
	
              I-66-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,968,042.50

            	 	
              June
                25, 2037

            	 
	
              I-67-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,852,026.25

            	 	
              June
                25, 2037

            	 
	
              I-67-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,852,026.25

            	 	
              June
                25, 2037

            	 
	
              I-68-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,739,671.25

            	 	
              June
                25, 2037

            	 
	
              I-68-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,739,671.25

            	 	
              June
                25, 2037

            	 
	
              I-69-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,630,832.50

            	 	
              June
                25, 2037

            	 
	
              I-69-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,630,832.50

            	 	
              June
                25, 2037

            	 
	
              I-70-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,525,395.00

            	 	
              June
                25, 2037

            	 
	
              I-70-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,525,395.00

            	 	
              June
                25, 2037

            	 
	
              I-71-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,422,776.25

            	 	
              June
                25, 2037

            	 
	
              I-71-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,422,776.25

            	 	
              June
                25, 2037

            	 
	
              I-72-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,323,821.25

            	 	
              June
                25, 2037

            	 
	
              I-72-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,323,821.25

            	 	
              June
                25, 2037

            	 
	
              I-73-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,227,942.50

            	 	
              June
                25, 2037

            	 
	
              I-73-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,227,942.50

            	 	
              June
                25, 2037

            	 
	
              I-74-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,135,041.25

            	 	
              June
                25, 2037

            	 
	
              I-74-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,135,041.25

            	 	
              June
                25, 2037

            	 
	
              I-75-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,045,015.00

            	 	
              June
                25, 2037

            	 
	
              I-75-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,045,015.00

            	 	
              June
                25, 2037

            	 
	
              I-76-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,957,775.00

            	 	
              June
                25, 2037

            	 
	
              I-76-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,957,775.00

            	 	
              June
                25, 2037

            	 
	
              P

            	 	
              Variable(2)

            	 	
              $

            	
              100.00

            	 	
              June
                25, 2037

            	 

    

    
      	
               

            	
              ________________

            

    

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
                Regulations.

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “Uncertificated REMIC 1 Pass-Through
                Rate” herein.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC 1 Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets shall be designated as “REMIC
      2.”  The Class R-2 Interest shall evidence the sole class of “residual
      interests” in REMIC 2 for purposes of the REMIC Provisions under federal income
      tax law. The following table irrevocably sets forth the designation, the
      Uncertificated REMIC 2 Pass-Through Rate, the initial Uncertificated Principal
      Balance and, for purposes of satisfying Treasury Regulation Section
      1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 2
      Regular Interests (as defined herein).  None of the REMIC 2 Regular
      Interests shall be certificated.

     

    
      	
              
                Designation

              

            	
              
                Uncertificated
                  REMIC 2

                Pass-Through
                  Rate

              

            	
              
                Initial
                  Uncertificated

                Principal
                  Balance

              

            	
              
                Latest
                  Possible

                Maturity
                  Date(1)

              

            
	
              LTIA1

            	
              Variable(2)

            	
              $

            	
              925,181,000.00

            	
              June
                25, 2037

            
	
              LTIIA1

            	
              Variable(2)

            	
              $

            	
              405,186,000.00

            	
              June
                25, 2037

            
	
              LTIIA2

            	
              Variable(2)

            	
              $

            	
              171,843,000.00

            	
              June
                25, 2037

            
	
              LTIIA3

            	
              Variable(2)

            	
              $

            	
              178,045,000.00

            	
              June
                25, 2037

            
	
              LTIIA4

            	
              Variable(2)

            	
              $

            	
              62,246,000.00

            	
              June
                25, 2037

            
	
              LTM1

            	
              Variable(2)

            	
              $

            	
              104,480,000.00

            	
              June
                25, 2037

            
	
              LTM2

            	
              Variable(2)

            	
              $

            	
              105,641,000.00

            	
              June
                25, 2037

            
	
              LTM3

            	
              Variable(2)

            	
              $

            	
              44,114,000.00

            	
              June
                25, 2037

            
	
              LTM4

            	
              Variable(2)

            	
              $

            	
              42,953,000.00

            	
              June
                25, 2037

            
	
              LTM5

            	
              Variable(2)

            	
              $

            	
              38,309,000.00

            	
              June
                25, 2037

            
	
              LTM6

            	
              Variable(2)

            	
              $

            	
              32,505,000.00

            	
              June
                25, 2037

            
	
              LTM7

            	
              Variable(2)

            	
              $

            	
              27,861,000.00

            	
              June
                25, 2037

            
	
              LTOC

            	
              Variable(2)

            	
              $

            	
              183,422,104.53

            	
              June
                25, 2037

            
	
              LTP

            	
              Variable(2)

            	
              $

            	
              100.00

            	
              June
                25, 2037

            
	
              LTIO

            	
              Variable(2)

            	
              $

            	
              (3)

            	
              June
                25, 2037

            

    

    
      	
               

            	
              ________________

            

    

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
                Regulations.

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “Uncertificated REMIC 2 Pass-Through
                Rate” herein.

            

    

    
      	
              (3)

            	
              REMIC
                2 Regular Interest LTIO will not have an Uncertificated Principal
                Balance,
                but will accrue interest on its Uncertificated Notional Amount, as
                defined
                herein.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      3

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC 2 Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets shall be designated as “REMIC
      3.”  The Class R-3 Interest shall evidence the sole class of “residual
      interests” in REMIC 3 for purposes of the REMIC Provisions under federal income
      tax law. The following table irrevocably sets forth the designation, the
      Uncertificated REMIC 3 Pass-Through Rate, the initial Uncertificated Principal
      Balance and, for purposes of satisfying Treasury Regulation Section
      1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 3
      Regular Interests (as defined herein).  None of the REMIC 3 Regular
      Interests shall be certificated.

     

    
      	
              
                Designation

              

            	
              
                Uncertificated
                  REMIC 3

                Pass-Through
                  Rate

              

            	
              
                Initial
                  Uncertificated

                Principal
                  Balance

              

            	
              
                Latest
                  Possible

                Maturity
                  Date(1)

              

            
	
              LTAA

            	
              Variable(2)

            	
              $

            	
              2,275,350,382.44

            	
              June
                25, 2037

            
	
              LTIA1

            	
              Variable(2)

            	
              $

            	
              9,251,810.00

            	
              June
                25, 2037

            
	
              LTIIA1

            	
              Variable(2)

            	
              $

            	
              4,051,860.00

            	
              June
                25, 2037

            
	
              LTIIA2

            	
              Variable(2)

            	
              $

            	
              1,718,430.00

            	
              June
                25, 2037

            
	
              LTIIA3

            	
              Variable(2)

            	
              $

            	
              1,780,450.00

            	
              June
                25, 2037

            
	
              LTIIA4

            	
              Variable(2)

            	
              $

            	
              622,460.00

            	
              June
                25, 2037

            
	
              LTM1

            	
              Variable(2)

            	
              $

            	
              1,044,800.00

            	
              June
                25, 2037

            
	
              LTM2

            	
              Variable(2)

            	
              $

            	
              1,056,410.00

            	
              June
                25, 2037

            
	
              LTM3

            	
              Variable(2)

            	
              $

            	
              441,140.00

            	
              June
                25, 2037

            
	
              LTM4

            	
              Variable(2)

            	
              $

            	
              429,530.00

            	
              June
                25, 2037

            
	
              LTM5

            	
              Variable(2)

            	
              $

            	
              383,090.00

            	
              June
                25, 2037

            
	
              LTM6

            	
              Variable(2)

            	
              $

            	
              325,050.00

            	
              June
                25, 2037

            
	
              LTM7

            	
              Variable(2)

            	
              $

            	
              278,610.00

            	
              June
                25, 2037

            
	
              LTM8

            	
              Variable(2)

            	
              $

            	
              139,310.00

            	
              June
                25, 2037

            
	
              LTM9

            	
              Variable(2)

            	
              $

            	
              441,140.00

            	
              June
                25, 2037

            
	
              LTM10

            	
              Variable(2)

            	
              $

            	
              359,880.00

            	
              June
                25, 2037

            
	
              LTZZ

            	
              Variable(2)

            	
              $

            	
              24,111,752.09

            	
              June
                25, 2037

            
	
              LTX1

            	
              Variable(2)

            	 	
              (3)

            	
              June
                25, 2037

            
	
              LTX2

            	
              Variable(2)

            	 	
              (4)

            	
              June
                25, 2037

            
	
              LTX3

            	
              Variable(2)

            	 	
              (5)

            	
              June
                25, 2037

            
	
              LTX4

            	
              Variable(2)

            	 	
              (6)

            	
              June
                25, 2037

            
	
              LTX5

            	
              Variable(2)

            	 	
              (7)

            	
              June
                25, 2037

            
	
              LTX6

            	
              Variable(2)

            	 	
              (8)

            	
              June
                25, 2037

            
	
              LTX7

            	
              Variable(2)

            	 	
              (9)

            	
              June
                25, 2037

            
	
              LTX8

            	
              Variable(2)

            	 	
              (10)

            	
              June
                25, 2037

            
	
              LTX9

            	
              Variable(2)

            	 	
              (11)

            	
              June
                25, 2037

            
	
              LTX10

            	
              Variable(2)

            	 	
              (12)

            	
              June
                25, 2037

            
	
              LTX11

            	
              Variable(2)

            	 	
              (13)

            	
              June
                25, 2037

            
	
              LTX12

            	
              Variable(2)

            	 	
              (14)

            	
              June
                25, 2037

            
	
              LTP

            	
              Variable(2)

            	
              $

            	
              100.00

            	
              June
                25, 2037

            
	
              LTIO

            	
              Variable(2)

            	 	
              (15)

            	
              June
                25, 2037

            

    

    
      	
               

            	
              ________________

            

    

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
                Regulations.

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “Uncertificated REMIC 3 Pass-Through
                Rate” herein.

            

    

    
      	
              (3)

            	
              REMIC
                3 Regular Interest LTX1 will not have an Uncertificated Principal
                Balance,
                but will  accrue interest on an Uncertificated Notional Amount
                equal to REMIC 2 Regular Interest
                LTIA1.

            

    

    
      	
              (4)

            	
              REMIC
                3 Regular Interest LTX2 will not have an Uncertificated Principal
                Balance,
                but will  accrue interest on an Uncertificated Notional Amount
                equal to REMIC 2 Regular Interest
                LTIIA1.

            

    

    
      	
              (5)

            	
              REMIC
                3 Regular Interest LTX3 will not have an Uncertificated Principal
                Balance,
                but will  accrue interest on an Uncertificated Notional Amount
                equal to REMIC 2 Regular Interest
                LTIIA2.

            

    

    
      	
              (6)

            	
              REMIC
                3 Regular Interest LTX4 will not have an Uncertificated Principal
                Balance,
                but will  accrue interest on an Uncertificated Notional Amount
                equal to REMIC 2 Regular Interest
                LTIIA3.

            

    

    
      	
              (7)

            	
              REMIC
                3 Regular Interest LTX5 will not have an Uncertificated Principal
                Balance,
                but will  accrue interest on an Uncertificated Notional Amount
                equal to REMIC 2 Regular Interest
                LTIIA4.

            

    

    
      	
              (8)

            	
              REMIC
                3 Regular Interest LTX6 will not have an Uncertificated Principal
                Balance,
                but will  accrue interest on an Uncertificated Notional Amount
                equal to REMIC 2 Regular Interest
                LTM1.

            

    

    
      	
              (9)

            	
              REMIC
                3 Regular Interest LTX7 will not have an Uncertificated Principal
                Balance,
                but will  accrue interest on an Uncertificated Notional Amount
                equal to REMIC 2 Regular Interest
                LTM2.

            

    

    
      	
              (10)

            	
              REMIC
                3 Regular Interest LTX8 will not have an Uncertificated Principal
                Balance,
                but will  accrue interest on an Uncertificated Notional Amount
                equal to REMIC 2 Regular Interest
                LTM3.

            

    

    
      	
              (11)

            	
              REMIC
                3 Regular Interest LTX9 will not have an Uncertificated Principal
                Balance,
                but will  accrue interest on an Uncertificated Notional Amount
                equal to REMIC 2 Regular Interest
                LTM4.

            

    

    
      	
              (12)

            	
              REMIC
                3 Regular Interest LTX10 will not have an Uncertificated Principal
                Balance, but will  accrue interest on an Uncertificated Notional
                Amount equal to REMIC 2 Regular Interest
                LTM5.

            

    

    
      	
              (13)

            	
              REMIC
                3 Regular Interest LTX11 will not have an Uncertificated Principal
                Balance, but will  accrue interest on an Uncertificated Notional
                Amount equal to REMIC 2 Regular Interest
                LTM6.

            

    

    
      	
              (14)

            	
              REMIC
                3 Regular Interest LTX11 will not have an Uncertificated Principal
                Balance, but will  accrue interest on an Uncertificated Notional
                Amount equal to REMIC 2 Regular Interest
                LTM7.

            

    

    
      	
              (15)

            	
              REMIC
                3 Regular Interest LTIO will not have a Pass-Through Rate, but will
                be
                entitled to 100% of the amounts distributed on REMIC 2 Regular Interest
                LTIO.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      4

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC 3 Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets shall be designated as “REMIC
      4.”  The Class R-4 Interest shall evidence the sole class of “residual
      interests” in REMIC 4 for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the Original Class Certificate Principal Balance for each Class of Certificates
      comprising the interests representing “regular interests” in REMIC
      4.  For purposes of satisfying Treasury Regulation Section
      1.860G-1(a)(4)(iii), the “latest possible maturity date” for each Class of
      Certificates that represents one or more of the “regular interests” in REMIC 4
      created hereunder:

     

    
      	
              
                Designation

              

            	
              
                Original
                  Class Certificate

                Principal
                  Balance

              

            	
              
                Pass-Through
                  Rate

              

            	
              
                Latest
                  Possible

                Maturity
                  Date(1)

              

            
	
              Class
                I-A-1

            	
              $

            	
              925,181,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                II-A-1

            	
              $

            	
              405,186,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                II-A-2

            	
              $

            	
              171,843,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                II-A-3

            	
              $

            	
              178,045,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                II-A-4

            	
              $

            	
              62,246,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                M-1

            	
              $

            	
              104,480,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                M-2

            	
              $

            	
              105,641,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                M-3

            	
              $

            	
              44,114,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                M-4

            	
              $

            	
              42,953,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                M-5

            	
              $

            	
              38,309,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                M-6

            	
              $

            	
              32,505,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                M-7

            	
              $

            	
              27,861,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                M-8

            	
              $

            	
              13,931,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                M-9

            	
              $

            	
              44,114,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                M-10

            	
              $

            	
              35,988,000.00

            	
              Variable(2)

            	
              June
                25, 2037

            
	
              Class
                C Interest

            	
              $

            	
              89,389,104.53

            	
              Variable(3)

            	
              June
                25, 2037

            
	
              Class
                P Interest

            	
              $

            	
              100.00

            	
              N/A(4)

            	
              June
                25, 2037

            
	
              Class
                IO Interest

            	 	
              (5)

            	
              (6)

            	
              June
                25, 2037

            
	
              Class
                X

            	 	
              (7)

            	
              (7)

            	
              June
                25, 2037

            

    

    
    

    

    
      	
               

            	
              ________________

            

    

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
                Regulations.

            

    

    
      	
              (2)

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

            

    

    
      	
              (3)

            	
              The
                Class C Interest will accrue interest at its variable Pass-Through
                Rate on
                the Notional Amount of the Class C Interest outstanding from time
                to time
                which shall equal the aggregate of the Uncertificated Principal Balance
                of
                the REMIC 3 Regular Interests (other than REMIC 3 Regular Interest
                LTP).  The Class C Interest will not accrue interest on its
                Certificate Principal Balance.

            

    

    
      	
              (4)

            	
              The
                Class P Interest will not accrue
                interest.

            

    

    
      	
              (5)

            	
              For
                federal income tax purposes, the Class IO Interest will not have
                a
                Certificate Principal Balance, but will have a notional amount equal
                to
                the Uncertificated Notional Amount of REMIC 3 Regular Interest
                LTIO.

            

    

    
      	
              (6)

            	
              For
                federal income tax purposes, the Class IO Interest will not have
                a
                Pass-Through Rate, but will be entitled to 100% of the amounts distributed
                on REMIC 3 Regular Interest LTIO.

            

    

    
      	
              (7)

            	
              The
                Class X Certificates will accrue interest at its Pass-Through Rate
                on the
                Notional Amount of the Class X Certificates outstanding from time
                to time
                which shall equal the aggregate Notional Amounts of the Class X
                Components.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      5

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class C Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC
      5.”  The Class R-5 Interest represents the sole class of “residual
      interests” in REMIC 5 for purposes of the REMIC Provisions.

     

    The
      following table sets forth (or describes) the designation, Pass-Through Rate
      ,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Class of Certificates that represents a “regular
      interest” in REMIC 5 created hereunder:

     

    
      	
              
                Designation

              

            	
              
                Original
                  Class Certificate

                Principal
                  Balance

              

            	
              
                Pass-Through
                  Rate

              

            	
              
                Latest
                  Possible

                Maturity
                  Date(1)

              

            
	
              Class
                C

            	
              $           89,389,104.53

            	
              Variable(2)

            	
              June
                25, 2037

            

    

    
      	
               

            	
              ________________

            

    

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
                Regulations.

            

    

    
      	
              (2)

            	
              The
                Class C Certificates will receive 100% of amounts received in respect
                of
                the Class C Interest.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      6

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class P Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC
      6.”  The Class R-6 Interest represents the sole class of “residual
      interests” in REMIC 6 for purposes of the REMIC Provisions.

     

    The
      following table sets forth (or describes) the designation, Pass-Through Rate,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Class of Certificates that represents a “regular
      interest” in REMIC 6 created hereunder:

     

    
      	
              
                Designation

              

            	
              
                Original
                  Class Certificate

                Principal
                  Balance

              

            	
              
                Pass-Through
                  Rate

              

            	
              
                Latest
                  Possible

                Maturity
                  Date(1)

              

            
	
              Class
                P

            	
              $
                100.00

            	
              Variable(2)

            	
              June
                25, 2037

            

    

    
    

    

    
      	
               

            	
              ________________

            

    

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
                Regulations.

            

    

    
      	
              (2)

            	
              The
                Class P Certificates will receive 100% of amounts received in respect
                of
                the Class P Interest.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      7

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class IO Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets shall be designated as “REMIC
      7.”  The Class R-7 Interest represents the sole class of “residual
      interests” in REMIC 7 for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated REMIC 7 Regular Interest, which will be
      uncertificated.

     

    
      	
              
                Class
                  Designation

              

            	
              
                Original
                  Class Certificate

                Principal
                  Balance

              

            	
              
                Pass-Through
                  Rate

              

            	
              
                Latest
                  Possible

                Maturity
                  Date(1)

              

            
	
              SWAP
                IO

            	
              N/A

            	
              Variable(2)

            	
              June
                25, 2037

            

    

    
    

    

    
      	
               

            	
              ________________

            

    

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
                Regulations.

            

    

    
      	
              (2)

            	
              REMIC
                7 Regular Interest SWAP IO shall receive 100% of amounts received
                in
                respect of the Class IO
                Interest.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      I 

    DEFINITIONS

     

    
      	
              SECTION
                1.01  

            	
              Defined
                Terms.

            

    

     

    Whenever
      used in this Agreement or in the Preliminary Statement, the following words
      and
      phrases, unless the context otherwise requires, shall have the meanings
      specified in this Article.  Unless otherwise specified, all
      calculations in respect of interest on the Floating Rate Certificates shall
      be
      made on the basis of the actual number of days elapsed and a 360-day year and
      all calculations in respect of interest on the Class C Certificates and all
      other calculations of interest described herein shall be made on the basis
      of a
      360-day year consisting of twelve 30-day months.  The Class P
      Certificates and the Residual Certificates are not entitled to distributions
      in
      respect of interest and, accordingly, will not accrue interest.

     

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

     

    “Accrual
      Period”: With respect to the Floating Rate Certificates, the Class X
      Certificates and the Class X Components and each Distribution Date, the period
      commencing on the preceding Distribution Date (or in the case of the first
      such
      Accrual Period, commencing on the Closing Date) and ending on the day preceding
      such Distribution Date.  With respect to the Class C Certificates and
      each Distribution Date, the calendar month prior to the month of such
      Distribution Date.

     

    “Additional
      Form 10-D Disclosure”: The meaning set forth in Section 4.05(a)(i).

     

    “Additional
      Form 10-K Disclosure”: The meaing set forth in Section 4.05(b)(i)

     

    “Adjustable-Rate
      Mortgage Loan”:  A first lien Mortgage Loan which provides at any
      period during the life of such loan for the adjustment of the Mortgage Rate
      payable in respect thereto.  The Adjustable-Rate Mortgage Loans are
      identified as such on the Mortgage Loan Schedule.

     

    “Adjusted
      Net Maximum Mortgage Rate”: With respect to any Mortgage Loan (or the related
      REO Property), as of any date of determination, a per annum rate of interest
      equal to the applicable Maximum Mortgage Rate for such Mortgage Loan (or the
      Mortgage Rate in the case of any Fixed-Rate Mortgage Loan) as of the first
      day
      of the month preceding the month in which the related Distribution Date occurs
      minus the Servicing Fee Rate.

     

    “Adjusted
      Net Mortgage Rate”: With respect to any Mortgage Loan (or the related REO
      Property), as of any date of determination, a per annum rate of interest equal
      to the applicable Mortgage Rate for such Mortgage Loan as of the first day
      of
      the month preceding the month in which the related Distribution Date occurs
      minus the Servicing Fee Rate.

     

    “Adjustment
      Date”: With respect to each Adjustable-Rate Mortgage Loan, each adjustment date,
      on which the Mortgage Rate of such Mortgage Loan changes pursuant to the related
      Mortgage Note.  The first Adjustment Date following the Cut-off Date
      as to each Adjustable-Rate Mortgage Loan is set forth in the Mortgage Loan
      Schedule.

     

    “Advance”:
      As to any Mortgage Loan or REO Property, any advance made by the Servicer in
      respect of any Distribution Date pursuant to Section 4.04.

     

    “Advance
      Facility”:  As defined in Section 3.29 hereof.

     

    “Advance
      Facility Trustee”:  As defined in Section 3.29 hereof.

     

    “Advancing
      Person”:  As defined in Section 3.29 hereof.

     

    “Advance
      Reimbursement Amounts”:  As defined in Section 3.29
      hereof.

     

    “Adverse
      REMIC Event”: As defined in Section 9.01(f) hereof.

     

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

     

    “Agreement”:
      This Pooling and Servicing Agreement and all amendments hereof and supplements
      hereto.

     

    “Allocated
      Realized Loss Amount”: With respect to any Distribution Date and any Class of
      Mezzanine Certificates, the sum of (i) any Realized Losses allocated to such
      Class of Certificates on such Distribution Date and (ii) the amount of any
      Allocated Realized Loss Amounts for such Class of Certificates remaining
      undistributed from the previous Distribution Date minus any Subsequent
      Recoveries applied to that Applied Realized Loss Amount.

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form, which is sufficient under the laws of the jurisdiction wherein
      the related Mortgaged Property is located to reflect or record the sale of
      the
      Mortgage.

     

    “Assignment
      Agreement”:  The Assignment and Recognition Agreement, dated the
      Closing Date, among the Seller, the Originator and the Depositor, pursuant
      to
      which certain of the Seller’s rights under the Master Agreement were assigned to
      the Depositor, substantially in the form attached hereto as Exhibit
      C.

     

    “Attestation
      Report”: As defined in Section 3.21

     

    “Available
      Funds”:  With respect to any Distribution Date, an amount equal to the
      excess of (i) the sum of (a) the aggregate of the related Monthly Payments
      received on the Mortgage Loans on or prior to the related Determination Date,
      (b) Net Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries,
      Principal Prepayments, proceeds from repurchases of and substitutions for such
      Mortgage Loans and other unscheduled recoveries of principal and interest in
      respect of the Mortgage Loans received during the related Prepayment Period,
      (c)
      the aggregate of any amounts received in respect of a related REO Property
      withdrawn from any REO Account and deposited in the Collection Account for
      such
      Distribution Date, (d) the aggregate of any amounts deposited in the Collection
      Account by the Servicer in respect of related Prepayment Interest Shortfalls
      for
      such Distribution Date, (e) the aggregate of any Advances made by the Servicer
      for such Distribution Date in respect of the Mortgage Loans, (f) the aggregate
      of any related advances made by the Trustee in respect of the Mortgage Loans
      for
      such Distribution Date pursuant to Section 7.02 and (g) the amount of any
      Prepayment Charges collected by the Servicer in connection with the full or
      partial prepayment of any of the Mortgage Loans and any Servicer Prepayment
      Charge Payment Amount over (ii) the sum of (a) amounts reimbursable or payable
      to the Servicer pursuant to Section 3.11(a), the Trustee pursuant to Section
      3.11(b) or the Swap Provider (including any Net Swap Payment and Swap
      Termination Payment owed to the Swap Provider, but excluding any Swap
      Termination Payment owed to the Swap Provider resulting from a Swap Provider
      Trigger Event), (b) amounts deposited in the Collection Account or the
      Distribution Account pursuant to clauses (a) through (g) above, as the case
      may
      be, in error, (c) the amount of any Prepayment Charges collected by the Servicer
      in connection with the full or partial prepayment of any of the Mortgage Loans
      and any Servicer Prepayment Charge Payment Amount, (d) any indemnification
      payments or expense reimbursements made by the Trust Fund pursuant to Section
      6.03 or Section 8.05 and (e) any Net Swap Payment or Swap Termination Payment
      owed to the Swap Provider (other than any Swap Termination Payment owed to
      the
      Swap Provider resulting from a Swap Provider Trigger Event).

     

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

     

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

     

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

     

    “Base
      Rate”: For any Distribution Date and the Floating Rate Certificates, the sum of
      (i) LIBOR plus (ii) the related Certificate Margin.

     

    “Basis
      Risk Cap Agreement”: The basis risk cap agreement, dated the Closing Date,
      between the Basis Risk Cap Provider and the Cap Trustee, including any schedule,
      confirmations, credit support annex or other credit support document relating
      thereto, and attached hereto as Exhibit P.

     

    “Basis
      Risk Cap Amount”: The Basis Risk Cap Amount for any Class of the Floating Rate
      Certificates is equal to (i) the aggregate amount received by the Trust from
      the
      Basis Risk Cap Agreement multiplied by (ii) a fraction equal to (a) the
      Certificate Principal Balance of such Class immediately prior to the applicable
      Distribution Date divided by (b) the aggregate Certificate Principal Balance
      of
      the Floating Rate Certificates immediately prior to the applicable Distribution
      Date.

     

    “Basis
      Risk Cap Credit Support Annex”: The credit support annex, dated the Closing
      Date, between the Cap Trustee and the Basis Risk Cap Provider, which is annexed
      to and forms part of the Basis Risk Cap Agreement.

     

    “Basis
      Risk Cap Provider”:  The cap provider under the Basis Risk Cap
      Agreement.  Initially, the Basis Risk Cap Provider shall be Lehman
      Brothers Special Financing Inc.

     

    “Book-Entry
      Certificates”:  Any of the Certificates that shall be registered in
      the name of the Depository or its nominee, the ownership of which is reflected
      on the books of the Depository or on the books of a Person maintaining an
      account with the Depository (directly, as a “Depository Participant”, or
      indirectly, as an indirect participant in accordance with the rules of the
      Depository and as described in Section 5.02 hereof).  On the Closing
      Date, the Floating Rate Certificates and the Class X Certificates shall be
      Book-Entry Certificates.

     

    “Business
      Day”:  Any day other than a Saturday, a Sunday or a day on which
      banking or savings institutions in the State of Delaware, the State of Florida,
      the State of New York, the State of Texas, the State of California, the
      Commonwealth of Pennsylvania, or in the city in which the Corporate Trust Office
      of the Trustee is located are authorized or obligated by law or executive order
      to be closed.

     

    “Cap
      Trust”:  As defined in Section 4.01(d).

     

    “Cap
      Trustee”:  Wells Fargo Bank, N.A., a national banking association, not
      in its individual capacity but solely in its capacity as Cap Trustee, and any
      successor thereto.

     

    “Certificate”:  Any
      Regular Certificate or Residual Certificate.

     

    “Certificateholder”
      or “Holder”: The Person in whose name a Certificate is registered in the
      Certificate Register, except that a Disqualified Organization or non-U.S. Person
      shall not be a Holder of a Residual Certificate for any purpose hereof and,
      solely for the purposes of giving any consent pursuant to this Agreement, any
      Certificate registered in the name of the Depositor or the Servicer or any
      Affiliate thereof shall be deemed not to be outstanding and the Voting Rights
      to
      which it is entitled shall not be taken into account in determining whether
      the
      requisite percentage of Voting Rights necessary to effect any such consent
      has
      been obtained, except as otherwise provided in Section 11.01. The Trustee and
      the NIMS Insurer may conclusively rely upon a certificate of the Depositor
      or
      the Servicer in determining whether a Certificate is held by an Affiliate
      thereof. All references herein to “Holders” or “Certificateholders” shall
      reflect the rights of Certificate Owners as they may indirectly exercise such
      rights through the Depository and participating members thereof, except as
      otherwise specified herein; provided, however, that the Trustee and the NIMS
      Insurer shall be required to recognize as a “Holder” or “Certificateholder” only
      the Person in whose name a Certificate is registered in the Certificate
      Register.

     

    

     

    “Certificate
      Margin”:  With respect to each Class of Floating Rate Certificates and
      for purposes of the Marker Rate and the Maximum Uncertificated Accrued Interest
      Deferral Amount, the specified REMIC 3 Regular Interest, as
      follows:

     

    
      	
              
                Class

              

            	
              
                REMIC
                  3

                Regular

                Interest

              

            	
              
                Certificate
                  Margin

              

            
	
              
                (1)
                  (%)

              

            	
              
                (2)
                  (%)

              

            
	
              I-A-1

            	
              LTIA1

            	
              0.200%

            	
              0.400%

            
	
              II-A-1

            	
              LTIIA1

            	
              0.080%

            	
              0.160%

            
	
              II-A-2

            	
              LTIIA2

            	
              0.150%

            	
              0.300%

            
	
              II-A-3

            	
              LTIIA3

            	
              0.210%

            	
              0.420%

            
	
              II-A-4

            	
              LTIIA4

            	
              0.280%

            	
              0.560%

            
	
              M-1

            	
              LTM1

            	
              0.330%

            	
              0.495%

            
	
              M-2

            	
              LTM2

            	
              0.350%

            	
              0.525%

            
	
              M-3

            	
              LTM3

            	
              0.400%

            	
              0.600%

            
	
              M-4

            	
              LTM4

            	
              0.600%

            	
              0.900%

            
	
              M-5

            	
              LTM5

            	
              0.850%

            	
              1.275%

            
	
              M-6

            	
              LTM6

            	
              1.200%

            	
              1.800%

            
	
              M-7

            	
              LTM7

            	
              1.750%

            	
              2.625%

            
	
              M-8

            	
              LTM8

            	
              2.500%

            	
              3.750%

            
	
              M-9

            	
              LTM9

            	
              2.500%

            	
              3.750%

            
	
              M-10

            	
              LTM10

            	
              2.500%

            	
              3.750%

            

    

    __________

    
      	
               

            	
              (1)

            	
              For
                the Accrual Period for each Distribution Date on or prior to the
                Optional
                Termination Date.

            

    

    
      	
               

            	
              (2)

            	
              For
                each other Accrual Period.

            

    

    

    “Certificate
      Owner”: With respect to each Book-Entry Certificate, any beneficial owner
      thereof.

     

    “Certificate
      Principal Balance”: With respect to any Class of Regular Certificates (other
      than the Class C Certificates) immediately prior to any Distribution Date,
      will
      be equal to the Initial Certificate Principal Balance thereof plus any
      Subsequent Recoveries added to the Certificate Principal Balance of such
      Certificate pursuant to Section 4.01, reduced by the sum of all amounts actually
      distributed in respect of principal of such Class and, in the case of a
      Mezzanine Certificate, Realized Losses allocated thereto on all prior
      Distribution Dates. With respect to the Class C Certificates as of any date
      of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balance of the REMIC 3 Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Floating Rate Certificates
      and the Class P Certificates then outstanding.

     

    “Certificate
      Register” and “Certificate Registrar”: The register maintained and registrar
      appointed pursuant to Section 5.02 hereof.

     

    “Certification
      Parties”: As defined in Section 4.05.

    

    “Certifying
      Person”: As defined in Section 4.05.

     

    “Class”:
      Collectively, Certificates which have the same priority of payment and bear
      the
      same class designation and the form of which is identical except for variation
      in the Percentage Interest evidenced thereby.

     

    “Class
      A
      Certificates”: Any one of the Class I-A-1 Certificates, Class II-A-1
      Certificates, Class II-A-2 Certificates, Class II-A-3 Certificates or Class
      II-A-4 Certificates.

     

    “Class
      C
      Certificates”: Any one of the Class C Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-17, representing (i) a Regular Interest in
      REMIC 5, (ii) the obligation to pay Net WAC Rate Carryover Amounts and Swap
      Termination Payments and (iii) the right to receive the Class IO Distribution
      Amount.

     

    “Class
      C
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class C Certificates, evidencing a REMIC Regular
      Interest in REMIC 4.

     

    “Class
      I-A-1 Certificate”: Any one of the Class I-A-1 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-1, representing (i) a
      Regular Interest in REMIC 4, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

     “Class
      II-A-1 Certificate”: Any one of the Class II-A-1 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-2, representing (i) a
      Regular Interest in REMIC 4, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      II-A-2 Certificate”: Any one of the Class II-A-2 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-3, representing (i) a
      Regular Interest in REMIC 4, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      II-A-3 Certificate”: Any one of the Class II-A-3 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-4, representing (i) a
      Regular Interest in REMIC 4, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      II-A-4 Certificate”: Any one of the Class II-A-4 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-5, representing (i) a
      Regular Interest in REMIC 4, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-6, representing (i) a Regular Interest
      in
      REMIC 4, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-1 Principal Distribution Amount: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date) and (ii) the Certificate Principal Balance of the
      Class M-1 Certificates immediately prior to such Distribution Date over (y)
      the
      lesser of (A) the product of (i) 59.10% and (ii) the Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor.

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-7, representing (i) a Regular Interest
      in
      REMIC 4, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-2 Principal Distribution Amount: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date) and (iii) the
      Certificate Principal Balance of the Class M-2 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 68.20%
      and
      (ii) the Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

    “Class
      M-3 Certificate”: Any one of the Class M-3 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-8, representing (i) a Regular Interest
      in
      REMIC 4, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-3 Principal Distribution Amount: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date) and (iv) the Certificate Principal Balance of the Class M-3 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 72.00% and (ii) the Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) and (B) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) minus the Overcollateralization
      Floor.

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-9, representing (i) a Regular Interest
      in
      REMIC 4, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-4 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date) and (v) the Certificate Principal
      Balance of the Class M-4 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 75.70% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor.

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-10, representing (i) a Regular Interest
      in
      REMIC 4, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-5 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (vi) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 79.00% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor.

     

    “Class
      M-6 Certificate”: Any one of the Class M-6 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-11, representing (i) a Regular Interest
      in
      REMIC 4, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-6 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Class A Principal Distribution
      Amount on such Distribution Date), (ii) the Certificate Principal Balance of
      the
      Class M-1 Certificates (after taking into account the distribution of the Class
      M-1 Principal Distribution Amount on such Distribution Date), (iii) the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-2 Principal Distribution Amount on
      such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date) and (vii) the Certificate
      Principal Balance of the Class M-6 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 81.80% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

    “Class
      M-7 Certificate”: Any one of the Class M-7 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-12, representing (i) a Regular Interest
      in
      REMIC 4, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-7 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date) and (viii) the Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 84.20% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor.

     

    “Class
      M-8 Certificate”: Any one of the Class M-8 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-13, representing (i) a Regular Interest
      in
      REMIC 4, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-8 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date) and (ix) the Certificate
      Principal Balance of the Class M-8 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 85.40% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

    “Class
      M-9 Certificate”: Any one of the Class M-9 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-14, representing (i) a Regular Interest
      in
      REMIC 4, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-9 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      Certificate Principal Balance of the Class A Certificates (after taking into
      account the distribution of the Senior Principal Distribution Amount on such
      Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date) and (x) the Certificate Principal Balance of the Class M-9 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 89.20% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor.

     

    “Class
      M-10 Certificate”: Any one of the Class M-10 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-15, representing (i)
      a
      Regular Interest in REMIC 4, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-10 Principal Distribution Amount: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (x) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date) and (xi) the Certificate
      Principal Balance of the Class M-10 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 92.30% and
      (ii)
      the Stated Principal Balance of the Mortgage Loans as of the last day of the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-18, representing a Regular Interest in REMIC
      6.

     

    “Class
      P
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class P Certificates, evidencing a Regular Interest
      in REMIC 4 for purposes of the REMIC Provisions.

     

    “Class
      R
      Certificate”: The Class R Certificate executed by the Trustee, and authenticated
      and delivered by the Certificate Registrar, substantially in the form annexed
      hereto as Exhibit A-19 and evidencing the ownership of the Class R-1 Interest,
      the Class R-2 Interest, the Class R-3 Interest and the Class R-4
      Interest.

     

    “Class
      R-1 Interest”:  The uncertificated Residual Interest in REMIC
      1.

     

    “Class
      R-2 Interest”:  The uncertificated Residual Interest in REMIC
      2.

     

    “Class
      R-3 Interest”:  The uncertificated Residual Interest in REMIC
      3.

     

    “Class
      R-4 Interest”:  The uncertificated Residual Interest in REMIC
      4.

     

    “Class
      R-5 Interest”:  The uncertificated Residual Interest in REMIC
      5.

     

    “Class
      R-6 Interest”:  The uncertificated Residual Interest in REMIC
      6.

     

    “Class
      R-7 Interest”:  The uncertificated Residual Interest in REMIC
      7.

     

    “Class
      R-X Certificate”: The Class R-X Certificate executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-20 and evidencing the ownership of the Class
      R-5 Interest, the Class R-6 Interest and the Class R-7 Interest.

     

    “Class
      X
      Certificate”:  Any one of the Class X Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-6, representing a Regular
      Interest in REMIC 3.

     

    “Class
      X
      Component”:  Any of the following:

     

    
      	
              
                Class
                  X Component

              

            	
              
                Corresponding
                  Certificates

              

            
	
              Class
                I-A-1 Component

            	
              Class
                I-A-1 Certificates

            
	
              Class
                II-A-1 Component

            	
              Class
                II-A-1 Certificates

            
	
              Class
                II-A-2 Component

            	
              Class
                II-A-2 Certificates

            
	
              Class
                II-A-3 Component

            	
              Class
                II-A-3 Certificates

            
	
              Class
                II-A-4 Component

            	
              Class
                II-A-4 Certificates

            
	
              Class
                M-1 Component

            	
              Class
                M-1 Certificates

            
	
              Class
                M-2 Component

            	
              Class
                M-2 Certificates

            
	
              Class
                M-3 Component

            	
              Class
                M-3 Certificates

            
	
              Class
                M-4 Component

            	
              Class
                M-4 Certificates

            
	
              Class
                M-5 Component

            	
              Class
                M-5 Certificates

            
	
              Class
                M-6 Component

            	
              Class
                M-6 Certificates

            
	
              Class
                M-7 Component

            	
              Class
                M-7 Certificates

            
	
              Class
                M-8 Component

            	
              Class
                M-8 Certificates

            
	
              Class
                M-9 Component

            	
              Class
                M-9 Certificates

            
	
              Class
                M-10 Component

            	
              Class
                M-10 Certificates

            

    

    

    “Close
      of
      Business”: As used herein, with respect to any Business Day, 5:00 p.m. (New York
      time).

     

    “Closing
      Date”: May 15, 2007.

     

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

     

    “Collection
      Account”: The account or accounts created and maintained by the Servicer
      pursuant to Section 3.10(a), which shall be titled “Option One Mortgage
      Corporation, as Servicer for Wells Fargo Bank, N.A., as Trustee, in trust for
      registered Holders of Soundview Home Loan Trust 2007-OPT1, Asset-Backed
      Certificates, Series 2007-OPT1,” which must be an Eligible Account.

     

    “Compensating
      Interest”:  As defined in Section 3.24 hereof.

     

    “Corporate
      Trust Office”:  The principal corporate trust office of the Trustee at
      which at any particular time its corporate trust business in connection with
      this Agreement shall be administered, which office at the date of the execution
      of this instrument is located at Sixth Street and Marquette Avenue, Minneapolis,
      Minnesota 55479-0113, Attention: Corporate Trust Services - Soundview Home
      Loan
      Series 2007-OPT1, or at such other address as the Trustee may designate from
      time to time by notice to the Certificateholders, the Depositor, the Servicer
      and the Originator.

     

    “Corresponding
      Certificate”: With respect to each REMIC 2 Regular Interest or REMIC 3 Regular
      Interest set forth below, the corresponding Regular Certificate set forth in
      the
      table below:

     

    
      	
              
                REMIC
                  2 Regular Interest

              

            	
              
                Regular
                  Certificate

              

            
	
              LTIA1

            	
              Class
                I-A-1

            
	
              LTIIA1

            	
              Class
                II-A-1

            
	
              LTIIA2

            	
              Class
                II-A-2

            
	
              LTIIA3

            	
              Class
                II-A-3

            
	
              LTIIA4

            	
              Class
                II-A-4

            
	
              LTM1

            	
              Class
                M-1

            
	
              LTM2

            	
              Class
                M-2

            
	
              LTM3

            	
              Class
                M-3

            
	
              LTM4

            	
              Class
                M-4

            
	
              LTM5

            	
              Class
                M-5

            
	
              LTM6

            	
              Class
                M-6

            
	
              LTM7

            	
              Class
                M-7

            
	
              LTOC

            	
              Class
                M-8, Class M-9, Class M-10 and Class C

            
	
              LTP

            	
              Class
                P

            

    

    

    
      	
              
                REMIC
                  3 Regular Interest

              

            	
              
                Regular
                  Certificate

              

            
	
              LTIA1

            	
              Class
                I-A-1

            
	
              LTIIA1

            	
              Class
                II-A-1

            
	
              LTIIA2

            	
              Class
                II-A-2

            
	
              LTIIA3

            	
              Class
                II-A-3

            
	
              LTIIA4

            	
              Class
                II-A-4

            
	
              LTM1

            	
              Class
                M-1

            
	
              LTM2

            	
              Class
                M-2

            
	
              LTM3

            	
              Class
                M-3

            
	
              LTM4

            	
              Class
                M-4

            
	
              LTM5

            	
              Class
                M-5

            
	
              LTM6

            	
              Class
                M-6

            
	
              LTM7

            	
              Class
                M-7

            
	
              LTM8

            	
              Class
                M-8

            
	
              LTM9

            	
              Class
                M-9

            
	
              LTM10

            	
              Class
                M-10

            
	
              LTX1

            	
              Class
                X

            
	
              LTX2

            	
              Class
                X

            
	
              LTX3

            	
              Class
                X

            
	
              LTX4

            	
              Class
                X

            
	
              LTX5

            	
              Class
                X

            
	
              LTX6

            	
              Class
                X

            
	
              LTX7

            	
              Class
                X

            
	
              LTX8

            	
              Class
                X

            
	
              LTX9

            	
              Class
                X

            
	
              LTX10

            	
              Class
                X

            
	
              LTX11

            	
              Class
                X

            
	
              LTX12

            	
              Class
                X

            
	
              LTP

            	
              Class
                P

            

    

    

     “Credit
      Enhancement Percentage”:  For any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the aggregate Certificate
      Principal Balance of the Mezzanine Certificates and the Class C Certificates,
      and the denominator of which is the aggregate Stated Principal Balance of the
      Mortgage Loans, calculated prior to taking into account payments of principal
      on
      the Mortgage Loans and distribution of the Group I Principal Distribution Amount
      and the Group II Principal Distribution Amount to the Holders of the
      Certificates then entitled to distributions of principal on such Distribution
      Date.

     

    “Cumulative
      Loss Percentage”:  With respect to any Distribution Date, the
      percentage equivalent of a fraction, the numerator of which is the aggregate
      amount of Realized Losses incurred from the Cut-off Date to the last day of
      the
      preceding calendar month and the denominator of which is the aggregate Stated
      Principal Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Custodian”:
      Wells Fargo Bank, N.A., as custodian of the Mortgage Files, or any successor
      thereto.

     

    “Cut-off
      Date”: With respect to each Mortgage Loan, April 1, 2007.

     

    “Cut-off
      Date Principal Balance”:  With respect to any Mortgage Loan, the
      unpaid Stated Principal Balance thereof as of the Cut-off Date of such Mortgage
      Loan (or as of the applicable date of substitution with respect to a Qualified
      Substitute Mortgage Loan), after giving effect to scheduled payments due on
      or
      before the Cut-off Date, whether or not received.

     

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

     

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

     

    “Definitive
      Certificates”:  As defined in Section 5.02(c) hereof.

     

    “Deleted
      Mortgage Loan”: A Mortgage Loan replaced or to be replaced by one or more
      Qualified Substitute Mortgage Loans.

     

    “Delinquency
      Servicer Termination Trigger”: A Delinquency Servicer Termination Trigger will
      have occurred with respect to the Certificates on a Distribution Date if the
      Three Month Rolling Delinquency Percentage for the Mortgage Loans exceeds
      25.00%.

     

    “Delinquency
      Percentage”:  For any Distribution Date, the percentage obtained by
      dividing (x) the aggregate Stated Principal Balance of Mortgage Loans Delinquent
      60 days or more (including Mortgage Loans that are REO Properties, in
      foreclosure or in bankruptcy and that are also Delinquent 60 days or more)
      by
      (y) the aggregate Stated Principal Balance of the Mortgage Loans, in each case,
      as of the last day of the previous calendar month.

     

    “Delinquent”:
      With respect to any Mortgage Loan and related Monthly Payment, the Monthly
      Payment due on a Due Date which is not made by the Close of Business on the
      next
      scheduled Due Date for such Mortgage Loan. For example, a Mortgage Loan is
      60 or
      more days Delinquent if the Monthly Payment due on a Due Date is not made by
      the
      Close of Business on the second scheduled Due Date after such Due
      Date.

     

    “Depositor”:
      Financial Asset Securities Corp., a Delaware corporation, or any successor
      in
      interest.

     

    “Depository”:
      The initial Depository shall be The Depository Trust Company, whose nominee
      is
      Cede & Co., or any other organization registered as a “clearing agency”
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended.
      The
      Depository shall initially be the registered Holder of the Book-Entry
      Certificates. The Depository shall at all times be a “clearing corporation” as
      defined in Section 8-102(3) of the Uniform Commercial Code of the State of
      New
      York.

     

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

     

    “Determination
      Date”: With respect to any Distribution Date, the 15th day of
      the
      calendar month in which such Distribution Date occurs or, if such 15th day is
      not a
      Business Day, the Business Day immediately preceding such 15th day.

     

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

     

    “Disqualified
      Organization”: A “disqualified organization” under Section 860E of the Code,
      which as of the Closing Date is any of: (i) the United States, any state or
      political subdivision thereof, any foreign government, any international
      organization, or any agency or instrumentality of any of the foregoing, (ii)
      any
      organization (other than a cooperative described in Section 521 of the Code)
      which is exempt from the tax imposed by Chapter 1 of the Code unless such
      organization is subject to the tax imposed by Section 511 of the Code, (iii)
      any
      organization described in Section 1381(a)(2)(C) of the Code or (iv) an “electing
      large partnership” within the meaning of Section 775 of the Code. 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, a majority of its board of directors is not selected by a governmental
      unit. The term “United States”, “state” and “international organizations” shall
      have the meanings set forth in Section 7701 of the Code.

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trustee
      pursuant to Section 3.10(b) which shall be titled “Distribution Account, Wells
      Fargo Bank, N.A., as Trustee, in trust for the registered Certificateholders
      of
      Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series
      2007-OPT1” and which must be an Eligible Account.

     

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

     

    “Due
      Date”: With respect to each Mortgage Loan and any Distribution Date, the first
      day of the calendar month in which such Distribution Date occurs on which the
      Monthly Payment for such Mortgage Loan was due (or, in the case of any Mortgage
      Loan under the terms of which the Monthly Payment for such Mortgage Loan was
      due
      on a day other than the first day of the calendar month in which such
      Distribution Date occurs, the day during the related Due Period on which such
      Monthly Payment was due), exclusive of any days of grace.

     

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

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a federal or state
      chartered depository institution or trust company the short-term unsecured
      debt
      obligations of which (or, in the case of a depository institution or trust
      company that is the principal subsidiary of a holding company, the short-term
      unsecured debt obligations of such holding company) are rated A-1+ by S&P,
      F-1 by Fitch and P-1 by Moody’s (or comparable ratings if S&P, Fitch and
      Moody’s are not the Rating Agencies) at the time any amounts are held on deposit
      therein, (ii) an account or accounts the deposits in which are fully insured
      by
      the FDIC up to the insured amount, (iii) a trust account or accounts maintained
      with the trust department of a federal or state chartered depository
      institution, national banking association or trust company acting in its
      fiduciary capacity or (iv) an account otherwise acceptable to each Rating Agency
      without reduction or withdrawal of their then current ratings of the
      Certificates as evidenced by a letter from each Rating Agency to the Trustee
      and
      the NIMS Insurer. Eligible Accounts may bear interest.

     

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

     

    “Escrow
      Account”: The account or accounts created and maintained pursuant to Section
      3.09.

     

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

     

    “Estimated
      Swap Termination Payment”:  As defined in the Interest Rate Swap
      Agreement.

     

    “Excess
      Overcollateralized Amount”: With respect to the Floating Rate Certificates and
      any Distribution Date, the excess, if any, of the sum of (i) the
      Overcollateralized Amount for such Distribution Date, assuming that 100% of
      the
      Principal Remittance Amount is applied as a principal payment on such
      Distribution Date and (ii) any amounts received under the Interest Rate Swap
      Agreement for such purpose over (iii) the Overcollateralization Target Amount
      for such Distribution Date.

     

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

     

     “Extra
      Principal Distribution Amount”: With respect to any Distribution Date, the
      lesser of (x) the Monthly Interest Distributable Amount distributable on the
      Class C Certificates on such Distribution Date as reduced by Realized Losses
      allocated thereto with respect to such Distribution Date pursuant to Section
      4.08 and (y) the Overcollateralization Deficiency Amount for such Distribution
      Date.

     

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

     

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

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased by the
      Originator, the Seller or the Servicer pursuant to or as contemplated by Section
      2.03, Section 3.16(c) or Section 10.01), a determination made by the Servicer
      that all Insurance Proceeds, Liquidation Proceeds and other payments or
      recoveries which the Servicer, in its reasonable good faith judgment, expects
      to
      be finally recoverable in respect thereof have been so recovered. The Servicer
      shall maintain records, prepared by a Servicing Officer, of each Final Recovery
      Determination made thereby.

     

    “Fitch”:
      Fitch Ratings, or its successor in interest.

     

    “Fixed-Rate
      Mortgage Loan”:  A first lien or second lien Mortgage Loan which
      provides for a fixed Mortgage Rate payable with respect thereto.  The
      Fixed-Rate Mortgage Loans are identified as such on the Mortgage Loan
      Schedule.

     

    “Fixed
      Swap Payment”: With respect to any Distribution Date, a fixed amount equal to
      the related amount set forth in the Interest Rate Swap Agreement.

     

    “Floating
      Rate Certificates”: The Class A Certificates and the Mezzanine
      Certificates.

     

    “Floating
      Swap Payment”:  With respect to any Distribution Date, a floating
      amount equal to the product of (i) Swap LIBOR, (ii) the lesser of (a) the
      product of (I) the aggregate Certificate Principal Balance of the outstanding
      Class A and Mezzanine Certificates immediately prior to such Distribution Date
      and (II) 1/250 and (b) the related Notional Amount (as defined in the Interest
      Rate Swap Agreement), (iii) 250 and (iv) a fraction, the numerator of which
      is
      the actual number of days elapsed from and including the previous Floating
      Rate
      Payer Period End Date (as defined in the Interest Rate Swap Agreement) to but
      excluding the current Floating Rate Payer Period End Date (or, for the first
      Distribution Date, the actual number of days elapsed from the Closing Date
      to
      but excluding the first Floating Rate Payer Period End Date), and the
      denominator of which is 360.

     

    “Form
      8-K
      Disclosure Information”: The meaning set forth in 4.05(c)(i)

     

    “Formula
      Rate”:  For any Distribution Date and any Class of the Floating Rate
      Certificates, the lesser of (i) the Base Rate and (ii) the Maximum Cap
      Rate.

     

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

     

    “Gross
      Margin”: With respect to each Adjustable-Rate Mortgage Loan, the fixed
      percentage set forth in the related Mortgage Note that is added to the Index
      on
      each Adjustment Date in accordance with the terms of the related Mortgage Note
      used to determine the Mortgage Rate for such Mortgage Loan.

     

    “Group
      I
      Allocation Percentage”:  With respect to any Distribution Date, the
      percentage equivalent of a fraction, the numerator of which is (i) the Group
      I
      Principal Remittance Amount for such Distribution Date, and the denominator
      of
      which is (ii) the Principal Remittance Amount for such Distribution
      Date.

     

    “Group
      I
      Basic Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Group I Principal Remittance Amount for such Distribution
      Date
      over (ii)(a) the Overcollateralization Release Amount, if any, for such
      Distribution Date multiplied by (b) the Group I Allocation
      Percentage.

     

    “Group
      I
      Certificates”:  The Class I-A-1 Certificates.

     

    “Group
      I
      Class X Percentage”:  With respect to any Distribution Date, the
      percentage equivalent of a fraction, the numerator of which is (i) the Group
      I
      Interest Remittance Amount for such Distribution Date, and the denominator
      of
      which is (ii) the Interest Remittance Amount for such Distribution
      Date.

     

    “Group
      I
      Interest Remittance Amount”: With respect to any Distribution Date, that portion
      of the Available Funds for such Distribution Date attributable to interest
      received or advanced with respect to the Group I Mortgage Loans.

     

    “Group
      I
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group I with a Stated Principal
      Balance at origination that conforms to Fannie Mae and Freddie Mac loan
      limits.  The aggregate Stated Principal Balance of the Group I
      Mortgage Loans as of the Cut-off Date is equal to
      $1,232,752,972.92.

     

    “Group
      I
      Principal Distribution Amount”: With respect to any Distribution Date, that
      portion of the Available Funds equal to the sum of (i) the Group I Basic
      Principal Distribution Amount for such Distribution Date and (ii)(a) the Extra
      Principal Distribution Amount for such Distribution Date multiplied by (b)
      the
      Group I Allocation Percentage.

     

    “Group
      I
      Principal Remittance Amount”: With respect to any Distribution Date, that
      portion of Available Funds equal to the sum of (i) each scheduled payment of
      principal collected or advanced on the Group I Mortgage Loans by the Servicer
      that were due during the related Due Period, (ii) the principal portion of
      all
      full Principal Prepayments of the Group I Mortgage Loans applied by the Servicer
      during the related Prepayment Period, (iii) the principal portion of all related
      partial Principal Prepayments, Net Liquidation Proceeds, Insurance Proceeds
      and
      Subsequent Recoveries received during the related Prepayment Period with respect
      to the Group I Mortgage Loans, (iv) that portion of the Purchase Price,
      representing principal of any repurchased Group I Mortgage Loan, deposited
      to
      the Collection Account during the related Prepayment Period, (v) the principal
      portion of any related Substitution Adjustments deposited in the Collection
      Account during the related Prepayment Period with respect to the Group I
      Mortgage Loans and (vi) on the Distribution Date on which the Trust Fund is
      to
      be terminated pursuant to Section 10.01, that portion of the Termination Price,
      in respect of principal on the Group I Mortgage Loans.

     

    “Group
      I
      Senior Principal Distribution Amount”:  The excess of (x) the
      Certificate Principal Balance of the Group I Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 50.10%
      and
      (ii) the aggregate Stated Principal Balance of the Group I Mortgage Loans as
      of
      the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the aggregate Stated Principal Balance of
      the
      Group I Mortgage Loans as of the last day of the related Due Period (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Group
      II
      Allocation Percentage”:  With respect to any Distribution Date, the
      percentage equivalent of a fraction, the numerator of which is (i) the Group
      II
      Principal Remittance Amount for such Distribution Date, and the denominator
      of
      which is (ii) the Principal Remittance Amount for such Distribution
      Date.

     

    “Group
      II
      Basic Principal Distribution Amount”:  With respect to any
      Distribution Date, the excess of (i) the Group II Principal Remittance Amount
      for such Distribution Date over (ii)(a) the Overcollateralization Release
      Amount, if any, for such Distribution Date multiplied by (b) the Group II
      Allocation Percentage.

     

    “Group
      II
      Certificates”:  The Class II-A-1 Certificates, Class II-A-2
      Certificates, Class II-A-3 Certificates and Class II-A-4
      Certificates.

     

    “Group
      II
      Class X Percentage”:  With respect to any Distribution Date, the
      percentage equivalent of a fraction, the numerator of which is (i) the Group
      II
      Interest Remittance Amount for such Distribution Date, and the denominator
      of
      which is (ii) the Interest Remittance Amount for such Distribution
      Date.

     

    “Group
      II
      Interest Remittance Amount”: With respect to any Distribution Date, that portion
      of the Available Funds for such Distribution Date attributable to interest
      received or advanced with respect to the Group II Mortgage Loans.

     

    “Group
      II
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group II with a Stated
      Principal Balance at origination that may or may not conform to Fannie Mae
      and
      Freddie Mac loan limits.  The aggregate Stated Principal Balance of
      the Group II Mortgage Loans as of the Cut-off Date is equal to
      $1,089,033,231.61.

     

    “Group
      II
      Principal Distribution Amount”: With respect to any Distribution Date, that
      portion of the Available Funds equal to the sum of (i) the Group II Basic
      Principal Distribution Amount for such Distribution Date and (ii)(a) the Extra
      Principal Distribution Amount for such Distribution Date multiplied by (b)
      the
      Group II Allocation Percentage.

     

    “Group
      II
      Principal Remittance Amount”: With respect to any Distribution Date, that
      portion of Available Funds equal to the sum of (i) each scheduled payment of
      principal collected or advanced on the Group II Mortgage Loans by the Servicer
      that were due during the related Due Period, (ii) the principal portion of
      all
      full Principal Prepayments of the Group II Mortgage Loans applied by the
      Servicer during the related Prepayment Period, (iii) the principal portion
      of
      all related partial Principal Prepayments, Net Liquidation Proceeds, Insurance
      Proceeds and Subsequent Recoveries received during the related Prepayment Period
      with respect to the Group II Mortgage Loans, (iv) that portion of the Purchase
      Price, representing principal of any repurchased Group II Mortgage Loan,
      deposited to the Collection Account during the related Prepayment Period, (v)
      the principal portion of any related Substitution Adjustments deposited in
      the
      Collection Account during the related Prepayment Period with respect to the
      Group II Mortgage Loans and (vi) on the Distribution Date on which the Trust
      Fund is to be terminated pursuant to Section 10.01, that portion of the
      Termination Price, in respect of principal on the Group II Mortgage
      Loans.

     

    “Group
      II
      Senior Principal Distribution Amount”: The excess of (x) the aggregate
      Certificate Principal Balance of the Group II Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 50.10%
      and
      (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans
      as of
      the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the aggregate Stated Principal Balance of
      the
      Group II Mortgage Loans as of the last day of the related Due Period (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Highest
      Priority”:  As of any date of determination, the Class of Mezzanine
      Certificates then outstanding with a Certificate Principal Balance greater
      than
      zero, with the highest priority for payments pursuant to Section 4.01, in the
      following order of decreasing priority: Class M-1, Class M-2, Class M-3, Class
      M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10
      Certificates.

     

    “Indenture”:  An
      indenture relating to the issuance of notes secured by the Class C Certificates,
      the Class P Certificates and/or the Class R Certificates (or any portion
      thereof) which may or may not be guaranteed by the NIMS Insurer.

     

    “Independent”:
      When used with respect to any specified Person, any such Person who (a) is
      in
      fact independent of the Depositor or the Servicer and their respective
      Affiliates, (b) does not have any direct financial interest in or any material
      indirect financial interest in the Depositor or the Servicer or any Affiliate
      thereof, and (c) is not connected with the Depositor or the Servicer or any
      Affiliate thereof as an officer, employee, promoter, underwriter, trustee,
      partner, director or Person performing similar functions; provided, however,
      that a Person shall not fail to be Independent of the Depositor or the Servicer
      or any Affiliate thereof merely because such Person is the beneficial owner
      of
      1% or less of any class of securities issued by the Depositor or the Servicer
      or
      any Affiliate thereof, as the case may be.

     

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

     

    “Index”:
      With respect to each Adjustable-Rate Mortgage Loan and with respect to each
      related Adjustment Date, the index as specified in the related Mortgage
      Note.

     

    “Initial
      Certificate Principal Balance”: With respect to any Regular Certificate, the
      amount designated “Initial Certificate Principal Balance” on the face
      thereof.

     

    “Insurance
      Proceeds”: Proceeds of any title policy, hazard policy or other insurance policy
      covering a Mortgage Loan to the extent such proceeds are received by the
      Servicer and are not to be applied to the restoration of the related Mortgaged
      Property or released to the Mortgagor in accordance with the procedures that
      the
      Servicer would follow in servicing mortgage loans held for its own account,
      subject to the terms and conditions of the related Mortgage Note and
      Mortgage.

     

    “Interest
      Determination Date”: With respect to the Floating Rate Certificates and each
      Accrual Period, the second LIBOR Business Day preceding the commencement of
      such
      Accrual Period.

     

    “Interest
      Rate Swap Agreement”: The interest rate swap agreement, dated the Closing Date,
      between the Supplemental Interest Trust Trustee and the Swap Provider, including
      any schedule, confirmations, credit support annex or other credit support
      document relating thereto, and attached hereto as Exhibit O.

     

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

     

    “Latest
      Possible Maturity Date”: As to each Class of Certificates, the date set forth as
      such in the Prospectus Supplement.

     

    “LIBOR”:
      With respect to each Accrual Period, the rate determined by the Trustee on
      the
      related Interest Determination Date on the basis of the London interbank offered
      rate for one-month United States dollar deposits, as such rate appears on the
      Reuters Screen LIBOR01 Page, as of 11:00 a.m. (London time) on such Interest
      Determination Date. If such rate does not appear on Reuters Screen LIBOR01
      Page,
      the rate for such Interest Determination Date will be determined on the basis
      of
      the offered rates of the Reference Banks for one-month United States dollar
      deposits, as of 11:00 a.m. (London time) on such Interest Determination Date.
      The Trustee will request the principal London office of each of the Reference
      Banks to provide a quotation of its rate. On such Interest Determination Date,
      LIBOR for the related Accrual Period will be established by the Trustee as
      follows:

     

    (i)  If
      on
      such Interest Determination Date two or more Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the arithmetic
      mean of such offered quotations (rounded upwards if necessary to the nearest
      whole multiple of 1/16 of 1%); and

     

    (ii)  If
      on
      such Interest Determination Date fewer than two Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the higher
      of
      (i) LIBOR as determined on the previous Interest Determination Date and (ii)
      the
      Reserve Interest Rate.

     

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

     

    “Liquidated
      Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of
      which the Servicer has determined, in accordance with the servicing procedures
      specified herein, as of the end of the related Prepayment Period, that all
      Liquidation Proceeds which it expects to recover with respect to the liquidation
      of the Mortgage Loan or disposition of the related REO Property have been
      recovered.

     

    “Liquidation
      Event”: With respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full, (ii) a Final Recovery Determination is made
      as to
      such Mortgage Loan or (iii) such Mortgage Loan is removed from the Trust Fund
      by
      reason of its being purchased, sold or replaced pursuant to or as contemplated
      by Section 2.03, Section 3.16(c) or Section 10.01. With respect to any REO
      Property, either of the following events: (i) a Final Recovery Determination
      is
      made as to such REO Property or (ii) such REO Property is removed from the
      Trust
      Fund by reason of its being sold or purchased pursuant to Section 3.23 or
      Section 10.01.

     

    “Liquidation
      Proceeds”: The amount (other than amounts received in respect of the rental of
      any REO Property prior to REO Disposition) received by the Servicer in
      connection with (i) the taking of all or a part of a Mortgaged Property by
      exercise of the power of eminent domain or condemnation, (ii) the liquidation
      of
      a defaulted Mortgage Loan by means of a trustee’s sale, foreclosure sale or
      otherwise or (iii) the repurchase, substitution or sale of a Mortgage Loan
      or an
      REO Property pursuant to or as contemplated by Section 2.03, Section 3.16(c),
      Section 3.23 or Section 10.01.

     

    “Loan-to-Value
      Ratio”: As of any date and as to any Mortgage Loan, the fraction, expressed as a
      percentage, the numerator of which is the Stated Principal Balance of the
      Mortgage Loan and the denominator of which is the Value of the related Mortgaged
      Property.

     

    “Loan
      Group”: Either Loan Group I or Loan Group II, as the context
      requires.

     

    “Loan
      Group I”: The group of Mortgage Loans identified in the Mortgage Loan Schedule
      as having been assigned to Loan Group I.

     

    “Loan
      Group II”: The group of Mortgage Loans identified in the Mortgage Loan Schedule
      as having been assigned to Loan Group II.

     

    “Losses”:  As
      defined in Section 9.03.

     

    “Lost
      Note Affidavit”: With respect to any Mortgage Loan as to which the original
      Mortgage Note has been permanently lost, misplaced or destroyed and has not
      been
      replaced, an affidavit from the Originator certifying that the original Mortgage
      Note has been lost, misplaced or destroyed (together with a copy of the related
      Mortgage Note) and indemnifying the Trust against any loss, cost or liability
      resulting from the failure to deliver the original Mortgage Note in the form
      of
      Exhibit H hereto.

     

    “Majority
      Certificateholders”: The Holders of Certificates evidencing at least 51% of the
      Voting Rights.

     

    “Marker
      Rate”:   With respect to the Class C Interest and any
      Distribution Date, a per annum rate equal to two (2) times the weighted average
      of the Uncertificated REMIC 3 Pass-Through Rates for each REMIC 3 Regular
      Interest (other than REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest
      LTX1, REMIC 3 Regular Interest LTX2, REMIC 3 Regular Interest LTX3, REMIC 3
      Regular Interest LTX4, REMIC 3 Regular Interest LTX5, REMIC 3 Regular Interest
      LTX6, REMIC 3 Regular Interest LTX7, REMIC 3 Regular Interest LTX8, REMIC 3
      Regular Interest LTX9, REMIC 3 Regular Interest LTX10, REMIC 3 Regular Interest
      LTX11, REMIC 3 Regular Interest LTX12, REMIC 3 Regular Interest LTIO and REMIC
      3
      Regular Interest LTP), with the rate on each such REMIC 2 Regular Interest
      (other than REMIC 2 Regular Interest LTZZ) subject to a cap equal to the
      Pass-Through Rate for the Corresponding Certificate for the purpose of this
      calculation; and with the rate on REMIC 2 Regular Interest LTZZ subject to
      a cap
      of zero for the purpose of this calculation; provided, however, that solely
      for
      this purpose, calculations of the Uncertificated REMIC 2 Pass-Through Rate
      and
      the related caps with respect to each such REMIC 2 Regular Interest (other
      than
      REMIC 2 Regular Interest LTZZ) shall be multiplied by a fraction, the numerator
      of which is the actual number of days in the related Interest Accrual Period
      and
      the denominator of which is 30.

     

    “Master
      Agreement”: The Amended and Restated Master Mortgage Loan Purchase and Servicing
      Agreement, dated April 1, 2007, among the Originator and certain affililates
      of
      the Originator and the Seller.

     

    “Maximum
      Cap Rate”:   With respect to any Distribution Date and any Class
      of the Floating Rate Certificates, a per annum rate (which rate shall be
      multiplied by a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days elapsed in the related Accrual Period) equal
      to the weighted average of the Adjusted Net Maximum Mortgage Rates of the
      Mortgage Loans (weighted based on the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the first day of the related Due Period or, in the case
      of
      the first Distribution Date, the Cut-off Date, adjusted, except in the case
      of
      the first Distribution Date, to reflect unscheduled principal payments made
      thereafter during the Prepayment Period that includes such first day of the
      related Due Period) minus (i) the Swap Expense Fee Rate and (ii) the product
      of
      (a) the weighted average (weighted based on the Notional Amount of the
      respective Class X Component) of the Pass-Through Rate of each Class X Component
      and (b) the aggregate Notional Amount of the Class X Components divided by
      the
      aggregate Stated Principal Balance of the Mortgage Loans as of the first day
      of
      the related Due Period (or, in the case of the first Distribution Date, the
      Cut-off Date, adjusted, except in the case of the first Distribution Date,
      to
      reflect unscheduled principal payments made thereafter during the Prepayment
      Period that includes such first day of the related Due Period) plus (iii) an
      amount, expressed as a per annum rate, equal to the product of (i) the Net
      Swap
      Payment made by the Swap Provider divided by the aggregate Principal Balance
      of
      the Mortgage Loans and (ii) 12.

     

    “Maximum
      Uncertificated Accrued Interest Deferral Amount”:  With respect to any
      Distribution Date, the excess of (a) accrued interest at the Uncertificated
      REMIC 3 Pass-Through Rate applicable to REMIC 3 Regular Interest LTZZ for such
      Distribution Date on a balance equal to the Uncertificated Principal Balance
      of
      REMIC 3 Regular Interest LTZZ minus the REMIC 3 Overcollateralization Amount,
      in
      each case for such Distribution Date, over (b) the sum of the Uncertificated
      Accrued Interest on REMIC 3 Regular Interest LTIA1, REMIC 3 Regular Interest
      LTIIA1, REMIC 3 Regular Interest LTIIA2, REMIC 3 Regular Interest LTIIA3, REMIC
      3 Regular Interest LTIIA4, REMIC 3 Regular Interest LTM1, REMIC 3 Regular
      Interest LTM2, REMIC 3 Regular Interest LTM3, REMIC 3 Regular Interest LTM4,
      REMIC 3 Regular Interest LTM5, REMIC 3 Regular Interest LTM6, REMIC 3 Regular
      Interest LTM7, REMIC 3 Regular Interest LTM8, REMIC 3 Regular Interest LTM9
      and
      REMIC 3 Regular Interest LTM10, with the rate on each such REMIC 3 Regular
      Interest subject to a cap equal to the Pass-Through Rate for the related
      Corresponding Certificate for the purpose of this calculation; provided,
      however, that for this purpose, calculations of the Uncertificated REMIC 3
      Pass-Through Rate and the related caps with respect to each such REMIC 3 Regular
      Interest (other than REMIC 3 Regular Interest LTZZ) shall be multiplied by
      a
      fraction, the numerator of which is the actual number of days elapsed in the
      related Accrual Period and the denominator of which is 30.

     

    “Maximum
      Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the maximum Mortgage Rate
      thereunder.

     

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

     

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

     

     “Mezzanine
      Certificate”: Any Class M-1 Certificate, Class M-2 Certificate, Class M-3
      Certificate, Class M-4 Certificate, Class M-5 Certificate, Class M-6
      Certificate, Class M-7 Certificate, Class M-8 Certificate, Class M-9 Certificate
      or Class M-10 Certificate.

     

     “Minimum
      Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the minimum Mortgage Rate
      thereunder.

     

     “Monthly
      Interest Distributable Amount”: With respect to any Class of Floating Rate
      Certificates and the Class C Certificates and any Distribution Date, the amount
      of interest accrued during the related Accrual Period at the related
      Pass-Through Rate on the Certificate Principal Balance (or Notional Amount
      in
      the case of the Class C Certificates) of such Class immediately prior to such
      Distribution Date, in each case, reduced by any Net Prepayment Interest
      Shortfalls and Relief Act Interest Shortfalls (allocated to such Certificate
      based on its respective entitlements to interest irrespective of any Net
      Prepayment Interest Shortfalls and Relief Act Interest Shortfalls for such
      Distribution Date).

     

    With
      respect to the Class X Certificates and any Distribution Date, the weighted
      average (weighted based on the Notional Amount of each Class X Component) of
      the
      amount of interest accrued during the related Accrual Period at the related
      Pass-Through Rate on the Notional Amount of each Class X Component.

     

    “Monthly
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal and interest on such Mortgage Loan which is payable by the related
      Mortgagor from time to time under the related Mortgage Note, determined: (a)
      after giving effect to (i) any Deficient Valuation and/or Debt Service Reduction
      with respect to such Mortgage Loan, (ii) any modifications to a Mortgage Loan
      pursuant to Section 3.07 and (iii) any reduction in the amount of interest
      collectible from the related Mortgagor pursuant to the Relief Act; (b) without
      giving effect to any extension granted or agreed to by the Servicer pursuant
      to
      Section 3.07; and (c) on the assumption that all other amounts, if any, due
      under such Mortgage Loan are paid when due.

     

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

     

    “Mortgage”:
      The mortgage, deed of trust or other instrument creating a first or second
      lien
      on, or first or second priority security interest in, a Mortgaged 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 required to be added to the Mortgage
      File pursuant to this Agreement.

     

    “Mortgage
      Loan”: Each mortgage loan transferred and assigned to the Trustee pursuant to
      Section 2.01 or Section 2.03(d) as from time to time held as a part of the
      Trust
      Fund, the Mortgage Loans so held being identified in the Mortgage Loan
      Schedule.

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC 1
      on such date, separately identifying the Group I Mortgage Loans and the Group
      II
      Mortgage Loans, attached hereto as Exhibit D. The Mortgage Loan Schedule shall
      be prepared by the Depositor and shall set forth the following information
      with
      respect to each Mortgage Loan, as applicable:

     

    (i)  the
      Mortgage Loan identifying number;

     

    (ii)  [reserved];

     

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

     

    (iv)  a
      code
      indicating whether the Mortgaged Property was represented by the borrower,
      at
      the time of origination, as being owner-occupied;

     

    (v)  the
      type
      of Residential Dwelling constituting the Mortgaged Property;

     

    (vi)  the
      original months to maturity;

     

    (vii)  the
      stated remaining months to maturity from the Cut-off Date based on the original
      amortization schedule;

     

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

     

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

     

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

     

    (xi)  the
      stated maturity date;

     

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

     

    (xiii)  the
      amount of the Monthly Payment due on the first Due Date after the Cut- off
      Date;

     

    (xiv)  the
      last
      Due Date on which a Monthly Payment was actually applied to the unpaid Stated
      Principal Balance;

     

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

     

    (xvi)  the
      Stated Principal Balance of the Mortgage Loan as of the Close of Business on
      the
      Cut-off Date;

     

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

     

    (xviii)  the
      Mortgage Rate at origination;

     

    (xix)  a
      code
      indicating the documentation program (i.e., full documentation, limited income
      verification, no income verification, alternative income
      verification);

     

    (xx)  the
      risk
      grade;

     

    (xxi)  the
      Value
      of the Mortgaged Property;

     

    (xxii)  the
      sale
      price of the Mortgaged Property, if applicable;

     

    (xxiii)  the
      actual unpaid principal balance of the Mortgage Loan as of the Cut-off
      Date;

     

    (xxiv)  the
      type
      and term of the related Prepayment Charge;

     

    (xxv)  with
      respect to any Adjustable-Rate Mortgage Loan, the rounding code, the Minimum
      Mortgage Rate, the Maximum Mortgage Rate, the Gross Margin, the next Adjustment
      Date and the Periodic Rate Cap;

     

    (xxvi)  the
      program code;

     

    (xxvii)  the
      Loan
      Group; and

     

    (xxviii)  the
      lien
      priority.

     

    The
      Mortgage Loan Schedule shall set forth the following information, with respect
      to the Mortgage Loans in the aggregate and for each Loan Group as of the Cut-off
      Date: (1) the number of Mortgage Loans; (2) the current Principal Balance of
      the
      Mortgage Loans; (3) the weighted average Mortgage Rate of the Mortgage Loans
      and
      (4) the weighted average remaining term to maturity of the Mortgage Loans.
      The
      Mortgage Loan Schedule shall be amended from time to time by the Servicer in
      accordance with the provisions of this Agreement. With respect to any Qualified
      Substitute Mortgage Loan, Cut-off Date shall refer to the Cut-off Date for
      such
      Mortgage Loan, determined in accordance with the definition of Cut-off Date
      herein.  On the Closing Date, the Depositor will deliver to the
      Servicer, as of the Cut-off Date, an electronic copy of the Mortgage Loan
      Schedule.

     

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

     

    “Mortgage
      Pool”: The pool of Mortgage Loans, identified on Exhibit D from time to time,
      and any REO Properties acquired in respect thereof.

     

    “Mortgage
      Rate”: With respect to each Fixed-Rate Mortgage Loan, the rate set forth in the
      related Mortgage Note.  With respect to each Adjustable-Rate Mortgage
      Loan, the annual rate at which interest accrues on such Mortgage Loan from
      time
      to time in accordance with the provisions of the related Mortgage Note, which
      rate (A) as of any date of determination until the first Adjustment Date
      following the Cut-off Date shall be the rate set forth in the Mortgage Loan
      Schedule as the Mortgage Rate in effect immediately following the Cut-off Date
      and (B) as of any date of determination thereafter shall be the rate as adjusted
      on the most recent Adjustment Date, to equal the sum, rounded to the next
      highest or nearest 0.125% (as provided in the Mortgage Note), of the Index,
      determined as set forth in the related Mortgage Note, plus the related Gross
      Margin subject to the limitations set forth in the related Mortgage Note. With
      respect to each Mortgage Loan that becomes an REO Property, as of any date
      of
      determination, the annual rate determined in accordance with the immediately
      preceding sentence as of the date such Mortgage Loan became an REO
      Property.

     

    “Mortgaged
      Property”: The underlying property securing a Mortgage Loan, including any REO
      Property, consisting of a fee simple estate in a parcel of real property
      improved by a Residential Dwelling.

     

    “Mortgagor”:  The
      obligor on a Mortgage Note.

     

    “Net
      Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other
      disposition of related Mortgaged Property (including REO Property) the related
      Liquidation Proceeds and Insurance Proceeds net of Advances, Servicing Advances,
      Servicing Fees and any other accrued and unpaid servicing fees or ancillary
      income received and retained in connection with the liquidation of such Mortgage
      Loan or Mortgaged Property.

     

    “Net
      Monthly Excess Cashflow”: With respect to each Distribution Date, the sum of (a)
      any Overcollateralization Release Amount for such Distribution Date and (b)
      the
      excess of (x) Available Funds for such Distribution Date over (y) the sum for
      such Distribution Date of (A) the Monthly Interest Distributable Amounts for
      the
      Floating Rate Certificates, (B) the Unpaid Interest Shortfall Amounts for the
      Class A Certificates and the Class X Certificates and (C) the Principal
      Remittance Amount.

     

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

     

    “Net
      Prepayment Interest Shortfall”: With respect to any Distribution Date, the
      excess, if any, of any Prepayment Interest Shortfalls for such date over the
      related Compensating Interest.

     

    “Net
      Swap
      Payment”: In the case of payments made by the Trust, the excess, if any, of (x)
      the Fixed Swap Payment over (y) the Floating Swap Payment and in the case of
      payments made by the Swap Provider, the excess, if any, of (x) the Floating
      Swap
      Payment over (y) the Fixed Swap Payment. In each case, the Net Swap Payment
      shall not be less than zero.

     

    “Net
      WAC
      Rate”:  With respect to any Distribution Date an any Class of Floating
      Rate Certificates, a per annum rate (which rate, in the case of the Floating
      Rate Certificates, shall be multiplied by a fraction, the numerator of which
      is
      30 and the denominator of which is the actual number of days elapsed in the
      related Accrual Period) equal to the weighted average of the Adjusted Net
      Mortgage Rates of the Mortgage Loans (weighted based on the aggregate Stated
      Principal Balance of the Mortgage Loans as of the first day of the related
      Due
      Period or, in the case of the first Distribution Date, the Cut-off Date,
      adjusted, except in the case of the first Distribution Date, to reflect
      unscheduled principal payments made thereafter during the Prepayment Period
      that
      includes such first day of the related Due Period) minus (i) the Swap Expense
      Fee Rate and (ii) the product of (a) the weighted average (weighted based on
      the
      Notional Amount of the respective Class X Component) of the Pass-Through Rate
      of
      each Class X Component and (b) the aggregate Notional Amount of the Class X
      Components divided by the aggregate Stated Principal Balance of the Mortgage
      Loans as of the first day of the related Due Period (or, in the case of the
      first Distribution Date, the Cut-off Date, adjusted, except in the case of
      the
      first Distribution Date, to reflect unscheduled principal payments made
      thereafter during the Prepayment Period that includes such first day of the
      related Due Period). For federal income tax purposes, the equivalent of the
      foregoing shall be expressed as a per annum rate (which rate, in the case of
      the
      Floating Rate Certificates, shall be multiplied by a fraction, the numerator
      of
      which is 30 and the denominator of which is the actual number of days elapsed
      in
      the related Accrual Period) equal to the weighted average of the Uncertificated
      REMIC 3 Pass-Through Rates on each REMIC 3 Regular Interest (other than REMIC
      3
      Regular Interests LTIO, REMIC 3 Regular Interest LTX1, REMIC 3 Regular Interest
      LTX2, REMIC 3 Regular Interest LTX3, REMIC 3 Regular Interest LTX4, REMIC 3
      Regular Interest LTX5, REMIC 3 Regular Interest LTX6, REMIC 3 Regular Interest
      LTX7, REMIC 3 Regular Interest LTX8, REMIC 3 Regular Interest LTX9, REMIC 3
      Regular Interest LTX10, REMIC 3 Regular Interest LTX11 and REMIC 3 Regular
      Interest LTX12), weighted on the basis of the Uncertificated Principal Balance
      of each such REMIC 3 Regular Interest.

     

    “Net
      WAC
      Rate Carryover Amount”: With respect to any Class of Floating Rate Certificates
      and any Distribution Date, the sum of (A) the positive excess of (i) the amount
      of interest accrued on such Class of Certificates on such Distribution Date
      calculated at the related Formula Rate, over (ii) the amount of interest accrued
      on such Class of Certificates at the Net WAC Rate for such Distribution Date
      and
      (B) the Net WAC Rate Carryover Amount for the previous Distribution Date not
      previously paid, together with interest thereon at a rate equal to the related
      Formula Rate for the most recently ended Accrual Period.

     

    “Net
      WAC
      Rate Carryover Reserve Account”: The account established and maintained pursuant
      to Section 4.08.

     

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

     

    “NIMS
      Insurer”:  Any insurer that is guaranteeing certain payments under
      notes secured by collateral which includes all or a portion of the Class C
      Certificates, the Class P Certificates and/or the Residual
      Certificates.

     

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

     

    “Notional
      Amount”: Immediately prior to any Distribution Date with respect to the Class C
      Interest, the aggregate Uncertificated Principal Balance of the REMIC Regular
      1
      Interests (other than REMIC 2 Regular Interest LTP).

     

    With
      respect to the Class X Certificates and any Distribution Date, an amount equal
      to the aggregate Notional Amount of the Class X Components.  Each
      Class X Component will have a Notional Amount equal to the Certificate Principal
      Balance of its corresponding certificate as of the related Distribution Date
      (prior to taking into account any distributions to be made on such Distribution
      Date).  For federal income tax purposes, the Class X Certificates will
      not have a Notional Amount, but will be entitled to 100% of amounts distributed
      on REMIC 3 Regular Interest LTX1, REMIC 3 Regular Interest LTX2, REMIC 3 Regular
      Interest LTX3, REMIC 3 Regular Interest LTX4, REMIC 3 Regular Interest LTX5,
      REMIC 3 Regular Interest LTX6, REMIC 3 Regular Interest LTX7, REMIC 3 Regular
      Interest LTX8, REMIC 3 Regular Interest LTX9, REMIC 3 Regular Interest LTX10,
      REMIC 3 Regular Interest LTX11 and REMIC 3 Regular Interest LTX12.

     

    “Offered
      Certificates”:  The Floating Rate Certificates (other than the Class
      M-10 Certificates) and the Class X Certificates offered to the public pursuant
      to the Prospectus Supplement.

     

    “Officers’
      Certificate”: A certificate signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President or a vice president (however denominated),
      or by the Treasurer, the Secretary, or one of the assistant treasurers or
      assistant secretaries of the Servicer, the Originator, the Seller or the
      Depositor, as applicable.

     

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

     

    “Optional
      Termination Date”: The first Distribution Date on which the Terminator may opt
      to terminate the Trust Fund pursuant to Section 10.01.

     

    “Original
      Class Certificate Principal Balance”: With respect to the Floating Rate
      Certificates, the Class C Certificates, the Class C Interest, the Class IO
      Interest, REMIC 7 Regular Interest SWAP IO, the Class P Certificates and the
      Class P Interest, the corresponding amounts set forth opposite such Class above
      in the Preliminary Statement.

     

    “Originator”:
      Option One Mortgage Corporation., or its successor in interest.

     

    “Overcollateralization
      Deficiency Amount”:  With respect to any Distribution Date, the
      amount, if any, by which the Overcollateralization Target Amount exceeds the
      Overcollateralized Amount on such Distribution Date (assuming that 100% of
      the
      Principal Remittance Amount is applied as a principal distribution on such
      Distribution Date).

     

    “Overcollateralization
      Floor”: With respect to the Group I Certificates, $6,163,764.86.  With
      respect to the Group II Certificates, $5,445,166.16.  With respect to
      the Mezzanine Certificates and for the purpose of calculating the
      Overcollateralization Target Amount, $11,608,931.02.

     

     “Overcollateralization
      Release Amount”: With respect to any Distribution Date, the lesser of (x) the
      Principal Remittance Amount for such Distribution Date and (y) the Excess
      Overcollateralized Amount.

     

    “Overcollateralization
      Target Amount”:  With respect to any Distribution Date (x) prior to
      the Stepdown Date, an amount equal to 3.85% of the aggregate Cut-off Date
      Principal Balance of the Mortgage Loans and (y) on or after the Stepdown Date
      provided a Trigger Event is not in effect, the greater of (A) 7.70% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and (B) the Overcollateralization Floor and (z) on or after the Stepdown
      Date if a Trigger Event is in effect, the Overcollateralization Target Amount
      for the immediately preceding Distribution Date.  Notwithstanding the
      foregoing, on and after any Distribution Date following the reduction of the
      aggregate Certificate Principal Balance of the Floating Rate Certificates to
      zero, the Overcollateralization Target Amount shall be zero.

     

    “Overcollateralized
      Amount”: For any Distribution Date, the amount equal to (i) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      (ii) the aggregate Certificate Principal Balance of the Floating Rate
      Certificates and the Class P Certificates as of such Distribution Date after
      giving effect to distributions to be made on such Distribution
      Date.

     

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

     

    “Pass-Through
      Rate”: With respect to the Floating Rate Certificates and any Distribution Date,
      the lesser of (a) the related Formula Rate and (b) the Net WAC Rate for such
      Distribution Date.

     

    With
      respect to the Class X Certificates and any Distribution Date, a per annum
      rate
      equal to the weighted average (weighted based on the Notional Amount of the
      respective Class X Component) of the Pass-Through Rates for each of the Class
      X
      Components.

     

    
      	
              
                Class
                  X Component

              

            	
              
                Pass-Through
                  Rate

              

            
	
              I-A-1

            	
              0.050%

            
	
              II-A-1

            	
              0.040%

            
	
              II-A-2

            	
              0.050%

            
	
              II-A-3

            	
              0.040%

            
	
              II-A-4

            	
              0.070%

            
	
              M-1

            	
              0.170%

            
	
              M-2

            	
              0.250%

            
	
              M-3

            	
              0.350%

            
	
              M-4

            	
              0.650%

            
	
              M-5

            	
              0.900%

            
	
              M-6

            	
              1.050%

            
	
              M-7

            	
              0.750%

            
	
              M-8

            	
              0.000%

            
	
              M-9

            	
              0.000%

            
	
              M-10

            	
              0.000%

            

    

    

    For
      federal income tax purposes, the Class X Certificates will not have a
      Pass-Through Rate, but will be entitled to 100% of amounts distributed on REMIC
      3 Regular Interest LTX1, REMIC 3 Regular Interest LTX2, REMIC 3 Regular Interest
      LTX3, REMIC 3 Regular Interest LTX4, REMIC 3 Regular Interest LTX5, REMIC 3
      Regular Interest LTX6, REMIC 3 Regular Interest LTX7, REMIC 3 Regular Interest
      LTX8, REMIC 3 Regular Interest LTX9, REMIC 3 Regular Interest LTX10, REMIC
      3
      Regular Interest LTX11 and REMIC 3 Regular Interest LTX12.

     

    With
      respect to the Class C Interest and any Distribution Date, a per annum rate
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of (i) 100% of the interest on REMIC 3 Regular Interest LTP and (ii)
      interest on the Uncertificated Balance of each REMIC 3 Regular Interest listed
      in clause (y) at a rate equal to the related Uncertificated REMIC 3 Pass-Through
      Rate minus the Marker Rate and the denominator of which is (y) the aggregate
      Uncertificated Principal Balance of REMIC 3 Regular Interests LTAA, LTIA1,
      LTIIA1, LTIIA2, LTIIA3, LTIIA4, LTM1, LTM2, LTM3, LTM4, LTM5, LTM6, LTM7, LTM8,
      LTM9, LTM10 and LTZZ.

     

    With
      respect to the Class C Certificates, 100% of the interest distributable to
      the
      Class C Interest, expressed as a per annum rate.

     

    The
      Class
      IO Interest shall not have a Pass-Through Rate, but interest for such Regular
      Interest and each Distribution Date shall be an amount equal to 100% of the
      amounts distributable to REMIC 3 Regular Interest LTIO.

     

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

     

    The
      Class
      P Certificates, Class R Certificates and Class R-X Certificates will not accrue
      interest and therefore will not have a Pass-Through Rate.

     

    “Paying
      Agent”:  Any paying agent appointed pursuant to Section
      5.05.

     

    “Percentage
      Interest”: With respect to any Certificate (other than a Residual Certificate),
      a fraction, expressed as a percentage, the numerator of which is the Initial
      Certificate Principal Balance represented by such Certificate and the
      denominator of which is the Original Class Certificate Principal Balance of
      the
      related Class. With respect to a Residual Certificate, the portion of the Class
      evidenced thereby, expressed as a percentage, as stated on the face of such
      Certificate; provided, however, that the sum of all such percentages for each
      such Class totals 100%.

     

    “Periodic
      Rate Cap”: With respect to each Adjustable-Rate Mortgage Loan and any Adjustment
      Date therefor, the fixed percentage set forth in the related Mortgage Note,
      which is the maximum amount by which the Mortgage Rate for such Mortgage Loan
      may increase or decrease (without regard to the Maximum Mortgage Rate or the
      Minimum Mortgage Rate) on such Adjustment Date from the Mortgage Rate in effect
      immediately prior to such Adjustment Date.

     

    “Permitted
      Investments”: Any one or more of the following obligations or securities
      acquired at a purchase price of not greater than par, regardless of whether
      issued or managed by the Depositor, the Servicer, the NIMS Insurer, the Trustee
      or any of their respective Affiliates or for which an Affiliate of the NIMS
      Insurer or Trustee serves as an advisor:

     

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

     

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

     

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

     

    (iv)  securities
      bearing interest or sold at a discount that are issued by any corporation
      incorporated under the laws of the United States of America or any State thereof
      and that are rated by S&P (and if rated by any other Rating Agency, also by
      such other Rating Agency) in its highest long-term unsecured rating category
      at
      the time of such investment or contractual commitment providing for such
      investment;

     

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

     

    (vi)  units
      of
      money market funds, including those money market funds managed or advised by
      the
      Trustee or its Affiliates, that have been rated “AAA” by Fitch (if rated by
      Fitch), “Aaa” by Moody’s and “AAAm” or “AAAm-G” by S&P; and

     

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

     

    provided,
      that no instrument described hereunder shall evidence either the right to
      receive (a) only interest with respect to the obligations underlying such
      instrument or (b) both principal and interest payments derived from obligations
      underlying such instrument and the interest and principal payments with respect
      to such instrument provide a yield to maturity at par greater than 120% of
      the
      yield to maturity at par of the underlying obligations.

     

    “Permitted
      Transferee”: Any transferee of a Residual Certificate other than a Disqualified
      Organization or a non-U.S. Person.

     

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

     

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

     

    “Pool
      Balance”: As of any date of determination, the aggregate Stated Principal
      Balance of the Mortgage Loans in both Loan Groups as of such date.

     

    “Prepayment
      Assumption”:  As defined in the Prospectus Supplement.

     

    “Prepayment
      Charge”: With respect to any Mortgage Loan, the charges or premiums, if any, due
      in connection with a full or partial Principal Prepayment of such Mortgage
      Loan
      in accordance with the terms thereof (other than any Servicer Prepayment Charge
      Payment Amount).

     

    “Prepayment
      Charge Schedule”: As of any date, the list of Prepayment Charges on the Mortgage
      Loans included in the Trust Fund on such date, attached hereto as Schedule
      I
      (including the prepayment charge summary attached thereto). The Prepayment
      Charge Schedule shall set forth the following information with respect to each
      Prepayment Charge:

     

    (i)  the
      Mortgage Loan identifying number;

     

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

     

    (iii)  the
      state
      of origination of the related Mortgage Loan;

     

    (iv)  the
      date
      on which the first monthly payment was due on the related Mortgage
      Loan;

     

    (v)  the
      term
      of the related Prepayment Charge; and

     

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

     

    The
      Prepayment Charge Schedule shall be amended from time to time by the Servicer
      in
      accordance with the provisions of this Agreement and a copy of such amended
      Prepayment Charge Schedule shall be furnished by the Servicer to the NIMS
      Insurer.

     

    “Prepayment
      Interest Excess”:  With respect to any Distribution Date, for each
      Mortgage Loan that was the subject of a Principal Prepayment in full during
      the
      portion of the related Prepayment Period occurring between the first day and
      the
      15th day of
      the
      calendar month in which such Distribution Date occurs, an amount equal to
      interest (to the extent received) at the applicable Net Mortgage Rate on the
      amount of such Principal Prepayment for the number of days commencing on the
      first day of the calendar month in which such Distribution Date occurs and
      ending on the date on which such prepayment is so applied.

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a Principal Prepayment in full during the portion
      of the related Prepayment Period occurring from the first day of the related
      Prepayment Period through the last day of the calendar month preceding the
      month
      in which such Distribution Date occurs, an amount equal to one-month’s interest
      at the applicable Net Mortgage Rate less any payments made by the
      Mortgagor.

     

    “Prepayment
      Period”: With respect to any Distribution Date, the period commencing on the
      16th day of
      the
      calendar month preceding the month in which the related Distribution Date occurs
      (or, in the case of the first Distribution Date, from April 1, 2007) and ending
      on the 15th day
      of the calendar month in which such Distribution Date occurs.

     

    “Principal
      Balance”: As to any Mortgage Loan other than a Liquidated Mortgage Loan, and any
      day, the related Cut-off Date Principal Balance, minus all collections credited
      against the Cut-off Date Principal Balance of any such Mortgage Loan. For
      purposes of this definition, a Liquidated Mortgage Loan shall be deemed to
      have
      a Principal Balance equal to the Principal Balance of the related Mortgage
      Loan
      as of the final recovery of related Liquidation Proceeds and a Principal Balance
      of zero thereafter. As to any REO Property and any day, the Principal Balance
      of
      the related Mortgage Loan immediately prior to such Mortgage Loan becoming
      REO
      Property minus any REO Principal Amortization received with respect thereto
      on
      or prior to such day.

     

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

     

    “Principal
      Remittance Amount”:  With respect to any Distribution Date, the sum of
      the Group I Principal Remittance Amount and the Group II Principal Remittance
      Amount.

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated May 4, 2007 relating to
      the public offering of the Floating Rate Certificates (other than the Class
      M-10
      Certificates) and the Class X Certificates.

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased by the
      Seller or the Servicer pursuant to or as contemplated by Section 2.03, Section
      3.16(c) or  Section 10.01, and as confirmed by an Officers’
Certificate from the party purchasing the Mortgage Loan to the Trustee, an
      amount equal to the sum of (i) 100% of the Stated Principal Balance thereof
      as
      of the date of purchase (or such other price as provided in Section 10.01),
      (ii)
      in the case of (x) a Mortgage Loan, accrued interest on such Stated Principal
      Balance at the applicable Mortgage Rate in effect from time to time from the
      Due
      Date as to which interest was last covered by a payment by the Mortgagor or
      an
      Advance by the Servicer, which payment or Advance had as of the date of purchase
      been distributed pursuant to Section 4.01, through the end of the calendar
      month
      in which the purchase is to be effected, and (y) an REO Property, the sum of
      (1)
      accrued interest on such Stated Principal Balance at the applicable Mortgage
      Rate in effect from time to time from the Due Date as to which interest was
      last
      covered by a payment by the Mortgagor or an advance by the Servicer through
      the
      end of the calendar month immediately preceding the calendar month in which
      such
      REO Property was acquired, plus (2) REO Imputed Interest for such REO Property
      for each calendar month commencing with the calendar month in which such REO
      Property was acquired and ending with the calendar month in which such purchase
      is to be effected, net of the total of all net rental income, Insurance
      Proceeds, Liquidation Proceeds and Advances that as of the date of purchase
      had
      been distributed as or to cover REO Imputed Interest pursuant to Section 4.04,
      (iii) any unreimbursed Servicing Advances and Advances and any unpaid Servicing
      Fees allocable to such Mortgage Loan or REO Property, (iv) any amounts
      previously withdrawn from the Collection Account in respect of such Mortgage
      Loan or REO Property pursuant to Section 3.23 and (v) in the case of a Mortgage
      Loan required to be purchased pursuant to Section 2.03, expenses reasonably
      incurred or to be incurred by the Servicer, the NIMS Insurer or the Trustee
      in
      respect of the breach or defect giving rise to the purchase obligation including
      any costs and damages incurred by the Trust Fund in connection with any
      violation by such loan of any predatory or abusive lending law.  With
      respect to the Originator and any Mortgage Loan or REO Property to be purchased
      pursuant to or as contemplated by Section 2.03 or 10.01, and as confirmed by
      a
      certificate of an Officers’ Certificate of the Originator to the Trustee, an
      amount equal to the amount set forth pursuant to the terms of the Master
      Agreement

     

    “Qualified
      Insurer”: Any insurance company acceptable to Fannie Mae.

     

    “Qualified
      Substitute Mortgage Loan”:  With respect to the Seller, a mortgage
      loan substituted for a Deleted Mortgage Loan pursuant to the terms of this
      Agreement which must, on the date of such substitution, (i) have an outstanding
      Stated Principal Balance (or in the case of a substitution of more than one
      mortgage loan for a Deleted Mortgage Loan, an aggregate Stated Principal
      Balance), after application of all scheduled payments of principal and interest
      due during or prior to the month of substitution, not in excess of, and not
      more
      than 5% less than, the outstanding Stated Principal Balance of the Deleted
      Mortgage Loan as of the Due Date in the calendar month during which the
      substitution occurs, (ii) have a Mortgage Rate not less than (and not more
      than
      one percentage point in excess of) the Mortgage Rate of the Deleted Mortgage
      Loan, (iii) if the Qualified Substitute Mortgage Loan is an Adjustable-Rate
      Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage
      Rate on the Deleted Mortgage Loan, (iv) if the Qualified Substitute Mortgage
      Loan is an Adjustable-Rate Mortgage Loan, have a Minimum Mortgage Rate not
      less
      than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if the
      Qualified Substitute Mortgage Loan is an Adjustable-Rate Mortgage Loan, have
      a
      Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage
      Loan, (vi) if the Qualified Substitute Mortgage Loan is an Adjustable-Rate
      Mortgage Loan, have a next Adjustment Date not more than two months later than
      the next Adjustment Date on the Deleted Mortgage Loan, (vii) have a remaining
      term to maturity not greater than (and not more than one year less than) that
      of
      the Deleted Mortgage Loan, (viii) be current as of the date of substitution,
      (ix) have a Loan-to-Value Ratio as of the date of substitution equal to or
      lower
      than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date,
      (x)
      have a risk grading determined by the Originator at least equal to the risk
      grading assigned on the Deleted Mortgage Loan, (xi) have been underwritten
      or
      reunderwritten by the Originator in accordance with the same underwriting
      criteria and guidelines as the Deleted Mortgage Loan, (xii) be a first lien
      mortgage loan if the Deleted Mortgage Loan is a first lien mortgage loan and
      (xiii) conform to each representation and warranty set forth in Section 7.02
      of
      the Master Agreement or assigned to the Depositor pursuant to the Assignment
      Agreement applicable to the Deleted Mortgage Loan.  In the event that
      one or more mortgage loans are substituted for one or more Deleted Mortgage
      Loans, the amounts described in clause (i) hereof shall be determined on the
      basis of aggregate Stated Principal Balance, the Mortgage Rates described in
      clause (ii) hereof shall be satisfied for each such mortgage loan, the risk
      gradings described in clause (x) hereof shall be satisfied as to each such
      mortgage loan, the terms described in clause (vii) hereof shall be determined
      on
      the basis of weighted average remaining term to maturity (provided that no
      such
      mortgage loan may have a remaining term to maturity longer than the Deleted
      Mortgage Loan), the Loan-to-Value Ratios described in clause (ix) hereof shall
      be satisfied as to each such mortgage loan and, except to the extent otherwise
      provided in this sentence, the representations and warranties described in
      clause (xii) hereof must be satisfied as to each Qualified Substitute Mortgage
      Loan or in the aggregate, as the case may be.  With respect to the
      Originator, a mortgage loan substituted for a Deleted Mortgage Loan pursuant
      to
      the terms of the Master Agreement which must, on the date of such substitution
      conform to the terms set forth in the Master Agreement.

     

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

     

    “Realized
      Loss”: With respect to any Liquidated Mortgage Loan, the amount of loss realized
      equal to the portion of the Stated Principal Balance remaining unpaid after
      application of all Net Liquidation Proceeds in respect of such Mortgage
      Loan.  If 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 to the extent such recoveries are applied to principal
      distributions on any Distribution Date.

     

    “Record
      Date”: With respect to (i) the Floating Rate Certificates and the Class X
      Certificates, the Close of Business on the Business Day immediately preceding
      the related Distribution Date; provided, however, that following the date on
      which Definitive Certificates for any of the Floating Rate Certificates are
      available pursuant to Section 5.02, the Record Date for such Certificates that
      are Definitive Certificates shall be the last Business Day of the calendar
      month
      preceding the month in which the related Distribution Date occurs and (ii)
      the
      Class P Certificates, the Class C Certificates and the Residual Certificates,
      the close of business on the last Business Day of the calendar month preceding
      the month in which the related Distribution Date occurs.

     

    “Reference
      Banks”: Those banks (i) with an established place of business in London,
      England, (ii) not controlling, under the control of or under common control
      with
      the Originator or the Servicer or any Affiliate thereof and (iii) which have
      been designated as such by the Trustee after consultation with the Depositor;
      provided, however, that if fewer than two of such banks provide a LIBOR rate,
      then any leading banks selected by the Trustee after consultation with the
      Depositor which are engaged in transactions in United States dollar deposits
      in
      the international Eurocurrency market.

     

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

     

    “Regular
      Certificate”: Any of the Floating Rate Certificates, Class X Certifiates, Class
      C Certificates or Class P Certificates.

     

    “Reimbursement
      amount”:  As defined in Section 3.29.

     

    “Relief
      Act”: The Servicemembers Civil Relief Act or any state law providing for similar
      relief.

     

    “Relief
      Act Interest Shortfall”: With respect to any Distribution Date, for any Mortgage
      Loan with respect to which there has been a reduction in the amount of interest
      collectible thereon for the most recently ended Due Period as a result of the
      application of the Relief Act or any similar state or local laws, the amount
      by
      which (i) interest collectible on such Mortgage Loan during such Due Period
      is
      less than (ii) one month’s interest on the Stated Principal Balance of such
      Mortgage Loan at the Mortgage Rate for such Mortgage Loan before giving effect
      to the application of the Relief Act or such state or local laws.

     

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

     

    “REMIC
      1”: The segregated pool of assets subject hereto, constituting the primary trust
      created hereby and to be administered hereunder, with respect to which a REMIC
      election is to be made consisting of: (i) such Mortgage Loans as from time
      to
      time are subject to this Agreement, together with the Mortgage Files relating
      thereto, and together with all collections thereon and proceeds thereof, (ii)
      any REO Property, together with all collections thereon and proceeds thereof,
      (iii) the Trustee’s rights with respect to the Mortgage Loans under all
      insurance policies required to be maintained pursuant to this Agreement and
      any
      proceeds thereof, (iv) the Depositor’s rights under the Assignment Agreement
      (including any security interest created thereby) and (v) the Collection
      Account, the Distribution Account (subject to the last sentence of this
      definition) and any REO Account and such assets that are deposited therein
      from
      time to time and any investments thereof, together with any and all income,
      proceeds and payments with respect thereto.  Notwithstanding the
      foregoing, however, a REMIC election will not be made with respect to the Net
      WAC Rate Carryover Reserve Account, the Basis Risk Cap Agreement, the Cap Trust,
      any Servicer Prepayment Charge Payment Amounts, the Swap Account, the
      Supplemental Interest Trust or the Interest Rate Swap Agreement.

     

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

     

    “REMIC
      2”: The segregated pool of assets consisting of all of the REMIC 1 Regular
      Interests and conveyed in trust to the Trustee, for the benefit of REMIC 3,
      as
      holder of the REMIC 2 Regular Interests, and the Class R Certificateholders,
      as
      Holders of the Class R-2 Interest, pursuant to Article II hereunder, and all
      amounts deposited therein, with respect to which a separate REMIC election
      is to
      be made.

     

    “REMIC
      2
      Regular Interests”: One of the separate non-certificated beneficial ownership
      interests in REMIC 2 issued hereunder and designated as a Regular Interest
      in
      REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal (other than REMIC 2 Regular Interest
      LTIO), subject to the terms and conditions hereof, in an aggregate amount equal
      to its initial Uncertificated Principal Balance as set forth in the Preliminary
      Statement hereto.  The following is a list of each of the REMIC 2
      Regular Interests:  REMIC 2 Regular Interest LTIA1, REMIC 2 Regular
      Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular Interest
      LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC
      2
      Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest
      LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2
      Regular Interest LTM7, REMIC 2 Regular Interest LTOC, REMIC 2 Regular Interest
      LTP and REMIC 2 Regular Interest LTIO.

     

    “REMIC
      3”: The segregated pool of assets consisting of all of the REMIC 2 Regular
      Interests and conveyed in trust to the Trustee, for the benefit of REMIC 4,
      as
      holder of the REMIC 3 Regular Interests, and the Class R Certificateholders,
      as
      Holders of the Class R-3 Interest, pursuant to Article II hereunder, and all
      amounts deposited therein, with respect to which a separate REMIC election
      is to
      be made.

     

    “REMIC
      3
      Interest Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) the aggregate Stated Principal Balance
      of
      the Mortgage Loans and related REO Properties then outstanding and (ii) the
      Uncertificated REMIC 3 Pass-Through Rate for REMIC 3 Regular Interest LTAA
      minus
      the Marker Rate, divided by (b) 12.

     

    “REMIC
      3
      Overcollateralization Amount”: With respect to any date of determination, (i)
      1.00% of the aggregate Uncertificated Principal Balance of the REMIC 3 Regular
      Interests (other than REMIC 3 Regular Interest LTP, REMIC 3 Regular Interest
      LTX1, REMIC 3 Regular Interest LTX2, REMIC 3 Regular Interest LTX3, REMIC 3
      Regular Interest LTX4, REMIC 3 Regular Interest LTX5, REMIC 3 Regular Interest
      LTX6, REMIC 3 Regular Interest LTX7, REMIC 3 Regular Interest LTX8, REMIC 3
      Regular Interest LTX9, REMIC 3 Regular Interest LTX10, REMIC 3 Regular Interest
      LTX11 and REMIC 3 Regular Interest LTX12) minus (ii) the aggregate
      Uncertificated Principal Balance of REMIC 3 Regular Interest LTIA1, REMIC 3
      Regular Interest LTIIA1, REMIC 3 Regular Interest LTIIA2, REMIC 3 Regular
      Interest LTIIA3, REMIC 3 Regular Interest LTIIA4, REMIC 3 Regular Interest
      LTM1,
      REMIC 3 Regular Interest LTM2, REMIC 3 Regular Interest LTM3, REMIC 3 Regular
      Interest LTM4, REMIC 3 Regular Interest LTM5, REMIC 3 Regular Interest LTM6,
      REMIC 3 Regular Interest LTM7, REMIC 3 Regular Interest LTM8, REMIC 3 Regular
      Interest LTM9 and REMIC 3 Regular Interest LTM10 in each case as of such date
      of
      determination.

    

    “REMIC
      3
      Overcollateralization Target Amount”: 1.00% of the Overcollateralization Target
      Amount.

     

    “REMIC
      3
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to the product of (i) the aggregate Stated Principal Balance of
      the
      Mortgage Loans and related REO Properties then outstanding and (ii) 1 minus
      a
      fraction, the numerator of which is two times the aggregate Uncertificated
      Principal Balance of REMIC 3 Regular Interest LTIA1, REMIC 3 Regular Interest
      LTIIA1, REMIC 3 Regular Interest LTIIA2, REMIC 3 Regular Interest LTIIA3, REMIC
      3 Regular Interest LTIIA4, REMIC 3 Regular Interest LTM1, REMIC 3 Regular
      Interest LTM2, REMIC 3 Regular Interest LTM3, REMIC 3 Regular Interest LTM4,
      REMIC 3 Regular Interest LTM5, REMIC 3 Regular Interest LTM6, REMIC 3 Regular
      Interest LTM7, REMIC 3 Regular Interest LTM8, REMIC 3 Regular Interest LTM9
      and
      REMIC 3 Regular Interest LTM10, and the denominator of which is the aggregate
      Uncertificated Principal Balance of REMIC 3 Regular Interest LTIA1, REMIC 3
      Regular Interest LTIIA1, REMIC 3 Regular Interest LTIIA2, REMIC 3 Regular
      Interest LTIIA3, REMIC 3 Regular Interest LTIIA4, REMIC 3 Regular Interest
      LTM1,
      REMIC 3 Regular Interest LTM2, REMIC 3 Regular Interest LTM3, REMIC 3 Regular
      Interest LTM4, REMIC 3 Regular Interest LTM5, REMIC 3 Regular Interest LTM6,
      REMIC 3 Regular Interest LTM7, REMIC 3 Regular Interest LTM8, REMIC 3 Regular
      Interest LTM9, REMIC 3 Regular Interest LTM10 and REMIC 3 Regular Interest
      LTZZ.

     

    “REMIC
      3
      Regular Interests”: One of the separate non-certificated beneficial ownership
      interests in REMIC 3 issued hereunder and designated as a Regular Interest
      in
      REMIC 3. Each REMIC 3 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 3 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal (other than REMIC 3 Regular Interest
      LTIO, REMIC 3 Regular Interest LTX1, REMIC 3 Regular Interest LTX2, REMIC 3
      Regular Interest LTX3, REMIC 3 Regular Interest LTX4, REMIC 3 Regular Interest
      LTX5, REMIC 3 Regular Interest LTX6, REMIC 3 Regular Interest LTX7, REMIC 3
      Regular Interest LTX8, REMIC 3 Regular Interest LTX9, REMIC 3 Regular Interest
      LTX10, REMIC 3 Regular Interest LTX11 and REMIC 3 Regular Interest LTX12),
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Principal Balance as set forth in the Preliminary
      Statement hereto.  The following is a list of each of the REMIC 3
      Regular Interests:  REMIC 3 Regular Interest LTAA, REMIC 3 Regular
      Interest LTIA1, REMIC 3 Regular Interest LTIIA1, REMIC 3 Regular Interest
      LTIIA2, REMIC 3 Regular Interest LTIIA3, REMIC 3 Regular Interest LTIIA4, REMIC
      3 Regular Interest LTM1, REMIC 3 Regular Interest LTM2, REMIC 3 Regular Interest
      LTM3, REMIC 3 Regular Interest LTM4, REMIC 3 Regular Interest LTM5, REMIC 3
      Regular Interest LTM6, REMIC 3 Regular Interest LTM7, REMIC 3 Regular Interest
      LTM8, REMIC 3 Regular Interest LTM9, REMIC 3 Regular Interest LTM10, REMIC
      3
      Regular Interest LTZZ, REMIC 3 Regular Interest LTX1, REMIC 3 Regular Interest
      LTX2, REMIC 3 Regular Interest LTX3, REMIC 3 Regular Interest LTX4, REMIC 3
      Regular Interest LTX5, REMIC 3 Regular Interest LTX6, REMIC 3 Regular Interest
      LTX7, REMIC 3 Regular Interest LTX8, REMIC 3 Regular Interest LTX9, REMIC 3
      Regular Interest LTX10, REMIC 3 Regular Interest LTX11, REMIC 3 Regular Interest
      LTP and REMIC 3 Regular Interest LTIO.

     

    “REMIC
      4”: The segregated pool of assets consisting of all of the REMIC 3 Regular
      Interests conveyed in trust to the Trustee, for the benefit of the Holders
      of
      the Regular Certificates (other than the Class C Certificates and Class P
      Certificates), the Class C Interest, the Class P Interest, the Class IO Interest
      and the Class R Certificates (in respect of the Class R-4 Interest), pursuant
      to
      Article II hereunder, and all amounts deposited therein, with respect to which
      a
      separate REMIC election is to be made.

     

    “REMIC
      4
      Regular Interest”:  The Class C Interest, Class P Interest, Class IO
      Interest and any “regular interest” in REMIC 4 the ownership of which is
      represented by a Class A Certificate, Class M Certificate or Class X
      Certificate.

     

    “REMIC
      5”: The segregated pool of assets consisting of the Class C Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the Class C Certificates
      and the Class R-X Certificates (in respect of the Class R-5 Interest), pursuant
      to Article II hereunder, and all amounts deposited therein, with respect to
      which a separate REMIC election is to be made.

     

    “REMIC
      6”: The segregated pool of assets consisting of the Class P Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the Class P Certificates
      and the Class R-X Certificates (in respect of the Class R-6 Interest), pursuant
      to Article II hereunder, and all amounts deposited therein, with respect to
      which a separate REMIC election is to be made.

     

    “REMIC
      7”: The segregated pool of assets consisting of the SWAP IO Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the REMIC 7 Regular
      Interest Class IO and the Class R-X Certificates (in respect of the Class R-7
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

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

     

    “REMIC
      Regular Interests”:  The REMIC 1 Regular Interests, the REMIC 2
      Regular Interests, the REMIC 3 Regular Interests, the Class C Interest, the
      Class P Interest and the Class IO Interest.

     

    “Remittance
      Report”: A report prepared by the Servicer and delivered to the Trustee and the
      NIMS Insurer pursuant to Section 4.04.

     

    “Rents
      from Real Property”: With respect to any REO Property, gross income of the
      character described in Section 856(d) of the Code.

     

    “REO
      Account”: The account or accounts maintained by the Servicer in respect of an
      REO Property pursuant to Section 3.23.

     

    “REO
      Disposition”: The sale or other disposition of an REO Property on behalf of the
      Trust Fund.

     

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

     

    “REO
      Principal Amortization”: With respect to any REO Property, for any calendar
      month, the excess, if any, of (a) the aggregate of all amounts received in
      respect of such REO Property during such calendar month, whether in the form
      of
      rental income, sale proceeds (including, without limitation, that portion of
      the
      Termination Price paid in connection with a purchase of all of the Mortgage
      Loans and REO Properties pursuant to Section 10.01 that is allocable to such
      REO
      Property) or otherwise, net of any portion of such amounts (i) payable pursuant
      to Section 3.23 in respect of the proper operation, management and maintenance
      of such REO Property or (ii) payable or reimbursable to the Servicer pursuant
      to
      Section 3.23 for unpaid Servicing Fees in respect of the related Mortgage Loan
      and unreimbursed Servicing Advances and Advances in respect of such REO Property
      or the related Mortgage Loan, over (b) the REO Imputed Interest in respect
      of
      such REO Property for such calendar month.

     

    “REO
      Property”: A Mortgaged Property acquired by the Servicer on behalf of the Trust
      Fund through foreclosure or deed-in-lieu of foreclosure, as described in Section
      3.23.

     

    “Reportable
      Event”: The meaning set forth in Section 4.05(c)(i).

     

    “Request
      for Release”: A release signed by a Servicing Officer, in the form of Exhibit E
      attached hereto.

     

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

     

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

     

    “Residual
      Certificate”:  The Class R Certificates and the Class R-X
      Certificates.

     

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

     

    “Responsible
      Officer”: When used with respect to the Trustee, any director, any vice
      president, any assistant vice president, the Secretary, any assistant secretary,
      the Treasurer, any assistant treasurer or any other officer of the Trustee
      customarily performing functions similar to those performed by any of the above
      designated officers and, with respect to a particular matter, to whom such
      matter is referred because of such officer’s knowledge of and familiarity with
      the particular subject.

     

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

     

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

     

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

     

    “SEC”:  Securities
      and Exchange Commission.

     

    “Seller”:
      Greenwich Capital Financial Products, Inc., a Delaware corporation, in its
      capacity as Seller under the Assignment Agreement.

     

    “Senior
      Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the Group I Senior Principal Distribution Amount and (ii) the Group
      II
      Senior Principal Distribution Amount.

     

    “Servicer”:
      Option One Mortgage Corporation, or any successor servicer appointed as herein
      provided, in its capacity as Servicer hereunder.

     

     “Servicer
      Event of Termination”: One or more of the events described in
      Section 7.01.

     

    “Servicer
      Prepayment Charge Payment Amount”: The amounts payable by the Servicer in
      respect of any waived Prepayment Charges pursuant to Section 2.05 or Section
      3.01.

     

    “Servicer
      Remittance Date”: With respect to any Distribution Date, the Business Day prior
      to such Distribution Date.

     

    “Servicing
      Advance Reimbursement Amount”:  As defined in Section
      3.29.

     

    “Servicing
      Advances”: All customary, reasonable and necessary “out of pocket” costs and
      expenses (including reasonable attorneys’ fees and expenses) incurred by the
      Servicer in the performance of its servicing obligations, including, but not
      limited to, the cost of (i) the preservation, restoration, inspection and
      protection of the Mortgaged Property, (ii) any enforcement or judicial
      proceedings, including foreclosures, (iii) the management and liquidation of
      the
      REO Property, (iv) obtaining broker price opinions, (v) locating missing
      Mortgage Loan documents and (vi) compliance with the obligations under Sections
      3.01, 3.09, 3.14, 3.16, and 3.23.  Servicing Advances also include any
      reasonable “out-of-pocket” costs and expenses (including legal fees) incurred by
      the Servicer in connection with executing and recording instruments of
      satisfaction, deeds of reconveyance or Assignments of Mortgage in connection
      with any foreclosure in respect of any Mortgage Loan to the extent not recovered
      from the related Mortgagor or otherwise payable under this
      Agreement.  The Servicer shall not be required to make any Servicing
      Advance that would be a Nonrecoverable Advance.

     

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

     

    “Servicing
      Fee”:  With respect to each Mortgage Loan and for any Due Period, an
      amount equal to one month’s interest (or in the event of any payment of interest
      which accompanies a Principal Prepayment in full made by the Mortgagor during
      such calendar month, interest for the number of days covered by such payment
      of
      interest) at the related Servicing Fee Rate on the same principal amount on
      which interest on such Mortgage Loan accrues for such calendar month. A portion
      of such Servicing Fee may be retained by any Sub-Servicer as its servicing
      compensation.

     

    “Servicing
      Fee Rate”: 0.30% per annum for the first 10 Due Periods; 0.40% per annum for Due
      Periods 11 through 30; and 0.65% per annum for Due Period 31 and
      thereafter.

     

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

     

    “Servicing
      Rights Pledgee”:  One or more lenders, selected by the Servicer, to
      which the Servicer may pledge and assign all of its right, title and interest
      in, to and under this Agreement.

     

    “Servicing
      Standard”:  As defined in Section 3.01.

     

    “Servicing
      Transfer Costs”: Shall mean all reasonable costs and expenses incurred by the
      Trustee in connection with the transfer of servicing from a predecessor
      servicer, including, without limitation, any reasonable costs or expenses
      associated with the complete transfer of all servicing data and the completion,
      correction or manipulation of such servicing data as may be required by the
      Trustee to correct any errors or insufficiencies in the servicing data or
      otherwise to enable the Trustee (or any successor servicer appointed pursuant
      to
      Section 7.02) to service the Mortgage Loans properly and
      effectively.

     

    “Startup
      Day”: As defined in Section 9.01(b) hereof.

     

    “Stated
      Principal Balance”: With respect to any Mortgage Loan: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
      would be distributed, the outstanding principal balance of such Mortgage Loan
      as
      of the Cut-off Date as shown in the Mortgage Loan Schedule, minus the sum of
      (i)
      the principal portion of each Monthly Payment due on a Due Date subsequent
      to
      the Cut-off Date to the extent received from the Mortgagor or advanced by the
      Servicer and distributed pursuant to Section 4.01 on or before such date of
      determination, (ii) all Principal Prepayments received after the Cut-off Date
      to
      the extent distributed pursuant to Section 4.01 on or before such date of
      determination, (iii) all Liquidation Proceeds and Insurance Proceeds to the
      extent distributed pursuant to Section 4.01 on or before such date of
      determination, and (iv) any Realized Loss incurred with respect thereto as
      a
      result of a Deficient Valuation made during or prior to the Due Period for
      the
      most recent Distribution Date coinciding with or preceding such date of
      determination; and (b) as of any date of determination coinciding with or
      subsequent to the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such Mortgage Loan would be distributed,
      zero.
      With respect to any REO Property: (a) as of any date of determination up to
      but
      not including the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such REO Property would be distributed, an
      amount (not less than zero) equal to the Stated Principal Balance of the related
      Mortgage Loan as of the date on which such REO Property was acquired on behalf
      of the Trust Fund, minus the aggregate amount of REO Principal Amortization
      in
      respect of such REO Property for all previously ended calendar months, to the
      extent distributed pursuant to Section 4.01 on or before such date of
      determination; and (b) as of any date of determination coinciding with or
      subsequent to the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such REO Property would be distributed,
      zero.

     

    “Stepdown
      Date”: The earlier to occur of (i) the Distribution Date following the
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Class A Certificates has been reduced to zero and (ii) the later to occur of
      (x)
      the Distribution Date occurring in May 2010 and (y) the first Distribution
      Date
      on which the Senior Credit Enhancement Percentage (calculated for this purpose
      only after taking into account payments of principal on the Mortgage Loans
      but
      prior to distribution of the Group I Principal Distribution Amount and the
      Group
      II Principal Distribution Amount to the Certificates then entitled to
      distributions of principal on such Distribution Date) is equal to or greater
      than 49.90%.

     

    “Sub-Servicer”:
      Any Person with which the Servicer has entered into a Sub- Servicing Agreement
      and which meets the qualifications of a Sub-Servicer pursuant to Section
      3.02.

     

    “Sub-Servicing
      Account”: An account established by a Sub-Servicer which meets the requirements
      set forth in Section 3.08 and is otherwise acceptable to the
      Servicer.

     

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

     

    “Subsequent
      Recoveries”: As of any Distribution Date, amounts received by the Servicer (net
      of any related expenses permitted to be reimbursed pursuant to Section 3.11)
      specifically related to a Mortgage Loan that was the subject of a liquidation
      or
      an REO Disposition prior to the related Prepayment Period that resulted in
      a
      Realized Loss.

     

    “Substitution
      Adjustment”:  As defined in Section 2.03(d) hereof.

     

    “Supplemental
      Interest Trust”:  As defined in Section 4.09(a).

     

    “Supplemental
      Interest Trust Trustee”: Wells Fargo Bank,  N.A., a national banking
      association, not in its individual capacity but solely in its capacity as
      Supplemental Interest Trust Trustee, and any successor thereto.

     

    “Swap
      Account”: The account or accounts created and maintained pursuant to Section
      4.09.  The Swap Account must be an Eligible Account.

     

    “Swap
      Credit Support Annex”: The credit support annex, dated the Closing Date, between
      the Supplemental Interest Trust Trustee and the Interest Rate Swap Provider,
      which is annexed to and forms part of the Interest Rate Swap
      Agreement.

     

    “Swap
      Expense Fee Rate”:  With respect to any Distribution Date, an amount,
      expressed as a per annum rate, equal to the sum of (a) the product of (i) the
      Net Swap Payment made to the Swap Provider divided by the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after taking into account any Principal Prepayments received during
      the
      related Prepayment Period) and (ii) 12 and (b) the product of (i) any Swap
      Termination Payment (other than a Swap Termination Payment resulting from a
      Swap
      Provider Trigger Event) made to the Swap Provider divided by the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after taking into account any Principal Prepayments received during
      the related Prepayment Period) and (ii) 12.

     

    “Swap
      Interest Shortfall Amount”: Any shortfall of interest with respect to any Class
      of Certificates resulting from the application of the Net WAC Rate due to a
      discrepancy between the Uncertificated Notional Amount of REMIC 6 Regular
      Interest SWAP IO and the scheduled notional amount pursuant to the Interest
      Rate
      Swap Agreement.

     

    “Swap
      LIBOR”: A per annum
      rate equal to the floating rate payable by the Swap Provider under the Swap
      Agreement.

     

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

     

    “Swap
      Provider Trigger Event”: A Swap Termination Payment that is triggered upon: (i)
      an Event of Default under the Interest Rate Swap Agreement with respect to
      which
      the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap
      Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement
      with
      respect to which the Swap Provider is the sole Affected Party (as defined in
      the
      Interest Rate Swap Agreement) or (iii) an Additional Termination Event under
      the
      Interest Rate Swap Agreement with respect to which the Swap Provider is the
      sole
      Affected Party.

     

    “Swap
      Termination Payment”: The payment due to either party under the Interest Rate
      Swap Agreement upon the early termination of the Interest Rate Swap
      Agreement.

     

    “Tax
      Matters Person”: The tax matters person appointed pursuant to Section 9.01(e)
      hereof.

     

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

     

    “Termination
      Price”:  As defined in Section 10.01(a) hereof.

     

    “Terminator”:  As
      defined in Section 10.01(a) hereof.

     

    “Three
      Month Rolling Delinquency Percentage”:  With respect to the Mortgage
      Loans and any Distribution Date, the average for the three most recent calendar
      months of the fraction, expressed as a percentage, the numerator of which is
      (x)
      the sum (without duplication) of the aggregate of the Stated Principal Balances
      of all Mortgage Loans that are (i) 60 or more days Delinquent, (ii) in
      bankruptcy and 60 or more days Delinquent, (iii) in foreclosure and 60 or more
      days Delinquent or (iv) REO Properties, and the denominator of which is (y)
      the
      sum of the Stated Principal Balances of the Mortgage Loans, in the case of
      both
      (x) and (y), as of the Close of Business on the last Business Day of each of
      the
      three most recent calendar months.

     

    “Trigger
      Event”: A Trigger Event is in effect with respect to any Distribution Date on or
      after the Stepdown Date if:

     

    (i)  the
      Delinquency Percentage exceeds 32.05% of the Credit Enhancement Percentage;
      or

     

    (ii)  the
      aggregate amount of Realized Losses incurred since the Cut-off Date through
      the
      last day of the related Due Period (reduced by the aggregate amount of
      Subsequent Recoveries received since the Cut-off Date through the last day
      of
      the related Due Period) divided by the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the Cut-off Date (the “Realized Loss Percentage”) exceeds
      the applicable percentages set forth below with respect to such Distribution
      Date:

     

    
      	
              
                Distribution
                  Date Occurring In

              

            	
              
                Percentage

              

            
	
              May
                2009 through April 2010

            	
              1.60%
                for the first month, plus an additional 1/12th
                of 2.05% for
                each month thereafter.

            
	
              May
                2010 through April 2011

            	
              3.65%
                for the first month, plus an additional 1/12th
                of 2.15% for
                each month thereafter.

            
	
              May
                2011 through April 2012

            	
              5.80%
                for the first month, plus an additional 1/12th
                of 1.70% for
                each month thereafter.

            
	
              May
                2012 through April 2013

            	
              7.50%
                for the first month, plus an additional 1/12th
                of 0.95% for
                each month thereafter.

            
	
              May
                2013 through April 2014

            	
              8.45%
                for the first month, plus an additional 1/12th
                of 0.10% for
                each month thereafter.

            
	
              May
                2014 and thereafter

            	
              8.55%.

            

    

    

    “Trust”:  Soundview
      Home Loan Trust 2007-OPT1, the trust created hereunder.

     

    “Trust
      Fund”:  All of the assets of the Trust, which is the trust created
      hereunder consisting of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC
      6,
      REMIC 7, any Servicer Prepayment Charge Payment Amounts, the Net WAC Rate
      Carryover Reserve Account, the Swap Account, the Supplemental Interest Trust,
      the Interest Rate Swap Agreement, the Basis Risk Cap Agreement and the Cap
      Trust.

     

    “Trustee”:
      Wells Fargo Bank, N.A., a national banking association, or any successor trustee
      appointed as herein provided.

     

    “Trustee
      Compensation”:  The Trustee Compensation shall be all income earned on
      amounts on deposit in the Distribution Account.

     

     “Uncertificated
      Accrued Interest”: With respect to each REMIC Regular Interest on each
      Distribution Date, an amount equal to one month’s interest at the related
      Uncertificated REMIC Pass-Through Rate on the Uncertificated Principal Balance
      of such REMIC Regular Interest. In each case, Uncertificated Accrued Interest
      will be reduced by any Net Prepayment Interest Shortfalls, Relief Act Interest
      Shortfalls (allocated to such REMIC Regular Interests based on their respective
      entitlements to interest irrespective of any Net Prepayment Interest Shortfalls
      and Relief Act Interest Shortfalls for such Distribution Date).

     

    “Uncertificated
      Notional Amount”:  With respect to REMIC 2 Regular Interest LTIO and
      each Distribution Date listed below, the aggregate Uncertificated Principal
      Balance of the REMIC 1 Regular Interests ending with the designation “A” listed
      below:

     

    
      	
              
                Distribution
                  Date

              

            	
              
                REMIC
                  1 Regular Interests

              

            
	
              1st
                through
                8th

            	
              I-1-A
                through I-76-A

            
	
              9

            	
              I-2-A
                through I-76-A

            
	
              10

            	
              I-3-A
                through I-76-A

            
	
              11

            	
              I-4-A
                through I-76-A

            
	
              12

            	
              I-5-A
                through I-76-A

            
	
              13

            	
              I-6-A
                through I-76-A

            
	
              14

            	
              I-7-A
                through I-76-A

            
	
              15

            	
              I-8-A
                through I-76-A

            
	
              16

            	
              I-9-A
                through I-76-A

            
	
              17

            	
              I-10-A
                through I-76-A

            
	
              18

            	
              I-11-A
                through I-76-A

            
	
              19

            	
              I-12-A
                through I-76-A

            
	
              20

            	
              I-13-A
                through I-76-A

            
	
              21

            	
              I-14-A
                through I-76-A

            
	
              22

            	
              I-15-A
                through I-76-A

            
	
              23

            	
              I-16-A
                through I-76-A

            
	
              24

            	
              I-17-A
                through I-76-A

            
	
              25

            	
              I-18-A
                through I-76-A

            
	
              26

            	
              I-19-A
                through I-76-A

            
	
              27

            	
              I-20-A
                through I-76-A

            
	
              28

            	
              I-21-A
                through I-76-A

            
	
              29

            	
              I-22-A
                through I-76-A

            
	
              30

            	
              I-23-A
                through I-76-A

            
	
              31

            	
              I-24-A
                through I-76-A

            
	
              32

            	
              I-25-A
                through I-76-A

            
	
              33

            	
              I-26-A
                through I-76-A

            
	
              34

            	
              I-27-A
                through I-76-A

            
	
              35

            	
              I-28-A
                through I-76-A

            
	
              36

            	
              I-29-A
                through I-76-A

            
	
              37

            	
              I-30-A
                through I-76-A

            
	
              38

            	
              I-31-A
                through I-76-A

            
	
              39

            	
              I-32-A
                through I-76-A

            
	
              40

            	
              I-33-A
                through I-76-A

            
	
              41

            	
              I-34-A
                through I-76-A

            
	
              42

            	
              I-35-A
                through I-76-A

            
	
              43

            	
              I-36-A
                through I-76-A

            
	
              44

            	
              I-37-A
                through I-76-A

            
	
              45

            	
              I-38-A
                through I-76-A

            
	
              46

            	
              I-39-A
                through I-76-A

            
	
              47

            	
              I-40-A
                through I-76-A

            
	
              48

            	
              I-41-A
                through I-76-A

            
	
              49

            	
              I-42-A
                through I-76-A

            
	
              50

            	
              I-43-A
                through I-76-A

            
	
              51

            	
              I-44-A
                through I-76-A

            
	
              52

            	
              I-45-A
                through I-76-A

            
	
              53

            	
              I-46-A
                through I-76-A

            
	
              54

            	
              I-47-A
                through I-76-A

            
	
              55

            	
              I-48-A
                through I-76-A

            
	
              56

            	
              I-49-A
                through I-76-A

            
	
              57

            	
              I-50-A
                through I-76-A

            
	
              58

            	
              I-51-A
                through I-76-A

            
	
              59

            	
              I-52-A
                through I-76-A

            
	
              60

            	
              I-53-A
                through I-76-A

            
	
              61

            	
              I-54-A
                through I-76-A

            
	
              62

            	
              I-55-A
                through I-76-A

            
	
              63

            	
              I-56-A
                through I-76-A

            
	
              64

            	
              I-57-A
                through I-76-A

            
	
              65

            	
              I-58-A
                through I-76-A

            
	
              66

            	
              I-59-A
                through I-76-A

            
	
              67

            	
              I-60-A
                through I-76-A

            
	
              68

            	
              I-61-A
                through I-76-A

            
	
              69

            	
              I-62-A
                through I-76-A

            
	
              70

            	
              I-63-A
                through I-76-A

            
	
              71

            	
              I-64-A
                through I-76-A

            
	
              72

            	
              I-65-A
                through I-76-A

            
	
              73

            	
              I-66-A
                through I-76-A

            
	
              74

            	
              I-67-A
                through I-76-A

            
	
              75

            	
              I-68-A
                through I-76-A

            
	
              76

            	
              I-69-A
                through I-76-A

            
	
              77

            	
              I-70-A
                through I-76-A

            
	
              78

            	
              I-71-A
                through I-76-A

            
	
              79

            	
              I-72-A
                through I-76-A

            
	
              80

            	
              I-73-A
                through I-76-A

            
	
              81

            	
              I-74-A
                through I-76-A

            
	
              82

            	
              I-75-A
                and I-76-A

            
	
              83

            	
              I-76-A

            
	
              thereafter

            	
              $0.00

            

    

    

    With
      respect to REMIC 3 Regular Interest LTIO and any Distribution Date, an amount
      equal to the Uncertificated Notional Amount of REMIC 2 Regular Interest LTIO.
      With respect to the Class IO Interest and any Distribution Date, an amount
      equal
      to the Uncertificated Notional Amount of REMIC 3 Regular Interest LTIO. With
      Respect to REMIC 3 Regular Interest LTX1, and any Distribution Date, an amount
      equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LTIA1.
      With Respect to REMIC 3 Regular Interest LTX2, and any Distribution Date, an
      amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
      LTIIA1. With Respect to REMIC 3 Regular Interest LTX3, and any Distribution
      Date, an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTIIA2. With Respect to REMIC 3 Regular Interest LTX4, and any
      Distribution Date, an amount equal to the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LTIIA3. With Respect to REMIC 3 Regular Interest LTX5,
      and any Distribution Date, an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTIIA4. With Respect to REMIC 3 Regular
      Interest LTX6, and any Distribution Date, an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTM1. With Respect to REMIC 3
      Regular Interest LTX7, and any Distribution Date, an amount equal to the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM2. With Respect
      to REMIC 3 Regular Interest LTX8, and any Distribution Date, an amount equal
      to
      the Uncertificated Principal Balance of REMIC 2 Regular Interest LTM3. With
      Respect to REMIC 3 Regular Interest LTX9, and any Distribution Date, an amount
      equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LTM4.
      With Respect to REMIC 3 Regular Interest LTX10, and any Distribution Date,
      an
      amount equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest
      LTM5. With Respect to REMIC 3 Regular Interest LTX11, and any Distribution
      Date,
      an amount equal to the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM6. With Respect to REMIC 3 Regular Interest LTX12, and any
      Distribution Date, an amount equal to the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LTM7.

     

    “Uncertificated
      Principal Balance”:  With respect to each REMIC Regular Interest, the
      amount of such REMIC Regular Interest outstanding as of any date of
      determination. As of the Closing Date, the Uncertificated Principal Balance
      of
      each REMIC Regular Interest shall equal the amount set forth in the Preliminary
      Statement hereto as its initial Uncertificated Principal Balance. On each
      Distribution Date, the Uncertificated Principal Balance of each REMIC Regular
      Interest shall be reduced by all distributions of principal made on such REMIC
      Regular Interest on such Distribution Date pursuant to Section 4.08 and, if
      and
      to the extent necessary and appropriate, shall be further reduced on such
      Distribution Date by Realized Losses as provided in Section 4.08, and the
      Uncertificated Principal Balance of REMIC Regular Interest LTZZ shall be
      increased by interest deferrals as provided in Section 4.08.  With
      respect to the Class C Interest as of any date of determination, an amount
      equal
      to the excess, if any, of (A) the then aggregate Uncertificated Principal
      Balance of the REMIC 2 Regular Interests over (B) the then aggregate Certificate
      Principal Balance of the Class Floating Rate Certificates and the Class P
      Certificates then outstanding. The Uncertificated Principal Balance of each
      REMIC Regular Interest that has an Uncertificated Principal Balance shall never
      be less than zero.

     

    “Uncertificated
      REMIC Pass-Through Rate”:  The Uncertificated REMIC 1 Pass-Through
      Rate, the Uncertificated REMIC 2 Pass-Through Rate or the Uncertificated REMIC
      3
      Pass-Through Rate, as applicable.

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”:  With respect to REMIC 1 Regular Interest
      I, a per annum rate equal to the weighted average Net Mortgage Rate of the
      Mortgage Loans.  With respect to each REMIC 1 Regular Interest ending
      with the designation “A”, a per annum rate equal to the weighted average Net
      Mortgage Rate of the Mortgage Loans multiplied by 2, subject to a maximum rate
      of 10.380%.  With respect to each REMIC 1 Regular Interest ending with
      the designation “B”, the greater of (x) a per annum rate equal to the excess, if
      any, of (i) 2 multiplied by the weighted average Net Mortgage Rate of the
      Mortgage Loans over (ii) 10.380% and (y) 0.00%.

     

    “Uncertificated
      REMIC 2 Pass-Through Rate”:  With respect to REMIC 2 Regular Interest
      LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC
      2
      Regular Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular
      Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3,
      REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular
      Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTOC
      and
      REMIC 2 Regular Interest LTP, a per annum rate (but not less than zero) equal
      to
      the weighted average of (v) with respect to REMIC 1 Regular Interest I and
      REMIC
      1 Regular Interest P, the Uncertificated REMIC 1 Pass-Through Rates for such
      REMIC 1 Regular Interests for each such Distribution Date, (w) with respect
      to
      REMIC 1 Regular Interests ending with the designation “B”, the weighted average
      of the Uncertificated REMIC 1 Pass-Through Rates for such REMIC 1 Regular
      Interests, weighted on the basis of the Uncertificated Principal Balance of
      such
      REMIC 1 Regular Interests for each such Distribution Date and (x) with respect
      to REMIC 1 Regular Interests ending with the designation “A”, for each
      Distribution Date listed below, the weighted average of the rates listed below
      for each such REMIC 1 Regular Interest listed below, weighted on the basis
      of
      the Uncertificated Principal Balance of each such REMIC 1 Regular Interest
      for
      each such Distribution Date:

     

    

     

    
      	
              
                Distribution
                  Date

              

            	
              
                REMIC
                  1 Regular Interest

              

            	
              
                Rate

              

            
	
              1
                -
                7

            	
              I-1-A
                through I-76-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              8

            	
              I-1-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              9

            	
              I-2-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              10

            	
              I-3-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                and I-2-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              11

            	
              I-4-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-3-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	
              I-5-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-4-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              13

            	
              I-6-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-5-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              14

            	
              I-7-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-6-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              15

            	
              I-8-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-7-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              16

            	
              I-9-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-8-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              17

            	
              I-10-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-9-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              18

            	
              I-11-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-10-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              19

            	
              I-12-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-11-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              20

            	
              I-13-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-12-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              21

            	
              I-14-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-13-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              22

            	
              I-15-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-14-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              23

            	
              I-16-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-15-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              24

            	
              I-17-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-16-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              25

            	
              I-18-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-17-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              26

            	
              I-19-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-18-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              27

            	
              I-20-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-19-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              28

            	
              I-21-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-20-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              29

            	
              I-22-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-21-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              30

            	
              I-23-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-22-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              31

            	
              I-24-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-23-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              32

            	
              I-25-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-24-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              33

            	
              I-26-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-25-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              34

            	
              I-27-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-26-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              35

            	
              I-28-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-27-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              36

            	
              I-29-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-28-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              37

            	
              I-30-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-29-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              38

            	
              I-31-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-30-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	
              I-32-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-31-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	
              I-33-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-32-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	
              I-34-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-33-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	
              I-35-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-34-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	
              I-36-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-35-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	
              I-37-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-36-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	
              I-38-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-37-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              46

            	
              I-39-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-38-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              47

            	
              I-40-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              48

            	
              I-41-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-40-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              49

            	
              I-42-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-41-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              50

            	
              I-43-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-42-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              51

            	
              I-44-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-43-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              52

            	
              I-45-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-44-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              53

            	
              I-46-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-45-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              54

            	
              I-47-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-46-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              55

            	
              I-48-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-47-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              56

            	
              I-49-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-48-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              57

            	
              I-50-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-49-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              58

            	
              I-51-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-50-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              59

            	
              I-52-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-51-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              60

            	
              I-53-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-52-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              61

            	
              I-54-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-53-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              62

            	
              I-55-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-54-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              63

            	
              I-56-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-55-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              64

            	
              I-57-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-56-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              65

            	
              I-58-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-57-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              66

            	
              I-59-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-58-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              67

            	
              I-60-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-59-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              68

            	
              I-61-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-60-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              69

            	
              I-62-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-61-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              70

            	
              I-63-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-62-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              71

            	
              I-64-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-63-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              72

            	
              I-65-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-64-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              73

            	
              I-66-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-65-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              74

            	
              I-67-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-66-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              75

            	
              I-68-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-67-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              76

            	
              I-69-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-68-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              77

            	
              I-70-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-69-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              78

            	
              I-71-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-70-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              79

            	
              I-72-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-71-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              80

            	
              I-73-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-72-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              81

            	
              I-74-A
                through I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-73-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              82

            	
              I-75-A
                and I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-74-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              83

            	
              I-76-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-75-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	
              I-1-A
                through I-76-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    

    With
      respect to REMIC 2 Regular Interest LTIO and (a) the first Distribution Date
      through the 7th
      Distribution Date, the excess of (i) the weighted average of the Uncertificated
      REMIC 1 Pass-Through Rates for REMIC 1 Regular Interests ending with the
      designation “A” over (ii) the weighted average of the Uncertificated REMIC 1
      Pass-Through Rates for REMIC 1 Regular Interests ending with the designation
“A”
and (b) the eighth Distribution Date through the 83rd Distribution
      Date,
      the excess of (i) the weighted average of the Uncertificated REMIC 1
      Pass-Through Rates for REMIC 1 Regular Interests ending with the designation
      “A”, over (ii) 2 multiplied by Swap LIBOR and (c) thereafter,
      0.00%.

     

    “Uncertificated
      REMIC 3 Pass-Through Rate”: With respect to REMIC 3 Regular Interest LTAA, REMIC
      3 Regular Interest LTIA1, REMIC 3 Regular Interest LTIIA1, REMIC 3 Regular
      Interest LTIIA2, REMIC 3 Regular Interest LTIIA3, REMIC 3 Regular Interest
      LTIIA4, REMIC 3 Regular Interest LTM1, REMIC 3 Regular Interest LTM2, REMIC
      3
      Regular Interest LTM3, REMIC 3 Regular Interest LTM4, REMIC 3 Regular Interest
      LTM5, REMIC 3 Regular Interest LTM6, REMIC 3 Regular Interest LTM7, REMIC 3
      Regular Interest LTM8, REMIC 3 Regular Interest LTM9, REMIC 3 Regular Interest
      LTM10, REMIC 3 Regular Interest LTZZ and REMIC 3 Regular Interest LTP, a per
      annum rate (but not less than zero) equal to the weighted average of: (x) with
      respect to REMIC 2 Regular Interest LTOC and REMIC 2 Regular Interest LTP,
      the
      REMIC 2 Remittance Rate for each such REMIC 2 Regular Interest for each such
      Distribution Date, and (y) with respect to REMIC 2 Regular Interest LTIA1,
      REMIC
      2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular
      Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest
      LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7 for each Distribution Date listed below, the
      weighted average of the rates listed below for each such REMIC 2 Regular
      Interest listed below, weighted on the basis of the Uncertificated Balance
      of
      each such REMIC 2 Regular Interest:

     

    
      	
              
                REMIC
                  2 Regular Interests

              

            	
              
                Rate

              

            
	
              LTX1

            	
              (a)
                REMIC 2 Remittance Rate over (b) the lesser of  (i) 0.05% and
                (ii) REMIC 2 Remittance Rate

            
	
              LTX2

            	
              (a)
                REMIC 2 Remittance Rate over (b) the lesser of  (i) 0.04% and
                (ii) REMIC 2 Remittance Rate

            
	
              LTX3

            	
              (a)
                REMIC 2 Remittance Rate over (b) the lesser of  (i) 0.05% and
                (ii) REMIC 2 Remittance Rate

            
	
              LTX4

            	
              (a)
                REMIC 2 Remittance Rate over (b) the lesser of  (i) 0.04% and
                (ii) REMIC 2 Remittance Rate

            
	
              LTX5

            	
              (a)
                REMIC 2 Remittance Rate over (b) the lesser of  (i) 0.07% and
                (ii) REMIC 2 Remittance Rate

            
	
              LTX6

            	
              (a)
                REMIC 2 Remittance Rate over (b) the lesser of  (i) 0.17% and
                (ii) REMIC 2 Remittance Rate

            
	
              LTX7

            	
              (a)
                REMIC 2 Remittance Rate over (b) the lesser of  (i) 0.25% and
                (ii) REMIC 2 Remittance Rate

            
	
              LTX8

            	
              (a)
                REMIC 2 Remittance Rate over (b) the lesser of  (i) 0.35% and
                (ii) REMIC 2 Remittance Rate

            
	
              LTX9

            	
              (a)
                REMIC 2 Remittance Rate over (b) the lesser of  (i) 0.65% and
                (ii) REMIC 2 Remittance Rate

            
	
              LTX10

            	
              (a)
                REMIC 2 Remittance Rate over (b) the lesser of  (i) 0.90% and
                (ii) REMIC 2 Remittance Rate

            
	
              LTX11

            	
              (a)
                REMIC 2 Remittance Rate over (b) the lesser of  (i) 1.05% and
                (ii) REMIC 2 Remittance Rate

            
	
              LTX12

            	
              (a)
                REMIC 2 Remittance Rate over (b) the lesser of  (i) 0.75% and
                (ii) REMIC 2 Remittance Rate

            

    

    

    With
      respect to REMIC 3 Regular Interest LTX1, 0.05% per annum. With respect to
      REMIC
      3 Regular Interest LTX2, 0.04% per annum. With respect to REMIC 3 Regular
      Interest LTX3, 0.05% per annum. With respect to REMIC 3 Regular Interest LTX4,
      0.04% per annum. With respect to REMIC 3 Regular Interest LTX5, 0.07% per annum.
      With respect to REMIC 3 Regular Interest LTX6, 0.17% per annum. With respect
      to
      REMIC 3 Regular Interest LTX7, 0.25% per annum. With respect to REMIC 3 Regular
      Interest LTX8, 0.35% per annum. With respect to REMIC 3 Regular Interest LTX9,
      0.65% per annum. With respect to REMIC 3 Regular Interest LTX10, 0.90% per
      annum. With respect to REMIC 3 Regular Interest LTX11, 1.05% per annum. With
      respect to REMIC 3 Regular Interest LTX12, 0.75% per annum.

     

    “Uninsured
      Cause”: Any cause of damage to a Mortgaged Property such that the complete
      restoration of such property is not fully reimbursable by the hazard insurance
      policies required to be maintained pursuant to Section 3.14.

     

    “United
      States Person” or “U.S. Person”: A citizen or resident of the United States, a
      corporation, partnership (or other entity treated as a corporation or
      partnership for United States federal income tax purposes) created or organized
      in, or under the laws of, the United States, any state thereof, or the District
      of Columbia (except in the case of a partnership, to the extent provided in
      Treasury Regulations) provided that, for purposes solely of the restrictions
      on
      the transfer of Residual Certificates, no partnership or other entity treated
      as
      a partnership for United States federal income tax purposes shall be treated
      as
      a United States Person unless all persons that own an interest in such
      partnership either directly or through any entity that is not a corporation
      for
      United States federal income tax purposes are required by the applicable
      operative agreement to be United States Persons, or an estate the income of
      which from sources without the United States is includible in gross income
      for
      United States federal income tax purposes regardless of its connection with
      the
      conduct of a trade or business within the United States, or a trust if a court
      within the United States is able to exercise primary supervision over the
      administration of the trust and one or more United States persons have authority
      to control all substantial decisions of the trust. The term “United States”
shall have the meaning set forth in Section 7701 of the Code or successor
      provisions.

     

    “Unpaid
      Interest Shortfall Amount”: With respect to any Class of the Floating Rate
      Certificates and the Class X Certificates and (i) the first Distribution Date,
      zero, and (ii) any Distribution Date after the first Distribution Date, the
      amount, if any, by which (a) the sum of (1) the Monthly Interest Distributable
      Amount for such Class for the immediately preceding Distribution Date and (2)
      the outstanding Unpaid Interest Shortfall Amount, if any, for such Class for
      such preceding Distribution Date exceeds (b) the aggregate amount distributed
      on
      such Class in respect of interest pursuant to clause (a) of this definition
      on
      such preceding Distribution Date, plus interest on the amount of interest due
      but not distributed on the Certificates of such Class on such preceding
      Distribution Date, to the extent permitted by law, at the Pass-Through Rate
      for
      such Class for the related Accrual Period.

     

    “Value”:
      With respect to any Mortgaged Property, the lesser of (i) the value thereof
      as
      determined by an appraisal made for the originator of the Mortgage Loan at
      the
      time of origination of the Mortgage Loan by an appraiser who met the minimum
      requirements of Fannie Mae and Freddie Mac and (ii) if applicable, the purchase
      price paid for the related Mortgaged Property by the Mortgagor with the proceeds
      of the Mortgage Loan.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. At all times the Floating Rate Certificates and
      the Class C Certificates shall have 97% of the Voting Rights (allocated among
      the Holders of the Floating Rate Certificates and the Class C Certificates
      in
      proportion to the then outstanding Certificate Principal Balances of their
      respective Certificates), the Class X Certificates shall have 1% of the Voting
      Rights, the Class P Certificates shall have 1% of the Voting Rights and the
      Residual Certificates shall have 1% of the Voting Rights. The Voting Rights
      allocated to any Class of Certificates (other than the Class P Certificates
      and
      the Residual Certificates) shall be allocated among all Holders of each such
      Class in proportion to the outstanding Certificate Principal Balance of such
      Certificates, and the Voting Rights allocated to the Class P Certificates and
      the Residual Certificates shall be allocated among all Holders of each such
      Class in proportion to such Holders’ respective Percentage Interest; provided,
      however that when none of the Regular Certificates are outstanding, 100% of
      the
      Voting Rights shall be allocated among Holders of the Residual Certificates
      in
      accordance with such Holders’ respective Percentage Interests in the
      Certificates of such Class.

     

    
      	
              SECTION
                1.02  

            	
              Accounting.

            

    

     

    Unless
      otherwise specified herein, for the purpose of any definition or calculation,
      whenever amounts are required to be netted, subtracted or added or any
      distributions are taken into account such definition or calculation and any
      related definitions or calculations shall be determined without duplication
      of
      such functions.

     

    
      	
              SECTION
                1.03  

            	
              Allocation
                of Certain Interest Shortfalls.

            

    

     

    For
      purposes of calculating the amount of the Monthly Interest Distributable Amount
      for the Floating Rate Certificates, the Class X Certificates and the Class
      C
      Certificates for any Distribution Date, (1) the aggregate amount of any Net
      Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred
      in respect of the Mortgage Loans for any Distribution Date shall be allocated
      first, among the Class C Certificates on a pro rata basis based on, and
      to the extent of, one month’s interest at the then applicable Pass-Through Rate
      on the Notional Amount of each such Certificate and, thereafter, among the
      Floating Rate Certificates and the Class X Certificates on a pro rata
      basis based on, and to the extent of, one month’s interest at the then
      applicable respective Pass-Through Rate on the respective Certificate Principal
      Balance (or Notional Amount in the case of the Class X Certificates) of each
      such Certificate and (2) the aggregate amount of any Realized Losses and Net
      WAC
      Rate Carryover Amounts shall be allocated among the Class C Certificates on
      a
pro rata basis based on, and to the extent of, one month’s interest at
      the then applicable Pass-Through Rate on the Notional Amount of each such
      Certificate.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 1 Regular Interests for any Distribution Date the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans shall be allocated first, to REMIC
      1
      Regular Interest I and to the REMIC 1 Regular Interests ending with the
      designation “B”, pro rata based on, and to the extent of, one month’s
      interest at the then applicable respective Uncertificated REMIC 1 Pass-Through
      Rates on the respective Uncertificated Principal Balances of each such REMIC
      1
      Regular Interest, and then, to REMIC 1 Regular Interests ending with the
      designation “A”, pro rata based on, and to the extent of, one month’s interest
      at the then applicable respective Uncertificated REMIC 1 Pass-Through Rates
      on
      the respective Uncertificated Principal Balances of each such REMIC 1 Regular
      Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 2 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated among REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1,
      REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC 2
      Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest
      LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2
      Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest
      LTM7, and REMIC 2 Regular Interest LTOC pro rata based on, and to the
      extent of, one month’s interest at the then applicable respective Uncertificated
      REMIC 2 Pass-Through Rate on the respective Uncertificated Principal Balance
      of
      each such REMIC 2 Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 3 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated among REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTIA1,
      REMIC 3 Regular Interest LTIIA1, REMIC 3 Regular Interest LTIIA2, REMIC 3
      Regular Interest LTIIA3, REMIC 3 Regular Interest LTIIA4, REMIC 3 Regular
      Interest LTM1, REMIC 3 Regular Interest LTM2, REMIC 3 Regular Interest LTM3,
      REMIC 3 Regular Interest LTM4, REMIC 3 Regular Interest LTM5, REMIC 3 Regular
      Interest LTM6, REMIC 3 Regular Interest LTM7, REMIC 3 Regular Interest LTM8,
      REMIC 3 Regular Interest LTM9, REMIC 3 Regular Interest LTM10 and REMIC 3
      Regular Interest LTZZ pro rata based on, and to the extent of, one
      month’s interest at the then applicable respective Uncertificated REMIC 3
      Pass-Through Rate on the respective Uncertificated Principal Balance of each
      such REMIC 3 Regular Interest.

     

    
      	
              SECTION
                1.04  

            	
              Rights
                of the NIMS Insurer.

            

    

     

    Each
      of
      the rights of the NIMS Insurer set forth in this Agreement shall exist so long
      as (i) the NIMS Insurer has undertaken to guarantee certain payments of notes
      issued pursuant to an Indenture and (ii) any series of notes issued pursuant
      to
      one or more Indentures remain outstanding or the NIMS Insurer is owed amounts
      in
      respect of its guarantee of payment on such notes; provided, however, the NIMS
      Insurer shall not have any rights hereunder (except pursuant to Section 11.01
      in
      the case of clause (ii) below) so long as (i) the NIMS Insurer has not
      undertaken to guarantee certain payments of notes issued pursuant to the
      Indenture or (ii) any default has occurred and is continuing under the insurance
      policy issued by the NIMS Insurer with respect to such notes.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      II

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      	
              SECTION
                2.01  

            	
              Conveyance
                of Mortgage Loans.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse for the benefit of the Certificateholders all the right, title and
      interest of the Depositor, including any security interest therein for the
      benefit of the Depositor, in and to (i) each Mortgage Loan identified on the
      Mortgage Loan Schedule, including the related Cut-off Date Principal Balance,
      all interest accruing thereon on and after the Cut-off Date and all collections
      in respect of interest and principal due after the Cut-off Date; (ii) property
      which secured each such Mortgage Loan and which has been acquired by foreclosure
      or deed in lieu of foreclosure; (iii) its interest in any insurance policies
      in
      respect of the Mortgage Loans; (iv) the rights of the Depositor under the Master
      Agreement (as assigned to the Depositor pursuant to the terms of the Assignment
      Agreement), (v) the right to receive any amounts payable under the Basis Risk
      Cap Agreement and the Interest Rate Swap Agreement, (vi) all other assets
      included or to be included in the Trust Fund and (vii) all proceeds of any
      of
      the foregoing.  Such assignment includes all interest and principal
      due and collected by the Depositor or the Servicer after the Cut-off Date with
      respect to the Mortgage Loans.

     

    In
      connection with such transfer and assignment, the Depositor, does hereby deliver
      to, and deposit with the Custodian on behalf of the Trustee, the following
      documents or instruments with respect to each Mortgage Loan so transferred
      and
      assigned (with respect to each Mortgage Loan, a “Mortgage File”):

     

    (i)  the
      original Mortgage Note, endorsed either (A) in blank or (B) in the following
      form: “Pay to the order of Wells Fargo Bank, N.A., as Trustee, without recourse”
or with respect to any lost Mortgage Note, an original Lost Note Affidavit
      stating that the original mortgage note was lost, misplaced or destroyed,
      together with a copy of the related mortgage note; provided, however, that
      such
      substitutions of Lost Note Affidavits for original Mortgage Notes may occur
      only
      with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance
      of
      which is less than or equal to 1.00% of the Pool Balance as of the Cut-off
      Date;

     

    (ii)  the
      original Mortgage, with evidence of recording thereon, and the original recorded
      power of attorney, if the Mortgage was executed pursuant to a power of attorney,
      with evidence of recording thereon or, if such Mortgage or power of attorney
      has
      been submitted for recording but has not been returned from the applicable
      public recording office, has been lost or is not otherwise available, a copy
      of
      such Mortgage or power of attorney, as the case may be, certified to be a true
      and complete copy of the original submitted for recording;

     

    (iii)  an
      original Assignment, in form and substance acceptable for recording. The
      Mortgage shall be assigned either (A) in blank or (B) to “Wells Fargo Bank,
      N.A., as Trustee, without recourse”;

     

    (iv)  an
      original of any intervening assignment of Mortgage showing a complete chain
      of
      assignments;

     

    (v)  the
      original or a certified copy of lender’s title insurance policy;
      and

     

    (vi)  the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any.

     

    The
      Depositor herewith also delivers to the Trustee an executed copy of the
      Assignment Agreement and the Master Agreement.

     

    The
      Trustee agrees to execute and deliver (or cause the Custodian to execute and
      deliver) and to the Depositor on or prior to the Closing Date an acknowledgment
      of receipt of the original Mortgage Note (with any exceptions noted),
      substantially in the form attached as Exhibit F-3 hereto.

     

    If
      any of
      the documents referred to in Section 2.01(ii), (iii) or (iv) above has as of
      the
      Closing Date been submitted for recording but either (x) has not been returned
      from the applicable public recording office or (y) has been lost or such public
      recording office has retained the original of such document, the obligations
      of
      the Depositor to deliver such documents shall be deemed to be satisfied upon
      (1)
      delivery to the Custodian on behalf of the Trustee no later than the Closing
      Date, of a copy of each such document certified by the Originator in the case
      of
      (x) above or the applicable public recording office in the case of (y) above
      to
      be a true and complete copy of the original that was submitted for recording
      and
      (2) if such copy is certified by the Originator, delivery to the Custodian
      on
      behalf of the Trustee, promptly upon receipt thereof of either the original
      or a
      copy of such document certified by the applicable public recording office to
      be
      a true and complete copy of the original.  If the original lender’s
      title insurance policy, or a certified copy thereof, was not delivered pursuant
      to Section 2.01(v) above, the Depositor shall deliver or cause to be delivered
      to the Custodian on behalf of the Trustee, the original or a copy of a written
      commitment or interim binder or preliminary report of title issued by the title
      insurance or escrow company, with the original or a certified copy thereof
      to be
      delivered to the Custodian on behalf of the Trustee, promptly upon receipt
      thereof. The Servicer or the Depositor shall deliver or cause to be delivered
      to
      the Custodian on behalf of the Trustee promptly upon receipt thereof any other
      documents constituting a part of a Mortgage File received with respect to any
      Mortgage Loan, including, but not limited to, any original documents evidencing
      an assumption or modification of any Mortgage Loan.

     

    Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File, the Trustee shall enforce the
      obligations of the Originator under the Master Agreement to cure such defect
      or
      deliver such missing document to the Trustee or the Custodian within 90
      days.  If the Originator does not cure such defect or deliver such
      missing document within such time period, the Trustee shall use commercially
      reasonable efforts to enforce the obligations of the Originator to either
      repurchase or substitute for such Mortgage Loan in accordance with Section
      2.03;
      provided, however, that the Trustee shall not be under any obligation to take
      any action pursuant to this paragraph unless directed by the Depositor and
      provided, further, the Depositor hereby agrees to direct and assist the Trustee
      in enforcing any obligations of the Originator to repurchase or substitute
      for a
      Mortgage Loan which has breached a representation or warranty under the Master
      Agreement.  In connection with the foregoing, it is understood that
      the Custodian on behalf of the Trustee shall have no duty to discover any such
      defects except in the course of performing its review of the Mortgage Files
      to
      the extent set forth herein.

     

    The
      Trustee shall enforce the obligations of the Originator under the Master
      Agreement to cause the Assignments which were delivered in blank to be completed
      and to record all Assignments referred to in Section 2.01(iii) hereof and,
      to
      the extent necessary, in Section 2.01(iv) hereof. The Trustee shall enforce
      the
      obligations of the Originator under the Master Agreement to deliver such
      assignments for recording within 180 days of the Closing Date.  In the
      event that any such Assignment is lost or returned unrecorded because of a
      defect therein, the Trustee shall enforce the obligations of the Originator
      under the Master Agreement to promptly have a substitute Assignment prepared
      or
      have such defect cured, as the case may be, and thereafter cause each such
      Assignment to be duly recorded.

     

    Notwithstanding
      the foregoing, for administrative convenience and facilitation of servicing
      and
      to reduce closing costs, the Assignments shall not be required to be submitted
      for recording (except with respect to any Mortgage Loan located in Maryland
      or
      Kentucky) unless the Trustee (or the Custodian on behalf of the Trustee) and
      the
      Depositor receive notice that such failure to record would result in a
      withdrawal or a downgrading by any Rating Agency of the rating on any Class
      of
      Certificates; provided, however, each Assignment, shall be submitted for
      recording in the manner described above, at no expense to the Trust Fund or
      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 Servicer Event of Termination, (iii) the occurrence of
      a
      bankruptcy, insolvency or foreclosure relating to the Originator, (iv) the
      occurrence of a servicing transfer as described in Section 7.02 hereof, (v)
      upon
      receipt of notice from the Servicer, the occurrence of a bankruptcy, insolvency
      or foreclosure relating to the Mortgagor under the related Mortgage, (vi) upon
      receipt of notice from the Servicer, any Mortgage Loan that is 90 days or more
      Delinquent and such recordation would be necessary to facilitate conversion
      of
      the Mortgaged Property in accordance with Section 3.16 and (vii) reasonable
      direction by the NIMS Insurer.  In the event of (i) through (vii) set
      forth in the immediately preceding sentence, the Trustee shall enforce the
      obligations of the Originator to deliver such Assignments for recording as
      provided above, promptly and in any event within 30 days following receipt
      of
      notice by the Originator. Notwithstanding the foregoing, if the Originator
      fails
      to pay the cost of recording the Assignments, such expense will be paid by
      the
      Trustee and the Trustee shall be reimbursed for such expenses by the
      Trust.

     

    The
      Servicer shall forward to the Custodian original documents evidencing an
      assumption, modification, consolidation or extension of any Mortgage Loan
      entered into in accordance with this Agreement within two weeks of their
      execution; provided, however, that the Servicer shall provide the Custodian
      with
      a certified true copy of any such document submitted for recordation within
      two
      weeks of its execution, and shall provide the original of any document submitted
      for recordation or a copy of such document certified by the appropriate public
      recording office to be a true and complete copy of the original within 365
      days
      of its submission for recordation. In the event that the Servicer cannot provide
      a copy of such document certified by the public recording office within such
      365
      day period, the Servicer shall deliver to the Custodian, within such 365 day
      period, an Officers’ Certificate of the Servicer which shall (A) identify the
      recorded document, (B) state that the recorded document has not been delivered
      to the Custodian due solely to a delay caused by the public recording office,
      (C) state the amount of time generally required by the applicable recording
      office to record and return a document submitted for recordation, if known
      and
      (D) specify the date the applicable recorded document is expected to be
      delivered to the Custodian, and, upon receipt of a copy of such document
      certified by the public recording office, the Servicer shall immediately deliver
      such document to the Custodian. In the event the appropriate public recording
      office will not certify as to the accuracy of such document, the Servicer shall
      deliver a copy of such document certified by an officer of the Servicer to
      be a
      true and complete copy of the original to the Custodian.

     

    The
      parties hereto understand and agree that it is not intended that any Mortgage
      Loan be included in the Trust that is a “high-cost home loan” as defined by the
      Homeownership and Equity Protection Act of 1994 or any other applicable
      predatory or abusive lending laws.

     

    
      	
              SECTION
                2.02  

            	
              Acceptance
                by Trustee.

            

    

     

    Subject
      to the provisions of Section 2.01 and subject to the review described below
      and
      any exceptions noted on the exception report described in the next paragraph
      below, the Trustee acknowledges receipt by it (or the Custodian on its behalf)
      of the documents referred to in Section 2.01 above and all other assets included
      in the definition of “Trust Fund” and declares that it (or the Custodian on its
      behalf) holds and will hold such documents and the other documents delivered
      to
      it constituting a Mortgage File, and that it holds or will hold all such assets
      and such other assets included in the definition of “Trust Fund” in trust for
      the exclusive use and benefit of all present and future
      Certificateholders.

     

    The
      Trustee agrees that it (or a Custodian will agree on its behalf) shall, for
      the
      benefit of the Certificateholders, review, or that it or a Custodian on its
      behalf has reviewed pursuant to Section 2.01 each Mortgage File on or prior
      to
      the Closing Date, with respect to each Mortgage Loan (or, with respect to any
      document delivered after the Startup Day, within 45 days of receipt and with
      respect to any Qualified Substitute Mortgage Loan, within 45 days after the
      assignment thereof).  The Trustee further agrees that it or a
      Custodian on its behalf shall, for the benefit of the Certificateholders,
      certify to the Depositor and the Servicer (with a copy to the NIMS Insurer)
      in
      substantially the form attached hereto as Exhibit F-1, within 45 days after
      the
      Closing Date, with respect to each Mortgage Loan (or, with respect to any
      document delivered after the Startup Day, within 45 days of receipt and with
      respect to any Qualified Substitute Mortgage, within 45 days after the
      assignment thereof) that, as to each Mortgage Loan listed in the respective
      Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
      Mortgage Loan specifically identified in the exception report annexed thereto
      as
      not being covered by such certification), (i) all documents required to be
      delivered to it (or the Custodian on its behalf) pursuant to Section 2.01 of
      this Agreement are in its possession, (ii) such documents have been reviewed
      by
      it (or the Custodian on its behalf) and have not been mutilated, damaged or
      torn
      and appear on their face to relate to such Mortgage Loan and (iii) based on
      its
      examination and only as to the foregoing, the information set forth in the
      Mortgage Loan Schedule that corresponds to items (1) and (3) of the Mortgage
      Loan Schedule accurately reflects information set forth in the Mortgage File.
      It
      is herein acknowledged that, in conducting such review, the Trustee (or the
      Custodian, as applicable) is under no duty or obligation to inspect, review
      or
      examine any such documents, instruments, certificates or other papers to
      determine that they are genuine, legally enforceable, valid or binding or
      appropriate for the represented purpose or that they have actually been recorded
      or that they are other than what they purport to be on their face.

     

    Prior
      to
      the first anniversary date of this Agreement the Trustee (or the Custodian
      on
      its behalf) shall deliver to the Depositor and the Servicer, with a copy to
      the
      NIMS Insurer a final certification in the form annexed hereto as Exhibit F-2,
      with any applicable exceptions noted thereon.

     

    If
      in the
      process of reviewing the Mortgage Files and making or preparing, as the case
      may
      be, the certifications referred to above, the Trustee (or the Custodian, as
      applicable) finds any document or documents constituting a part of a Mortgage
      File to be missing or not to conform with respect to any characteristics which
      are within the scope of the Trustee’s (or the Custodian’s, as applicable) review
      as provided herein, at the conclusion of its review, the Trustee shall so notify
      the Originator, the Depositor, the NIMS Insurer and the Servicer. In addition,
      upon the discovery by the Depositor, the NIMS Insurer or the Servicer (or upon
      receipt by the Trustee of written notification of such breach) of a breach
      of
      any of the representations and warranties made by the Originator in the Master
      Agreement or the Seller in the Assignment Agreement in respect of any Mortgage
      Loan which materially adversely affects such Mortgage Loan or the interests
      of
      the related Certificateholders in such Mortgage Loan, the party discovering
      such
      breach shall give prompt written notice to the NIMS Insurer and the other
      parties to this Agreement.

     

    Notwithstanding
      anything to the contrary in this Agreement, in no event shall the Trustee be
      liable to any party hereto or to any third party for the performance of any
      custody-related functions, including without limitation with respect to which
      the Custodian shall fail to take action on behalf of the Trustee or failure
      by
      the Custodian to perform any custody related functions in the event the
      Custodian shall fail to satisfy all the related requirements under this
      Agreement or the Custodial Agreement.

     

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated constitute a sale of the Mortgage Loans, the related Mortgage
      Notes
      and the related documents, conveying good title thereto free and clear of any
      liens and encumbrances, from the Depositor to the Trustee in trust for the
      benefit of the Certificateholders and that such property not be part of the
      Depositor’s estate or property of the Depositor in the event of any insolvency
      by the Depositor. In the event that such conveyance is deemed to be, or to
      be
      made as security for, a loan, the parties intend that the Depositor shall be
      deemed to have granted and does hereby grant to the Trustee a first priority
      perfected security interest in all of the Depositor’s right, title and interest
      in and to the Mortgage Loans, the related Mortgage Notes and the related
      documents, and that this Agreement shall constitute a security agreement under
      applicable law.

     

    
      	
              SECTION
                2.03  

            	
              Repurchase
                or Substitution of Mortgage Loans by the Originator or the
                Seller.

            

    

     

    (a)  Upon
      discovery or receipt of written notice from the Trustee of any materially
      defective document in, or that a document is missing from, a Mortgage File
      or of
      the breach by the Originator or the Seller, as applicable, of any
      representation, warranty or covenant under the Master Agreement or the
      Assignment Agreement, as applicable, in respect of any Mortgage Loan which
      materially adversely affects the value of such Mortgage Loan or the interest
      therein of the Certificateholders, the Trustee shall request that the Originator
      deliver such missing document or that the Originator or the Seller cure such
      defect or breach within 90 days from the date the Originator or the Seller
      was
      notified of such missing document, defect or breach, and if the Originator
      or
      the Seller does not deliver such missing document or cure such defect or breach
      in all material respects during such period, the Trustee shall enforce (in
      the
      manner set forth in Section 2.01) the Originator’s obligation under the Master
      Agreement or the Assignment Agreement or the Seller’s obligation under the
      Assignment Agreement and notify the Originator or the Seller, as applicable,
      of
      its obligation to repurchase such Mortgage Loan from the Trust Fund at the
      Purchase Price on or prior to the Determination Date following the expiration
      of
      such 90 day period (subject to Section 2.03(e)). The Purchase Price for the
      repurchased Mortgage Loan shall be remitted to the Servicer for deposit in
      the
      Collection Account, and the Trustee, upon receipt of written certification
      from
      the Servicer of such deposit, shall release (or cause the Custodian to release)
      to the Originator or the Seller, as applicable, the related Mortgage
      File  and the Trustee shall execute and deliver such instruments of
      transfer or assignment, in each case without recourse, as the Originator or
      the
      Seller, as applicable, shall furnish to it and as shall be necessary to vest
      in
      the Originator or Seller, as applicable, any Mortgage Loan released pursuant
      hereto and the Trustee shall have no further responsibility with regard to
      such
      Mortgage File (it being understood that the Trustee shall have no responsibility
      for determining the sufficiency of such assignment for its intended purpose).
      In
      lieu of repurchasing any such Mortgage Loan as provided above, the Originator
      or
      the Seller, as applicable, may cause such Mortgage Loan to be removed from
      the
      Trust Fund (in which case it shall become a Deleted Mortgage Loan) and
      substitute one or more Qualified Substitute Mortgage Loans in the manner and
      subject to the limitations set forth in Section 2.03(d); provided, however,
      the
      Seller may not substitute for any Mortgage Loan which breaches a representation
      or warranty regarding abusive or predatory lending laws. It is understood and
      agreed that the obligation of the Originator or the Seller, as applicable,
      to
      cure or to repurchase (or to substitute for) any Mortgage Loan as to which
      a
      document is missing, a material defect in a constituent document exists or
      as to
      which such a breach has occurred and is continuing shall constitute the sole
      remedy against the Originator or the Seller, as applicable, respecting such
      omission, defect or breach available to the Trustee on behalf of the
      Certificateholders.  In order to facilitate the discovery of any
      materially defective document in, or that a document is missing from, a Mortgage
      File or of the breach by the Originator of any representation, warranty or
      covenant under the Master Agreement in respect of any Mortgage Loan which
      materially adversely affects the value of that Mortgage Loan or the interest
      therein of the Certificateholders, the Depositor shall have the right to request
      from the Originator, on behalf of the Trust Fund, a copy of the Mortgage File
      (including any documents related thereto, such as payment histories, collection
      screens and payoff amounts) from the Originator, or if any portion or copy
      of
      such Mortgage File is being held by the Servicer or the Custodian, from the
      Servicer or the Custodian, as applicable and the Originator, the Servicer or
      the
      Custodian, as applicable, are hereby authorized to deliver such file to the
      Depositor.

     

    (b)  Within
      90
      days of the earlier of discovery by the Depositor or receipt of notice by the
      Depositor of the breach of any representation, warranty or covenant of the
      Depositor set forth in Section 2.06, which materially and adversely affects
      the
      interests of the Certificateholders in any Mortgage Loan, the Depositor shall
      cure such breach in all material respects.

     

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

     

    (d)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) must be effected prior to the last Business
      Day
      that is within two years after the Closing Date. As to any Deleted Mortgage
      Loan
      for which the Originator or the Seller, as applicable, substitutes a Qualified
      Substitute Mortgage Loan or Loans, such substitution shall be effected by the
      Originator or the Seller, as applicable, delivering to the Trustee (or the
      Custodian on behalf of the Trustee), for such Qualified Substitute Mortgage
      Loan
      or Loans, the Mortgage Note, the Mortgage and the Assignment to the Trustee,
      and
      such other documents and agreements, with all necessary endorsements thereon,
      as
      are required by Section 2.01, together with an Officers’ Certificate providing
      that each such Qualified Substitute Mortgage Loan satisfies the definition
      thereof and specifying the Substitution Adjustment (as described below), if
      any,
      in connection with such substitution. The Trustee shall acknowledge (or cause
      the Custodian to acknowledge) receipt for such Qualified Substitute Mortgage
      Loan or Loans and, within 45 days thereafter, shall review such documents as
      specified in Section 2.02 and deliver to the Depositor and the Servicer (with
      a
      copy to the NIMS Insurer), with respect to such Qualified Substitute Mortgage
      Loan or Loans, a certification substantially in the form attached hereto as
      Exhibit F-1, with any applicable exceptions noted thereon. Within one year
      of
      the date of substitution, the Trustee shall deliver (or cause the Custodian
      to
      deliver) to the Depositor and the Servicer (with a copy to the NIMS Insurer)
      a
      certification substantially in the form of Exhibit F-2 hereto with respect
      to
      such Qualified Substitute Mortgage Loan or Loans, with any applicable exceptions
      noted thereon. Monthly Payments due with respect to Qualified Substitute
      Mortgage Loans in the month of substitution are not part of the Trust Fund
      and
      will be retained by the Originator or the Seller, as applicable. For the month
      of substitution, distributions to Certificateholders will reflect the
      collections and recoveries in respect of such Deleted Mortgage Loan in the
      Due
      Period preceding the month of substitution and the Originator or the Seller,
      as
      applicable, shall thereafter be entitled to retain all amounts subsequently
      received in respect of such Deleted Mortgage Loan.  The Depositor
      shall give or cause to be given written notice to the Trustee and the NIMS
      Insurer, who shall forward such notice to the Certificateholders, that such
      substitution has taken place, shall amend the Mortgage Loan Schedule to reflect
      the removal of such Deleted Mortgage Loan from the terms of this Agreement
      and
      the substitution of the Qualified Substitute Mortgage Loan or Loans and shall
      deliver a copy of such amended Mortgage Loan Schedule to the Trustee and the
      Custodian and the NIMS Insurer.   Upon such substitution by the
      Originator or the Seller, as applicable, such Qualified Substitute Mortgage
      Loan
      or Loans shall constitute part of the Mortgage Pool and shall be subject in
      all
      respects to the terms of this Agreement and the Assignment Agreement, including
      all applicable representations and warranties thereof included in the Assignment
      Agreement as of the date of substitution.

     

    For
      any
      month in which the Originator or the Seller, as applicable, substitutes one
      or
      more Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans,
      the Servicer will determine the amount (the “Substitution Adjustment”), if any,
      by which the aggregate Purchase Price of all such Deleted Mortgage Loans exceeds
      the aggregate, as to each such Qualified Substitute Mortgage Loan, of the Stated
      Principal Balance thereof as of the date of substitution, together with one
      month’s interest on such Stated Principal Balance at the applicable Mortgage
      Rate. On the date of such substitution, the Originator or the Seller, as
      applicable, will deliver or cause to be delivered to the Servicer for deposit
      in
      the Collection Account an amount equal to the Substitution Adjustment, if any,
      and the Trustee, upon receipt of the related Qualified Substitute Mortgage
      Loan
      or Loans and certification by the Servicer of such deposit, shall release (or
      cause the Custodian to release) to the Originator or the Seller, as applicable,
      the related Mortgage File or Files and the Trustee shall execute and deliver
      such instruments of transfer or assignment, in each case without recourse,
      as
      the Originator or the Seller, as applicable, shall deliver to it and as shall
      be
      necessary to vest therein any Deleted Mortgage Loan released pursuant
      hereto.

     

    In
      addition, pursuant to the terms of the Assignment Agreement, the Originator
      or
      the Seller, as applicable, shall obtain at its own expense and deliver to the
      Trustee and the NIMS Insurer an Opinion of Counsel to the effect that such
      substitution will not cause (a) any federal tax to be imposed on the Trust
      Fund,
      including without limitation, any federal tax imposed on “prohibited
      transactions” under Section 860F(a)(I) of the Code or on “contributions after
      the startup date” under Section 860G(d)(I) of the Code or (b) any REMIC to fail
      to qualify as a REMIC at any time that any Certificate is outstanding. If such
      Opinion of Counsel can not be delivered, then such substitution may only be
      effected at such time as the required Opinion of Counsel can be
      given.

     

    (e)  Upon
      discovery by the Depositor, the Servicer, the NIMS Insurer or the Trustee that
      any Mortgage Loan does not constitute a “qualified mortgage” within the meaning
      of Section 860G(a)(3) of the Code, the party discovering such fact shall within
      two Business Days give written notice thereof to the other parties hereto.
      In
      connection therewith, the Originator or the Depositor, as the case may be,
      shall
      repurchase or, subject to the limitations set forth in Section 2.03(d),
      substitute one or more Qualified Substitute Mortgage Loans for the affected
      Mortgage Loan within 90 days of the earlier of discovery or receipt of such
      notice with respect to such affected Mortgage Loan. Such repurchase or
      substitution shall be made (i) by the Originator if the affected Mortgage Loan’s
      status as a non-qualified mortgage is or results from a breach of any
      representation, warranty or covenant made by the Originator under the Master
      Agreement or (ii) the Depositor, if the affected Mortgage Loan’s status as a
      non-qualified mortgage is a breach of any representation or warranty of the
      Depositor set forth in Section 2.06, or if its status as a non-qualified
      mortgage is a breach of no representation or warranty. Any such repurchase
      or
      substitution shall be made in the same manner as set forth in Section 2.03(a)
      or
      2.03(d), if made by the Originator, or Section 2.03(b), if made by the
      Depositor. The Trustee (or the Custodian on behalf of the Trustee) shall
      reconvey to the Depositor or the Originator, as the case may be, 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.

     

    (f)  Upon
      discovery or receipt of written notice of a breach by the Seller of any
      representation, warranty or covenant made by the Seller under the Assignment
      Agreement in respect of any Mortgage Loan which materially adversely affects
      the
      value of such Mortgage Loan or the interest therein of the Certificateholders,
      and if either (i) such Mortgage Loan is not in breach of any representation,
      warranty or covenant of the Originator or (ii) the Originator has failed to
      remedy such representation, warranty or covenant with respect to such Mortgage
      Loan, then the Trustee shall enforce the obligation of the Seller to remedy
      such
      breach, to the extent provided in the Assignment Agreement, in the manner and
      within the time periods set forth in the Assignment Agreement.

     

    
      	
              SECTION
                2.04  

            	
              Intentionally
                Omitted.

            

    

     

    
      	
              SECTION
                2.05  

            	
              Representations,
                Warranties and Covenants of the
                Servicer.

            

    

     

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

     

    (i)  The
      Servicer is duly organized, validly existing, and in good standing under the
      laws of the jurisdiction of its formation and has all licenses necessary to
      carry on its business as now being conducted and is licensed, qualified and
      in
      good standing in the states where the Mortgaged Property is located (or is
      otherwise exempt under applicable law from such qualification) if the laws
      of
      such state require licensing or qualification in order to conduct business
      of
      the type conducted by the Servicer or to ensure the enforceability or validity
      of each Mortgage Loan; the Servicer has the power and authority to execute
      and
      deliver this Agreement and to perform in accordance herewith; the execution,
      delivery and performance of this Agreement (including all instruments of
      transfer to be delivered pursuant to this Agreement) and all documents and
      instruments contemplated hereby which are executed and delivered by the Servicer
      and the consummation of the transactions contemplated hereby have been duly
      and
      validly authorized; this Agreement and all documents and instruments
      contemplated hereby which are executed and delivered by the Servicer, assuming
      due authorization, execution and delivery by the other parties hereto, evidences
      the valid, binding and enforceable obligation of the Servicer, subject to
      applicable bankruptcy, insolvency, reorganization, moratorium or other similar
      laws affecting the enforcement of creditors’ rights generally; and all requisite
      corporate action has been taken by the Servicer to make this Agreement and
      all
      documents and instruments contemplated hereby which are executed and delivered
      by the Servicer valid and binding upon the Servicer in accordance with its
      terms;

     

    (ii)  The
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Servicer and will not result in the material
      breach of any term or provision of the charter or by-laws of the Servicer or
      result in the breach of any term or provision of, or conflict with or constitute
      a default under or result in the acceleration of any obligation under, any
      agreement, indenture or loan or credit agreement or other instrument to which
      the Servicer or its property is subject, or result in the violation of any
      law,
      rule, regulation, order, judgment or decree to which the Servicer or its
      property is subject;

     

    (iii)  The
      execution and delivery of this Agreement by the Servicer and the performance
      and
      compliance with its obligations and covenants hereunder do not require the
      consent or approval of any governmental authority or, if such consent or
      approval is required, it has been obtained;

     

    (iv)  [Reserved];

     

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

     

    (vi)  There
      is
      no action, suit, proceeding or investigation pending or, to its knowledge,
      threatened against the Servicer that, either individually or in the aggregate,
      which would reasonably be expected to (A) result in any change in the business,
      operations, financial condition, properties or assets of the Servicer that
      might
      prohibit or materially and adversely affect the performance by such Servicer
      of
      its obligations under, or the validity or enforceability of, this Agreement,
      or
      (B) result in any material impairment of the right or ability of the Servicer
      to
      carry on its business substantially as now conducted, or (C) draw into question
      the validity or enforceability of this Agreement or of any action taken or
      to be
      taken in connection with the obligations of the Servicer contemplated herein,
      or
      (D) impair materially the ability of the Servicer to perform under the terms
      of
      this Agreement;

     

    (vii)  Neither
      this Agreement nor any information, certificate of an officer, statement
      furnished in writing or report delivered to the Trustee by the Servicer in
      connection with the transactions contemplated hereby contains any untrue
      statement of a material fact;

     

    (viii)  The
      Servicer will not waive any Prepayment Charge unless it is waived in accordance
      with the standard set forth in Section 3.01; and

     

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

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee (or the Custodian on behalf of the Trustee) and shall inure to the
      benefit of the Trustee, the Depositor and the Certificateholders. Upon discovery
      by any of the Depositor, the NIMS Insurer, the Servicer or the Trustee of a
      breach of any of the foregoing representations, warranties and covenants which
      materially and adversely affects the value of any Mortgage Loan, Prepayment
      Charge or the interests therein of the Certificateholders, the party discovering
      such breach shall give prompt written notice (but in no event later than two
      Business Days following such discovery) to the Servicer, the NIMS Insurer and
      the Trustee. Notwithstanding the foregoing, within 90 days of the earlier of
      discovery by the Servicer or receipt of notice by the Servicer of the breach
      of
      the representation or covenant of the Servicer set forth in Section 2.05(viii)
      above which materially and adversely affects the interests of the Holders of
      the
      Class P Certificates in any Prepayment Charge, the Servicer must 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 Collection
      Account.  The foregoing shall not, however, limit any remedies
      available to the Certificateholders, the Depositor or the Trustee on behalf
      of
      the Certificateholders, pursuant to the Master Agreement respecting a breach
      of
      the representations, warranties and covenants of the Originator.

     

    
      	
              SECTION
                2.06  

            	
              Representations
                and Warranties of the Depositor.

            

    

     

    The
      Depositor represents and warrants to the Trust, the Servicer and the Trustee
      on
      behalf of the Certificateholders as follows:

     

    (i)  This
      agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      affecting the enforcement of creditors’ rights in general and except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

     

    (ii)   Immediately
      prior to the sale and assignment by the Depositor to the Trustee on behalf
      of
      the Trust of each Mortgage Loan, the Depositor had good and marketable title
      to
      each Mortgage Loan (insofar as such title was conveyed to it by the Seller)
      subject to no prior lien, claim, participation interest, mortgage, security
      interest, pledge, charge or other encumbrance or other interest of any
      nature;

     

    (iii)  As
      of the
      Closing Date, the Depositor has transferred all right, title and interest in
      the
      Mortgage Loans to the Trustee on behalf of the Trust;

     

    (iv)  The
      Depositor has not transferred the Mortgage Loans to the Trustee on behalf of
      the
      Trust with any intent to hinder, delay or defraud any of its
      creditors;

     

    (v)  The
      Depositor has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of Delaware, with full corporate power and
      authority to own its assets and conduct its business as presently being
      conducted;

     

    (vi)  The
      Depositor is not in violation of its articles of incorporation or by-laws or
      in
      default in the performance or observance of any material obligation, agreement,
      covenant or condition contained in any contract, indenture, mortgage, loan
      agreement, note, lease or other instrument to which the Depositor is a party
      or
      by which it or its properties may be bound, which default might result in any
      material adverse changes in the financial condition, earnings, affairs or
      business of the Depositor or which might materially and adversely affect the
      properties or assets, taken as a whole, of the Depositor;

     

    (vii)  The
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated thereby, do not and will not
      result in a material breach or violation of any of the terms or provisions
      of,
      or, to the knowledge of the Depositor, constitute a default under, any
      indenture, mortgage, deed of trust, loan agreement or other agreement or
      instrument to which the Depositor is a party or by which the Depositor is bound
      or to which any of the property or assets of the Depositor is subject, nor
      will
      such actions result in any violation of the provisions of the articles of
      incorporation or by-laws of the Depositor or, to the best of the Depositor’s
      knowledge without independent investigation, any statute or any order, rule
      or
      regulation of any court or governmental agency or body having jurisdiction
      over
      the Depositor or any of its properties or assets (except for such conflicts,
      breaches, violations and defaults as would not have a material adverse effect
      on
      the ability of the Depositor to perform its obligations under this
      Agreement);

     

    (viii)  To
      the
      best of the Depositor’s knowledge without any independent investigation, no
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States or any other
      jurisdiction is required for the issuance of the Certificates, or the
      consummation by the Depositor of the other transactions contemplated by this
      Agreement, except such consents, approvals, authorizations, registrations or
      qualifications as (a) may be required under State securities or Blue Sky laws,
      (b) have been previously obtained or (c) the failure of which to obtain would
      not have a material adverse effect on the performance by the Depositor of its
      obligations under, or the validity or enforceability of, this
      Agreement;

     

    (ix)  There
      are
      no actions, proceedings or investigations pending before or, to the Depositor’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Depositor is a party or of which any of its properties is the subject:
      (a) which if determined adversely to the Depositor would have a material adverse
      effect on the business, results of operations or financial condition of the
      Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
      (c) seeking to prevent the issuance of the Certificates or the consummation
      by
      the Depositor of any of the transactions contemplated by this Agreement, as
      the
      case may be; or (d) which might materially and adversely affect the performance
      by the Depositor of its obligations under, or the validity or enforceability
      of,
      this Agreement; and

     

    (x)  The
      beneficial owner of the payments made under the Interest Rate Swap Agreement
      or
      the Basis Risk Cap Agreement is either (i) a “U.S. person” (as that term is used
      in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for United
      States federal income tax purposes and an “Exempt recipient” within the meaning
      of section 1.6049-4(c)(1)(ii) of United States Treasury Regulations, or (ii)
      a
“non-U.S. branch of a foreign person” as that term is used in section
      1.1441-4(a)(3)(ii) of the United States Treasury Regulations (the “Regulations”)
      for United States federal income tax purposes, and it is a “foreign person” as
      that term is used in section 1.6041-4(a)(4) of the Regulations for United States
      federal income tax purposes.   The Depositor understands that
      both the Trust and the Trustee are relying on this information in connection
      with the execution of the Interest Rate Swap Agreement and the Basis Risk Cap
      Agreement.

     

    
      	
              SECTION
                2.07  

            	
              Issuance
                of Certificates.

            

    

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to it (or the Custodian on behalf of the Trustee) of the Mortgage Files, subject
      to any exceptions noted by the Custodian in its exception report delivered
      pursuant to Section 2.02, together with the assignment to it of all other assets
      included in the Trust Fund, receipt of which is hereby acknowledged.
      Concurrently with such assignment and delivery and in exchange therefor, the
      Trustee, pursuant to the written request of the Depositor executed by an officer
      of the Depositor, has executed, authenticated and delivered to or upon the
      order
      of the Depositor, the Certificates in authorized denominations. The interests
      evidenced by the Certificates constitute the entire beneficial ownership
      interest in the Trust Fund.

     

    
      	
              SECTION
                2.08  

            	
              Authorization
                to Enter into Basis Risk Cap Agreement and Interest Rate Swap
                Agreement.

            

    

     

    (a)  The
      Trustee, not in its individual capacity but solely in its separate capacity
      as
      Cap Trustee, is hereby directed to exercise the rights, perform the obligations,
      and make any representations to be exercised, performed, or made by the Cap
      Trustee, as described herein.  The Cap Trustee is hereby directed to
      execute and deliver the Interest Rate Cap Agreement on behalf of Party B (as
      defined therein) and to exercise the rights, perform the obligations, and make
      the representations of Party B thereunder, solely in its capacity as Cap Trustee
      on behalf of Party B (as defined therein) and not in its individual
      capacity.  The Servicer, the Depositor and the Certificateholders (by
      acceptance of their Certificates) acknowledge and agree that (i) the Cap Trustee
      shall execute and deliver the Basis Risk Cap Agreement on behalf of Party B
      (as
      defined therein), (ii) the Cap Trustee shall exercise the rights, perform the
      obligations, and make the representations of Party B thereunder, solely in
      its
      capacity as Cap Trustee on behalf of Party B (as defined therein) and not in
      its
      individual capacity and (iii) the Trustee on the Cap Trustee’s behalf shall also
      be entitled to exercise the rights and obligated to perform the obligations
      of
      Party B under the Basis Risk Cap Agreement.  Every provision of this
      Agreement relating to the conduct or affecting the liability of or affording
      protection to the Trustee shall apply to the Trustee’s execution (as Cap
      Trustee) of the Interest Rate Cap Agreement, and the performance of its duties
      and satisfaction of its obligations thereunder.

     

    (b)  The
      Trustee, not in its individual capacity but solely in its separate capacity
      as
      Supplemental Interest Trust Trustee, is hereby directed to exercise the rights,
      perform the obligations, and make any representations to be exercised,
      performed, or made by the Supplemental Interest Trust Trustee, as described
      herein. The Supplemental Interest Trust Trustee is hereby directed to execute
      and deliver the Interest Rate Swap Agreement on behalf of Party B (as defined
      therein) and to exercise the rights, perform the obligations, and make the
      representations of Party B thereunder, solely in its capacity as Supplemental
      Interest Trust Trustee on behalf of Party B (as defined therein) and not in
      its
      individual capacity.  The Servicer, the Depositor and the
      Certificateholders (by acceptance of their Certificates) acknowledge and agree
      that (i) the Supplemental Interest Trust Trustee shall execute and deliver
      the
      Interest Rate Swap Agreement on behalf of Party B (as defined therein), (ii)
      the
      Supplemental Interest Trust Trustee shall exercise the rights, perform the
      obligations, and make the representations of Party B thereunder, not in its
      individual capacity but, solely in its capacity as Supplemental Interest Trust
      Trustee on behalf of Party B (as defined therein) and (iii) the Trustee on
      the
      Supplemental Interest Trust Trustee’s behalf shall also be entitled to exercise
      the rights and obligated to perform the obligations of Party B under the
      Interest Rate Swap Agreement.  Every provision of this Agreement
      relating to the conduct or affecting the liability of or affording protection
      to
      the Trustee shall apply to the Trustee’s execution (as Supplemental Interest
      Trust Trustee) of the Interest Rate Swap Agreement, and the performance of
      its
      duties and satisfaction of its obligations thereunder.

     

    
      	
              SECTION
                2.09  

            	
              Acceptance
                of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6 and REMIC
                7 by the
                Trustee; Conveyance of REMIC 1 Regular Interests, Class C Interest
                and
                Class P Interest; Issuance of
                Certificates.

            

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the assets
      described in the definition of REMIC 1 for the benefit of the holders of the
      REMIC 1 Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-1 Interest). The Trustee acknowledges
      receipt of the assets described in the definition of REMIC 1 and declares that
      it holds and will hold the same in trust for the exclusive use and benefit
      of
      the holders of the REMIC 1 Regular Interests and the Class R Certificates (in
      respect of the Class R-1 Interest). The interests evidenced by the Class R-1
      Interest, together with the REMIC 1 Regular Interests, constitute the entire
      beneficial ownership interest in REMIC 1.

     

    (b)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      1 Regular Interests for the benefit of the holders of the REMIC 2 Regular
      Interests (which are uncertificated) and the Class R Certificates (in respect
      of
      the Class R-2 Interest). The Trustee acknowledges receipt of the REMIC 1 Regular
      Interests and declares that it holds and will hold the same in trust for the
      exclusive use and benefit of the holders of the REMIC 2 Regular Interests and
      the Class R Certificates (in respect of the Class R-2 Interest). The interests
      evidenced by the Class R-2 Interest, together with the REMIC 2 Regular
      Interests, constitute the entire beneficial ownership interest in REMIC
      2.

     

    (c)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      2 Regular Interests for the benefit of the holders of the REMIC 3 Regular
      Interests (which are uncertificated) and the Class R Certificates (in respect
      of
      the Class R-3 Interest). The Trustee acknowledges receipt of the REMIC 2 Regular
      Interests and declares that it holds and will hold the same in trust for the
      exclusive use and benefit of the holders of the REMIC 3 Regular Interests and
      the Class R Certificates (in respect of the Class R-3 Interest). The interests
      evidenced by the Class R-3 Interest, together with the REMIC 3 Regular
      Interests, constitute the entire beneficial ownership interest in REMIC
      3.

     

    (d)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      3 Regular Interests (which are uncertificated) for the benefit of the Holders
      of
      the Regular Certificates (other than the Class C Certificates or the Class
      P
      Certificates), the Class C Interest, the Class P Interest, the Class IO Interest
      and the Class R Certificates (in respect of the Class R-4 Interest). The Trustee
      acknowledges receipt of the REMIC 4 Regular Interests and declares that it
      holds
      and will hold the same in trust for the exclusive use and benefit of the Holders
      of the Regular Certificates (other than the Class C Certificates or Class P
      Certificates), the Class C Interest, the Class P Interest, the Class IO Interest
      and the Class R Certificates (in respect of the Class R-4 Interest). The
      interests evidenced by the Class R-4 Interest, together with the Regular
      Certificates (other than the Class C Certificates or Class P Certificates),
      the
      Class C Interest, the Class P Interest and the Class IO Interest, constitute
      the
      entire beneficial ownership interest in REMIC 4.

     

    (e)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      C Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      C Certificates and the Class R-X Certificates (in respect of the Class R-5
      Interest). The Trustee acknowledges receipt of the Class C Interest and declares
      that it holds and will hold the same in trust for the exclusive use and benefit
      of the Holders of the Class C Certificates and the Class R-X Certificates (in
      respect of the Class R-5 Interest). The interests evidenced by the Class R-5
      Interest, together with the Class C Certificates, constitute the entire
      beneficial ownership interest in REMIC 5.

     

    (f)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      P Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      P Certificates and the Class R-X Certificates (in respect of the Class R-6
      Interest). The Trustee acknowledges receipt of the Class P Interest and declares
      that it holds and will hold the same in trust for the exclusive use and benefit
      of the Holders of the Class P Certificates and the Class R-X Certificates (in
      respect of the Class R-6 Interest). The interests evidenced by the Class R-6
      Interest, together with the Class P Certificates, constitute the entire
      beneficial ownership interest in REMIC 6.

     

    (g)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      IO Interest (which is uncertificated) for the benefit of the Holders of the
      REMIC 7 Regular Interest SWAP IO and the Class R-X Certificates (in respect
      of
      the Class R-7 Interest). The Trustee acknowledges receipt of the Class IO
      Interest and declares that it holds and will hold the same in trust for the
      exclusive use and benefit of the Holders of the REMIC 7 Regular Interest SWAP
      IO
      and the Class R-X Certificates (in respect of the Class R-7 Interest). The
      interests evidenced by the Class R-7 Interest, together with the REMIC 7 Regular
      Interest SWAP IO, constitute the entire beneficial ownership interest in REMIC
      7.

     

    (h)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 1 and the
      acceptance by the Trustee thereof, pursuant to Section 2.01, Section 2.02 and
      subsection (a) hereof, (ii) the assignment and delivery to the Trustee of REMIC
      2 (including the Residual Interest therein represented by the Class R-2
      Interest) and the acceptance by the Trustee thereof, pursuant to subsection
      (b)
      hereof, (iii) the assignment and delivery to the Trustee of REMIC 3 (including
      the Residual Interest therein represented by the Class R-3 Interest) and the
      acceptance by the Trustee thereof, pursuant to subsection (c) hereof, (iv)
      the
      assignment and delivery to the Trustee of REMIC 4 (including the Residual
      Interest therein represented by the Class R-4 Interest) and the acceptance
      by
      the Trustee thereof, pursuant to subsection (c) hereof, (v) the assignment
      and
      delivery to the Trustee of REMIC 5 (including the Residual Interest therein
      represented by the Class R-5 Interest) and the acceptance by the Trustee
      thereof, pursuant to subsection (d) hereof, (vi) the assignment and delivery
      to
      the Trustee of REMIC 6 (including the Residual Interest therein represented
      by
      the Class R-6 Interest) and the acceptance by the Trustee thereof, pursuant
      to
      subsection (e) hereof, and (vii) the assignment and delivery to the Trustee
      of
      REMIC 7 (including the Residual Interest therein represented by the Class R-7
      Interest) and the acceptance by the Trustee thereof, pursuant to subsection
      (f)
      hereof, the Trustee, pursuant to the written request of the Depositor executed
      by an officer of the Depositor, has executed, authenticated and delivered to
      or
      upon the order of the Depositor, (A) the Class R Certificates in authorized
      denominations evidencing the Class R-1 Interest, the Class R-2 Interest, the
      Class R-3 Interest and the Class R-4 interest and (B) the Class R-X Certificates
      in authorized denominations evidencing the Class R-5 Interest, the Class R-6
      Interest and the Class R-7 Interest.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    
      	
              SECTION
                3.01  

            	
              Servicer
                to Act as Servicer.

            

    

     

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

     

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

     

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

     

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

     

    (iv)  the
      Servicer’s or any Sub-Servicer’s right to receive compensation for its services
      hereunder or with respect to any particular transaction (the “Servicing
      Standard”).

     

    To
      the
      extent consistent with the foregoing, the Servicer (a) shall seek the timely
      and
      complete recovery of principal and interest on the Mortgage Notes and (b) shall
      waive (or permit a Sub-Servicer to waive) a Prepayment Charge only under the
      following circumstances: (i) such waiver is standard and customary in servicing
      similar Mortgage Loans and (ii) such waiver relates to a default or a reasonably
      foreseeable default and would, in the reasonable judgment of the Servicer,
      maximize recovery of total proceeds taking into account the value of such
      Prepayment Charge and the related Mortgage Loan, (iii) the collection of such
      Prepayment Charge would be in violation of applicable laws or (iv) the Servicer
      has not received information and documentation sufficient to confirm the
      existence or amount of such Prepayment Charge.  If a Prepayment Charge
      is waived as permitted by meeting the standard described in clauses (iii) or
      (iv) above, then the Trustee shall make commercially reasonable efforts to
      attempt to enforce the obligations of the Originator under the Master Agreement
      to pay the amount of such waived Prepayment Charge, for the benefit of the
      Holders of the Class P Certificates; provided, however, that the Trustee shall
      not be under any obligation to take any action pursuant to this paragraph unless
      directed by the Depositor and provided, further, the Depositor hereby agrees
      to
      assist and direct the Trustee in enforcing any obligations of the Originator
      to
      pay the the amount of such waived Prepayment Charge under the Master
      Agreement.  If the Originator fails to pay the amount of such waived
      Prepayment Charge in accordance with its obligations under the Master Agreement,
      the Trustee and the Depositor shall consult on further actions to be taken
      against the Originator.  The Servicer hereby acknowledges that for the
      purposes of clause (iii) above, the law applicable to the enforcement of
      Prepayment Charges is the law applicable to the originator of the related
      Mortgage Loan.  In the event the Servicer determines that (i) the
      foregoing acknowledgement is no longer accurate and (ii) applicable state law
      would prevent it from fully enforcing any Prepayment Charge, the Servicer shall
      (i) provide notice to the Depositor at least 30 days prior to waiving any such
      Prepayment Charge and (ii) provide a written opinion of counsel from a
      nationally recognized law firm experienced in regulatory matters concluding
      that
      fully enforcing such Prepayment Charge would violate applicable
      law.

     

    To
      the
      extent consistent with the foregoing, the Servicer shall also seek to maximize
      the timely and complete recovery of principal and interest on the Mortgage
      Notes. Subject only to the above-described servicing standards and the terms
      of
      this Agreement and of the Mortgage Loans, the Servicer shall have full power
      and
      authority, acting alone or through Sub-Servicers as provided in Section 3.02,
      to
      do or cause to be done any and all things in connection with such servicing
      and
      administration which it may deem necessary or desirable.  Without
      limiting the generality of the foregoing, the Servicer, in the name of the
      Trust
      Fund, is hereby authorized and empowered by the Trustee when the Servicer
      believes it appropriate in its best judgment in accordance with the Servicing
      Standard, to execute and deliver, on behalf of the Certificateholders and the
      Trustee, any and all instruments of satisfaction or cancellation, or of partial
      or full release or discharge, and all other comparable instruments, with respect
      to the Mortgage Loans and the Mortgaged Properties and to institute foreclosure
      proceedings or obtain a deed-in-lieu of foreclosure so as to convert the
      ownership of such properties, and to hold or cause to be held title to such
      properties, on behalf of the Trustee and Certificateholders.  The
      Servicer shall service and administer the Mortgage Loans in accordance with
      applicable state and federal law and shall provide to the Mortgagors any reports
      required to be provided to them thereby.  The Servicer shall also
      comply in the performance of this Agreement with all reasonable rules and
      requirements of each insurer under any standard hazard insurance
      policy.  Subject to Section 3.17, within five (5) days of the Closing
      Date, the Trustee shall execute and furnish to the Servicer and any Sub-Servicer
      any special or limited powers of attorney and other documents necessary or
      appropriate to enable the Servicer or any Sub-Servicer to carry out their
      servicing and administrative duties hereunder; provided, such limited
      powers of attorney or other documents shall be prepared by the Servicer and
      submitted to the Trustee for execution.  The Trustee shall not be
      liable for the actions by the Servicer or any Sub-Servicers under such powers
      of
      attorney.

     

    Subject
      to Section 3.09 hereof, in accordance with the standards of the preceding
      paragraph, the Servicer, on escrowed accounts, shall advance or cause to be
      advanced funds as necessary for the purpose of effecting the payment of taxes
      and assessments on the Mortgaged Properties, which advances shall be Servicing
      Advances reimbursable in the first instance from related collections from the
      Mortgagors pursuant to Section 3.09, and further as provided in Section 3.11.
      Any cost incurred by the Servicer or by Sub-Servicers in effecting the payment
      of taxes and assessments on a Mortgaged Property shall not, for the purpose
      of
      calculating distributions to Certificateholders, be added to the unpaid Stated
      Principal Balance of the related Mortgage Loan, notwithstanding that the terms
      of such Mortgage Loan so permit.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances with respect to a Mortgage Loan (except as provided in Section 4.04)
      and the Servicer shall not (i) permit any modification with respect to any
      Mortgage Loan that would change the Mortgage Rate, reduce or increase the Stated
      Principal Balance (except for reductions resulting from actual payments of
      principal) or change the final maturity date on such Mortgage Loan (unless,
      in
      any such case, as provided in Section 3.07, the Mortgagor is in default with
      respect to the Mortgage Loan or such default is, in the judgment of the
      Servicer, reasonably foreseeable) or (ii) permit any modification, waiver or
      amendment of any term of any Mortgage Loan that would both (A) effect an
      exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
      (or
      Treasury regulations promulgated thereunder) and (B) cause any REMIC created
      hereunder to fail to qualify as a REMIC under the Code or the imposition of
      any
      tax on “prohibited transactions” or “contributions after the startup date” under
      the REMIC Provisions.

     

    The
      Servicer shall also undertake to defend, with respect to a claim against the
      Trustee or the Trust, any claims against the Trust, the Trustee or itself by
      a
      Mortgagor which relate to or affect the servicing of any Mortgage
      Loan.  This shall not be construed as an assumption of liability in
      such matters.  The Trustee shall notify the Servicer of any such claim
      as soon as practicable after receiving notice of such claim.  The
      Servicer shall not be liable for any delay in responding to any claim of which
      it has not received timely notice.  The Trustee shall cooperate with
      the Servicer in all aspects of the defense of such claims, including the timely
      delivery of all relevant litigation files and other related
      information.  In the event the Servicer acts on behalf of the Trustee,
      the Trust or itself in any such litigation, the Trust shall pay all costs and
      expenses (including attorneys’ fees, court costs, settlements and judgments)
      associated with the defense and management of such claim; provided, however,
      that the Servicer shall not be indemnified for any such cost or expense relating
      to claims against the Servicer and incurred by reason of its willful
      misfeasance, bad faith or negligence in the performance of its duties
      hereunder.

     

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

    

     

    
      	
              SECTION
                3.02  

            	
              Sub-Servicing
                Agreements Between Servicer and
                Sub-Servicers.

            

    

     

    (a)  The
      Servicer may enter into Sub-Servicing Agreements with Sub-Servicers, which
      may
      be Affiliates of the Servicer, for the servicing and administration of the
      Mortgage Loans; provided, however, (i) such sub-servicing arrangement and the
      terms of the related Sub-Servicing Agreement must provide for the servicing
      of
      the Mortgage Loans in a manner consistent with the servicing arrangement
      contemplated hereunder and (ii) the NIMS Insurer shall have consented to such
      sub-servicing agreement.  The Trustee is hereby authorized to
      acknowledge, at the request of the Servicer, any Sub-Servicing
      Agreement.  No such acknowledgment shall be deemed to imply that the
      Trustee has consented to any such Sub-Servicing Agreement, has passed upon
      whether such Sub-Servicing Agreement meets the requirements applicable to
      Sub-Servicing Agreements set forth in this Agreement or has passed upon whether
      such Sub-Servicing Agreement is otherwise permitted under this
      Agreement.  The Servicer may, in connection with its duties as
      Servicer hereunder, enter into transactions with any of its Affiliates relating
      to the Mortgage Loans; provided, that (i) such transaction is in the ordinary
      course of business of the Servicer, and (ii) the terms of such transaction
      are
      no less favorable to the Servicer than it would obtain in a comparable
      arm’s-length transaction with a person that is not an Affiliate of the
      Servicer.

     

    Each
      Sub-Servicer shall be (i) authorized to transact business in the state or states
      where the related Mortgaged Properties it is to service are situated, if and
      to
      the extent required by applicable law to enable the Sub-Servicer to perform
      its
      obligations hereunder and under the Sub-Servicing Agreement and (ii) a Freddie
      Mac or Fannie Mae approved mortgage servicer. Each Sub-Servicing Agreement
      must
      impose on the Sub-Servicer requirements conforming to the provisions set forth
      in Section 3.08 and provide for servicing of the Mortgage Loans consistent
      with
      the terms of this Agreement. The Servicer will examine each Sub-Servicing
      Agreement and will be familiar with the terms thereof. The terms of any
      Sub-Servicing Agreement will not be inconsistent with any of the provisions
      of
      this Agreement. Any variation in any Sub-Servicing Agreements from the
      provisions set forth in Section 3.08 relating to insurance or priority
      requirements of Sub-Servicing Accounts, or credits and charges to the
      Sub-Servicing Accounts or the timing and amount of remittances by the
      Sub-Servicers to the Servicer, are conclusively deemed to be inconsistent with
      this Agreement and therefore prohibited. The Servicer shall deliver to the
      NIMS
      Insurer and the Trustee copies of all Sub-Servicing Agreements, and any
      amendments or modifications thereof, promptly upon the Servicer’s execution and
      delivery of such instruments.

     

    (b)  As
      part
      of its servicing activities hereunder, the Servicer, for the benefit of the
      Trustee and the Certificateholders, shall enforce the obligations of each
      Sub-Servicer under the related Sub-Servicing Agreement, including, without
      limitation, any obligation to make advances in respect of delinquent payments
      as
      required by a Sub-Servicing Agreement.  Such enforcement, including,
      without limitation, the legal prosecution of claims, termination of
      Sub-Servicing Agreements, and the pursuit of other appropriate remedies, shall
      be in such form and carried out to such an extent and at such time as the
      Servicer, in its good faith business judgment, would require were it the owner
      of the related Mortgage Loans. The Servicer shall pay the costs of such
      enforcement at its own expense, and shall be reimbursed therefor only (i) from
      a
      general recovery resulting from such enforcement, to the extent, if any, that
      such recovery exceeds all amounts due in respect of the related Mortgage Loans,
      or (ii) from a specific recovery of costs, expenses or attorneys’ fees against
      the party against whom such enforcement is directed.

     

    
      	
              SECTION
                3.03  

            	
              Successor
                Sub-Servicers.

            

    

     

    The
      Servicer, with the consent of the NIMS Insurer, shall be entitled to terminate
      any Sub-Servicing Agreement and the rights and obligations of any Sub-Servicer
      pursuant to any Sub-Servicing Agreement in accordance with the terms and
      conditions of such Sub-Servicing Agreement. In the event of termination of
      any
      Sub-Servicer, all servicing obligations of such Sub-Servicer shall be assumed
      simultaneously by the Servicer without any act or deed on the part of such
      Sub-Servicer or the Servicer, and the Servicer either shall service directly
      the
      related Mortgage Loans or shall enter into a Sub-Servicing Agreement with a
      successor Sub-Servicer which qualifies under Section 3.02.

     

    Any
      Sub-Servicing Agreement shall include the provision that such agreement may
      be
      immediately terminated by the Servicer or the Trustee (if the Trustee is acting
      as Servicer) without fee, in accordance with the terms of this Agreement, in
      the
      event that the Servicer (or the Trustee, if such party is then acting as
      Servicer) shall, for any reason, no longer be the Servicer (including
      termination due to a Servicer Event of Termination).

     

    
      	
              SECTION
                3.04  

            	
              Liability
                of the Servicer.

            

    

     

    Notwithstanding
      any Sub-Servicing Agreement or the provisions of this Agreement relating to
      agreements or arrangements between the Servicer and a Sub-Servicer or reference
      to actions taken through a Sub-Servicer or otherwise, the Servicer shall remain
      obligated and primarily liable to the Trustee and the Certificateholders for
      the
      servicing and administering of the Mortgage Loans in accordance with the
      provisions of Section 3.01 without diminution of such obligation or liability
      by
      virtue of such Sub-Servicing Agreements or arrangements or by virtue of
      indemnification from the Sub-Servicer and to the same extent and under the
      same
      terms and conditions as if the Servicer alone were servicing and administering
      the Mortgage Loans. The Servicer shall be entitled to enter into any agreement
      with a Sub-Servicer for indemnification of the Servicer by such Sub-Servicer
      and
      nothing contained in this Agreement shall be deemed to limit or modify such
      indemnification.

     

    
      	
              SECTION
                3.05  

            	
              No
                Contractual Relationship Between Sub-Servicers and the NIMS Insurer,
                the
                Trustee or Certificateholders.

            

    

     

    Any
      Sub-Servicing Agreement that may be entered into and any transactions or
      services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
      as such shall be deemed to be between the Sub-Servicer and the Servicer alone,
      and the NIMS Insurer, the Trustee or Certificateholders shall not be deemed
      parties thereto and shall have no claims, rights, obligations, duties or
      liabilities with respect to the Sub-Servicer except as set forth in Section
      3.06. The Servicer shall be solely liable for all fees owed by it to any
      Sub-Servicer, irrespective of whether the Servicer’s compensation pursuant to
      this Agreement is sufficient to pay such fees.

     

    
      	
              SECTION
                3.06  

            	
              Assumption
                or Termination of Sub-Servicing Agreements by
                Trustee.

            

    

     

    In
      the
      event the Servicer shall for any reason no longer be the servicer (including
      by
      reason of the occurrence of a Servicer Event of Termination), the Trustee,
      in
      addition to its duties under Section 7.02, shall thereupon assume all of the
      rights and obligations of the Servicer under each Sub-Servicing Agreement that
      the Servicer may have entered into, unless the Trustee elects to terminate
      any
      Sub-Servicing Agreement in accordance with its terms as provided in Section
      3.03. Upon such assumption, the Trustee (or the successor servicer appointed
      pursuant to Section 7.02) shall be deemed, subject to Section 3.03, to have
      assumed all of the departing Servicer’s interest therein and to have replaced
      the departing Servicer as a party to each Sub-Servicing Agreement to the same
      extent as if each Sub-Servicing Agreement had been assigned to the assuming
      party, except that (i) the departing Servicer shall not thereby be relieved
      of
      any liability or obligations under any Sub-Servicing Agreement that arose before
      it ceased to be the Servicer and (ii) neither the Trustee nor any successor
      Servicer shall be deemed to have assumed any liability or obligation of the
      Servicer that arose before it ceased to be the Servicer.

     

    The
      Servicer at its expense shall, upon request of the Trustee, deliver to the
      assuming party all documents and records relating to each Sub-Servicing
      Agreement and the Mortgage Loans then being serviced and an accounting of
      amounts collected and held by or on behalf of it, and otherwise use its best
      efforts to effect the orderly and efficient transfer of the Sub-Servicing
      Agreements to the assuming party. All Servicing Transfer Costs shall be paid
      by
      the predecessor Servicer upon presentation of reasonable documentation of such
      costs, and if such predecessor Servicer is the Trustee or it defaults in its
      obligation to pay such costs, such costs shall be paid by the successor Servicer
      or the Trustee (in which case the successor Servicer or the Trustee, as
      applicable, shall be entitled to reimbursement therefor from the assets of
      the
      Trust).

     

    
      	
              SECTION
                3.07  

            	
              Collection
                of Certain Mortgage Loan Payments.

            

    

     

    The
      Servicer shall make reasonable efforts, in accordance with the Servicing
      Standard, to collect all payments called for under the terms and provisions
      of
      the Mortgage Loans and the provisions of any applicable insurance policies
      provided to the Servicer.  Consistent with the foregoing, the Servicer
      may in its discretion (i) waive any late payment charge or, if applicable,
      any
      penalty interest or any provisions of any Mortgage Loan requiring the related
      Mortgagor to submit to mandatory arbitration with respect to disputes arising
      thereunder, or (ii) extend the due dates for the Monthly Payments due on a
      Mortgage Note for a period of not greater than 180 days; provided, however,
      that
      any extension pursuant to clause (ii) above shall not affect the amortization
      schedule of any Mortgage Loan for purposes of any computation hereunder, except
      as provided below. In the event of any such arrangement pursuant to clause
      (ii)
      above, the Servicer shall make timely Advances on such Mortgage Loan during
      such
      extension pursuant to Section 4.04 and in accordance with the amortization
      schedule of such Mortgage Loan without modification thereof by reason of such
      arrangement. Notwithstanding the foregoing, in the event that any Mortgage
      Loan
      is in default or, in the judgment of the Servicer, such default is reasonably
      foreseeable, the Servicer, consistent with the standards set forth in Section
      3.01, may also waive, modify or vary any term of such Mortgage Loan (including
      modifications that would change the Mortgage Rate, forgive the payment of
      principal or interest or extend the final maturity date of such Mortgage Loan),
      accept payment from the related Mortgagor of an amount less than the Stated
      Principal Balance in final satisfaction of such Mortgage Loan, or consent to
      the
      postponement of strict compliance with any such term or otherwise grant
      indulgence to any Mortgagor (any and all such waivers, modifications, variances,
      forgiveness of principal or interest, postponements, or indulgences collectively
      referred to herein as “forbearance”), provided, however, that the NIMS Insurer’s
      prior written consent shall be required for any modification, waiver or
      amendment if the aggregate number of outstanding Mortgage Loans which have
      been
      modified, waived or amended exceeds 5% of the number of Mortgage Loans as of
      the
      Cut-off Date.  The Servicer's analysis supporting any forbearance and
      the conclusion that any forbearance meets the standards of Section 3.01 shall
      be
      reflected in writing in the Mortgage File.

     

    
      	
              SECTION
                3.08  

            	
              Sub-Servicing
                Accounts.

            

    

     

    In
      those
      cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a Sub-
      Servicing Agreement, the Sub-Servicer will be required to establish and maintain
      one or more accounts (collectively, the “Sub-Servicing Account”). The
      Sub-Servicing Account shall be an Eligible Account and shall comply with all
      requirements of this Agreement relating to the Collection Account. The
      Sub-Servicer shall deposit in the clearing account in which it customarily
      deposits payments and collections on mortgage loans in connection with its
      mortgage loan servicing activities on a daily basis, and in no event more than
      one Business Day after the Sub-Servicer’s receipt thereof, all proceeds of
      Mortgage Loans received by the Sub-Servicer less its servicing compensation
      to
      the extent permitted by the Sub-Servicing Agreement, and shall thereafter
      deposit such amounts in the Sub-Servicing Account, in no event more than two
      Business Days after the receipt of such amounts. The Sub-Servicer shall
      thereafter deposit such proceeds in the Collection Account or remit such
      proceeds to the Servicer for deposit in the Collection Account not later than
      two Business Days after the deposit of such amounts in the Sub-Servicing
      Account. For purposes of this Agreement, the Servicer shall be deemed to have
      received payments on the Mortgage Loans when the Sub-Servicer receives such
      payments.

     

    
      	
              SECTION
                3.09  

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

            

    

     

    To
      the
      extent required by the related Mortgage Note, the Servicer shall establish
      and
      maintain, or cause to be established and maintained, one or more accounts (the
      “Escrow Accounts”), into which all Escrow Payments shall be deposited and
      retained.  Escrow Accounts shall be Eligible Accounts. The Servicer
      shall deposit in the clearing account in which it customarily deposits payments
      and collections on mortgage loans in connection with its mortgage loan servicing
      activities, all Escrow Payments collected on account of the Mortgage Loans
      and
      shall deposit in the Escrow Accounts, in no event more than two Business Days
      after the deposit of such funds in the clearing account, all Escrow Payments
      collected on account of the Mortgage Loans for the purpose of effecting the
      payment of any such items as required under the terms of this Agreement.
      Withdrawals of amounts from an Escrow Account may be made only to (i) effect
      payment of taxes, assessments, hazard insurance premiums, and comparable items
      in a manner and at a time that assures that the lien priority of the Mortgage
      is
      not jeopardized (or, with respect to the payment of taxes, in a manner and
      at a
      time that avoids the loss of the Mortgaged Property due to a tax sale or the
      foreclosure as a result of a tax lien); (ii) reimburse the Servicer (or a
      Sub-Servicer to the extent provided in the related Sub-Servicing Agreement)
      out
      of related collections for any Servicing Advances made pursuant to Section
      3.01
      (with respect to taxes and assessments) and Section 3.14 (with respect to hazard
      insurance); (iii) refund to Mortgagors any sums as may be determined to be
      overages; (iv) pay interest, if required and as described below, to Mortgagors
      on balances in the Escrow Account; or (v) clear and terminate the Escrow Account
      at the termination of the Servicer’s obligations and responsibilities in respect
      of the Mortgage Loans under this Agreement in accordance with Article X. In
      the
      event the Servicer shall deposit in a Escrow Account any amount not required
      to
      be deposited therein, it may at any time withdraw such amount from such Escrow
      Account, any provision herein to the contrary notwithstanding. The Servicer
      will
      be responsible for the administration of the Escrow Accounts and will be
      obligated to make Servicing Advances to such accounts when and as necessary
      to
      avoid the lapse of insurance coverage on the Mortgaged Property, or which the
      Servicer knows, or in the exercise of the required standard of care of the
      Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged
      Property due to a tax sale or the foreclosure as a result of a tax lien. If
      any
      such payment has not been made and the Servicer receives notice of a tax lien
      with respect to the Mortgage being imposed, the Servicer will, within 10
      Business Days of receipt of such notice, advance or cause to be advanced funds
      necessary to discharge such lien on the Mortgaged Property. As part of its
      servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors
      interest on funds in the Escrow Accounts, to the extent required by law and,
      to
      the extent that interest earned on funds in the Escrow Accounts is insufficient,
      to pay such interest from its or their own funds, without any reimbursement
      therefor. The Servicer may pay to itself any excess interest on funds in the
      Escrow Accounts, to the extent such action is in conformity with the Servicing
      Standard, is permitted by law and such amounts are not required to be paid
      to
      Mortgagors or used for any of the other purposes set forth above.

     

    
      	
              SECTION
                3.10  

            	
              Collection
                Account and Distribution Account.

            

    

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain, or cause to be
      established and maintained, one or more accounts (such account or accounts,
      the
“Collection Account”), held in trust for the benefit of the Trustee and the
      Certificateholders. On behalf of the Trust Fund, the Servicer shall deposit
      or
      cause to be deposited in the Collection Account, in no event more than two
      Business Days after the Servicer’s receipt thereof, in no event more than two
      Business Days after the deposit of such funds in the clearing account, as and
      when received or as otherwise required hereunder, the following payments and
      collections received or made by it subsequent to the Cut-off Date (other than
      in
      respect of principal or interest on the Mortgage Loans due on or before the
      Cut-off Date) or payments (other than Principal Prepayments) received by it
      on
      or prior to the Cut-off Date but allocable to a Due Period subsequent
      thereto:

     

    (i)  all
      payments on account of principal, including Principal Prepayments (but not
      Prepayment Charges), on the Mortgage Loans;

     

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

     

    (iii)  all
      Insurance Proceeds, Net Liquidation Proceeds, Subsequent Recoveries and
      condemnation proceeds (other than proceeds collected in respect of any
      particular REO Property and amounts paid in connection with a purchase of
      Mortgage Loans and REO Properties pursuant to Section 10.01);

     

    (iv)  any
      amounts required to be deposited pursuant to Section 3.12 in connection with
      any
      losses realized on Permitted Investments with respect to funds held in the
      Collection Account;

     

    (v)  any
      amounts required to be deposited by the Servicer pursuant to the second
      paragraph of Section 3.14(a) in respect of any blanket policy
      deductibles;

     

    (vi)  all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with
      Section 2.03, Section 3.16(c) or Section 10.01;

     

    (vii)  all
      amounts required to be deposited in connection with Substitution Adjustments
      pursuant to Section 2.03; and

     

    (viii)  all
      Prepayment Charges collected by the Servicer and any Servicer Prepayment Charge
      Payment Amounts in connection with the Principal Prepayment of any of the
      Mortgage Loans.

     

    The
      foregoing requirements for deposit in the Collection Account shall be exclusive,
      it being understood and agreed that, without limiting the generality of the
      foregoing, payments in the nature of Servicing Fees, late payment charges,
      assumption fees, insufficient funds charges and ancillary income (other than
      Prepayment Charges) need not be deposited by the Servicer in the Collection
      Account and may be retained by the Servicer as additional compensation. In
      the
      event the Servicer shall deposit in the Collection Account any amount not
      required to be deposited therein, it may at any time withdraw such amount from
      the Collection Account, any provision herein to the contrary
      notwithstanding.

     

    (b)  On
      behalf
      of the Trust Fund, the Trustee shall establish and maintain one or more
      segregated, non-interest bearing trust accounts (such account or accounts,
      the
“Distribution Account”), held in trust for the benefit of the Trustee and the
      Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver
      to
      the Trustee in immediately available funds for deposit in the Distribution
      Account on or before 1:00 p.m. New York time on the Servicer Remittance Date,
      that portion of the Available Funds (calculated without regard to the references
      in the definition thereof to amounts that may be withdrawn from the Distribution
      Account) for the related Distribution Date then on deposit in the Collection
      Account, the amount of all Prepayment Charges collected during the applicable
      Prepayment Period by the Servicer and Servicer Prepayment Charge Payment Amounts
      in connection with the Principal Prepayment of any of the Mortgage Loans then
      on
      deposit in the Collection Account, the amount of any funds reimbursable to
      an
      Advancing Person pursuant to Section 3.29 (unless such amounts are to be
      remitted in another manner as specified in the documentation establishing the
      related Advance Facility).

     

    If,
      by
      1:00 p.m. New York time, on the Servicer Remittance Date, the Servicer fails
      to
      remit to the Trustee for deposit into the Distribution Account any amounts
      required to be so remitted by the Servicer pursuant to this Agreement, the
      Servicer shall pay to the Trustee, for its own account, interest on such amounts
      at the prime rate for such date (as set forth in the Wall Street
      Journal) for the period commencing on the Servicer Remittance Date through
      the Business Day on which such failure is remedied.

     

    (c)  Funds
      in
      the Collection Account and the Distribution Account may be invested in Permitted
      Investments in accordance with the provisions set forth in Section 3.12. The
      Servicer shall give written notice to the NIMS Insurer and the Trustee of the
      location of the Collection Account maintained by it when established and prior
      to any change thereof. The Trustee shall give notice to the NIMS Insurer, the
      Servicer and the Depositor of the location of the Distribution Account when
      established and prior to any change thereof.

     

    (d)  Funds
      held in the Collection Account at any time may be delivered by the Servicer
      to
      the Trustee for deposit in an account (which may be the Distribution Account
      and
      must satisfy the standards for the Distribution Account as set forth in the
      definition thereof) and for all purposes of this Agreement shall be deemed
      to be
      a part of the Collection Account; provided, however, that the Trustee shall
      have
      the sole authority to withdraw any funds held pursuant to this subsection (d).
      In the event the Servicer shall deliver to the Trustee for deposit in the
      Distribution Account any amount not required to be deposited therein, it may
      at
      any time request that the Trustee withdraw such amount from the Distribution
      Account and remit to it any such amount, any provision herein to the contrary
      notwithstanding. In addition, the Servicer, with respect to items (i) through
      (iv) below, shall deliver to the Trustee from time to time for deposit, and
      the
      Trustee, with respect to items (i) through (iv) below, shall so deposit, in
      the
      Distribution Account:

     

    (i)  any
      Advances, as required pursuant to Section 4.04;

     

    (ii)  any
      amounts required to be deposited pursuant to Section 3.23(d) or (f) in
      connection with any REO Property;

     

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

     

    (iv)  any
      Compensating Interest to be deposited pursuant to Section 3.24 in connection
      with any Prepayment Interest Shortfall;

     

    (v)  any
      amounts required to be paid to the Trustee pursuant to the Agreement, including,
      but not limited to Section 3.06 and Section 7.02; and

     

    (vi)  any
      other
      amounts deposited hereunder which are required to be deposited in the
      Distribution Account.

     

    
      	
              SECTION
                3.11  

            	
              Withdrawals
                from the Collection Account and Distribution
                Account.

            

    

     

    (a)  The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes or as described in Section 4.04:

     

    (i)  to
      remit
      to the Trustee for deposit in the Distribution Account the amounts required
      to
      be so remitted pursuant to Section 3.10(b) or permitted to be so remitted
      pursuant to the first sentence of Section 3.10(d);

     

    (ii)  subject
      to Section 3.16(d), to reimburse the Servicer for (a) any unreimbursed Advances
      to the extent of amounts received which represent Late Collections (net of
      the
      related Servicing Fees), Liquidation Proceeds and Insurance Proceeds on Mortgage
      Loans or REO Properties with respect to which such Advances were made in
      accordance with the provisions of Section 4.04; or (b) without limiting any
      right of withdrawal set forth in clause (vi) below, any unreimbursed Advances
      that, upon a Final Recovery Determination with respect to such Mortgage Loan,
      are Nonrecoverable Advances, but only to the extent that Late Collections (net
      of the related Servicing Fees), Liquidation Proceeds and Insurance Proceeds
      received with respect to such Mortgage Loan are insufficient to reimburse the
      Servicer for such unreimbursed Advances; or (c) subject to 4.04(b), any
      unreimbursed Advances to the extent of funds held in the Collection Account
      for
      future distribution that were not included in Available Funds for the preceding
      Distribution Date;

     

    (iii)  subject
      to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid
      Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each
      Mortgage Loan, but only to the extent of any Late Collections, Liquidation
      Proceeds and Insurance Proceeds received with respect to such Mortgage Loan
      or
      REO Property, and (c) without limiting any right of withdrawal set forth in
      clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan
      that, upon a Final Recovery Determination with respect to such Mortgage Loan
      are
      Nonrecoverable Advances, but only to the extent that Late Collections,
      Liquidation Proceeds and Insurance Proceeds received with respect to such
      Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer
      for
      Servicing Advances;

     

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

     

    (v)  to
      pay
      itself, the NIMS Insurer or the Originator, as applicable, with respect to
      each
      Mortgage Loan that has previously been purchased or replaced pursuant to Section
      2.03 or Section 3.16(c) all amounts received thereon subsequent to the date
      of
      purchase or substitution, as the case may be and any enforcement expenses
      reasonably incurred in respect of such breach or defect, including any expenses
      arising out of the enforcement of such purchase obligations;

     

    (vi)  to
      reimburse the Servicer for any Advance or Servicing Advance previously made
      which the Servicer has determined to be a Nonrecoverable Advance in accordance
      with the provisions of Section 4.04;

     

    (vii)  to
      pay,
      or to reimburse the Servicer for Servicing Advances in respect of, expenses
      incurred in connection with any Mortgage Loan pursuant to Section
      3.16(b);

     

    (viii)  to
      reimburse the Servicer for expenses incurred by or reimbursable to the Servicer
      pursuant to Section 6.03;

     

    (ix)  to
      pay
      itself any Prepayment Interest Excess;

     

    (x)  to
      clear
      and terminate the Collection Account pursuant to Section 10.01; and

     

    (xi)  to
      withdraw any amount deposited in the Collection Account and not required to
      be
      deposited therein.

     

    The
      foregoing requirements for withdrawal from the Collection Account shall be
      exclusive.  In the event the Servicer shall deposit in the Collection
      Account any amount not required to be deposited therein, it may at any time
      withdraw such amount from the Collection Account, any provision herein to the
      contrary notwithstanding.

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Collection Account, to the extent held by or on behalf of it, pursuant to
      subclauses (ii), (iii), (iv), (v), (vi) and (vii) above. The Servicer shall
      provide written notification to the NIMS Insurer and the Trustee, on or prior
      to
      the next succeeding Servicer Remittance Date, upon making any withdrawals from
      the Collection Account pursuant to subclause (vi) above; provided that an
      Officers’ Certificate in the form described under Section 4.04(d) shall suffice
      for such written notification to the Trustee in respect hereof.

     

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

     

    (i)  to
      make
      distributions in accordance with Section 4.01;

     

    (ii)  to
      pay to
      itself any Trustee Compensation;

     

    (iii)  to
      pay
      any amounts in respect of taxes pursuant to Section 9.01(g);

     

    (iv)  to
      clear
      and terminate the Distribution Account pursuant to Section 10.01;

     

    (v)  to
      pay
      any amounts required to be paid to the Trustee pursuant to this Agreement,
      including but not limited to funds required to be paid pursuant to Section
      3.06,
      Section 4.01, Section 7.02 and Section 8.05; and

     

    (vi)  to
      pay to
      an Advancing Person reimbursements for Advances and/or Servicing Advances
      pursuant to Section 3.29.

     

    
      	
              SECTION
                3.12  

            	
              Investment
                of Funds in the Collection Account and the Distribution
                Account.

            

    

     

    (a)  The
      Servicer may direct any depository institution maintaining the Collection
      Account and any REO Account to invest the funds on deposit in such accounts
      and
      the Trustee may invest the funds on deposit in the Distribution Account or
      hold
      such funds uninvested (each such account, for the purposes of this Section
      3.12,
      an “Investment Account”).  All investments pursuant to this Section
      3.12 shall be in one or more Permitted Investments bearing interest or sold
      at a
      discount, and maturing, unless payable on demand, (i) no later than the Business
      Day immediately preceding the date on which such funds are required to be
      withdrawn from such account pursuant to this Agreement, if a Person other than
      the Trustee is the obligor thereon or if such investment is managed or advised
      by a Person other than the Trustee or an Affiliate of the Trustee, and (ii)
      no
      later than the date on which such funds are required to be withdrawn from such
      account pursuant to this Agreement, if the Trustee is the obligor thereon or
      if
      such investment is managed or advised by the Trustee or any Affiliate. All
      such
      Permitted Investments shall be held to maturity, unless payable on demand.
      Any
      investment of funds in an Investment Account shall be made in the name of the
      Trustee (in its capacity as such), or in the name of a nominee of the Trustee.
      The Trustee shall be entitled to sole possession (except with respect to
      investment direction of funds held in the Collection Account and any REO
      Account, and any income and gain realized thereon) over each such investment,
      and any certificate or other instrument evidencing any such investment shall
      be
      delivered directly to the Trustee or its agent, together with any document
      of
      transfer necessary to transfer title to such investment to the Trustee or its
      nominee. In the event amounts on deposit in an Investment Account are at any
      time invested in a Permitted Investment payable on demand, the Trustee
      shall:

     

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

     

    (y)           demand
      payment of all amounts due thereunder promptly upon determination by a
      Responsible Officer of the Trustee that such Permitted Investment would not
      constitute a Permitted Investment in respect of funds thereafter on deposit
      in
      the Investment Account.

     

    (b)  All
      income and gain realized from the investment of funds deposited in the
      Collection Account and any REO Account held by or on behalf of the Servicer
      shall be for the benefit of the Servicer and shall be subject to its withdrawal
      in accordance with Section 3.11, Section 3.29 or Section 3.23, as applicable.
      The Servicer shall deposit in the Collection Account or any REO Account, as
      applicable, the amount of any loss of principal incurred in respect of any
      such
      Permitted Investment made with funds in such Account immediately upon
      realization of such loss.

     

    (c)  All
      income and gain realized from the investment of funds deposited in the
      Distribution Account shall be for the benefit of the Trustee. The Trustee shall
      deposit in the Distribution Account the amount of any loss of principal incurred
      in respect of any such Permitted Investment made with funds in such Account
      immediately upon realization of such loss.  Notwithstanding the
      foregoing, the Trustee may at its discretion, and without liability, hold the
      funds in the Distribution Account uninvested.

     

    (d)  Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment, or if a default occurs
      in any other performance required under any Permitted Investment, the Trustee
      may and, subject to Section 8.01 and Section 8.02(a)(v), upon the request of
      the
      NIMS Insurer or the Holders of Certificates representing more than 50% of the
      Voting Rights allocated to any Class of Certificates, shall take such action
      as
      may be appropriate to enforce such payment or performance, including the
      institution and prosecution of appropriate proceedings.

     

    
      	
              SECTION
                3.13  

            	
              Rights
                of the Class C Certificateholder.

            

    

     

    (a)  Notwithstanding
      anything to the contrary contained in this Agreement, (i) the majority Holder
      of
      the Class C Certificates (as long as such majority Holder is not the Servicer
      or
      an Affiliate of the Servicer or if the Class C Certificates are secured by
      an
      Indenture, as long as the Servicer or an Affiliate of the Servicer is not the
      majority equity holder in such transaction) shall have the right (with the
      consent of the Servicing Rights Pledgee, if any), to direct the Trustee to
      appoint a qualified successor servicer who will act as successor in all respects
      to the Servicer in the event of a Servicer Event of Termination pursuant to
      Article VII and (ii) the majority Holder of the Class C Certificates (as long
      as
      such majority Holder is not the Servicer or an Affiliate of the Servicer or
      if
      the Class C Certificates are secured by an Indenture, as long as the Servicer
      or
      an Affiliate of the Servicer is not the majority equity holder in such
      transaction) shall have the right to direct the Servicer to transfer the
      servicing of any Mortgage Loans Delinquent 120 days or more to a special
      servicer in the event of a Special Servicer Trigger Event, for so long as the
      appointment of such special servicer shall not cause a downgrade or withdrawal
      of the ratings on the Floating Rate Certificates and the Class X
      Certificates.  A special servicer shall be entitled to the Servicing
      Fee for the Mortgage Loans serviced by it and any excess fees due to such
      special servicer shall be paid by the majority Holder of the Class C
      Certificates.

     

    A
      Special
      Servicer Trigger Event (“Special Servicer Trigger Event”) shall be in effect
      with respect to any Distribution Date if:

     

    (a)  the
      Servicer’s primary servicer rating for the servicing of residential mortgage
      loans is reduced by more than one full level or withdrawn, in each case by
      at
      least two of the Rating Agencies; or

     

    (b)  the
      Delinquency Percentage exceeds 30.00%; or

     

    (c)
      the
      aggregate amount of Realized Losses incurred since the Cut-off Date through
      the
      last day of the related Due Period (after reduction for all Subsequent
      Recoveries received from the Cut-off Date through the Prepayment Period) divided
      by the aggregate Cut-off Date Principal Balance exceeds 4.00% with respect
      to
      such Distribution Date.

     

    
      	
              SECTION
                3.14  

            	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage.

            

    

     

    (a)  The
      Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
      with extended coverage on the Mortgaged Property in an amount which is at least
      equal to the lesser of (i) the current Principal Balance of such Mortgage Loan
      and (ii) the amount necessary to fully compensate for any damage or loss to
      the
      improvements that are a part of such property on a replacement cost basis,
      in
      each case in an amount not less than such amount as is necessary to avoid the
      application of any coinsurance clause contained in the related hazard insurance
      policy.  The Servicer shall also cause to be maintained hazard
      insurance with extended coverage on each REO Property in an amount which is
      at
      least equal to the lesser of (i) the maximum insurable value of the improvements
      which are a part of such property and (ii) the outstanding Principal Balance
      of
      the related Mortgage Loan at the time it became an REO Property. The Servicer
      will comply in the performance of this Agreement with all reasonable rules
      and
      requirements of each insurer under any such hazard policies. Any amounts to
      be
      collected by the Servicer under any such policies (other than amounts to be
      applied to the restoration or repair of the property subject to the related
      Mortgage or amounts to be released to the Mortgagor in accordance with the
      procedures that the Servicer would follow in servicing loans held for its own
      account, subject to the terms and conditions of the related Mortgage and
      Mortgage Note) shall be deposited in the Collection Account, subject to
      withdrawal pursuant to Section 3.11, if received in respect of a Mortgage Loan,
      or in the REO Account, subject to withdrawal pursuant to Section 3.23, if
      received in respect of an REO Property. Any cost incurred by the Servicer in
      maintaining any such insurance shall not, for the purpose of calculating
      distributions to Certificateholders, be added to the unpaid Principal Balance
      of
      the related Mortgage Loan, notwithstanding that the terms of such Mortgage
      Loan
      so permit.  It is understood and agreed that no earthquake or other
      additional insurance is to be required of any Mortgagor other than pursuant
      to
      such applicable laws and regulations as shall at any time be in force and as
      shall require such additional insurance. If the Mortgaged Property or REO
      Property is at any time in an area identified in the Federal Register by the
      Federal Emergency Management Agency as having special flood hazards and flood
      insurance has been made available, the Servicer will cause to be maintained
      a
      flood insurance policy in respect thereof. Such flood insurance shall be in
      an
      amount equal to the lesser of (i) the unpaid Principal Balance of the related
      Mortgage Loan and (ii) the maximum amount of such insurance available for the
      related Mortgaged Property under the national flood insurance program (assuming
      that the area in which such Mortgaged Property is located is participating
      in
      such program).

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy insuring
      against hazard losses on all of the Mortgage Loans, it shall conclusively be
      deemed to have satisfied its obligations as set forth in the first two sentences
      of this Section 3.14, it being understood and agreed that such policy may
      contain a deductible clause on terms substantially equivalent to those
      commercially available and maintained by competent servicers, in which case
      the
      Servicer shall, in the event that there shall not have been maintained on the
      related Mortgaged Property or REO Property a policy complying with the first
      two
      sentences of this Section 3.14, and there shall have been one or more losses
      which would have been covered by such policy, deposit to the Collection Account
      from its own funds the amount not otherwise payable under the blanket policy
      because of such deductible clause. In connection with its activities as servicer
      of the Mortgage Loans, the Servicer agrees to prepare and present, on behalf
      of
      itself, the Depositor, the Trustee and Certificateholders, claims under any
      such
      blanket policy in a timely fashion in accordance with the terms of such
      policy.

     

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

     

    
      	
              SECTION
                3.15  

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

            

    

     

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

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Servicer
      shall not be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason
      whatsoever. For purposes of this Section 3.15, the term “assumption” is deemed
      to also include a sale (of the Mortgaged Property) subject to the Mortgage
      that
      is not accompanied by an assumption or substitution of liability
      agreement.

     

    
      	
              SECTION
                3.16  

            	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

    (a)  The
      Servicer shall use its reasonable efforts, consistent with the Servicing
      Standard, to foreclose upon or otherwise comparably convert the ownership of
      properties securing such of the Mortgage Loans as come into and continue in
      default and as to which no satisfactory arrangements can be made for collection
      of delinquent payments pursuant to Section 3.07.  Title to any such
      property shall be taken in the name of the Trustee or its nominee, on behalf
      of
      the Certificateholders, subject to applicable law.  The Servicer shall
      be responsible for all costs and expenses incurred by it in any such
      proceedings; provided, however, that such costs and expenses will be recoverable
      as Servicing Advances by the Servicer as contemplated in Section 3.11(a) and
      Section 3.23. The foregoing is subject to the provision that, in any case in
      which a Mortgaged Property shall have suffered damage from an Uninsured Cause,
      the Servicer shall not be required to expend its own funds toward the
      restoration of such property unless it shall determine in its discretion that
      such restoration will increase the proceeds of liquidation of the related
      Mortgage Loan after reimbursement to itself for such expenses.

     

    (b)  Notwithstanding
      the foregoing provisions of this Section 3.16 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Servicer has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Servicer shall
      not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trustee, the Trust
      Fund or the Certificateholders would be considered to hold title to, to be
      a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Servicer has also previously determined,
      based
      on its reasonable judgment and a report prepared by a Person who regularly
      conducts environmental audits using customary industry standards,
      that:

     

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

     

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

     

    Notwithstanding
      the foregoing, if such environmental audit reveals, or if the Servicer has
      actual knowledge or notice, that such Mortgaged Property contains such wastes
      or
      substances, the Servicer shall not foreclose or accept a deed in lieu of
      foreclosure without the prior written consent of the NIMS Insurer.

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.16 shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(vii), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes or petroleum-based
      materials affecting any such Mortgaged Property, then the Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund;
      provided that any amounts disbursed by the Servicer pursuant to this Section
      3.16(b) shall constitute Servicing Advances, subject to Section 4.04(d). The
      cost of any such compliance, containment, clean-up or remediation shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(vii), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    (c)  The
      Servicer may, at its option, purchase a Mortgage Loan which has become 90 or
      more days delinquent or for which the Servicer has accepted a deed in lieu
      of
      foreclosure.  Prior to purchase pursuant to this Section 3.16(c), the
      Servicer shall be required to continue to make Advances pursuant to Section
      4.04.  The Servicer shall not use any procedure in selecting Mortgage
      Loans to be repurchased which is materially adverse to the interests of the
      Certificateholders.  The Servicer shall purchase such delinquent
      Mortgage Loan at a price equal to the Purchase Price of such Mortgage
      Loan.  Any such purchase of a Mortgage Loan pursuant to this Section
      3.16(c) shall be accomplished by deposit in the Collection Account of the amount
      of the Purchase Price.  Upon the satisfaction of the requirements set
      forth in Section 3.17(a), the Trustee shall immediately deliver the Mortgage
      File and any related documentation to the Servicer and will execute such
      documents provided to it as are necessary to convey the Mortgage Loan to the
      Servicer.

     

    (d)  Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds, Liquidation
      Proceeds or condemnation proceeds, in respect of any Mortgage Loan, will be
      applied in the following order of priority: first, to unpaid Servicing Fees;
      second, to reimburse the Servicer or any Sub-Servicer for any related
      unreimbursed Servicing Advances pursuant to Section 3.11(a)(iii) and Advances
      pursuant to Section 3.11(a)(ii); third, to accrued and unpaid interest on the
      Mortgage Loan, to the date of the Final Recovery Determination, or to the Due
      Date prior to the Distribution Date on which such amounts are to be distributed
      if not in connection with a Final Recovery Determination; and fourth, as a
      recovery of principal of the Mortgage Loan. The portion of the recovery so
      allocated to unpaid Servicing Fees shall be reimbursed to the Servicer or any
      Sub-Servicer pursuant to Section 3.11(a)(iii).

     

    
      	
              SECTION
                3.17  

            	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

    (a)  Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer shall deliver to the Trustee, in written (with
      two
      executed copies) or electronic format, a Request for Release in the form of
      Exhibit E hereto (which certification shall include a statement to the effect
      that all amounts received or to be received in connection with such payment
      which are required to be deposited in the Collection Account pursuant to Section
      3.10 have been or will be so deposited) signed by a Servicing Officer (or in
      a
      mutually agreeable electronic format that will, in lieu of a signature on its
      face, originate from a Servicing Officer) and shall request delivery to it
      or
      its designee of the Mortgage File. Upon receipt of such certification and
      request, the Trustee shall release the related Mortgage File to the Servicer
      or
      its designee (which, shall be sent by overnight mail at the Servicer’s expense).
      Except as otherwise provided herein, no expenses incurred in connection with
      any
      instrument of satisfaction or deed of reconveyance shall be chargeable to the
      Collection Account or the Distribution Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the Trustee shall, upon any request made by
      or
      on behalf of the Servicer and delivery to the Trustee of two executed copies
      of
      a written Request for Release in the form of Exhibit E hereto signed by a
      Servicing Officer (or in a mutually agreeable electronic format that will,
      in
      lieu of a signature on its face, originate from a Servicing Officer), release
      the related Mortgage File to the Servicer or its designee within three Business
      Days, which, shall be sent by overnight mail, at the expense of the Servicer
      or
      the related Mortgagor, and the Trustee (or the Custodian on behalf of the
      Trustee) shall, at the written direction of the Servicer, execute such documents
      provided to it by the Servicer as shall be necessary to the prosecution of
      any
      such proceedings. Such Request for Release shall obligate the Servicer to return
      each and every document previously requested from the Mortgage File to the
      Trustee (or the Custodian on behalf of the Trustee) when the need therefor
      by
      the Servicer no longer exists, unless the Mortgage Loan has been liquidated
      and
      the Liquidation Proceeds relating to the Mortgage Loan have been deposited
      in
      the Collection Account or the Mortgage File or such document has been delivered
      to an attorney, or to a public trustee or other public official as required
      by
      law, for purposes of initiating or pursuing legal action or other proceedings
      for the foreclosure of the Mortgaged Property either judicially or
      non-judicially, and the Servicer has delivered, or caused to be delivered,
      to
      the Trustee an additional Request for Release certifying as to such liquidation
      or action or proceedings. Upon the request of the Trustee (or the Custodian
      on
      behalf of the Trustee), the Servicer shall provide notice to the Trustee (or
      the
      Custodian on behalf of the Trustee) of the name and address of the Person to
      which such Mortgage File or such document was delivered and the purpose or
      purposes of such delivery. Upon receipt of a Request for Release, in written
      (with two executed copies) or electronic format (or in a mutually agreeable
      electronic format that will, in lieu of a signature on its face, originate
      from
      a Servicing Officer), from a Servicing Officer stating that such Mortgage Loan
      was liquidated and that all amounts received or to be received in connection
      with such liquidation that are required to be deposited into the Collection
      Account have been so deposited, or that such Mortgage Loan has become an REO
      Property, such Mortgage Loan shall be released by the Trustee (or the Custodian
      on behalf of the Trustee) to the Servicer or its designee within three Business
      Days.

     

    (c)  Upon
      written certification of a Servicing Officer, the Trustee (or the Custodian
      on
      behalf of the Trustee) shall execute and deliver to the Servicer or the
      Sub-Servicer, as the case may be, copies of any court pleadings, requests for
      trustee’s sale or other documents necessary to the foreclosure or trustee’s sale
      in respect of a Mortgaged Property or to any legal action brought to obtain
      judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain
      a
      deficiency judgment, or to enforce any other remedies or rights provided by
      the
      Mortgage Note or Mortgage or otherwise available at law or in equity. Each
      such
      certification shall include a request that such pleadings or documents be
      executed by the Trustee (or the Custodian on behalf of the Trustee) and a
      statement as to the reason such documents or pleadings are required and that
      the
      execution and delivery thereof by the Trustee (or the Custodian on behalf of
      the
      Trustee) will not invalidate or otherwise affect the lien of the Mortgage,
      except for the termination of such a lien upon completion of the foreclosure
      or
      trustee’s sale.

     

    
      	
              SECTION
                3.18  

            	
              Servicing
                Compensation.

            

    

     

    As
      compensation for its activities hereunder, the Servicer shall be entitled to
      the
      Servicing Fee with respect to each Mortgage Loan payable solely from payments
      of
      interest in respect of such Mortgage Loan, subject to Section 3.24. In addition,
      the Servicer shall be entitled to recover unpaid Servicing Fees out of Insurance
      Proceeds, Liquidation Proceeds or condemnation proceeds to the extent permitted
      by Section 3.11(a)(iii) and out of amounts derived from the operation and sale
      of an REO Property to the extent permitted by Section 3.23. Except as provided
      in Section 3.29, the right to receive the Servicing Fee may not be transferred
      in whole or in part except in connection with the transfer of all of the
      Servicer’s responsibilities and obligations under this Agreement; provided,
      however, that the Servicer may pay from the Servicing Fee any amounts due to
      a
      Sub-Servicer pursuant to a Sub-Servicing Agreement entered into under Section
      3.02.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges,
      insufficient funds charges, ancillary income or otherwise (other than Prepayment
      Charges) shall be retained by the Servicer only to the extent such fees or
      charges are received by the Servicer. The Servicer shall also be entitled
      pursuant to Section 3.11(a)(iv) to withdraw from the Collection Account and
      pursuant to Section 3.23(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.12 and Section 3.24. The Servicer shall be required to
      pay
      all expenses incurred by it in connection with its servicing activities
      hereunder (including premiums for the insurance required by Section 3.14, to
      the
      extent such premiums are not paid by the related Mortgagors or by a
      Sub-Servicer, and servicing compensation of each Sub-Servicer) and shall not
      be
      entitled to reimbursement therefor except as specifically provided
      herein.

     

    The
      Servicer shall be entitled to any Prepayment Interest Excess, which it may
      withdraw from the Collection Account pursuant to Section
      3.11(a)(ix).

     

    
      	
              SECTION
                3.19  

            	
              Reports
                to the Trustee; Collection Account
                Statements.

            

    

     

    Not
      later
      than twenty days after each Distribution Date, the Servicer shall forward to
      the
      NIMS Insurer and, upon request, to the Trustee and the Depositor the most
      current available bank statement for the Collection Account.  Copies
      of such statement shall be provided by the Trustee to any Certificateholder
      and
      to any Person identified to the Trustee as a prospective transferee of a
      Certificate, upon request at the expense of the requesting party, provided
      such
      statement is delivered by the Servicer to the Trustee.

     

    
      	
              SECTION
                3.20  

            	
              Statement
                of Compliance.

            

    

     

    The
      Servicer will deliver to the Trustee not later than March 15th of each
      calendar
      year, commencing in 2008, an Officers’ Certificate (an “Annual Statement of
      Compliance”) stating, as to each signatory thereof, that (i) a review of the
      activities of the Servicer during the preceding calendar year and of performance
      under this Agreement has been made under such officers’ supervision and (ii) to
      the best of such officers’ knowledge, based on such review, the Servicer has
      fulfilled all of its obligations under this Agreement in all material respects
      throughout such year, or, if there has been a failure to fulfill any such
      obligation, in any material respect, specifying each such failure known to
      such
      officer and the nature and status of cure provisions thereof. Such Annual
      Statement of Compliance shall contain no restrictions or limitations on its
      use.  The Servicer shall deliver a similar Annual Statement of
      Compliance by any Sub-Servicer to which the Servicer has delgated any servicing
      responsibilities with respect to the Mortgage Loans, to the Trustee as described
      above as and when required with respect to the Servicer.

     

    If
      the
      Servicer cannot deliver the related Annual Statement of Compliance by March
      15th of such
      year, the Depositor, may permit a cure period for the Servicer to deliver such
      Annual Statement of Compliance, but in no event later than March 25th of such
      year.

     

    Any
      failure by the Servicer to deliver the Annual Statement of Compliance required
      under this Section 3.20, which Annual Statement of Compliance is requird as
      part
      of a Form 10-K with respect to the Trust Fund, shall constitute a Servicer
      Event
      of Termination, and the Trustee may (at the direction of the Depositor)
      terminate the rights and obligations of the Servicer under this Agreement
      without payment (notwithstanding anything in this Agreement to the contrary)
      of
      any compensation to the Servicer (other than the Servicer’s rights to
      reimbursement of unreimbursed  Advances and Servicing Advances and
      accrued and unpaid Servicing Fees in the manner provided in this Agreement);
      provided that to the extent that any provision of this Agreement expressly
      provides for the survival of certain rights or obligations following termination
      of the Servicer as servicer, such provision shall be given effect.

     

    The
      Servicer shall indemnify and hold harmless the Depositor and 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 a breach of the Servicer's obligations under this Section
      3.20.

     

    
      	
              SECTION
                3.21  

            	
              Assessments
                of Compliance and Attestation
                Reports.

            

    

     

    The
      Servicer shall deliver to the Trustee on or before March 15th of each
      calendar
      year beginning in 2008, a report regarding the Servicer’s assessment of
      compliance (an “Assessment of Compliance”) with the applicable Servicing
      Criteria (as set forth in Exhibit Q) during the preceding calendar
      year.  The Assessment of Compliance must contain the
      following:

     

    (a)  A
      statement by such officer of its responsibility for assessing compliance with
      the Servicing Criteria applicable to the Servicer;

     

    (b)  A
      statement by such officer that such officer used the Servicing Criteria, and
      which will also be attached to the Assement of Compliance, to assess compliance
      with the Servicing Criteria applicable to the Servicer;

     

    (c)  An
      assessment by such officer of the Servicer’s compliance with the applicable
      Servicing Criteria for the period consisting of the preceding calendar year,
      including disclosure of any material instance of noncompliance with respect
      thereto during such period, which assessment shall be based on the activities
      it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Servicer, that are backed by the same asset type as the Mortgage
      Loans; and

     

    (d)  A
      statement that a registered public accounting firm has issued an attestation
      report on the Servicer’s Assessment of Compliance for the period consisting of
      the preceding calendar year.

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on
      Exhibit Q hereto which are indicated as applicable to the Servicer.

     

    On
      or
      before March 15th of each
      calendar
      year beginning in 2008, the Servicer shall furnish to the Trustee a report
      (an
“Attestation Report”) by a registered public accounting firm that attests to,
      and reports on, the Assessment of Compliance made by the Servicer, as required
      by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation
      AB, which Attestation Report must be made in accordance with standards for
      attestation reports issued or adopted by the Public Company Accounting Oversight
      Board.

     

    The
      Servicer shall cause and any Sub-Servicer, and each subcontractor determined
      by
      the Servicer to be “participating in the servicing function” within the meaning
      of Item 1122 of Regulation AB, to deliver to the Trustee and the Depositor
      an
      Assessment of Compliance and Attestation Report as and when provided
      above.

     

    Such
      Assessment of Compliance, as to any Sub-Servicer, shall address each of the
      Servicing Criteria applicable to the Sub-Servicer.  Notwithstanding
      the foregoing, as to any subcontractor determined by the Servicer to be
“participating in the servicing function,” an Assessment of Compliance is not
      required to be delivered unless it is required as part of a Form 10-K with
      respect to the Trust Fund.

     

    If
      the
      Servicer cannot deliver any Assessment of Compliance or Attestation Report
      by
      March 15th of
      such year, the Depositor, may permit a cure period for the Servicer to deliver
      such Assessment of Compliance or Attestation Report, but in no event later
      than
      March 25th of
      such year.

     

    Any
      failure by the Servicer (or any Sub-Servicer or subcontractor determined by
      the
      Servicer to be “participating in the servicing function”) to deliver any
      information, report, certification or accountants’ letter when and as required
      under this Section 3.21, which information, report, certification or
      accountants’ letter is requird as part of a Form 10-K with respect to the Trust
      Fund, including (except as provided below) any failure by the Servicer to
      identify any subcontractor “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB, shall constitute a Servicer Event of
      Termination, and the Trustee may (at the direction of the Depositor) terminate
      the rights and obligations of the Servicer under this Agreement without payment
      (notwithstanding anything in this Agreement to the contrary) of any compensation
      to the Sevicer (other than the Servicer’s rights to reimbursement of
      unreimbursed Advances and Servicing Advances and accrued and unpaid Servicing
      Fees in the manner provided in this Agreement); provided that to the extent
      that
      any provision of this Agreement expressly provides for the survival of certain
      rights or obligations following termination of the Servicer as servicer, such
      provision shall be given effect.

     

    The
      Trustee shall also provide an Assessment of Compliance and Attestation Report,
      as and when provided above, which shall at a minimum address each of the
      Servicing Criteria specified on Exhibit Q hereto which are indicated as
      applicable to the “trustee”.  Notwithstanding the foregoing, as to any
      trustee, an Assessment of Compliance is not required to be delivered unless
      it
      is required as part of a Form 10-K with respect to the Trust Fund.

     

    Each
      of
      the Servicer and the Trustee shall indemnify and hold harmless the Depositor
      and
      the Trustee, as applicable and its 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 a breach of the Servicer’s or
      the Trustee’s obligations, as applicable, under this Section 3.21.

     

    
      	
              SECTION
                3.22  

            	
              Access
                to Certain Documentation; Filing of Reports by
                Trustee.

            

    

     

    The
      Servicer shall provide to the Office of Thrift Supervision, the FDIC, and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificateholder, access to the documentation
      regarding the Mortgage Loans required by applicable laws and regulations. Such
      access shall be afforded without charge, but only upon reasonable request and
      during normal business hours at the offices of the Servicer designated by it.
      In
      addition, access to the documentation regarding the Mortgage Loans will be
      provided to the Trustee, the NIMS Insurer and to any Person identified to the
      Servicer as a prospective transferee of a Certificate, upon reasonable request
      during normal business hours at the offices of the Servicer designated by it,
      at
      the expense of the Person requesting such access.

     

    
      	
              SECTION
                3.23  

            	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

    (a)  The
      deed
      or certificate of sale of any REO Property shall, subject to applicable laws,
      be
      taken in the name of the Trustee, or its nominee, in trust for the benefit
      of
      the Certificateholders. The Servicer, on behalf of REMIC 1, shall sell any
      REO
      Property as soon as practicable and in any event no later than the end of the
      third full taxable year after the taxable year in which such REMIC acquires
      ownership of such REO Property for purposes of Section 860G(a)(8) of the Code
      or
      request from the Internal Revenue Service, no later than 60 days before the
      day
      on which the three-year grace period would otherwise expire, an extension of
      such three-year period, unless the Servicer shall have delivered to the Trustee
      and the NIMS Insurer an Opinion of Counsel acceptable to the NIMS Insurer and
      addressed to the Trustee, the NIMS Insurer and the Depositor, to the effect
      that
      the holding by the REMIC of such REO Property subsequent to three years after
      its acquisition will not result in the imposition on the REMIC of taxes on
      “prohibited transactions” thereof, as defined in Section 860F of the Code, or
      cause any of the REMICs created hereunder to fail to qualify as a REMIC under
      Federal law at any time that any Certificates are outstanding. The Servicer
      shall manage, conserve, protect and operate each REO Property for the
      Certificateholders solely for the purpose of its prompt disposition and sale
      in
      a manner which does not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code or
      result in the receipt by any of the REMICs created hereunder of any “income from
      non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code,
      or any “net income from foreclosure property” which is subject to taxation under
      the REMIC Provisions.

     

    (b)  The
      Servicer shall separately account for all funds collected and received in
      connection with the operation of any REO Property and shall establish and
      maintain, or cause to be established and maintained, with respect to REO
      Properties an account held in trust for the Trustee for the benefit of the
      Certificateholders (the “REO Account”), which shall be an Eligible Account. The
      Servicer shall be permitted to allow the Collection Account to serve as the
      REO
      Account, subject to separate ledgers for each REO Property. The Servicer shall
      be entitled to retain or withdraw any interest income paid on funds deposited
      in
      the REO Account.

     

    (c)  The
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property as are consistent with the manner in which
      the
      Servicer manages and operates similar property owned by the Servicer or any
      of
      its Affiliates, all on such terms and for such period (subject to the
      requirement of prompt disposition set forth in Section 3.23(a)) as the Servicer
      deems to be in the best interests of Certificateholders. In connection
      therewith, the Servicer shall deposit, or cause to be deposited in the REO
      Account, in no event more than two Business Days after the Servicer’s receipt
      thereof, all revenues received by it with respect to an REO Property and shall
      withdraw therefrom funds necessary for the proper operation, management and
      maintenance of such REO Property including, without limitation:

     

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

     

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

     

    (iii)  all
      costs
      and expenses necessary to maintain, operate and dispose of such REO
      Property.

     

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

     

    Notwithstanding
      the foregoing, neither the Servicer nor the Trustee shall:

     

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

     

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

     

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

     

    (D)  authorize
      any Person to Directly Operate any REO Property on any date more than 90 days
      after its date of acquisition by the Trust Fund;

     

    unless,
      in any such case, the Servicer has obtained an Opinion of Counsel, provided
      to
      the Trustee and the NIMS Insurer, to the effect that such action will not cause
      such REO Property to fail to qualify as “foreclosure property” within the
      meaning of Section 860G(a)(8) of the Code at any time that it is held by the
      REMIC, in which case the Servicer may take such actions as are specified in
      such
      Opinion of Counsel.

     

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

     

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

     

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

     

    (iii)  none
      of
      the provisions of this Section 3.23(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Servicer of any of its duties and obligations to the Trustee on behalf
      of
      the Certificateholders with respect to the operation and management of any
      such
      REO Property; and

     

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

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification.  The Servicer shall be solely liable for all fees
      owed by it to any such Independent Contractor, irrespective of whether the
      Servicer’s compensation pursuant to Section 3.18 is sufficient to pay such fees;
      provided, however, that to the extent that any payments made by such Independent
      Contractor would constitute Servicing Advances if made by the Servicer, such
      amounts shall be reimbursable as Servicing Advances made by the
      Servicer.

     

    (d)  In
      addition to the withdrawals permitted under Section 3.23(c), the Servicer may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect of the
      related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer for
      unreimbursed Servicing Advances and Advances made in respect of such REO
      Property or the related Mortgage Loan. On the Servicer Remittance Date, the
      Servicer shall withdraw from each REO Account maintained by it and deposit
      into
      the Distribution Account in accordance with Section 3.10(d)(ii), for
      distribution on the related Distribution Date in accordance with Section 4.01,
      the income from the related REO Property received during the prior calendar
      month, net of any withdrawals made pursuant to Section 3.23(c) or this Section
      3.23(d).

     

    (e)  Subject
      to the time constraints set forth in Section 3.23(a), each REO Disposition
      shall
      be carried out by the Servicer in a manner, at such price and upon such terms
      and conditions as shall be normal and usual in the Servicing
      Standard.

     

    (f)  The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the Servicer or any Sub-Servicer as provided above, shall
      be
      deposited in the Distribution Account in accordance with Section 3.10(d)(ii)
      on
      the Servicer Remittance Date in the month following the receipt thereof for
      distribution on the related Distribution Date in accordance with Section 4.01.
      Any REO Disposition shall be for cash only (unless changes in the REMIC
      Provisions made subsequent to the Startup Day allow a sale for other
      consideration).

     

    (g)  The
      Servicer shall file information returns with respect to the receipt of mortgage
      interest received in a trade or business, reports of foreclosures and
      abandonments of any Mortgaged Property and cancellation of indebtedness income
      with respect to any Mortgaged Property as required by the Code. Such reports
      shall be in form and substance sufficient to meet the reporting requirements
      of
      the Code.

     

    
      	
              SECTION
                3.24  

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    Not
      later
      than 1:00 p.m. New York time on each Servicer Remittance Date, the Servicer
      shall remit to the Distribution Account an amount (“Compensating Interest”)
      equal to the lesser of (A) the aggregate of the Prepayment Interest Shortfalls
      for the related Distribution Date and (B) its aggregate Servicing Fee received
      in the related Due Period and any Prepayment Interest Excess for the related
      Distribution Date. The Servicer shall not have the right to reimbursement for
      any amounts remitted to the Trustee in respect of Compensating Interest. Such
      amounts so remitted shall be included in the Available Funds and distributed
      therewith on the next Distribution Date.  The Servicer shall not be
      obligated to pay Compensating Interest with respect to Relief Act Interest
      Shortfalls.

     

    
      	
              SECTION
                3.25  

            	
              [Reserved].

            

    

     

    
      	
              SECTION
                3.26  

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

            

    

     

    In
      the
      event that a shortfall in any collection on or liability with respect to the
      Mortgage Loans in the aggregate results from or is attributable to adjustments
      to Mortgage Rates, Monthly Payments or Stated Principal Balances that were
      made
      by the Servicer in a manner not consistent with the terms of the related
      Mortgage Note and this Agreement, the Servicer, upon discovery or receipt of
      notice thereof, immediately shall deposit in the Collection Account from its
      own
      funds the amount of any such shortfall and shall indemnify and hold harmless
      the
      Trust Fund, the Trustee, the Depositor and any successor servicer in respect
      of
      any such liability. Such indemnities shall survive the termination or discharge
      of this Agreement. Notwithstanding the foregoing, this Section 3.26 shall not
      limit the ability of the Servicer to seek recovery of any such amounts from
      the
      related Mortgagor under the terms of the related Mortgage Note, as permitted
      by
      law.

     

    
      	
              SECTION
                3.27  

            	
              Solicitations.

            

    

     

    From
      and
      after the Closing Date, the Servicer agrees that it will not take any action
      or
      permit or cause any action to be taken by any of its agents and Affiliates,
      or
      by any independent contractors or independent mortgage brokerage companies
      on
      the Servicer's behalf, to personally, by telephone, mail or electronic mail,
      solicit the Mortgagor under any Mortgage Loan for the purpose of refinancing
      such Mortgage Loan; provided, that the Servicer may solicit any Mortgagor
      for whom the Servicer has received a request for verification of mortgage,
      a
      request for demand for payoff, a mortgagor initiated written or verbal
      communication indicating a desire to prepay the related Mortgage Loan, another
      mortgage company has pulled a credit report on the mortgagor or the mortgagor
      initiates a title search; provided further, it is understood and agreed that
      promotions undertaken by the Servicer or any of its Affiliates which (i) concern
      optional insurance products or other additional products or (ii) are directed
      to
      the general public at large, including, without limitation, mass mailings based
      on commercially acquired mailing lists, newspaper, radio and television
      advertisements shall not constitute solicitation under this Section, nor is
      the
      Servicer prohibited from responding to unsolicited requests or inquiries made
      by
      a Mortgagor or an agent of a Mortgagor.  Furthermore, the Servicer
      shall be permitted to include in its monthly statements to borrowers or
      otherwise, statements regarding the availability of the Servicer’s counseling
      services with respect to refinancing mortgage loans.

     

    Notwithstanding
      the foregoing, with respect to any Fixed Rate Mortgage Loan, the Servicer may
      solicit the Mortgagor for the purpose of refinancing such Mortgage Loan,
      beginning 60 days prior to the later of (i) the expiration of the related
      Prepayment Charge term, if applicable and (ii) 24 months following origination
      of such Mortgage Loan and with respect to any Adjustable Rate Mortgage Loan,
      the
      Servicer may solicit the Mortgagor for the purpose of refinancing such Mortgage
      Loan, beginning 60 days prior to the later of (i) the expiration of the related
      Prepayment Charge term, if applicable and (ii) the expiration of any applicable
      fixed rate period.

     

    

    
      	
              SECTION
                3.28  

            	
              [Reserved].

            

    

     

    
      	
              SECTION
                3.29  

            	
              Advance
                Facility.

            

    

     

    The
      Servicer, with the consent of the NIMS Insurer, is hereby authorized to enter
      into a financing or other facility (any such arrangement, an “Advance Facility”)
      under which (1) the Servicer sells, assigns or pledges to another Person
      (together with such Person’s successors and assigns, an “Advancing Person”) the
      Servicer’s rights under this Agreement to be reimbursed for any Advances or
      Servicing Advances and/or (2) an Advancing Person agrees to fund some or all
      Advances and/or Servicing Advances required to be made by the Servicer pursuant
      to this Agreement.  No consent of the Depositor, the Trustee, the
      Certificateholders or any other party (other than the NIMS Insurer consent)
      shall be required before the Servicer may enter into an Advance
      Facility.  The Servicer shall notify the NIMS Insurer and each other
      party to this Agreement prior to or promptly after entering into or terminating
      any Advance Facility.  Notwithstanding the existence of any Advance
      Facility under which an Advancing Person agrees to fund Advances and/or
      Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated
      pursuant to this Agreement to make Advances and Servicing Advances pursuant
      to
      and as required by this Agreement.  If the Servicer enters into an
      Advance Facility, and for so long as an Advancing Person remains entitled to
      receive reimbursement for any Advances including Nonrecoverable Advances
      (“Advance Reimbursement Amounts”) and/or Servicing Advances including
      Nonrecoverable Advances (“Servicing Advance Reimbursement Amounts” and together
      with Advance Reimbursement Amounts, “Reimbursement Amounts”) (in each case to
      the extent such type of Reimbursement Amount is included in the Advance
      Facility), as applicable, pursuant to this Agreement, then the Servicer shall
      identify such Reimbursement Amounts consistent with the reimbursement rights
      set
      forth in Section 3.11(a)(ii), (iii), (vi) and (vii) and remit such Reimbursement
      Amounts in accordance with Section 3.10(b) or otherwise in accordance with
      the
      documentation establishing the Advance Facility to such Advancing Person or
      to a
      trustee, agent or custodian (an “Advance Facility Trustee”) designated by such
      Advancing Person.  Notwithstanding the foregoing, if so required
      pursuant to the terms of the Advance Facility, the Servicer may direct, and
      if
      so directed the Trustee is hereby authorized to and shall pay to the Advance
      Facility Trustee the Reimbursement Amounts identified pursuant to the preceding
      sentence.  Notwithstanding anything to the contrary herein, in no
      event shall Advance Reimbursement Amounts or Servicing Advance Reimbursement
      Amounts be included in the Available Funds or distributed to
      Certificateholders.

     

    If
      the
      terms of a facility proposed to be entered into with an Advancing Person by
      the
      Trust Fund would not materially and adversely affect the interests of any
      Certificateholder, then the NIMS Insurer shall not withhold its consent to
      the
      Trust Fund’s entering such facility.

     

    Reimbursement
      Amounts shall consist solely of amounts in respect of Advances and/or Servicing
      Advances made with respect to the Mortgage Loans for which the Servicer would
      be
      permitted to reimburse itself in accordance with this Agreement, assuming the
      Servicer or the Advancing Person had made the related Advance(s) and/or
      Servicing Advance(s).  Notwithstanding the foregoing, except with
      respect to reimbursement of Nonrecoverable Advances as set forth in this
      Agreement, no Person shall be entitled to reimbursement from funds held in
      the
      Collection Account for future distribution to Certificateholders pursuant to
      this Agreement.  None of the Depositor or the Trustee shall have any
      duty or liability with respect to the calculation of any Reimbursement Amount,
      nor shall the Depositor or the Trustee have any responsibility to track or
      monitor the administration of the Advance Facility or the payment of
      Reimbursement Amounts to the related Advancing Person or Advance Facility
      Trustee.  The Servicer shall maintain and provide to any successor
      servicer and (upon request) the Trustee a detailed accounting on a loan by
      loan
      basis as to amounts advanced by, sold, pledged or assigned to, and reimbursed
      to
      any Advancing Person.  The successor servicer shall be entitled to
      rely on any such information provided by the predecessor servicer, and the
      successor servicer shall not be liable for any errors in such
      information.  Any successor Servicer shall reimburse the predecessor
      Servicer and itself for outstanding Advances and Servicing Advances,
      respectively, with respect to each Mortgage Loan on a first in, first out
      (“FIFO”) basis; provided that the successor Servicer has received prior written
      notice from the predecessor Servicer or the Advancing Person of reimbursement
      amounts owed to the predecessor Servicer.  Liquidation Proceeds with
      respect to a Mortgage Loan shall be applied to reimburse Advances outstanding
      with respect to that Mortgage Loan before being applied to reimburse Servicing
      Advances outstanding with respect to that Mortgage Loan.

     

    An
      Advancing Person who receives an assignment or pledge of the rights to be
      reimbursed for Advances and/or Servicing Advances, and/or whose obligations
      hereunder are limited to the funding or purchase of Advances and/or Servicing
      Advances shall not be required to meet the criteria for qualification of a
      subservicer set forth in this Agreement.

     

    Upon
      the
      direction of and at the expense of the Servicer, the Trustee agrees to execute
      such acknowledgments provided by the Servicer recognizing the interests of
      any
      Advance Facility Trustee in such Reimbursement Amounts as the Servicer may
      cause
      to be made subject to Advance Facilities pursuant to this Section
      3.29.

     

    The
      Servicer shall remain entitled to be reimbursed for all Advances and Servicing
      Advances funded by the Servicer to the extent the related rights to be
      reimbursed therefor have not been sold, assigned or pledged to an Advancing
      Person.

     

    The
      Servicer shall indemnify the Depositor, the Trustee, the NIMS Insurer, any
      successor servicer and the Trust Fund for any loss, liability or damage
      resulting from any claim by the related Advancing Person, except to the extent
      that such claim, loss, liability or damage resulted from or arose out of
      negligence, recklessness or willful misconduct or breach of its duties hereunder
      on the part of the Depositor, the Trustee, the NIMS Insurer or any successor
      servicer.

     

    Any
      amendment to this Section 3.29 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.29, including amendments to add provisions
      relating to a successor servicer, may be entered into by the Trustee, the
      Depositor and the Servicer without the consent of any Certificateholder but
      with
      the consent of the NIMS Insurer, provided such amendment complies with Section
      11.01 hereof.  All reasonable costs and expenses (including attorneys’
fees) of each party hereto of any such amendment shall be borne solely by the
      Servicer.  Prior to entering into an Advance Facility, the Servicer
      shall notify the Advancing Person in writing that:  (a) the Advances
      and/or Servicing Advances purchased, financed by and/or pledged to the Advancing
      Person are obligations owed to the Servicer on a non-recourse basis payable
      only
      from the cash flows and proceeds received under this Agreement for reimbursement
      of Advances and/or Servicing Advances only to the extent provided herein, and
      the Trustee and the Trust are not otherwise obligated or liable to repay any
      Advances and/or Servicing Advances financed by the Advancing Person and (b)
      the
      Trustee shall not have any responsibility to track or monitor the administration
      of the Advance Facility between the Servicer and the Advancing
      Person.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      IV

     

    FLOW
      OF
      FUNDS

     

    
      	
              SECTION
                4.01  

            	
              Distributions.

            

    

     

    (a)  (I)
      On
      each Distribution Date, the Trustee shall withdraw that portion of Available
      Funds for such Distribution Date consisting of the Group I Interest Remittance
      Amount for such Distribution Date, and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group I Interest Remittance Amount remaining for such Distribution
      Date:

     

    (i)  concurrently,
      to the Holders of the Class I-A-1 Certificates and the Class X Certificates
      (up
      to an amount equal to the Group I Class X Percentage of such distributions),
      the
      Monthly Interest Distributable Amount and the Unpaid Interest Shortfall Amount,
      if any, for each such Class; and

     

    (ii)  concurrently,
      to the Holders of the Group II Certificates, on a pro rata basis based
      on the entitlement of each such Class and the Class X Certificates (up to an
      amount equal to the Group I Class X Percentage of such distributions), an amount
      equal to the excess, if any, of (x) the amount required to be distributed
      pursuant to Section 4.01(a)(II)(i) below for such Distribution Date over (y)
      the
      amount actually distributed pursuant to such clause from the Group II Interest
      Remittance Amount.

     

    (II)           On
      each Distribution Date the Trustee shall withdraw from the Distribution Account
      that portion of Available Funds for such Distribution Date consisting of the
      Group II Interest Remittance Amount for such Distribution Date, and make the
      following disbursements and transfers in the order of priority described below,
      in each case to the extent of the Group II Interest Remittance Amount remaining
      for such Distribution Date.

     

    (iii)  concurrently,
      to the Holders of the Group II Certificates, on a pro rata basis based
      on the entitlement of each such Class and the Class X Certificates (up to an
      amount equal to the Group I Class X Percentage of such distributions), the
      Monthly Interest Distributable Amount and the Unpaid Interest Shortfall Amount,
      if any, for each such Class; and

     

    (iv)  to
      the
      Holders of the Class I-A-1 Certificates and the Class X Certificates (up to
      an
      amount equal to the Group I Class X Percentage of such distributions), an amount
      equal to the excess, if any, of (x) the amount required to be distributed
      pursuant to Section 4.01(a)(I)(i) above for such Distribution Date over (y)
      the
      amount actually distributed pursuant to such clause from the Group I Interest
      Remittance Amount.

     

    (III)           On
      each Distribution Date, distributions to the extent of the sum of the Group
      I
      Interest Remittance Amount and the Group II Interest Remittance Amount remaining
      undistributed for such Distribution Date shall be distributed sequentially,
      to
      the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class
      M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the
      Class M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates,
      the Class M-9 Certificates and the Class M-10 Certificates, in that order,
      in an
      amount equal to the Monthly Interest Distributable Amount for each such
      Class.

     

    (b)  (I)           On
      each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event is in effect, distributions in respect of principal to the extent of
      the
      Group I Principal Distribution Amount shall be made in the following amounts
      and
      order of priority:

     

    (i)  to
      the
      Holders of the Class I-A-1 Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; and

     

    (ii)  after
      taking into account the amount distributed to the Holders of the Group II
      Certificates pursuant to Section 4.01(b)(II)(i) below on such Distribution
      Date,
      to the Holders of the Group II Certificates (allocated among the Group II
      Certificates in the priority described below), until the Certificate Principal
      Balances thereof have been reduced to zero.

     

    (II)           On
      each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event is in effect, distributions in respect of principal to the extent of
      the
      Group II Principal Distribution Amount shall be made in the following amounts
      and order of priority:

     

    (iii)  to
      the
      Holders of the Group II Certificates (allocated among Group II Certificates
      in
      the priority described below), until the Certificate Principal Balances thereof
      have been reduced to zero; and

     

    (iv)  after
      taking into account the amount distributed to the Holders of the Class I-A-1
      Certificates pursuant to Section 4.01(b)(I)(i) above on such Distribution Date,
      to the Holders of the Class I-A-1 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    (III)           On
      each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event is in effect, distributions in respect of principal to the extent of
      the
      sum of the Group I Principal Distribution Amount and the Group II Principal
      Distribution Amount remaining undistributed for such Distribution Date shall
      be
      distributed sequentially, to the Holders of the Class M-1 Certificates, the
      Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates,
      the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7
      Certificates, the Class M-8 Certificates, the Class M-9 Certificates and the
      Class M-10 Certificates, in that order, in each case, until the Certificate
      Principal Balance thereof has been reduced to zero.

     

    (IV)           On
      each Distribution Date (a) on or after the Stepdown Date and (b) on which a
      Trigger Event is not in effect, distributions in respect of principal to the
      extent of the Group I Principal Distribution Amount shall be made in the
      following amounts and order of priority:

     

    (v)  to
      the
      Holders of the Class I-A-1 Certificates, the Group I Senior Principal
      Distribution Amount until the Certificate Principal Balance thereof has been
      reduced to zero; and

     

    (vi)  to
      the
      Holders of the Group II Certificates (allocated among Group II Certificates
      in
      the priority described below), an amount equal to the excess, if any, of (x)
      the
      amount required to be distributed pursuant to Section 4.01(c)(V)(i) below for
      such Distribution Date over (y) the amount actually distributed pursuant to
      Section 4.01(c)(V)(i) below from the Group II Principal Distribution Amount
      on
      such Distribution Date.

     

    (V)           On
      each Distribution Date (a) on or after the Stepdown Date and (b) on which a
      Trigger Event is not in effect, distributions in respect of principal to the
      extent of the Group II Principal Distribution Amount shall be made in the
      following amounts and order of priority:

     

    (vii)  to
      the
      Holders of the Group II Certificates (allocated among Group II Certificates
      in
      the priority described below), the Group II Senior Principal Distribution Amount
      until the Certificate Principal Balances thereof have been reduced to zero;
      and

     

    (viii)  to
      the
      Holders of the Class I-A-1 Certificates, an amount equal to the excess, if
      any,
      of (x) the amount required to be distributed pursuant to Section 4.01(c)(IV)(i)
      above for such Distribution Date over (y) the amount actually distributed
      pursuant to Section 4.01(c)(IV)(i) above from the Group I Principal Distribution
      Amount on such Distribution Date.

     

    (VI)           On
      each Distribution Date (a) on or after the Stepdown Date and (b) on which a
      Trigger Event is not in effect, distributions in respect of principal to the
      extent of the sum of the Group I Principal Distribution Amount and the Group
      II
      Principal Distribution Amount remaining undistributed for such Distribution
      Date
      shall be made in the following amounts and order of priority:

     

    (i)  to
      the
      Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (ii)  to
      the
      Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iii)  to
      the
      Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iv)  to
      the
      Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (v)  to
      the
      Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vi)  to
      the
      Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vii)  to
      the
      Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (viii)  to
      the
      Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (ix)  to
      the
      Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;
      and

     

    (x)  to
      the
      Holders of the Class M-10 Certificates, the Class M-10 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero.

     

    With
      respect to the Group II Certificates, all principal distributions will be
      distributed sequentially, first, to the Holders of the Class II-A-1
      Certificates, until the Certificate Principal Balance of the Class II-A-1
      Certificates has been reduced to zero; second, to the Holders of the Class
      II-A-2 Certificates, until the Certificate Principal Balance of the Class II-A-2
      Certificates has been reduced to zero; third, to the Holders of the Class II-A-3
      Certificates, until the Certificate Principal Balance of the Class II-A-3
      Certificates has been reduced to zero and fourth, to the Holders of the Class
      II-A-4 Certificates, until the Certificate Principal Balance of the Class II-A-4
      Certificates has been reduced to zero; provided, however, on any Distribution
      Date on which the aggregate Certificate Principal Balance of the Mezzanine
      Certificates and the Class C Certificates has been reduced to zero, all
      principal distributions will be distributed concurrently, to the Holders of
      the
      Class A Certificates, on a pro rata basis based on the Certificate
      Principal Balance of each such Class.

     

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

     

    (i)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, distributable to such Holders as part of the Group I
      Principal Distribution Amount and/or the Group II Principal Distribution Amount
      as described under Section 4.01(b) above;

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
      M-3
      Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
      Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
      Certificates and Class M-10 Certificates, in that order, in each case, first,
      up
      to the Unpaid Interest Shortfall Amount for each such Class and second, up
      to
      the Allocated Realized Loss Amount, for each such Class;

     

    (iii)  to
      the
      Net WAC Rate Carryover Reserve Account, the amount of any Net WAC Rate Carryover
      Amounts, after taking into account amounts, if any, received under the Basis
      Risk Cap Agreement;

     

    (iv)  to
      the
      Supplemental Interest Trust Trustee for payment to the Swap Provider, any Swap
      Termination Payments resulting from a Swap Provider Trigger Event;

     

    (v)  to
      the
      Holders of the Class C Certificates, (a) the Monthly Interest Distributable
      Amount for such Distribution Date and any Overcollateralization Release Amount
      for such Distribution Date and (b) on any Distribution Date on which the
      Certificate Principal Balances of the Class A and Mezzanine Certificates have
      been reduced to zero, any remaining amounts in reduction of the Certificate
      Principal Balance of the Class C Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero;

     

    (vi)  if
      such
      Distribution Date follows the Prepayment Period during which occurs the latest
      date on which a Prepayment Charge may be required to be paid in respect of
      any
      Mortgage Loans, to the Holders of the Class P Certificates, in reduction of
      the
      Certificate Principal Balance thereof, until the Certificate Principal Balance
      thereof is reduced to zero; and

     

    (vii)  any
      remaining amounts to the Holders of the Residual Certificates (in respect of
      the
      Class R-3 Interest).

     

    (d)  On
      each
      Distribution Date, after making the distributions of the Available Funds as
      set
      forth above, the Trustee shall withdraw from the Net WAC Rate Carryover Reserve
      Account, to the extent of amounts remaining on deposit therein, the aggregate
      of
      any Net WAC Rate Carryover Amounts for such Distribution Date and distribute
      such amount in the following order of priority:

     

    (i)  concurrently,
      to each Class of Class A Certificates, the related Basis Risk Cap Amount, from
      payments made under the Basis Risk Cap Agreement, in each case up to a maximum
      amount equal to the related Net WAC Rate Carryover Amount for such Distribution
      Date;

     

    (ii)  sequentially,
      the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3
      Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class
      M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the
      Class M-9 Certificates and the Class M-10 Certificates, in that order, the
      related Basis Risk Cap Amount, from payments made under the Basis Risk Cap
      Agreement, in each case up to a maximum amount equal to the related Net WAC
      Rate
      Carryover Amount for such Distribution Date;

     

    (iii)  concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover Amount
      remaining undistributed pursuant to clause (i) above, on a pro rata
      basis based on such respective remaining Net WAC Rate Carryover Amounts;
      and

     

    (iv)  sequentially,
      to the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3
      Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class
      M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the
      Class M-9 Certificates and the Class M-10 Certificates, in that order, the
      related Net WAC Rate Carryover Amount remaining undistributed pursuant to clause
      (ii) above.

     

    On
      the
      Closing Date, there is hereby established a separate trust (the “Cap Trust”),
      into which the Depositor shall deposit the Basis Risk Cap
      Agreement.  The Cap Trust shall be maintained by the Cap
      Trustee.

     

    (e)  In
      accordance with the first sentence of Section 4.10(b), on or before each
      Distribution Date, Net Swap Payments (whether payable to the Swap Provider
      or to
      the Supplemental Interest Trust Trustee), any Swap Termination Payment owed
      to
      the Swap Provider not resulting from a Swap Provider Trigger Event pursuant
      to
      the Interest Rate Swap Agreement and any Swap Termination Payments owed to
      the
      Supplemental Interest Trust Trustee will be deposited by the Supplemental
      Interest Trust Trustee into the Swap Account.  On each Distribution
      Date, the Trustee shall withdraw from amounts on deposit in the Swap Account
      (other than amounts representing Swap Termination Payments received by the
      Supplemental Interest Trust Trustee or Net Swap Payments received by the
      Supplemental Interest Trust Trustee) prior to any distribution to any
      Certificates and pay as follows:

     

    (i)  to
      the
      Swap Provider, any Net Swap Payment owed to the Swap Provider pursuant to the
      Interest Rate Swap Agreement for such Distribution Date;

     

    (ii)  to
      the
      Swap Provider, any Swap Termination Payment owed to the Swap Provider not due
      to
      a Swap Provider Trigger Event pursuant to the Interest Rate Swap Agreement
      and
      to the extent not paid by the Trustee (in its capacity as Supplemental Interest
      Trust Trustee) from any upfront payment received pursuant to any replacement
      interest rate swap agreement;

     

    On
      each
      Distribution Date, after making the distributions of the Available Funds, Net
      Monthly Excess Cashflow and amounts on deposit in the Net WAC Rate Carryover
      Reserve Account as set forth above, the Trustee shall distribute the amount
      on
      deposit in the Swap Account as follows:

     

    (i)  concurrently,
      to each Class of Class A Certificates and the Class X Certificates, the related
      Monthly Interest Distributable Amount and Unpaid Interest Shortfall Amount
      remaining undistributed on such Distribution Date, on a pro rata basis
      based on such respective remaining Monthly Interest Distributable Amount and
      Unpaid Interest Shortfall Amount;

     

    (ii)  sequentially,
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
      M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class
      M-10
      Certificates, in that order, the related Monthly Interest Distributable Amount
      and Unpaid Interest Shortfall Amount, to the extent remaining undistributed
      on
      such Distribution Date;

     

    (iii)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, distributable to such Holders as part of the Group I
      Principal Distribution Amount and/or the Group II Principal Distribution
      Amount;

     

    (iv)  sequentially
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
      M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class
      M-10
      Certificates, in that order, in each case up to the related Allocated Realized
      Loss Amount related to such Certificates for such Distribution Date remaining
      undistributed on such Distribution Date;

     

    (v)  concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover
      Amount, to the extent remaining undistributed on such Distribution Date, on
      a
pro rata basis based on such respective Net WAC Rate Carryover Amounts
      remaining;

     

    (vi)  sequentially,
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
      M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class
      M-10
      Certificates, in that order, the related Net WAC Rate Carryover Amount, to
      the
      extent remaining undistributed on such Distribution Date; and

     

    (vii)  any
      remaining amounts to the Holders of the Class C Certificates.

     

    Notwithstanding
      any of the foregoing, the aggregate amount distributed under Section
      4.01(e)(iii) above on such Distribution Date, when added to the cumulative
      amount distributed under Section 4.01(e)(iii) above on all prior Distribution
      Dates, will not be permitted to exceed the cumulative amount of Realized Losses
      incurred on the Mortgage Loans since the Cut-off Date through the last day
      of
      the Prepayment Period (reduced by the aggregate amount of Subsequent Recoveries
      received since the Cut-off date through the last day of the Prepayment
      Period).  Any amounts that would otherwise be distributable from the
      Supplemental Interest Trust on any Distribution Date under Section 4.01(e)(iii)
      above, but for the foregoing proviso, will be retained in the Supplemental
      Interest Trust and will be included in amounts available for distribution from
      the Supplemental Interest Trust on the next succeeding Distribution Date,
      subject to the foregoing proviso in the case of amounts to be distributed under
      Section 4.01(e) (iii) above.

     

    (f)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period and any Servicer
      Prepayment Charge Payment Amounts paid by the Servicer during the related
      Prepayment Period will be withdrawn from the Distribution Account and
      distributed by the Trustee to the Holders of the Class P Certificates and shall
      not be available for distribution to the Holders of any other Class of
      Certificates. The payment of the foregoing amounts to the Holders of the Class
      P
      Certificates shall not reduce the Certificate Principal Balances
      thereof.

     

    (g)  The
      Trustee shall make distributions in respect of a Distribution Date to each
      Certificateholder of record on the related Record Date (other than as provided
      in Section 10.01 respecting the final distribution), in the case of
      Certificateholders of the Regular Certificates, by check or money order mailed
      to such Certificateholder at the address appearing in the Certificate Register,
      or by wire transfer. Distributions among Certificateholders shall be made in
      proportion to the Percentage Interests evidenced by the Certificates held by
      such Certificateholders.

     

    (h)  Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit the amount of such distribution to the accounts
      of its Depository Participants in accordance with its normal procedures. Each
      Depository Participant shall be responsible for disbursing such distribution
      to
      the Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. All such credits and disbursements
      with respect to a Book-Entry Certificate are to be made by the Depository and
      the Depository Participants in accordance with the provisions of the
      Certificates. None of the Trustee, the Depositor or the Servicer shall have
      any
      responsibility therefor except as otherwise provided by applicable
      law.

     

    On
      each
      Distribution Date, following the foregoing distributions, an amount equal to
      the
      amount of Subsequent Recoveries deposited into the Collection Account pursuant
      to Section 3.10 shall be applied to increase the Certificate Principal Balance
      of the Class of Certificates with the Highest Priority up to the extent of
      such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.08.  An amount equal to the amount of any remaining
      Subsequent Recoveries shall be applied to increase the Certificate Principal
      Balance of the Class of Certificates with the next Highest Priority, up to
      the
      amount of such Realized Losses previously allocated to that Class of
      Certificates pursuant to Section 4.08.  Holders of such Certificates
      will not be entitled to any distribution in respect of interest on the amount
      of
      such increases for any Interest Accrual Period preceding the Distribution Date
      on which such increase occurs.  Any such increases shall be applied to
      the Certificate Principal Balance of each Certificate of such Class in
      accordance with its respective Percentage Interest.

     

    (i)  It
      is the
      intention of all of the parties hereto that the Class C Certificates receive
      all
      principal and interest received by the Trust on the Mortgage Loans that is
      not
      otherwise distributable to any other Class of Regular Certificates or REMIC
      Regular Interests and that the Residual Certificates are to receive no principal
      and interest. If the Trustee determines that the Residual Certificates are
      entitled to any distributions, the Trustee, prior to any such distribution
      to
      any Residual Certificate, shall notify the Depositor of such impending
      distribution but shall make such distribution in accordance with the terms
      of
      this Agreement until this Agreement is amended as specified in the following
      sentence.  Upon such notification, the Depositor will request an
      amendment to the Pooling and Servicing Agreement to revise such mistake in
      the
      distribution provisions. The Residual Certificate Holders, by acceptance of
      their Certificates, and the Servicer(s), hereby agree to any such amendment
      and
      no further consent shall be necessary, notwithstanding anything to the contrary
      in Section 11.01 of this Pooling and Servicing Agreement; provided, however,
      that such amendment shall otherwise comply with Section 11.01
      hereof.

     

    
      	
              SECTION
                4.02  

            	
              [Reserved].

            

    

     

    
      	
              SECTION
                4.03  

            	
              Statements.

            

    

     

    (a)  On
      each
      Distribution Date, based, as applicable, on information provided to it by the
      Servicer, the Trustee shall prepare and make available to each Holder of the
      Regular Certificates, the NIMS Insurer, the Servicer, the Swap Provider and
      the
      Rating Agencies, a statement as to the distributions made on such Distribution
      Date:

     

    (i)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates, separately identified, allocable to principal
      and
      the amount of the distribution made to the Holders of the Class P Certificates
      allocable to Prepayment Charges and Servicer Prepayment Charge Payment
      Amounts;

     

    (ii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates (other than the Class P Certificates) allocable
      to
      interest, separately identified;

     

    (iii)  the
      Net
      Monthly Excess Cashflow, the Overcollateralized Amount, the
      Overcollateralization Release Amount, the Overcollateralization Deficiency
      Amount and the Overcollateralization Target Amount and the Credit Enhancement
      Percentage as of such Distribution Date and the Excess Overcollateralized Amount
      for the Mortgage Pool for such Distribution Date;

     

    (iv)  the
      fees
      and expenses of the Trust Fund accrued and paid on such Distribution Date and
      to
      whom such fees and expenses were paid;

     

    (v)  the
      aggregate amount of Advances for the related Due Period (including the general
      purpose of such Advances);

     

    (vi)  the
      aggregate Principal Balance of the Mortgage Loans and any REO Properties as
      of
      the end of the related Due Period;

     

    (vii)  the
      number, aggregate Stated Principal Balance, weighted average remaining term
      to
      maturity and weighted average Mortgage Rate of the Mortgage Loans as of the
      related Determination Date;

     

    (viii)  the
      number and aggregate unpaid Stated Principal Balance of Mortgage Loans (not
      including a Liquidated Mortgage Loan as of the end of the Prepayment Period)
      that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or
      foreclosure and REO Properties) using the OTS Method (as described below) (1)
      30
      to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which
      foreclosure proceedings have been commenced and Delinquent (1) 30 to 59 days,
      (2) 60 to 89 days and (3) 90 or more days, (C) in bankruptcy and Delinquent
      (1)
      30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as of
      the
      Close of Business on the last day of the calendar month preceding such
      Distribution Date and (D) REO Properties, as well as the aggregate principal
      balance of Mortgage Loans that were liquidated and the net proceeds resulting
      therefrom;

     

    (ix)  the
      total
      number and cumulative Stated Principal Balance of all REO Properties as of
      the
      Close of Business of the last day of the calendar month preceding the related
      Distribution Date;

     

    (x)  the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period, separately indicating Principal Prepayments in full and Principal
      Prepayments in part;

     

    (xi)  the
      Delinquency Percentage and the Realized Loss Percentage;

     

    (xii)  the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period which will include the cumulative amount of Realized Losses and the
      aggregate amount of Subsequent Recoveries received during the related Prepayment
      Period;

     

    (xiii)  the
      aggregate amount of extraordinary Trust Fund expenses withdrawn from the
      Collection Account or the Distribution Account for such Distribution
      Date;

     

    (xiv)  the
      Certificate Principal Balance of each Class of Floating Rate Certificates and
      the Class C Certificates, before and after giving effect to the distributions,
      and allocations of Realized Losses, made on such Distribution Date;

     

    (xv)  the
      Monthly Interest Distributable Amount in respect of each Class of Floating
      Rate
      Certificates, the Class X Certificates and the Class C Certificates for such
      Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect
      to each Class of Floating Rate Certificates, the Class X Certificates and the
      Class C Certificates for such Distribution Date;

     

    (xvi)  the
      aggregate amount of any Prepayment Interest Shortfalls for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to Section
      3.24;

     

    (xvii)  the
      Net
      WAC Rate Carryover Amount for each Class of Floating Rate Certificates, if
      any,
      for such Distribution Date and the amount remaining unpaid after reimbursements
      therefor on such Distribution Date;

     

    (xviii)  whether
      the Stepdown Date or a Trigger Event has occurred;

     

    (xix)  the
      total
      cashflows received and the general sources thereof (including amounts received
      from the Supplemental Interest Trust Trustee under the Interest Rate Swap
      Agreement and from the Cap Trustee under the Basis Risk Cap
      Agreement);

     

    (xx)  the
      respective Pass-Through Rates applicable to each Class of Floting Rate
      Certificates, the Class X Certificates and the Class C Certificates for such
      Distribution Date and the Pass-Through Rate applicable to each Class of Floating
      Rate Certificates for the immediately succeeding Distribution Date;

     

    (xxi)  the
      amount of any Net Swap Payments or Swap Termination Payments paid to the Swap
      Provider; and

     

    (xxii)  the
      applicable Record Date, Accrual Period and any other applicable determination
      dates for calculating distributions for such Distribution Date.

     

    The
      Trustee will make such statement (and, at its option, any additional files
      containing the same information in an alternative format) available each month
      to Certificateholders, the NIMS Insurer, the Swap Provider and the Rating
      Agencies via the Trustee’s internet website located at
      www.ctslink.com.  Assistance in using the website can be obtained by
      calling the Trust Administrator’s customer service desk at
      1-866-846-4526.  Parties that are unable to use the above distribution
      option are entitled to have a paper copy mailed to them via first class mail
      by
      calling the customer service desk and indicating such. The Trustee shall have
      the right to change the way such statements are distributed in order to make
      such distribution more convenient and/or more accessible to the above parties
      and the Trustee shall provide timely and adequate notification to all above
      parties regarding any such changes.  As a condition to access to the
      Trustee’s internet website, the Trustee may require registration and the
      acceptance of a disclaimer.  The Trustee will not be liable for the
      dissemination of information in accordance with this Agreement.  The
      Trustee shall also be entitled to rely on but shall not be responsible for
      the
      content or accuracy of any information provided by third parties for purposes
      of
      preparing the Distribution Date statement and may affix thereto any disclaimer
      it deems appropriate in its reasonable discretion (without suggesting liability
      on the part of any other party thereto).

     

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed in a separate section of the report as a dollar
      amount for each Class for each $1,000 original dollar amount as of the Cut-off
      Date.

     

    For
      all
      purposes of this Agreement, with respect to any Mortgage Loan, delinquencies
      shall be determined by the Trustee from information provided by the Servicer
      and
      reported by the Trustee based on the OTS methodology for determining
      delinquencies on mortgage loans similar to the Mortgage Loans. By way of
      example, a Mortgage Loan would be Delinquent with respect to a Monthly Payment
      due on a Due Date if such Monthly Payment is not made by the close of business
      on the Mortgage Loan’s next succeeding Due Date, and a Mortgage Loan would be
      more than 30-days Delinquent with respect to such Monthly Payment if such
      Monthly Payment were not made by the close of business on the Mortgage Loan’s
      second succeeding Due Date (the “OTS Method”).  The Servicer hereby
      represents and warrants to the Depositor that this delinquency recognition
      policy is not less restrictive than any delinquency recognition policy
      established by the primary safety and soundness regulator, if any, of the
      Servicer.

     

    (b)  Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall, upon written request, furnish to the NIMS Insurer and each Person who
      at
      any time during the calendar year was a Certificateholder of a Regular
      Certificate, if requested in writing by such Person, such information as is
      reasonably necessary to provide to such Person a statement containing the
      information set forth in subclauses (i) and (ii) above, aggregated for such
      calendar year or applicable portion thereof during which such Person was a
      Certificateholder. Such obligation of the Trustee shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      prepared and furnished by the Trustee to Certificateholders pursuant to any
      requirements of the Code as are in force from time to time.

     

    (c)  On
      each
      Distribution Date, the Trustee shall make available to the NIMS Insurer and
      the
      Residual Certificateholders a copy of the reports forwarded to the Regular
      Certificateholders in respect of such Distribution Date with such other
      information as the Trustee deems necessary or appropriate.

     

    (d)  Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      deliver to the NIMS Insurer, upon request, and each Person who at any time
      during the calendar year was a Residual Certificateholder, if requested in
      writing by such Person, such information as is reasonably necessary to provide
      to such Person a statement containing the information provided pursuant to
      the
      previous paragraph aggregated for such calendar year or applicable portion
      thereof during which such Person was a Residual Certificateholder. Such
      obligation of the Trustee shall be deemed to have been satisfied to the extent
      that substantially comparable information shall be prepared and furnished to
      Certificateholders by the Trustee pursuant to any requirements of the Code
      as
      from time to time in force.

     

    (e)  On
      each
      Distribution Date, the Trustee shall make available an updated electronic
      loan-level data tape to Bloomberg Financial Markets, Inc., Loan Performance
      and
      Intex Solutions in a format acceptable to each of Bloomberg Financial Markets,
      Inc., Loan Performance and Intex Solutions, and shall supply such electronic
      loan-level data tape to each Certificateholder who requests such
      information.

     

    
      	
              SECTION
                4.04  

            	
              Remittance
                Reports; Advances.

            

    

     

    (a)  By
      the
      third Business Day following each Determination Date, but in no event later
      than
      the earlier of (i) such date which would allow the indenture trustee to submit
      a
      claim to the NIMS Insurer under the Indenture so as to allow a timely payment
      by
      the NIMS Insurer under the insurance policy related to the notes insured by
      the
      NIMS Insurer and (ii) the 20th day of
      each month
      (or if such 20th day is
      not a
      Business Day, the preceding Business Day), the Servicer shall deliver to the
      Trustee and the the NIMS Insurer, by telecopy or electronic mail (or by such
      other means as the Servicer and the Trustee may agree from time to time) a
      Remittance Report with respect to the related Distribution Date, which
      Remittance Reports the Trustee shall use in preparing the statement pursuant
      to
      Section 4.03.  No later than the 20th day of each month, the Servicer
      shall deliver or cause to be delivered to the Trustee in addition to the
      information provided on the Remittance Report, such other information reasonably
      available to it with respect to the Mortgage Loans as the Trustee may reasonably
      require to perform the calculations necessary to (i) make the distributions
      contemplated by Section 4.01, (ii) to prepare the statements to
      Certificateholders contemplated by Section 4.03 and (iii) to prepare the Form
      10-D contemplated by Section 4.05. The Trustee shall not be responsible to
      recompute, recalculate or verify any information provided to it by the
      Servicer.

     

    (b)  The
      amount of Advances to be made by the Servicer for any Distribution Date shall
      equal, subject to Section 4.04(d), the sum of (i) the aggregate amount of
      Monthly Payments (net of the related Servicing Fee), due during the related
      Due
      Period in respect of the Mortgage Loans, which Monthly Payments were delinquent
      on a contractual basis as of the Close of Business on the related Determination
      Date and (ii) with respect to each REO Property, which REO Property was acquired
      during or prior to the related Due Period and as to which REO Property an REO
      Disposition did not occur during the related Due Period, an amount equal to
      the
      excess, if any, of the REO Imputed Interest on such REO Property for the most
      recently ended calendar month, over the net income from such REO Property
      transferred to the Distribution Account pursuant to Section 3.23 for
      distribution on such Distribution Date. For purposes of the preceding sentence,
      the Monthly Payment on each Balloon Mortgage Loan with a delinquent Balloon
      Payment is equal to the assumed monthly payment that would have been due on
      the
      related Due Date based on the original principal amortization schedule for
      such
      Balloon Mortgage Loan.

     

    On
      or
      before 1:00 p.m. New York time on the Servicer Remittance Date, the Servicer
      shall remit in immediately available funds to the Trustee for deposit in the
      Distribution Account an amount equal to the aggregate amount of Advances, if
      any, to be made in respect of the Mortgage Loans and REO Properties for the
      related Distribution Date either (i) from its own funds or (ii) from the
      Collection Account, to the extent of funds held therein for future distribution
      (in which case it will cause to be made an appropriate entry in the records
      of
      Collection Account that amounts held for future distribution have been, as
      permitted by this Section 4.04, used by the Servicer in discharge of any such
      Advance) or (iii) in the form of any combination of (i) and (ii) aggregating
      the
      total amount of Advances to be made by the Servicer with respect to the Mortgage
      Loans and REO Properties. Any amounts held for future distribution used by
      the
      Servicer to make an Advance as permitted in the preceding sentence or withdrawn
      by the Servicer as permitted in Section 3.11(a)(ii) in reimbursement for
      Advances previously made shall be appropriately reflected in the Servicer’s
      records and replaced by the Servicer by deposit in the Collection Account on
      or
      before any future Servicer Remittance Date to the extent that the Available
      Funds for the related Distribution Date (determined without regard to Advances
      to be made on the Servicer Remittance Date) shall be less than the total amount
      that would be distributed to the Classes of Certificateholders pursuant to
      Section 4.01 on such Distribution Date if such amounts held for future
      distributions had not been so used to make Advances. The Trustee will provide
      notice to the NIMS Insurer and the Servicer by telecopy by the Close of Business
      on any Servicer Remittance Date in the event that the amount remitted by the
      Servicer to the Trustee on such date is less than the Advances required to
      be
      made by the Servicer for the related Distribution Date, as set forth in the
      related Remittance Report.

     

    (c)  The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to (d) below, and, with
      respect to any Mortgage Loan, shall continue until the Mortgage Loan is paid
      in
      full or until all Liquidation Proceeds thereon have been recovered, or a Final
      Recovery Determination has been made thereon.

     

    (d)  Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance or Servicing
      Advance would, if made, constitute a Nonrecoverable Advance. The determination
      by the Servicer that it has made a Nonrecoverable Advance or that any proposed
      Advance or Servicing Advance, if made, would constitute a Nonrecoverable
      Advance, shall be evidenced by an Officers’ Certificate of the Servicer
      delivered to the NIMS Insurer, the Depositor and the Trustee.

     

    
      	
              SECTION
                4.05  

            	
              Commission
                Reporting.

            

    

     

    The
      Trustee and the Servicer shall reasonably cooperate with the Depositor in
      connection with the Trust’s satisfying the reporting requirements under the
      Exchange Act.

     

    (a)  Reports
      Filed on Form 10-D

     

    (i)  Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Trustee shall prepare and file on behalf of the Trust Fund
      any Form 10-D required by the Exchange Act, in form and substance as required
      by
      the Exchange Act. The Trustee shall file each Form 10-D with a copy of the
      related monthly statement for such Distribution Date. Any disclosure in addition
      to the monthly statement for such Distribution Date that is required to be
      included on Form 10-D (“Additional Form 10-D Disclosure”) shall be reported by
      the responsible parties set forth on Exhibit R to the Trustee and Depositor
      and
      directed and approved by the Depositor pursuant to the following paragraph
      and
      the Trustee will have no duty or liability for any failure hereunder to
      determine or prepare any Additional Form 10-D Disclosure, except as set forth
      in
      the next paragraph.

     

    (ii)  As
      set
      forth on Exhibit R hereto, within 5 calendar days after the related Distribution
      Date, (i) the parties to this transaction shall be required to provide to the
      Trustee and the Depositor  to the extent known by a responsible
      officer thereof, in EDGAR-compatible form (which may be Word or Excel documents
      easily convertible to EDGAR format), or in such other form as otherwise agreed
      upon by the Trustee and such party, the form and substance of any Additional
      Form 10-D Disclosure, if applicable, together with an Additional Disclosure
      Notification (an “Additional Disclosure Notification”) and (ii) the Depositor
      will approve, as to form and substance, or disapprove, as the case may be,
      the
      inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Depositor
      will be responsible for any reasonable fees and expenses assessed or incurred
      by
      the Trustee in connection with including any Additional Form 10-D Disclosure
      in
      Form 10-D pursuant to this paragraph.

     

    (iii)  After
      preparing the Form 10-D, the Trustee shall, no later than 10 calendar days
      after
      the Distribution Date, forward electronically a copy of the Form 10-D to the
      Depositor. Within two Business Days after receipt of such copy, but no later
      than the 12th calendar day after the Distribution Date (or the next succeeding
      Business Day), (i) the Depositor shall notify the Trustee in writing of any
      changes to or approval of such Form 10-D and (ii) an officer of the Depositor
      shall execute the Form 10-D and return an electronic or fax copy of such
      executed Form 10-D (with an original executed hard copy to follow by overnight
      mail). Upon receipt of the executed Form 10- D and in the absence of receipt
      of
      any written changes or approval, the Trustee shall be entitled to assume that
      such Form 10-D is in final form and the Trustee may proceed with the filing
      of
      Form 10-D. If a Form 10-D cannot be filed on time or if a previously filed
      Form
      10-D needs to be amended, the Trustee will follow the procedures set forth
      in
      subsection (d)(ii) of this Section 4.05. Promptly (but no later than 1 Business
      Day) after filing with the SEC, the Trustee will make available on its internet
      website a final executed copy of each Form 10-D filed by the Trustee. Each
      party
      to this Agreement acknowledges that the performance by the Depositor and the
      Trustee of their respective duties under this Section 4.05(a) related to the
      timely preparation, execution and filing of Form 10-D is contingent upon such
      parties strictly observing all applicable deadlines in the performance of their
      duties under this Section 4.05(a). The Trustee shall have no liability for
      any
      loss, expense, damage, claim arising out of or with respect to any failure
      to
      properly prepare and/or timely file such Form 10-D, where such failure results
      from the Trustee’s inability or failure to receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 10-D, and for any erroneous, inaccurate or incomplete
      information or certification provided to the Trustee, not resulting from its
      own
      negligence, bad faith or willful misconduct.

     

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

     

    (b)  Reports
      Filed on Form 10-K.

     

    (i)  On
      or
      prior to the 90th day after the end of each fiscal year of the Trust Fund in
      which a Form 10-K is required to be filed or such earlier date as may be
      required by the Exchange Act (the “10-K Filing Deadline”) (it being understood
      that the fiscal year for the Trust Fund ends on December 31st of each year), commencing
      in
      March 2008, the Trustee shall prepare and file on behalf of the Trust Fund
      a
      Form 10-K, in form and substance as required by the Exchange Act. Each such
      Form
      10-K shall include the following items, in each case to the extent they have
      been delivered to the Trustee within the applicable time frames set forth in
      this Agreement, (i) an annual compliance statement for the Servicer, (ii)(A)
      the
      annual reports on assessment of compliance with servicing criteria for any
      Sub-Servicer and each subcontractor determined by the Servicer to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, engaged by such parties (with each of the Trustee and the
      Custodian, a “Reporting Servicer”) as described under Section 3.21 and (B) if
      any Reporting Servicer’s report on assessment of compliance with servicing
      criteria described under Section 3.21 identifies any material instance of
      noncompliance, disclosure identifying such instance of noncompliance, or if
      any
      Reporting Servicer’s report on assessment of compliance with servicing criteria
      described under Section 3.21 is not included as an exhibit to such Form 10-K,
      disclosure that such report is not included and an explanation why such report
      is not included, (iii)(A) the registered public accounting firm attestation
      report for each Reporting Servicer, as described under Section 3.21 and (B)
      if
      any registered public accounting firm attestation report described under Section
      3.21 identifies any material instance of noncompliance, disclosure identifying
      such instance of noncompliance, or if any such registered public accounting
      firm
      attestation report is not included as an exhibit to such Form 10-K, disclosure
      that such report is not included and an explanation why such report is not
      included, and (iv) a Sarbanes-Oxley Certification; provided,
however, that the Trustee and the Depositor, at their discretion,
      may
      omit from the Form 10-K any annual compliance statement, assessment of
      compliance or attestation report that is not required to be filed with such
      Form
      10-K pursuant to Regulation AB. Any disclosure or information in addition to
      (i)
      through (iv) above that is required to be included on Form 10-K (“Additional
      Form 10-K Disclosure”) shall be reported by the party responsible to the
      Depositor and Trustee and directed and approved by the Depositor pursuant to
      the
      following paragraph and the Trustee will have no duty or liability for any
      failure hereunder to determine or prepare any Additional Form 10-K Disclosure,
      except as set forth in the next paragraph.

     

    (ii)  As
      set
      forth on Exhibit R hereto, no later than March 15th of each year that the Trust
      Fund is subject to the Exchange Act reporting requirements, commencing in 2008,
      (i) the parties to this transaction shall be required to provide to the Trustee
      and the Depositor, to the extent known by a Responsible Officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
      and such party, the form and substance of any Additional Form 10-K Disclosure,
      if applicable, together with an Additional Disclosure Notification and (ii)
      the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The
      Depositor will be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Trustee in connection with including any Additional Form 10-K
      Disclosure in Form 10-K pursuant to this paragraph.

     

    (iii)  After
      preparing the Form 10-K, the Trustee shall forward electronically a copy of
      the
      Form 10-K to the Depositor. Within three Business Days after receipt of such
      copy, but no later than March 25th, (i) the Depositor
      shall
      notify the Trustee in writing of any changes to or approval of such Form 10-K
      and (ii) the senior officer in charge of securitization of the Depositor shall
      execute the Form 10-K and return an electronic or fax copy of such executed
      Form
      10-K (with an original executed hard copy to follow by overnight mail). Upon
      receipt of the executed Form 10-K and in the absence of receipt of any written
      changes or approval, the Trustee shall be entitled to assume that such Form
      10-K
      is in final form and the Trustee may proceed with the filing of the Form 10-K.
      If a Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
      to be amended, the Trustee will follow the procedures set forth in subsection
      (d)(ii) of this Section 4.05. Promptly (but no later than 1 Business Day) after
      filing with the SEC, the Trustee will make available on its internet website
      a
      final executed copy of each Form 10-K filed by the Trustee. The parties to
      this
      Agreement acknowledge that the performance by the Depositor and the Trustee
      of
      its duties under this Section 4.05(b) related to the timely preparation,
      execution and filing of Form 10-K is contingent upon such parties (and any
      Sub-Servicer and each subcontractor determined by the Servicer to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB) strictly observing all applicable deadlines in the performance
      of
      their duties under this Section 4.05(b), Section 3.20, Section 3.21. Neither
      the
      Servicer nor the Trustee shall have any liability for any loss, expense, damage
      or claim arising out of or with respect to any failure to properly prepare,
      execute and/or timely file such Form 10-K, where such failure results from
      the
      Trustee’s inability or failure to receive, on a timely basis, any information
      from any other party hereto needed to prepare, arrange for execution or file
      such Form 10-K, and for any erroneous, inaccurate or incomplete information
      or
      certification provided to the Trustee, not resulting from its own negligence,
      bad faith or willful misconduct.

     

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

     

    (v)  Each
      Form
      10-K shall include a Sarbanes-Oxley Certification, required to be included
      therewith pursuant to the Sarbanes-Oxley Act. The Trustee and the Servicer
      shall
      provide, and each such party shall cause any Sub-Servicer and each subcontractor
      determined by the Servicer to be “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB engaged by it to provide,
      to
      the Person who signs the Sarbanes-Oxley Certification (the “Certifying Person”),
      by March 15th of each year in which the Trust Fund is subject to the reporting
      requirements of the Exchange Act and otherwise within a reasonable period of
      time upon request, a certification (each, a “Back-Up Certification”) in the form
      of Exhibit N-3 hereto (or, in the case of the Trustee, the form attached hereto
      as Exhibit N-2) upon which the Certifying Person, the entity for which the
      Certifying Person acts as an officer, and such entity’s officers, directors and
      Affiliates (collectively with the Certifying Person, “Certification Parties”)
      can reasonably rely. The senior officer in charge of securitization of the
      Depositor shall serve as the Certifying Person on behalf of the Trust Fund.
      In
      the event any such party or any Sub-Servicer and each subcontractor determined
      by the Servicer to be “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB engaged by such party is terminated or
      resigns pursuant to the terms of this Agreement, or any applicable subservicing
      agreement, as the case may be, such party shall provide a Back-Up Certification
      to the Certifying Person pursuant to this Section with respect to the period
      of
      time it was subject to this Agreement or any applicable subservicing agreement,
      as the case may be.

     

    (c)  Reports
      Filed on Form 8-K

     

    (i)  Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), and if requested by the
      Depositor, the Trustee shall prepare and file on behalf of the Trust Fund a
      Form
      8-K, as required by the Exchange Act, provided that the Depositor shall file
      the
      initial Form 8-K in connection with the issuance of the Certificates. Any
      disclosure or information related to a Reportable Event or that is otherwise
      required to be included in Form 8-K (“Form 8-K Disclosure Information”) shall be
      reported by the responsible parties to the Depositor and Trustee and directed
      and approved by the Depositor pursuant to the following paragraph and the
      Trustee will have no duty or liability for any failure hereunder to determine
      or
      prepare any Form 8-K Disclosure Information or any Form 8-K, except as set
      forth
      in the next paragraph.

     

    (ii)  As
      set
      forth on Exhibit R hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than noon New York time on the
      2nd
      Business Day after the occurrence of a Reportable Event (i) the parties to
      this
      transaction shall be required to provide to the Trustee and the Depositor,
      in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
      and such party, the form and substance of any Form 8-K Disclosure Information,
      if applicable, together with an Additional Disclosure Notification and (ii)
      the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Form 8-K Disclosure Information. The Seller will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Trustee in connection with including any Form 8-K Disclosure Information in
      Form
      8-K pursuant to this paragraph.

     

    (iii)  After
      preparing the Form 8-K, the Trustee shall forward electronically a copy of
      the
      Form 8-K to the Depositor by noon New York City time on the 3rd Business Day
      after the occurrence of a Reportable Event. Promptly, but no later than the
      close of business on the third Business Day after the Reportable Event, (i)
      the
      Depositor shall notify the Trustee in writing of any change to or approval
      of
      such Form 8-K and (ii) an officer of the Depositor shall execute the Form 8-K
      and return an electronic or fax copy of such executed Form 8-K (with an original
      executed hard copy to follow by overnight mail). Upon receipt of the executed
      Form 8-K and in the absence of receipt of any written changes or approval,
      the
      Trustee shall be entitled to assume that such Form 8-K is in final form and
      the
      Trustee may proceed with filing of the Form 8-K. If a Form 8-K cannot be filed
      on time or if a previously filed Form 8-K needs to be amended, the Trustee
      will
      follow the procedures set forth in subsection (d)(ii) of this Section 4.05.
      Promptly (but no later than 1 Business Day) after filing with the SEC, the
      Trustee will, make available on its internet website a final executed copy
      of
      each Form 8-K filed by the Trustee. The parties to this Agreement acknowledge
      that the performance by the Depositor and the Trustee of their respective duties
      under this Section 4.05(c) related to the timely preparation, execution and
      filing of Form 8-K is contingent upon such parties strictly observing all
      applicable deadlines in the performance of their duties under this Section
      4.05(c). The Trustee shall have no liability for any loss, expense, damage,
      claim arising out of or with respect to any failure to properly prepare, execute
      and/or timely file such Form 8-K, where such failure results from the Trustee’s
      inability or failure to receive, on a timely basis, any information from any
      other party hereto needed to prepare, arrange for execution or file such Form
      8-K, not resulting from its own negligence, bad faith or willful
      misconduct.

     

    (d)  Suspension
      of Reporting; Amendments; Late Filings

     

    (i)  On
      or
      prior to January 30 of the first year in which the Trust Fund is able to do
      so
      under applicable law, the Trustee shall prepare and file a Form 15 Suspension
      Notification relating to the automatic suspension of reporting in respect of
      the
      Trust Fund under the Exchange Act.

     

    (ii)  In
      the
      event that the Trustee is unable to timely file with the SEC all or any required
      portion of any Form 8-K, 10-D or 10-K required to be filed by this Agreement
      because required disclosure information was either not delivered to it or
      delivered to it after the delivery deadlines set forth in this Agreement or
      for
      any other reason, the Trustee will promptly notify the Depositor either via
      mail, e-mail or telephone. In the case of Form 10-D and 10-K, the parties to
      this Agreement will cooperate to prepare and file a Form 12b-25 and a 10-D/A
      and
      10-K/A, as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the
      case
      of Form 8-K, the Trustee shall, upon receipt of all required Form 8-K Disclosure
      Information and upon the approval and direction of the Depositor, include such
      disclosure information on the next Form 10-D. In the event that that the Trustee
      has actual knowledge or has received notice that any previously filed Form
      8-K,
      10-D or 10-K needs to be amended in connection with any Additional Form 10-D
      Disclosure, any Additional Form 10-K Disclosure or any Additional Form 8-K
      Disclosure Information or any amendment to such disclosure (other than for
      the
      purpose of restating any monthly statement for such Distribution Date), the
      Trustee will electronically notify the Depositor and such other parties to
      the
      transaction as are affected by such amendment and such parties will cooperate
      to
      prepare any necessary 8-K/A, 10-D/A or 10-K/A. Any Form 15, Form 12b-25 or
      any
      amendment to Form 8-K, Form 10-K or 10-D shall be signed by the senior officer
      in charge of securitization of the Depositor. The parties to this Agreement
      acknowledge that the performance by the Depositor and the Trustee of their
      respective duties under this Section 4.05(d) related to the timely preparation,
      execution and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K,
      10-D or 10-K is contingent upon each such party performing its duties under
      this
      Section 4.05. The Trustee shall not have any liability for any loss, expense,
      damage, claim arising out of, or with respect to any failure to properly prepare
      and/or timely file any such Form 15, Form 12b-25 or any amendments to Forms
      8-K,
      10- D or 10-K, where such failure results from the Trustee’s inability or
      failure to obtain or receive, on a timely basis, any information from any other
      party hereto needed to prepare, arrange for execution or file such Form 15,
      Form
      12b-25 or any amendments to Forms 8-K, 10-D or 10-K, and for any erroneous,
      inaccurate or incomplete information or certification provided to the Trustee,
      not resulting from its own negligence, bad faith or willful
      misconduct.

     

    (e)  Not
      later
      than March 15 of each year (beginning in 2008) (or, if such day is not a
      Business Day, the immediately preceding Business Day), the Trustee shall sign
      the Trustee Certification (in the form attached hereto as Exhibit N-2) for
      the
      benefit of the Depositor and its officers, directors and
      affiliates.

     

    (f)  The
      Trustee agrees to indemnify the Depositor, its officers, directors, agents
      and
      employees for, and to hold them harmless against, any losses, damages,
      penalties, fines, forfeitures, legal fees and expenses and related costs,
      judgments, and any other costs, fees and expenses (except as otherwise provided
      herein with respect to expenses) (including reasonablelegal fees and
      disbursements of counsel) incurred on their part (i) in connection with, arising
      out of, or relating to the Trustee’s failure to file a Form 10-D or Form 10-K in
      accordance with this Section 4.05 or any failure by the Trustee to deliver
      any
      information, report or certification, when and as required under Section 8.01,
      (ii) by reason of the Trustee’s willful misfeasance, reckless disregard, bad
      faith or negligence in the performance of such obligations pursuant to this
      Section 4.05 or (iii) any material misstatement or omission made in the Trustee
      Certification; provided, in each case, that with respect to any such
      claim or legal action (or pending or threatened claim or legal action), such
      indemnified Person shall have given the Trustee written notice thereof promptly
      after such indemnified Person shall have with respect to such claim or legal
      action knowledge thereof; provided, however, that such agreement by the
      Trustee to indemnify and hold harmless such Person shall not include or apply
      to
      any such losses, damages, penalties, fines, forfeitures, legal fees or expenses
      or related costs, judgments, or any other costs, fees or expenses arising from,
      caused by or resulting from the actions or omissions of any Person other than
      the Trustee, including without limitation the negligence, willful misfeasance,
      bad faith or reckless disregard of duties or obligations under or pursuant
      to
      this Agreement or other applicable agreement by the Depositor or the Servicer,
      including without limitation any erroneous, inaccurate or incomplete information
      or certification provided to the Trustee by the Depositor or the Servicer in
      connection with, or any failure or delay on the part of the Depositor or the
      Servicer to provide any information or certification necessary to, the Trustee’s
      performance under this Section 4.05. If the indemnification provided for in
      this
      Section 4.05 is unavailable or insufficient to hold harmless such indemnified
      Persons, then the Trustee shall contribute to the amount paid or payable by
      such
      indemnified Persons as a result of the losses, claims, damages or liabilities
      of
      such indemnified Persons in such proportion as is appropriate to reflect the
      relative fault of the Depositor on the one hand and the Trustee on the other.
      This indemnity shall survive the resignation or removal of the Trustee and
      the
      termination of this Agreement. Notwithstanding the foregoing, in no event shall
      the Trustee be liable for any consequential, indirect or punitive
      damages.

     

    Any
      notice or notification required to be delivered by the Trustee to the Depositor
      pursuant to this Section 4.05 may be delivered via facsimile to (203) 618-2596
      or telephonically by calling (203) 422-4284.

    

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

     

    
      	
              SECTION
                4.06  

            	
              Net
                WAC Rate Carryover Reserve Account.

            

    

     

    No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself
      a
      separate, segregated trust account titled, “Net WAC Rate Carryover Reserve
      Account, Wells Fargo Bank, N.A., as Trustee, in trust for registered Holders
      of
      Soundview Home Loan Trust 2007-OPT1 Asset-Backed Certificates, Series 2007-OPT1”
All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be
      distributed to the Holders of the Floating Rate Certificates in the manner
      set
      forth in Section 4.01(d).

     

    On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Floating Rate Certificates, the Trustee has been directed by the Class
      C
      Certificateholders to, and therefore will, deposit into the Net WAC Rate
      Carryover Reserve Account the amounts described in Section 4.01(c)(iii), rather
      than distributing such amounts to the Class C Certificateholders. On each such
      Distribution Date, the Trustee shall hold all such amounts for the benefit
      of
      the Holders of the Floating Rate Certificates, and will distribute such amounts
      to the Holders of the Floating Rate Certificates in the amounts and priorities
      set forth in Section 4.01(d).

     

    On
      each
      Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve
      Account (representing payments received by the Cap Trustee under the Basis
      Risk
      Cap Agreement) after the payment of any Net WAC Rate Carryover Amounts on the
      Floating Rate Certificates for such Distribution Date, shall be payable to
      the
      Trustee as additional compensation.  For so long as any Floating Rate
      Certificates are beneficially owned by the Depositor or any of its Affiliates,
      the Depositor shall refund or cause such Affiliate to refund any amounts paid
      to
      it under the Basis Risk Cap Agreement to the Trustee who shall, pursuant to
      the
      terms of the Basis Risk Cap Agreement, return such amount to the counterparty
      thereunder.

     

    It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be
      disregarded as an entity separate from the Holder of the Class C Certificates
      unless and until the date when either (a) there is more than one Class C
      Certificateholder or (b) any Class of Certificates in addition to the Class
      C
      Certificates is recharacterized as an equity interest in the Net WAC Rate
      Carryover Reserve Account for federal income tax purposes, in which case it
      is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
      be
      treated as a partnership; provided, that the Trustee shall not be required
      to
      prepare and file partnership tax returns in respect of such partnership unless
      it receives additional reasonable compensation (not to exceed $10,000 per year)
      for the preparation of such filings, written notification recognizing the
      creation of a partnership agreement or comparable documentation evidencing
      the
      partnership, if any.  All amounts deposited into the Net WAC Rate
      Carryover Reserve Account shall be treated as amounts distributed by REMIC
      4 to
      the Holder of the Class C Interest and by REMIC 5 to the Holder of the Class
      C
      Certificates.  The Net WAC Rate Carryover Reserve Account will be an
“outside reserve fund” within the meaning of Treasury regulation Section
      1.860G-2(h).  Upon the termination of the Trust, or the payment in
      full of the Floating Rate Certificates, all amounts remaining on deposit in
      the
      Net WAC Rate Carryover Reserve Account will be released by the Trust and
      distributed to the Holders of the Class C Certificates or their
      designees.  The Net WAC Rate Carryover Reserve Account will be part of
      the Trust but not part of any REMIC and any payments to the Holders of the
      Floating Rate Certificates of Net WAC Rate Carryover Amounts will not be
      payments with respect to a “regular interest” in a REMIC within the meaning of
      Code Section 860(G)(a)(1).

     

    By
      accepting a Class C Certificate, each Class C Certificateholder hereby agrees
      to
      direct the Trustee, and the Trustee hereby is directed, to deposit into the
      Net
      WAC Rate Carryover Reserve Account the amounts described above on each
      Distribution Date as to which there is any Net WAC Rate Carryover Amount rather
      than distributing such amounts to the Class C Certificateholders. By accepting
      a
      Class C Certificate, each Class C Certificateholder further agrees that such
      direction is given for good and valuable consideration, the receipt and
      sufficiency of which is acknowledged by such acceptance.

     

    Amounts
      on deposit in the Net WAC Rate Carryover Reserve Account shall remain
      uninvested.

     

    For
      federal tax return and information reporting, the right of the Holders of the
      Floating Rate Certificates to receive payments from the Net WAC Rate Carryover
      Reserve Account in respect of any Net WAC Rate Carryover Amount may have more
      than a de minimis value.

     

    
      	
              SECTION
                4.07  

            	
              Distributions
                on the REMIC Regular Interests.

            

    

     

    (a)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 1 to
      REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-1 Interest), as the case may be:

     

    (i)  to
      Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest
      I-1-A
      through I-76-B, on a pro rata basis, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such
      Distribution Date, plus (B) any amounts payable in respect thereof remaining
      unpaid from previous Distribution Dates;

     

    (ii)  to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (A)
      above, payments of principal shall be allocated as follows: first, to REMIC
      1
      Regular Interests I-1-A through I-76-B starting with the lowest numerical
      denomination until the Uncertificated Principal Balance of each such REMIC
      1
      Regular Interest is reduced to zero, provided that, for REMIC 1 Regular
      Interests with the same numerical denomination, such payments of principal
      shall
      be allocated pro rata between such REMIC 1 Regular Interests, and second, to
      the
      extent of the Overcollateralization Release Amounts, to REMIC 1 Regular Interest
      I-76-B until the Uncertificated Principal Balance of such REMIC 1 Regular
      Interest is reduced to zero; and

     

    (iii)  to
      the
      Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100%
      of
      the amount paid in respect of Prepayment Charges and (B) on the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date thereafter
      until $100 has been distributed pursuant to this clause.

     

    (b)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 2 to
      REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-2 Interest), as the case may be:

     

    (i)  first,
      to
      the Holders of REMIC 2 Regular Interest LTIO, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates;

     

    (ii)  second,
      to the extent of Available Funds, to Holders of REMIC 2 Regular Interest LTIA1,
      REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2
      Regular Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular
      Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3,
      REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular
      Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTOC
      and
      REMIC 2 Regular Interest LTP, on a pro rata basis, in an amount equal
      to (A) the Uncertificated Accrued Interest for such Distribution Date, plus
      (B)
      any amounts in respect thereof remaining unpaid from previous Distribution
      Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC
      2
      Regular Interest LTOC shall be reduced and deferred when the REMIC 3
      Overcollateralization Amount is less than the REMIC 3 Overcollateralization
      Target Amount, by the lesser of (x) the amount of such difference and (y) the
      Maximum Uncertificated Accrued Interest Deferral Amount and such amount will
      be
      payable to the Holders of REMIC 2 Regular Interest LTIA1, REMIC 2 Regular
      Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular Interest
      LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC
      2
      Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest
      LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, and REMIC
      2
      Regular Interest LTM7, in the same proportion as the Overcollateralization
      Deficiency Amount is allocated to the Corresponding Certificates and the
      Uncertificated Principal Balance of the REMIC 2 Regular Interest LTOC shall
      be
      increased by such amount;

     

    (iii)  third,
      to
      the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder
      of
      the Available Funds for such Distribution Date after the distributions made
      pursuant to clause (i) above, to each REMIC 2 Regular Interest in the same
      manner and priority as distributions of principal are made the Corresponding
      Certificates; and

     

    (iv)  fourth,
      any remaining amount to the Holders of the Class R Certificates (in respect
      of
      the Class R-2 Interest).

     

    (c)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 3 to
      REMIC 3 on account of the REMIC 3 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-3 Interest), as the case may be:

     

    (i)  first,
      to
      the Holders of REMIC 3 Regular Interest LTIO, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates;

     

    (ii)  second,
      to the extent of Available Funds, to the Holders of REMIC 3 Regular Interest
      LTX1, REMIC 3 Regular Interest LTX2, REMIC 3 Regular Interest LTX3, REMIC 3
      Regular Interest LTX4, REMIC 3 Regular Interest LTX5, REMIC 3 Regular Interest
      LTX6, REMIC 3 Regular Interest LTX7, REMIC 3 Regular Interest LTX8, REMIC 3
      Regular Interest LTX9, REMIC 3 Regular Interest LTX10, REMIC 3 Regular Interest
      LTX11 and REMIC 3 Regular Interest LTX12, pro rata, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates;

     

    (iii)  third,
      to
      the extent of Available Funds, to Holders of REMIC 3 Regular Interest LTAA,
      REMIC 3 Regular Interest LTIA1, REMIC 3 Regular Interest LTIIA1, REMIC 3 Regular
      Interest LTIIA2, REMIC 3 Regular Interest LTIIA3, REMIC 3 Regular Interest
      LTIIA4, REMIC 3 Regular Interest LTM1, REMIC 3 Regular Interest LTM2, REMIC
      3
      Regular Interest LTM3, REMIC 3 Regular Interest LTM4, REMIC 3 Regular Interest
      LTM5, REMIC 3 Regular Interest LTM6, REMIC 3 Regular Interest LTM7, REMIC 3
      Regular Interest LTM8, REMIC 3 Regular Interest LTM9, REMIC 3 Regular Interest
      LTM10, REMIC 3 Regular Interest LTZZ and REMIC 3 Regular Interest LTP, on a
      pro rata basis, in an amount equal to (A) the Uncertificated Accrued
      Interest for such Distribution Date, plus (B) any amounts in respect thereof
      remaining unpaid from previous Distribution Dates. Amounts payable as
      Uncertificated Accrued Interest in respect of REMIC 3 Regular Interest LTZZ
      shall be reduced and deferred when the REMIC 3 Overcollateralization Amount
      is
      less than the REMIC 3 Overcollateralization Target Amount, by the lesser of
      (x)
      the amount of such difference and (y) the Maximum Uncertificated Accrued
      Interest Deferral Amount and such amount will be payable to the Holders of
      REMIC
      3 Regular Interest LTIA1, REMIC 3 Regular Interest LTIIA1, REMIC 3 Regular
      Interest LTIIA2, REMIC 3 Regular Interest LTIIA3, REMIC 3 Regular Interest
      LTIIA4, REMIC 3 Regular Interest LTM1, REMIC 3 Regular Interest LTM2, REMIC
      3
      Regular Interest LTM3, REMIC 3 Regular Interest LTM4, REMIC 3 Regular Interest
      LTM5, REMIC 3 Regular Interest LTM6, REMIC 3 Regular Interest LTM7, REMIC 3
      Regular Interest LTM8, REMIC 3 Regular Interest LTM9 and REMIC 3 Regular
      Interest LTM10, in the same proportion as the Overcollateralization Deficiency
      Amount is allocated to the Corresponding Certificates and the Uncertificated
      Principal Balance of the REMIC 3 Regular Interest LTZZ shall be increased by
      such amount; and

     

    (iv)  fourth,
      to the Holders of REMIC 3 Regular Interests, in an amount equal to the remainder
      of the Available Funds for such Distribution Date after the distributions made
      pursuant to clause (i) above, allocated as follows:

     

    (a)           98.00%
      of such remainder to the Holders of REMIC 3 Regular Interest LTAA and REMIC
      3
      Regular Interest LTP, until the Uncertificated Principal Balance of such
      Uncertificated REMIC 3 Regular Interest is reduced to zero; provided, however,
      that REMIC 3 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 3 Regular
      Interest LTP, until $100 has been distributed pursuant to this
      clause;

     

    (b)           2.00%
      of such remainder first, to the Holders of REMIC 3 Regular Interest LTIA1,
      REMIC
      3 Regular Interest LTIIA1, REMIC 3 Regular Interest LTIIA2, REMIC 3 Regular
      Interest LTIIA3, REMIC 3 Regular Interest LTIIA4, REMIC 3 Regular Interest
      LTM1,
      REMIC 3 Regular Interest LTM2, REMIC 3 Regular Interest LTM3, REMIC 3 Regular
      Interest LTM4, REMIC 3 Regular Interest LTM5, REMIC 3 Regular Interest LTM6,
      REMIC 3 Regular Interest LTM7, REMIC 3 Regular Interest LTM8, REMIC 3 Regular
      Interest LTM9 and REMIC 3 Regular Interest LTM10, 1.00% of and in the same
      proportion as principal payments are allocated to the Corresponding
      Certificates, until the Uncertificated Principal Balances of such REMIC 3
      Regular Interests are reduced to zero, and second, to the Holders of REMIC
      3
      Regular Interest LTZZ, until the Uncertificated Principal Balance of such REMIC
      3 Regular Interest is reduced to zero; and

     

    (c)           any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-3 Interest).

     

    
      	
              SECTION
                4.08  

            	
              Allocation
                of Realized Losses.

            

    

     

    (a)  All
      Realized Losses on the Mortgage Loans allocated to any Regular Certificate
      shall
      be allocated by the Trustee on each Distribution Date as
      follows:  first, to Net Monthly Excess Cashflow; second, to Net Swap
      Payments received under the Interest Rate Swap Agreement; third, to the Class
      C
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; fourth, to the Class M-10 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; fifth, to the Class M-9 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero; sixth,
      to the Class M-8 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero; seventh, to the Class M-7 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eighth, to
      the
      Class M-6 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; ninth, to the Class M-5 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero, tenth, to the Class M-4
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero, eleventh, to the Class M-3 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero, twelfth, to the Class M-2
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero and thirteenth, to the Class M-1 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero.  All Realized
      Losses to be allocated to the Certificate Principal Balances of all Classes
      on
      any Distribution Date shall be so allocated after the actual distributions
      to be
      made on such date as provided above. All references above to the Certificate
      Principal Balance of any Class of Certificates shall be to the Certificate
      Principal Balance of such Class immediately prior to the relevant Distribution
      Date, before reduction thereof by any Realized Losses, in each case to be
      allocated to such Class of Certificates, on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated; any allocation of Realized Losses to a Class C Certificates
      shall be made first by reducing the amount otherwise payable in respect thereof
      pursuant to Section 4.01(c)(v). No allocations of any Realized Losses shall
      be
      made to the Certificate Principal Balances of the Class A Certificates or the
      Class P Certificates.

     

    (b)  With
      respect to the REMIC 1 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated by the Trustee on each Distribution Date, first to
      REMIC 1 Regular Interest I until the Uncertificated Principal Balance has been
      reduced to zero, and second, to REMIC 1 Regular Interest I-1-A through REMIC
      1
      Regular Interest I-76-B, starting with the lowest numerical denomination until
      such REMIC 1 Regular Interest has been reduced to zero, provided that, for
      REMIC
      1 Regular Interests with the same numerical denomination, such Realized Losses
      shall be allocated pro rata between such REMIC 1 Regular Interests.

     

    (c)  With
      respect to the REMIC 2 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be deemed to have been allocated in the same manner and priority
      as
      such Realized Losses are allocated to the Corresponding
      Certificates.

     

    (d)  With
      respect to the REMIC 3 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be deemed to have been allocated in the specified percentages,
      as
      follows:  first, to Uncertificated Accrued Interest payable to the
      REMIC 3 Regular Interest LTAA and REMIC 3 Regular Interest LTZZ up to an
      aggregate amount equal to the REMIC 3 Interest Loss Allocation Amount, 98%
      and
      2%, respectively; second, to the Uncertificated Principal Balances of REMIC
      3
      Regular Interest LTAA and REMIC 3 Regular Interest LTZZ up to an aggregate
      amount equal to the REMIC 3 Principal Loss Allocation Amount, 98% and 2%,
      respectively; third, to the Uncertificated Principal Balances of REMIC 3 Regular
      Interest LTAA, REMIC 3 Regular Interest LTM10 and REMIC 3 Regular Interest
      LTZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC 3 Regular Interest LTM10 has been reduced to zero; fourth, to the
      Uncertificated Principal Balances of REMIC 3 Regular Interest LTAA, REMIC 3
      Regular Interest LTM9 and REMIC 3 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 3 Regular
      Interest LTM9 has been reduced to zero; fifth, to the Uncertificated Principal
      Balances of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTM8 and
      REMIC 3 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 3 Regular Interest LTM8 has been
      reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC 3
      Regular Interest LTAA, REMIC 3 Regular Interest LTM7 and REMIC 3 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 3 Regular Interest LTM7 has been reduced to zero; seventh,
      to
      the Uncertificated Principal Balances of REMIC 3 Regular Interest LTAA, REMIC
      3
      Regular Interest LTM6 and REMIC 3 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 3 Regular
      Interest LTM6 has been reduced to zero; eighth, to the Uncertificated Principal
      Balances of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTM5 and
      REMIC 3 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 3 Regular Interest LTM5 has been
      reduced to zero; ninth, to the Uncertificated Principal Balances of REMIC 3
      Regular Interest LTAA, REMIC 3 Regular Interest LTM4 and REMIC 3 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 3 Regular Interest LTM4 has been reduced to zero; tenth, to
      the
      Uncertificated Principal Balances of REMIC 3 Regular Interest LTAA, REMIC 3
      Regular Interest LTM3 and REMIC 3 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 3 Regular
      Interest LTM3 has been reduced to zero; eleventh, to the Uncertificated
      Principal Balances of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest
      LTM2 and REMIC 3 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until
      the
      Uncertificated Principal Balance of REMIC 3 Regular Interest LTM2 has been
      reduced to zero; twelfth, to the Uncertificated Principal Balances of REMIC
      3
      Regular Interest LTAA, REMIC 3 Regular Interest LTM1 and REMIC 3 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 3 Regular Interest LTM1 has been reduced to zero.

     

    
      	
              SECTION
                4.09  

            	
              Swap
                Account.

            

    

     

    (a)  On
      the
      Closing Date, there is hereby established a separate trust (the “Supplemental
      Interest Trust”), into which the Depositor shall deposit the Interest Rate Swap
      Agreement.  The Supplemental Interest Trust shall be maintained by the
      Supplemental Interest Trust Trustee.  No later than the Closing Date,
      the Supplemental Interest Trust Trustee shall establish and maintain a separate,
      segregated trust account to be held in the Supplemental Interest Trust, titled,
      “Swap Account, Wells Fargo Bank, N.A., as Supplemental Interest Trust Trustee,
      in trust for the registered Certificateholders of Soundview Home Loan Trust
      2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1.” Such account shall be
      an Eligible Account and funds on deposit therein shall be held separate and
      apart from, and shall not be commingled with, any other moneys, including,
      without limitation, other moneys of the Trustee held pursuant to this
      Agreement.  Amounts therein shall be held uninvested.

     

    (b)  On
      each
      Distribution Date, prior to any distribution to any Certificate, the
      Supplemental Interest Trust Trustee shall deposit into the Swap Account the
      amount of any Net Swap Payment or Swap Termination Payment (other than any
      Swap
      Termination Payment resulting from a Swap Provider Trigger Event) owed to the
      Swap Provider (after taking into account any upfront payment received from
      the
      counterparty to a replacement interest rate swap agreement) from funds collected
      and received with respect to the Mortgage Loans prior to the determination
      of
      Available Funds for distribution in accordance with Section 4.01 hereof. For
      federal income tax purposes, any amounts paid to the Swap Provider on each
      Distribution Date shall first be deemed paid to the Swap Provider in respect
      of
      REMIC 7 Regular Interest SWAP IO to the extent of the amount distributable
      on
      REMIC 7 Regular Interest SWAP IO on such Distribution Date, and any remaining
      amount shall be deemed paid to the Swap Provider in respect of a Class IO
      Distribution Amount (as defined below).

     

    (c)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the Holder of the Class C Certificates unless and until
      the date when either (a) there is more than one Class C Certificateholder or
      (b)
      any Class of Certificates in addition to the Class C Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes, in which case it is the intention of the parties
      hereto that, for federal and state income and state and local franchise tax
      purposes, the Supplemental Interest Trust be treated as a partnership; provided,
      that the Trustee shall not be required to prepare and file partnership tax
      returns in respect of such partnership unless it receives additional reasonable
      compensation (not to exceed $10,000 per year) for the preparation of such
      filings, written notification recognizing the creation of a partnership
      agreement or comparable documentation evidencing the partnership, if
      any.  The Supplemental Interest Trust will be an “outside reserve
      fund” within the meaning of Treasury Regulation Section
      1.860G-2(h).

     

    (d)  To
      the
      extent that the Supplemental Interest Trust is determined to be a separate
      legal
      entity from the Supplemental Interest Trust Trustee, any obligation of the
      Supplemental Interest Trust Trustee under the Interest Rate Swap Agreement
      shall
      be deemed to be an obligation of the Supplemental Interest Trust.

     

    (e)  The
      Trustee shall treat the Holders of Certificates (other than the Class P, Class
      C, Class R and Class R-X Certificates) as having entered into a notional
      principal contract with respect to the Holders of the Class C Certificates.
      Pursuant to each such notional principal contract, all Holders of Certificates
      (other than the Class P, Class C, Class R and Class R-X Certificates) shall
      be
      treated as having agreed to pay, on each Distribution Date, to the Holder of
      the
      Class C Certificates an aggregate amount equal to the excess, if any, of (i)
      the
      amount payable on such Distribution Date on the REMIC 4 Regular Interest
      corresponding to such Class of Certificates over (ii) the amount payable on
      such
      Class of Certificates on such Distribution Date (such excess, a “Class IO
      Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro rata among such Certificates based
      on the excess of (a) the amount of interest otherwise payable to such
      Certificates over (ii) the amount of interest payable to such Certificates
      at a
      per annum rate equal to the Net WAC Rate, and a Class IO Distribution Amount
      payable from principal collections shall be allocated to the most subordinate
      Class of Certificates with an outstanding principal balance to the extent of
      such balance. In addition, pursuant to such notional principal contract, the
      Holder of the Class C Certificates shall be treated as having agreed to pay
      Net
      WAC Rate Carryover Amounts to the Holders of the Certificates (other than the
      Class CE, Class P and Class R Certificates) in accordance with the terms of
      this
      Agreement. Any payments to the Certificates from amounts deemed received in
      respect of this notional principal contract shall not be payments with respect
      to a Regular Interest in a REMIC within the meaning of Code Section 860G(a)(1).
      However, any payment from the Certificates (other than the Class CE, Class
      P,
      Class R and Class R-X Certificates) of a Class IO Distribution Amount shall
      be
      treated for tax purposes as having been received by the Holders of such
      Certificates in respect of their interests in REMIC 4 and as having been paid
      by
      such Holders to the Swap Administrator pursuant to the notional principal
      contract. Thus, each Certificate (other than the Class P, Class R and Class
      R-X
      Certificates) shall be treated as representing not only ownership of Regular
      Interests in REMIC 4, but also ownership of an interest in, and obligations
      with
      respect to, a notional principal contract.

     

    
      	
              SECTION
                4.10  

            	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments.

            

    

     

    For
      federal income tax purposes, each holder of a Floating Rate Certificate is
      deemed to own an undivided beneficial ownership interest in a REMIC regular
      interest and the right to receive payments from either the Net WAC Rate
      Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate
      Carryover Amount or the obligation to make payments to the Swap Account. For
      federal income tax purposes, the Trustee will account for payments to each
      Floating Rate Certificates as follows: each Floating Rate Certificate will
      be
      treated as receiving their entire payment from REMIC 4 (regardless of any Swap
      Termination Payment or obligation under the Interest Rate Swap Agreement) and
      subsequently paying their portion of any Swap Termination Payment in respect
      of
      each such Class’ obligation under the Interest Rate Swap Agreement. In the event
      that any such Class is resecuritized in a REMIC, the obligation under the
      Interest Rate Swap Agreement to pay any such Swap Termination Payment (or any
      shortfall in the Net Swap Payment), will be made by one or more of the REMIC
      Regular Interests issued by the resecuritization REMIC subsequent to such REMIC
      Regular Interest receiving its full payment from any such Floating Rate
      Certificate.

     

    (a)  The
      REMIC
      regular interest corresponding to a Floating Rate Certificate will be entitled
      to receive interest and principal payments at the times and in the amounts
      equal
      to those made on the certificate to which it corresponds, except that (i) the
      maximum interest rate of that REMIC regular interest will equal the Net WAC
      Rate
      computed for this purpose by limiting the Base Calculation Amount of the
      Interest Rate Swap Agreement to the aggregate Stated Principal Balance of the
      Mortgage Loans and (ii) any Swap Termination Payment will be treated as being
      payable solely from Net Monthly Excess Cashflow. As a result of the foregoing,
      the amount of distributions and taxable income on the REMIC regular interest
      corresponding to a Floating Rate Certificate may exceed the actual amount of
      distributions on such Certificate.

     

    
      	
              SECTION
                4.11  

            	
              Collateral
                Accounts

            

    

     

    (a)  The
      Trustee (in its capacity as Cap Trustee) is hereby directed to perform the
      obligations of the Custodian as defined under the Basis Risk Cap Credit Support
      Annex (the “Basis Risk Cap Custodian”).  On or before the Closing
      Date, the Basis Risk Cap Custodian shall establish a Basis Risk Cap Collateral
      Account.  The Basis Risk Cap Collateral Account shall be held in the
      name of the Basis Risk Cap Custodian in trust for the benefit of the
      Certificateholders.  The Basis Risk Cap Collateral Account must be an
      Eligible Account and shall be titled “Basis Risk Cap Collateral Account, Wells
      Fargo Bank, N.A., as Basis Risk Cap Custodian for registered Certificateholders
      of Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series
      2007-OPT1.”

     

    The
      Basis
      Risk Cap Custodian shall credit to Basis Risk Cap Collateral Account all
      collateral (whether in the form of cash or securities) posted by the Basis
      Risk
      Cap Provider to secure the obligations of the Basis Risk Cap Provider in
      accordance with the terms of the Basis Risk Cap Agreement.  Except for
      investment earnings, the Basis Risk Cap Provider shall not have any legal,
      equitable or beneficial interest in the Basis Risk Cap Collateral Account other
      than in accordance with this Agreement, the Basis Risk Cap Agreement and
      applicable law.  The Basis Risk Cap Custodian shall maintain and apply
      all collateral and earnings thereon on deposit in the Basis Risk Cap Collateral
      Account in accordance with Basis Risk Cap Credit Support Annex.

     

    Cash
      collateral posted by the Basis Risk Cap Provider in accordance with the Basis
      Risk Cap Credit Support Annex shall be invested at the direction of the Basis
      Risk Cap Provider in Permitted Investments in accordance with the requirements
      of the Basis Risk Cap Credit Support Annex.  All amounts earned on
      amounts on deposit in the Basis Risk Cap Collateral Account (whether cash
      collateral or securities) shall be for the account of and taxable to the Basis
      Risk Cap Provider.  If no investment direction is provided, such
      amounts shall remain uninvested.

     

    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Basis Risk Cap Agreement), with respect to the Basis Risk Cap Provider or upon
      occurrence or designation of an Early Termination Date (as defined in the Basis
      Risk Cap Agreement) as a result of any such Event of Default or Specified
      Condition with respect to the Basis Risk Cap Provider, and, in either such
      case,
      unless the Basis Risk Cap Provider has paid in full all of its Obligations
      (as
      defined in the Basis Risk Cap Credit Support Annex) that are then due, then
      any
      collateral posted by the Basis Risk Cap Provider in accordance with the Basis
      Risk Cap Credit Support Annex shall be applied to the payment of any Obligations
      due to Party B (as defined in the Basis Risk Cap Agreement) in accordance with
      the Basis Risk Cap Credit Support Annex.  Any excess amounts held in
      such Basis Risk Cap Collateral Account after payment of all amounts owing to
      Party B under the Basis Risk Cap Agreement shall be withdrawn from the Basis
      Risk Cap Collateral Account and paid to the Basis Risk Cap Provider in
      accordance with the Basis Risk Cap Credit Support Annex.

     

    (b)  The
      Trustee (in its capacity as Supplemental Interest Trust Trustee) is hereby
      directed to perform the obligations of the Custodian as defined under the Swap
      Credit Support Annex (the “Swap Custodian”).  On or before the Closing
      Date, the Swap Custodian shall establish a Swap Collateral
      Account.  The Swap Collateral Account shall be held in the name of the
      Swap Custodian in trust for the benefit of the
      Certificateholders.  The Swap Collateral Account must be an Eligible
      Account and shall be titled “Swap Collateral Account, Wells Fargo Bank, N.A., as
      Swap Custodian for registered Certificateholders of Soundview Home Loan Trust
      2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1.”

     

    The
      Swap
      Custodian shall credit to Swap Collateral Account all collateral (whether in
      the
      form of cash or securities) posted by the Swap Provider to secure the
      obligations of the Swap Provider in accordance with the terms of the Interest
      Rate Swap Agreement.  Except for investment earnings, the Swap
      Provider shall not have any legal, equitable or beneficial interest in the
      Swap
      Collateral Account other than in accordance with this Agreement, the Interest
      Rate Swap Agreement and applicable law.  The Swap Custodian shall
      maintain and apply all collateral and earnings thereon on deposit in the Swap
      Collateral Account in accordance with Swap Credit Support Annex.

     

    Cash
      collateral posted by the Swap Provider in accordance with the Swap Credit
      Support Annex shall be invested at the direction of the Swap Provider in
      Permitted Investments in accordance with the requirements of the Swap Credit
      Support Annex.  All amounts earned on amounts on deposit in the Swap
      Collateral Account (whether cash collateral or securities) shall be for the
      account of and taxable to the Swap Provider.  If no investment
      direction is provided, such amounts shall remain uninvested.

     

    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Interest Rate Swap Agreement), a with respect to the Interest Rate Swap Provider
      or upon occurrence or designation of an Early Termination Date (as defined
      in
      the Interest Rate Swap Agreement) as a result of any such Event of Default
      or
      Specified Condition with respect to the Interest Rate Swap Provider, and, in
      either such case, unless the Interest Rate Swap Provider has paid in full all
      of
      its Obligations (as defined in the Interest Rate Swap Credit Support Annex)
      that
      are then due, then any collateral posted by the Interest Rate Swap Provider
      in
      accordance with the Interest Rate Swap Credit Support Annex shall be applied
      to
      the payment of any Obligations due to Party B (as defined in the Interest Rate
      Swap Agreement) in accordance with the Interest Rate Swap Credit Support
      Annex.  Any excess amounts held in such Swap Collateral Account after
      payment of all amounts owing to Party B under the Interest Rate Swap Agreement
      shall be withdrawn from the Swap Collateral Account and paid to the Swap
      Provider in accordance with the Swap Credit Support Annex.

     

    
      	
              SECTION
                4.12  

            	
              Rights
                and Obligations Under the Basis Risk Cap Agreement, the Interest
                Rate Cap
                Agreement and the Interest Rate Swap
                Agreement.

            

    

     

    (a)  In
      the
      event that the Basis Risk Cap Provider fails to perform any of its obligations
      under the Basis Risk Cap Agreement (including, without limitation, its
      obligation to make any payment or transfer collateral), or breaches any of
      its
      representations and warranties thereunder, or in the event that any Event of
      Default, Termination Event, or Additional Termination Event (each as defined
      in
      the Basis Risk Cap Agreement) occurs with respect to the Basis Risk Cap
      Agreement, the Trustee (in its capacity as Cap Trustee) shall, promptly
      following actual notice of such failure, breach or event, notify the Depositor
      and send any notices and make any demands, on behalf of the Trust, required
      to
      enforce the rights of the Trust under the Basis Risk Cap Agreement.

     

    In
      the
      event that the Basis Risk Cap Provider’s obligations are guaranteed by a third
      party under a guaranty relating to the Basis Risk Cap Agreement (such guaranty
      the “Guaranty” and such third party the “Guarantor”), then to the extent that
      the Basis Risk Cap Provider fails to make any payment by the close of business
      on the day it is required to make payment under the terms of the Basis Risk
      Cap
      Agreement, the Trustee (in its capacity as Cap Trustee) shall, promptly
      following actual notice of the Basis Risk Cap Provider’s failure to pay, demand
      that the Guarantor make any and all payments then required to be made by the
      Guarantor pursuant to such Guaranty; provided, that the Trustee (in its capacity
      as Cap Trustee) shall in no event be liable for any failure or delay in the
      performance by the Basis Risk Cap Provider or any Guarantor of its obligations
      hereunder or pursuant to the Basis Risk Cap Agreement and the Guaranty, nor
      for
      any special, indirect or consequential loss or damage of any kind whatsoever
      (including but not limited to lost profits) in connection
      therewith.

     

    Upon
      an
      early termination of the Basis Risk Cap Agreement other than in connection
      with
      the optional termination of the Trust, the Trustee (in its capacity as Cap
      Trustee), at the direction of the Depositor, will use reasonable efforts to
      appoint a successor basis risk cap provider to enter into a new basis risk
      cap
      agreement on terms substantially similar to the Basis Risk Cap Agreement, with
      a
      successor basis risk cap provider meeting all applicable eligibility
      requirements. If the Trustee (in its capacity as Cap Trustee) receives a
      termination payment from the Basis Risk Cap Provider in connection with such
      early termination, the Trustee (in its capacity as Cap Trustee) will apply
      such
      termination payment to any upfront payment required to appoint the successor
      basis risk cap provider.  If the Trustee (in its capacity as Cap
      Trustee) is required to pay a termination payment to the Basis Risk Cap Provider
      in connection with such early termination, the Trustee (in its capacity as
      Cap
      Trustee) will apply any upfront payment received from the successor basis risk
      cap provider to pay such termination payment.

     

    If
      the
      Trustee (in its capacity as Cap Trustee) is unable to appoint a successor basis
      risk cap provider within 30 days of the early termination, then the Trustee
      (in
      its capacity as Cap Trustee) will deposit any termination payment received
      from
      the original Basis Risk Cap Provider into a separate, non-interest bearing
      reserve account and will, on each subsequent Distribution Date, withdraw from
      the amount then remaining on deposit in such reserve account, an amount equal
      to
      the payment, if any, that would have been paid to the Trustee (in its capacity
      as Cap Trustee) by the original Basis Risk Cap Provider calculated in accordance
      with the terms of the original Basis Risk Cap Agreement, and distribute such
      amount in accordance with the terms of  Section 4.01(d).

     

    Upon
      an
      early termination of the Basis Risk Cap Agreement in connection with the
      optional termination of the Trust, if the Trustee (in its capacity as Cap
      Trustee) receives a termination payment from the Basis Risk Cap Provider, such
      termination payment will be distributed in accordance with Section
      4.01(d).

     

    (b)  In
      the
      event that the Swap Provider fails to perform any of its obligations under
      the
      Interest Rate Swap Agreement (including, without limitation, its obligation
      to
      make any payment or transfer collateral), or breaches any of its representations
      and warranties thereunder, or in the event that any Event of Default,
      Termination Event, or Additional Termination Event (each as defined in the
      Interest Rate Swap Agreement) occurs with respect to the Interest Rate Swap
      Agreement, the Trustee (in its capacity as Supplemental Interest Trust Trustee)
      shall, promptly following actual notice of such failure, breach or event, notify
      the Depositor and send any notices and make any demands, on behalf of the
      Supplemental Interest Trust, required to enforce the rights of the Supplemental
      Interest Trust under the Interest Rate Swap Agreement.

     

    In
      the
      event that the Swap Provider’s obligations are guaranteed by a third party under
      a guaranty relating to the Interest Rate Swap Agreement (such guaranty the
      “Guaranty” and such third party the “Guarantor”), then to the extent that the
      Swap Provider fails to make any payment by the close of business on the day
      it
      is required to make payment under the terms of the Interest Rate Swap Agreement,
      the Trustee (in its capacity as Supplemental Interest Trust Trustee) shall,
      promptly following actual notice of the Swap Provider’s failure to pay, demand
      that the Guarantor make any and all payments then required to be made by the
      Guarantor pursuant to such Guaranty; provided, that the Trustee (in its capacity
      as Supplemental Interest Trust Trustee) shall in no event be liable for any
      failure or delay in the performance by the Swap Provider or any Guarantor of
      its
      obligations hereunder or pursuant to the Interest Rate Swap Agreement and the
      Guaranty, nor for any special, indirect or consequential loss or damage of
      any
      kind whatsoever (including but not limited to lost profits) in connection
      therewith.

     

    Upon
      an
      early termination of the Interest Rate Swap Agreement other than in connection
      with the optional termination of the Trust, the Trustee (in its capacity as
      Supplemental Interest Trust Trustee), at the direction of the Depositor, will
      use reasonable efforts to appoint a successor swap provider to enter into a
      new
      interest rate swap agreement on terms substantially similar to the Interest
      Rate
      Swap Agreement, with a successor swap provider meeting all applicable
      eligibility requirements. If the Trustee (in its capacity as Supplemental
      Interest Trust Trustee) receives a termination payment from the Swap Provider
      in
      connection with such early termination, the Trustee (in its capacity as
      Supplemental Interest Trust Trustee) will apply such termination payment to
      any
      upfront payment required to appoint the successor swap provider.  If
      the Trustee (in its capacity as Supplemental Interest Trust Trustee) is required
      to pay a termination payment to the Swap Provider in connection with such early
      termination, the Trustee (in its capacity as Supplemental Interest Trust
      Trustee) will apply any upfront payment received from the successor swap
      provider to pay such termination payment.

     

    If
      the
      Trustee (in its capacity as Supplemental Interest Trust Trustee) is unable
      to
      appoint a successor swap provider within 30 days of the early termination,
      then
      the Trustee (in its capacity as Supplemental Interest Trust Trustee) will
      deposit any termination payment received from the original Swap Provider into
      a
      separate, non-interest bearing reserve account and will, on each subsequent
      Distribution Date, withdraw from the amount then remaining on deposit in such
      reserve account an amount equal to the Net Swap Payment, if any, that would
      have
      been paid to the Trustee (in its capacity as Supplemental Interest Trust
      Trustee) by the original Swap Provider calculated in accordance with the terms
      of the original Interest Rate Swap Agreement, and distribute such amount in
      accordance with the terms of  Section 4.01(e).

     

    (c)  Upon
      an
      early termination of the Interest Rate Swap Agreement in connection with the
      optional termination of the Trust, if the Trustee (in its capacity as
      Supplemental Interest Trust Trustee) receives a termination payment from the
      Swap Provider, such termination payment will be distributed in accordance with
      Section 4.01(e).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      V

    THE
      CERTIFICATES

     

    
      	
              SECTION
                5.01  

            	
              The
                Certificates.

            

    

     

    Each
      of
      the Floating Rate Certificates, the Class X Certificates the Class P
      Certificates, the Class C Certificates and the Residual Certificates shall
      be
      substantially in the forms annexed hereto as exhibits, and shall, on original
      issue, be executed, authenticated and delivered by the Trustee to or upon the
      order of the Depositor concurrently with the sale and assignment to the Trustee
      of the Trust Fund. The Floating Rate Certificates and the Class X Certificates
      shall be initially evidenced by one or more Certificates representing a
      Percentage Interest with a minimum dollar denomination of $25,000 and integral
      dollar multiples of $1.00 in excess thereof, provided that such Certificates
      must be purchased in minimum total investments of $100,000 per class, except
      that one Certificate of each such Class of Certificates may be in a different
      denomination so that the sum of the denominations of all outstanding
      Certificates of such Class shall equal the Certificate Principal Balance of
      such
      Class on the Closing Date. The Class P Certificates, the Class C Certificates
      and the Residual Certificates are issuable in any Percentage Interests;
      provided, however, that the sum of all such percentages for each such Class
      totals 100% and no more than ten Certificates of each Class may be issued and
      outstanding at any one time.

     

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Trustee by a Responsible Officer. Certificates
      bearing the manual or facsimile signatures of individuals who were, at the
      time
      when such signatures were affixed, authorized to sign on behalf of the Trustee
      shall bind the Trust, notwithstanding that such individuals or any of them
      have
      ceased to be so authorized prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of such Certificate.
      No
      Certificate shall be entitled to any benefit under this Agreement or be valid
      for any purpose, unless such Certificate shall have been manually authenticated
      by the Trustee substantially in the form provided for herein, and such
      authentication upon any Certificate shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their authentication.
      Subject to Section 5.02(c), the Floating Rate Certificates and the Class X
      Certificates shall be Book-Entry Certificates. The other Classes of Certificates
      shall not be Book-Entry Certificates.

     

    
      	
              SECTION
                5.02  

            	
              Registration
                of Transfer and Exchange of
                Certificates.

            

    

     

    (a)  The
      Certificate Registrar shall cause to be kept at the Corporate Trust Office
      a
      Certificate Register in which, subject to such reasonable regulations as it
      may
      prescribe, the Certificate Registrar shall provide for the registration of
      Certificates and of transfers and exchanges of Certificates as herein provided.
      The Trustee shall initially serve as Certificate Registrar for the purpose
      of
      registering Certificates and transfers and exchanges of Certificates as herein
      provided.

     

    Upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph which office shall initially be the offices designated
      by
      the Trustee and, in the case of a Residual Certificate, upon satisfaction of
      the
      conditions set forth below, the Trustee on behalf of the Trust shall execute,
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Certificates of the same aggregate Percentage
      Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Trustee shall execute on behalf of the Trust and authenticate and deliver the
      Certificates which the Certificateholder making the exchange is entitled to
      receive. Every Certificate presented or surrendered for registration of transfer
      or exchange shall (if so required by the Trustee or the Certificate Registrar)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      satisfactory to the Trustee and the Certificate Registrar duly executed by,
      the
      Holder thereof or his attorney duly authorized in writing. In addition, (i)
      with
      respect to each Class R Certificate, the holder thereof may exchange, in the
      manner described above, such Class R Certificate for four separate certificates,
      each representing such holder’s respective Percentage Interest in the Class R-1
      Interest, the Class R-2 Interest, the Class R-3 Interest and the Class R-4
      Interest that was evidenced by the Class R Certificate being exchanged and
      (ii)
      with respect to each Class R-X Certificate, the holder thereof may exchange,
      in
      the manner described above, such Class R-X Certificate for three separate
      certificates, each representing such holder’s respective Percentage Interest in
      the Class R-5 Interest, the Class R-6 Interest and the Class R-7 Interest that
      was evidenced by the Class R-X Certificate being exchanged.

     

    (b)  Except
      as
      provided in paragraph (c) below, the Book-Entry Certificates shall at all times
      remain registered in the name of the Depository or its nominee and at all times:
      (i) registration of such Certificates may not be transferred by the Trustee
      except to another Depository; (ii) the Depository shall maintain book-entry
      records with respect to the Certificate Owners and with respect to ownership
      and
      transfers of such Certificates; (iii) ownership and transfers of registration
      of
      such Certificates on the books of the Depository shall be governed by applicable
      rules established by the Depository; (iv) the Depository may collect its usual
      and customary fees, charges and expenses from its Depository Participants;
      (v)
      the Trustee shall for all purposes deal with the Depository as representative
      of
      the Certificate Owners of the Certificates for purposes of exercising the rights
      of Holders under this Agreement, and requests and directions for and votes
      of
      such representative shall not be deemed to be inconsistent if they are made
      with
      respect to different Certificate Owners; (vi) the Trustee may rely and shall
      be
      fully protected in relying upon information furnished by the Depository with
      respect to its Depository Participants and furnished by the Depository
      Participants with respect to indirect participating firms and Persons shown
      on
      the books of such indirect participating firms as direct or indirect Certificate
      Owners; and (vii) the direct participants of the Depository shall have no rights
      under this Agreement under or with respect to any of the Certificates held
      on
      their behalf by the Depository, and the Depository may be treated by the Trustee
      and its agents, employees, officers and directors as the absolute owner of
      the
      Certificates for all purposes whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute a Letter of Representations with the Depository or take such other
      action as may be necessary or desirable to register a Book-Entry Certificate
      to
      the Depository. In the event of any conflict between the terms of any such
      Letter of Representation and this Agreement, the terms of this Agreement shall
      control.

     

    (c)  If
      (i)(x)
      the Depository or the Depositor advises the Trustee in writing that the
      Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Trustee or the Depositor is unable
      to
      locate a qualified successor or (ii) after the occurrence of a Servicer Event
      of
      Termination, the Certificate Owners of the Book-Entry Certificates representing
      Percentage Interests of such Classes aggregating not less than 51% advise the
      Trustee and Depository through the Financial Intermediaries and the Depository
      Participants in writing that the continuation of a book-entry system through
      the
      Depository to the exclusion of definitive, fully registered certificates (the
      “Definitive Certificates”) to Certificate Owners is no longer in the best
      interests of the Certificate Owners. Upon surrender to the Certificate Registrar
      of the Book-Entry Certificates by the Depository, accompanied by registration
      instructions from the Depository for registration, the Trustee shall, in the
      case of (i) and (ii) above, execute on behalf of the Trust and authenticate
      the
      Definitive Certificates. Neither the Depositor nor the Trustee shall be liable
      for any delay in delivery of such instructions and may conclusively rely on,
      and
      shall be protected in relying on, such instructions. Upon the issuance of
      Definitive Certificates, the Trustee, the Certificate Registrar, the Servicer,
      any Paying Agent and the Depositor shall recognize the Holders of the Definitive
      Certificates as Certificateholders hereunder.

     

    (d)  No
      transfer, sale, pledge or other disposition of any Class C Certificate, Class
      P
      Certificate or Residual Certificate (the “Private Certificates”) shall be made
      unless such disposition is exempt from the registration requirements of the
      1933
      Act, and any applicable state securities laws or is made in accordance with
      the
      1933 Act and laws. In the event of any such transfer (other than in connection
      with (i) the initial transfer of any such Certificate by the Depositor to an
      Affiliate of the Depositor or, in the case of the Class R-X Certificates, the
      first transfer by an Affiliate of the Depositor or the first transfer by the
      initial transferee of an Affiliate of the Depositor, (ii) the transfer of any
      such Class C, Class P or Residual Certificate to the issuer under the Indenture
      or the indenture trustee under the Indenture or (iii) a transfer of any such
      Private Certificate from the issuer under the Indenture or the indenture trustee
      under the Indenture to the Depositor or an Affiliate of the Depositor), (x)
      unless such transfer is made in reliance upon Rule 144A (as evidenced by the
      investment letter delivered to the Trustee, in substantially the form attached
      hereto as Exhibit J) under the 1933 Act, the Trustee and the Depositor shall
      require a written Opinion of Counsel (which may be in-house counsel) acceptable
      to and in form and substance reasonably satisfactory to the Trustee and the
      Depositor 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 not be an expense
      of the Trustee or the Depositor or (y) the Trustee shall require the transferor
      to execute a transferor certificate (in substantially the form attached hereto
      as Exhibit L) and the transferee to execute an investment letter (in
      substantially the form attached hereto as Exhibit J) acceptable to and in form
      and substance reasonably satisfactory to the Depositor and the Trustee
      certifying to the Depositor and the Trustee the facts surrounding such transfer,
      which investment letter shall not be an expense of the Trustee or the Depositor.
      The Holder of a Private Certificate 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.

     

    Notwithstanding
      the foregoing, in the event of any such transfer of any Ownership Interest
      in
      any Private Certificate that is a Book-Entry Certificate, except with respect
      to
      the initial transfer of any such Ownership Interest by the Depositor, such
      transfer shall be required to be made in reliance upon Rule 144A under the
      1933
      Act, and the transferor will be deemed to have made each of the transferor
      representations and warranties set forth Exhibit L hereto in respect of such
      interest as if it was evidenced by a Definitive Certificate and the transferee
      will be deemed to have made each of the transferee representations and
      warranties set forth Exhibit J hereto in respect of such interest as if it
      was
      evidenced by a Definitive Certificate.  The Certificate Owner of any
      such Ownership Interest in any such Book-Entry Certificate 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.

     

    Notwithstanding
      the foregoing, no certification or Opinion of Counsel described above in this
      Section 5.02(d) will be required in connection with the transfer, on the Closing
      Date, of any Residual Certificate by the Depositor to an “accredited investor”
within the meaning of Rule 501 of the 1933 Act.

     

    No
      transfer of any Class C Certificate shall be made unless the proposed transferee
      of such Class C Certificate (1) provides to the Trustee and the Swap Provider,
      the appropriate tax certification forms that would eliminate any withholding
      or
      deduction for taxes from amounts payable by the Swap Provider, pursuant to
      the
      Interest Rate Swap Agreement, to the Supplemental Interest Trust Trustee (i.e.,
      IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or
      any
      successor form thereto), together with any applicable attachments) and (2)
      agrees to update such form (a) upon expiration of any such form, (b) as required
      under then applicable U.S. Treasury regulations and (c) promptly upon learning
      that such form has become obsolete or incorrect, each as a condition to such
      transfer.  In addition, no transfer of any Class C Certificate shall
      be made if such transfer would cause the Supplemental Interest Trust to be
      beneficially owned by two or more persons for federal income tax purposes,
      or
      continue to be so treated, unless (i) each proposed transferee of such Class
      C
      Certificate complies with the foregoing conditions, (ii) the proposed majority
      holder of the Class C Certificates (or each holder, if there is or would be
      no
      majority holder) (A) provides, or causes to be provided, on behalf of the
      Supplemental Interest Trust, if applicable, the appropriate tax certification
      form that would be required from the Supplemental Interest Trust, as applicable,
      to eliminate any withholding or deduction for taxes from amounts payable by
      the
      Swap Provider, pursuant to the Interest Rate Swap Agreement, to the Supplemental
      Interest Trust Trustee (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP
      or
      W-8ECI, as applicable (or any successor form thereto), together with any
      applicable attachments) and (B) agrees to update such form (x) upon expiration
      of any such form, (y) as required under then applicable U.S. Treasury
      regulations and (z) promptly upon learning that such form has become obsolete
      or
      incorrect.  If, under applicable U.S. Treasury regulations, such tax
      certification form may only be signed by a trustee acting on behalf of the
      Supplemental Interest Trust, then the Supplemental Interest Trust Trustee,
      as
      applicable, shall sign such certification form if so requested by a holder
      of
      the Class C Certificates.

     

    Upon
      receipt of any tax certification form pursuant to the preceding conditions
      from
      a proposed transferee of any Class C Certificate, the Trustee shall forward
      each
      tax certification form attributable to the Interest Rate Swap Agreement to
      the
      Swap Provider, upon request of the Swap Provider, solely to the extent the
      Swap
      Provider has not received such IRS Form directly from the Holder of the Class
      C
      Certificates.  Each Holder of a Class C Certificate by its purchase of
      such Certificate is deemed to consent to any such IRS Form being so
      forwarded.  Upon the request of the Swap Provider, the Trustee shall
      be required to forward any tax certification received by it to the Swap Provider
      at the last known address provided to it, and, subject to Section 8.01, shall
      not be liable for the receipt of such tax certification by the Swap Provider,
      nor any action taken or not taken by the Swap Provider with respect to such
      tax
      certification.  Any purported sales or transfers of any Class C
      Certificate to a transferee which does not comply with the requirements of
      the
      preceding paragraph shall be deemed null and void under this
      Agreement.  The Trustee shall have no duty to take any action to
      correct any misstatement or omission in any tax certification provided to it
      by
      the Holder of the Class C Certificates and forwarded to the Swap
      Provider.

     

    No
      transfer of a Private Certificate or any interest therein shall be made to
      any
      Plan, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person acquiring such Certificates with “Plan Assets” of a Plan within the
      meaning of the Department of Labor regulation promulgated at 29 C.F.R. §
2510.3-101 as modified by Section 3(42) of ERISA (“Plan Assets”), as certified
      by such transferee in the form of Exhibit M, unless the Trustee is provided
      with
      an Opinion of Counsel for the benefit of the Depositor, the Trustee and the
      Servicer and on which they may rely which establishes to the satisfaction of
      the
      Trustee that the purchase of such Certificates is permissible under applicable
      law, will not constitute or result in any prohibited transaction under ERISA
      or
      Section 4975 of the Code and will not subject the Depositor, the Servicer,
      the
      Trustee or the Trust Fund to any obligation or liability (including obligations
      or liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in this Agreement, which Opinion of Counsel shall not be an expense
      of the Depositor, the Servicer, the Trustee or the Trust Fund. Neither a
      certification nor an Opinion of Counsel will be required in connection with
      (i)
      the initial transfer of any such Certificate by the Depositor to an Affiliate
      of
      the Depositor, (ii) the transfer of any such Private Certificate to the issuer
      under the Indenture or the indenture trustee under the Indenture or (iii) a
      transfer of any such Private Certificate from the issuer under the Indenture
      or
      the indenture trustee under the Indenture to the Depositor or an Affiliate
      of
      the Depositor (in which case, the Depositor or any Affiliate thereof shall
      have
      deemed to have represented that such Affiliate is not a Plan or a Person
      investing Plan Assets) and the Trustee shall be entitled to conclusively rely
      upon a representation (which, upon the request of the Trustee, shall be a
      written representation) from the Transferor of the status of such transferee
      as
      an affiliate of the Depositor.

     

    For
      so
      long as the Supplemental Interest Trust or the Cap Trust is in existence, each
      beneficial owner of a Floating Rate Certificate or any interest therein, shall
      be deemed to have represented, by virtue of its acquisition or holding of the
      Floating Rate Certificate, or interest therein, that either (i) it is not a
      Plan
      or (ii) (A) it is an accredited investor within the meaning of Prohibited
      Transaction Exemption (“PTE”) 90-59, as amended by PTE 97-34, PTE 2000-58, PTE
      2002-41 and PTE 2007-05 (the “Exemption”) and (B) the acquisition and holding of
      such Certificate and the separate right to receive payments from the
      Supplemental Interest Trust or the Cap Trust are eligible for the exemptive
      relief available under Prohibited Transaction Class Exemption (“PTCE”) 95-60 or,
      except in the case of a Mezzanine Certificate, 84-14, 91-38, 90-1 or
      96-23.

     

    Subsequent
      to the termination of the Supplemental Interest Trust and the Cap Trust, each
      Transferee of a Mezzanine Certificate will be deemed to have represented by
      virtue of its purchase or holding of such Certificate (or interest therein)
      that
      either (a) such Transferee is not a Plan or purchasing such Certificate with
      Plan Assets or (b) the following conditions are satisfied:  (i) such
      Transferee is an insurance company, (ii) the source of funds used to purchase
      or
      hold such Certificate (or interest therein) is an “insurance company general
      account” (as defined in PTCE 95-60), and (iii) the conditions set forth in
      Sections I and III of PTCE 95-60 have been satisfied.

     

    If
      any
      Certificate or any interest therein is acquired or held in violation of the
      provisions of the three preceding paragraphs, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of that Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any such Certificate
      or interest therein was effected in violation of the provisions of the three
      preceding paragraphs shall indemnify and hold harmless the Depositor, the
      Servicer, the NIMS Insurer, the Trustee and the Trust from and against any
      and
      all liabilities, claims, costs or expenses incurred by those parties as a result
      of that acquisition or holding.

     

    Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

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

     

    (ii)  No
      Person
      shall acquire an Ownership Interest in a Residual Certificate unless such
      Ownership Interest is a pro rata undivided interest.

     

    (iii)  In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Trustee shall as a condition to registration of the transfer,
      require delivery to it, in form and substance satisfactory to it, of each of
      the
      following:

     

    (A)  an
      affidavit in the form of Exhibit K hereto from the proposed transferee to the
      effect that such transferee is a Permitted Transferee and that it is not
      acquiring its Ownership Interest in the Residual Certificate that is the subject
      of the proposed transfer as a nominee, trustee or agent for any Person who
      is
      not a Permitted Transferee; and

     

    (B)  a
      covenant of the proposed transferee to the effect that the proposed transferee
      agrees to be bound by and to abide by the transfer restrictions applicable
      to
      the Residual Certificates.

     

    (iv)  Any
      attempted or purported transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of a Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate.  The Trustee shall be under no liability to any Person
      for any registration of transfer of a Residual Certificate that is in fact
      not
      permitted by this Section or for making any distributions due on such Residual
      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 Trustee
      received the documents specified in clause (iii).  The Trustee shall
      be entitled to recover from any Holder of a Residual Certificate that was in
      fact not a Permitted Transferee at the time such distributions were made all
      distributions made on such Residual Certificate. Any such distributions so
      recovered by the Trustee shall be distributed and delivered by the Trustee
      to
      the prior Holder of such Residual Certificate that is a Permitted
      Transferee.

     

    (v)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee shall have the right but not the obligation, without notice to the
      Holder of such Residual Certificate or any other Person having an Ownership
      Interest therein, to notify the Depositor to arrange for the sale of such
      Residual Certificate. The proceeds of such sale, net of commissions (which
      may
      include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the Trustee
      to the previous Holder of such Residual Certificate that is a Permitted
      Transferee, except that in the event that the Trustee determines that the Holder
      of such Residual Certificate may be liable for any amount due under this Section
      or any other provisions of this Agreement, the Trustee may withhold a
      corresponding amount from such remittance as security for such claim. The terms
      and conditions of any sale under this clause (v) shall be determined in the
      sole
      discretion of the Trustee and it shall not be liable to any Person having an
      Ownership Interest in a Residual Certificate as a result of its exercise of
      such
      discretion.

     

    (vi)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee upon receipt of reasonable compensation will provide to the Internal
      Revenue Service, and to the persons specified in Sections 860E(e)(3) and (6)
      of
      the Code, information needed to compute the tax imposed under Section 860E(e)(5)
      of the Code on transfers of residual interests to disqualified
      organizations.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Trustee
      and
      the NIMS Insurer, in form and substance satisfactory to the Trustee and the
      NIMS
      Insurer, (i) written notification from each Rating Agency that the removal
      of
      the restrictions on transfer set forth in this Section will not cause such
      Rating Agency to downgrade its rating of the Certificates and (ii) an Opinion
      of
      Counsel to the effect that such removal will not cause any REMIC created
      hereunder to fail to qualify as a REMIC.

     

    (e)  No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, but the Certificate Registrar may require payment
      of
      a sum sufficient to cover any tax or governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      canceled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    
      	
              SECTION
                5.03  

            	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

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

     

    
      	
              SECTION
                5.04  

            	
              Persons
                Deemed Owners.

            

    

     

    The
      Servicer, the Depositor, the Trustee, the NIMS Insurer, the Certificate
      Registrar, any Paying Agent and any agent of the Servicer, the Depositor, the
      Trustee, the NIMS Insurer, the Certificate Registrar or any Paying Agent may
      treat the Person, including a Depository, in whose name any Certificate is
      registered as the owner of such Certificate for the purpose of receiving
      distributions pursuant to Section 4.01 and for all other purposes whatsoever,
      and none of the Servicer, the Trust, the Trustee nor any agent of any of them
      shall be affected by notice to the contrary.

     

    
      	
              SECTION
                5.05  

            	
              Appointment
                of Paying Agent.

            

    

     

    (a)  The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 4.01 and shall report the amounts
      of
      such distributions to the Trustee. The duties of the Paying Agent may include
      the obligation (i) to withdraw funds from the Collection Account pursuant to
      Section 3.11(a) and for the purpose of making the distributions referred to
      above and (ii) to distribute statements and provide information to
      Certificateholders as required hereunder. The Paying Agent hereunder shall
      at
      all times be an entity duly organized and validly existing under the laws of
      the
      United States of America or any state thereof, authorized under such laws to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authorities. The Paying Agent shall initially be the Trustee.
      The Trustee may appoint a successor to act as Paying Agent, which appointment
      shall be reasonably satisfactory to the Depositor and the NIMS
      Insurer.

     

    (b)  The
      Trustee shall cause the Paying Agent (if other than the Trustee) to execute
      and
      deliver to the Trustee an instrument in which such Paying Agent shall agree
      with
      the Trustee that such Paying Agent shall hold all sums, if any, held by it
      for
      payment to the Certificateholders in trust for the benefit of the
      Certificateholders entitled thereto until such sums shall be paid to such
      Certificateholders and shall agree that it shall comply with all requirements
      of
      the Code regarding the withholding of payments in respect of Federal income
      taxes due from Certificate Owners and otherwise comply with the provisions
      of
      this Agreement applicable to it.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VI

     

    THE
      SERVICER AND THE DEPOSITOR

     

    
      	
              SECTION
                6.01  

            	
              Liability
                of the Servicer and the Depositor.

            

    

     

    The
      Servicer shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed upon and undertaken by the Servicer herein.
      The
      Depositor shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed upon and undertaken by the
      Depositor.

     

    
      	
              SECTION
                6.02  

            	
              Merger
                or Consolidation of, or Assumption of the Obligations of, the Servicer
                or
                the Depositor.

            

    

     

    Any
      entity into which the Servicer or the Depositor may be merged or consolidated,
      or any entity resulting from any merger, conversion or consolidation to which
      the Servicer or the Depositor shall be a party, or any corporation succeeding
      to
      the business of the Servicer or the Depositor, shall be the successor of the
      Servicer or the Depositor, 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 Servicer shall satisfy all the requirements of Section 7.02 with
      respect to the qualifications of a successor Servicer.

     

    
      	
              SECTION
                6.03  

            	
              Limitation
                on Liability of the Servicer and
                Others.

            

    

     

    Neither
      the Servicer nor the Depositor nor any of the directors or officers or employees
      or agents of the Servicer or the Depositor shall be under any liability to
      the
      Trust or the Certificateholders for any action taken or for refraining from
      the
      taking of any action by the Servicer or the Depositor in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided, however, that this
      provision shall not protect the Servicer, the Depositor or any such Person
      against any liability which would otherwise be imposed by reason of its willful
      misfeasance, bad faith or negligence in the performance of duties of the
      Servicer or the Depositor, as the case may be, or by reason of its reckless
      disregard of its obligations and duties of the Servicer or the Depositor, as
      the
      case may be, hereunder.  The Servicer and any director or officer or
      employee or agent of 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 Servicer and the Depositor, and any
      director or officer or employee or agent of the Servicer or the Depositor,
      shall
      be indemnified by the Trust and held harmless against (i) any loss, liability
      or
      expense incurred in connection with any legal action relating to this Agreement
      or the Certificates, other than any loss, liability or expense related to any
      specific 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 by reason of its willful misfeasance, bad
      faith or negligence in the performance of duties hereunder or by reason of
      its
      reckless disregard of obligations and duties hereunder or (ii) any breach of
      a
      representation or warranty by the Originator regarding the Mortgage Loans.
      The
      Servicer or the Depositor may undertake any such action which it may deem
      necessary or desirable in respect of this Agreement, and the rights and duties
      of the parties hereto and the interests of the Certificateholders hereunder.
      In
      such event, the reasonable legal expenses and costs of such action and any
      liability resulting therefrom shall be expenses, costs and liabilities of the
      Trust and the Depositor or the Servicer shall be entitled to be reimbursed
      therefor from the Collection Account as and to the extent provided in Section
      3.11, any such right of reimbursement being prior to the rights of the
      Certificateholders to receive any amount in the Collection Account. The
      Servicer’s right to indemnity or reimbursement pursuant to this Section shall
      survive any resignation or termination of the Servicer pursuant to Section
      6.04
      or 7.01 with respect to any losses, expenses, costs or liabilities arising
      prior
      to such resignation or termination (or arising from events that occurred prior
      to such resignation or termination). This paragraph shall apply to the Servicer
      solely in its capacity as Servicer hereunder and in no other
      capacities.

     

    
      	
              SECTION
                6.04  

            	
              Servicer
                Not to Resign.

            

    

     

    The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except (i) upon determination that its duties hereunder are no longer
      permissible under applicable law or are in material conflict by reason of
      applicable law with any other activities carried on by it or its subsidiaries
      or
      Affiliates, the other activities of the Servicer so causing such a conflict
      being of a type and nature carried on by the Servicer or its subsidiaries or
      Affiliates at the date of this Agreement or (ii) upon satisfaction of the
      following conditions:  (a) the Servicer has proposed a successor
      servicer to the Trustee and the NIMS Insurer in writing and such proposed
      successor servicer is reasonably acceptable to the Trustee and the NIMS Insurer
      and (b) each Rating Agency shall have delivered a letter to the Trustee and
      the
      NIMS Insurer prior to the appointment of the successor servicer stating that
      the
      proposed appointment of such successor servicer as Servicer hereunder will
      not
      result in the reduction or withdrawal of the then current rating of the
      Certificates; provided, however, that no such resignation by the Servicer shall
      become effective until such successor servicer or, in the case of (i) above,
      the
      Trustee shall have assumed the Servicer’s responsibilities and obligations
      hereunder or the Trustee shall have designated, with the consent of the NIMS
      Insurer, a successor servicer in accordance with Section 7.02. Except as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by the Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided, however, no Sub-Servicer shall be a third-party
      beneficiary hereunder and the parties hereto shall not be required to recognize
      any Subservicer as an indemnitee under this Agreement.

     

    Notwithstanding
      anything to the contrary which may be set forth above, the Trustee and the
      Depositor hereby specifically (i) consent to the pledge and assignment by the
      Servicer of all the Servicer’s right, title and interest in, to and under this
      Agreement to the Servicing Rights Pledgee, for the benefit of certain lenders,
      and (ii) provided that no Servicer Event of Termination exists, agree that
      upon
      delivery to the Trustee by the Servicing Rights Pledgee of a letter signed
      by
      the Servicer whereunder the Servicer shall resign as Servicer under this
      Agreement, the Trustee shall appoint the Servicing Rights Pledgee or its
      designee as successor Servicer, provided that at the time of such appointment,
      the Servicing Rights Pledgee or such designee meets the requirements of a
      successor Servicer pursuant to Section 7.02(a) and agrees to be subject to
      the
      terms of this Agreement.  If, pursuant to any provision hereof, the
      duties of the Servicer are transferred to a successor, the entire amount of
      the
      Servicing Fee and other compensation payable to the Servicer pursuant hereto
      shall thereafter be payable to such successor.

     

    
      	
              SECTION
                6.05  

            	
              Delegation
                of Duties.

            

    

     

    In
      the
      ordinary course of business, the Servicer at any time may delegate any of its
      duties hereunder to any Person, including any of its Affiliates, who agrees
      to
      conduct such duties in accordance with standards comparable to those set forth
      in Section 3.01. Such delegation shall not relieve the Servicer of its
      liabilities and responsibilities with respect to such duties and shall not
      constitute a resignation within the meaning of Section 6.04. Except as provided
      in Section 3.02, no such delegation is permitted that results in the delegee
      subservicing any Mortgage Loans. The Servicer shall provide the Trustee and
      the
      NIMS Insurer with 60 days prior written notice prior to the delegation of any
      of
      its duties to any Person other than any of the Servicer’s Affiliates or their
      respective successors and assigns.

     

    
      	
              SECTION
                6.06  

            	
              [Reserved].

            

    

     

    
      	
              SECTION
                6.07  

            	
              Inspection.

            

    

     

    The
      Servicer, in its capacity as Servicer, shall afford the Trustee and the NIMS
      Insurer, upon reasonable notice, during normal business hours, access to all
      records maintained by the Servicer in respect of its rights and obligations
      hereunder and access to officers of the Servicer responsible for such
      obligations.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VII

     

    DEFAULT

     

    
      	
              SECTION
                7.01  

            	
              Servicer
                Events of Termination.

            

    

     

    (a)  If
      any
      one of the following events (“Servicer Events of Termination”) shall occur and
      be continuing:

     

    (i)  (A)
      The
      failure by the Servicer to make any Advance; or (B) any other failure by the
      Servicer to deposit in the Collection Account or the Distribution Account any
      deposit required to be made under the terms of this Agreement which continues
      unremedied for a period of one Business Day after the date upon which written
      notice of such failure shall have been given to the Servicer by the Trustee
      or
      to the Servicer and the Trustee by the NIMS Insurer or any Holders of a Regular
      Certificate evidencing at least 25% of the Voting Rights; or

     

    (ii)  The
      failure by the Servicer to make any required Servicing Advance which failure
      continues unremedied for a period of 30 days, or the failure by the Servicer
      duly to observe or perform, in any material respect, any other covenants,
      obligations or agreements of the Servicer as set forth in this Agreement, which
      failure continues unremedied for a period of 30 days (or if such failure or
      breach cannot be remedied within 30 days, then such remedy shall have been
      commenced within 30 days and diligently pursued thereafter; provided, however,
      that in no event shall such failure or breach be allowed to exist for a period
      of greater than 90 days), after the date (A) on which written notice of such
      failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Trustee or to the Trustee by the NIMS Insurer or any Holders
      of
      a Regular Certificate evidencing at least 25% of the Voting Rights or (B) of
      actual knowledge of such failure by a Servicing Officer of the Servicer;
      or

     

    (iii)  The
      entry
      against the Servicer of a decree or order by a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any insolvency, conservatorship,
      receivership, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of its affairs, and
      the continuance of any such decree or order unstayed and in effect for a period
      of 60 days; or

     

    (iv)  The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator or receiver or liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property; or a decree or order of a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person 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, unbonded or unstayed for a period of 60 days; or the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors
      or
      voluntarily suspend payment of its obligations; or

     

    (v)  The
      failure by the Servicer to duly perform, within the required time period, its
      obligations under Section 3.20 or Section 3.21 of this Agreement;
      or

     

    (vi)  A
      Delinquency Servicer Termination Trigger has occurred and is
      continuing;

     

    (b)  then,
      and
      in each and every such case, so long as a Servicer Event of Termination shall
      not have been remedied within the applicable grace period, (x) with respect
      solely to clause (i)(A) above, if such Advance is not made by 5:00 P.M., New
      York time, on the Business Day immediately following the Servicer Remittance
      Date (provided the Trustee shall give the Servicer notice of such failure to
      advance by 5:00 P.M. New York time on the Servicer Remittance Date), the Trustee
      shall, at the direction of the NIMS Insurer, terminate all of the rights and
      obligations of the Servicer under this Agreement, to the extent permitted by
      law, and in and to the Mortgage Loans and the proceeds thereof and the Trustee,
      or a successor servicer appointed in accordance with Section 7.02, shall
      immediately make such Advance and assume, pursuant to Section 7.02, the duties
      of a successor Servicer and (y) in the case of (i)(B), (ii), (iii), (iv), (v)
      or
      (vi) above, the Trustee shall, at the direction of the Depositor, the NIMS
      Insurer or the Holders of each Class of Regular Certificates evidencing
      Percentage Interests aggregating not less than 51%, by notice then given in
      writing to the Servicer (and to the Trustee if given by the NIMS Insurer or
      the
      Holders of Certificates), terminate all of the rights and obligations of the
      Servicer as servicer under this Agreement. Any such notice to the Servicer
      shall
      also be given to each Rating Agency, the Depositor and the Servicer. On or
      after
      the receipt by the Servicer (and by the Trustee if such notice is given by
      the
      Holders) of such written notice, all authority and power of the Servicer under
      this Agreement, whether with respect to the Certificates or the Mortgage Loans
      or otherwise, shall pass to and be vested in the Trustee pursuant to and under
      this Section; and, without limitation, and the Trustee is hereby authorized
      and
      empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact
      or otherwise, any and all documents and other instruments, and to do or
      accomplish all other acts or things necessary or appropriate to effect the
      purposes of such notice of termination, whether to complete the transfer and
      endorsement of each Mortgage Loan and related documents or otherwise. The
      Servicer agrees to cooperate with the Trustee (or the applicable successor
      Servicer) in effecting the termination of the responsibilities and rights of
      the
      Servicer hereunder, including, without limitation, the delivery to the Trustee
      of all documents and records requested by it to enable it to assume the
      Servicer’s functions under this Agreement within ten Business Days subsequent to
      such notice, the transfer within one Business Day subsequent to such notice
      to
      the Trustee (or the applicable successor Servicer) for the administration by
      it
      of all cash amounts that shall at the time be held by the Servicer and to be
      deposited by it in the Collection Account, the Distribution Account, any REO
      Account or any Servicing Account or that have been deposited by the Servicer
      in
      such accounts or thereafter received by the Servicer with respect to the
      Mortgage Loans or any REO Property received by the Servicer. All reasonable
      costs and expenses (including attorneys’ fees) incurred in connection with
      transferring the Mortgage Files to the successor Servicer and amending this
      Agreement to reflect such succession as Servicer pursuant to this Section shall
      be paid by the predecessor Servicer (or if the predecessor Servicer is the
      Trustee, the initial Servicer) upon presentation of reasonable documentation
      of
      such costs and expenses and to the extent not paid by the Servicer, by the
      Trust.

     

    
      	
              SECTION
                7.02  

            	
              Trustee
                to Act; Appointment of Successor.

            

    

     

    (a)  From
      the
      time the Servicer (and the Trustee, if notice is sent by the Holders) receives
      a
      notice of termination pursuant to Section 7.01 or 6.04, the Trustee (or such
      other successor Servicer as is approved in accordance with this Agreement)
      shall
      be the successor in all respects 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 and provisions hereof arising on
      and
      after its succession. Notwithstanding the foregoing, the parties hereto agree
      that the Trustee, in its capacity as successor Servicer, immediately will assume
      all of the obligations of the Servicer to make advances. Notwithstanding the
      foregoing, the Trustee, in its capacity as successor Servicer, shall not be
      responsible for the lack of information and/or documents that it cannot obtain
      through reasonable efforts. It is understood and agreed by the parties hereto
      that there will be a period of transition (not to exceed 90 days) before the
      transition of servicing obligations is fully effective.  As
      compensation therefor, the Trustee (or such other successor Servicer) shall
      be
      entitled to such compensation as the Servicer would have been entitled to
      hereunder if no such notice of termination had been given. Notwithstanding
      the
      above, (i) if the Trustee is unwilling to act as successor Servicer or (ii)
      if
      the Trustee is legally unable so to act, the Trustee shall appoint or petition
      a
      court of competent jurisdiction to appoint, any established housing and home
      finance institution, bank or other mortgage loan or home equity loan servicer
      having a net worth of not less than $50,000,000 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; provided, that the appointment of
      any
      such successor Servicer shall be approved by the NIMS Insurer (such approval
      not
      to be unreasonably withheld), as evidenced by the prior written consent of
      the
      NIMS Insurer, and will not result in the qualification, reduction or withdrawal
      of the ratings assigned to the Certificates by the Rating Agencies as evidenced
      by a letter to such effect from the Rating Agencies. Pending appointment of
      a
      successor to the Servicer hereunder, the Trustee shall act in such capacity
      as
      hereinabove provided. In connection with such appointment and assumption, the
      successor shall be entitled to receive compensation out of payments on Mortgage
      Loans in an amount equal to the compensation which the Servicer would otherwise
      have received pursuant to Section 3.18 (or such other compensation as the
      Trustee and such successor shall agree, not to exceed the Servicing Fee). The
      appointment of a successor Servicer shall not affect any liability of the
      predecessor Servicer which may have arisen under this Agreement prior to its
      termination as Servicer to pay any deductible under an insurance policy pursuant
      to Section 3.14, to reimburse the Trustee pursuant to Section 3.06 or to
      indemnify the Trustee or the NIMS Insurer pursuant to Section 8.05(c)), nor
      shall any successor Servicer be liable for any acts or omissions of the
      predecessor Servicer or for any breach by such Servicer of any of its
      representations or warranties contained herein or in any related document or
      agreement. The Trustee and such successor shall take such action, consistent
      with this Agreement, as shall be necessary to effectuate any such succession.
      All Servicing Transfer Costs shall be paid by the predecessor Servicer upon
      presentation of reasonable documentation of such costs, and if such predecessor
      Servicer defaults in its obligation to pay such costs, such costs shall be
      paid
      by the successor Servicer or the Trustee (in which case the successor Servicer
      or the Trustee, as applicable, shall be entitled to reimbursement therefor
      from
      the assets of the Trust).

     

    (b)  In
      the
      event of a Servicer Event of Termination, notwithstanding anything to the
      contrary above, the Trustee and the Depositor hereby agree that upon delivery
      to
      the Trustee by the Servicing Rights Pledgee of a letter signed by the Servicer
      within ten Business Days of when notification of such event shall have been
      provided to the Trustee, whereunder the Servicer shall resign as Servicer under
      this Agreement, the Servicing Rights Pledgee or its designee shall be appointed
      as successor Servicer (provided that at the time of such appointment the
      Servicing Rights Pledgee or such designee meets the requirements of a successor
      Servicer set forth above) and the Servicing Rights Pledgee agrees to be subject
      to the terms of this Agreement.

     

    (c)  Any
      successor to the Servicer, including the Trustee, shall during the term of
      its
      service as servicer continue to service and administer the Mortgage Loans for
      the benefit of Certificateholders, and maintain in force a policy or policies
      of
      insurance covering errors and omissions in the performance of its obligations
      as
      Servicer hereunder and a fidelity bond in respect of its officers, employees
      and
      agents to the same extent as the Servicer is so required pursuant to Section
      3.14.

     

    
      	
              SECTION
                7.03  

            	
              Waiver
                of Defaults.

            

    

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders and with
      the consent of the NIMS Insurer, waive any events permitting removal of the
      Servicer as servicer pursuant to this Article VII, provided, however, that
      the
      Majority Certificateholders may not waive a default in making a required
      distribution on a Certificate without the consent of the Holder of such
      Certificate and the consent of the NIMS Insurer. Upon any waiver of a past
      default, such default shall cease to exist and any Servicer Event of Termination
      arising therefrom shall be deemed to have been remedied for every purpose of
      this Agreement. No such waiver shall extend to any subsequent or other default
      or impair any right consequent thereto except to the extent expressly so waived.
      Notice of any such waiver shall be given by the Trustee to the Rating Agencies
      and the NIMS Insurer.

     

    
      	
              SECTION
                7.04  

            	
              Notification
                to Certificateholders.

            

    

     

    (a)  Upon
      any
      termination or appointment of a successor to the Servicer pursuant to this
      Article VII or Section 6.04, the Trustee shall give prompt written notice
      thereof to the Certificateholders at their respective addresses appearing in
      the
      Certificate Register, the NIMS Insurer and each Rating Agency.

     

    (b)  No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute a Servicer Event of
      Termination for five Business Days after a Responsible Officer of the Trustee
      becomes aware of the occurrence of such an event, the Trustee shall transmit
      by
      mail to all Certificateholders and to the NIMS Insurer notice of such occurrence
      unless such default or Servicer Event of Termination shall have been waived
      or
      cured.

     

    
      	
              SECTION
                7.05  

            	
              Survivability
                of Servicer Liabilities.

            

    

     

    Notwithstanding
      anything herein to the contrary, upon termination of the Servicer hereunder,
      any
      liabilities of the Servicer which accrued prior to such termination shall
      survive such termination.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VIII

     

    THE
      TRUSTEE

     

    
      	
              SECTION
                8.01  

            	
              Duties
                of Trustee.

            

    

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Termination and after
      the curing of all Servicer Events of Termination which may have occurred,
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in this Agreement. If a Servicer Event of Termination has occurred (which
      has not been cured) of which a Responsible Officer has knowledge, the Trustee
      shall exercise such of the rights and powers vested in it by this Agreement,
      and
      use the same degree of care and skill in their exercise, as a prudent man would
      exercise or use under the circumstances in the conduct of his own
      affairs.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement; provided, however, that the Trustee will not
      be
      responsible for the accuracy or content of any such resolutions, certificates,
      statements, opinions, reports, documents or other instruments. If any such
      instrument is found not to conform to the requirements of this Agreement in
      a
      material manner the Trustee shall take such action as it deems appropriate
      to
      have the instrument corrected, and if the instrument is not corrected to the
      Trustee’s satisfaction, the Trustee will provide notice thereof to the
      Certificateholders and the NIMS Insurer.

     

    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 misconduct; provided, however, that:

     

    (i)  prior
      to
      the occurrence of a Servicer Event of Termination, and after the curing of
      all
      such Servicer Events of Termination which may have occurred, the duties and
      obligations of the Trustee shall be determined solely by the express provisions
      of this Agreement, the Trustee shall not be liable except for the performance
      of
      such duties and obligations as are specifically set forth in this Agreement,
      no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee and, in the absence of bad faith on the part of the Trustee, the Trustee
      may conclusively rely, as to the truth of the statements and the correctness
      of
      the opinions expressed therein, upon any certificates or opinions furnished
      to
      the Trustee and conforming to the requirements of this Agreement;

     

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

     

    (iii)  the
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of the NIMS Insurer or the Majority Certificateholders relating to
      the
      time, method and place of conducting any proceeding for any remedy available
      to
      the Trustee, or exercising or omitting to exercise any trust or power conferred
      upon the Trustee, under this Agreement; and

     

    (iv)  the
      Trustee shall not be charged with knowledge of any failure by the Servicer
      to
      comply with the obligations of the Servicer referred to in clauses (i) and
      (ii)
      of Section 7.01(a) or of the existence of any Servicer Event of Termination
      unless a Responsible Officer of the Trustee at the Corporate Trust Office
      obtains actual knowledge of such failure or the Trustee receives written notice
      of such failure from the Depositor, the Servicer, the NIMS Insurer or the
      Majority Certificateholders.

     

    The
      Trustee shall not be required 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 there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Servicer under this Agreement, except during such time, if any, as the
      Trustee shall be the successor to, and be vested with the rights, duties, powers
      and privileges of, the Servicer in accordance with the terms of this
      Agreement.

     

    
      	
              SECTION
                8.02  

            	
              Certain
                Matters Affecting the Trustee.

            

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  the
      Trustee may request and rely upon, and shall be protected in acting or
      refraining from acting upon, any resolution, Officers’ Certificate, certificate
      of auditors or any other certificate, statement, instrument, opinion, report,
      notice, request, consent, order, appraisal, bond or other paper or document
      reasonably believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties, and the manner of obtaining consents and of
      evidencing the authorization of the execution thereof by Certificateholders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe;

     

    (ii)  the
      Trustee may consult with counsel and any 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;

     

    (iii)  the
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Agreement, or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or direction
      of any of the Certificateholders or the NIMS Insurer, pursuant to the provisions
      of this Agreement, unless such Certificateholders or the NIMS Insurer, as
      applicable shall have offered to the Trustee reasonable security or indemnity
      against the costs, expenses and liabilities which may be incurred therein or
      thereby; the right of the Trustee to perform any discretionary act enumerated
      in
      this Agreement shall not be construed as a duty, and the Trustee shall not
      be
      answerable for other than its negligence or willful misconduct in the
      performance of any such act;

     

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

     

    (v)  prior
      to
      the occurrence of a Servicer Event of Termination and after the curing of all
      Servicer Events of Termination which may have occurred, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or documents, unless
      requested in writing to do so by the NIMS Insurer or the Majority
      Certificateholder; provided, however, that if the payment within a reasonable
      time to the Trustee of the costs, expenses or liabilities likely to be incurred
      by it in the making of such investigation is, in the opinion of the Trustee,
      not
      reasonably assured to the Trustee by the security afforded to it by the terms
      of
      this Agreement, the Trustee may require reasonable indemnity against such cost,
      expense or liability as a condition to such proceeding. The reasonable expense
      of every such examination shall be paid by the Servicer or the NIMS Insurer
      (if
      requested by the NIMS Insurer) or, if paid by the Trustee, shall be reimbursed
      by the Servicer or the NIMS Insurer (if requested by the NIMS Insurer) upon
      demand and, if not reimbursed by the Servicer or the NIMS Insurer (if requested
      by the NIMS Insurer), shall be reimbursed by the Trust. Nothing in this clause
      (v) shall derogate from the obligation of the Servicer to observe any applicable
      law prohibiting disclosure of information regarding the Mortgagors;

     

    (vi)  the
      Trustee shall not be accountable, shall have no liability and makes no
      representation as to any acts or omissions hereunder of the Servicer until
      such
      time as the Trustee may be required to act as Servicer pursuant to Section
      7.02
      and thereupon only for the acts or omissions of the Trustee as successor
      Servicer;

     

    (vii)  the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys, custodians
      or
      nominees;

     

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

     

    (ix)  the
      Trustee shall not be personally liable for any loss resulting from the
      investment of funds held in the Collection Account or the REO Account made
      at
      the direction of the Servicer pursuant to Section 3.12; and

     

    (x)  the
      Trustee or its Affiliates are permitted to receive 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 Permitted Investments and (iii)
      effecting transactions in certain Permitted Investments.  Such
      compensation shall not be considered an amount that is reimbursable or payable
      pursuant to Section 3.11.

     

    In
      order
      to comply with its duties under the U.S. Patriot Act, the Trustee shall obtain
      and verify certain information and documentation from the other parties hereto,
      including, but not limited to, such parties’ name, address and other identifying
      information.

     

    
      	
              SECTION
                8.03  

            	
              Trustee
                Not Liable for Certificates or Mortgage
                Loans.

            

    

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee on the Certificates) shall be taken as the statements of the
      Depositor, and the Trustee assumes no responsibility for the correctness of
      the
      same. The Trustee makes no representations as to the validity or sufficiency
      of
      this Agreement or of the Certificates (other than the signature and
      authentication of the Trustee on the Certificates) or of any Mortgage Loan
      or
      related document other than with respect to the Trustee’s execution and
      authentication of the Certificates. The Trustee shall not be accountable for
      the
      use or application by the Servicer, or for the use or application of any funds
      paid to the Servicer in respect of the Mortgage Loans or deposited in or
      withdrawn from the Collection Account by the Servicer. The Trustee shall at
      no
      time have any responsibility or liability for or with respect to the legality,
      validity and enforceability of any Mortgage or any Mortgage Loan, or the
      perfection and priority of any Mortgage or the maintenance of any such
      perfection and priority, or for or with respect to the sufficiency of the Trust
      or its ability to generate the payments to be distributed to Certificateholders
      under this Agreement, including, without limitation: the existence, condition
      and ownership of any Mortgaged Property; the existence and enforceability of
      any
      hazard insurance thereon (other than if the Trustee shall assume the duties
      of
      the Servicer pursuant to Section 7.02); the validity of the assignment of any
      Mortgage Loan to the Trustee or of any intervening assignment; the completeness
      of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other
      than if the Trustee shall assume the duties of the Servicer pursuant to Section
      7.02); the compliance by the Depositor, the Originator or the Servicer with
      any
      warranty or representation made under this Agreement or in any related document
      or the accuracy of any such warranty or representation prior to the Trustee’s
      receipt of notice or other discovery of any non-compliance therewith or any
      breach thereof; any investment of monies by or at the direction of the Servicer
      or any loss resulting therefrom, it being understood that the Trustee shall
      remain responsible for any Trust property that it may hold in its individual
      capacity; the acts or omissions of any of the Servicer (other than if the
      Trustee shall assume the duties of the Servicer pursuant to Section 7.02),
      any
      Sub-Servicer or any Mortgagor; any action of the Servicer (other than if the
      Trustee shall assume the duties of the Servicer pursuant to Section 7.02),
      or
      any Sub- Servicer taken in the name of the Trustee; the failure of the Servicer
      or any Sub-Servicer to act or perform any duties required of it as agent of
      the
      Trustee hereunder; or any action by the Trustee taken at the instruction of
      the
      Servicer (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02); provided, however, that the foregoing shall not
      relieve the Trustee of its obligation to perform its duties under this
      Agreement, including, without limitation, the Trustee’s duty to review the
      Mortgage Files pursuant to Section 2.01. The Trustee shall have no
      responsibility for filing any financing or continuation statement in any public
      office at any time or to otherwise perfect or maintain the perfection of any
      security interest or lien granted to it hereunder (unless the Trustee shall
      have
      become the successor Servicer).

     

    
      	
              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 Trustee
      and
      may transact any banking and trust business with the Originator, the Servicer,
      the Depositor or their Affiliates.

     

    
      	
              SECTION
                8.05  

            	
              Trustee
                Compensation, Custodial Fee and
                Expenses.

            

    

     

    (a)  On
      each
      Distribution Date, prior to making any distributions to Certificateholders,
      the
      Trustee shall withdraw from the Distribution Account and pay to itself the
      Trustee Compensation payable on such Distribution Date consisting of all income
      earned on amounts on deposit in the Distribution Account. The Trustee shall
      be
      provided a copy of the separate fee schedule between the Depositor and the
      Custodian.  The Trustee shall withdraw from the Distribution Account
      on each Distribution Date and pay to the Custodian, the Custodial Fee prior
      to
      making any distributions to Certificateholders.

     

    (b)  The
      Trustee, or any director, officer, employee or agent of the Trustee, shall
      be
      indemnified by the Trust Fund and held harmless against any loss, liability
      or
      expense (not including expenses and disbursements incurred or made by the
      Trustee, including the compensation and the expenses and disbursements of its
      agents and counsel, in the ordinary course of the Trustee’s performance in
      accordance with the provisions of this Agreement) incurred by the Trustee
      arising out of or in connection with the acceptance or administration of its
      obligations and duties under this Agreement, other than any loss, liability
      or
      expense (i) resulting from a breach of the Servicer’s obligations and duties
      under this Agreement for which the Trustee is indemnified under Section 8.05(b)
      or (ii) any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or negligence of the Trustee in the performance of its
      duties hereunder or by reason of the Trustee’s reckless disregard of obligations
      and duties hereunder or as a result of a breach of the Trustee’s obligations
      under Article X hereof.  It is understood by the parties hereto that a
“claim” as used in the preceding sentence includes any claim for indemnification
      made by the Custodian under Section 22 of the Custodial Agreement; provided,
      however, that the Trustee shall not lose any right it may have to
      indemnification under this Section 8.05 due to the willful misfeasance, bad
      faith or negligence of the Custodian in the performance of its duties under
      the
      Custodial Agreement or by reason of the Custodian’s reckless disregard of its
      obligations and duties under the Custodial Agreement.  Any amounts
      payable to the Trustee, or any director, officer, employee or agent of the
      Trustee, in respect of the indemnification provided by this Section 8.05(a),
      or
      pursuant to any other right of reimbursement from the Trust Fund that the
      Trustee, or any director, officer, employee or agent of the Trustee, may have
      hereunder in its capacity as such, may be withdrawn by the Trustee from the
      Distribution Account at any time.  The foregoing indemnity shall
      survive the resignation or removal of the Trustee.

     

    (c)  The
      Servicer agrees to indemnify the Trustee, the NIMS Insurer, the Custodian or
      any
      director, officer, employee or agent of the Trustee, the NIMS Insurer or
      Custodian from, and hold it harmless against, any loss, liability or expense
      resulting from a breach of the Servicer’s obligations and duties under this
      Agreement. Such indemnity shall survive the termination or discharge of this
      Agreement and the resignation or removal of the Trustee and the Servicer for
      actions prior to such resignation or removal. Any payment hereunder made by
      the
      Servicer to the Trustee shall be from the Servicer’s own funds, without
      reimbursement from the Trust Fund therefor.

     

    
      	
              SECTION
                8.06  

            	
              Eligibility
                Requirements for Trustee.

            

    

     

    The
      Trustee hereunder shall at all times be an entity duly organized and validly
      existing under the laws of the United States of America or any state thereof,
      authorized under such laws to exercise corporate trust powers, having a combined
      capital and surplus of at least $50,000,000 and subject to supervision or
      examination by federal or state authority. If such entity publishes reports
      of
      condition at least annually, pursuant to law or to the requirements of the
      aforesaid supervising or examining authority, then for the purposes of this
      Section 8.06, the combined capital and surplus of such entity shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. The principal office of the Trustee (other than the
      initial Trustee) shall be in a state with respect to which an Opinion of Counsel
      has been delivered to such Trustee and the NIMS Insurer at the time such Trustee
      is appointed Trustee to the effect that the Trust will not be a taxable entity
      under the laws of such state. In case at any time the Trustee shall cease to
      be
      eligible in accordance with the provisions of this Section 8.06, the Trustee
      shall resign immediately in the manner and with the effect specified in Section
      8.07.

     

    
      	
              SECTION
                8.07  

            	
              Resignation
                or Removal of Trustee.

            

    

     

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

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Depositor or the NIMS Insurer if at any time the Trustee shall be legally unable
      to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the
      Trustee or of its property shall be appointed, or any public officer shall
      take
      charge or control of the Trustee or of its property or affairs for the purpose
      of rehabilitation, conservation or liquidation, then the Depositor, the Servicer
      or the NIMS Insurer may remove the Trustee. If the Depositor, the Servicer
      or
      the NIMS Insurer removes the Trustee under the authority of the immediately
      preceding sentence, the Depositor, with the consent of the NIMS Insurer, shall
      promptly appoint a successor Trustee by written instrument, in duplicate, one
      copy of which instrument shall be delivered to the Trustee so removed and one
      copy to the successor trustee.

     

    The
      Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee
      to perform its obligations hereunder) may at any time remove the Trustee by
      written instrument or instruments delivered to the Servicer, the Depositor,
      the
      Swap Provider and the Trustee; the Depositor shall thereupon use its best
      efforts to appoint a successor trustee acceptable to the NIMS Insurer in
      accordance with this Section.

     

    Any
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee as provided
      in Section 8.08.

     

    Any
      Person appointed as successor trustee pursuant to this Agreement shall also
      be
      required to serve as successor supplemental interest trust trustee under the
      Interest Rate Swap Agreement.

     

    
      	
              SECTION
                8.08  

            	
              Successor
                Trustee.

            

    

     

    Any
      successor Trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the NIMS Insurer, the Depositor, the Servicer, the
      Swap Provider and to its predecessor Trustee an instrument accepting such
      appointment hereunder, and thereupon the resignation or removal of the
      predecessor Trustee shall become effective, and such successor Trustee, without
      any further act, deed or conveyance, shall become fully vested with all the
      rights, powers, duties and obligations of its predecessor hereunder, with like
      effect as if originally named as Trustee. 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 fully and certainly vesting and
      confirming in the successor Trustee all such rights, powers, duties and
      obligations.

     

    No
      successor Trustee shall accept appointment as provided in this Section 8.08
      unless at the time of such acceptance such successor Trustee shall be eligible
      under the provisions of Section 8.06 and the appointment of such successor
      Trustee shall not result in a downgrading of the Regular Certificates by either
      Rating Agency, as evidenced by a letter from each Rating Agency.

     

    Upon
      acceptance of appointment by a successor Trustee as provided in this Section
      8.08, the successor Trustee shall mail notice of the appointment of a successor
      Trustee hereunder to all Holders of Certificates at their addresses as shown
      in
      the Certificate Register and to each Rating Agency.

     

    
      	
              SECTION
                8.09  

            	
              Merger
                or Consolidation of Trustee.

            

    

     

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

     

    
      	
              SECTION
                8.10  

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            

    

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust or
      any
      Mortgaged Property may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee and the
      NIMS
      Insurer 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, and
      to
      vest in such Person or Persons, in such capacity and for the benefit of the
      Certificateholders, such title to the Trust, or any part thereof, 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 necessary or
      desirable. Any such co-trustee or separate trustee shall be subject to the
      written approval of the Servicer and the NIMS Insurer. If the Servicer and
      the
      NIMS Insurer shall not have joined in such appointment within 15 days after
      the
      receipt by it of a request so to do, or in the case a Servicer Event of
      Termination 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. The
      Servicer shall be responsible for the fees of any co-trustee or separate trustee
      appointed hereunder.

     

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

     

    (i)  all
      rights, powers, duties and obligations conferred or imposed upon the Trustee
      shall be conferred or imposed upon and exercised or performed by the Trustee
      and
      such separate trustee or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed (whether
      as
      Trustee hereunder or as successor to the Servicer hereunder), the Trustee shall
      be incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to the
      Trust or any portion thereof in any such jurisdiction) shall be exercised and
      performed singly by such separate trustee or co-trustee, but solely at the
      direction of the Trustee;

     

    (ii)  no
      trustee hereunder shall be held personally liable by reason of any act or
      omission of any other trustee hereunder; and

     

    (iii)  the
      Servicer and the Trustee, acting jointly and with the consent of the NIMS
      Insurer, may at any time accept the resignation of or remove any separate
      trustee or co-trustee except that following the occurrence of a Servicer Event
      of Termination, the Trustee acting alone may accept the resignation or remove
      any separate trustee or co-trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. Each separate trustee and co-trustee, upon its acceptance of the trusts
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy thereof given to
      the
      Depositor, the Servicer and the NIMS Insurer.

     

    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  

            	
              Limitation
                of Liability.

            

    

     

    The
      Certificates are executed by the Trustee, not in its individual capacity but
      solely as Trustee of the Trust, in the exercise of the powers and authority
      conferred and vested in it by the Trust Agreement. Each of the undertakings
      and
      agreements made on the part of the Trustee in the Certificates is made and
      intended not as a personal undertaking or agreement by the Trustee but is made
      and intended for the purpose of binding only the Trust.

     

    
      	
              SECTION
                8.12  

            	
              Trustee
                May Enforce Claims Without Possession of
                Certificates.

            

    

     

    (a)  All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee, its agents and counsel, be for the
      ratable benefit of the Certificateholders in respect of which such judgment
      has
      been recovered.

     

    (b)  The
      Trustee shall afford the Originator, the Depositor, the Servicer, the NIMS
      Insurer and each Certificateholder upon reasonable prior notice during normal
      business hours, access to all records maintained by the Trustee in respect
      of
      its duties hereunder and access to officers of the Trustee responsible for
      performing such duties. Upon request, the Trustee shall furnish the Depositor,
      the Servicer, the NIMS Insurer and any requesting Certificateholder with its
      most recent financial statements. The Trustee shall cooperate fully with the
      Originator, the Servicer, the NIM Insurer, the Depositor and such
      Certificateholder and shall make available to the Originator, the Servicer,
      the
      Depositor, the NIMS Insurer and such Certificateholder for review and copying
      such books, documents or records as may be requested with respect to the
      Trustee’s duties hereunder. The Originator, the Depositor, the Servicer and the
      Certificateholders shall not have any responsibility or liability for any action
      or failure to act by the Trustee and are not obligated to supervise the
      performance of the Trustee under this Agreement or otherwise.

     

    
      	
              SECTION
                8.13  

            	
              Suits
                for Enforcement.

            

    

     

    In
      case a
      Servicer Event of Termination or other default by the Servicer or the Depositor
      hereunder shall occur and be continuing, the Trustee, shall, at the direction
      of
      the Majority Certificateholders or the NIMS Insurer, or may, proceed to protect
      and enforce its rights and the rights of the Certificateholders or the NIMS
      Insurer under this Agreement by a suit, action or proceeding in equity or at
      law
      or otherwise, whether for the specific performance of any covenant or agreement
      contained in this Agreement or in aid of the execution of any power granted
      in
      this Agreement or for the enforcement of any other legal, equitable or other
      remedy, as the Trustee, being advised by counsel, and subject to the foregoing,
      shall deem most effectual to protect and enforce any of the rights of the
      Trustee, the NIMS Insurer and the Certificateholders.

     

    
      	
              SECTION
                8.14  

            	
              Waiver
                of Bond Requirement.

            

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee post a bond or other surety with any court, agency
      or
      body whatsoever.

     

    
      	
              SECTION
                8.15  

            	
              Waiver
                of Inventory, Accounting and Appraisal
                Requirement.

            

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee file any inventory, accounting or appraisal of the
      Trust with any court, agency or body at any time or in any manner
      whatsoever.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

    
      	
              SECTION
                9.01  

            	
              REMIC
                Administration.

            

    

     

    (a)  REMIC
      elections as set forth in the Preliminary Statement shall be made by the Trustee
      on Form 1066 or other appropriate federal tax or information return for the
      taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code.

     

    (c)  The
      Trustee shall pay any and all expenses relating to any tax audit of any REMIC
      (including, but not limited to, any professional fees or any administrative
      or
      judicial proceedings with respect to any Trust REMIC that involve the Internal
      Revenue Service or state tax authorities), including the expense of obtaining
      any tax related Opinion of Counsel.  The Trustee shall be entitled to
      reimbursement of expenses incurred pursuant to this Section 9.01(c) to the
      extent provided in Section 8.05.

     

    (d)  The
      Trustee shall prepare, sign and file, all of the REMICs’ federal and state tax
      and information returns (including Form 8811) as the direct representative
      each
      REMIC created hereunder. The expenses of preparing and filing such returns
      shall
      be borne by the Trustee.

     

    (e)  The
      Holder of the Class R Certificate at any time holding the largest Percentage
      Interest thereof shall be the “tax matters person” as defined in the REMIC
      Provisions (the related “Tax Matters Person”) with respect to REMIC 1, REMIC 2,
      REMIC 3 and REMIC 4 and shall act as Tax Matters Person for each such
      REMIC.  The Holder of the Class R-X Certificate at any time holding
      the largest Percentage Interest thereof shall be the Tax Matters Person with
      respect to REMIC 5, REMIC 6 and REMIC 7 and shall act as Tax Matters Person
      for
      each such REMIC.  The Trustee, as agent for the Tax Matters Person,
      shall perform on behalf of each REMIC all reporting and other tax compliance
      duties that are the responsibility of such REMIC under the Code, the REMIC
      Provisions, or other compliance guidance issued by the Internal Revenue Service
      or any state or local taxing authority. Among its other duties, if required
      by
      the Code, the REMIC Provisions, or other such guidance, the Trustee, as agent
      for the Tax Matters Person, shall provide (i) to the Treasury or other
      governmental authority such information as is necessary for the application
      of
      any tax relating to the transfer of a Residual Certificate to any disqualified
      person or organization and (ii) to the Certificateholders such information
      or
      reports as are required by the Code or REMIC Provisions.  The Trustee,
      as agent for the Tax Matters Person, shall represent each REMIC 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 any REMIC, enter into settlement agreements with any
      government taxing agency, extend any statute of limitations relating to any
      item
      of any REMIC and otherwise act on behalf of any REMIC in relation to any tax
      matter involving the Trust.

     

    (f)  The
      Trustee, the Servicer and the Holders of Certificates shall take any action
      or
      cause the REMIC to take any action necessary to create or maintain the status
      of
      each REMIC as a REMIC under the REMIC Provisions and shall assist each other
      as
      necessary to create or maintain such status. Neither the Trustee, the Servicer
      nor the Holder of any Residual Certificate shall take any action, cause any
      REMIC created hereunder to take any action or fail to take (or fail to cause
      to
      be taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could (i) endanger the status of such REMIC as a REMIC or
      (ii)
      result in the imposition of a tax upon such REMIC (including but not limited
      to
      the tax on prohibited transactions as defined in Code Section 860F(a)(2) and
      the
      tax on prohibited contributions set forth on Section 860G(d) of the Code)
      (either such event, an “Adverse REMIC Event”) unless the Trustee, the NIMS
      Insurer and the Servicer have received an Opinion of Counsel (at the expense
      of
      the party seeking to take such action) to the effect that the contemplated
      action will not endanger such status or result in the imposition of such a
      tax.
      In addition, prior to taking any action with respect to any REMIC created
      hereunder or the assets therein, or causing such REMIC to take any action,
      which
      is not expressly permitted under the terms of this Agreement, any Holder of
      a
      Residual Certificate will consult with the Trustee, the NIMS Insurer and the
      Servicer, or their respective designees, in writing, with respect to whether
      such action could cause an Adverse REMIC Event to occur with respect to any
      REMIC, and no such Person shall take any such action or cause any REMIC to
      take
      any such action as to which the Trustee, the NIMS Insurer or the Servicer has
      advised it in writing that an Adverse REMIC Event could occur.

     

    (g)  Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      each REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such Trust taxes are not paid by a Residual Certificateholder,
      the Trustee shall pay any remaining REMIC taxes out of current or future amounts
      otherwise distributable to the Holder of the Residual Certificate in the REMICs
      or, if no such amounts are available, out of other amounts held in the
      Distribution Account, and shall reduce amounts otherwise payable to Holders
      of
      regular interests in the related REMIC.  Subject to the foregoing, in
      the event that a REMIC incurs a state or local tax, including franchise taxes,
      as a result of a determination that such REMIC is domiciled in the State of
      California for state tax purposes by virtue of the location of the Servicer,
      the
      Servicer agrees to pay on behalf of such REMIC when due, any and all state
      and
      local taxes imposed as a result of such a determination, in the event that
      the
      Holder of the related Residual Certificate fails to pay such taxes, if any,
      when
      imposed.

     

    (h)  The
      Trustee, as agent for the Tax Matters Person, shall, for federal income tax
      purposes, maintain books and records with respect to each REMIC created
      hereunder on a calendar year and on an accrual basis.

     

    (i)  No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

     

    (j)  Neither
      the Trustee nor the Servicer shall enter into any arrangement by which any
      REMIC
      created hereunder will receive a fee or other compensation for
      services.

     

    (k)  [Reserved].

     

    (l)  The
      Trustee will apply for an Employee Identification Number from the Internal
      Revenue Service via a Form SS-4 or other acceptable method for all tax entities
      and shall complete the Form 8811.

     

    
      	
              SECTION
                9.02  

            	
              Prohibited
                Transactions and Activities.

            

    

     

    Neither
      the Depositor, the Servicer nor the Trustee shall sell, dispose of, or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of any REMIC created hereunder pursuant to Article X
      of
      this Agreement, (iv) a substitution pursuant to Article II of this Agreement
      or
      (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement,
      nor
      acquire any assets for any REMIC, nor sell or dispose of any investments in
      the
      Distribution Account for gain, nor accept any contributions to either REMIC
      after the Closing Date, unless it and the NIMS Insurer have received an Opinion
      of Counsel (at the expense of the party causing such sale, disposition, or
      substitution) that such disposition, acquisition, substitution, or acceptance
      will not (a) affect adversely the status of any REMIC created hereunder as
      a
      REMIC or of the interests therein other than the Residual Certificates as the
      regular interests therein, (b) affect the distribution of interest or principal
      on the Certificates, (c) result in the encumbrance of the assets transferred
      or
      assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
      or (d) cause any REMIC created hereunder to be subject to a tax on prohibited
      transactions or prohibited contributions pursuant to the REMIC
      Provisions.

     

    
      	
              SECTION
                9.03  

            	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC
                Status.

            

    

     

    (a)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Servicer of its duties and obligations set forth herein,
      the
      Servicer shall indemnify the NIMS Insurer, the Trustee and the Trust Fund
      against any and all losses, claims, damages, liabilities or expenses (“Losses”)
      resulting from such negligence; provided, however, that the Servicer shall
      not
      be liable for any such Losses attributable to the action or inaction of the
      Trustee, the Depositor or the Holder of such Residual Certificate, as
      applicable, nor for any such Losses resulting from misinformation provided
      by
      the Holder of such Residual Certificate on which the Servicer has relied. The
      foregoing shall not be deemed to limit or restrict the rights and remedies
      of
      the Holder of such Residual Certificate now or hereafter existing at law or
      in
      equity. Notwithstanding the foregoing, however, in no event shall the Servicer
      have any liability (1) for any action or omission that is taken in accordance
      with and in compliance with the express terms of, or which is expressly
      permitted by the terms of, this Agreement, (2) for any Losses other than arising
      out of a negligent performance by the Servicer of its duties and obligations
      set
      forth herein, and (3) for any special or consequential damages to
      Certificateholders (in addition to payment of principal and interest on the
      Certificates).

     

    (b)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Trustee of its duties and obligations set forth herein,
      the
      Trustee shall indemnify the Trust Fund against any and all Losses resulting
      from
      such negligence; provided, however, that the Trustee shall not be liable for
      any
      such Losses attributable to the action or inaction of the Servicer, the
      Depositor or the Holder of such Residual Certificate, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Trustee has relied. The foregoing shall not
      be
      deemed to limit or restrict the rights and remedies of the Holder of such
      Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Trustee have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (2) for any Losses other than arising out of a
      negligent performance by the Trustee of its duties and obligations set forth
      herein, and (3) for any special or consequential damages to Certificateholders
      (in addition to payment of principal and interest on the
      Certificates).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      X

     

    TERMINATION

     

    
      	
              SECTION
                10.01  

            	
              Termination.

            

    

     

    (a)  The
      respective obligations and responsibilities of the Servicer, the Depositor
      and
      the Trustee created hereby (other than the obligation of the Trustee to make
      certain payments to Certificateholders after the final Distribution Date and
      the
      obligation of the Servicer to send certain notices as hereinafter set forth)
      shall terminate upon notice to the Trustee upon the earliest of (i) the
      Distribution Date on which the Certificate Principal Balances of the Regular
      Certificates have been reduced to zero, (ii) the final payment or other
      liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
      by the Terminator of the Mortgage Loans as described below and (iv) the
      Distribution Date in June 2037.  Notwithstanding the foregoing, in no
      event shall the trust created hereby continue beyond the expiration of 21 years
      from the death of the last survivor of the descendants of Joseph P. Kennedy,
      the
      late ambassador of the United States to the Court of St. James’s, living on the
      date hereof.

     

    The
      Servicer (in such context, the “Terminator”), may, at its option, terminate this
      Agreement on any date on which the aggregate Stated Principal Balance of the
      Mortgage Loans (after giving effect to scheduled payments of principal due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) on such date is equal to or less than 10% of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the Cut-off Date, by purchasing,
      on the next succeeding Distribution Date, all of the outstanding Mortgage Loans
      and REO Properties at a price equal to the greater of (i) the Stated Principal
      Balance of the Mortgage Loans (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and the appraised value of the REO Properties and (ii) fair market
      value
      of the Mortgage Loans and REO Properties (as determined and as agreed upon
      in
      their good faith business judgment (determined as provided in the last sentence
      of this paragraph) as of the Close of Business on the third Business Day next
      preceding the date upon which notice of any such termination is furnished to
      the
      related Certificateholders pursuant to Section 10.01(c) by (x) the Terminator,
      (y) the Holders of a majority in Percentage Interest in the Class C Certificates
      and (z) if the Floating-Rate Certificates will not receive all amounts owed
      to
      it as a result of the termination, the Trustee (provided that if this clause
      (z)
      applies to such determination, such determination shall, notwithstanding
      anything to the contrary herein, be based solely upon an appraisal obtained
      as
      provided in the last sentence of this paragraph)), plus accrued and unpaid
      interest thereon at the weighted average of the Mortgage Rates through the
      end
      of the Due Period preceding the final Distribution Date plus unreimbursed
      Servicing Advances, Advances, any unpaid Servicing Fees allocable to such
      Mortgage Loans and REO Properties, any accrued and unpaid Net WAC Rate Carryover
      Amounts and any Swap Termination Payment payable to the Swap Provider (the
      “Termination Price”); provided, however, such option may only be exercised if
      the Termination Price is sufficient to result in the payment of all interest
      accrued on, as well as amounts necessary to retire the principal balance of,
      each class of notes issued pursuant to the Indenture and any amounts owed to
      the
      NIMS Insurer (as it notifies the Trustee and Servicer in writing).  If
      the determination of the fair market value of the Mortgage Loans and REO
      Properties shall be required to be made and agreed upon by the Terminator,
      the
      Holders of a majority in Percentage Interest in the Class C Certificates and
      the
      Trustee as provided in (ii) above in their good faith business judgment, such
      determination shall be based on an appraisal of the value of the Mortgage Loans
      and REO Properties conducted by an independent appraiser mutually agreed upon
      by
      the Terminator, the Holders of a majority in Percentage Interest in the Class
      C
      Certificates and the Trustee in their reasonable discretion, and (A) such
      appraisal shall be obtained at no expense to the Trustee and (B) notwithstanding
      anything to the contrary above, the Trustee may solely and conclusively rely
      on,
      and shall be protected in relying on, such appraisal in making such
      determination.

     

    By
      acceptance of a Residual Certificate, the Holders of the Residual Certificates
      agree, in connection with any termination hereunder, to assign and transfer
      any
      amounts in excess of par, and to the extent received in respect of such
      termination, to pay any such amounts to the Holders of the Class R
      Certificates.

     

    (b)  In
      connection with any termination pursuant to this Section 10.01:

     

    (i)  At
      least
      twenty (20) days prior to the latest date on which notice of such optional
      termination is required to be mailed to the Certificateholders, the Terminator
      shall notify in writing (which may be done in electronic format) the Swap
      Provider and the Trustee of the final Distribution Date on which the Terminator
      intends to terminate the Trust Fund;

     

    (ii)  No
      later
      than 4:00 pm (New York City time) four (4) Business Days prior to the final
      Distribution Date specified in the notices required pursuant to Section 10.01,
      the Swap Provider shall notify in writing (in accordance with the applicable
      provisions of the Interest Rate Swap Agreement) (which may be done in electronic
      format) and by phone, the Terminator and the Trustee of the amount of the
      Estimated Swap Termination Payment; and

     

    (iii)  Three
      (3)
      Business Days prior to the final Distribution Date specified in the notices
      required pursuant to Sections 10.01, (x) the Terminator shall, no later than
      1:00 pm (New York City time) on such day, deliver to the Trustee and the Trustee
      shall deposit funds in the Distribution Account in an amount equal to the sum
      of
      the Termination Price (which shall be based on the Estimated Swap Termination
      Payment), and (y) if the Trustee shall have receieved an Officer’s Certificate
      stating that all of the requirements for Optional Termination have been met,
      including without limitation the deposit required pursuant to the immediately
      preceding clause (x) as well as the requirements specified in Section 10.01,
      then the Trustee shall, on the same Business Day, provide written notice (which
      may be done in electronic format) to the Terminator and the Swap Provider (in
      accordanace with the applicable provision of the Interest Rate Swap Agreement)
      confirming (a) its receipt of the Termination Price (which shall be based on
      the
      Estimated Swap Termination Payment), and (b) that all other requirements
      specified in Section 10.01 have been met (the “Optional Termination
      Notice”).  Upon the delivery of the Optional Termination Notice by the
      Trustee pursuant to the preceding sentence, (i) the optional termination shall
      become irrevocable, (ii) the notice to Certificateholders of such optional
      termination provided pursuant to Section 10.01 shall become unrescindable,
      (iii)
      the Swap Provider shall determine the Swap Termination Payment in accordance
      with the Interest Rate Swap Agreement (which shall not exceed the Estimated
      Swap
      Termination Payment), and (iv) the Swap Provider shall provide to the Trustee
      written notice of the amount of the Swap Termination Payment not later than
      two
      (2) Business Days prior to the final Distribution Date specified in the notices
      required pursuant to Sections 10.01.

     

    Upon
      a
      termination pursuant to this Section 10.01, the Trustee shall assign to the
      Terminator each of the representations and warranties made by the Originator
      and
      the Seller pursuant to the Master Agreement and the Assignment Agreement,
      without recourse, representation or warranty.

     

    In
      connection with any such purchase pursuant to this Section 10.01, the Terminator
      shall deposit in the Distribution Account all amounts then on deposit in the
      Collection Account, which deposit shall be deemed to have occurred immediately
      preceding such purchase.

     

    Any
      such
      purchase shall be accomplished by deposit into the Distribution Account on
      the
      Determination Date before such Distribution Date of the Termination
      Price.

     

    (c)  Notice
      of
      any termination, specifying the Distribution Date (which shall be a date that
      would otherwise be a Distribution Date) upon which the Certificateholders may
      surrender their Certificates to the Trustee for payment of the final
      distribution and cancellation, shall be given promptly by the Trustee upon
      the
      Trustee receiving notice of such date from the Terminator, by letter to the
      Certificateholders mailed not earlier than the 15th day and
      not later
      than the 25th
      day of the month next preceding the month of such final distribution specifying
      (1) the Distribution Date upon which final distribution of the Certificates
      will
      be made upon presentation and surrender of such Certificates at the office
      or
      agency of the Trustee therein designated, (2) the amount of any such final
      distribution and (3) that the Record Date otherwise applicable to such
      Distribution Date is not applicable, distributions being made only upon
      presentation and surrender of the Certificates at the office or agency of the
      Trustee therein specified.

     

    (d)  Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Holders of the Certificates on the Distribution Date for
      such
      final distribution, in proportion to the Percentage Interests of their
      respective Class and to the extent that funds are available for such purpose,
      an
      amount equal to the amount required to be distributed to such Holders in
      accordance with the provisions of Section 4.01 for such Distribution Date.
      By
      acceptance of the Residual Certificates, the Holders of the Residual
      Certificates agree, in connection with any termination hereunder, to assign
      and
      transfer any amounts in excess of the par value of the Mortgage Loans, and
      to
      the extent received in respect of such termination, to pay any such amounts
      to
      the Holders of the Class C Certificates.

     

    (e)  In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Trustee shall promptly following such date cause all funds in the Distribution
      Account not distributed in final distribution to Certificateholders to be
      withdrawn therefrom and credited to the remaining Certificateholders by
      depositing such funds in a separate Servicing Account for the benefit of such
      Certificateholders, and the Servicer (if the Servicer has exercised its right
      to
      purchase the Mortgage Loans) or the Trustee (in any other case) shall give
      a
      second written notice to the remaining Certificateholders, to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within nine months after the second notice all the Certificates
      shall not have been surrendered for cancellation, the Residual
      Certificateholders shall be entitled to all unclaimed funds and other assets
      which remain subject hereto, and the Trustee upon transfer of such funds shall
      be discharged of any responsibility for such funds, and the Certificateholders
      shall look to the Residual Certificateholders for payment.

     

    
      	
              SECTION
                10.02  

            	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event that the Terminator exercises its purchase option as provided in Section
      10.01, each REMIC shall be terminated in accordance with the following
      additional requirements, unless the Trustee shall have been furnished with
      an
      Opinion of Counsel to the effect that the failure of the Trust to comply with
      the requirements of this Section will not (i) result in the imposition of taxes
      on “prohibited transactions” of the Trust as defined in Section 860F of the Code
      or (ii) cause any REMIC constituting part of the Trust Fund to fail to qualify
      as a REMIC at any time that any Certificates are outstanding:

     

    (i)  Within
      90
      days prior to the final Distribution Date, the Terminator shall adopt and the
      Trustee shall sign a plan of complete liquidation of each REMIC created
      hereunder meeting the requirements of a “Qualified Liquidation” under Section
      860F of the Code and any regulations thereunder; and

     

    (ii)  At
      or
      after the time of adoption of such a plan of complete liquidation and at or
      prior to the final Distribution Date, the Trustee shall sell all of the assets
      of the Trust Fund to the Terminator for cash pursuant to the terms of the plan
      of complete liquidation.

     

    (b)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee as their attorney in fact to: (i) adopt such a plan of complete
      liquidation (and the Certificateholders hereby appoint the Trustee as their
      attorney in fact to sign such plan) as appropriate and (ii) to take such other
      action in connection therewith as may be reasonably required to carry out such
      plan of complete liquidation all in accordance with the terms
      hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	
              SECTION
                11.01  

            	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer and
      the Trustee with the consent of the NIMS Insurer and without the consent of
      the
      Certificateholders (i) to cure any ambiguity, (ii) to correct or supplement
      any
      provisions herein which may be defective or inconsistent with any other
      provisions herein or (iii) to make any other provisions with respect to matters
      or questions arising under this Agreement which shall not be inconsistent with
      the provisions of this Agreement; provided that such action shall not, as
      evidenced by either (a) an Opinion of Counsel delivered to the Trustee or (b)
      written notice to the Depositor, the Servicer and the Trustee from each Rating
      Agency that such action will not result in the reduction or withdrawal of the
      rating of any outstanding Class of Certificates with respect to which it is
      a
      Rating Agency, adversely affect in any material respect the interests of any
      Certificateholder. No amendment shall be deemed to adversely affect in any
      material respect the interests of any Certificateholder who shall have consented
      thereto, and no Opinion of Counsel or Rating Agency confirmation shall be
      required to address the effect of any such amendment on any such consenting
      Certificateholder.

     

    In
      addition, this Agreement may be amended from time to time by the Depositor,
      the
      Servicer and the Trustee with the consent of the NIMS Insurer, the Swap Provider
      and the Majority Certificateholders for the purpose of adding any provisions
      to
      or changing in any manner or eliminating any of the provisions of this Agreement
      or of modifying in any manner the rights of the Swap Provider or Holders of
      Certificates; provided, however, that no such amendment or waiver shall (x)
      reduce in any manner the amount of, or delay the timing of, payments on the
      Certificates or distributions which are required to be made on any Certificate
      without the consent of the Holder of such Certificate, (y) adversely affect
      in
      any material respect the interests of the Swap Provider or Holders of any Class
      of Certificates (as evidenced by either (i) an Opinion of Counsel delivered
      to
      the Trustee or (ii) written notice to the Depositor, the Servicer and the
      Trustee from each Rating Agency that such action will not result in the
      reduction or withdrawal of the rating of any outstanding Class of Certificates
      with respect to which it is a Rating Agency) in a manner other than as described
      in clause (x) above, without the consent of the Holders of Certificates of
      such
      Class evidencing at least a 66% Percentage Interest in such Class, or (z) reduce
      the percentage of Voting Rights required by clause (y) above without the consent
      of the Holders of all Certificates of such Class then outstanding. Upon approval
      of an amendment, a copy of such amendment shall be sent to the Rating
      Agencies.

     

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee shall not consent
      to any amendment to this Agreement unless it shall have first received an
      Opinion of Counsel, delivered by (and at the expense of) the Person seeking
      such
      Amendment and satisfactory to the NIMS Insurer, to the effect that such
      amendment will not result in the imposition of a tax on any REMIC created
      hereunder constituting part of the Trust Fund pursuant to the REMIC Provisions
      or cause any REMIC created hereunder constituting part of the Trust to fail
      to
      qualify as a REMIC at any time that any Certificates are outstanding and that
      the amendment is being made in accordance with the terms hereof.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the parties to this
      Agreement shall enter into any amendment to this Agreement that could reasonably
      be expected to have a material adverse effect on the interests of  the
      Swap Provider hereunder (excluding, for the avoidance of doubt, any amendment
      to
      this Agreement that is entered into solely for the purpose of appointing a
      successor servicer or trustee) without the prior written consent of the Swap
      Provider, which consent shall not be unreasonably withheld, conditioned or
      delayed.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the
      Servicer (but in no event at the expense of the Trustee), otherwise at the
      expense of the Trust, a copy of such amendment and the Opinion of Counsel
      referred to in the immediately preceding paragraph to the Servicer, the NIMS
      Insurer and each Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      to approve the particular form of any proposed amendment; instead it shall
      be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    The
      Trustee may, but shall not be obligated to, enter into any amendment pursuant
      to
      this Section 11.01 that affects its rights, duties and immunities under this
      Agreement or otherwise.

     

    
      	
              SECTION
                11.02  

            	
              Recordation
                of Agreement; Counterparts.

            

    

     

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

     

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

     

    
      	
              SECTION
                11.03  

            	
              Limitation
                on Rights of Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate this
      Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust, or (iii)
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third person
      by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 11.03 each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    
      	
              SECTION
                11.04  

            	
              Governing
                Law; Jurisdiction.

            

    

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws. With respect to any claim arising
      out
      of this Agreement, each party irrevocably submits to the exclusive jurisdiction
      of the courts of the State of New York and the United States District Court
      located in the Borough of Manhattan in The City of New York, and each party
      irrevocably waives any objection which it may have at any time to the laying
      of
      venue of any suit, action or proceeding arising out of or relating hereto
      brought in any such courts, irrevocably waives any claim that any such suit,
      action or proceeding brought in any such court has been brought in any
      inconvenient forum and further irrevocably waives the right to object, with
      respect to such claim, suit, action or proceeding brought in any such court,
      that such court does not have jurisdiction over such party, provided that
      service of process has been made by any lawful means.

     

    
      	
              SECTION
                11.05  

            	
              Notices.

            

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, by facsimile or by express delivery service, to
      (a)
      in the case of the Servicer, Option One Mortgage Corporation, 3 Ada, Irvine,
      California 92618, or such other address or telecopy number as may hereafter
      be
      furnished to the Depositor, the NIMS Insurer and the Trustee in writing by
      the
      Servicer, (b) in the case of the Trustee, Wells Fargo Bank, N.A., P.O. Box
      98,
      Columbia, Maryland 21046, Attention: Client Manager—Soundview 2007-OPT1, with a
      copy to Wells Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland
      21045-1951, Attention: Soundview Home Loan Trust Series 2007-OPT1, or such
      other
      address or telecopy number as may hereafter be furnished to the Depositor,
      the
      NIMS Insurer and the Servicer in writing by the Trustee, (c) in the case of
      the
      Depositor, Financial Asset Securities Corp., 600 Steamboat Road, Greenwich,
      Connecticut 06830, Attention: Legal, or such other address as may be furnished
      to the Servicer, the NIMS Insurer and the Trustee in writing by the Depositor,
      (d) in the case of the NIMS Insurer, such address furnished to the Depositor,
      the Servicer and the Trustee in writing by the NIMS Insurer, or such other
      address or telecopy number as may hereafter be furnished to the Depositor,
      the
      Servicer and the Trustee in writing by the NIMS Insurer or (e) in the case
      of
      the Swap Provider, Bear Stearns Financial Products, Inc. 383 Madison Avenue,
      36th Floor,
      New
      York, New York 10179, Attention: DPC Manager or such other address or telecopy
      number as may hereafter be furnished to the Depositor, the Servicer and the
      Trustee in writing by the Swap Provider. Any notice required or permitted to
      be
      mailed to a Certificateholder shall be given by first class mail, postage
      prepaid, at the address of such Holder as shown in the Certificate Register.
      Notice of any Servicer Event of Termination shall be given by telecopy and
      by
      certified mail. Any notice so mailed within the time prescribed in this
      Agreement shall be conclusively presumed to have duly been given when mailed,
      whether or not the Certificateholder receives such notice. A copy of any notice
      required to be telecopied hereunder shall also be mailed to the appropriate
      party in the manner set forth above.

     

    
      	
              SECTION
                11.06  

            	
              Severability
                of Provisions.

            

    

     

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

     

    
      	
              SECTION
                11.07  

            	
              Article
                and Section References.

            

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      	
              SECTION
                11.08  

            	
              Notice
                to the Rating Agencies and the NIMS
                Insurer.

            

    

     

    (a)  Each
      of
      the Trustee and the Servicer shall be obligated to use its best reasonable
      efforts promptly to provide notice to the Rating Agencies, the Swap Provider
      and
      the NIMS Insurer with respect to each of the following of which a Responsible
      Officer of the Trustee or Servicer, as the case may be, has actual
      knowledge:

     

    (i)  any
      material change or amendment to this Agreement;

     

    (ii)  the
      occurrence of any Servicer Event of Termination that has not been cured or
      waived;

     

    (iii)  the
      resignation or termination of the Servicer or the Trustee;

     

    (iv)  the
      final
      payment to Holders of the Certificates of any Class;

     

    (v)  any
      change in the location of any Account; and

     

    (vi)  if
      the
      Trustee is acting as successor Servicer pursuant to Section 7.02 hereof, any
      event that would result in the inability of the Trustee to make
      Advances.

     

    (b)  In
      addition, the Trustee shall promptly make available to each Rating Agency copies
      of each Statement to Certificateholders described in Section 4.03 hereof and
      the
      Servicer shall promptly make available to each Rating Agency copies of the
      following:

     

    (i)  each
      Annual Statement of Compliance described in Section 3.20 hereof;

     

    (ii)  each
      Attestation Report described in Section 3.21 hereof; and

     

    (iii)  each
      notice delivered pursuant to Section 7.01(a) hereof which relates to the fact
      that the Servicer has not made an Advance.

     

    Any
      such
      notice pursuant to this Section 11.08 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to (i) Moody’s Investors
      Service, Inc., 99 Church Street, New York, New York 10007 and (ii) Standard
      & Poor’s, a division of The McGraw-Hill Companies, Inc., 55 Water Street,
      41st Floor, New York, NY 10041, Attention: Residential Mortgage Surveillance
      Group.

     

    
      	
              SECTION
                11.09  

            	
              Further
                Assurances.

            

    

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    
      	
              SECTION
                11.10  

            	
              Third
                Party Rights.

            

    

     

    The
      NIMS
      Insurer and the Swap Provider shall each be deemed third-party beneficiaries
      of
      this Agreement to the same extent as if they were parties hereto, and shall
      have
      the right to enforce the provisions of this Agreement.

     

    
      	
              SECTION
                11.11  

            	
              Benefits
                of Agreement.

            

    

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders, the NIMS Insurer and the parties
      hereto and their successors hereunder, any benefit or any legal or equitable
      right, remedy or claim under this Agreement.

     

    
      	
              SECTION
                11.12  

            	
              Acts
                of Certificateholders.

            

    

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee and the Servicer. Such
      instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “act” of the Certificateholders
      signing such instrument or instruments. Proof of execution of any such
      instrument or of a writing appointing any such agent shall be sufficient for
      any
      purpose of this Agreement and conclusive in favor of the Trustee and the Trust,
      if made in the manner provided in this Section 11.11.

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    
      	
              SECTION
                11.13  

            	
              Intention
                of the Parties and Interpretation.

            

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and
      4.07 of this Agreement is to facilitate compliance by the Depositor with the
      provisions of Regulation AB promulgated by the SEC under the 1934 Act (17 C.F.R.
      §§ 229.1100-229.1123), as such may be amended from time to time and subject to
      clarification and interpretive advice as may be issued by the staff of the
      SEC
      from time to time.  Therefore, each of the parties agrees that (a) the
      obligations of the parties hereunder shall be interpreted in such a manner
      as to
      accomplish that purpose, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with 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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    
      	
              FINANCIAL
                ASSET SECURITIES CORP.,

              as
                Depositor

               

            
	 	 
	
              By:

            	
              /s/
                Pat Leo

            
	
              Name:

            	
              Pat
                Leo

            
	
              Title:

            	
              Vice
                President

            
	 
	 
	
              OPTION
                ONE MORTGAGE CORPORATION.,

              as
                Servicer

            
	 	 
	
              By:

            	
              /s/
                Charles R. Fulton

            
	
              Name:

            	
              Charles
                R. Fulton

            
	
              Title:

            	
              Vice
                President

            
	 
	 
	
              WELLS
                FARGO BANK, N.A., as Trustee and Supplemental Interest Trust
                Trustee

               

            
	 	 
	
              By:

            	
              /s/
                Graham Oglesby

            
	
              Name:

            	
              Graham
                Oglesby

            
	
              Title:

            	
              Vice
                President

            

    

    

     

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CONNECTICUT

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            

    

    

    On
      the
      ____ day of May, 2007 before me, a notary public in and for said State,
      personally appeared ___________________known to me to be a ____________________
      of Financial Asset Securities Corp., a Delaware corporation that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            

    

    

     

    On
      the____ day of May, 2007 before me, a notary public in and for said State,
      personally appeared ________________________known to me to be a
      ___________________ of Option One Mortgage Corporation, a corporation that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            

    

    

     

    On
      the
      ___ day of May, 2007 before me, a notary public in and for said State,
      personally appeared_______________________, known to me to be
      a(n)________________________  and ________________________, known to
      me to be a(n) ________________________of Wells Fargo Bank, N.A., 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 association, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

       EXHIBIT
        A-1

       

      FORM
        OF
        CLASS I-A-1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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”).

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH
        IN SECTION 5.02(d) OF THE AGREEMENT.

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $925,181,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $925,181,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AA 0

              
	 	 	 
	
                Class

              	
                :

              	
                I-A-1

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        I-A-1

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate
        and

      fixed
        rate mortgage loans (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class I-A-1 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class I-A-1 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class I-A-1 Certificate (obtained by dividing the Denomination
        of this Class I-A-1 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of April 1, 2007 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Wells Fargo
        Bank, N.A., a national banking association, as trustee (the “Trustee”). To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Class I-A-1 Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Class I-A-1 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 Class I-A-1 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
        Class I-A-1 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.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

       

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      [Reverse
        of Class I-A-1 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        will be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

       

      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:_________________

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                           Distributions
                  shall be made, by wire transfer or otherwise, in immediately
                  available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-2

       

      FORM
        OF
        CLASS II-A-1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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”).

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET
        FORTH  IN SECTION 5.02(d) OF THE AGREEMENT.

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $405,186,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $405,186,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AB 8

              
	 	 	 
	
                Class

              	
                :

              	
                II-A-1

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        II-A-1

       

       
        evidencing the Percentage Interest in the distributions allocable
        to  the Certificates of
        the
        above-referenced Class with
        respect to the Trust consisting of first lien 

      adjustable
        rate and fixed rate mortgage loans (the  “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class II-A-1 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class II-A-1 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class II-A-1 Certificate (obtained by dividing the
        Denomination of this Class II-A-1 Certificate by the Original Class Certificate
        Principal Balance) in certain monthly distributions with respect to a Trust
        consisting primarily of the Mortgage Loans deposited by Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of April 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class II-A-1 Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class II-A-1 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 Class II-A-1 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
        Class II-A-1 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.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

       

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      [Reverse
        of Class II-A-1 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        will be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

       

      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:_________________

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-3

       

      FORM
        OF
        CLASS II-A-2 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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”).

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET
        FORTH  IN SECTION 5.02(d) OF THE AGREEMENT.

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $171,843,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $171,843,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AC 6

              
	 	 	 
	
                Class

              	
                :

              	
                II-A-2

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        II-A-2

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate 

      and
        fixed
        rate mortgage loans (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class II-A-2 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class II-A-2 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class II-A-2 Certificate (obtained by dividing the
        Denomination of this Class II-A-2 Certificate by the Original Class Certificate
        Principal Balance) in certain monthly distributions with respect to a Trust
        consisting primarily of the Mortgage Loans deposited by Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of April 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class II-A-2 Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class II-A-2 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 Class II-A-2 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
        Class II-A-2 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.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

       

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      [Reverse
        of Class II-A-2 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        will be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      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.

       

      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:_________________

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-4

       

      FORM
        OF
        CLASS II-A-3 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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”).

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET
        FORTH  IN SECTION 5.02(d) OF THE AGREEMENT.

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $178,045,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $178,045,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AD 4

              
	 	 	 
	
                Class

              	
                :

              	
                II-A-3

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        II-A-3

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate and fixed rate mortgage loans
        (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class II-A-3 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class II-A-3 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class II-A-3 Certificate (obtained by dividing the
        Denomination of this Class II-A-3 Certificate by the Original Class Certificate
        Principal Balance) in certain monthly distributions with respect to a Trust
        consisting primarily of the Mortgage Loans deposited by Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of April 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class II-A-3 Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class II-A-3 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 Class II-A-3 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
        Class II-A-3 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.

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

       

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of\

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      [Reverse
        of Class II-A-3 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        will be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      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.

       

      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:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-5

       

      FORM
        OF
        CLASS II-A-4 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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”).

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET
        FORTH  IN SECTION 5.02(d) OF THE AGREEMENT.

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $62,246,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $62,246,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AE 2

              
	 	 	 
	
                Class

              	
                :

              	
                II-A-4

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        II-A-4

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate and fixed rate mortgage loans
        (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class II-A-4 Certificate
        at any time may be less than the Initial Certificate Principal Balance set
        forth
        on the face hereof, as described herein. This Class II-A-4 Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class II-A-4 Certificate (obtained by dividing the
        Denomination of this Class II-A-4 Certificate by the Original Class Certificate
        Principal Balance) in certain monthly distributions with respect to a Trust
        consisting primarily of the Mortgage Loans deposited by Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of April 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class II-A-4 Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class II-A-4 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 Class II-A-4 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
        Class II-A-4 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.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [Reverse
        of Class II-A-4 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        will be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      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.

       

      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:_________________

       

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-6

       

      FORM
        OF
        CLASS X CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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”).

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
        CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET
        FORTH  IN SECTION 5.02(d) OF THE AGREEMENT.

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Notional Amount

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $2,110,503,000.00

              
	 	 	 
	
                Original
                  Notional Amount of this Class

              	
                :

              	
                $2,110,503,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AR 3

              
	 	 	 
	
                Class

              	
                :

              	
                X

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        X

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate and fixed rate mortgage loans
        (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class X Certificate (obtained by dividing the Denomination
        of
        this Class X Certificate by the Original Notional Amount) in certain monthly
        distributions with respect to a Trust consisting primarily of the Mortgage
        Loans
        deposited by Financial Asset Securities Corp. (the “Depositor”). The Trust was
        created pursuant to a Pooling and Servicing Agreement dated as of April 1,
        2007
        (the “Agreement”) among the Depositor, Option One Mortgage Corporation, as
        servicer (the “Servicer”), and Wells Fargo Bank, N.A., a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class X Certificate is issued under and is subject to the terms, provisions
        and
        conditions of the Agreement, to which Agreement the Holder of this Class
        X
        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 Class X 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
        Class X 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.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [Reverse
        of Class X Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registerable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        will be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee of this
        Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
        Person acting, directly or indirectly, on behalf of any such Plan or any
        person
        using Plan Assets to acquire this Certificate shall be deemed to have made
        the
        representation made except in accordance with Section 5.02(d) of the
        Agreement.

       

      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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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.

       

      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:_________________

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        A-7

       

      FORM
        OF
        CLASS M-1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES AND THE CLASS X CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING
        AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION
        5.02(d) OF THE AGREEMENT .

       

      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”).

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $104,480,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $104,480,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AF 9

              
	 	 	 
	
                Class

              	
                :

              	
                M-1

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        M-1

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable 

      rate
        and
        fixed rate mortgage loans (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-1 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-1 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-1 Certificate (obtained by dividing the Denomination
        of this Class M-1 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of April 1, 2007 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Wells Fargo
        Bank, N.A., a national banking association, as trustee (the “Trustee”). To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Class M-1 Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Class M-1 Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-1 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
        Class M-1 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.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [Reverse
        of Class M-1 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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.

       

      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:_________________

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-8

       

      FORM
        OF
        CLASS M-2 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS X CERTIFICATES AND THE CLASS M-1 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION
        5.02(d) OF THE AGREEMENT .

       

      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”).

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $105,641,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $105,641,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AG 7

              
	 	 	 
	
                Class

              	
                :

              	
                M-2

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

      
 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        M-2

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate and fixed rate mortgage loans
        (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-2 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-2 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-2 Certificate (obtained by dividing the Denomination
        of this Class M-2 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of April 1, 2007 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Wells Fargo
        Bank, N.A., a national banking association, as trustee (the “Trustee”). To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Class M-2 Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Class M-2 Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-2 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
        Class M-2 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.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,\

      as
        Trustee

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      [Reverse
        of Class M-2 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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.

       

      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:_________________

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-9

       

      FORM
        OF
        CLASS M-3 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS X CERTIFICATES, THE CLASS M-1 CERTIFICATES AND THE
        CLASS
        M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION
        5.02(d) OF THE AGREEMENT .

       

      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”).

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $44,114,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $44,114,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AH 5

              
	 	 	 
	
                Class

              	
                :

              	
                M-3

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        M-3

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien 

      adjustable
        rate and fixed rate mortgage loans (the  “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-3 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-3 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-3 Certificate (obtained by dividing the Denomination
        of this Class M-3 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of April 1, 2007 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Wells Fargo
        Bank, N.A., a national banking association, as trustee (the “Trustee”). To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Class M-3 Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Class M-3 Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-3 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
        Class M-3 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.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [Reverse
        of Class M-3 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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.

       

      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:_________________

       

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-10

       

      FORM
        OF
        CLASS M-4 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS X CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS
        M-2 CERTIFICATES AND THE CLASS M-3 CERTIFICATES TO THE EXTENT DESCRIBED IN
        THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION
        5.02(d) OF THE AGREEMENT .

       

      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”).

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $42,953,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $42,953,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AJ 1

              
	 	 	 
	
                Class

              	
                :

              	
                M-4

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

       

      
 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        M-4

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate and

      fixed
        rate mortgage loans (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-4 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-4 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-4 Certificate (obtained by dividing the Denomination
        of this Class M-4 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of April 1, 2007 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Wells Fargo
        Bank, N.A., a national banking association, as trustee (the “Trustee”). To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Class M-4 Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Class M-4 Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-4 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
        Class M-4 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.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      [Reverse
        of Class M-4 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      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.

       

      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:_________________

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-11

       

      FORM
        OF
        CLASS M-5 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS X CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS
        M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND THE CLASS M-4 CERTIFICATES
        TO
        THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION
        5.02(d) OF THE AGREEMENT .

       

      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”).

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $38,309,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $38,309,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AK 8

              
	 	 	 
	
                Class

              	
                :

              	
                M-5

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        M-5

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate and fixed rate mortgage loans
        (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-5 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-5 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-5 Certificate (obtained by dividing the Denomination
        of this Class M-5 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of April 1, 2007 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Wells Fargo
        Bank, N.A., a national banking association, as trustee (the “Trustee”). To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Class M-5 Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Class M-5 Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-5 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
        Class M-5 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.

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      [Reverse
        of Class M-5 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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.

       

      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:_________________

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-12

       

      FORM
        OF
        CLASS M-6 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS X CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS
        M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES
        AND THE
        CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION
        5.02(d) OF THE AGREEMENT .

       

      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”).

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $32,505,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $32,505,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AL 6

              
	 	 	 
	
                Class

              	
                :

              	
                M-6

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

      
 

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        M-6

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate 

      and
        fixed
        rate mortgage loans (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-6 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-6 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-6 Certificate (obtained by dividing the Denomination
        of this Class M-6 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of April 1, 2007 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Wells Fargo
        Bank, N.A., a national banking association, as trustee (the “Trustee”). To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Class M-6 Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Class M-6 Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-6 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
        Class M-6 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.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [Reverse
        of Class M-6 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

       

      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:_________________

       

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
        A-13

       

      FORM
        OF
        CLASS M-7 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS X CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS
        M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES,
        THE
        CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION
        5.02(d) OF THE AGREEMENT .

       

      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”).

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $27,861,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $27,861,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AM 4

              
	 	 	 
	
                Class

              	
                :

              	
                M-7

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        M-7

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate 

      and
        fixed
        rate mortgage loans (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-7 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-7 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-7 Certificate (obtained by dividing the Denomination
        of this Class M-7 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of April 1, 2007 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Wells Fargo
        Bank, N.A., a national banking association, as trustee (the “Trustee”). To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Class M-7 Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Class M-7 Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-7 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
        Class M-7 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.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-7 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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.

       

      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:_________________

       

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-14

       

      FORM
        OF
        CLASS M-8 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS X CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS
        M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES,
        THE
        CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES AND THE CLASS M-7
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION
        5.02(d) OF THE AGREEMENT .

       

      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”).

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $13,931,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $13,931,000.00

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AN 2

              
	 	 	 
	
                Class

              	
                :

              	
                M-8

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        M-8

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate and fixed rate mortgage loans
        (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-8 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-8 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-8 Certificate (obtained by dividing the Denomination
        of this Class M-8 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of April 1, 2007 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Wells Fargo
        Bank, N.A., a national banking association, as trustee (the “Trustee”). To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Class M-8 Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Class M-8 Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-8 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
        Class M-8 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.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [Reverse
        of Class M-8 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
                

                              [TPW:
              NYLEGAL:670599.5]
              16159-00561  05/31/2007 10:06
              AM              
    

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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.

       

      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:_________________

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-15

       

      FORM
        OF
        CLASS M-9 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS X CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS
        M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES,
        THE
        CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES
        AND THE CLASS M-8 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
        SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION
        5.02(d) OF THE AGREEMENT .

       

      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”).

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $44,114,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $44,114,000.00

                 

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AP 7

              
	 	 	 
	
                Class

              	
                :

              	
                M-9

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        M-9

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate 

      and
        fixed
        rate mortgage loans (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-9 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-9 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-9 Certificate (obtained by dividing the Denomination
        of this Class M-9 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of April 1, 2007 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Wells Fargo
        Bank, N.A., a national banking association, as trustee (the “Trustee”). To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Class M-9 Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Class M-9 Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-9 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
        Class M-9 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.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [Reverse
        of Class M-9 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      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.

       

      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:_________________

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       EXHIBIT
        A-16

       

      FORM
        OF
        CLASS M-10 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS X CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS
        M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES,
        THE
        CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES,
        THE CLASS M-8 CERTIFICATES AND THE CLASS M-9 CERTIFICATES TO THE EXTENT
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE EXCEPT IN ACCORDANCE WITH SECTION
        5.02(d) OF THE AGREEMENT .

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
        SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND
        MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A PERSON
        THAT IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
        THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
        QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF
        RULE
        144A, IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
        SECURITIES ACT, IN WHICH THE TRANSFEREE MAKES OR IS DEEMED TO MAKE CERTAIN
        REPRESENTATIONS AND UNDERTAKINGS SET FORTH IN THE AGREEMENT AND IN ACCORDANCE
        WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
        STATES.

      

       

      

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $
                  35,988,000.00

                 

              
	 	 	 
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $
                  35,988,000.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	 	 	 
	
                CUSIP

              	
                :

              	
                83612T
                  AQ 5

              
	 	 	 
	
                Class

              	
                :

              	
                M-10

              
	 	 	 
	
                Assumed
                  Maturity Date

              	
                :

              	
                June
                  2037

              

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        M-10

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate 

      and
        fixed
        rate mortgage loans (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-10 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-10 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, or the Trustee referred to below or any of their
        respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-10 Certificate (obtained by dividing the Denomination
        of this Class M-10 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of April 1, 2007 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, as servicer (the “Servicer”), and Wells Fargo
        Bank, N.A., a national banking association, as trustee (the “Trustee”). To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Class M-10 Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Class M-10 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 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 Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. 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 this Certificate shall be made except in accordance with Section
        5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-10 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
        Class M-10 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.

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      [Reverse
        of Class M-10 Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      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.

       

      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:_________________

       

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-17

       

      FORM
        OF
        CLASS C CERTIFICATES

       

      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.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
        CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS
        II-A-4
        CERTIFICATES, THE CLASS A-6 CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE
        CLASS
        M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES,
        THE
        CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES,
        THE CLASS M-8 CERTIFICATES, THE CLASS M-9 CERTIFICATES, THE CLASS M-10
        CERTIFICATES, THE CLASS M-11 CERTIFICATES AND THE CLASS M-12 CERTIFICATES
        TO THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING 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.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $
                  89,389,104.53

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $
                  89,389,104.5

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Class

              	
                :

              	
                C

              

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        C

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        lien
        adjustable rate and

       fixed
        rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class C Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class C Certificate does not evidence
        an obligation of, or an interest in, and is not guaranteed by the Depositor,
        the
        Servicer, or the Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that Wells Fargo Bank, N.A., as Indenture Trustee is the registered
        owner of the Percentage Interest evidenced by this Class C Certificate (obtained
        by dividing the Denomination of this Class C Certificate by the Original
        Class
        Certificate Principal Balance) in certain distributions with respect to a
        Trust
        consisting primarily of the Mortgage Loans deposited by Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of April 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class C Certificate is
        issued
        under and is subject to the terms, provisions and conditions of the Agreement,
        to which Agreement the Holder of this Class C 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 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 Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. 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 this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class C 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
        Class C 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.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class C Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      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.

       

      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:_________________

       

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
        A-18

       

      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.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
        SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE PROCEDURES DESCRIBED
        HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $100.00

              
	 	 	 
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $100.00

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Class

              	
                :

              	
                P

              

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        P

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        of first lien adjustable rate and 

      fixed
        rate mortgage loans (the  “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class P Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class P Certificate does not evidence
        an obligation of, or an interest in, and is not guaranteed by the Depositor,
        the
        Servicer, or the Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that Wells Fargo Bank, N.A. as Indenture Trustee is the registered
        owner of the Percentage Interest evidenced by this Class P Certificate (obtained
        by dividing the Denomination of this Class P Certificate by the Original
        Class
        Certificate Principal Balance) in certain distributions with respect to a
        Trust
        consisting primarily of the Mortgage Loans deposited by Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of April 1, 2007 (the “Agreement”) among the
        Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
        Wells Fargo Bank, N.A., a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class P Certificate is
        issued
        under and is subject to the terms, provisions and conditions of the Agreement,
        to which Agreement the Holder of this Class P Certificate by virtue of the
        acceptance hereof assents and by which such Holder is bound.

       

      This
        Certificate does not have a pass-through rate and will be entitled to
        distributions only to the extent set forth in the Agreement.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the 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 Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. 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 this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class P 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
        Class P 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.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [Reverse
        of Class P Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      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.

       

      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:_________________

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-19

       

      FORM
        OF
        CLASS 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”).

       

      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.

       

      THIS
        CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      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.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
        SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE PROCEDURES DESCRIBED
        HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Class

              	
                :

              	
                R

              

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        R

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        primarily of a pool of first lien 

      adjustable
        rate and fixed rate  mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer or the Trustee referred to below
        or
        any of their respective affiliates.

       

      This
        certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of
        the
        Percentage Interest evidenced by this Certificate specified above in the
        interest represented by all Certificates of the Class to which this Certificate
        belongs in a Trust consisting primarily of the Mortgage Loans deposited by
        Financial Asset Securities Corp. (the “Depositor”). The Trust was created
        pursuant to a Pooling and Servicing Agreement dated as of April 1, 2007 (the
        “Agreement”) among the Depositor, Option One Mortgage Corporation, as servicer
        (the “Servicer”), and Wells Fargo Bank, N.A., a national banking association, 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.

       

      This
        Certificate does not have a principal 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
        Office or the office or agency maintained by the Trustee.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the 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 Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. 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 this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Each
        Holder of this 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
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        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
        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 Certificate must
        agree
        not to transfer an Ownership Interest in this 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 Certificate
        in
        violation of such restrictions will be absolutely null and void and will
        vest no
        rights in the purported transferee. Pursuant to the Agreement, The Trustee
        will
        provide the Internal Revenue Service and any pertinent persons with the
        information needed to compute the tax imposed under the applicable tax laws
        on
        transfers of residual interests to disqualified organizations, if any person
        other than a Permitted Transferee acquires an Ownership Interest on a Class
        R
        Certificate in violation of the restrictions mentioned above.

       

      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 officer of
        the
        Trustee.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [Reverse
        of Class R Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1 Asset-Backed Certificates, Series 2007-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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.

       

      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:_________________

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-20

       

      FORM
        OF
        CLASS R-X CERTIFICATES

       

      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”).

       

      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.

       

      THIS
        CLASS R-X CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      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.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
        SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE PROCEDURES DESCRIBED
        HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                April
                  1, 2007

              
	 	 	 
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2007

              
	 	 	 
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	 	 	 
	
                Class

              	
                :

              	
                R-X

              

      

      
 

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      Series
        2007-OPT1

      CLASS
        R-X

       

      evidencing
        the Percentage Interest in the distributions allocable to  the
        Certificates of the above-referenced Class with respect to the Trust consisting
        primarily of a pool of first lien adjustable rate and fixed
        rate  mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer or the Trustee referred to below
        or
        any of their respective affiliates.

       

      This
        certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of
        the
        Percentage Interest evidenced by this Certificate specified above in the
        interest represented by all Certificates of the Class to which this Certificate
        belongs in a Trust consisting primarily of the Mortgage Loans deposited by
        Financial Asset Securities Corp. (the “Depositor”). The Trust was created
        pursuant to a Pooling and Servicing Agreement dated as of April 1, 2007 (the
        “Agreement”) among the Depositor, Option One Mortgage Corporation, as servicer
        (the “Servicer”), and Wells Fargo Bank, N.A., a national banking association, 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.

       

      This
        Certificate does not have a principal 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
        Office or the office or agency maintained by the Trustee.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the 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 Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Depositor
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Servicer or the Depositor; or there shall be delivered to the
        Trustee and the Depositor a transferor certificate by the transferor and
        an
        investment letter shall be executed by the transferee. 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 this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Each
        Holder of this 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
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        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
        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 Certificate must
        agree
        not to transfer an Ownership Interest in this 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 Certificate
        in
        violation of such restrictions will be absolutely null and void and will
        vest no
        rights in the purported transferee. Pursuant to the Agreement, The Trustee
        will
        provide the Internal Revenue Service and any pertinent persons with the
        information needed to compute the tax imposed under the applicable tax laws
        on
        transfers of residual interests to disqualified organizations, if any person
        other than a Permitted Transferee acquires an Ownership Interest on a Class
        R-X
        Certificate in violation of the restrictions mentioned above.

       

      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 officer of
        the
        Trustee.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
        to be duly executed.

       

      Dated:
        May __, 2007

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2007-OPT1

                 

                 

                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trustee

              
	 	 
	
                By:

              	 

      

      

      This
        is
        one of the Certificates referenced

      in
        the
        within-mentioned Agreement

      

      

      By:__________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [Reverse
        of Class R-X Certificate]

       

      Soundview
        Home Loan Trust 2007-OPT1

      Asset-Backed
        Certificates,

      SERIES
        2007-OPT1

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust 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, then the Business
        Day
        immediately following such Distribution Date (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.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trustee
        or
        the Trustee’s agent 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 and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified 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.

       

      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 Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement 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
        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 and the Trustee and any agent of the Depositor, the
        Servicer or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, the Servicer or any such agent shall be affected by any notice to
        the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the Principal Balance of
        the
        Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in
        whole, from the Trust the Mortgage Loans 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 notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in June 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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.

       

      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:_________________

       

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B

       

      [RESERVED]

       

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      FORM
        OF
        ASSIGNMENT AGREEMENT

      
         

         

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated May 15, 2007, (“Agreement”)
          among Greenwich Capital Financial Products, Inc. (“Assignor”), Financial
          Asset Securities Corp. (“Assignee”) and Option One Mortgage Corporation
          (the “Company”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        Assignment
          and Conveyance

         

        1.  The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage Loan Schedule”) attached hereto as
          Exhibit A (the “Mortgage Loans”) and (b) except as described below, that
          certain Amended and Restated Master Mortgage Loan Purchase and Interim
          Servicing
          Agreement dated as of March 1, 2005, as amended (the “Purchase
          Agreement”), between the Assignor, as purchaser (the “Purchaser”),
          and the Company, as seller and the related Assignment and Conveyance Agreement
          (attached hereto as Exhibit B), solely insofar as the Purchase Agreement
          relates
          to the Mortgage Loans and (y) other than as provided below with respect
          to the
          enforcement of representations and warranties, none of the obligations
          of the
          Assignor under the Purchase Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

        Recognition
          of the Company

         

        2.  From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          Soundview Home Loan Trust 2007-OPT1 (the “Trust”) created pursuant to a
          Pooling and Servicing Agreement, dated as of April 1, 2007 (the “Pooling
          Agreement”), among the Assignee, Wells Fargo Bank, N.A., as trustee
          (including its successors in interest and any successor trustees under
          the
          Pooling Agreement, the “Trustee”), Option One Mortgage Corporation, as
          servicer (including its successors in interest and any successor servicer
          under
          the Pooling Agreement, the “Servicer”).  The Company hereby
          acknowledges and agrees that from and after the date hereof (i) the Trust
          will be the owner of the Mortgage Loans, (ii) the Company shall look solely
          to the Trust for performance of any obligations of the Assignor insofar
          as they
          relate to the enforcement of the representations, warranties and covenants
          with
          respect to the Mortgage Loans, (iii) the Trust  (including the
          Trustee and the Servicer acting on the Trust’s behalf) shall have all the rights
          and remedies available to the Assignor, insofar as they relate to the Mortgage
          Loans, under the Purchase Agreement, including, without limitation, the
          enforcement of the document delivery requirements and remedies with respect
          to
          breaches of representations and warranties set forth in the Purchase Agreement,
          and shall be entitled to enforce all of the obligations of the Company
          thereunder insofar as they relate to the Mortgage Loans, and (iv) all
          references to the Purchaser (insofar as they relate to the rights, title
          and
          interest and, with respect to obligations of the Purchaser, only insofar
          as they
          relate to the enforcement of the representations, warranties and covenants
          of
          the Company) or the Custodian under the Purchase Agreement insofar as they
          relate to the Mortgage Loans, shall be deemed to refer to the Trust (including
          the Trustee and the Servicer acting on the Trust’s behalf).  Neither
          the Company nor the Assignor shall amend or agree to amend, modify, waiver,
          or
          otherwise alter any of the terms or provisions of the Purchase Agreement
          which
          amendment, modification, waiver or other alteration would in any way affect
          the
          Mortgage Loans or the Company’s performance under the Purchase Agreement with
          respect to the Mortgage Loans without the prior written consent of the
          Trustee.

         

        Representations
          and Warranties of the Company

         

        3.  The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

         

        (a)           The
          Company is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its incorporation;

         

        (b)           The
          Company has full power and authority to execute, deliver and perform its
          obligations under this Agreement and has full power and authority to perform
          its
          obligations under the Purchase Agreement. The execution by the Company
          of this
          Agreement is in the ordinary course of the Company’s business and will not
          conflict with, or result in a breach of, any of the terms, conditions or
          provisions of the Company’s charter or bylaws or any legal restriction, or any
          material agreement or instrument to which the Company is now a party or
          by which
          it is bound, or result in the violation of any law, rule, regulation, order,
          judgment or decree to which the Company or its property is subject. The
          execution, delivery and performance by the Company of this Agreement have
          been
          duly authorized by all necessary corporate action on part of the Company.
          This
          Agreement has been duly executed and delivered by the Company, and, upon
          the due
          authorization, execution and delivery by the Assignor and the Assignee,
          will
          constitute the valid and legally binding obligation of the Company, enforceable
          against the Company in accordance with its terms except as enforceability
          may be
          limited by bankruptcy, reorganization, insolvency, moratorium or other
          similar
          laws now or hereafter in effect relating to creditors’ rights generally, and by
          general principles of equity regardless of whether enforceability is considered
          in a proceeding in equity or at law;

         

        (c)           No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          the Company in connection with the execution, delivery or performance by
          the
          Company of this Agreement; and

         

        (d)           There
          is no action, suit, proceeding or investigation pending or threatened against
          the Company, before any court, administrative agency or other tribunal,
          which
          would draw into question the validity of this Agreement or the Purchase
          Agreement, or which, either in any one instance or in the aggregate, would
          result in any material adverse change in the ability of the Company to
          perform
          its obligations under this Agreement or the Purchase Agreement, and the
          Company
          is solvent.

         

        4.  Pursuant
          to Section 12 of the Purchase Agreement, the Company hereby represents and
          warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that the
          representations and warranties set forth in Sections 7.01 and 7.04 of the
          Purchase Agreement, are true and correct as of the date hereof as if such
          representations and warranties were made on the date hereof, except that
          the
          representation and warranty set forth in Section 7.04(i) shall, for
          purposes of this Agreement, relate to the Mortgage Loan Schedule attached
          hereto.

         

        In
          addition, the Company hereby agrees that within 5 Business Days after request
          by
          the Assignee therefor, it shall provide copies of the Mortgage File and
          the
          Servicing File to the extent the Company has possession thereof, to the
          Assignee
          or shall permit examination thereof at the Company’s offices or such other
          location as shall otherwise be agreed upon by the Assignee.  The
          Assignee shall pay any costs and expenses of the Company (or its agent)
          incurred
          in connection with the provision or examination of any such Mortgage File
          and
          Servicing File requested pursuant to this Section.

         

        Remedies
          for Breach of Representations and Warranties

         

        5.  The
          Assignor hereby makes the following representations, warranties and covenants
          as
          of the date hereof:

         

        (a)           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 and/or usury lending laws;

         

        (b)           None
          of the mortgage loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws;

         

        (c)           No
          Mortgage Loan is a high cost loan or a covered loan, as applicable (as
          such
          terms are defined in the then current Standard & Poor’s LEVELS Glossary,
          Appendix E);

         

        (d)           No
          Group I Mortgage Loan is secured by manufactured housing;

         

        (e)           No
          first lien Group I Mortgage Loan has an original principal balance that
          exceeds
          the applicable Freddie Mac loan limit;

         

        (f)           (i)
          No second lien Group I Mortgage Loan has an original principal balance
          that
          exceeds one-half of the one-unit limitation for first lien mortgage loans,
          i.e.,
          $208,500 (in Alaska, Guam, Hawaii or Virgin Islands: $312,750), without
          regard
          to the number of units and (ii) the original principal balance of the first
          lien
          mortgage loan plus the original principal balance of any second lien Group
          I
          Mortgage Loan relating to the same mortgaged property does not exceed the
          applicable Freddie Mac loan limit for first lien mortgage loans for that
          property type;

         

        (g)           No
          Group I Mortgage Loan is located anywhere except the continental United
          States,
          Alaska, Hawaii, Puerto Rico, the Virgin Islands or Guam;

         

        (h)           As
          of the Cut-off Date, no Group I Mortgage Loan seasoned more than one year;
          and

         

        (i)           No
          Mortgage Loan on or after October 1, 2002 through March 6, 2003 is governed
          by
          the Georgia Fair Lending Act.

         

        6.  The
          Company hereby acknowledges and agrees that the remedies available to the
          Assignor, the Assignee and the Trust (including the Trustee and the Servicer
          acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Company set forth in Sections
          3 and 4
          hereof shall be as set forth in Subsection 7.05 of the Purchase Agreement
          as if they were set forth herein (including without limitation the repurchase
          and indemnity obligations set forth therein).

         

        The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee and the Servicer acting on
          the
          Trust’s behalf) in connection with any breach of the representations and
          warranties made by the Assignor set forth in Section 5 hereof shall be
          as set
          forth in Section 2.03 of the Pooling and Servicing Agreement as if they
          were set
          forth herein (including without limitation the repurchase and indemnity
          obligations set forth therein).  In addition, the Assignor hereby
          acknowledges and agrees that a breach of any of the representations and
          warranties set forth in Section 5(d), (e), (f) and (g) will be deemed to
          materially and adversely affect the value of the related Mortgage Loan
          or the
          interest of the Assignee therein.

         

        Miscellaneous

         

        7.  This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws.

         

        8.  No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced, with the prior written consent of
          the
          Trustee.

         

        9.  This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee and the Servicer
          acting
          on the Trust’s behalf). Any entity into which Assignor, Assignee or Company may
          be merged or consolidated shall, without the requirement for any further
          writing, be deemed Assignor, Assignee or Company, respectively,
          hereunder.

         

        10.  Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        11.  This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument.

         

        12.  In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control.

         

        13.  Capitalized
          terms used in this Agreement (including the exhibits hereto)  but not
          defined in this Agreement shall have the meanings given to such terms in
          the
          Purchase Agreement.

         

        [SIGNATURE
          PAGE FOLLOWS]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        
          	 	
                  GREENWICH
                    CAPITAL
                    FINANCIAL 

                  PRODUCTS,
                    INC.

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	Name:	 	 
	 	Its:	 	 
	 	 	 	 

        

         

        
          
            
               

               

              
                	 	
                        FINANCIAL
                          ASSET
                          SECURITIES CORP.

                      	 
	 	 	 	 
	
                         

                      	
                        By:
                          

                      	 	 
	 	Name:	 	 
	 	Its:	 	 
	 	 	 	 

              

              
                 

                 

                 

                
                  	 	
                          OPTION
                            ONE MORTGAGE
                            CORPORATION

                        	 
	 	 	 	 
	
                           

                        	
                          By:
                            

                        	 	 
	 	Name:	 	 
	 	Its:	 	 
	 	 	 	 

                

                

                  
                    
                      
                      

                    

                    
                      
                      

                      
                        

                      

                    

                    
                      
                      

                    

                  

                

                 

              

            

          

        

        EXHIBIT
          A

         

        MORTGAGE
          LOAN SCHEDULE

         

        SEE
          EXHIBIT D TO POOLING AND SERVICING AGREEMENT

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B

        

        

        ASSIGNMENT
          AND CONVEYANCE AGREEMENT

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          I

        

        Capitalized
          terms used in this Schedule I but not defined in this Agreement shall have
          the
          meanings given to such terms in the Purchase Agreement.

        

        The
          Company represents, warrants and covenants to the Initial Purchaser and
          to any
          subsequent Purchaser as of the initial Closing Date and each subsequent
          Closing
          Date or as of such date specifically provided herein or in the applicable
          Assignment and Conveyance:

         

        (i)  The
          Company is duly organized, validly existing and in good standing under
          the laws
          of the state of California and has all licenses necessary to carry on its
          business as now being conducted. It is licensed in, qualified to transact
          business in and is in good standing under the laws of the state in which
          any
          Mortgaged Property is located and is and will remain in compliance with
          the laws
          of each state in which any Mortgaged Property is located to the extent
          necessary
          to ensure the enforceability of each Mortgage Loan and the servicing of
          the
          Mortgage Loan in accordance with the terms of this Agreement. No licenses
          or
          approvals obtained by Company have been suspended or revoked by any court,
          administrative agency, arbitrator or governmental body and no proceedings
          are
          pending which might result in such suspension or revocation;

         

        (ii)  The
          Company has the full power and authority to hold the related Mortgage Loan,
          to
          sell the related Mortgage Loan, and to execute, deliver and perform, and
          to
          enter into and consummate, all transactions contemplated by this Agreement.
          The
          Company has duly authorized the execution, delivery and performance of
          this
          Agreement, has duly executed and delivered this Agreement, and this Agreement,
          assuming due authorization, execution and delivery by the Purchaser, constitutes
          a legal, valid and binding obligation of the Company, enforceable against
          it in
          accordance with its terms except as the enforceability thereof may be limited
          by
          bankruptcy, insolvency or reorganization;

         

        (iii)  The
          execution and delivery of this Agreement by the Company and the performance
          of
          and compliance with the terms of this Agreement will not violate the Company's
          articles of incorporation or by-laws or constitute a default under or result
          in
          a breach or acceleration of, any material contract, agreement or other
          instrument to which the Company is a party or which may be applicable to
          the
          Company or its assets;

         

        (iv)  The
          Company is not in violation of, and the execution and delivery of this
          Agreement
          by the Company and its performance and compliance with the terms of this
          Agreement will not constitute a violation with respect to, any order or
          decree
          of any court or any order or regulation of any federal, state, municipal
          or
          governmental agency having jurisdiction over the Company or its assets,
          which
          violation might have consequences that would materially and adversely affect
          the
          condition (financial or otherwise) or the operation of the Company or its
          assets
          or might have consequences that would materially and adversely affect the
          performance of its obligations and duties hereunder;

         

        (v)  The
          Company is an approved seller/servicer for FNMA and FHLMC in good standing
          and
          is a HUD approved mortgagee pursuant to Section 203 of the National Housing
          Act. No event has occurred, including but not limited to a change in insurance
          coverage, which would make the Company unable to comply with FNMA, FHLMC
          or HUD
          eligibility requirements or which would require notification to FNMA, FHLMC
          or
          HUD;

         

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

         

        (vii)  The
          Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
          required to be delivered with respect to each Mortgage Loan pursuant to
          the
          Custodial Agreement, have been delivered to the Custodian all in compliance
          with
          the specific requirements of the Custodial Agreement. With respect to each
          Mortgage Loan, the Company is in possession of a complete Mortgage File
          in
          compliance with Exhibit 5, except for such documents as have been
          delivered to the Custodian;

         

        (viii)  Immediately
          prior to the payment of the Purchase Price for each Mortgage Loan, the
          Company
          was the owner of record of the related Mortgage and the indebtedness evidenced
          by the related Mortgage Note and upon the payment of the Purchase Price
          by the
          Purchaser, in the event that the Company retains record title, the Company
          shall
          retain such record title to each Mortgage, each related Mortgage Note and
          the
          related Mortgage Files with respect thereto in trust for the Purchaser
          as the
          owner thereof and only for the purpose of servicing and supervising the
          servicing of each Mortgage Loan;

         

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

         

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

         

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

         

        (xii)  The
          information delivered by the Company to the Purchaser with respect to the
          Company's loan loss, foreclosure and delinquency experience for the twelve
          (12)
          months immediately preceding the Initial Closing Date on mortgage loans
          underwritten to the same standards as the Mortgage Loans and covering mortgaged
          properties similar to the Mortgaged Properties, is true and correct in
          all
          material respects;

         

        (xiii)  Neither
          this Agreement nor any written statement, report or other document prepared
          and
          furnished or to be prepared and furnished by the Company pursuant to this
          Agreement or in connection with the transactions contemplated hereby contains
          any untrue statement of material fact or omits to state a material fact
          necessary to make the statements contained herein or therein not
          misleading;

         

        (xiv)  The
          transfer of the Mortgage Loans shall be treated as a sale on the books
          and
          records of Company, and Company has determined that, and will treat, the
          disposition of the Mortgage Loans pursuant to this Agreement for tax and
          accounting purposes as a sale. Company shall maintain complete records
          for each
          Mortgage Loan which shall be clearly marked to reflect the ownership of
          each
          Mortgage Loan by Purchaser;

         

        (xv)  The
          consideration received by the Company upon the sale of the Mortgage loans
          constitutes fair consideration and reasonably equivalent value for such
          Mortgage
          Loans;

         

        (xvi)  Company
          is solvent and will not be rendered insolvent by the consummation of the
          transactions contemplated hereby.  The Company is not transferring any
          Mortgage loan with any intent to hinder, delay or defraud any of its
          creditors;

         

        (xvii)  The
          Company is a member of MERS in good standing, will comply in all material
          respects with the rules and procedures of MERS in connection with the servicing
          of the Mortgage Loans that are registered with MERS and is current in payment
          of
          all fees and assessments imposed by MERS;

         

        (xviii)  The
          Company will comply in all material respects with the rules and procedures
          of
          MERS in connection with the servicing of the Mortgage Loans that are registered
          with MERS; and

         

        (xix)  The
          Company has not dealt with any broker, investment banker, agent or other
          person
          that may be entitled to any commission or compensation in connection with
          the
          sale of the Mortgage Loans.

         

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        The
          Company hereby represents and warrants to the Initial Purchaser and to
          any
          subsequent Purchaser that, as to each Mortgage Loan, as of the related
          Closing
          Date for such Mortgage Loan:

         

        (i)  The
          information set forth in the related Mortgage Loan Schedule is complete,
          true
          and correct;

         

        (ii)  Reserved;

         

        (iii)  Except
          with respect to payments not yet 30 days past due, all payments required
          to be
          made up to the close of business on the related Closing Date for such Mortgage
          Loan under the terms of the Mortgage Note have been made; the Company has
          not
          advanced funds, or induced, solicited or knowingly received any advance
          of funds
          from a party other than the owner of the related Mortgaged Property, directly
          or
          indirectly, for the payment of any amount required by the Mortgage Note
          or
          Mortgage; and except with respect to payments not yet 30 days past
          due,  there has been no delinquency, exclusive of any period of grace,
          in any payment by the Mortgagor thereunder since the origination of the
          Mortgage
          Loan;

         

        (iv)  As
          of the
          origination date of the Mortgage Loan there were no delinquent taxes, ground
          rents, water charges, sewer rents, assessments, insurance premiums, leasehold
          payments, including assessments payable in future installments or other
          outstanding charges affecting the related Mortgaged Property, and as of
          the
          related Closing Date there are no delinquent taxes, insurance premiums,
          or other
          outstanding charges jeopardizing the lien position of the Mortgage Loan,
          and to
          the best knowledge of the Company, as of the Closing Date, there are no
          ground
          rents, water charges, sewer rents, assessments, leasehold payments, including
          assessments payable in future installments or other outstanding charges
          affecting the related Mortgaged Property;

         

        (v)  The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, recorded in the
          applicable public recording office if necessary to maintain the lien priority
          of
          the Mortgage, and which have been delivered to the Custodian; the substance
          of
          any such waiver, alteration or modification has been approved by the title
          insurer, to the extent required by the related policy, and is reflected
          on the
          related Mortgage Loan Schedule. No instrument of waiver, alteration or
          modification has been executed, and no Mortgagor has been released, in
          whole or
          in part, except in connection with an assumption agreement approved by
          the title
          insurer, to the extent required by the policy, and which assumption agreement
          has been delivered to the Custodian and the terms of which are reflected
          in the
          related Mortgage Loan Schedule;

         

        (vi)  The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto
          and
          there is no basis for the Mortgage Loan to be modified or reformed without
          the
          consent of the Mortgagor under applicable law.  Each Prepayment Charge
          or penalty with respect to any Mortgage Loan is permissible, enforceable
          and
          collectible under applicable federal, state and local law;

         

        (vii)  All
          buildings upon the Mortgaged Property are insured by a Qualified Insurer
          acceptable to FNMA and FHLMC against loss by fire, hazards of extended
          coverage
          and such other hazards as are customary in the area where the Mortgaged
          Property
          is located, pursuant to insurance policies providing coverage in an amount
          not
          less than the greatest of (i) 100% of the replacement cost of all improvements
          to the Mortgaged Property, (ii) either (A) the outstanding principal balance
          of
          the Mortgage Loan with respect to each first lien Mortgage Loan or (B)
          with
          respect to each second lien Mortgage Loan, the sum of the outstanding principal
          balance of the first lien Mortgage Loan and the outstanding principal balance
          of
          the second lien Mortgage Loan, (iii) the amount necessary to avoid the
          operation
          of any co-insurance provisions with respect to the Mortgaged Property,
          and
          consistent with the amount that would have been required as of the date
          of
          origination in accordance with the Underwriting Guidelines or (iv) the
          amount
          necessary to fully compensate for any damage or loss to the improvements
          that
          are a part of such property on a replacement cost basis.  All such
          insurance policies contain a standard mortgagee clause naming the Company,
          its
          successors and assigns as mortgagee and all premiums thereon have been
          paid.  If the Mortgaged Property is in an area identified on a Flood
          Hazard Map or Flood Insurance Rate Map issued by the Federal Emergency
          Management Agency as having special flood hazards (and such flood insurance
          has
          been made available) a flood insurance policy meeting the requirements
          of the
          current guidelines of the Federal Insurance Administration is in effect
          which
          policy conforms to the requirements of FNMA and FHLMC. The Mortgage obligates
          the Mortgagor thereunder to maintain all such insurance at the Mortgagor's
          cost
          and expense, and on the Mortgagor's failure to do so, authorizes the holder
          of
          the Mortgage to maintain such insurance at Mortgagor's cost and expense
          and to
          seek reimbursement therefor from the Mortgagor;

         

        (viii)  Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth in lending, real estate settlement procedures,
          predatory and abusive lending, consumer credit protection, equal credit
          opportunity, fair housing or disclosure laws applicable to the origination
          and
          servicing of mortgage loans of a type similar to the Mortgage Loans and
          applicable to any prepayment penalty associated with the Mortgage Loans
          at
          origination have been complied with;

         

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

         

        (x)  The
          Mortgage (including any Negative Amortization which may arise thereunder)
          is a
          valid, existing and enforceable (A) first lien and first priority security
          interest with respect to each Mortgage Loan which is indicated by the Company
          to
          be a first lien (as reflected on the Mortgage Loan Schedule), or (B) second
          lien
          and second priority security interest with respect to each Mortgage Loan
          which
          is indicated by the Company to be a second lien (as reflected on the Mortgage
          Loan Schedule), in either case, on the Mortgaged Property, including all
          improvements on the Mortgaged Property subject only to (a) the lien of
          current
          real property taxes and assessments not yet due and payable, (b) covenants,
          conditions and restrictions, rights of way, easements and other matters
          of the
          public record as of the date of recording being acceptable to mortgage
          lending
          institutions generally and specifically referred to in the lender's title
          insurance policy delivered to the originator of the Mortgage Loan and which
          do
          not adversely affect the Appraised Value of the Mortgaged Property, (c)
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          second
          lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a first
          lien on
          the Mortgaged Property; and (d) other matters to which like properties
          are
          commonly subject which do not materially interfere with the benefits of
          the
          security intended to be provided by the Mortgage or the use, enjoyment,
          value or
          marketability of the related Mortgaged Property.  Any security
          agreement, chattel mortgage or equivalent document related to and delivered
          in
          connection with the Mortgage Loan establishes and creates a valid, existing
          and
          enforceable first or second lien and first or second priority security
          interest
          (in each case, as indicated on the Mortgage Loan Schedule) on the property
          described therein and the Company has full right to sell and assign the
          same to
          the Purchaser.  The Mortgaged Property was not, as of the date of
          origination of the Mortgage Loan, subject to a mortgage, deed of trust,
          deed to
          secure debt or other security instrument creating a lien subordinate to
          the lien
          of the Mortgage;

         

        (xi)  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;

         

        (xii)  All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties.  The Mortgagor is a natural person who executed the
          related Mortgage either in an individual capacity or, provided that the
          related
          Mortgage is guaranteed by a natural person, as trustee for a family
          trust.  Each Mortgagor is either a U.S. citizen or a permanent
          resident alien who has the right to live and work permanently in the United
          States;

         

        (xiii)  The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with.  All costs, fees and expenses incurred in making
          or closing the Mortgage Loan and the recording of the Mortgage have been
          paid,
          and the Mortgagor is not entitled to any refund of any amounts paid or
          due to
          the Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (xiv)  As
          of the
          related Closing Date and immediately prior to the sale of the Mortgage
          Loan
          hereunder, the applicable Seller is the sole legal, beneficial and equitable
          owner of the Mortgage Note and the Mortgage and has full right to transfer
          and
          sell the Mortgage Loan to the Purchaser free and clear of any encumbrance,
          equity, lien, pledge, charge, claim or security interest;

         

        (xv)  All
          parties which have had any interest in the Mortgage Loan, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) in compliance with any and all applicable
          “doing business” and licensing requirements of the laws of the state wherein the
          Mortgaged Property is located;

         

        (xvi)  The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
          title insurance policy (which, in the case of an Adjustable Rate Mortgage
          Loan
          has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or
          6.1) or
          with respect to any Mortgage Loan for which the related Mortgaged Property
          is
          located in California a CLTA lender’s title insurance policy, or other generally
          acceptable form of policy or insurance acceptable to FNMA and FHLMC, issued
          by a
          title insurer acceptable to FNMA and FHLMC and qualified to do business
          in the
          jurisdiction where the Mortgaged Property is located, insuring (subject
          to the
          exceptions contained in (x)(a) and (b), and with respect to any second
          lien
          Mortgage Loan (c), above) the Company, its successors and assigns as to
          the
          first or second priority lien (as indicated on the Mortgage Loan Schedule)
          of
          the Mortgage in the original principal amount of the Mortgage Loan (including,
          if the Mortgage Loan provides for Negative Amortization, the maximum amount
          of
          Negative Amortization in accordance with the Mortgage) and, with respect
          to any
          Adjustable Rate Mortgage Loan, against any loss by reason of the invalidity
          or
          unenforceability of the lien resulting from the provisions of the Mortgage
          providing for adjustment in the Mortgage Interest Rate and Monthly Payment
          and
          Negative Amortization provisions of the Mortgage Note.  Additionally,
          such lender's title insurance policy affirmatively insures ingress and
          egress to
          and from the Mortgaged Property, and against encroachments by or upon the
          Mortgaged Property or any interest therein.  The Company is the sole
          insured of such lender's title insurance policy, and such lender’s title
          insurance policy is in full force and effect and will be in full force
          and
          effect upon the consummation of the transactions contemplated by this
          Agreement.  No claims have been made under such lender's title
          insurance policy, and no prior holder of the related Mortgage, including
          the
          Company, has done, by act or omission, anything which would impair the
          coverage
          of such lender's title insurance policy;

         

        (xvii)  As
          of the
          related Closing Date, there is no default, breach, violation or event of
          acceleration existing under the Mortgage or the Mortgage Note and no event
          which, with the passage of time or with notice and the expiration of any
          grace
          or cure period, would constitute a default, breach, violation or event
          of
          acceleration, and the Company has not waived any default, breach, violation
          or
          event of acceleration.  With respect to each second lien Mortgage
          Loan, as of the related Closing Date (i) the related first lien mortgage
          loan is
          in full force and effect, (ii) there is no default, breach, violation or
          event
          of acceleration existing under such first lien mortgage or the related
          mortgage
          note, (iii) no event which, with the passage of time or with notice and
          the
          expiration of any grace or cure period, would constitute a default, breach,
          violation or event of acceleration thereunder, (iv) either (A) the first
          lien
          mortgage contains a provision which allows or (B) applicable law requires,
          the
          mortgagee under the second lien Mortgage Loan to receive notice of, and
          affords
          such mortgagee an opportunity to cure any default by payment in full or
          otherwise under the first lien mortgage (v) the related first lien does
          not
          provide for or permit negative amortization under such first lien Mortgage
          Loan,
          and (vi) either no consent for the Mortgage Loan is required by the holder
          of
          the first lien or such consent has been obtained and is contained in the
          Mortgage File.   For purposes of the foregoing, a delinquent
          payment of less than thirty (30) days on a Mortgage Loan in and of itself
          does
          not constitute a default, breach, violation or event of acceleration (or
          an
          event which, with the passage of time or with notice and the expiration
          of any
          grace or cure period, has occurred that would constitute a default, breach,
          violation or event of acceleration) with respect to such Mortgage
          Loan;

         

        (xviii)  As
          of the
          related Closing Date, there are no mechanics' or similar liens or claims
          which
          have been filed for work, labor or material (and no rights are outstanding
          that
          under law could give rise to such lien) affecting the related Mortgaged
          Property
          which are or may be liens prior to, or equal or coordinate with, the lien
          of the
          related Mortgage;

         

        (xix)  All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

         

        (xx)  The
          Mortgage Loan was originated or acquired by the Company (and if acquired
          by the
          Company, the Mortgage Loan was underwritten in all material respects with
          the
          Company’s underwriting guidelines) or by a savings and loan association, a
          savings bank, a commercial bank or similar banking institution which is
          supervised and examined by a federal or state authority, or by a mortgagee
          approved as such by the Secretary of HUD;

         

        (xxi)  Principal
          payments on the Mortgage Loan commenced no more than sixty days after the
          proceeds of the Mortgage Loan were disbursed.  The Mortgage Loan bears
          interest at the Mortgage Interest Rate.  With respect to each Mortgage
          Loan which is not a Negative Amortization Loan, the Mortgage Note is payable
          on
          the first day of each month, or such other day of each month as may be
          specified
          in the Mortgage Loan Schedule, in Monthly Payments, which, in the case
          of a
          Fixed Rate Mortgage Loans, are sufficient to fully amortize the original
          principal balance over the original term thereof (other than with respect
          to a
          Mortgage Loan identified on the related Mortgage Loan Schedule as an
          interest-only Mortgage Loan during the interest-only period) and to pay
          interest
          at the related Mortgage Interest Rate, and, in the case of an Adjustable
          Rate
          Mortgage Loan, are changed on each Adjustment Date, and in any case, are
          sufficient to fully amortize the original principal balance over the original
          term thereof (other than with respect to a Mortgage Loan identified on
          the
          related Mortgage Loan Schedule as an interest-only Mortgage Loan during
          the
          interest-only period) and to pay interest at the related Mortgage Interest
          Rate.  With respect to each Negative Amortization Mortgage Loan, the
          related Mortgage Note requires a Monthly Payment which is sufficient during
          the
          period following each Payment Adjustment Date, to fully amortize the outstanding
          principal balance as of the first day of such period (including any Negative
          Amortization) over the then remaining term of such Mortgage Note and to
          pay
          interest at the related Mortgage Interest Rate; provided, that the Monthly
          Payment shall not increase to an amount that exceeds 107.5% of the amount
          of the
          Monthly Payment that was due immediately prior to the Payment Adjustment
          Date;
          provided, further, that the payment adjustment cap shall not be applicable
          with
          respect to the adjustment made to the Monthly Payment that occurs in a
          year in
          which the Mortgage Loan has been outstanding for a multiple of 5 years
          and in
          any such year the Monthly Payment shall be adjusted to fully amortize the
          Mortgage Loan over the remaining term.  With respect to each Mortgage
          Loan identified on the Mortgage Loan Schedule as an interest-only Mortgage
          Loan,
          the interest-only period shall not exceed ten (10) years (or such other
          period
          specified on the Mortgage Loan Schedule) and following the expiration of
          such
          interest-only period, the remaining Monthly Payments shall be sufficient
          to
          fully amortize the original principal balance over the remaining term of
          the
          Mortgage Loan and to pay interest at the related Mortgage Interest
          Rate.  The Index for each Adjustable Rate Mortgage Loan is as defined
          in the related Mortgage Loan Schedule.  No Mortgage Loan is a
          Convertible Mortgage Loan;

         

        (xxii)  The
          origination, servicing and collection practices used by the Company with
          respect
          to each Mortgage Note and Mortgage including, without limitation, the
          establishment, maintenance and servicing of the Escrow Accounts and Escrow
          Payments, if any, since origination have been in all respects legal, proper,
          prudent and customary in the mortgage origination and servicing
          industry.  The Mortgage Loan has been serviced by the Company and any
          predecessor servicer in accordance with the terms of the Mortgage
          Note.  With respect to escrow deposits and Escrow Payments, if any,
          all such payments are in the possession of, or under the control of, the
          Company
          and there exist no deficiencies in connection therewith for which customary
          arrangements for repayment thereof have not been made. No escrow deposits
          or
          Escrow Payments or other charges or payments due the Company have been
          capitalized under any Mortgage or the related Mortgage Note and no such
          escrow
          deposits or Escrow Payments are being held by the Company for any work
          on a
          Mortgaged Property which has not been completed;

         

        (xxiii)  As
          of the
          related Closing Date, the Mortgaged Property is free of material damage
          and
          waste and there is no proceeding pending for the total or partial condemnation
          thereof;

         

        (xxiv)  The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee's sale, and (b) otherwise by judicial
          foreclosure.  Since the date of origination of the Mortgage Loan, the
          Mortgaged Property has not been subject to any bankruptcy proceeding or
          foreclosure proceeding and the Mortgagor has not filed for protection under
          applicable bankruptcy laws.  There is no homestead or other exemption
          available to the Mortgagor which would interfere with the right to sell
          the
          Mortgaged Property at a trustee's sale or the right to foreclose the Mortgage.
          As of the related Closing Date, the Mortgagor has not notified the Company
          and
          the Company has no knowledge of any relief requested or allowed to the
          Mortgagor
          under the Servicemembers’ Civil Relief Act;

         

        (xxv)  The
          Mortgage Loan was underwritten in accordance with the underwriting standards
          of
          the Company in effect at the time the Mortgage Loan was
          originated.  The Mortgage Note and Mortgage are on forms generally
          acceptable to FNMA and FHLMC;

         

        (xxvi)  The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (x) above;

         

        (xxvii)  The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          satisfied the standards of FNMA and FHLMC, was on appraisal form 1004 or
          form
          2055 (or a form otherwise satisfactory to S&P and Moody’s) and was made and
          signed, prior to the approval of the Mortgage Loan application, by a qualified
          appraiser, duly appointed by the originator of the Mortgage Loan, who had
          no
          interest, direct or indirect in the Mortgaged Property or in any loan made
          on
          the security thereof, whose compensation is not affected by the approval
          or
          disapproval of the Mortgage Loan and who met the minimum qualifications
          of FNMA
          and FHLMC.  Each appraisal of the Mortgage Loan was made in accordance
          with the relevant provisions of the Financial Institutions Reform, Recovery,
          and
          Enforcement Act of 1989;

         

        (xxviii)  In
          the
          event the Mortgage constitutes a deed of trust, a trustee, duly qualified
          under
          applicable law to serve as such, has been properly designated and currently
          so
          serves and is named in the Mortgage, and no fees or expenses are or will
          become
          payable by the Purchaser to the trustee under the deed of trust, except
          in
          connection with a trustee's sale after default by the Mortgagor;

         

        (xxix)  No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Company, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
          paid by
          any source other than the Mortgagor or (c) contains any other similar provisions
          which may constitute a “buydown” provision. The Mortgage Loan is not a graduated
          payment mortgage loan and the Mortgage Loan does not have a shared appreciation
          or other contingent interest feature;

         

        (xxx)  The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by applicable law with respect to the
          making
          of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans,
          and
          adjustable rate mortgage loans in the case of Adjustable Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

         

        (xxxi)  No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

         

        (xxxii)  The
          Company has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
          standing that can reasonably be expected to cause private institutional
          investors who routinely invest in mortgage loans similar to the Mortgage
          Loan to
          regard the Mortgage Loan to be an unacceptable investment, cause the Mortgage
          Loan to become delinquent, or adversely affect the value of the Mortgage
          Loan;

         

        (xxxiii)  No
          Mortgage Loan shall have a loan-to-value ratio in excess of 103.00% as
          of the
          origination of such Mortgage Loan based on the lesser of sales price or
          appraisal. No Mortgage Loan shall have a combined loan-to-value ratio in
          excess
          of 103.00% as of the origination of such Mortgage Loan based on the lesser
          of
          sales price or appraisal;

         

        (xxxiv)  The
          Mortgaged Property is lawfully occupied under applicable law; all inspections,
          licenses and certificates required to be made or issued with respect to
          all
          occupied portions of the Mortgaged Property and, with respect to the use
          and
          occupancy of the same, including but not limited to certificates of occupancy,
          have been made or obtained from the appropriate authorities;

         

        (xxxv)  No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of the Company,
          the
          related Seller, or to the best of the Company’s knowledge, on the part of any
          other person, including without limitation the Mortgagor, any appraiser,
          any
          builder or developer, or any other party involved in the origination of
          the
          Mortgage Loan or in the application of any insurance in relation to such
          Mortgage Loan;

         

        (xxxvi)  The
          Assignment of Mortgage is in recordable form and (other than with respect
          to the
          blank assignee)  is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

         

        (xxxvii)  Any
          principal advances made to the Mortgagor prior to the related Cut-off Date
          have
          been consolidated with the outstanding principal amount secured by the
          Mortgage,
          and the secured principal amount, as consolidated, bears a single interest
          rate
          and single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first or second (as indicated
          on
          the Mortgage Loan Schedule) lien priority by a title insurance policy,
          an
          endorsement to the policy insuring the mortgagee's consolidated interest
          or by
          other title evidence acceptable to FNMA and FHLMC. The consolidated principal
          amount does not exceed the original principal amount of the Mortgage Loan
          plus
          any Negative Amortization;

         

        (xxxviii)  No
          Mortgage Loan has a balloon payment feature;

         

        (xxxix)  If
          the
          Residential Dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets the eligibility
          requirements of FNMA and FHLMC;

         

        (xl)  With
          respect to each Mortgage Loan, the Company has fully and accurately furnished
          complete information (i.e., favorable and unfavorable) on the related borrower
          credit files to Equifax, Experian and Trans Union Credit Information Company
          on
          a monthly basis and in accordance with the Fair Credit Reporting Act and
          its
          implementing regulations, and, for each Mortgage Loan, the Company will
          furnish,
          in accordance with the Fair Credit Reporting Act and its implementing
          regulations, accurate and complete information on its borrower credit files
          to
          Equifax, Experian, and Trans Union Credit  Information Company, on a
          monthly basis;

         

        (xli)  The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Company, if applicable, in accordance with the Company’s
          underwriting guidelines;

         

        (xlii)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (xliii)  The
          Company shall, at its own expense, cause each Mortgage Loan to be covered
          by a
          Tax Service Contract which is assignable to the Purchaser or its designee;
          provided however, that if the Company fails to purchase such Tax Service
          Contract, the Company shall be required to reimburse the Purchaser for
          all costs
          and expenses incurred by the Purchaser in connection with the purchase
          of any
          such Tax Service Contract;

         

        (xliv)  Each
          Mortgage Loan is covered by a Flood Zone Service Contract which is assignable
          to
          the Purchaser or its designee or, for each Mortgage Loan not covered by
          such
          Flood Zone Service Contract, the Company agrees to purchase such Flood
          Zone
          Service Contract;

         

        (xlv)  As
          of the
          related Closing Date. the Mortgaged Property is in material compliance
          with all
          applicable environmental laws pertaining to environmental hazards including,
          without limitation, asbestos, and neither the Company nor, to the Company’s
          knowledge, the related Mortgagor, has received any notice of any violation
          or
          potential violation of such law;

         

        (xlvi)  No
          Mortgage Loan is (a)(1) subject to the provisions of the Homeownership
          and
          Equity Protection Act of 1994 as amended (“HOEPA”) or (2) has an “annual
          percentage rate” or “total points and fees” (as each such term is defined under
          HOEPA) payable by the Mortgagor that equal or exceed the applicable thresholds
          defined under HOEPA (as defined in 12 CFR 226.32 (a)(1)(i) and (ii)), (b)
          a
“high cost” mortgage loan, “covered” mortgage loan, “high risk home” mortgage
          loan,  or “predatory” mortgage loan or any other comparable term, no
          matter how defined under any federal, state or local law, (c) subject to
          any
          comparable federal, state or local statutes or regulations, or any other
          statute
          or regulation providing for heightened regulatory scrutiny or assignee
          liability
          to holders of such mortgage loans, or (d) a High Cost Loan or Covered Loan,
          as
          applicable (as such terms are defined in the current Standard & Poor’s
          LEVELS® Glossary Revised, Appendix E);

         

        (xlvii)  No
          predatory, abusive, or deceptive lending practices, including but not limited
          to, the extension of credit to a mortgagor without regard for the mortgagor’s
          ability to repay the Mortgage Loan and the extension of credit to a mortgagor
          which has no apparent benefit to the mortgagor, were employed in connection
          with
          the origination of the Mortgage Loan.  Each Mortgage Loan (other than
          with respect to the points and fees threshold in connection with Mortgage
          Loans
          that are not Points and Fees Eligible Loans and escrow payment requirements)
          is
          in compliance with the anti-predatory lending eligibility for purchase
          requirements of the FNMA Guides;

         

        (xlviii)  Unless
          otherwise provided in the related Mortgage Loan Schedule, the debt-to-income
          ratio of the related Mortgagor was not greater than 65% at the origination
          of
          the related Mortgage Loan;

         

        (xlix)  No
          Mortgagor was required to purchase any credit insurance product (e.g.,
          life,
          mortgage, disability, accident, unemployment or health insurance product)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.  No Mortgagor obtained a prepaid single premium credit
          insurance policy (e.g., life, mortgage, disability, accident, unemployment
          or
          health insurance product) or debt cancellation agreement in connection
          with the
          origination of the Mortgage Loan.  No proceeds from any Mortgage Loan
          were used to purchase single premium credit insurance policies or debt
          cancellation agreements as part of the origination of, or as a condition
          to
          closing, such Mortgage Loan;

         

        (l)  The
          Mortgage Loans were not selected from the outstanding fixed rate or
          adjustable-rate one to four-family mortgage loans in the Company’s portfolio at
          the related Cut-off Date as to which the representations and warranties
          set
          forth in this Agreement could be made in a manner so as to affect adversely
          the
          interests of the Purchaser;

         

        (li)  The
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the Mortgage Loan in the event that
          the
          Mortgaged Property is sold or transferred without the prior written consent
          of
          the mortgagee thereunder;

         

        (lii)  The
          Mortgage Loan complies with all applicable consumer credit statutes and
          regulations, including, without limitation, the respective Uniform Consumer
          Credit Code laws in effect in Alabama, Colorado, Idaho, Indiana, Iowa,
          Kansas,
          Maine, Oklahoma, South Carolina, Utah, West Virginia and Wyoming, has been
          originated by a properly licensed entity, and in all other respects, complies
          with all of the material requirements of any such applicable laws;

         

        (liii)  The
          information set forth in the Prepayment Charge Schedule is complete, true
          and
          correct in all material respects and each Prepayment Charge is permissible,
          enforceable and collectable under applicable federal and state law in effect
          at
          the time of origination;

         

        (liv)  The
          Mortgage Loan was not prepaid in full prior to the related Closing Date
          and the
          Company has not received notification from a Mortgagor that a prepayment
          in full
          shall be made after the Closing Date;

         

        (lv)  No
          Mortgage Loan is secured by cooperative housing, commercial property or
          mixed
          use property;

         

        (lvi)  Any
          Mortgaged Property that is considered manufactured housing shall be legally
          classified as real property, is permanently affixed to a foundation and
          must
          assume that characteristics of site-built housing and must otherwise conform
          to
          the requirements (A) for inclusion in residential mortgage backed securities
          transactions rated by S&P and (B) of Fannie Mae and Freddie Mac, including,
          but not limited to, the requirements that (i) the related Note or contract,
          as
          applicable, be secured by a “single family residence” within the meaning of
          Section 25(e)(10) of the Code, (ii) the fair market value of the manufactured
          home securing each related Note or contract, as applicable, was at least
          equal
          to 80% of the original principal balance of such Note or contract, as
          applicable, and (iii) each related Note or contract, as applicable, is
          a
“qualified mortgage” under Section 860G(a)(3) of the Code;

         

        (lvii)  Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Securitization Transaction without unreasonable credit enhancement;

         

        (lviii)  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          related Mortgagor in accordance with applicable state and federal laws
          and
          regulations.  Except as otherwise noted on the Mortgage Loan Schedule,
          no related Mortgagor was charged “points and fees” (whether or not financed) in
          an amount greater than (a) $1,000 or (b) 5% of the principal amount of
          such
          loan, whichever is greater, such 5% limitation is calculated in accordance
          with
          Fannie Mae’s anti-predatory lending requirements as set forth in the Fannie Mae
          Guides.  For purposes of this representation, “points and fees” (a)
          include origination, underwriting, broker and finder’s fees and other charges
          that the lender imposed as a condition of making the loan, whether they
          are paid
          to the lender or a third party, and (b) exclude bona fide discount points,
          fees
          paid for actual services rendered in connection with the origination of
          the
          mortgage (such as attorneys’ fees, notaries fees and fees paid for property
          appraisals, credit reports, surveys, title examinations and extracts, flood
          and
          tax certifications, and home inspections); the cost of mortgage insurance
          or
          credit-risk price adjustments; the costs of title, hazard, and flood insurance
          policies; state and local transfer taxes or fees; escrow deposits for the
          future
          payment of taxes and insurance premiums; and other miscellaneous fees and
          charges, which miscellaneous fees and charges, in total, do not exceed
          0.25
          percent of the loan amount.  All points, fees and charges (including
          finance charges) and whether or not financed, assessed, collected or to
          be
          collected in connection with the origination and servicing of each Mortgage
          Loan
          were disclosed in writing to the related  Mortgagor  in
          accordance with applicable state and federal laws and regulations;

         

        (lix)  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a Prepayment Charge.  With respect to any Mortgage Loan
          that contains a provision permitting imposition of a premium upon a prepayment
          prior to maturity: (a) the Mortgage Loan provides some benefit to the Mortgagor
          (e.g. a rate or fee reduction) in exchange for accepting such Prepayment
          Charge;
          (b) the Mortgage Loan’s originator had a written policy of offering the
          Mortgagor, or requiring third-party brokers to offer the Mortgagor, the
          option
          of obtaining a Mortgage Loan that did not require payment of such a Prepayment
          Charge; (c) the Prepayment Charge was adequately disclosed to the Mortgagor
          pursuant to applicable state and federal law; (d) no Mortgage Loan originated
          on
          or after October 1, 2002 provides for prepayment penalties for a term in
          excess
          of three years and no Mortgage Loan originated prior to such date provides
          for
          prepayment penalties for a term in excess of five years; and (e) such Prepayment
          Charge shall not be imposed in any instance where the Mortgage Loan is
          accelerated or paid off in connection with the workout of a delinquent
          Mortgage
          or due to the Mortgagor’s default, notwithstanding that the terms of the
          Mortgage Loan or state or federal law might permit the imposition of such
          Prepayment Charge;

         

        (lx)  The
          Company has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the Bank Secrecy Act, as amended
          by
          the USA Patriot Act of 2001 (collectively, the “Anti-Money Laundering Laws”);
          the Company has established an anti-money laundering compliance program
          as
          required by the Anti-Money Laundering Laws, has conducted the requisite
          due
          diligence in connection with the origination of each Mortgage Loan for
          purposes
          of the Anti-Money Laundering Laws, including with respect to the legitimacy
          of
          the applicable Mortgagor and the origin of the assets used by the said
          Mortgagor
          to purchase the property in question, and maintains, and will maintain,
          sufficient information to identify and verify the identification of the
          applicable Mortgagor for purposes of the Anti-Money Laundering
          Laws.  No Mortgage Loan is subject to nullification pursuant to
          Executive Order 13224 (the “Executive Order”) or the regulations promulgated by
          the Office of Foreign Assets Control of the United States Department of
          the
          Treasury (the “OFAC Regulations”) or in violation of the Executive Order or the
          OFAC Regulations, and no Mortgagor is subject to the provisions of such
          Executive Order or the OFAC Regulations nor listed as a “specially designated
          national or blocked person” for purposes of the OFAC Regulations;

         

        (lxi)  No
          Mortgage Loan is secured by real property or secured  by a
          manufactured home located in the state of Georgia unless (x) such Mortgage
          Loan
          was originated prior to October 1, 2002 or after March 6, 2003, or (y)
          the
          property securing the Mortgage Loan is not, nor will be, occupied by the
          Mortgagor as the Mortgagor’s principal dwelling.  No Mortgage Loan is
          a “High Cost Home Loan” as defined in the Georgia Fair Lending Act, as amended
          (the “Georgia Act”).   Each Mortgage Loan that is a “Home Loan”
under the Georgia Act complies with all applicable provisions of the Georgia
          Act. 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;

         

        (lxii)  The
          Mortgagor was not encouraged or required to select a mortgage loan product
          offered by the Mortgage Loan’s originator which is a higher cost product
          designed for less creditworthy borrowers, taking into account such facts
          as,
          without limitation, the Mortgage Loan’s requirements and the Mortgagor’s credit
          history, income, assets and liabilities.  If the Mortgagor sought
          financing through the mortgage loan originator’s higher-priced subprime lending
          channel, the Mortgagor was directed towards or offered the mortgage loan
          originator’s standard mortgage line if the Mortgagor was able to qualify for one
          of the standard products.  If, at the time of loan application, the
          Mortgagor may have qualified for a lower cost credit product then offered
          by any
          mortgage lending affiliate of the Mortgage Loan’s originator, the Mortgage
          Loan’s originator referred the Mortgagor’s application to such affiliate for
          underwriting consideration;

         

        (lxiii)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          did not rely solely on the extent of the Mortgagor’s equity in the collateral as
          the principal determining factor in approving such extension of credit.
          The
          methodology employed related objective criteria such as the Mortgagor’s income,
          assets, and liabilities to the proposed mortgage payment and, based on
          such
          methodology, the Mortgage Loan’s originator made a reasonable determination that
          at the time of origination the Mortgagor had the ability to make timely
          payments
          on the Mortgage Loan;

         

        (lxiv)  With
          respect to any Mortgage Loan which is secured by manufactured housing,
          such
          Mortgage Loan satisfies the requirements for inclusion in residential mortgage
          backed securities transactions rated by Standard & Poor's Ratings Services
          and such manufactured housing will be the principal residence of the Mortgagor
          upon the origination of the Mortgage Loan.  With respect to any second
          lien Mortgage Loan, such lien is on a one-to four-family residence that
          is (or
          will be) the principal residence of the Mortgagor upon the origination
          of the
          second lien Mortgage Loan;

         

        (lxv)  No
          Mortgage Loan (a) is secured by property located in the State of New York;
          (b)
          had an unpaid principal balance at origination of $300,000 or less, and
          (c) has
          an application date on or after April 1, 2003, the terms of which Mortgage
          Loan
          equal or exceed either the APR or the points and fees threshold for “high-cost
          home loans”, as defined in Section 6-1 of the New York State Banking
          Law;

         

        (lxvi)  The
          Company will transmit full-file credit reporting data for each Mortgage
          Loan
          pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
          Company agrees it shall report one of the following statuses each month
          as
          follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
          foreclosed, or charged-off;

         

        (lxvii)  No
          Mortgage Loan is a “High-Cost” loan as defined under the New York Banking Law
          Section 6-1, effective as of April 1, 2003;

         

        (lxviii)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective July 16, 2003 (Act 1340 or 2003);

         

        (lxix)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
          loan statute effective June 24, 2003 (Ky. Rev. Stat.
          Section 360.100);

         

        (lxx)  No
          Mortgage Loan secured by property located in the State of Nevada is a “home
          loan” as defined in the Nevada Assembly Bill No. 284;

         

        (lxxi)  No
          Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act.  No Mortgage Loan is a
“High-Cost Home Loan” or a refinanced “Covered Home Loan,” in each case, as
          defined in the New Jersey Home Ownership Act effective November 27, 2003
          (N.J.S.A. 46;10B-22 et seq.);

         

        (lxxii)  Each
          Mortgage Loan constitutes a “qualified mortgage” under
          Section 860G(a)(3)(A) of the Code and Treasury Regulation
          Section 1.860G-2(a)(1);

         

        (lxxiii)  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity protection Act;

         

        (lxxiv)  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.);

         

        (lxxv)  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.).  If applicable to the related Mortgage Loan, each Mortgage Loan
          secured by a property located within the Cook County, Illinois anti-predatory
          lending Pilot Program area (i.e., ZIP Codes 60620, 60621, 60623, 60628,
          60629,
          60632, 60636, 60638, 60643 and 60652) complies with the recording requirements
          outlined in Illinois House Bill 4050 and Senate Bill 304 effective September
          1,
          2006;

         

        (lxxvi)  No
          Loan
          that is secured by property located within the State of Maine meets the
          definition of a (i) “high-rate, high-fee” mortgage loan under Article VIII,
          Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan” as
          defined under the Maine House Bill 383 L.D. 494, effective as of September
          13,
          2003;

         

        (lxxvii)  No
          Loan
          is a “High Cost Home Loan” governed by the Indiana Home Loan Practices Act,
          effective January 1, 2006 (Ind. Code Ann. §§ 24-9-1 et seq.);

         

        (lxxviii)  The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (lxxix)  With
          respect to each MOM Loan, a MIN has been assigned by MERS and such MIN
          is
          accurately provided on the Mortgage Loan Schedule.  The related
          Assignment of Mortgage to MERS has been duly and properly recorded, or
          has been
          delivered for recording to the applicable recording office;

         

        (lxxx)  With
          respect to each MOM Loan, Company has not received any notice of liens
          or legal
          actions with respect to such Mortgage Loan and no such notices have been
          electronically posted by MERS;

         

        (lxxxi)  With
          respect to each second lien Mortgage Loan, (i) if the related first lien
          provides for negative amortization, the CLTV was calculated at the maximum
          principal balance of such first lien that could result upon application
          of such
          negative amortization feature, and (ii) either no consent for the Mortgage
          Loan
          is required by the holder of the first lien or such consent has been obtained
          and is contained in the Mortgage File;

         

        (lxxxii)   With
          respect to any Mortgage Loan originated on or after August 1, 2004, no
          Mortgagor
          agreed to submit to arbitration to resolve any dispute arising out of or
          relating in any way to the Mortgage Loan transaction.  No Mortgage
          Loan is subject to any mandatory arbitration;

         

        (lxxxiii)  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. Ann. Laws Ch. 183C).  If any
          Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
          of
          Massachusetts was made to pay off or refinance an existing loan or other
          debt of
          the related borrower (as the term “borrower” is defined in the regulations
          promulgated by the Massachusetts Secretary of State in connection with
          Massachusetts House Bill 4880 (2004)) unless either (1) (a) the related
          Mortgage
          Interest Rate (that would be effective once the introductory rate expires,
          with
          respect to Adjustable Rate Mortgage Loans) did or would not exceed by more
          than
          2.25% the yield on United States Treasury securities having comparable
          periods
          of maturity to the maturity of the related Mortgage Loan as of the fifteenth
          day
          of the month immediately preceding the month in which the application for
          the
          extension of credit was received by the related lender or (b) the Mortgage
          Loan
          is an “open-end home loan” (as such term is used in the Massachusetts House Bill
          4880 (2004)) and the related Mortgage Note provides that the related Mortgage
          Interest Rate may not exceed at any time the Prime rate index as published
          in
          The Wall Street Journal plus a margin of one percent, or (2) such Mortgage
          Loan
          is in the "borrower's interest," as documented by a "borrower's interest
          worksheet" for the particular Mortgage Loan, which worksheet incorporates
          the
          factors set forth in Massachusetts House Bill 4880 (2004) and the regulations
          promulgated thereunder for determining "borrower's interest," and otherwise
          complies in all material respects with the laws of the Commonwealth of
          Massachusetts;

         

        (lxxxiv)  The
          sale
          or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto;

         

        (lxxxv)   In
          connection with the origination of any Mortgage Loan secured by a Mortgaged
          Property in the State of Ohio which closed on or after January 1, 2007
          and which
          was originated pursuant to a no income/no asset documentation program or
          any
          other program pursuant to which the related Mortgagor was not required
          to
          disclose income, a reasonable determination was made that the related Mortgagor
          was able to repay such Mortgage Loan.   Each Mortgage Loan
          secured by a Mortgaged Property in the State of Ohio which closed on or
          after
          January 1, 2007, was originated in compliance with the Ohio Consumer Sales
          Practices Act (Oh. Rev. Stat. 1345.01 et seq.) and the regulations promulgated
          thereunder and was made only after reasonable and appropriate methods were
          used
          to determine the borrower's repayment ability, including without limitation,
          employment verification for stated income loans, which have been properly
          documented and verified; and

         

        (lxxxvi)  The
          Mortgage Loan is secured by a Residential Dwelling.  None of the
          Mortgage Loans is secured by a multifamily, commercial, industrial, agricultural
          or undeveloped property. Unless otherwise set forth on the Mortgage Loan
          Schedule, none of the Mortgage Loans is secured by a condotel unit or by
          a
          condominium unit that is part of a condominium development that operates
          as, or
          holds itself out to be, a condominium hotel, regardless of whether the
          unit
          itself is being used as a condotel unit.

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      EXHIBIT
        D

       

      MORTGAGE
        LOAN SCHEDULE

       

      

      Available
        Upon Request

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE

       

      To:           [Address
        for Custodian: Mortgage Document Custody

      Wells
        Fargo Corporate Trust Services

      24
        Executive Park, Suite 100

      Irvine,
        California 92614]

      

       

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of April 1, 2007, among Wells
                  Fargo
                  Bank, N.A. as the Trustee, Option One
                  Mortgage

              

      

      
        	
                 

              	
                Corporation
                  as Servicer and Financial Asset Securities Corp. as the
                  Depositor

              

      

       

      In
        connection with the administration of the Mortgage Loans included in the
        Trust
        Fund established pursuant to the Pooling and Servicing Agreement dated as
        of
        April 1, 2007, among Financial Asset Securities Corp. as Depositor, Option
        One
        Mortgage Corporation, as Servicer, and Wells Fargo Bank, N.A., a national
        banking association, as Trustee and held by you as Custodian pursuant to
        the
        above-captioned Pooling and Servicing Agreement, we request the release,
        and
        hereby acknowledge receipt of the Custodial File for the Mortgage Loan described
        below, for the reason indicated.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name, Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

       

      
        	
                _________1.

              	
                Mortgage
                  Paid in Full

              
	
                _________2.

              	
                Foreclosure

              
	
                _________3.

              	
                Substitution

              
	
                _________4.

              	
                Other
                  Liquidation (Repurchases, etc.)

              
	
                _________5.

              	
                Nonliquidation                                Reason:_____________________

              

      

       

      Address
        to which Trustee should deliver

       the
        Custodial File:

       

      
        	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                By:

              	 
	 	
                (authorized
                  signer)

              
	
                Issuer:

              	 
	
                Address:

              	 
	
                Date:

              	 

      

      

       

      Custodian

      

      Wells
        Fargo Bank, N.A.

      

      Please
        acknowledge the execution of the above request by your signature and date
        below:

       

      
        	
                ____________________________

              	
                __________________

              
	
                 Signature

              	
                Date

              
	
                Documents
                  returned to Custodian:

              	 
	
                ______________________________

              	
                __________________

              
	
                 Custodian

              	
                Date

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F-1

       

      [FORM
        OF
        TRUSTEE’S INITIAL CERTIFICATION

       

      May
        __,
        2007

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of April 1, 2007,
                  among

              

      

      
        	
                 

              	
                Financial
                  Asset Securities Corp. as Depositor, Option One
                  Mortgage

              

      

      
        	
                 

              	
                Corporation,
                  as Servicer, and Wells Fargo Bank, N.A., a national banking association,
                  as Trustee

              

      

       

      Ladies
        and Gentlemen:

       

      Attached
        is the Trustee’s preliminary exception report delivered in accordance with
        Section 2.02 of the referenced Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”). Capitalized terms used but not otherwise defined herein
        shall have the meanings set forth in the Pooling and Servicing
        Agreement.

       

      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 the Mortgage File pertaining to the Mortgage Loans
        identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
        effectiveness or suitability of any such Mortgage Loan or (iii) whether any
        Mortgage File includes any of the documents specified in clause (vi) of Section
        2.01 of the Pooling and Servicing Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:]

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [FORM
        OF
        CUSTODIAN’S INITIAL CERTIFICATION

      _____,
        2007

      Trust
        Receipt #: ____

      Original
        Principal Balance of the Mortgage Loans:$_______

      

      
        	
                Wells
                  Fargo Bank, N.A.,

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

              	
                Financial
                  Asset Securities Corp.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 08630

              
	 	 
	
                Greenwich
                  Capital Markets, Inc.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 08630

              	 

      

      

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of April 1, 2007,
                  among

              

      

      
        	
                 

              	
                Financial
                  Asset Securities Corp. as Depositor, Option One
                  Mortgage

              

      

      
        	
                 

              	
                Corporation,
                  as Servicer, and Wells Fargo Bank, N.A., as
                  Trustee

              

      

      

      Ladies
        and Gentlemen:

      

      In
        accordance with the provisions of the above-referenced Pooling and Servicing
        Agreement, the undersigned, as the Custodian, hereby certifies that it is
        holding the Mortgage Loans identified on the schedule attached hereto for
        the
        exclusive benefit of the Trustee pursuant to the terms and conditions of
        the
        Pooling and Servicing Agreement, and it has received a Custodial File with
        respect to each such Mortgage Loan (other than any Mortgage Loan specifically
        identified on the exception report attached hereto) and that with respect
        to
        each such Mortgage Loan: (i) all documents required to be delivered to it
        pursuant to Section 2.01 of this Agreement are in its possession, (ii) such
        documents have been reviewed by it and have not been mutilated, damaged or
        torn
        and appear on their face to relate to such Mortgage Loan and (iii) based
        on its
        examination and only as to the foregoing, the information set forth in the
        Mortgage Loan Schedule that corresponds to items (1) and (3) of the definition
        of “Mortgage Loan Schedule” in the Pooling and Servicing Agreement accurately
        reflects information set forth in the Custodial File.

       

      The
        Custodian hereby confirms that it is holding each such Custodial File as
        agent
        and bailee of and custodian for the exclusive use and benefit of the Trustee
        pursuant to the terms of the Pooling and Servicing Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used herein shall have the meaning ascribed to them in the Pooling
        and
        Servicing Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.

                (Custodian)

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:]

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F-2

       

      [FORM
        OF
        TRUSTEE’S FINAL CERTIFICATION

       

      ________________

      [Date]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	
                Re:

              	
                Pooling
                  and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as
                  of April 1, 2007 among Financial Asset Securities Corp., as Depositor,
                  Option One Mortgage Corporation, as Servicer and Wells Fargo Bank,
                  N.A.,
                  as Trustee with respect to Soundview Home Loan Trust 2007-OPT1,
                  Asset-Backed Certificates, Series
                  2007-OPT1

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of 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 Schedule I hereto) it (or its custodian) has received the applicable
        documents listed in Section 2.01 of the Pooling and Servicing
        Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in items 1, 3, 10, 11 and 15 of the
        definition of Mortgage Loan Schedule in the Pooling and Servicing Agreement
        accurately reflects information in the Mortgage File.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:]

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [FORM
        OF
        CUSTODIAN’S FINAL CERTIFICATION

      

      TRUST
        RECEIPT # ___

      ______,
        2006

      Aggregate
        Amount of Mortgage Loans: _____

      Original
        Principal Balance of Aggregate Mortgage Loans: __________

      

      
        	
                Wells
                  Fargo Bank, N.A.,

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

              	
                Financial
                  Asset Securities Corp.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 08630

              
	 	 
	
                Greenwich
                  Capital Markets, Inc.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 08630

              	 

      

      
        	
                 

              	 

      

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as
                  of April 1, 2007 among Financial Asset Securities Corp., as Depositor,
                  Option One Mortgage Corporation, as Servicer and Wells Fargo Bank,
                  N.A.,
                  as Trustee

              

      

      

      Ladies
        and Gentlemen:

      

      In
        accordance with the provisions of the above-referenced Pooling and Servicing
        Agreement, the undersigned, as the Custodian, hereby certifies that as to
        each
        Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
        Loan
        paid in full or any Mortgage Loan listed on the attachment hereto) it has
        reviewed the Custodial Files and has determined that (i) all documents required
        to be delivered to it pursuant to Section 2.01 of the Pooling and Servicing
        Agreement are in its possession and to the extent provided in the Custodial
        Files paragraph of the Pooling and Servicing Agreement are in its possession;
        (ii) such documents have been reviewed by it and appear regular on their
        face
        and relate to such Mortgage Loan; (iii) based on its examination and only
        as to
        the foregoing documents, the information set forth in items (1) and (3) of
        the
        definition of “Mortgage Loan Schedule” in the Pooling and Servicing Agreement
        accurately reflects information set forth in the Custodial File; and (iv)
        each
        Mortgage Note has been endorsed as provided in Section 2.01 the Pooling and
        Servicing Agreement and each Mortgage has been assigned in accordance with
        Section 2 of the Pooling and Servicing Agreement. The Custodian makes no
        representations as to (i) the validity, legality, enforceability, sufficiency,
        due authorization or genuineness of any of the documents contained in each
        Custodial File or of any of the Mortgage Loans or (ii) the collectability,
        insurability, effectiveness or suitability of any such Mortgage
        Loan.

       

      The
        Custodian hereby confirms that it is holding each such Custodial File as
        agent
        and bailee of, and custodian for the exclusive use and benefit, and subject
        to
        the sole direction, of the Trustee pursuant to the terms and conditions of
        the
        Pooling and Servicing Agreement.Capitalized terms used herein shall have
        the
        meaning ascribed to them in the Pooling and Servicing Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.

                (Custodian)

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title]

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F-3

       

      FORM
        OF
        RECEIPT OF MORTGAGE NOTE

       

      

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	
                 

              	
                Re:

              	
                Soundview
                  Home Loan Trust 2007-OPT1,

              

      

      
        	
                 

              	
                Asset-Backed
                  Certificates Series 2007-OPT1

              

      

       

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 2.01 of the Pooling and Servicing Agreement, dated as of April
        1,
        2007, among Wells Fargo Bank, N.A. as the Trustee, Option One Mortgage
        Corporation as Servicer and Financial Asset Securities Corp. as the Depositor,
        we hereby acknowledge the receipt of the original Mortgage Notes with any
        exceptions thereto listed on Exhibit 2.

      

      
        	
                WELLS
                  FARGO BANK, N.A.

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

       

      [RESERVED]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

       

      FORM
        OF
        LOST NOTE AFFIDAVIT

       

      Personally
        appeared before me the undersigned authority to administer oaths,
        __________________ who first being duly sworn deposes and says: Deponent
        is
        __________________________ of ____________________________, successor by
        merger
        to _________________________ (“Seller”) and who has personal knowledge of the
        facts set out in this affidavit.

       

      On
        _________________________________, _________________________________ did
        execute
        and deliver a promissory note in the principal amount of
        $____________________.

       

      That
        said
        note has been misplaced or lost through causes unknown and is presently lost
        and
        unavailable after diligent search has been made. Seller’s records show that an
        amount of principal and interest on said note is still presently outstanding,
        due, and unpaid, and Seller is still owner and holder in due course of said
        lost
        note.

       

      Seller
        executes this Affidavit for the purpose of inducing Wells Fargo Bank, N.A.,
        as
        trustee on behalf of Soundview Home Loan Trust 2007-OPT1, Asset-Backed
        Certificates Series 2007-OPT1, to accept the transfer of the above described
        loan from Seller.

       

      Seller
        agrees to indemnify Wells Fargo Bank, N.A. and Financial Asset Securities
        Corp.
        harmless for any losses incurred by such parties resulting from the above
        described promissory note has been lost or misplaced.

       

      By:          _______________________

      _______________________

       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )   SS:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      On
        this
        ______ day of ______________, 20_, before me, a Notary Public, in and for
        said
        County and State, appeared , who acknowledged the extension of the foregoing
        and
        who, having been duly sworn, states that any representations therein contained
        are true.

       

      Witness
        my hand and Notarial Seal this _________ day of 20__.

       

      ____________________________

      ____________________________

      My
        commission expires __________________________.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      FORM
        OF
        LIMITED POWER OF ATTORNEY

       

      KNOW
        ALL
        MEN BY THESE PRESENTS, that [NAME OF MORTGAGEE, ASSIGNEE OR LAST ENDORSEE,
        AS
        APPLICABLE], [a ___________________ corporation][a national banking
        organization], having its principal place of business at
        __________________________, (the “Undersigned”), pursuant to that Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) among Financial
        Asset Securities Corp. (the “Owner”), Wells Fargo Bank, N.A. and Option One
        Mortgage Corporation (“OOMC”), hereby constitutes and appoints OOMC, by and
        through OOMC’s officers, the Undersigned’s true and lawful Attorney-in-Fact, in
        the Undersigned’s name, place and stead, as their interests may appear, and for
        the Undersigned’s respective benefit, in connection with all Mortgage Loans
        serviced by OOMC pursuant to the Pooling and Servicing Agreement, for the
        purpose of performing all acts and executing all documents in the name of
        the
        Undersigned as may be customarily and reasonably necessary and appropriate
        to
        effectuate the following enumerated transactions in respect of any of the
        mortgages, deeds of trust or security instrument (each a “Mortgage” or a “Deed
        of Trust” respectively) and promissory notes secured thereby (each a “Mortgage
        Note”) for which the Undersigned is acting as Servicer pursuant to the Pooling
        and Servicing Agreement (whether the Undersigned is named therein as mortgagee
        or beneficiary or has become mortgagee by virtue of endorsement of the Mortgage
        Note secured by any such Mortgage or Deed of Trust) all subject to the terms
        of
        the related Pooling and Servicing Agreement.

       

      This
        appointment shall apply to the following enumerated transactions
        only:

       

      1.           The
        modification or re-recording of a Mortgage or Deed of Trust, where said
        modification or re-recording is for the purpose of correcting the Mortgage
        or
        Deed of Trust to conform same to the original intent of the parties thereto
        or
        to correct title errors discovered after such title insurance was issued
        and
        said modification or re-recording, in either instance, does not adversely
        affect
        the lien of the Mortgage or Deed of Trust as insured.

       

      2.           The
        subordination of the lien of a Mortgage or Deed of Trust to an easement in
        favor
        of a public utility company or a governmental agency or authority thereunder
        with powers of eminent domain; this section shall include, without limitation,
        the execution of partial satisfaction/release, partial reconveyances or the
        execution of requests to trustees to accomplish same.

       

      3.           The
        conveyance of the properties to the mortgage insurer, or the closing of the
        title to the property to be acquired as real estate owned, or conveyance
        of
        title to real estate owned.

       

      4.           The
        completion of loan assumption agreements.

       

      5.           The
        full satisfaction/release of a Mortgage or Deed of Trust or full reconveyance
        upon payment and discharge of all sums secured thereby, including, without
        limitation, cancellation of the related Mortgage Note.

       

      6.           The
        assignment of any Mortgage or Deed of Trust and the related Mortgage Note,
        in
        connection with the repurchase of the mortgage loan secured and evidenced
        thereby.

       

      7.           The
        full assignment of a Mortgage or Deed of Trust upon payment and discharge
        of all
        sums secured thereby in conjunction with the refinancing thereof, including,
        without limitation, the assignment of the related Mortgage Note.

       

      8.           With
        respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a
        deed in
        lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
        or termination, cancellation or rescission of any such foreclosure, including,
        without limitation, any and all of the following acts:

       

      a)           the
        substitution of trustee(s) serving under a Deed of Trust, in accordance with
        state law and the Deed of Trust;

      b)           the
        preparation and issuance of statements of breach or
        non-performance;

      c)           the
        preparation and filing of notices of default and/or notices of
        sale;

      d)           the
        cancellation/rescission of notices of default and/or notices of
        sale;

      e)           the
        taking of a deed in lieu of foreclosure; and

      f)           the
        preparation and execution of such other documents and performance of such
        other
        actions as may be necessary under the terms of the Mortgage, Deed of Trust
        or
        state law to expeditiously complete said transactions in paragraphs 8(a)
        through
        8(e) above.

       

      9.           The
        full assignment of a Mortgage or Deed of Trust upon sale of a loan pursuant
        to a
        mortgage loan sale agreement for the sale of a loan or pool of loans, including,
        without limitation, the assignment of the related Mortgage Note.

       

      The
        Undersigned gives said Attorney-in-Fact full power and authority to execute
        such
        instruments and to do and perform all and every act and thing necessary and
        proper to carry into effect the power or powers granted by or under this
        Limited
        Power of Attorney, each subject to the terms and conditions set forth in
        the
        related Pooling and Servicing Agreement and in accordance with the standard
        of
        care applicable to servicers in the Pooling and Servicing Agreement as fully
        as
        the undersigned might or could do, and hereby does ratify and confirm to
        all
        that said Attorney-in-Fact shall lawfully do or cause to be done by authority
        hereof.  This Limited Power of Attorney shall be effective as of
        [SERVICING TRANSFER EFFECTIVE DATE].

       

      Nothing
        contained herein shall (i) limit in any manner any indemnification provided
        by
        OOMC to the Owner under the Pooling and Servicing Agreement, or (ii) be
        construed to grant OOMC the power to initiate or defend any suit, litigation
        or
        proceeding in the name of the Undersigned except as specifically provided
        for
        herein or under the Pooling and Servicing Agreement.

       

      Option
        One Mortgage Corporation hereby agrees to indemnify and hold the Undersigned
        and
        its directors, officers, employees and agents harmless from and against any
        and
        all liabilities, obligations, losses, damages, penalties, actions, judgments,
        suits, costs, expenses or disbursements of any kind or nature whatsoever
        incurred by reason or result of or in connection with the exercise by OOMC
        of
        the powers granted to it hereunder.  The foregoing indemnity shall
        survive the termination of this Limited Power of Attorney and the Pooling
        and
        Servicing Agreement or the earlier resignation or removal of the Undersigned
        under the Pooling and Servicing Agreement.

       

      Any
        third
        party without actual notice of fact to the contrary may rely upon the exercise
        of the power granted under this Limited Power of Attorney; and may be satisfied
        that this Limited Power of Attorney shall continue in full force and effect
        and
        has not been revoked unless an instrument of revocation has been made in
        writing
        by the undersigned, and such third party put on notice thereof.  This
        Limited Power of Attorney shall be in addition to and shall not revoke or
        in any
        way limit the authority granted by any previous power of attorney executed
        by
        the Undersigned.

       

      IN
        WITNESS WHEREOF, ____________________ pursuant to the Pooling and Servicing
        Agreement, has caused its corporate seal to be hereto affixed and these presents
        to be signed and acknowledged in its name and behalf by ______________________,
        its duly elected and authorized _________________________ this ___ day of
        _________________, 2006.

       

      By:______________________________

      Name:____________________________

      Title:_____________________________

       

      Acknowledged
        and Agreed

       

      OPTION
        ONE MORTGAGE CORPORATION

       

      By:_________________________

      Name:

      Title:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

       

      FORM
        OF
        INVESTMENT LETTER [NON-RULE 144A]

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Wells
        Fargo Bank, N.A.

       

      
        	
                 

              	
                Re:

              	
                Soundview
                  Home Loan Trust 2007-OPT1,

              

      

      
        	
                 

              	
                Asset-Backed
                  Certificates Series 2007-OPT1

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above-captioned 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) we are not an employee benefit plan that is
        subject to the Employee Retirement Income Security Act of 1974, as amended,
        or a
        plan 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, (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 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.

       

      

       

      

       

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust Very
                  truly yours,

                 

                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      FORM
        OF
        RULE 144A INVESTMENT LETTER

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Wells
        Fargo Bank, N.A.,

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

       

      
        	
                 

              	
                Re:

              	
                Soundview
                  Home Loan Trust 2007-OPT1,

              

      

      
        	
                 

              	
                Asset-Backed
                  Certificates Series 2007-OPT1

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above 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 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,
        (c)
        we are not an employee benefit plan that is subject to the Employee Retirement
        Income Security Act of 1974, as amended, or a plan 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, (d) 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 Securities Act or that would render
        the disposition of the Certificates a violation of Section 5 of the Securities
        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, (e) we are a “qualified institutional buyer” as that term is
        defined in Rule 144A under the Securities Act and have completed either of
        the
        forms of certification to that effect attached hereto as Annex 1 or Annex
        2. We
        are aware that the sale to us is being made in reliance on Rule 144A. 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 (i) to a person reasonably believed to be a qualified
        institutional buyer that purchases for its own account or for the account
        of a
        qualified institutional buyer to whom notice is given that the resale, pledge
        or
        transfer is being made in reliance on Rule 144A, or (ii) pursuant to another
        exemption from registration under the Securities Act.

       

      
        	
                Very
                  truly yours,

                 

                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        1 TO EXHIBIT J

       

      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 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, as
        amended.

       

      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 related 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.

       

      

       

      
        	
                Print
                  Name of Buyer

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	
                Date:

              	 

      

      

       

      _____________________  
        1Buyer
          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.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        2 TO EXHIBIT J

       

      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 Buyers 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.

       

      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 or Adviser

                 

                 

              
	
                By:

              	 
	 	
                Name

              
	 	
                Title

              
	 	 
	 	 
	
                IF
                  AN ADVISER:

              
	 	 
	 
	
                Print
                  Name of Buyer

              
	 	 
	 	 
	 	 
	
                Date:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      FORM
        OF
        TRANSFER AFFIDAVIT FOR RESIDUAL CERTIFICATES

      PURSUANT
        TO SECTION 5.02(D)

       

      SOUNDVIEW
        HOME LOAN TRUST 2007-OPT1

      ASSET-BACKED
        CERTIFICATES, SERIES 2007-OPT1

       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )   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 Residual Certificate (the “Certificate”) issued pursuant to the
        Pooling and Servicing Agreement dated as of April 1, 2007 (the
“Agreement”), among Financial Asset Securities Corp., as depositor (the
“Depositor”), Option One Mortgage Corporation, as servicer (the
“Servicer”) and Wells Fargo Bank, N.A., as trustee (the
“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 for the benefit of the Depositor and
        the
        Trustee.

       

      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.  The
        Transferee has no knowledge that any such affidavit is false.

       

      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(d) of the Agreement
        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(d) 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 L
        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 has historically paid its debts as they have come due, intends
        to pay
        its debts as they come due in the future, and understands that the taxes
        payable
        with respect to the Certificate may exceed the cash flow with respect thereto
        in
        some or all periods and intends to pay such taxes as they become
        due.  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.  The
        Transferee is a U.S. Person as defined in Code
        Section 7701(a)(30).

       

      10.  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.

       

      11.  The
        Transferee will not cause income from the Certificate to be attributable
        to a
        foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of the Transferee or any other U.S.
        person.

       

      12.  Check
        one
        of the following:

       

      [_]           The
        present value of the anticipated tax liabilities associated with holding
        the
        Certificate, as applicable, does not exceed the sum of:

       

      
        	
                 

              	
                (i)

              	
                the
                  present value of any consideration given to the Transferee to acquire
                  such
                  Certificate;

              

      

       

      
        	
                 

              	
                (ii)

              	
                the
                  present value of the expected future distributions on such Certificate;
                  and

              

      

       

      
        	
                 

              	
                (iii)

              	
                the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificate as the related REMIC generates
                  losses.

              

      

       

      For
        purposes of this calculation, (i) the Transferee is assumed to pay tax at
        the
        highest rate currently specified in Section 11(b) of the Code (but the tax
        rate
        in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
        specified in Section 11(b) of the Code if the Transferee has been subject
        to the
        alternative minimum tax under Section 55 of the Code in the preceding two
        years
        and will compute its taxable income in the current taxable year using the
        alternative minimum tax rate) and (ii) present values are computed using
        a
        discount rate equal to the short-term Federal rate prescribed by Section
        1274(d)
        of the Code for the month of the transfer and the compounding period used
        by the
        Transferee.

       

      [_]           The
        transfer of the Certificate complies with U.S. Treasury Regulations Sections
        1.860E-1(c)(5) and (6) and, accordingly,

       

      
        	
                 

              	
                (i)

              	
                the
                  Transferee is an “eligible corporation,” as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), as to which income from
                  the
                  Certificate will only be taxed in the United
                  States;

              

      

       

      
        	
                 

              	
                (ii)

              	
                at
                  the time of the transfer, and at the close of the Transferee’s two fiscal
                  years preceding the year of the transfer, the Transferee had gross
                  assets
                  for financial reporting purposes (excluding any obligation of a
                  person
                  related to the Transferee within the meaning of U.S. Treasury Regulations
                  Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in
                  excess of $10 million;

              

      

       

      
        	
                 

              	
                (iii)

              	
                the
                  Transferee will transfer the Certificate only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                  of
                  Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                  of
                  the U.S. Treasury Regulations;
                  and

              

      

       

      
        	
                 

              	
                (iv)

              	
                the
                  Transferee determined the consideration paid to it to acquire the
                  Certificate based on reasonable market assumptions (including,
                  but not
                  limited to, borrowing and investment rates, prepayment and loss
                  assumptions, expense and reinvestment assumptions, tax rates and
                  other
                  factors specific to the Transferee) that it has determined in good
                  faith.

              

      

       

      [_]           None
        of the above.

       

      13.  The
        Transferee is not an employee benefit plan that is subject to Title I of
        ERISA
        or a plan that is subject to Section 4975 of the Code or a plan subject to
        any Federal, state or local law that is substantially similar to Title I
        of
        ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
        of
        or investing plan assets of such a plan.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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  .

       

      

      
        	
                [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
                  _________, 20__

                 

              

      

       

      

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      EXHIBIT
        L

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	
                 

              	
                Re:

              	
                Soundview
                  Home Loan Trust 2007-OPT1,

              

      

      
        	
                 

              	
                Asset-Backed
                  Certificates Series 2007-OPT1

              

      

       

      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,
        (c) to
        the extent we are disposing of a Class [ ] Certificate, we have no knowledge
        the
        Transferee is not a Permitted Transferee and (d) no purpose of the proposed
        disposition of a Class [ ] Certificate is to impede the assessment or collection
        of tax.

       

      
        	
                Very
                  truly yours,

                 

                 

              
	
                TRANSFEROR

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M

       

      FORM
        OF
        ERISA REPRESENTATION LETTER

       

      _____________,
        20__

       

      

      
        	
                Financial
                  Asset Securities Corp.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 06830

              	
                Wells
                  Fargo Bank, N.A.,

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

              

      

      

      
        	
                 

              	
                Re:

              	
                Soundview
                  Home Loan Trust 2007-OPT1,

              

      

      
        	
                 

              	
                Asset-Backed
                  Certificates Series 2007-OPT1

              

      

       

      Dear
        Sirs:

       

      _______________________
        (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance Soundview Home
        Loan Trust 2007-OPT1, Asset-Backed Certificates Series 2007-OPT1, Class
        [C][P][R[-X]] (the “Certificates”), issued pursuant to a Pooling and Servicing
        Agreement (the “Pooling and Servicing Agreement”) dated as of April 1, 2007
        among Financial Asset Securities Corp. as depositor (the “Depositor”), Option
        One Mortgage Corporation as servicer (the “Servicer”) and Wells Fargo Bank, N.A.
        as trustee (the “Trustee”). Capitalized terms used herein and not otherwise
        defined shall have the meanings assigned thereto in the Pooling and Servicing
        Agreement. The Transferee hereby certifies, represents and warrants to, and
        covenants with the Depositor, the Trustee and the Servicer the
        following:

       

      The
        Certificates (i) are not being acquired by, and will not be transferred to,
        any
        employee benefit plan within the meaning of section 3(3) of the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or other
        retirement arrangement, including individual retirement accounts and annuities,
        Keogh plans and bank collective investment funds and insurance company general
        or separate accounts in which such plans, accounts or arrangements are invested,
        that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
        Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
        acquired with “plan assets” of a Plan within the meaning of the Department of
        Labor (“DOL”) regulation, 29 C.F.R. §2510.3-101, as modified by section 3(42) of
        ERISA, and (iii) will not be transferred to any entity that is deemed to
        be
        investing in plan assets within the meaning of the DOL regulation at 29 C.F.R.§
2510.3-101, as modified by section 3(42) of ERISA.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                Very
                  truly yours,

                 

                 

              
	
                [Transferee]

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N-1

       

      FORM
        CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH FORM 10-K

       

      
        	
                 

              	
                Re:

              	
                Soundview
                  Home Loan Trust, Series 2007-OPT1

              

      

      
        	
                 

              	
                Asset
                  Backed Certificates, Series
                  2007-OPT1

              

      

       

      I,
        [identify the certifying individual], certify that:

       

      l.           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 included in the year covered by this report
        in
        Form 10-K of Soundview Home Loan Trust 2007-OPT1 (the “Exchange Act periodic
        reports”);

       

      2.           Based
        on my knowledge, the Exchange Act periodic reports, taken as a whole, do
        not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report;

       

      3.           Based
        on my knowledge, all of 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 upon the annual 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 each of its obligations under
        the
        pooling and servicing agreement; 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: Option One Mortgage Corporation and
        Wells
        Fargo Bank, N.A.

       

      

       

      
        	
                FINANCIAL
                  ASSET SECURITIES CORP.

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	
                Date:

              	 

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        N-2

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO DEPOSITOR BY THE TRUSTEE

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
          	
                   

                	
                  Re:

                	
                  Soundview
                    Home Loan Trust 2007-OPT1 (the “Trust”)

                  Asset-Backed Certificates, Series
                    2007-OPTI

                

        

      

       

      The
        Trustee hereby certifies to the Depositor and its officers, directors and
        affiliates, and with the knowledge and intent that they will rely upon this
        certification, that:

       

      1.           I
        have reviewed the annual report on Form 10-K for the fiscal year [____] (the
        “Annual Report”), and all reports on Form 10-D required to be filed in respect
        of period covered by the Annual Report (collectively with the Annual Report,
        the
“Reports”), of the Trust;

       

      2.           To
        my knowledge, (a) the Reports, taken as a whole, do not contain any untrue
        statement of a material fact or omit to state a material fact necessary to
        make
        the statements made, in light of the circumstances under which such statements
        were made, not misleading with respect to the period covered by the Annual
        Report, and (b) the Trustee’s assessment of compliance and related attestation
        report referred to below, taken as a whole, do not contain any untrue statement
        of a material fact or omit to state a material fact necessary to make the
        statements made, in light of the circumstances under which such statements
        were
        made, not misleading with respect to the period covered by such assessment
        of
        compliance and attestation report;

       

      3.           To
        my knowledge, the distribution information required to be provided by the
        Trustee under the Pooling and Servicing Agreement for inclusion in the Reports
        is included in the Reports;

       

      4.           I
        am responsible for reviewing the activities performed by the Trustee under
        the
        Pooling and Servicing Agreement, and based on my knowledge and the compliance
        review conducted in preparing the assessment of compliance of the Trustee
        required by the Pooling and Servicing Agreement, and except as disclosed
        in the
        Reports, the Trustee has fulfilled its obligations under the Pooling and
        Servicing Agreement in all material respects; and

       

      5.           The
        report on assessment of compliance with servicing criteria applicable to
        the
        Trustee for asset-backed securities of the Trustee and each Subcontractor
        utilized by the Trustee and related attestation report on assessment of
        compliance with servicing criteria applicable to it required to be included
        in
        the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
        Act
        Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual
        Report.  Any material instances of non-compliance are described in
        such report and have been disclosed in the Annual Report.

       

      In
        giving the certifications above, the
        Trustee has reasonably relied on information provided to it by the following
        unaffiliated parties: [names of servicer(s), subservicer(s), depositor, credit
        risk manager, custodian(s)].

       

      

       

      
        	
                WELLS
                  FARGO BANK, N.A., as Trustee

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	
                Date:

              	 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N-3

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO DEPOSITOR BY THE SERVICER

       

      
        	
                 

              	
                Re:

              	
                Soundview
                  Home Loan Trust, Series 2007-OPT1

                Asset-Backed Certificates,
                  Series
                  2007-OPTI

              

      

       

       

      I,
        [identify the certifying individual], certify to Financial Asset Securities
        Corp. (the “Depositor”), the Trustee and their respective officers, directors
        and affiliates, and with the knowledge and intent that they will rely upon
        this
        certification, that:

       

      1.           Based
        on my knowledge, the information in the annual compliance statement, the
        Annual
        Independent Public Accountant's Servicing Report and all servicing reports,
        officer's certificates and other information relating to the servicing of
        the
        Mortgage Loans taken as a whole, does not contain any untrue statement of
        a
        material fact or omit to state a material fact necessary to make the statements
        made, in light of the circumstances under which such statements were made,
        not
        misleading as of the date of this certification;

       

      2.           The
        servicing information required to be provided by the Servicer under the Pooling
        and Servicing Agreement has been provided to the Depositor and the
        Trustee;

       

      3.           I
        am is responsible for reviewing the activities performed by the Servicer
        under
        the Pooling and Servicing Agreement and based upon the review required by
        the
        Pooling and Servicing Agreement, and except as disclosed in the annual
        compliance statement or the Annual Independent Public Accountant's Servicing
        Report, the Servicer has, as of the date of this certification fulfilled
        its
        obligations under the Pooling and Servicing Agreement; and

       

      4.           Such
        officer has disclosed to the Depositor and the Trustee all significant
        deficiencies relating to the Servicer’s compliance with the minimum servicing
        standards in accordance with a review conducted in compliance with the Uniform
        Single Attestation Program for Mortgage Bankers or similar standard as set
        forth
        in the Pooling and Servicing Agreement.

       

      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.

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in
        the

      Pooling
        and Servicing Agreement, dated April 1, 2007 (the “Pooling and Servicing
        Agreement”), among the Depositor, Option One Mortgage Corporation as servicer
        and Wells Fargo Bank, N.A. as trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                OPTION
                  ONE MORTGAGE CORPORATION

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	
                Date:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O

       

      FORM
        OF
        INTEREST RATE SWAP AGREEMENT

       

      

         

        

        
          	 	
                  BEAR
                    STEARNS FINANCIAL PRODUCTS INC.

                
	
                  383
                    MADISON AVENUE

                
	
                  NEW
                    YORK, NEW YORK 10179

                
	
                  212-272-4009

                
	 

        

        

        
          	
                  DATE:

                	
                  May
                    15, 2007

                
	 	 
	
                  TO:

                	
                  Wells
                    Fargo Bank, N.A., not in its individual capacity, but solely
                    as
                    Supplemental Interest Trust Trustee on behalf of the Supplemental
                    Interest
                    Trust with respect to the Soundview Home Loan Trust 2007-OPT1,
                    Asset-Backed Certificates, Series 2007-OPT1

                
	
                  ATTENTION:

                	
                  Client
                    Manager – Soundview 2007-OPT1

                
	
                  TELEPHONE:

                	
                  410-884-2000

                
	
                  FACSIMILE:

                	
                  410-715-2380

                
	 	 
	 	 
	
                  TO:

                	
                  Royal
                    Bank of Scotland, PLC

                
	
                  ATTENTION:

                	
                  Liz
                    Stotler

                
	
                  TELEPHONE:

                	
                  203-618-2576

                
	
                  FACSIMILE:

                	
                  203-618-2580

                
	 	 
	
                  FROM:

                	
                  Derivatives
                    Documentation

                
	
                  TELEPHONE:

                	
                  212-272-2711

                
	
                  FACSIMILE:

                	
                  212-272-9857

                
	 	 
	
                  RE:

                	
                  Novation
                    Confirmation

                
	 	 
	
                  REFERENCE
                    NUMBER(S):

                	
                  FXSV7OPT1
                    and BXSV7OPT1

                

        

        

        The
          purpose of this letter is to confirm the terms and conditions of the Novation
          Transaction entered into between the parties and effective from the Novation
          Date specified below.  This Novation Confirmation constitutes a
“Confirmation” as referred to in the New Agreement specified below.

        

        
          	
                  1.

                	
                  The
                    definitions and provisions contained in the 2004 ISDA Novation
                    Definitions
                    (the “Definitions”) and the terms and provisions of the 2000 ISDA
                    Definitions, as published by the International Swaps and
                    Derivatives Association, Inc. and amended from time to time,
                    are
                    incorporated in this Novation Confirmation.  In the event of any
                    inconsistency between (i) the Definitions, (ii) the 2000 ISDA
                    Definitions,
                    and/or (iii) the Novation Agreement and this Novation Confirmation,
                    this
                    Novation Confirmation will govern.

                

        

        

        
          	
                  2.

                	
                  The
                    terms of the Novation Transaction to which this Novation Confirmation
                    relates are as follows:

                

        

        

        
          	 	
                  Novation
                    Trade Date:

                	
                  May
                    15, 2007

                
	 	
                  Novation
                    Date:

                	
                  May
                    15, 2007

                
	 	
                  Novated
                    Amount:

                	
                  USD
                    8,441,012.67

                
	 	
                  Transferor
                    1:

                	
                  Royal
                    Bank of Scotland, PLC

                
	 	
                  Transferor
                    2:

                	
                  Bear
                    Stearns Bank PLC

                
	 	
                  Transferee
                    1:

                	
                  Wells
                    Fargo Bank, N.A., not in its individual capacity, but solely
                    as
                    Supplemental Interest Trust Trustee on behalf of the Supplemental
                    Interest
                    Trust with respect to the Soundview Home Loan Trust 2007-OPT1,
                    Asset-Backed Certificates, Series 2007-OPT1

                
	 	
                  Transferee
                    2:

                	
                  Bear
                    Stearns Financial Products Inc.

                
	 	
                  New
                    Agreement (between Transferee 1 and Transferee 2):

                	
                  The
                    Agreement defined in Exhibit A

                

        

        

        

        
          	
                  3.

                	
                  The
                    terms of each Old Transaction to which this Novation Confirmation
                    relates,
                    for identification purposes, are as
                    follows:

                

        

        

        
          	 	
                  Trade
                    Date of Old Transaction:

                	
                  April
                    27, 2007

                
	 	
                  Effective
                    Date of Old Transaction:

                	
                  May
                    15, 2007

                
	 	
                  Termination
                    Date of Old Transaction:

                	
                  March
                    25, 2014

                

        

        

        4.                             
           The terms of each the New Transaction to which this Novation Confirmation
          relates shall be as specified in the New Confirmation attached hereto as
          Exhibit
          A.

         

        
          	
                   

                	
                  Full
                    First Calculation Period:

                	
                  Applicable

                

        

        

        

        5.                    
                   Offices:

        
          	 	
                  Transferor
                    1:

                	
                  London

                
	 	
                  Transferor
                    2:

                	
                  Not
                    applicable

                
	 	
                  Transferee
                    1:

                	
                  Not
                    applicable

                
	 	
                  Transferee
                    2:

                	
                  Not
                    applicable

                

        

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        The
          parties confirm their acceptance to be bound by this Novation Confirmation
          as of
          the Novation Date by executing a copy of this Novation Confirmation and
          returning a facsimile of the fully-executed Novation Confirmation to
212-272-9857.  The Transferor, by its execution of a
          copy of this Novation Confirmation, agrees to the terms of the Novation
          Confirmation as it relates to the Old Transaction.  The Transferee, by
          its execution of a copy of this Novation Confirmation, agrees to the terms
          of
          the Novation Confirmation as it relates to the New Transaction. To discuss
          an
          inquiry regarding U.S. Transactions, please contact Nick
          Girardi by telephone at 212-272-8420.  For
          all other inquiries please contact Derivatives Documentation by
          telephone at 353-1-402-6233.

        

        This
          Novation Confirmation has been entered into by Greenwich Capital Markets,
          Inc.,
          as agent for The Royal Bank of Scotland plc. Greenwich Capital Markets,
          Inc. has
          not guaranteed and is not otherwise responsible for the obligations of
          The Royal
          Bank of Scotland plc under this Transaction.

        

        
          	
                  Royal
                    Bank of Scotland PLC

                  By:
                    Greenwich Capital Markets, Inc.

                  as
                    agent for Royal Bank of Scotland PLC

                   

                	 	
                  Bear
                    Stearns Bank PLC

                   

                
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	 	 	
                  Name:

                	 
	
                  Title:

                	 	 	
                  Title:

                	 
	
                  Date:

                	 	 	
                  Date:

                	 

        

        

        
          	
                  Wells
                    Fargo Bank, N.A., not in its individual capacity, but solely
                    as
                    Supplemental Interest Trust Trustee on behalf of the Supplemental
                    Interest
                    Trust with respect to the Soundview Home Loan Trust 2007-OPT1,
                    Asset-Backed Certificates, Series 2007-OPT1

                   

                	 	
                  Bear
                    Stearns Financial Products Inc.

                   

                
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	 	 	
                  Name:

                	 
	
                  Title:

                	 	 	
                  Title:

                	 
	
                  Date:

                	 	 	
                  Date:

                	 

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        
           

           

            EXHIBIT
            A

           

          

          BEAR
            STEARNS FINANCIAL PRODUCTS INC.

            383
            MADISON AVENUE

          NEW
            YORK, NEW YORK 10179

          212-272-4009

          
            
              	
                      DATE:

                    	
                      May
                        15, 2007

                    
	 	 
	
                      TO:

                    	
                      Wells
                        Fargo Bank, N.A., not in its individual capacity, but solely
                        as
                        Supplemental Interest Trust Trustee on behalf of the Supplemental
                        Interest
                        Trust with respect to the Soundview Home Loan Trust 2007-OPT1,
                        Asset-Backed Certificates, Series 2007-OPT1

                    
	
                      ATTENTION:

                    	
                      Client
                        Manager – Soundview 2007-OPT1

                    
	
                      TELEPHONE:

                    	
                      410-884-2000

                    
	
                      FACSIMILE:

                    	
                      410-715-2380

                    
	 	 
	 	 
	
                      FROM:

                    	
                      Derivatives
                        Documentation

                    
	
                      TELEPHONE:

                    	
                      212-272-2711

                    
	
                      FACSIMILE:

                    	
                      212-272-9857

                    
	 	 
	
                      SUBJECT:

                    	
                      Mortgage
                        Derivatives Confirmation and Agreement

                    
	 	 
	
                      REFERENCE
                        NUMBER:

                    	
                      FXSV7OPT1

                    

            

             

          

          The
            purpose of this long-form confirmation
            (“Confirmation”) is to
            confirm the terms and conditions of the current Transaction entered into
            on the
            Trade Date specified below (the “Transaction”) between Bear
            Stearns Financial Products Inc. (“Party
            A”) and Wells Fargo Bank, N.A., not in its
            individual capacity, but solely as Supplemental Interest Trust Trustee
            on behalf
            of the Supplemental Interest Trust with respect to the Soundview Home
            Loan Trust
            2007-OPT1, Asset-Backed Certificates, Series 2007-OPT1 
            (“Party B”). Reference is hereby made to the Pooling and
            Servicing Agreement, dated as of April 1, 2007, among Financial Assets
            Securities Corp., as Depositor (the “Depositor”), Option One Mortgage
            Corporation, as Servicer (the “Servicer”) and Wells Fargo Bank, N.A. as Trustee
            (the “Trustee”) (the “Pooling and Servicing
            Agreement”).  This Confirmation evidences a complete and
            binding agreement between you and us to enter into the Transaction on
            the terms
            set forth below and replaces any previous agreement between us with respect
            to
            the subject matter hereof.  This Confirmation constitutes a
“Confirmation” and also constitutes a
“Schedule” as referred to in the ISDA Master
            Agreement, and
            Paragraph 13 of a Credit Support Annex to the Schedule.

           

          
            	
                    1.

                  	
                    This
                      Confirmation shall supplement, form a part of, and be subject
                      to an
                      agreement in the form of the ISDA Master Agreement (Multicurrency
                      - Cross
                      Border) as published and copyrighted in 1992 by the International
                      Swaps
      and Derivatives Association, Inc. (the “ISDA Master
                      Agreement”), as if Party A and Party B had executed an agreement
                      in such form on the date hereof, with a Schedule as set forth
                      in Item 4 of
                      this Confirmation, and an ISDA Credit Support Annex (Bilateral
                      Form - ISDA
                      Agreements Subject to New York Law Only version) as published
                      and
                      copyrighted in 1994 by the International Swaps and Derivatives
                      Association, Inc., with Paragraph 13 thereof as set forth in
                      Annex A
                      hereto (the “Credit Support Annex”).  For the
                      avoidance of doubt, the Transaction described herein shall
                      be the sole
                      Transaction governed by such ISDA Master Agreement.  In the
                      event of any inconsistency among any of the following documents,
                      the
                      relevant document first listed shall govern: (i) this Confirmation,
                      exclusive of the provisions set forth in Item 4 hereof and
                      Annex A hereto;
                      (ii) the provisions set forth in Item 4 hereof, which are incorporated
                      by
                      reference into the Schedule; (iii) the Credit Support Annex;
                      (iv) the
                      Definitions; and (v) the ISDA Master
                      Agreement.

                  

          

           

          
            Reference
              Number: FXSV7OPT1      
Wells
            Fargo Bank, N.A., not in its individual capacity, but solely as Supplemental
            Interest Trust Trustee on behalf of the Supplemental Interest Trust with
            respect
            to the Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates,
            Series
            2007-OPT1            

            May
              15,
              2007      
     

          Each
            reference herein to a “Section” (unless specifically referencing the Pooling and
            Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
            a reference to a Section of the ISDA Master Agreement; each herein reference
            to
            a “Part” will be construed as a reference to the provisions herein deemed
            incorporated in a Schedule to the ISDA Master Agreement; each reference
            herein
            to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
            Support Annex.

          

          
            	
                    2.

                  	
                    The
                      terms of the particular Transaction to which this Confirmation
                      relates are
                      as follows:

                  

          

          

          
            	
                  	
                    Type
                      of Transaction:

                  	
                    Interest
                      Rate Swap

                  

          

          

          
            	
                     

                  	
                    Notional
                      Amount:

                  	
                    With
                      respect to any Calculation Period, the lesser of (i) the Scheduled
                      Amount
                      set forth for such period on Schedule I attached hereto and
                      (ii) the
                      product of (x) 1/Scale Factor and (y) the aggregate principal
                      balance of
                      the Class A and Mezzanine Certificates immediately prior to
                      the
                      Distribution Date occurring in the calendar month in which
                      such
                      Calculation Period ends (determined for this purpose without
                      regard to any
                      adjustment of the Calculation Period or Distribution Date resulting
                      from
                      the application of any business day
                      convention).

                  

          

          

          
            	
                  	
                    Trade
                      Date:

                  	
                    May
                      15, 2007

                  

          

          

          
            	
                  	
                    Effective
                      Date:

                  	
                    May
                      15, 2007

                  

          

          

          
            	
                     

                  	
                    Termination
                      Date:

                  	
                    March
                      25, 2014, subject to adjustment in accordance with the Business
                      Day
                      Convention; provided, however, that for the purpose of determining
                      the
                      final Fixed Rate Payer Period End Date, Termination Date shall
                      be subject
                      to No Adjustment.

                  

          

          

          Fixed
            Amounts:

          

          
            	
                     

                  	
                    Fixed
                      Rate Payer:

                  	
                    Party
                      B

                  

          

          

          Fixed
            Rate Payer

           

          
            	
                     

                  	
                    Period
                      End Dates:

                  	
                    The
                      25th
                      calendar day of each month during the Term of this Transaction,
                      commencing
                      May 25, 2007, and ending on the Termination Date, with No
                      Adjustment.

                  

          

          

          Fixed
            Rate Payer

          
            	
                     

                  	
                    Payment
                      Dates:

                  	
                    Early
                      Payment shall be applicable. The Floating Rate Payer Payment
                      Date shall be
                      one Business Day preceding each Floating Rate Payer Period
                      End Date,
                      subject to adjustment in accordance with the Business Day
                      Convention.

                  

          

          

          
            	
                     

                  	
                    Fixed
                      Rate:

                  	
                    5.19
                      %

                  

          

          

          
            	
                     

                  	
                    Fixed
                      Amount:

                  	
                    To
                      be determined in accordance with the following
                      formula:

                  

          

          

          Scale
            Factor* Fixed Rate * Notional Amount * Fixed Rate Day Count
            Fraction

          

          Fixed
            Rate Day

          
            	
                     

                  	
                    Count
                      Fraction:

                  	
                    30/360

                  

          

          

          Floating
            Amounts:

          

          
            	
                  	
                    Floating
                      Rate Payer:

                  	
                    Party
                      A

                  

          

          

          Floating
            Rate Payer

          
            	
                     

                  	
                    Period
                      End Dates:

                  	
                    The
                      25th
                      calendar day of each month during the Term of this Transaction,
                      commencing
                      May 25, 2007, and ending on the Termination Date, subject to
                      adjustment in
                      accordance with the Business Day
                      Convention.

                  

          

          

          Floating
            Rate Payer

          
            	
                     

                  	
                    Payment
                      Dates:

                  	
                    Early
                      Payment shall be applicable. The Floating Rate Payer Payment
                      Date shall be
                      one Business Day preceding each Floating Rate Payer Period
                      End Date,
                      subject to adjustment in accordance with the Business Day
                      Convention.

                  

          

          

          
            	
                  	
                    Floating
                      Rate Option:

                  	
                    USD-LIBOR-BBA

                  

          

          

          
            	
                     

                  	
                    Designated
                      Maturity:

                  	
                    One
                      month

                  

          

          

          

          
            	
                     

                  	
                    Floating
                      Amount:

                  	
                    To
                      be determined in accordance with the following
                      formula:

                  

          

          

          Scale
            Factor * Floating Rate Option * Notional Amount * Floating Rate Day Count
            Fraction

          

          
            	
                     

                  	
                    Designated
                      Maturity:

                  	
                    One
                      month

                  

          

          

          Floating
            Rate Day

          
            	
                     

                  	
                    Count
                      Fraction:

                  	
                    Actual/360

                  

          

          

          
            	
                     

                  	
                    Reset
                      Dates:

                  	
                    The
                      first day of each Calculation
                      Period.

                  

          

          

          
            	
                     

                  	
                    Compounding:

                  	
                    Inapplicable

                  

          

          

          
            	
                     

                  	
                    Business
                      Days:

                  	
                    New
                      York

                  

          

          

          
            	
                  	
                    Business
                      Day Convention:

                  	
                    Following

                  

          

          

          
            	
                     

                  	
                    Scale
                      Factor:

                  	
                    250

                  

          

          

          
            	
                  	
                    Calculation
                      Agent:

                  	
                    Party
                      A

                  

          

          

          

          
            	
                    3.

                  	
                    Additional
                      Provisions:

                  	
                    For
                      each Calculation Period, Counterparty will make available on
                      its website
                      https://www.ctslink.com indicating the outstanding principal
                      balance of
                      the Certificates as of the first day of the month in which
                      such
                      Calculation Period begins

                  

          

          

          

          
            	
                    4.

                  	
                    Provisions
                      Deemed Incorporated in a Schedule to the ISDA Master
                      Agreement:

                  

          

          

          
            	
                    Part
                      1.

                  	
                    Termination
                      Provisions.

                  

          

          

          For
            the
            purposes of this Agreement:-

          

          
            	
                    (a)

                  	
                    “Specified
                      Entity” will not apply to Party A or Party B for any
                      purpose.

                  

          

          

          
            	
                    (b)

                  	
                    “Specified
                      Transaction” will have the meaning specified in Section
                      14.

                  

          

          

          
            	
                    (c)

                  	
                    Events
                      of Default.

                  

          

          

          The
            statement below that an Event of Default will apply to a specific party
            means
            that upon the occurrence of such an Event of Default with respect to
            such party,
            the other party shall have the rights of a Non-defaulting Party under
            Section 6
            of this Agreement; conversely, the statement below that such event will
            not
            apply to a specific party means that the other party shall not have such
            rights.

          

          
            	
                  	
                    (i)

                  	
                    The
                      “Failure to Pay or Deliver” provisions of Section 5(a)(i)
                      will apply to Party A and will apply to Party B; provided,
                      however, that
                      notwithstanding anything to the contrary in Section 5(a)(i)
                      or in
                      Paragraph 7, any failure by Party A to comply with or perform
                      any
                      obligation to be complied with or performed by Party A under
                      the Credit
                      Support Annex shall not constitute an Event of Default under
                      Section
                      5(a)(i) unless (A) a Required Ratings Downgrade Event has occurred
                      and
                      been continuing for 30 or more Local Business Days and (B)
                      such failure is
                      not remedied on or before the third Local Business Day after
                      notice of
                      such failure is given to Party A.

                  

          

          

          
            	
                  	
                    (ii)

                  	
                    The
                      “Breach of Agreement” provisions of Section 5(a)(ii) will
                      apply to Party A and will not apply to Party
                      B.

                  

          

          

          
            	
                  	
                    (iii)

                  	
                    The
                      “Credit Support Default” provisions of Section 5(a)(iii)
                      will apply to Party A and will not apply to Party B except
                      that Section
                      5(a)(iii)(1) will apply to Party B solely in respect of Party
                      B’s
                      obligations under Paragraph 3(b); provided, however, that notwithstanding
                      anything to the contrary in Section 5(a)(iii)(1), any failure
                      by Party A
                      to comply with or perform any obligation to be complied with
                      or performed
                      by Party A under the Credit Support Annex shall not constitute
                      an Event of
                      Default under Section 5(a)(iii) unless (A) a Required Ratings
                      Downgrade
                      Event has occurred and been continuing for 30 or more Local
                      Business Days
                      and (B) such failure is not remedied on or before the third
                      Local Business
                      Day after notice of such failure is given to Party
                      A.

                  

          

          

          
            	
                  	
                    (iv)

                  	
                    The
                      “Misrepresentation” provisions of Section 5(a)(iv) will
                      apply to Party A and will not apply to Party
                      B.

                  

          

          

          
            	
                  	
                    (v)

                  	
                    The
                      “Default under Specified Transaction” provisions of
                      Section 5(a)(v) will apply to Party A and will not apply to
                      Party
                      B.

                  

          

          

          
            	
                  	
                    (vi)

                  	
                    The
                      “Cross Default” provisions of Section 5(a)(vi) will apply
                      to Party A and will not apply to Party B.  For purposes of
                      Section 5(a)(vi), solely with respect to Party
                      A:

                  

          

          

          “Specified
            Indebtedness” will have the meaning specified in Section 14.

          

          “Threshold
            Amount” means USD 100,000,000.

          

          
            	
                  	
                    (vii)

                  	
                    The
                      “Bankruptcy” provisions of Section 5(a)(vii) will apply
                      to Party A and will apply to Party B except that the provisions
                      of Section
                      5(a)(vii)(2), (6) (to the extent that such provisions refer
                      to any
                      appointment contemplated or effected by the Pooling and Servicing
                      Agreement or any appointment to which Party B has not become
                      subject), (7)
                      and (9) will not apply to Party B; provided that, with respect
                      to Party B
                      only, Section 5(a)(vii)(4) is hereby amended by adding after
                      the words
                      “against it” the words “(excluding any proceeding or petition instituted
                      or presented by Party A or its Affiliates)”, and Section 5(a)(vii)(8) is
                      hereby amended by deleting the words “to (7) inclusive” and inserting lieu
                      thereof “, (3), (4) as amended, (5), (6) as amended, or
                      (7)”.

                  

          

          

          
            	
                  	
                    (viii)

                  	
                    The
                      “Merger Without Assumption” provisions of Section
                      5(a)(viii) will apply to Party A and will  apply to Party
                      B.

                  

          

          

          
            	
                    (d)

                  	
                    Termination
                      Events.

                  

          

          

          The
            statement below that a Termination Event will apply to a specific party
            means
            that upon the occurrence of such a Termination Event, if such specific
            party is
            the Affected Party with respect to a Tax Event, the Burdened Party with
            respect
            to a Tax Event Upon Merger (except as noted below) or the non-Affected
            Party
            with respect to a Credit Event Upon Merger, as the case may be, such
            specific
            party shall have the right to designate an Early Termination Date in
            accordance
            with Section 6 of this Agreement; conversely, the statement below that
            such an
            event will not apply to a specific party means that such party shall
            not have
            such right; provided, however, with respect to “Illegality” the statement that
            such event will apply to a specific party means that upon the occurrence
            of such
            a Termination Event with respect to such party, either party shall have
            the
            right to designate an Early Termination Date in accordance with Section
            6 of
            this Agreement.

          

          
            	
                  	
                    (i)

                  	
                    The
                      “Illegality” provisions of Section 5(b)(i) will apply
                      to
                      Party A and will apply to Party B.

                  

          

          

          
            	
                     

                  	
                    (ii)

                  	
                    The
                      “Tax Event” provisions of Section 5(b)(ii) will apply
                      to
                      Party A and will apply to Party B.

                  

          

          

          
            	
                     

                  	
                    (iii)

                  	
                    The
                      “Tax Event Upon Merger” provisions of Section 5(b)(iii)
                      will apply to Party A and will apply to Party B, provided that
                      Party A
                      shall not be entitled to designate an Early Termination Date
                      by reason of
                      a Tax Event upon Merger in respect of which it is the Affected
                      Party.

                  

          

          

          
            	
                     

                  	
                    (iv)

                  	
                    The
                      “Credit Event Upon Merger” provisions of Section 5(b)(iv)
                      will not apply to Party A and will not apply to Party
                      B.

                  

          

          

          
            	
                    (e)

                  	
                    The
                      “Automatic Early Termination” provision of Section 6(a)
                      will not apply to Party A and will not apply to Party
                      B.

                  

          

          

          
            	
                    (f)

                  	
                    Payments
                      on Early Termination.  For the purpose of Section 6(e)
                      of this Agreement:

                  

          

          

          
            	
                  	
                    (i)

                  	
                    The
                      Second Method will apply.

                  

          

          

          
            	
                  	
                    (ii)

                  	
                    Market
                      Quotation will apply, provided, however, that, if Party A is
                      the
                      Defaulting Party or the sole Affected Party, the following
                      provisions will
                      apply:

                  

          

          

          
            	
                     

                  	
                    (A)

                  	
                    Section
                      6(e) is hereby amended by inserting on the first line thereof
                      the words
                      “or is effectively designated” after “If an Early Termination Date
                      occurs”;

                  

          

          

          
            	
                     

                  	
                    (B)

                  	
                    The
                      definition of Market Quotation in Section 14 shall be deleted
                      in its
                      entirety and replaced with the
                      following:

                  

          

          

          “Market
            Quotation” means, with respect to one or more Terminated
            Transactions, and a party making the determination, an amount determined
            on the
            basis of one or more Firm Offers from Reference Market-makers that are
            Eligible
            Replacements.  Each Firm Offer will be (1) for an amount that would be
            paid to Party B (expressed as a negative number) or by Party B (expressed
            as a
            positive number) in consideration of an agreement between Party B and
            such
            Reference Market-maker to enter into a Replacement Transaction, and (2)
            made on
            the basis that Unpaid Amounts in respect of the Terminated Transaction
            or group
            of Transactions are to be excluded but, without limitation, any payment
            or
            delivery that would, but for the relevant Early Termination Date, have
            been
            required (assuming satisfaction of each applicable condition precedent)
            after
            that Early Termination Date are to be included.  The party making the
            determination (or its agent) will request each Reference Market-maker
            that is an
            Eligible Replacement to provide its Firm Offer to the extent reasonably
            practicable as of the same day and time (without regard to different
            time zones)
            on or as soon as reasonably practicable after the designation or occurrence
            of
            the relevant Early Termination Date. The day and time as of which those
            Firm
            Offers are to be provided (the “bid time”) will be selected in good faith by the
            party obliged to make a determination under Section 6(e), and, if each
            party is
            so obliged, after consultation with the other.  If at least one Firm
            Offer from an Approved Replacement (which, if accepted, would determine
            the
            Market Quotation) is provided at the bid time, the Market Quotation will
            be the
            Firm Offer (among such Firm Offers as specified in clause (C) below)
            actually
            accepted by Party B no later than the Business Day immediately preceding
            the
            Early Termination Date.  If no Firm Offer from an Approved Replacement
            (which, if accepted, would determine the Market Quotation) is provided
            at the
            bid time, it will be deemed that the Market Quotation in respect of such
            Terminated Transaction or group of Transactions cannot be
            determined.

          

          
            	
                     

                  	
                    (C)

                  	
                    If
                      more than one Firm Offer from an Approved Replacement (which,
                      if accepted,
                      would determine the Market Quotation) is provided at the bid
                      time, Party B
                      shall accept the Firm Offer (among such Firm Offers) which
                      would require
                      either (x) the lowest payment by Party B to the Reference Market-maker,
                      to
                      the extent Party B would be required to make a payment to the
                      Reference
                      Market-maker or (y) the highest payment from the Reference
                      Market-maker to
                      Party B, to the extent the Reference Market-maker would be
                      required to
                      make a payment to Party B.  If only one Firm Offer from an
                      Approved Replacement (which, if accepted, would determine the
                      Market
                      Quotation) is provided at the bid time, Party B shall accept
                      such Firm
                      Offer.

                  

          

          

          
            	
                     

                  	
                    (D)

                  	
                    If
                      Party B requests Party A in writing to obtain Market Quotations,
                      Party A
                      shall use its reasonable efforts to do
                      so.

                  

          

          

          
            	
                     

                  	
                    (E)

                  	
                    If
                      the Settlement Amount is a negative number, Section 6(e)(i)(3)
                      shall be
                      deleted in its entirety and replaced with the
                      following:

                  

          

          

          “(3)
            Second Method and Market Quotation. If the Second Method and Market
            Quotation apply, (I) Party B shall pay to Party A an amount equal to
            the
            absolute value of the Settlement Amount in respect of the Terminated
            Transactions, (II) Party B shall pay to Party A the Termination Currency
            Equivalent of the Unpaid Amounts owing to Party A and (III) Party A shall
            pay to
            Party B the Termination Currency Equivalent of the Unpaid Amounts owing
            to Party
            B; provided, however, that (x) the amounts payable under the immediately
            preceding clauses (II) and (III) shall be subject to netting in accordance
            with
            Section 2(c) of this Agreement and (y) notwithstanding any other provision
            of
            this Agreement, any amount payable by Party A under the immediately preceding
            clause (III) shall not be netted-off against any amount payable by Party
            B under
            the immediately preceding clause (I).”

          

          (g)           “Termination
            Currency” means USD.

          

          (h)           Additional
            Termination Events.  Additional Termination Events will apply
            as provided in Part 5(c).

          

          Part
            2.  Tax Matters.

          

          
            	
                    (a)

                  	
                    Tax
                      Representations.

                  

          

          

          
            	
                  	
                    (i)

                  	
                    Payer
                      Representations.  For the purpose of Section 3(e) of
                      this Agreement: 

                  

          

           

          (A)           Party
            A makes the following representation(s):

          

          It
            is not
            required by any applicable law, as modified by the practice of any relevant
            governmental revenue authority, of any Relevant Jurisdiction to make
            any
            deduction or withholding for or on account of any Tax from any payment
            (other
            than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement)
            to be made
            by it to the other party under this Agreement.

          

          In
            making
            this representation, it may rely on:

          

          
            	
                     

                  	
                    (1)

                  	
                    the
                      accuracy of any representations made by the other party pursuant
                      to
                      Section 3(f) of this Agreement;

                  

          

          

          
            	
                     

                  	
                    (2)

                  	
                    the
                      satisfaction of the agreement contained in Section 4(a)(i)
                      or 4(a)(iii) of
                      this Agreement and the accuracy and effectiveness of any document
                      provided
                      by the other party pursuant to Section 4(a)(i) or 4(a)(iii)
                      of this
                      Agreement; and

                  

          

          

          
            	
                     

                  	
                    (3)

                  	
                    the
                      satisfaction of the agreement of the other party contained
                      in Section 4(d)
                      of this Agreement, provided that it shall not be a breach of
                      this
                      representation where reliance is placed on clause (ii) and
                      the other party
                      does not deliver a form or document under Section 4(a)(iii)
                      by reason of
                      material prejudice to its legal or commercial
                      position.

                  

          

          

          (B)           Party
            B makes the following representation(s):

          

          None.

          

          (ii)           Payee
            Representations.  For the purpose of Section 3(f) of this
            Agreement:

           

          (A)           Party
            A makes the following representation(s):

          

          Party
            A
            is a corporation organized under the laws of the State of Delaware and
            its U.S.
            taxpayer identification number is 13-3866307.

          

          (B)           Party
            B makes the following representation(s):

          

          None.

          

          
            	
                    (b)

                  	
                    Tax
                      Provisions.

                  

          

          

          
            	
                     

                  	
                    (i)

                  	
                    Gross
                      Up.  Section 2(d)(i)(4) shall not apply to Party B as
                      X, such that Party B shall not be required to pay any additional
                      amounts
                      referred to therein.

                  

          

          

          
            	
                     

                  	
                    (ii)

                  	
                    Indemnifiable
                      Tax. Notwithstanding the definition of “Indemnifiable Tax” in
                      Section 14 of this Agreement, all Taxes in relation to payments
                      by Party A
                      shall be Indemnifiable Taxes (including any Tax imposed in
                      relation to a
                      Credit Support Document or in relation to any payment thereunder)
                      unless
                      (i) such Taxes are assessed directly against Party B and not
                      by deduction
                      or withholding by Party A or (ii) arise as a result of a Change
                      in Tax Law
                      (in which case such Tax shall be an Indemnifiable Tax only
                      if such Tax
                      satisfies the definition of Indemnifiable Tax provided in Section
                      14).  In relation to payments by Party B, no Tax shall be an
                      Indemnifiable Tax.

                  

          

          

          Part
            3.    Agreement to Deliver Documents.

          

          (a)           For
            the purpose of Section 4(a)(i), tax forms, documents, or certificates
            to be
            delivered are:

          
            	
                    Party
                      required to deliver document

                  	
                    Form/Document/

                    Certificate

                  	
                    Date
                      by which to

                    be
                      delivered

                  
	
                    Party
                      A

                  	
                    An
                      original properly completed and executed United States Internal
                      Revenue
                      Service Form W-9 (or any successor thereto) with respect to
                      any payments
                      received or to be received by Party A that eliminates U.S.
                      federal
                      withholding and backup withholding Tax on payments to Party
                      A under this
                      Agreement.

                  	
                    (i)
                      upon execution of this Agreement, (ii) on or before the first
                      payment date
                      under this Agreement, including any Credit Support Document,
                      (iii)
                      promptly upon the reasonable demand by Party B, (iv) prior
                      to the
                      expiration or obsolescence of any previously delivered form,
                      and (v)
                      promptly upon the information on any such previously delivered
                      form
                      becoming inaccurate or incorrect.

                  
	
                    Party
                      B

                  	
                    (i)
                      Upon execution of this Agreement, an original properly completed
                      and
                      executed United States Internal Revenue Service Form W-9 (or
                      any successor
                      thereto) with respect to any payments received or to be received
                      by the
                      initial beneficial owner of payments to Party B that eliminates
                      U.S.
                      federal withholding and backup withholding Tax on payments
                      to Party B
                      under this Agreement, and (ii) thereafter,  the appropriate tax
                      certification form (i.e., IRS Form W-9 or IRS Form W-8BEN,
                      W-8IMY, W-8EXP
                      or W-8ECI, as applicable (or any successor form thereto)) with
                      respect to
                      any payments received or to be received by the beneficial owner
                      of
                      payments to Party B under this Agreement from time to
                      time.

                  	
                    (i)
                      upon execution of this Agreement, (ii) on or before the first
                      payment date
                      under this Agreement, including any Credit Support Document,
                      (iii) in the
                      case of a tax certification form other than a Form W-9, before
                      December 31
                      of each third succeeding calendar year, (iv) promptly upon
                      the reasonable
                      demand by Party B, (v) prior to the expiration or obsolescence
                      of any
                      previously delivered form, and (vi) promptly upon the information
                      on any
                      such previously delivered form becoming inaccurate or
                      incorrect.

                  

          

          

          (b)           For
            the purpose of Section 4(a)(ii), other documents to be delivered
            are:

          
            	
                    Party
                      required to deliver document

                  	
                    Form/Document/

                    Certificate

                  	
                    Date
                      by which to

                    be
                      delivered

                  	
                    Covered
                      by Section 3(d) Representation

                  
	
                    Party
                      A and

                    Party
                      B

                  	
                    Any
                      documents required by the receiving party to evidence the authority
                      of the
                      delivering party or its Credit Support Provider, if any, for
                      it to execute
                      and deliver the Agreement, this Confirmation, and any Credit
                      Support
                      Documents to which it is a party, and to evidence the authority
                      of the
                      delivering party or its Credit Support Provider to perform
                      its obligations
                      under the Agreement, this Confirmation and any Credit Support
                      Document, as
                      the case may be

                  	
                    Upon
                      the execution and delivery of this Agreement

                  	
                    Yes

                  
	
                    Party
                      A and

                    Party
                      B

                  	
                    A
                      certificate of an authorized officer of the party, as to the
                      incumbency
                      and authority of the respective officers of the party signing
                      the
                      Agreement, this Confirmation, and any relevant Credit Support
                      Document, as
                      the case may be

                  	
                    Upon
                      the execution and delivery of this Agreement

                  	
                    Yes

                  
	
                    Party
                      A

                  	
                    Annual
                      Report of Party A containing consolidated financial statements
                      certified
                      by independent certified public accountants and prepared in
                      accordance
                      with generally accepted accounting principles in the country
                      in which
                      Party A is organized

                  	
                    Upon
                      request by Party B

                  	
                    Yes

                  
	
                    Party
                      A

                  	
                    Quarterly
                      Financial Statements of Party A containing unaudited, consolidated
                      financial statements of Party A’s fiscal quarter prepared in accordance
                      with generally accepted accounting principles in the country
                      in which
                      Party A is organized

                  	
                    Upon
                      request by Party B

                  	
                    Yes

                  
	
                    Party
                      A and

                    Party
                      B

                  	
                    An
                      opinion of counsel of such party  regarding the enforceability
                      of this Agreement in a form reasonably satisfactory to the
                      other
                      party.

                  	
                    Upon
                      the execution and delivery of this Agreement

                  	
                    No

                  
	
                    Party
                      B

                  	
                    An
                      executed copy of the Pooling and Servicing Agreement

                  	
                    Promptly
                      upon filing of such agreement with the U.S. Securities and
                      Exchange
                      Commission

                  	
                    No

                  

          

          

          Part
            4.  Miscellaneous.

          

          
            	
                    (a)

                  	
                    Address
                      for Notices:  For the purposes of Section 12(a) of
                      this Agreement:

                  

          

          

          Address
            for notices or communications
            to Party A:

          

          Address:                        383
            Madison Avenue, New York, New York 10179

          Attention:                      DPC
            Manager

          Facsimile:                      
            (212) 272-5823

          

          with
            a
            copy to:

          

          Address:                        One
            Metrotech Center North, Brooklyn, New York 11201

          Attention:                      Derivative
            Operations   7th Floor

          Facsimile:                      
            (212) 272-1634

          

          (For
            all
            purposes)

          

          Address
            for notices or communications
            to Party B:

          

          
            	
                     

                  	
                    Address:

                  	
                    Wells
                      Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, MD
                      21045

                  

          

          Attention:                      Client
            Manager – Soundview
            2007-OPT1                                                                           

          Facsimile:                     
             410-715-2380

          Phone:                            410-884-2000

          

          (For
            all
            purposes)

          

          
            	
                    (b)

                  	
                    Process
                      Agent.  For the purpose of Section
                      13(c):

                  

          

          

          Party
            A
            appoints as its Process Agent:  Not applicable.

          

          Party
            B
            appoints as its Process Agent:  Not applicable.

          

          
            	
                    (c)

                  	
                    Offices.  The
                      provisions of Section 10(a) will apply to this Agreement; neither
                      Party A
                      nor Party B has any Offices other than as set forth in the
                      Notices
                      Section.

                  

          

          

          
            	
                    (d)

                  	
                    Multibranch
                      Party.  For the purpose of Section 10(c) of this
                      Agreement:

                  

          

          

          Party
            A is not a Multibranch
            Party.

          

          
            	
                     

                  	
                    Party
                      B is not a Multibranch Party.

                  

          

          

          
            	
                    (e)

                  	
                    Calculation
                      Agent.  The Calculation Agent is Party
                      A.

                  

          

          

          
            	
                    (f)

                  	
                    Credit
                      Support Document.

                  

          

          

          
            	
                     

                  	
                    Party
                      A:

                  	
                    The
                      Credit Support Annex, and any guarantee in support of Party
                      A’s
                      obligations under this Agreement.

                  

          

          

          
            	
                     

                  	
                    Party
                      B:

                  	
                    The
                      Credit Support Annex.

                  

          

          

          
            	
                    (g)

                  	
                    Credit
                      Support Provider.

                  

          

          

          
            	
                     

                  	
                    Party
                      A:

                  	
                    The
                      guarantor under any guarantee in support of Party A’s obligations under
                      this Agreement.

                  

          

          

          
            	
                     

                  	
                    Party
                      B:

                  	
                    None.

                  

          

          

          
            	
                    (h)

                  	
                    Governing
                      Law.  The parties to this Agreement hereby agree that
                      the law of the State of New York shall govern their rights
                      and duties in
                      whole, without regard to the conflict of law provisions thereof
                      other than
                      New York General Obligations Law Sections 5-1401 and
                      5-1402.

                  

          

          

          
            	
                    (i)

                  	
                    Netting
                      of Payments.  The parties agree that subparagraph (ii)
                      of Section 2(c) will apply to each Transaction
                      hereunder.

                  

          

          

          
            	
                    (j)

                  	
                    Affiliate.  Party
                      A and Party B shall be deemed to have no Affiliates for purposes
                      of this
                      Agreement, including for purposes of Section
                      6(b)(ii).

                  

          

          

          Part
            5.    Others Provisions.

          

          
            	
                    (a)

                  	
                    Definitions.
                      Unless otherwise specified in a Confirmation, this
                      Agreement and
                      each Transaction under this Agreement are subject to the 2000
                      ISDA
                      Definitions as published and copyrighted in 2000 by the International
                      Swaps and Derivatives Association, Inc. (the
                      “Definitions”), and will be governed in all relevant
                      respects by the provisions set forth in the Definitions, without
                      regard to
                      any amendment to the Definitions subsequent to the date
                      hereof.  The provisions of the Definitions are hereby
                      incorporated by reference in and shall be deemed a part of
                      this Agreement,
                      except that (i) references in the Definitions to a “Swap Transaction”
                      shall be deemed references to a “Transaction” for purposes of this
                      Agreement, and (ii) references to a “Transaction” in this Agreement shall
                      be deemed references to a “Swap Transaction” for purposes of the
                      Definitions. Each term capitalized but not defined in this
                      Agreement shall
                      have the meaning assigned thereto in the Pooling and Servicing
                      Agreement.

                  

          

           

          
            	
                    (b)

                  	
                    Amendments
                      to ISDA Master Agreement.

                  

          

          

          
            	
                     

                  	
                    (i)

                  	
                    Single
                      Agreement.  Section 1(c) is hereby amended by the
                      adding the words “including, for the avoidance of doubt, the Credit
                      Support Annex”  after the words “Master
                      Agreement”.

                  

          

          

          
            	
                     

                  	
                    (ii)

                  	
                    [Reserved.]

                  

          

          

          
            	
                     

                  	
                    (iii)

                  	
                    [Reserved.]

                  

          

          

          
            	
                     

                  	
                    (iv)

                  	
                    Representations.  Section
                      3 is hereby amended by adding at the end thereof the following
                      subsection
                      (g):

                  

          

          

          
            	
                     

                  	
                    “(g)

                  	
                    Relationship
                      Between Parties.

                  

          

          

          
            	
                  	
                    (1)

                  	
                    Nonreliance.  (i)
                      It is not relying on any statement or representation of the
                      other party
                      regarding the Transaction (whether written or oral), other
                      than the
                      representations expressly made in this Agreement or the Confirmation
                      in
                      respect of that Transaction, (ii) it has consulted with its
                      own legal,
                      regulatory, tax, business, investment, financial and accounting
                      advisors
                      to the extent it has deemed necessary, and it has made its
                      own investment,
                      hedging and trading decisions based upon its own judgment and
                      upon any
                      advice from such advisors as it has deemed necessary and not
                      upon any view
                      expressed by the other party, (iii) it is not relying on any
                      communication
                      (written or oral) of the other party as investment advice or
                      as a
                      recommendation to enter into this Transaction; it being understood
                      that
                      information and explanations related to the terms and conditions
                      of this
                      Transaction shall not be considered investment advice or a
                      recommendation
                      to enter into this Transaction, and (iv) it has not received
                      from the
                      other party any assurance or guaranty as to the expected results
                      of this
                      Transaction.

                  

          

           

          
            	
                     

                  	
                    (2)

                  	
                    Evaluation
                      and Understanding.  (i) It has the capacity to evaluate
                      (internally or through independent professional advice) the
                      Transaction
                      and has made its own decision to enter into the Transaction
                      and (ii) it
                      understands the terms, conditions and risks of the Transaction
                      and is
                      willing and able to accept those terms and conditions and to
                      assume those
                      risks, financially and otherwise.

                  

          

          

          
            	
                     

                  	
                    (3)

                  	
                    Purpose.  It
                      is entering into the Transaction for the purposes of managing
                      its
                      borrowings or investments, hedging its underlying assets or
                      liabilities or
                      in connection with a line of
                      business.

                  

          

          

          
            	
                     

                  	
                    (4)

                  	
                    Status
                      of Parties.  The other party is not acting as an agent,
                      fiduciary or advisor for it in respect of the
                      Transaction.

                  

          

          

          
            	
                     

                  	
                    (5)

                  	
                    Eligible
                      Contract Participant.  It is an “eligible swap participant” as
                      such term is defined in, Section 35.1(b)(2) of the regulations
                      (17 C.F.R.
                      35) promulgated under, and an “eligible contract participant” as defined
                      in Section 1(a)(12) of the Commodity Exchange Act, as
                      amended.”

                  

          

          

          
            	
                     

                  	
                    (v)

                  	
                    Transfer
                      to Avoid Termination Event.  Section 6(b)(ii) is hereby
                      amended by (i) deleting the words “or if a Tax Event Upon Merger occurs
                      and the Burdened Party is the Affected Party,” and (ii) deleting the last
                      paragraph thereof and inserting the following in lieu
                      thereof:

                  

          

          

          “Notwithstanding
            anything to the contrary in Section 7 (as amended herein) and Part 5(f),
            any
            transfer by Party A under this Section 6(b)(ii) shall not require the
            consent of
            Party B for such transfer if the following conditions are
            satisfied:

          

          
            	
                     

                  	
                    (1)

                  	
                    the
                      transferee (the “Section 6 Transferee”) is an Eligible
                      Replacement;

                  

          

          

          
            	
                     

                  	
                    (2)

                  	
                    if
                      the Section 6 Transferee is domiciled in a different country
                      or political
                      subdivision thereof from both Party A and Party B, such transfer
                      satisfies
                      the Rating Agency Condition;

                  

          

          

          
            	
                     

                  	
                    (3)

                  	
                    the
                      Section 6 Transferee will not, as a result of such transfer,
                      be required
                      on the next succeeding Scheduled Payment Date to withhold or
                      deduct on
                      account of any Tax (except in respect of default interest)
                      amounts in
                      excess of that which Party A would, on the next succeeding
                      Scheduled
                      Payment Date have been required to so withhold or deduct unless
                      the
                      Section 6 Transferee would be required to make additional payments
                      pursuant to Section 2(d)(i)(4) corresponding to such
                      excess;

                  

          

          

          
            	
                     

                  	
                    (4)

                  	
                    a
                      Termination Event or Event of Default does not occur as a result
                      of such
                      transfer; and

                  

          

          

          
            	
                     

                  	
                    (5)

                  	
                    the
                      Section 6 Transferee confirms in writing that it will accept
                      all of the
                      interests and obligations in and under this Agreement which
                      are to be
                      transferred to it in accordance with the terms of this
                      provision.”

                  

          

          

          
            	
                     

                  	
                    (vi)

                  	
                    Jurisdiction.
                      Section 13(b) is hereby amended by: (i) deleting in
                      the second
                      line of subparagraph (i) thereof the word "non-", (ii) deleting
“; and”
                      from the end of subparagraph 1 and inserting “.” in lieu thereof, and
                      (iii) deleting the final paragraph
                      thereof.

                  

          

          

          
            	
                     

                  	
                    (vii)

                  	
                    Local
                      Business Day.  The definition of Local Business Day in
                      Section 14 is hereby amended by the addition of the words “or any Credit
                      Support Document” after “Section 2(a)(i)” and the addition of the words
                      “or Credit Support Document” after
                      “Confirmation”.

                  

          

          

          
            	
                    (c)

                  	
                    Additional
                      Termination Events.  The following Additional
                      Termination Events will apply:

                  

          

          

          
            	
                  	
                    (i)

                  	
                    S&P
                      First Level Downgrade.  If an S&P Approved Ratings
                      Downgrade Event has occurred and is continuing and Party A
                      fails to take
                      any action described under Part (5)(d)(i)(1), within the time
                      period
                      specified therein, then an Additional Termination Event shall
                      have
                      occurred with respect to Party A, Party A shall be the sole
                      Affected Party
                      with respect to such Additional Termination Event and all Transactions
                      hereunder shall be Affected
                      Transaction.

                  

          

          

          
            	
                  	
                    (ii)

                  	
                    Fitch
                      First Level Downgrade.  If an Fitch Approved Ratings
                      Downgrade Event has occurred and is continuing and Party A
                      fails to take
                      any action described under Part (5)(d)(i)(1), within the time
                      period
                      specified therein, then an Additional Termination Event shall
                      have
                      occurred with respect to Party A, Party A shall be the sole
                      Affected Party
                      with respect to such Additional Termination Event and all Transactions
                      hereunder shall be Affected
                      Transaction.

                  

          

          

          
            	
                  	
                    (iii)

                  	
                    Moody’s
                      First Rating Trigger Collateral.  If (A) it is not the
                      case that a Moody’s Second Trigger Ratings Event has occurred and been
                      continuing for 30 or more Local Business Days and (B) Party
                      A has failed
                      to comply with or perform any obligation to be complied with
                      or performed
                      by Party A in accordance with the Credit Support Annex, then
                      an Additional
                      Termination Event shall have occurred with respect to Party
                      A, Party A
                      shall be the sole Affected Party with respect to such Additional
                      Termination Event and all Transactions hereunder shall be Affected
                      Transactions.

                  

          

          

          
            	
                  	
                    (iv)

                  	
                    S&P
                      Second Level Downgrade.  If an S&P Required Ratings
                      Downgrade Event has occurred and is continuing and Party A
                      fails to take
                      any action described under Part (5)(d)(i)(2) within the time
                      period
                      specified therein, then an Additional Termination Event shall
                      have
                      occurred with respect to Party A, Party A shall be the sole
                      Affected Party
                      with respect to such Additional Termination Event and all Transactions
                      hereunder shall be Affected
                      Transaction.

                  

          

          

          
            	
                  	
                    (v)

                  	
                    Fitch
                      Second Level Downgrade.  If an Fitch Required Ratings
                      Downgrade Event has occurred and is continuing and Party A
                      fails to take
                      any action described under Part (5)(d)(i)(2) within the time
                      period
                      specified therein, then an Additional Termination Event shall
                      have
                      occurred with respect to Party A, Party A shall be the sole
                      Affected Party
                      with respect to such Additional Termination Event and all Transactions
                      hereunder shall be Affected
                      Transaction.

                  

          

          

          
            	
                  	
                    (vi)

                  	
                    Moody’s
                      Second Rating Trigger Replacement.  If (A) a Moody’s
                      Second Trigger Ratings Event has occurred and been continuing
                      for 30 or
                      more Local Business Days and (B) (i) at least one Eligible
                      Replacement has
                      made a Firm Offer to be the transferee of all of Party A’s rights and
                      obligations under this Agreement (and such Firm Offer remains
                      an offer
                      that will become legally binding upon such Eligible Replacement
                      upon
                      acceptance by the offeree) and/or (ii) an Eligible Guarantor
                      has made a
                      Firm Offer to provide an Eligible Guarantee (and such Firm
                      Offer remains
                      an offer that will become legally binding upon such Eligible
                      Guarantor
                      immediately upon acceptance by the offeree), then an Additional
                      Termination Event shall have occurred with respect to Party
                      A, Party A
                      shall be the sole Affected Party with respect to such Additional
                      Termination Event and all Transactions hereunder shall be Affected
                      Transactions.

                  

          

          

          
            	
                  	
                    (vii)

                  	
                    Amendment
                      of the Pooling and Servicing Agreement.  If, without
                      the prior written consent of Party A where such consent is
                      required under
                      the Pooling and Servicing Agreement (such consent not to be
                      unreasonably
                      withheld), an amendment is made to the Pooling and Servicing
                      Agreement
                      which amendment could reasonably be expected to have a material
                      adverse
                      effect on the interests of Party A under this Agreement, an
                      Additional
                      Termination Event shall have occurred with respect to Party
                      B, Party B
                      shall be the sole Affected Party with respect to such Additional
                      Termination Event and all Transactions hereunder shall be Affected
                      Transactions.

                  

          

          

          
            	
                  	
                    (viii)

                  	
                    Failure
                      to Comply with Regulation AB Requirements.  If, upon the
                      occurrence of a Swap Disclosure Event (as defined in Part 5(e) 
                      below) Party A has not complied with any of the provisions
                      set forth in
                      clause (iii) of Part 5(e) below, then an Additional Termination
                      Event
                      shall have occurred with respect to Party A and Party A shall
                      be the sole
                      Affected Party with respect to such Additional Termination
                      Event.

                  

          

          

          
            	
                  	
                    (ix)

                  	
                    Optional
                      Termination of Securitization.  An Additional
                      Termination Event shall occur upon the notice to Certificateholders
                      of an
                      Optional Termination becoming unrescindable in accordance with
                      Article X
                      of the Pooling and Servicing Agreement (such notice, the “Optional
                      Termination Notice”).  With respect to such Additional
                      Termination Event:  (A) Party B shall be the sole Affected
                      Party; (B) notwithstanding anything to the contrary in Section
                      6(b)(iv) or
                      Section 6(c)(i), the final Distribution Date specified in the
                      Optional
                      Termination Notice is hereby designated as the Early Termination
                      Date for
                      this Additional Termination Event in respect of all Affected
                      Transactions;
                      (C) Section 2(a)(iii)(2) shall not be applicable to any Affected
                      Transaction in connection with the Early Termination Date resulting
                      from
                      this Additional Termination Event; notwithstanding anything
                      to the
                      contrary in Section 6(c)(ii), payments and deliveries under
                      Section
                      2(a)(i) or Section 2(e) in respect of the Terminated Transactions
                      resulting from this Additional Termination Event will be required
                      to be
                      made through and including the Early Termination Date designated
                      as a
                      result of this Additional Termination Event; provided, for
                      the avoidance
                      of doubt, that any such payments or deliveries that are made
                      on or prior
                      to such Early Termination Date will not be treated as Unpaid
                      Amounts in
                      determining the amount payable in respect of such Early Termination
                      Date;
                      (D) notwithstanding anything to the contrary in Section 6(d)(i),
                      (I) if,
                      no later than 4:00 pm New York City time on the day that is
                      four Business
                      Days prior to the final Distribution Date specified in the
                      Optional
                      Termination Notice, the Trustee requests the amount of the
                      Estimated Swap
                      Termination Payment, Party A shall provide to the Trustee in
                      writing
                      (which may be done in electronic format) the amount of the
                      Estimated Swap
                      Termination Payment no later than 2:00 pm New York City time
                      on the
                      following Business Day and (II) if the Trustee provides written
                      notice
                      (which may be done in electronic format) to Party A no later
                      than two
                      Business Days prior to the final Distribution Date specified
                      in the
                      Optional Termination Notice that all requirements of the Optional
                      Termination have been met, then Party A shall, no later than
                      one Business
                      Day prior to the final Distribution Date specified in the Optional
                      Termination Notice, make the calculations contemplated by Section
                      6(e) (as
                      amended herein) and provide to the Trustee in writing (which
                      may be done
                      in electronic format) the amount payable by either Party B
                      or Party A in
                      respect of the related Early Termination Date in connection
                      with this
                      Additional Termination Event; provided, however, that the amount
                      payable
                      by Party B, if any, in respect of the related Early Termination
                      Date shall
                      be the lesser of (x) the amount calculated to be due by Party
                      B pursuant
                      to Section 6(e) and (y) the Estimated Swap Termination Payment;
                      and (E)
                      notwithstanding anything to the contrary in this Agreement,
                      any amount due
                      from Party B to Party A in respect of this Additional Termination
                      Event
                      will be payable on the final Distribution Date specified  in the
                      Optional Termination Notice and any amount due from Party A
                      to Party B in
                      respect of this Additional Termination Event will be payable
                      one Business
                      Day prior to the final Distribution Date specified  in the
                      Optional Termination Notice; and (F) for purposes of determining
                      the
                      payment under Section 6(e), for all Calculation Periods beginning
                      on or
                      after the Early Termination Date, the definition of Notional
                      Amount in the
                      Confirmation shall be deleted in its entirety and replaced
                      with the
                      following: “With respect to each Calculation Period, the Scheduled Amount
                      for such Calculation Period as set forth in the Schedule of
                      Scheduled
                      Amounts attached hereto multiplied by the quotient of (A) the
                      Notional
                      Amount for the Calculation Period immediately prior to the
                      Early
                      Termination Date divided by (B) the Scheduled Amount for the
                      Calculation
                      Period immediately prior to the Early Termination Date as set
                      forth in the
                      Schedule of Scheduled Amounts attached hereto.

                     

                    The Trustee shall be an express
                      third party
                      beneficiary of this Agreement as if a party hereto to the extent
                      of the
                      Trustee’s rights specified herein.

                  

          

          

          
            	
                  	
                    (x)

                  	
                    Failure
                      to Pay Class A Certificates.  If the Trustee on behalf
                      of the Trust is unable to pay, or fails or admits in writing
                      its inability
                      to pay (1) on any Distribution Date, any Monthly Interest Distributable
                      Amount with respect to the Class A Certificates or (2) by the
                      Distribution
                      Date immediately following the maturity date for the Mortgage
                      Loan with
                      the latest maturity date, the ultimate payment of principal
                      with respect
                      to the Class A Certificates, in either case to the extent required
                      pursuant to the terms of the Pooling and Servicing Agreement
                      to be paid to
                      the Class A Certificates, then an Additional Termination Event
                      shall have
                      occurred with respect to Party B, Party B shall be the sole
                      Affected Party
                      and all Transactions hereunder shall be Affected
                      Transactions.

                  

          

          

          
            	
                    (d)

                  	
                    Rating
                      Agency Downgrade. 

                  

          

          

          
            	
                  	
                    (i)

                  	
                    S&P
                      Downgrade:

                  

          

          

          
            	
                     

                  	
                    (1)

                  	
                    In
                      the event that an S&P Approved Ratings Downgrade Event occurs and is
                      continuing, then within 30 days after such rating downgrade,
                      Party A
                      shall, subject to the Rating Agency Condition with respect
                      to S&P, at
                      its own expense, either (i) procure a Permitted Transfer, (ii)
                      obtain an
                      Eligible Guarantee or (iii) post collateral in accordance with
                      the Credit
                      Support Annex.

                  

          

          

          
            	
                     

                  	
                    (2)

                  	
                    In
                      the event that an S&P Required Ratings Downgrade Event occurs and is
                      continuing, then within 10 Local Business Days after such rating
                      withdrawal or downgrade, Party A shall, subject to the Rating
                      Agency
                      Condition with respect to S&P, at its own expense, procure either (i)
                      a Permitted Transfer or (ii) an Eligible
                      Guarantee.

                  

          

          

          
            	
                  	
                    (ii)

                  	
                    Moody’s
                      Downgrade.

                  

          

          

          
            	
                     

                  	
                    (1)

                  	
                    In
                      the event that a Moody’s Second Trigger Ratings Event occurs and is
                      continuing, Party A shall, as soon as reasonably practicable
                      thereafter,
                      at its own expense and using commercially reasonable efforts,
                      either (i)
                      procure a Permitted Transfer or (ii) obtain an Eligible
                      Guarantee.

                  

          

          

          

          
            	
                    (e)

                  	
                    Compliance
                      with Regulation AB.

                  

          

          

          
            	
                     

                  	
                    (i)

                  	
                    Bear
                      Stearns  agrees and acknowledges that Financial Assets
                      Securities Corp. (“Depositor”) is required under Regulation AB under the
                      Securities Act of 1933, as amended (the “Act”), and the Securities
                      Exchange Act of 1934, as amended (the “Exchange Act”) (“Regulation AB”),
                      to disclose certain financial information regarding Bear Stearns
                      or its
                      group of affiliated entities, if applicable, depending on the
                      aggregate
                      “significance percentage” of this Agreement and any other derivative
                      contracts between Bear Stearns or its group of affiliated entities,
                      if
                      applicable, and Counterparty, as calculated from time to time
                      in
                      accordance with Item 1115 of Regulation
                      AB.

                  

          

          

          
            	
                     

                  	
                    (ii)

                  	
                    It
                      shall be a swap disclosure event (“Swap Disclosure Event”) if, on any
                      Business Day after the date hereof, Depositor requests from
                      Bear Stearns
                      the applicable financial information described in Item 1115
                      of Regulation
                      AB (such request to be based on a reasonable determination
                      by Depositor,
                      in good faith, that such information is required under Regulation
                      AB with
                      respect to this Transaction) (the “Swap Financial
                      Disclosure”).

                  

          

          

          
            	
                     

                  	
                    (iii)

                  	
                    Upon
                      the occurrence of a Swap Disclosure Event, Bear Stearns, at
                      its own
                      expense, shall either (1)(a) (i) provide to Depositor the current
                      Swap
                      Financial Disclosure in an EDGAR-compatible format (for example,
                      such
                      information may be provided in Microsoft Word® or Microsoft Excel® format
                      but not in .pdf format) or (ii) provide written consent to
                      Depositor to
                      incorporation by reference of such current Swap Financial Disclosure
                      that
                      are filed with the Securities and Exchange Commission in the
                      reports of
                      the Trust filed pursuant to the Exchange Act, (b) if applicable,
                      cause its
                      outside accounting firm to provide its consent to filing or
                      incorporation
                      by reference of such accounting firm’s report relating to their audits of
                      such current Swap Financial Disclosure in the Exchange Act
                      Reports of
                      Depositor, and (c) provide to Depositor any updated Swap Financial
                      Disclosure with respect to Bear Stearns within five days of
                      the release of
                      any such updated Swap Financial Disclosure (but in no event
                      more than 45
                      days after the end of each of Bear Stearns’s fiscal quarter for any
                      quarterly update); (2) secure another entity to replace Bear
                      Stearns as
                      party to this Agreement on terms substantially similar to this
                      Agreement,
                      which entity (or a guarantor therefore) satisfies the Rating
                      Agency
                      Condition and which entity is able to comply with the requirements
                      of Item
                      1115 of Regulation AB and rule 3-10(b) of Regulation S-X, or
                      (3) obtain a
                      guaranty of Bear Stearns’s obligations under this Agreement from an
                      affiliate of Bear Stearns that is able to comply with the financial
                      information disclosure requirements of Item 1115 of Regulation
                      AB and rule
                      3-10(b) of Regulation S-X, and cause such affiliate to provide
                      Swap
                      Financial Disclosure and any future Swap Financial Disclosure,
                      such that
                      disclosure provided in respect of such affiliate will satisfy
                      any
                      disclosure requirements applicable to the Swap
                      Provider..

                  

          

          

          
            	
                     

                  	
                    (iv)

                  	
                    (a)
                      Bear Stearns hereby agrees to indemnify and hold harmless Depositor,
                      the
                      respective present and former directors, officers, employees
                      and agents of
                      each of the foregoing and each person, if any, who controls
                      Depositor
                      within the meaning of Section 15 of the Act, or Section 20
                      of the Exchange
                      Act, from and against any and all losses, claims, liabilities,
                      damages,
                      penalties, fines, forfeitures, legal fees and expenses and
                      related costs,
                      judgments, and any other costs, fees and expenses that any
                      of them may
                      sustain as and when such losses, claims, liabilities, damages,
                      penalties,
                      fines forfeitures, legal fees or expenses or related costs,
                      judgments, or
                      any other costs, fees or expenses are incurred, insofar as
                      such losses,
                      claims, liabilities, damages, penalties, fines forfeitures,
                      legal fees or
                      expenses or related costs, judgments, or any other costs, fees
                      or expenses
                      (or actions in respect thereof) arise out of or are based upon
                      any untrue
                      statement or alleged untrue statement of any material fact
                      contained in
                      the Swap Financial Disclosure, or arise out of, or are based
                      upon, the
                      omission or alleged omission to state in the Swap Financial
                      Disclosure any
                      material fact required to be stated therein or necessary to
                      make the
                      statements in the Swap Financial Disclosure, as applicable,
                      in light of
                      the circumstances under which they were made, not misleading,
                      and Bear
                      Stearns shall reimburse Depositor, the present and former respective
                      officers, directors, employees and agents of each of the foregoing
                      and any
                      such controlling person for any legal or other expenses reasonably
                      incurred by it or any of them in connection with investigating
                      or
                      defending any such losses, claims, liabilities, damages, penalties,
                      fines,
                      forfeitures, legal fees or expenses or related costs, judgments,
                      or any
                      other costs, fees or expenses, as and when
                      incurred.

                  

          

          

          (b)
            If
            (i) Bear Stearns fails to provide the Swap Financial Disclosure or any
            required
            auditor’s consents to Depositor pursuant to Section 16(iii) hereof (a “Swap
            Financial Disclosure Failure”), (ii) as a result of such Swap Financial
            Disclosure Failure an Early Termination Date is designated hereunder
            by
            Counterparty and (iii) such Swap Financial Disclosure Failure results
            in a
            failure by Depositor to file a report required by the Exchange Act, Bear
            Stearns
            hereby agrees to reimburse Depositor, the present and former respective
            officers, directors, employees and agents of each of the foregoing and
            any such
            controlling person for any legal or other expenses reasonably incurred
            by it or
            any of them in connection with the investigation or defense of any inquiry
            or
            investigation by the Securities and Exchange Commission resulting from
            such Swap
            Financial Disclosure Failure; provided that in no event shall Bear Stearns
            be
            required to indemnify Depositor, the present and former respective officers,
            directors, employees and agent of each of the foregoing and any such
            controlling
            person for any lost profit or damages with respect to this Transaction
            or any
            other transaction (whether such lost profit or damages is characterized
            as
            indirect, punitive, consequential, special damages or otherwise), even
            if at the
            time of such failure Bear Stearns is aware of the possibility of such
            lost
            profit or damages.

           

          
            	
                     

                  	
                    (v)

                  	
                    Depositor
                      shall be an express third party beneficiary of this Agreement
                      as if a
                      party hereto to the extent of the Depositor’s rights explicitly specified
                      in this Part 5(e).

                  

          

          

          
            	
                    (f)

                  	
                    Transfers.

                  

          

           

          
            	
                  	
                    (i)

                  	
                    Section
                      7 is hereby amended to read in its entirety as
                      follows:

                  

          

           

          “Except
            with respect to a Permitted Transfer pursuant to Section 6(b)(ii), Part
            5(d),
            Part 5(b)(v) or the succeeding sentence, neither Party A nor Party B
            is
            permitted to assign, novate or transfer (whether by way of security or
            otherwise) as a whole or in part any of its rights, obligations or interests
            under the Agreement or any Transaction unless (a) the prior written consent
            of
            the other party is obtained and (b) the Rating Agency Condition has been
            satisfied with respect to S&P and Fitch.  At any time at which no
            Relevant Entity has credit ratings at least equal to the Approved Ratings
            Threshold, Party A may make a Permitted Transfer.”

           

          
            	
                     

                  	
                    (ii)

                  	
                    If
                      an Eligible Replacement has made a Firm Offer (which remains
                      an offer that
                      will become legally binding  upon acceptance by Party B) to be
                      the transferee pursuant to a Permitted Transfer, Party B shall,
                      at Party
                      A’s written request and at Party A’s expense, execute such documentation
                      provided to it as is reasonably deemed necessary by Party A
                      to effect such
                      transfer.

                  

          

           

          
            	
                    (g)

                  	
                    Non-Recourse.  Party
                      A acknowledges and agree that, notwithstanding any provision
                      in this
                      Agreement to the contrary, the obligations of Party B hereunder
                      are
                      limited recourse obligations of Party B, payable solely from
                      the
                      Supplemental Interest Trust and the proceeds thereof, in accordance
                      with
                      the priority of payments and other terms of the Pooling and
                      Servicing
                      Agreement and that Party A will not have any recourse to any
                      of the
                      directors, officers, agents, employees, shareholders or affiliates
                      of
                      Party B with respect to any claims, losses, damages, liabilities,
                      indemnities or other obligations in connection with any transactions
                      contemplated hereby. In the event that the Supplemental Interest
                      Trust and
                      the proceeds thereof, should be insufficient to satisfy all
                      claims
                      outstanding and following the realization of the Supplemental
                      Interest
                      Trust and the proceeds thereof, any claims against or obligations
                      of Party
                      B under this Agreement or any other confirmation thereunder
                      still
                      outstanding shall be extinguished and thereafter not
                      revive.  The Supplemental Interest Trust Trustee shall not have
                      liability for any failure or delay in making a payment hereunder
                      to Party
                      A due to any failure or delay in receiving amounts in the Supplemental
                      Interest Trust from the Trust created pursuant to the Pooling
                      and
                      Servicing Agreement. This provision will survive the termination
                      of this
                      Agreement.

                  

          

          

          
            	
                    (h)

                  	
                    Timing
                      ofPayments by Party B upon Early
                      Termination.  Notwithstanding anything to the contrary
                      in Section 6(d)(ii), to the extent that all or a portion (in
                      either case,
                      the “Unfunded Amount”) of any amount that is calculated as being due in
                      respect of any Early Termination Date under Section 6(e) from
                      Party B to
                      Party A will be paid by Party B from amounts other than any
                      upfront
                      payment paid to Party B by an Eligible Replacement that has
                      entered a
                      Replacement Transaction with Party B, then such Unfunded Amount
                      shall be
                      due on the next subsequent Distribution Date following the
                      date on which
                      the payment would have been payable as determined in accordance
                      with
                      Section 6(d)(ii), and on any subsequent Distribution Dates
                      until paid in
                      full (or if such Early Termination Date is the final Distribution
                      Date, on
                      such final Distribution Date); provided, however, that if the
                      date on
                      which the payment would have been payable as determined in
                      accordance with
                      Section 6(d)(ii) is a Distribution Date, such payment will
                      be payable on
                      such Distribution Date.

                  

          

          

          
            	
                    (i)

                  	
                    Rating
                      Agency Notifications.  Notwithstanding any other
                      provision of this Agreement, no Early Termination Date shall
                      be
                      effectively designated hereunder by Party B and no transfer
                      of any rights
                      or obligations under this Agreement shall be made by either
                      party unless
                      each Swap Rating Agency has been given prior written notice
                      of such
                      designation or transfer.

                  

          

          

          
            	
                    (j)

                  	
                    No
                      Set-off.  Except as expressly provided for in Section
                      2(c), Section 6 or Part 1(f)(i)(D) hereof, and notwithstanding
                      any other
                      provision of this Agreement or any other existing or future
                      agreement,
                      each party irrevocably waives any and all rights it may have
                      to set off,
                      net, recoup or otherwise withhold or suspend or condition payment
                      or
                      performance of any obligation between it and the other party
                      hereunder
                      against any obligation between it and the other party under
                      any other
                      agreements.  Section 6(e) shall be amended by deleting the
                      following sentence: “The amount, if any, payable in respect of an Early
                      Termination Date and determined pursuant to this Section will
                      be subject
                      to any Set-off.”.

                  

          

           

          
            	
                    (k)

                  	
                    Amendment.  Notwithstanding
                      any provision to the contrary in this Agreement, no amendment
                      of either
                      this Agreement or any Transaction under this Agreement shall
                      be permitted
                      by either party unless each of the Swap Rating Agencies has
                      been provided
                      prior written notice of the same and such amendment satisfies
                      the Rating
                      Agency Condition with respect to S&P and
                      Fitch.

                  

          

          

          
            	
                    (l)

                  	
                    Notice
                      of Certain Events or Circumstances.  Each Party agrees,
                      upon learning of the occurrence or existence of any event or
                      condition
                      that constitutes (or that with the giving of notice or passage
                      of time or
                      both would constitute) an Event of Default or Termination Event
                      with
                      respect to such party, promptly to give the other Party and
                      to each Swap
                      Rating Agency notice of such event or condition; provided that
                      failure to
                      provide notice of such event or condition pursuant to this
                      Part 5(l) shall
                      not constitute an Event of Default or a Termination
                      Event.

                  

          

           

          
            	
                    (m)

                  	
                    Proceedings.  No
                      Relevant Entity shall institute against, or cause any other
                      person to
                      institute against, or join any other person in instituting
                      against Party
                      B, the Supplemental Interest Trust, or the trust formed pursuant
                      to the
                      Pooling and Servicing Agreement, in any bankruptcy, reorganization,
                      arrangement, insolvency or liquidation proceedings or other
                      proceedings
                      under any federal or state bankruptcy or similar law for a
                      period of one
                      year (or, if longer, the applicable preference period) and
                      one day
                      following payment in full of the Certificates and any
                      Notes.  This provision will survive the termination of this
                      Agreement.

                  

          

          

          
            	
                    (n)

                  	
                    Supplemental
                      Interest Trust Trustee Liability Limitations.  It is
                      expressly understood and agreed by the parties hereto that
                      (a) this
                      Agreement is executed by Wells Fargo Bank, N.A. (“Wells”) not in its
                      individual capacity, but solely as Supplemental Interest Trust
                      Trustee
                      under the Pooling and Servicing Agreement in the exercise of
                      the powers
                      and authority conferred and invested in it thereunder; (b)Wells
                      has been
                      directed pursuant to the Pooling and Servicing Agreement to
                      enter into
                      this Agreement and to perform its obligations hereunder; (c)
                      each of the
                      representations, undertakings and agreements herein made on
                      behalf of the
                      Supplemental Interest Trust is made and intended not as personal
                      representations of the Supplemental Interest Trust Trusstee
                      but is made
                      and intended for the purpose of binding only the Supplemental
                      Interest
                      Trust; and (d) under no circumstances shall Wells in
                      its individual capacity be personally liable for any payments
                      hereunder or
                      for the breach or failure of any obligation, representation,
                      warranty or
                      covenant made or undertaken under this
                      Agreement.

                  

          

          

          
            	
                    (o)

                  	
                    Severability.  If
                      any term, provision, covenant, or condition of this Agreement,
                      or the
                      application thereof to any party or circumstance, shall be
                      held to be
                      invalid or unenforceable (in whole or in part) in any respect,
                      the
                      remaining terms, provisions, covenants, and conditions hereof
                      shall
                      continue in full force and effect as if this Agreement had
                      been executed
                      with the invalid or unenforceable portion eliminated, so long
                      as this
                      Agreement as so modified continues to express, without material
                      change,
                      the original intentions of the parties as to the subject matter
                      of this
                      Agreement and the deletion of such portion of this Agreement
                      will not
                      substantially impair the respective benefits or expectations
                      of the
                      parties; provided, however, that this severability provision
                      shall not be
                      applicable if any provision of Section 2, 5, 6, or 13 (or any
                      definition
                      or provision in Section 14 to the extent it relates to, or
                      is used in or
                      in connection with any such Section) shall be so held to be
                      invalid or
                      unenforceable.

                  

          

          

          The
            parties shall endeavor to engage in good faith negotiations to replace
            any
            invalid or unenforceable term, provision, covenant or condition with
            a valid or
            enforceable term, provision, covenant or condition, the economic effect
            of which
            comes as close as possible to that of the invalid or unenforceable term,
            provision, covenant or condition.

          

          
            	
                    (p)

                  	
                    Agent
                      for Party B.  Party A acknowledges that Party B has
                      appointed the Supplemental Interest Trust Trustee and the Trustee
                      as its
                      agents under the Pooling and Servicing Agreement to carry out
                      certain
                      functions on behalf of Party B, and that the Supplemental Interest
                      Trust
                      Trustee and the Trustee shall be entitled to give notices and
                      to perform
                      and satisfy the obligations of Party B hereunder on behalf
                      of Party
                      B.

                  

          

           

          

          
            	
                     (q)

                  	
                    Consent
                      to Recording.  Each party hereto consents to the
                      monitoring or recording, at any time and from time to time,
                      by the other
                      party of any and all communications between trading, marketing,
                      and
                      operations personnel of the parties and their Affiliates, waives
                      any
                      further notice of such monitoring or recording, and agrees
                      to notify such
                      personnel of such monitoring or
                      recording.

                  

          

           

          

          
            	
                    (r)

                  	
                    Waiver
                      of Jury Trial.  Each party waives any right it may have
                      to a trial by jury in respect of any suit, action or proceeding
                      relating
                      to this Agreement or any Credit Support
                      Document.

                  

          

          

          
            	
                    (s)

                  	
                    Form
                      of ISDA Master Agreement.  Party A and Party B hereby
                      agree that the text of the body of the ISDA Master Agreement
                      is intended
                      to be the printed form of the ISDA Master Agreement (Multicurrency
–
                      Crossborder) as published and copyrighted in 1992 by the International
                      Swaps and Derivatives Association,
                      Inc.

                  

          

          

          
            	
                    (t)

                  	
                    Payment
                      Instructions.  Party A hereby agrees that, unless
                      notified in writing by Party B of other payment instructions,
                      any and all
                      amounts payable by Party A to Party B under this Agreement
                      shall be paid
                      to the account specified in Item 4 of this Confirmation,
                      below.

                  

          

          

          
            	
                    (u)

                  	
                    Capacity.  Party
                      A represents to Party B on the date on which Party A enters
                      into this
                      Agreement
                      that it is entering into the Agreement and the Transaction
                      as principal
                      and not as agent of any person.  Supplemental Interest Trust
                      Trustee represents to Party A on the date on which Party B
                      enters into
                      this Agreement that the Supplemental Interest Trust Trustee
                      is executing
                      the Agreement not in its individual capacity, but solely
                      as  Supplemental Interest Trust Trustee on behalf of the
                      Supplemental Interest Trust.

                  

          

          

          
            	
                    (v)

                  	
                    Substantial
                      financial transactions.  Each party hereto is hereby
                      advised and acknowledges as of the date hereof that the other
                      party has
                      engaged in (or refrained from engaging in) substantial financial
                      transactions and has taken (or refrained from taking) other
                      material
                      actions in reliance upon the entry by the parties into the
                      Transaction
                      being entered into on the terms and conditions set forth herein
                      and in the
                      Pooling and Servicing Agreement relating to such Transaction,
                      as
                      applicable. This paragraph shall be deemed repeated on the
                      trade date of
                      each Transaction.

                  

          

          

          
            	
                    (w)

                  	
                    [Reserved].

                  

          

          

          
            	
                    (x)

                  	
                    [Reserved].

                  

          

          

          
            	
                    (y)

                  	
                    Additional
                      Definitions.

                  

          

           

          As
            used
            in this Agreement, the following terms shall have the meanings set forth
            below,
            unless the context clearly requires otherwise:

           

          “Approved
            Ratings Threshold” means each of the S&P Approved Ratings
            Threshold, Moody’s First Trigger Ratings Threshold, and Fitch Approved Ratings
            Threshold.

          

          “Approved
            Replacement” means, with respect to a Market Quotation, an entity
            making such Market Quotation, which entity would satisfy conditions (a),
            (b),(c)
            and (d) of the definition of Permitted Transfer (as determined by Party
            B in its
            sole discretion, acting in a commercially reasonable manner) if such
            entity were
            a Transferee, as defined in the definition of Permitted Transfer.

          

          “Eligible
            Guarantee” means an unconditional and irrevocable guarantee of all
            present and future payment obligations and obligations to post collateral
            of
            Party A or an Eligible Replacement to Party B under this Agreement that
            is
            provided by an Eligible Guarantor as principal debtor rather than surety
            and
            that is directly enforceable by Party B, the form and substance of which
            guarantee are subject to the Rating Agency Condition with respect to
            S&P and
            Fitch.

          

          “Eligible
            Guarantor” means an entity that (A) has credit ratings from S&P at
            least equal to the S&P Approved Ratings Threshold, (B) has credit ratings
            from Fitch at least equal to the Fitch Approved Ratings Threshold, and
            (C) has
            credit ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings
            Threshold, provided, for the avoidance of doubt, that an Eligible Guarantee
            of
            an Eligible Guarantor with credit ratings below the Moody’s First Trigger
            Ratings Threshold will not cause a Collateral Event (as defined in the
            Credit
            Support Annex) not to occur or continue with respect to
            Moody’s. 

          

          “Eligible
            Replacement” means an entity (A) (i) (a) that has credit ratings from
            S&P at least equal to the S&P Approved Ratings Threshold, (B) has credit
            ratings from Fitch at least equal to the Fitch Approved Ratings Threshold
            and
            (C) has credit ratings from Moody’s at least equal to the Moody’s Second Trigger
            Ratings Threshold, provided, for the avoidance of doubt, that an Eligible
            Replacement with credit ratings below the Moody’s First Trigger Ratings
            Threshold will not cause a Collateral Event (as defined in the Credit
            Support
            Annex) not to occur or continue with respect to Moody’s, or (ii) the present and
            future obligations (for the avoidance of doubt, not limited to payment
            obligations) of which entity to Party B under this Agreement are guaranteed
            pursuant to an Eligible Guarantee.

          

          “Estimated
            Swap Termination Payment” means, with respect to an Early
            Termination Date, an amount determined by Party A in good faith and in
            a
            commercially reasonable manner as the maximum payment that could be owed
            by
            Party B to Party A in respect of such Early Termination Date pursuant
            to Section
            6(e), taking into account then current market conditions.

          

          “Firm
            Offer” means (A) with respect to an Eligible Replacement, a
            quotation from such Eligible Replacement (i) in an amount equal to the
            actual
            amount payable by or to Party B in consideration of an agreement between
            Party B
            and such Eligible Replacement to replace Party A as the counterparty
            to this
            Agreement by way of novation or, if such novation is not possible, an
            agreement
            between Party B and such Eligible Replacement to enter into a Replacement
            Transaction (assuming that all Transactions hereunder become Terminated
            Transactions), and (ii) that constitutes an offer by such Eligible Replacement
            to replace Party A as the counterparty to this Agreement or enter a Replacement
            Transaction that will become legally binding upon such Eligible Replacement
            upon
            acceptance by Party B, and (B) with respect to an Eligible Guarantor,
            an offer
            by such Eligible Guarantor to provide an Eligible Guarantee that will
            become
            legally binding upon such Eligible Guarantor  upon acceptance by the
            offeree.

          

          “Fitch”
            means Fitch Ratings Ltd., or any successor thereto.

          

          “Fitch
            Approved Ratings Downgrade Event” means that no Relevant Entity
            has credit ratings at least equal to the Fitch Approved Ratings
            Threshold.

          

          “Fitch
            Approved Ratings Threshold” means, with respect to Party A, the
            guarantor under an Eligible Guarantee or an Eligible Replacement, a long-term
            unsecured and unsubordinated debt rating from Fitch of “A” and a short-term
            unsecured and unsubordinated debt rating from Fitch of “F1”.

          

          “Fitch
            Required Ratings Downgrade Event” means that no Relevant Entity
            has credit ratings at least equal to the Fitch Required Ratings
            Threshold.

          

          “Fitch
            Required Ratings Threshold” means, with respect to Party A, the
            guarantor under an Eligible Guarantee or an Eligible Replacement, a long-term
            unsecured and unsubordinated debt rating from Fitch of “BBB-”

          

          “Moody’s”
            means Moody’s Investors Service, Inc., or any successor thereto.

          

          “Moody’s
            First Trigger Ratings Event”means
            that
no Relevant Entity has credit ratings from Moody’s at least equal to the
            Moody’s First Trigger Ratings Threshold.

          

          “Moody’s
            First Trigger Ratings Threshold” means, with respect to Party A,
            the guarantor under an Eligible Guarantee or an Eligible Replacement,
            (i) if
            such entity has a short-term unsecured and unsubordinated debt rating
            from
            Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty
            rating from Moody’s of “A2” and a short-term unsecured and unsubordinated debt
            rating from Moody’s of “Prime-1”, or (ii) if such entity does not have a
            short-term unsecured and unsubordinated debt rating or counterparty rating
            from
            Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty
            rating from Moody’s of “A1”.

          

          “Moody’s
            Second Trigger Ratings Event”means
            that
no Relevant Entity has credit ratings from Moody’s at least equal to the
            Moody’s Second Trigger Ratings Threshold.

          

          “Moody’s
            Second Trigger Ratings Threshold” means,
            with respect to Party A, the guarantor under an Eligible Guarantee or
            an
            Eligible Replacement, (i) if such entity has a short-term unsecured and
            unsubordinated debt rating from Moody’s, a long-term unsecured and
            unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
            short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
            or (ii) if such entity does not have a short-term unsecured and unsubordinated
            debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
            or counterparty rating from Moody’s of “A3”.

          

          “Permitted
            Transfer” means a transfer by novation by Party A pursuant to
            Section 6(b)(ii), Part 5(d), Part 5(b)(v), Part 5(e) or the second sentence
            of
            Section 7 (as amended herein) to a transferee (the
“Transferee”) of all, but not less than all, of Party A’s
            rights, liabilities, duties and obligations under this Agreement, with
            respect
            to which transfer each of the following conditions is satisfied:  (a)
            the Transferee is an Eligible Replacement; (b) Party A and the Transferee
            are
            both “dealers in notional principal contracts” within the meaning of Treasury
            regulations section 1.1001-4 (in each case as certified by such entity);
            (c) as
            of the date of such transfer the Transferee would not be required to
            withhold or
            deduct on account of Tax from any payments under this Agreement or would
            be
            required to gross up for such Tax under Section 2(d)(i)(4); (d) an Event
            of
            Default or Termination Event would not occur as a result of such transfer;
            (e)
            pursuant to a written instrument (the “Transfer Agreement”),
            the Transferee acquires and assumes all rights and obligations of Party
            A under
            the Agreement and the relevant Transaction; (f) Party B shall have determined,
            in its sole discretion, acting in a commercially reasonable manner, that
            such
            Transfer Agreement is effective to transfer to the Transferee all, but
            not less
            than all, of Party A’s rights and obligations under the Agreement and all
            relevant Transactions; (g) Party A will be responsible for any costs
            or expenses
            incurred in connection with such transfer (including any replacement
            cost of
            entering into a replacement transaction); (h) either (A) Moody’s has been given
            prior written notice of such transfer and the Rating Agency Condition
            is
            satisfied with respect to S&P and Fitch or (B) each Swap Rating Agency has
            been given prior written notice of such transfer and such transfer is
            in
            connection with the assignment and assumption of this Agreement without
            modification of its terms, other than party names, dates relevant to
            the
            effective date of such transfer, tax representations (provided that the
            representations in Part 2(a)(i) are not modified) and any other representations
            regarding the status of the substitute counterparty of the type included
            in Part
            5(b)(iv), Part 5(v)(i)(2) or Part 5(v)(ii), notice information and account
            details; and (i) such transfer otherwise complies with the terms of the
            Pooling
            and Servicing Agreement.

           

          “Rating
            Agency Condition” means, with respect to any particular proposed
            act or omission to act hereunder and each Swap Rating Agency specified
            in
            connection with such proposed act or omission, that the party acting
            or failing
            to act must consult with each of the specified Swap Rating Agencies and
            receive
            from each such Swap Rating Agency a prior written confirmation that the
            proposed
            action or inaction would not cause a downgrade or withdrawal of the then-current
            rating of any Certificates or Notes.

          

          “Relevant
            Entity” means Party A and, to the extent applicable, a guarantor
            under an Eligible Guarantee.

          

          “Replacement
            Transaction” means, with respect to any Terminated Transaction or
            group of Terminated Transactions, a transaction or group of transactions
            that
            (i) would have the effect of preserving for Party B the economic equivalent
            of
            any payment or delivery (whether the underlying obligation was absolute
            or
            contingent and assuming the satisfaction of each applicable condition
            precedent)
            by the parties under Section 2(a)(i) in respect of such Terminated Transaction
            or group of Terminated Transactions that would, but for the occurrence
            of the
            relevant Early Termination Date, have been required after that Date,
            and (ii)
            has terms which are substantially the same as this Agreement, including,
            without
            limitation, rating triggers, Regulation AB compliance, and credit support
            documentation, save for the exclusion of provisions relating to Transactions
            that are not Terminated Transaction, as determined by Party B in its
            sole
            discretion, acting in a commercially reasonable manner.

          

          “Required
            Ratings Downgrade Event” means that no Relevant Entity has credit
            ratings at least equal to the Required Ratings Threshold.  For
            purposes of determining whether a Required Ratings Downgrade Event has
            occurred,
            each Relevant Entity shall provide its credit ratings to Party B in writing,
            upon request of Party B.

          

          “Required
            Ratings Threshold” means each of the S&P Required Ratings
            Threshold, Moody’s Second Trigger Ratings Threshold, and the Fitch Required
            Ratings Threshold.

          

          “S&P”
            means Standard & Poor's Rating Services, a division of The McGraw-Hill
            Companies, Inc., or any successor thereto.

          

          “S&P
            Approved Ratings Downgrade Event” means that no Relevant Entity
            has credit ratings at least equal to the S&P Approved Ratings
            Threshold.

          

          “S&P
            Approved Ratings Threshold” means, with respect to Party A, the
            guarantor under an Eligible Guarantee or an Eligible Replacement, a short-term
            unsecured and unsubordinated debt rating from S&P of “A-1”, or, if such
            entity does not have a short-term unsecured and unsubordinated debt rating
            from
            S&P, a long-term unsecured and unsubordinated debt rating or counterparty
            rating from S&P of “A+”.

          

          “S&P
            Required Ratings Downgrade Event” means that no Relevant Entity
            has credit ratings at least equal to the S&P Required Ratings
            Threshold.

          

          “S&P
            Required Ratings Threshold” means, with respect to Party A, the
            guarantor under an Eligible Guarantee or an Eligible Replacement, a long-term
            unsecured and unsubordinated debt rating or counterparty rating from
            S&P of
“BBB-”.

          

          “Swap
            Rating Agencies” means, with respect to any date of determination, each
            of S&P, Moody’s and Fitch to the extent that each such rating agency is then
            providing a rating for any of the Soundview Home Loan Trust 2007-OPT1,
            Asset-Backed Certificates, Series 2007-OPT1 (the “Certificates”) or any notes
            backed by the Certificates (the “Notes”).

          

           

          [Remainder
            of this page intentionally left blank.]

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          5.            
            Account Details and Settlement Information:

           

          Payments
            to Party A:

          

          Citibank,
            N.A., New York

          ABA
            Number: 021-0000-89, for the account of Bear, Stearns Securities
            Corp.

          Account
            Number: 0925-3186, for further credit to Bear Stearns Financial Products
            Inc.

          Sub-account
            Number: 102-04654-1-3

          Attention:
            Derivatives Department

          

          Payments
            to Party B:

          

          Wells
            Fargo Bank, N.A.

          ABA#
            121000248

          Account
            #
            3970771416

          Account
            Name: SAS Clearing

          FFC
            to:
            53150202 - Soundview 2007-OPT1 Swap Account

          

          

          NEITHER
            THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF THE
            BEAR
            STEARNS COMPANIES INC. OTHER THAN PARTY A IS AN OBLIGOR OR A CREDIT SUPPORT
            PROVIDER ON THIS AGREEMENT.

          

          This
            Agreement may be executed in several counterparts, each of which shall
            be deemed
            an original but all of which together shall constitute one and the same
            instrument.

          

          Party
            B
            hereby agrees to check this Confirmation and to confirm that the foregoing
            correctly sets forth the terms of the Transaction by signing in the space
            provided below and returning to Party A a facsimile of the fully-executed
            Confirmation to 212-272-9857. For inquiries regarding U.S. Transactions,
            please
            contact Derivatives Documentation by telephone at 212-272-2711.  For
            all other inquiries please contact Derivatives Documentation by telephone
            at
            353-1-402-6233. Originals will be provided for your execution upon your
            request.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          We
            are
            very pleased to have executed this Transaction with you and we look forward
            to
            completing other transactions with you in the near future.

          

          Very
            truly yours,

          

          BEAR
            STEARNS FINANCIAL PRODUCTS INC.

           

          
            	 	 	 	 
	 	 	 	 	 
	 	
                    A.

                  	
                    By:
                      

                  	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 

          

           

          Party
            B,
            acting through its duly authorized signatory, hereby agrees to, accepts
            and
            confirms the terms of the foregoing as of the date hereof.

          

          

          WELLS
            FARGO BANK, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS SUPPLEMENTAL
            INTEREST TRUST TRUSTEE ON BEHALF OF THE SUPPLEMENTAL INTEREST TRUST WITH
            RESPECT
            TO THE SOUNDVIEW HOME LOAN TRUST 2007-OPT1, ASSET-BACKED CERTIFICATES,
            SERIES
            2007-OPT1

          

           

          
            	 	 	 	 	 	 
	By:  	
                     

                  	 	 	
                     

                  	 
	 	
                    Name:

                  	 	 	
                     

                  	 
	 	
                    Title:

                  	 	 	
                     

                  	 

          

          
          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

             

          

          SCHEDULE
            I

          (where
            for the purposes of (i) determining Floating Amounts, all such dates
            subject to
            adjustment in accordance with the Following Business Day Convention and
            (ii)
            determining Fixed Amounts, all such dates subject to No
            Adjustment.)

          

          
            	
                    From
                      and including

                  	
                    To
                      but excluding

                  	
                    Scheduled
                      Amount (USD)

                  
	 	 	 
	
                    Effective
                      Date

                  	
                    05/25/07

                  	
                    0.00

                  
	
                    05/25/07

                  	
                    06/25/07

                  	
                    0.00

                  
	
                    06/25/07

                  	
                    07/25/07

                  	
                    0.00

                  
	
                    07/25/07

                  	
                    08/25/07

                  	
                    0.00

                  
	
                    08/25/07

                  	
                    09/25/07

                  	
                    0.00

                  
	
                    09/25/07

                  	
                    10/25/07

                  	
                    0.00

                  
	
                    10/25/07

                  	
                    11/25/07

                  	
                    8,441,012.67

                  
	
                    11/25/07

                  	
                    12/25/07

                  	
                    8,297,414.96

                  
	
                    12/25/07

                  	
                    01/25/08

                  	
                    8,136,731.39

                  
	
                    01/25/08

                  	
                    02/25/08

                  	
                    7,959,491.61

                  
	
                    02/25/08

                  	
                    03/25/08

                  	
                    7,766,528.53

                  
	
                    03/25/08

                  	
                    04/25/08

                  	
                    7,560,135.46

                  
	
                    04/25/08

                  	
                    05/25/08

                  	
                    7,347,766.89

                  
	
                    05/25/08

                  	
                    06/25/08

                  	
                    7,140,994.20

                  
	
                    06/25/08

                  	
                    07/25/08

                  	
                    6,939,707.81

                  
	
                    07/25/08

                  	
                    08/25/08

                  	
                    6,743,696.78

                  
	
                    08/25/08

                  	
                    09/25/08

                  	
                    6,553,155.31

                  
	
                    09/25/08

                  	
                    10/25/08

                  	
                    6,368,061.07

                  
	
                    10/25/08

                  	
                    11/25/08

                  	
                    6,188,246.01

                  
	
                    11/25/08

                  	
                    12/25/08

                  	
                    6,013,654.49

                  
	
                    12/25/08

                  	
                    01/25/09

                  	
                    5,843,986.63

                  
	
                    01/25/09

                  	
                    02/25/09

                  	
                    5,678,141.58

                  
	
                    02/25/09

                  	
                    03/25/09

                  	
                    5,501,030.59

                  
	
                    03/25/09

                  	
                    04/25/09

                  	
                    5,269,194.05

                  
	
                    04/25/09

                  	
                    05/25/09

                  	
                    4,949,007.68

                  
	
                    05/25/09

                  	
                    06/25/09

                  	
                    4,651,423.42

                  
	
                    06/25/09

                  	
                    07/25/09

                  	
                    4,384,076.06

                  
	
                    07/25/09

                  	
                    08/25/09

                  	
                    4,173,094.90

                  
	
                    08/25/09

                  	
                    09/25/09

                  	
                    4,038,300.52

                  
	
                    09/25/09

                  	
                    10/25/09

                  	
                    3,907,784.69

                  
	
                    10/25/09

                  	
                    11/25/09

                  	
                    3,781,405.82

                  
	
                    11/25/09

                  	
                    12/25/09

                  	
                    3,659,044.20

                  
	
                    12/25/09

                  	
                    01/25/10

                  	
                    3,540,546.08

                  
	
                    01/25/10

                  	
                    02/25/10

                  	
                    3,425,783.65

                  
	
                    02/25/10

                  	
                    03/25/10

                  	
                    3,314,633.51

                  
	
                    03/25/10

                  	
                    04/25/10

                  	
                    3,206,977.64

                  
	
                    04/25/10

                  	
                    05/25/10

                  	
                    3,102,703.92

                  
	
                    05/25/10

                  	
                    06/25/10

                  	
                    3,100,596.73

                  
	
                    06/25/10

                  	
                    07/25/10

                  	
                    3,010,289.29

                  
	
                    07/25/10

                  	
                    08/25/10

                  	
                    2,922,800.91

                  
	
                    08/25/10

                  	
                    09/25/10

                  	
                    2,838,039.02

                  
	
                    09/25/10

                  	
                    10/25/10

                  	
                    2,755,914.26

                  
	
                    10/25/10

                  	
                    11/25/10

                  	
                    2,676,340.50

                  
	
                    11/25/10

                  	
                    12/25/10

                  	
                    2,599,234.79

                  
	
                    12/25/10

                  	
                    01/25/11

                  	
                    2,524,515.55

                  
	
                    01/25/11

                  	
                    02/25/11

                  	
                    2,452,104.86

                  
	
                    02/25/11

                  	
                    03/25/11

                  	
                    2,381,927.45

                  
	
                    03/25/11

                  	
                    04/25/11

                  	
                    2,313,910.56

                  
	
                    04/25/11

                  	
                    05/25/11

                  	
                    2,247,983.87

                  
	
                    05/25/11

                  	
                    06/25/11

                  	
                    2,184,079.60

                  
	
                    06/25/11

                  	
                    07/25/11

                  	
                    2,122,131.93

                  
	
                    07/25/11

                  	
                    08/25/11

                  	
                    2,062,077.53

                  
	
                    08/25/11

                  	
                    09/25/11

                  	
                    2,003,855.05

                  
	
                    09/25/11

                  	
                    10/25/11

                  	
                    1,947,405.35

                  
	
                    10/25/11

                  	
                    11/25/11

                  	
                    1,892,671.18

                  
	
                    11/25/11

                  	
                    12/25/11

                  	
                    1,839,597.23

                  
	
                    12/25/11

                  	
                    01/25/12

                  	
                    1,788,130.03

                  
	
                    01/25/12

                  	
                    02/25/12

                  	
                    1,738,215.55

                  
	
                    02/25/12

                  	
                    03/25/12

                  	
                    1,689,806.29

                  
	
                    03/25/12

                  	
                    04/25/12

                  	
                    1,642,853.99

                  
	
                    04/25/12

                  	
                    05/25/12

                  	
                    1,597,306.54

                  
	
                    05/25/12

                  	
                    06/25/12

                  	
                    1,553,122.21

                  
	
                    06/25/12

                  	
                    07/25/12

                  	
                    1,510,259.75

                  
	
                    07/25/12

                  	
                    08/25/12

                  	
                    1,468,677.00

                  
	
                    08/25/12

                  	
                    09/25/12

                  	
                    1,428,333.23

                  
	
                    09/25/12

                  	
                    10/25/12

                  	
                    1,389,189.26

                  
	
                    10/25/12

                  	
                    11/25/12

                  	
                    1,351,207.04

                  
	
                    11/25/12

                  	
                    12/25/12

                  	
                    1,314,350.62

                  
	
                    12/25/12

                  	
                    01/25/13

                  	
                    1,278,583.18

                  
	
                    01/25/13

                  	
                    02/25/13

                  	
                    1,243,870.31

                  
	
                    02/25/13

                  	
                    03/25/13

                  	
                    1,210,178.75

                  
	
                    03/25/13

                  	
                    04/25/13

                  	
                    1,177,476.35

                  
	
                    04/25/13

                  	
                    05/25/13

                  	
                    1,145,732.01

                  
	
                    05/25/13

                  	
                    06/25/13

                  	
                    1,114,915.80

                  
	
                    06/25/13

                  	
                    07/25/13

                  	
                    1,084,998.43

                  
	
                    07/25/13

                  	
                    08/25/13

                  	
                    1,055,951.77

                  
	
                    08/25/13

                  	
                    09/25/13

                  	
                    1,027,748.61

                  
	
                    09/25/13

                  	
                    10/25/13

                  	
                    1,000,366.40

                  
	
                    10/25/13

                  	
                    11/25/13

                  	
                    973,775.83

                  
	
                    11/25/13

                  	
                    12/25/13

                  	
                    947,952.29

                  
	
                    12/25/13

                  	
                    01/25/14

                  	
                    922,871.96

                  
	
                    01/25/14

                  	
                    02/25/14

                  	
                    898,511.84

                  
	
                    02/25/14

                  	
                    Termination
                      Date

                  	
                    874,849.64

                  

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

           

           

          BEAR
            STEARNS

          

          BEAR
            STEARNS BANK PLC

          BLOCK
            8,
            HARCOURT CENTRE

          CHARLOTTE
            WAY

          DUBLIN
            2,
            IRELAND

          Tel
            (353-1) 402 6200

          

          DATE:          
                                                            May
            1, 2007

          

          TO:               
                                                            The
            Royal Bank of Scotland plc

          ATTENTION:                                               Liz
            Stotler

          TELEPHONE:                                              203-618-2576

          
            	
                    FACSIMILE:

                  	
                    203-618-2580

                  

          

          

          FROM:                                                          Derivatives
            Documentation

          TELEPHONE:                                              212-272-2711

          FACSIMILE:                                                212-272-9857

          

          SUBJECT:                                                  
             Mortgage
            Derivatives Confirmation

          

          REFERENCE
            NUMBER(S):                       BXSV7OPT1

          

          The
            purpose of this letter agreement is to confirm the terms and conditions
            of the
            Transaction entered into on the Trade Date specified below (the “Transaction”)
            between Bear Stearns Bank plc (“Bear Stearns”) and The Royal Bank of Scotland
            plc (“Counterparty”). This letter agreement constitutes the sole and complete
“Confirmation,” as referred to in the “Master Agreement” (as defined below),
            with respect to the Transaction.

          

          1.
            This
            Confirmation is subject to and incorporates the 2000 ISDA Definitions
(the “Definitions”), as published by the International Swaps and
            Derivatives Association, Inc. (“ISDA”). This Confirmation supplements, forms a
            part of and is subject to the ISDA Master Agreement dated as of November
            8, 1993
            between Bear Stearns and Counterparty (the agreement, as amended and
            supplemented from time to time, being referred to herein as the “Master
            Agreement”).  All provisions contained in, or incorporated by
            reference to, the Master Agreement shall govern the Transaction referenced
            in
            this Confirmation except as expressly modified herein. In the event of
            any
            inconsistency between the provisions of this Confirmation and the Definitions
            or
            Master Agreement, this Confirmation shall prevail for the purpose of
            this
            Transaction.  Terms capitalized but not defined herein shall have the
            meanings attributed to them in the Pooling and Servicing Agreement, dated
            as
            of April 1, 2007, among Financial Assets Securities Corp.,
            as depositor (the “Depositor”), Option One Mortgage Corporation, as Servicer
            (the “Servicer”) and Wells Fargo Bank, N.A. as trustee (the “Trustee”), (the
“Pooling and Servicing Agreement”).

          

          2.         The
            terms of the particular Transaction to which this Confirmation relates
            are as
            follows:

           

          Notional
            Amount:                                       With
            respect to any Calculation Period, the lesser of (i) the Scheduled Amount
            set
            forth for such period on Schedule I attached hereto and (ii) the product
            of (x)
            1/Scale Factor and (y) the Bond Balance for such Calculation Period,
            provided that if an Optional Termination occurs with respect to the SoundView
            Home Loan Trust 2007-OPT1 Certificates, the Notional Amount with respect to
            each Calculation Period beginning on or after the final Distribution
            Date with
            respect to such Optional Termination shall equal the Scheduled Amount
            for such
            Calculation Period as set forth in Schedule I attached hereto multiplied
            by the
            quotient of (A) the Notional Amount for the Calculation Period immediately
            prior
            to such Optional Termination divided by (B) the Scheduled Amount for
            the
            Calculation Period immediately prior to such Optional Termination as
            set forth
            in the Schedule I attached hereto.

          

          Bond
            Balance:                                           
 With
            respect to any Calculation Period beginning prior to the Issuance Date,
            or if
            the Issuance Date does not occur, USD 2,232,397,000.  With
            respect to any Calculation Period beginning on or after the Issuance
            Date, the
            aggregate principal balance of the Floating Rate Certificates issued
            by
            SoundView Home Loan Trust 2007-OPT1 immediately prior to the Distribution
            Date
            occurring in the calendar month in which such Calculation Period
            ends.

          

          Issuance
            Date:                                           
 The
            date in May 2007 on which USD 2,232,397,000 Floating Rate Certificates are
            issued by SoundView Home Loan Trust 2007-OPT1.

          

          Trade
            Date:                                                   April
            27, 2007

          

          Effective
            Date:                                            
 May
            15,
            2007

          

          Termination
            Date:                                      
 March
            25,
            2014, provided, however, for the purposes of determining the Floating
            Amount to
            be paid in respect of the final Calculation Period, such date shall be
            subject
            to adjustment in accordance with the Business Day Convention.

          

          Fixed
            Amounts:

          

          Fixed
            Rate
            Payer:                                    
 Counterparty

          

          Fixed
            Rate Payer

          Period
            End
            Dates:                                   
 The
            25th calendar
            day of each month during the Term of this Transaction, commencing May
            25, 2007
            and ending on March 25, 2014, with No Adjustment.

           

          Fixed
            Rate Payer

          Payment
            Dates:                                      
 Early
            Payment shall be applicable, One Business Day prior to each Fixed Rate
            Payer
            Period End Date

          

          Fixed
            Rate:                                                5.19
            %

          

          Fixed
            Amount:                                          To
            be determined in accordance with the following formula:

           

          250*Fixed
            Rate*Notional Amount*Fixed Rate Day Count Fraction

          

          Fixed
            Rate Day

          Count
            Fraction:                                      
 30/360

          

          Floating
            Amounts:

          

          Floating
            Rate
            Payer:                              
 Bear
            Stearns

          

          Floating
            Rate Payer

          Period
            End
            Dates:                                   The
            25th calendar
            day of each month during the Term of this Transaction, commencing May
            25, 2007
            and ending on the Termination Date, subject to adjustment in accordance
            with the
            Business Day Convention.

          

          Floating
            Rate Payer

          Payment
            Dates:                                        Early
            Payment shall be applicable, One Business Day prior to each Floating
            Rate Payer
            Period End Date

          

          Floating
            Rate for initial

          Calculation
            Period:                                 
 To
            be
            determined

          

          Floating
            Rate
            Option:                            
 USD-LIBOR-BBA

          

          Floating
            Amount:                                  
 To
            be
            determined in accordance with the following formula:

           

          250*Floating
            Rate Option*Notional Amount*Floating Rate Day Count Fraction

          

          Designated
            Maturity:                            
 One
            month

          

          Spread:                                                     
             None

          

          Floating
            Rate Day

          Count
            Fraction:                                      
 Actual/360

          

          Reset
            Dates:                                              The
            first
            day of each Calculation Period

          

          Compounding:                                        
             Inapplicable

          

          Additional
            Payment:                              
 On
            May
            15, 2007, subject to adjustment in accordance with the Business Day Convention,
            Bear Stearns shall pay to Counterparty the amount of USD
            4,586,000.00

           

          Business
            Days:                                          
 New
            York

           

          Business
            Day
            Convention:                      
 Following

          

          Calculation
            Agent:                                     
 Bear
            Stearns

          

          3.Account
            Details:                                     Payments
            to Bear Stearns:

          Citibank,
            N.A., New York

          ABA
            Number: 021-0000-89, for the account of

          Bear,
            Stearns Securities Corp.

          Account
            Number: 0925-3186, for further credit to

          Bear
            Stearns Bank plc

          Sub-account
            Number: 101-44840-24

          Attention:
            Derivatives Operations

          

          Payments
            to Counterparty:

          Please
            advise

          

          Additional
            Provisions:

          

          Non-Reliance. Each
            party represents to the other party that (a) it has not received and
            is not
            relying upon any legal, tax, regulatory, accounting or other advice (whether
            written or oral) of the other party regarding this Transaction, other
            than
            representations expressly made by that other party in this Confirmation
            and in
            the Master Agreement and (b) in respect of this Transaction, (i) it has
            the
            capacity to evaluate (internally or through independent professional
            advice)
            this Transaction and has made its own decision to enter into this Transaction
            and (ii) it understands the terms, conditions and risks of this Transaction
            and
            is willing to assume (financially and otherwise) those
            risks.  Counterparty acknowledges that Bear Stearns has advised
            Counterparty to consult its own tax, accounting and legal advisors in
            connection
            with this Transaction evidenced by this Confirmation and that the Counterparty
            has done so.

          

          Agency. Counterparty
            acknowledges that Bear, Stearns & Co. Inc. (“BS&C”) has acted as agent
            for Counterparty solely for the purposes of arranging this Transaction
            with its
            Affiliate, Bear Stearns. This Confirmation is being provided by BS&C in such
            capacity. Upon your written request, BS&C will furnish you with the time at
            which this Transaction was entered into.

          

          This
            Transaction has been entered into by Greenwich Capital Markets, Inc.,
            as agent
            for The Royal Bank of Scotland plc. Greenwich Capital Markets, Inc. has
            not
            guaranteed and is not otherwise responsible for the obligations of The
            Royal
            Bank of Scotland plc under this Transaction.

          

          This
            Confirmation may be executed in several counterparts, each of which shall
            be
            deemed an original but all of which together shall constitute one and
            the same
            instrument.

          

          Counterparty
            hereby agrees to check this Confirmation and to confirm that the foregoing
            correctly sets forth the terms of the Transaction by signing in the space
            provided below and returning to Bear Stearns a facsimile of the fully-executed
            Confirmation to 212-272-9857. For inquiries please contact
CreditDerivativesDocumentation@bear.com. To discuss an inquiry regarding
            U.S. Transactions, please contact Robert DeCeglie by telephone
            at 212-272-5531.  For all other inquiries please
            contact Derivatives Documentation by telephone at
353-1-402-6233. Originals will be provided for
            your execution
            upon your request.

          

          We
            are
            very pleased to have executed this Transaction with you and we look forward
            to
            completing other transactions with you in the near future.

          

          Very
            truly yours,

          

          BEAR
            STEARNS BANK PLC

          

          

          By:
            ____________________________               

          Name:

          Title:

          

          

          

          

          

          Counterparty,
            acting through its duly authorized signatory, hereby agrees to, accepts
            and
            confirms the terms of the foregoing as of the Trade Date.

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          THE
            ROYAL BANK OF SCOTLAND PLC

          BY:
            GREENWICH CAPITAL MARKETS, INC., AS AGENT STATED ABOVE

          

          
            By:
              ____________________________               

            Name:

            Title:

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

              

          

          SCHEDULE
            I

          

           (With
            respect to the Floating Amounts, all such dates subject to adjustment
            in
            accordance with the

          Business
            Day Convention and with respect to the Fixed Amounts, all such dates
            are not
            subject to 

          adjustment
            in accordance with any Business Day Convention)

           

           

          
            
              	
                      From
                        and including

                    	
                      To
                        but excluding

                    	
                      Scheduled
                        Amount (USD)

                    
	 	 	 
	
                      Effective
                        Date

                    	
                      05/25/07

                    	
                      0.00

                    
	
                      05/25/07

                    	
                      06/25/07

                    	
                      0.00

                    
	
                      06/25/07

                    	
                      07/25/07

                    	
                      0.00

                    
	
                      07/25/07

                    	
                      08/25/07

                    	
                      0.00

                    
	
                      08/25/07

                    	
                      09/25/07

                    	
                      0.00

                    
	
                      09/25/07

                    	
                      10/25/07

                    	
                      0.00

                    
	
                      10/25/07

                    	
                      11/25/07

                    	
                      8,441,012.67

                    
	
                      11/25/07

                    	
                      12/25/07

                    	
                      8,297,414.96

                    
	
                      12/25/07

                    	
                      01/25/08

                    	
                      8,136,731.39

                    
	
                      01/25/08

                    	
                      02/25/08

                    	
                      7,959,491.61

                    
	
                      02/25/08

                    	
                      03/25/08

                    	
                      7,766,528.53

                    
	
                      03/25/08

                    	
                      04/25/08

                    	
                      7,560,135.46

                    
	
                      04/25/08

                    	
                      05/25/08

                    	
                      7,347,766.89

                    
	
                      05/25/08

                    	
                      06/25/08

                    	
                      7,140,994.20

                    
	
                      06/25/08

                    	
                      07/25/08

                    	
                      6,939,707.81

                    
	
                      07/25/08

                    	
                      08/25/08

                    	
                      6,743,696.78

                    
	
                      08/25/08

                    	
                      09/25/08

                    	
                      6,553,155.31

                    
	
                      09/25/08

                    	
                      10/25/08

                    	
                      6,368,061.07

                    
	
                      10/25/08

                    	
                      11/25/08

                    	
                      6,188,246.01

                    
	
                      11/25/08

                    	
                      12/25/08

                    	
                      6,013,654.49

                    
	
                      12/25/08

                    	
                      01/25/09

                    	
                      5,843,986.63

                    
	
                      01/25/09

                    	
                      02/25/09

                    	
                      5,678,141.58

                    
	
                      02/25/09

                    	
                      03/25/09

                    	
                      5,501,030.59

                    
	
                      03/25/09

                    	
                      04/25/09

                    	
                      5,269,194.05

                    
	
                      04/25/09

                    	
                      05/25/09

                    	
                      4,949,007.68

                    
	
                      05/25/09

                    	
                      06/25/09

                    	
                      4,651,423.42

                    
	
                      06/25/09

                    	
                      07/25/09

                    	
                      4,384,076.06

                    
	
                      07/25/09

                    	
                      08/25/09

                    	
                      4,173,094.90

                    
	
                      08/25/09

                    	
                      09/25/09

                    	
                      4,038,300.52

                    
	
                      09/25/09

                    	
                      10/25/09

                    	
                      3,907,784.69

                    
	
                      10/25/09

                    	
                      11/25/09

                    	
                      3,781,405.82

                    
	
                      11/25/09

                    	
                      12/25/09

                    	
                      3,659,044.20

                    
	
                      12/25/09

                    	
                      01/25/10

                    	
                      3,540,546.08

                    
	
                      01/25/10

                    	
                      02/25/10

                    	
                      3,425,783.65

                    
	
                      02/25/10

                    	
                      03/25/10

                    	
                      3,314,633.51

                    
	
                      03/25/10

                    	
                      04/25/10

                    	
                      3,206,977.64

                    
	
                      04/25/10

                    	
                      05/25/10

                    	
                      3,102,703.92

                    
	
                      05/25/10

                    	
                      06/25/10

                    	
                      3,100,596.73

                    
	
                      06/25/10

                    	
                      07/25/10

                    	
                      3,010,289.29

                    
	
                      07/25/10

                    	
                      08/25/10

                    	
                      2,922,800.91

                    
	
                      08/25/10

                    	
                      09/25/10

                    	
                      2,838,039.02

                    
	
                      09/25/10

                    	
                      10/25/10

                    	
                      2,755,914.26

                    
	
                      10/25/10

                    	
                      11/25/10

                    	
                      2,676,340.50

                    
	
                      11/25/10

                    	
                      12/25/10

                    	
                      2,599,234.79

                    
	
                      12/25/10

                    	
                      01/25/11

                    	
                      2,524,515.55

                    
	
                      01/25/11

                    	
                      02/25/11

                    	
                      2,452,104.86

                    
	
                      02/25/11

                    	
                      03/25/11

                    	
                      2,381,927.45

                    
	
                      03/25/11

                    	
                      04/25/11

                    	
                      2,313,910.56

                    
	
                      04/25/11

                    	
                      05/25/11

                    	
                      2,247,983.87

                    
	
                      05/25/11

                    	
                      06/25/11

                    	
                      2,184,079.60

                    
	
                      06/25/11

                    	
                      07/25/11

                    	
                      2,122,131.93

                    
	
                      07/25/11

                    	
                      08/25/11

                    	
                      2,062,077.53

                    
	
                      08/25/11

                    	
                      09/25/11

                    	
                      2,003,855.05

                    
	
                      09/25/11

                    	
                      10/25/11

                    	
                      1,947,405.35

                    
	
                      10/25/11

                    	
                      11/25/11

                    	
                      1,892,671.18

                    
	
                      11/25/11

                    	
                      12/25/11

                    	
                      1,839,597.23

                    
	
                      12/25/11

                    	
                      01/25/12

                    	
                      1,788,130.03

                    
	
                      01/25/12

                    	
                      02/25/12

                    	
                      1,738,215.55

                    
	
                      02/25/12

                    	
                      03/25/12

                    	
                      1,689,806.29

                    
	
                      03/25/12

                    	
                      04/25/12

                    	
                      1,642,853.99

                    
	
                      04/25/12

                    	
                      05/25/12

                    	
                      1,597,306.54

                    
	
                      05/25/12

                    	
                      06/25/12

                    	
                      1,553,122.21

                    
	
                      06/25/12

                    	
                      07/25/12

                    	
                      1,510,259.75

                    
	
                      07/25/12

                    	
                      08/25/12

                    	
                      1,468,677.00

                    
	
                      08/25/12

                    	
                      09/25/12

                    	
                      1,428,333.23

                    
	
                      09/25/12

                    	
                      10/25/12

                    	
                      1,389,189.26

                    
	
                      10/25/12

                    	
                      11/25/12

                    	
                      1,351,207.04

                    
	
                      11/25/12

                    	
                      12/25/12

                    	
                      1,314,350.62

                    
	
                      12/25/12

                    	
                      01/25/13

                    	
                      1,278,583.18

                    
	
                      01/25/13

                    	
                      02/25/13

                    	
                      1,243,870.31

                    
	
                      02/25/13

                    	
                      03/25/13

                    	
                      1,210,178.75

                    
	
                      03/25/13

                    	
                      04/25/13

                    	
                      1,177,476.35

                    
	
                      04/25/13

                    	
                      05/25/13

                    	
                      1,145,732.01

                    
	
                      05/25/13

                    	
                      06/25/13

                    	
                      1,114,915.80

                    
	
                      06/25/13

                    	
                      07/25/13

                    	
                      1,084,998.43

                    
	
                      07/25/13

                    	
                      08/25/13

                    	
                      1,055,951.77

                    
	
                      08/25/13

                    	
                      09/25/13

                    	
                      1,027,748.61

                    
	
                      09/25/13

                    	
                      10/25/13

                    	
                      1,000,366.40

                    
	
                      10/25/13

                    	
                      11/25/13

                    	
                      973,775.83

                    
	
                      11/25/13

                    	
                      12/25/13

                    	
                      947,952.29

                    
	
                      12/25/13

                    	
                      01/25/14

                    	
                      922,871.96

                    
	
                      01/25/14

                    	
                      02/25/14

                    	
                      898,511.84

                    
	
                      02/25/14

                    	
                      Termination
                        Date

                    	
                      874,849.64

                    

            

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        
          ANNEX
            A

          
             

            Paragraph
              13 of the Credit Support Annex

          

          
 

          ISDA®

          CREDIT
            SUPPORT ANNEX

          to
            the
            Schedule to the

          ISDA
            Master Agreement

          dated
            as
            of May 15, 2007 between

          Bear
            Stearns Financial Products Inc. (hereinafter referred to as “Party
            A” or “Pledgor”)

          and

          Wells
            Fargo Bank, N.A., not in its individual capacity, but solely as Supplemental
            Interest Trust Trustee on behalf of the Supplemental Interest Trust with
            respect
            to the Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates,
            Series
            2007-OPT1  (hereinafter referred to as “Party
            B” or “Secured Party”)

          

          For
            the
            avoidance of doubt, and notwithstanding anything to the contrary that
            may be
            contained in the Agreement, this Credit Support Annex shall relate solely
            to the
            Transaction documented in the Confirmation dated May 15, 2007, between
            Party A
            and Party B, Reference Number FXSV7OPT1.

           

          
            	
                    I.

                  	
                    PARAGRAPH
                      13.  ELECTIONS AND
                      VARIABLES.

                  

          

           

          
            	
                    A.

                  	
                    Security
                      Interest for “Obligations”.  The term
                      “Obligations” as used in this Annex
                      includes the following additional
                      obligations:

                  

          

           

          With
            respect to Party A: not applicable.

           

          With
            respect to Party B: not applicable.

           

          
            	
                    B.

                  	
                    Credit
                      Support
                      Obligations.

                  

          

           

          
            	
                  	
                    1.

                  	
                    Delivery
                      Amount, Return Amount and Credit Support
                      Amount.

                  

          

           

          
            	
                  	
                    (i)

                  	
                    “Delivery
                      Amount” has the meaning specified
                      in
                      Paragraph 3(a) as amended (I) by deleting the words “upon a demand made by
                      the Secured Party on or promptly following a Valuation Date” and inserting
                      in lieu thereof the words “not later than the close of business on each
                      Valuation Date” and (II) by deleting in its entirety the sentence
                      beginning “Unless otherwise specified in Paragraph 13” and ending “(ii)
                      the Value as of that Valuation Date of all Posted Credit Support
                      held by
                      the Secured Party.” and inserting in lieu thereof the
                      following:

                  

          

           

          The
            “Delivery Amount” applicable to the
            Pledgor for any Valuation Date will equal the greatest of

           

          
            	
                  	
                    (a)

                  	
                    the
                      amount by which (a) the S&P Credit Support Amount for such Valuation
                      Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                      Credit Support held by the Secured
                      Party,

                  

          

           

          
            	
                  	
                    (b)

                  	
                    the
                      amount by which (a) the Fitch Credit Support Amount for such
                      Valuation
                      Date exceeds (b) the Fitch Value as of such Valuation Date
                      of all Posted
                      Credit Support held by the Secured
                      Party,

                  

          

           

          
            	
                     

                  	
                    (3)

                  	
                    the
                      amount by which (a) the Moody’s First Trigger Credit Support Amount for
                      such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                      Valuation Date of all Posted Credit Support held by the Secured
                      Party,
                      and

                  

          

           

          
            	
                     

                  	
                    (4)

                  	
                    the
                      amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                      such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                      such Valuation Date of all Posted Credit Support held by the
                      Secured
                      Party.

                  

          

           

          
            	
                  	
                    (ii)

                  	
                    “Return
                      Amount” has the meaning specified in Paragraph 3(b)
                      as
                      amended by deleting in its entirety the sentence beginning
“Unless
                      otherwise specified in Paragraph 13” and ending “(ii) the Credit Support
                      Amount.” and inserting in lieu thereof the
                      following:

                  

          

           

          The
            “Return Amount” applicable to the Secured Party for
            any Valuation Date will equal the least of

           

          
            	
                     

                  	
                    (1)

                  	
                    the
                      amount by which (a) the S&P Value as of such Valuation Date of all
                      Posted Credit Support held by the Secured Party exceeds (b)
                      the S&P
                      Credit Support Amount for such Valuation
                      Date,

                  

          

           

          
            	
                     

                  	
                    (2)

                  	
                    the
                      amount by which (a) the Fitch Value as of such Valuation Date
                      of all
                      Posted Credit Support held by the Secured Party exceeds (b)
                      the Fitch
                      Credit Support Amount for such Valuation
                      Date,

                  

          

           

          
            	
                     

                  	
                    (3)

                  	
                    the
                      amount by which (a) the Moody’s First Trigger Value as of such Valuation
                      Date of all Posted Credit Support held by the Secured Party
                      exceeds (b)
                      the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                      and

                  

          

           

          
            	
                     

                  	
                    (4)

                  	
                    the
                      amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                      Date of all Posted Credit Support held by the Secured Party
                      exceeds (b)
                      the Moody’s Second Trigger Credit Support Amount for such Valuation
                      Date.

                  

          

           

          
            	
                  	
                    (iii)

                  	
                    “Credit
                      Support Amount” shall not apply.  For purposes of
                      calculating any Delivery Amount or Return Amount for any Valuation
                      Date,
                      reference shall be made to the S&P Credit Support Amount, the Fitch
                      Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                      the Moody’s Second Trigger Credit Support Amount, in each
                      case  for such Valuation Date, as provided in Paragraphs
                      13(b)(i)(A) and 13(b)(i)(B), above.

                  

          

           

          
            	
                  	
                    2.

                  	
                    Eligible
                      Collateral.

                  

          

           

          The
            items
            set forth on the schedule of Eligible Collateral attached as Schedule
            A hereto
            will qualify as “Eligible Collateral” (for the
            avoidance of doubt, all Eligible Collateral described in (D) and (E)
            of column
            one of the Collateral Schedule to be denominated in USD).

           

          
            	
                  	
                    3.

                  	
                    Other
                      Eligible Support.

                  

          

           

          The
            following items will qualify as “Other Eligible
            Support” for the party specified:

           

          Not
            applicable.

           

          
            	
                  	
                    4.

                  	
                    Threshold.

                  

          

           

          
            	
                  	
                    (i)

                  	
                    “Independent
                      Amount” means zero with respect to Party A and Party
                      B.

                  

          

           

          
            	
                  	
                    (ii)

                  	
                    “Threshold”
                      means, with respect to Party A and any Valuation Date, zero
                      if (i) a
                      Collateral Event has occurred and has been continuing (x) for
                      at least 30
                      days or (y) since this Annex was executed or (ii) a Required
                      Ratings
                      Downgrade Event has occurred and is continuing; otherwise,
                      infinity.

                  

          

           

          “Threshold”
            means, with respect to Party B and any Valuation Date, infinity.

           

          
            	
                  	
                    (iii)

                  	
                    “Minimum
                      Transfer Amount” means USD 100,000 with respect to Party A
                      and Party B; provided, however, that if the aggregate Certificate
                      Principal Balance of the Certificates and the aggregate principal
                      balance
                      of the Notes rated by S&P is at the time of any transfer less than USD
                      50,000,000, the “Minimum Transfer Amount” shall
                      be USD 50,000.

                  

          

           

          
            	
                  	
                    (iv)

                  	
                    Rounding:
                      The Delivery Amount will be rounded up to the nearest integral
                      multiple of
                      USD 10,000. The Return Amount will be rounded down to the nearest
                      integral
                      multiple of USD 10,000.

                  

          

           

          
            	
                    C.

                  	
                    Valuation
                      and
                      Timing.

                  

          

           

          
            	
                  	
                    1.

                  	
                    “Valuation
                      Agent” means Party A.

                  

          

           

          
            	
                  	
                    2.

                  	
                    “Valuation
                      Date” means each Local Business Day on which any of
                      the
                      S&P Credit Support Amount, the Fitch Credit Support Amount, the
                      Moody’s First Trigger Credit Support Amount or the Moody’s Second Trigger
                      Credit Support Amount is greater than
                      zero.

                  

          

           

          
            	
                  	
                    3.

                  	
                    “Valuation
                      Time” means the close of business in the city of the
                      Valuation Agent on the Local Business Day immediately preceding
                      the
                      Valuation Date or date of calculation, as applicable; provided
                      that the calculations of Value and Exposure will be made as
                      of
                      approximately the same time on the same date.  The Valuation
                      Agent will notify each party (or the other party, if the Valuation
                      Agent
                      is a party) of its calculations not later than the Notification
                      Time on
                      the applicable Valuation Date (or in the case of Paragraph
                      6(d), the Local
                      Business Day following the day on which such relevant calculations
                      are
                      performed).”

                  

          

           

          
            	
                  	
                    4.

                  	
                    “Notification
                      Time” means 11:00 a.m., New York time, on a Local
                      Business
                      Day.

                  

          

           

          
            	
                  	
                    5.

                  	
                    External
                      Calculations.  At any time at which Party A (or, to the
                      extent applicable, its Credit Support Provider) does not have
                      a long-term
                      unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                      the Valuation Agent shall (at its own expense) obtain external
                      calculations of Party B’s Exposure from at least two Reference
                      Market-makers on the last Local Business Day of each calendar
                      month.  Any determination of the S&P Credit Support Amount
                      shall be based on the greatest of Party B’s Exposure determined by the
                      Valuation Agent and such Reference Market-makers.  Such external
                      calculation may not be obtained from the same Reference Market-maker
                      more
                      than four times in any 12-month
                      period.

                  

          

           

          
            	
                  	
                    6.

                  	
                    Notice
                      to S&P.  At any time at which Party A (or, to the
                      extent applicable, its Credit Support Provider) does not have
                      a long-term
                      unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                      the Valuation Agent shall provide to S&P not later than the
                      Notification Time on the Local Business Day following each
                      Valuation Date
                      its calculations of Party B’s Exposure and the S&P Value of any
                      Eligible Credit Support or Posted Credit Support for that Valuation
                      Date.  The Valuation Agent shall also provide to S&P any
                      external marks of Party B’s
                      Exposure.

                  

          

           

          
            	
                    D.

                  	
                    Conditions
                      Precedent and Secured Party’s Rights and
                      Remedies.  The following Termination Events will be
                      a “Specified Condition” for the party specified
                      (that party being the Affected Party if the Termination Event
                      occurs with
                      respect to that party):  With respect to Party A and Party B:
                      None.

                  

          

           

          
            	
                    E.

                  	
                    Substitution.

                  

          

           

          
            	
                  	
                    1.

                  	
                    “Substitution
                      Date” has the meaning specified in Paragraph
                      4(d)(ii).

                  

          

           

          
            	
                  	
                    2.

                  	
                    Consent.  If
                      specified here as applicable, then the Pledgor must obtain
                      the Secured
                      Party’s consent for any substitution pursuant to Paragraph
                      4(d):  Inapplicable.

                  

          

           

          
            	
                    F.

                  	
                    Dispute
                      Resolution.

                  

          

           

          
            	
                  	
                    1.

                  	
                    “Resolution
                      Time” means 1:00 p.m. New York time on the Local Business
                      Day following the date on which the notice of the dispute is
                      given under
                      Paragraph 5.

                  

          

           

          
            	
                  	
                    2.

                  	
                    Value.  Notwithstanding
                      anything to the contrary in Paragraph 12, for the purpose of
                      Paragraphs
                      5(i)(C) and 5(ii), the S&P Value, Fitch Value, Moody’s First Trigger
                      Value, and Moody’s Second Trigger Value, on any date, of Eligible
                      Collateral other than Cash will be calculated as
                      follows:

                  

          

           

          For
            Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
            the
            product of (1)(x) the bid-side quotation at the Valuation Time for such
            securities on the principal national securities exchange on which such
            securities are listed, or (y) if such securities are not listed on a
            national
            securities exchange, the arithmetic mean of the bid-side quotations for
            such
            securities quoted at the Valuation Time by any three principal market
            makers for
            such securities selected by the Valuation Agent, provided that if only
            two
            bid-side quotations are obtained, then the arithmetic mean of such two
            bid-side
            quotations will be used, and if only one bid-side quotation is obtained,
            such
            quotation shall be used, or (z) if no such bid price is listed or quoted
            for
            such date, the bid price listed or quoted (as the case may be) at the
            Valuation
            Time for the day next preceding such date on which such prices were available
            and (2) the applicable Valuation Percentage for such Eligible
            Collateral.

           

          
            	
                  	
                    3.

                  	
                    Alternative.  The
                      provisions of Paragraph 5 will
                      apply.

                  

          

           

          
            	
                    G.

                  	
                    Holding
                      and Using Posted Collateral.

                  

          

           

          
            	
                  	
                    1.

                  	
                    Eligibility
                      to Hold Posted Collateral; Custodians. Party B (or its
                      Custodian) will be entitled to hold Posted Collateral pursuant
                      to
                      Paragraph 6(b), provided that the following conditions applicable
                      to it
                      are satisfied:

                  

          

           

          
            	
                     

                  	
                    (1)

                  	
                    it
                      is not a Defaulting Party.

                  

          

           

          
            	
                     

                  	
                    (2)

                  	
                    Posted
                      Collateral consisting of Cash or certificated securities that
                      cannot be
                      paid or delivered by book-entry may be held only in any state
                      of the
                      United States which has adopted the Uniform Commercial
                      Code.

                  

          

           

          
            	
                     

                  	
                    (3)

                  	
                    in
                      the case of any Custodian for Party B, such Custodian (or,
                      to the extent
                      applicable, its parent company or credit support provider)
                      shall then have
                      a short-term unsecured and unsubordinated debt rating from
                      S&P of at
                      least “A-1”.

                  

          

           

          Initially,
            the Custodian for Party B is: the Trustee

           

          
            	
                  	
                    2.

                  	
                    Use
                      of Posted Collateral.  The provisions of Paragraph
                      6(c) will not apply to Party B, and Party B shall not have
                      any right to
                      use Posted Collateral or take any action specified in such
                      Paragraph
                      6(c).

                  

          

           

          
            	
                    H.

                  	
                    Distributions
                      and Interest
                      Amount.

                  

          

           

          
            	
                  	
                    1.

                  	
                    Interest
                      Rate.  The “Interest
                      Rate” will be the actual interest rate earned on Posted
                      Collateral in the form of Cash that is held by Party B or its
                      Custodian.
                      Posted Collateral in the form of Cash shall be invested in
                      such overnight
                      (or redeemable within two Local Business Days of demand) Permitted
                      Investments rated at least (x) AAAm or AAAm-G by S&P and (y) Prime-1
                      by Moody’s or Aaa by Moody’s, as directed by Party A.  Gains and
                      losses incurred in respect of any investment of Posted Collateral
                      in the
                      form of Cash in Permitted Investments as directed by Party
                      A shall be for
                      the account of Party A.

                  

          

           

          
            	
                  	
                    2.

                  	
                    Amendment
                      of Paragraph 6(d)(i) – Distributions.  Clause
                      (d)(i) of Paragraph 6 shall be amended and restated to read
                      in its
                      entirety as follows:

                  

          

           

          “(i)  Distributions.  Subject
            to Paragraph 4(a), if Party B receives Distributions on a Local Business
            Day, it
            will Transfer to Party A not later than the following Local Business
            Day any
            Distributions it receives to the extent that a Delivery Amount would
            not be
            created or increased by that Transfer, as calculated by the Valuation
            Agent (and
            the date of calculation will be deemed to be a Valuation Date for this
            purpose).
”

           

          
            	
                  	
                    3.

                  	
                    Amendment
                      of Paragraph 6(d)(ii) – Interest Amount.  Clause
                      (d)(ii) of Paragraph 6 shall be amended and restated to read
                      in its
                      entirety as follows:

                  

          

           

          
            	
                     

                  	
                    “(ii)
                      Interest Amount.  In lieu of any interest,
                      dividends or other amounts paid with respect to Posted Collateral
                      in the
                      form of Cash (all of which may be retained by the Secured Party),
                      the
                      Secured Party will Transfer to the Pledgor on the 20th day
                      of each
                      calendar month (or if such day is not a Local Business Day,
                      the next Local
                      Business Day) the Interest Amount.  Any Interest Amount or
                      portion thereof not Transferred pursuant to this Paragraph
                      will constitute
                      Posted Collateral in the form of Cash and will be subject to
                      the security
                      interest granted under Paragraph 2.  For purposes of calculating
                      the Interest Amount the amount of interest calculated for each
                      day of the
                      interest period shall be compounded monthly.”  Secured Party
                      shall not be obligated to transfer any Interest Amount unless
                      and until it
                      has received such amount.

                  

          

           

          
            	
                    I.

                  	
                    Additional
                      Representation(s).  There are no additional
                      representations by either
                      party.

                  

          

           

          
            	
                    J.

                  	
                    Other
                      Eligible Support and Other Posted
                      Support.

                  

          

           

          
            	
                  	
                    1.

                  	
                    “Value”
                      with respect to Other Eligible Support and Other Posted Support
                      means: not
                      applicable.

                  

          

           

          
            	
                  	
                    2.

                  	
                    “Transfer”
                      with respect to Other Eligible Support and Other Posted Support
                      means: not
                      applicable.

                  

          

           

          
            	
                    K.

                  	
                    Demands
                      and Notices.All demands, specifications and notices under
                      this
                      Annex will be made pursuant to the Notices Section of this
                      Agreement,
                      except that any demand, specification or notice shall be given
                      to or made
                      at the following addresses, or at such other address as the
                      relevant party
                      may from time to time designate by giving notice (in accordance
                      with the
                      terms of this paragraph) to the other
                      party:

                  

          

           

          If
            to
            Party A, at the address specified pursuant to the Notices Section of
            this
            Agreement.

           

          If
            to
            Party B, at the address specified pursuant to the Notices Section of
            this
            Agreement.

           

          If
            to
            Party B’s Custodian:  at the address designated in writing from time
            to time.

           

          
            	
                    L.

                  	
                    Address
                      for Transfers.  Each Transfer hereunder shall be
                      made to the address specified below or to an address specified
                      in writing
                      from time to time by the party to which such Transfer will
                      be
                      made.

                  

          

           

          Party
            A
            account details for holding collateral:

           

          Citibank,
            N.A., New York

                     ABA
            Number: 021-0000-89, for the account of Bear, Stearns Securities
            Corp.

                     Account
            Number: 0925-3186, for further credit to Bear Stearns Financial Products
            Inc.

                     Sub-account  Number:
            102-04654-1-3

          Attention:
            Derivatives Department

          

          Party
            B’s
            Custodian account details for holding collateral:

           

          Wells
            Fargo Bank, N.A.

          ABA#
            121000248

          Account
            #
            3970771416

          Account
            Name: SAS Clearing

          FFC
            to:
            53150203 - Soundview 2007-OPT1 Swap Collateral Account

          

          
            	
                    M.

                  	
                    Other
                      Provisions.

                  

          

           

          
            	
                  	
                    1.

                  	
                    Collateral
                      Account.  Party B shall open and maintain a
                      segregated account, which shall be an Eligible Account, and
                      hold, record
                      and identify all Posted Collateral in such segregated
                      account.

                  

          

           

          
            	
                  	
                    2.

                  	
                    Agreement
                      as to Single Secured Party and Single Pledgor. Party A and
                      Party B hereby agree that, notwithstanding anything to the
                      contrary in
                      this Annex, (a) the term “Secured Party” as used in this Annex means only
                      Party B, (b) the term “Pledgor” as used in this Annex means only Party A,
                      (c) only Party A makes the pledge and grant in Paragraph 2,
                      the
                      acknowledgement in the final sentence of Paragraph 8(a) and
                      the
                      representations in Paragraph 9.

                  

          

           

          
            	
                  	
                    3.

                  	
                    Calculation
                      of Value.  Paragraph 4(c) is hereby amended by
                      deleting the word “Value” and inserting in lieu thereof “Fitch Value,
                      Fitch Value, Moody’s First Trigger Value, Moody’s Second Trigger
                      Value”.  Paragraph 4(d)(ii) is hereby amended by (A) deleting
                      the words “a Value” and inserting in lieu thereof “an S&P Value, Fitch
                      Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                      (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                      Value, Fitch Value, Moody’s First Trigger Value, and Moody’s Second
                      Trigger Value”.  Paragraph 5 (flush language) is hereby amended
                      by deleting the word “Value” and inserting in lieu thereof “S&P Value,
                      Fitch Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                      Value”.  Paragraph 5(i) (flush language) is hereby amended by
                      deleting the word “Value” and inserting in lieu thereof “S&P Value,
                      Fitch Value, Moody’s First Trigger Value, and Moody’s Second Trigger
                      Value”.  Paragraph 5(i)(C) is hereby amended by deleting the
                      word “the Value, if” and inserting in lieu thereof “any one or more of the
                      S&P Value, Fitch Value, Moody’s First Trigger Value, or Moody’s Second
                      Trigger Value, as may be”.  Paragraph 5(ii) is hereby amended by
                      (1) deleting the first instance of the words “the Value” and inserting in
                      lieu thereof “any one or more of the S&P Value, Fitch Value, Moody’s
                      First Trigger Value, or Moody’s Second Trigger Value” and (2) deleting the
                      second instance of the words “the Value” and inserting in lieu thereof
                      “such disputed S&P Value, Fitch Value, Moody’s First Trigger Value, or
                      Moody’s Second Trigger Value”.  Each of Paragraph 8(b)(iv)(B)
                      and Paragraph 11(a) is hereby amended by deleting the word
“Value” and
                      inserting in lieu thereof “least of the S&P Value, Fitch Value,
                      Moody’s First Trigger Value, and Moody’s Second Trigger
                      Value”.

                  

          

           

          
            	
                  	
                    4.

                  	
                    Form
                      of Annex. Party A and Party B hereby agree that the
                      text of Paragraphs 1 through 12, inclusive, of this Annex is
                      intended to
                      be the printed form of ISDA Credit Support Annex (Bilateral
                      Form - ISDA
                      Agreements Subject to New York Law Only version) as published
                      and
                      copyrighted in 1994 by the International Swaps and Derivatives
                      Association, Inc.

                  

          

           

          
            	
                  	
                    5.

                  	
                    Events
                      of Default.  Clause (iii) of Paragraph 7 shall not
                      apply to Party B.

                  

          

           

          
            	
                  	
                    6.

                  	
                    Expenses.  Notwithstanding
                      anything to the contrary in Paragraph 10, the Pledgor will
                      be responsible
                      for, and will reimburse the Secured Party for, all transfer
                      and other
                      taxes and other costs involved in any Transfer of Eligible
                      Collateral.

                  

          

           

          
            	
                  	
                    7.

                  	
                    Withholding.  Paragraph
                      6(d)(ii) is hereby amended by inserting immediately after “the Interest
                      Amount” in the fourth line thereof  the words “less any
                      applicable withholding taxes.”

                  

          

           

           (ix)           Additional
            Definitions.  As used in this Annex:

           

          “Collateral
            Event” means that no Relevant Entity has credit
            ratings at least equal to the Approved Ratings Threshold.

           

          “DV01”
            means, with respect to a Transaction and any date of determination, the
            estimated change in the Secured Party’s Transaction Exposure with respect to
            such Transaction that would result from a one basis point change in the
            relevant
            swap curve on such date, as determined by the Valuation Agent in good
            faith and
            in a commercially reasonable manner.  The Valuation Agent shall, upon
            request of Party B, provide to Party B a statement showing in reasonable
            detail
            such calculation.

           

          “Exposure”
            has the meaning specified in Paragraph 12, except that after the word
            “Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the
            Schedule is deleted)” shall be inserted.

           

          “Fitch
            Approved Ratings Downgrade Event” means that no Relevant Entity
            has credit ratings at least equal to the Fitch First Trigger Ratings
            Threshold.

           

          “Fitch
            Credit Support Amount” means, for any Valuation Date, the excess,
            if any, of

           

          
            	
                     

                  	
                    (I)         
                      (A)

                  	
                    for
                      any Valuation Date on which (i) a Fitch Approved Ratings Downgrade
                      Event
                      has occurred and been continuing for at least 30 days, or (ii)
                      a Fitch
                      Required Ratings Downgrade Event has occurred and is continuing,
                      an amount
                      equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                      Valuation Date and (2) the sum, for each Transaction to which
                      this Annex
                      relates, of the product of (i) the Fitch Volatility Buffer
                      for such
                      Transaction, (ii) the Scale Factor, if any, for such Transaction
                      or, if no
                      Scale Factor is applicable for such Transaction, one, and (iii)
                      the
                      Notional Amount of such Transaction for the Calculation Period
                      of such
                      Transaction (each as defined in the related Confirmation) which
                      includes
                      such Valuation Date, or

                  

          

           

          (B)           for
            any other Valuation Date, zero, over

           

          (II)           the
            Threshold for Party A for such Valuation Date.

           

          “Fitch
            Value” means, on any date and with respect to any Eligible
            Collateral other than Cash, the product of (A) the bid price obtained
            by the
            Valuation Agent for such Eligible Collateral and (B) the Fitch Valuation
            Percentage for such Eligible Collateral set forth in paragraph
            13(b)(ii).

           

          “Fitch
            Volatility Buffer” means, for any Transaction, the related
            percentage set forth in the following tables for Fitch.

           

          
            	
                    Remaining
                      Weighted Average Maturity of such Transaction (years)

                  	
                    1

                  	
                    2

                  	
                    3

                  	
                    4

                  	
                    5

                  	
                    6

                  	
                    7

                  	
                    8

                  
	
                    Volatility
                      Buffer: %

                  	
                    0.8

                  	
                    1.7

                  	
                    2.5

                  	
                    3.3

                  	
                    4.0

                  	
                    4.7

                  	
                    5.3

                  	
                    5.9

                  

          

          

           

          
            	
                    Remaining
                      Weighted Average Maturity of such Transaction (years)

                  	
                    9

                  	
                    10

                  	
                    11

                  	
                    12

                  	
                    13

                  	
                    14

                  	
                    15
                      or more

                  
	
                    Volatility
                      Buffer: %

                  	
                    6.5

                  	
                    7.0

                  	
                    7.5

                  	
                    8.0

                  	
                    8.5

                  	
                    9.0

                  	
                    9.5

                  

          

          

           

          “Local
            Business Day” means, for purposes of this Annex: any day on which
            (A) commercial banks are open for business (including dealings in foreign
            exchange and foreign currency deposits) in New York and the location
            of Party A,
            Party B and any Custodian, and (B) in relation to a Transfer of Eligible
            Collateral, any day on which the clearance system agreed between the
            parties for
            the delivery of Eligible Collateral is open for acceptance and execution
            of
            settlement instructions (or in the case of a Transfer of Cash or other
            Eligible
            Collateral for which delivery is contemplated by other means a day on
            which
            commercial banks are open for business (including dealings in foreign
            exchange
            and foreign deposits) in New York and the location of Party A, Party
            B and any
            Custodian.

           

          “Moody’s
            First Trigger Credit Support Amount” means,
            for any Valuation Date, the excess, if any, of

           

          
            	
                     

                  	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation Date on which (I) a Moody’s First Trigger Ratings Event has
                      occurred and has been continuing (x) for at least 30 Local
                      Business Days
                      or (y) since this Annex was executed and (II) it is not the
                      case that a
                      Moody’s Second Trigger Ratings Event has occurred and been continuing
                      for
                      at least 30 Local Business Days, an amount equal to the greater
                      of (a)
                      zero and (b) the sum of (i) the Secured Party’s Exposure for such
                      Valuation Date and (ii) the sum, for each Transaction to which
                      this Annex
                      relates, of the lesser of (x) the product of the Moody’s First Trigger
                      DV01 Multiplier and DV01 for such Transaction and such Valuation
                      Date and
                      (y) the product of (i) Moody’s First Trigger
                      Notional Amount Multiplier, (ii) if a Scale Factor is specified
                      in such
                      Transaction, the Scale Factor (as defined in such Transaction)
                      for such
                      Transaction, or, if no Scale Factor is specified in such Transaction,
                      1
                      and (iii) the Notional Amount for such Transaction for the
                      Calculation
                      Period for such Transaction (each as defined in the related
                      Confirmation)
                      which includes such Valuation Date,
                      or

                  

          

           

          
            	
                     

                  	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          
            	
                     

                  	
                    (II)

                  	
                    the
                      Threshold for Party A such Valuation
                      Date.

                  

          

           

          “Moody’s
            First Trigger DV01 Multiplier” means 15.

           

          “Moody’s
            First Trigger Value” means, on any date and with respect to any
            Eligible Collateral other than Cash, the bid price obtained by the Valuation
            Agent multiplied by the Moody’s First Trigger Valuation Percentage for such
            Eligible Collateral set forth in Paragraph 13(b)(ii).

           

          “Moody’s
            First Trigger Notional Amount Multiplier” means 2%.

           

           “Moody’s
            Second Trigger Credit Support Amount” means, for any Valuation
            Date, the excess, if any, of

           

          
            	
                     

                  	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation Date on which it is the case that a Moody’s Second Trigger
                      Ratings Event has occurred and been continuing for at least
                      30 Local
                      Business Days, an amount equal to the greatest of (a) zero,
                      (b) the
                      aggregate amount of the next payment due to be paid by Party
                      A under each
                      Transaction to which this Annex relates, and (c) the sum of
                      (x) the
                      Secured Party’s Exposure for such Valuation Date and (y) the sum, for each
                      Transaction to which this Annex relates,
                      of:

                  

          

           

          if
            such
            Transaction is not a Transaction-Specific Hedge, the lesser of (i) the
            product
            of the Moody’s Second Trigger DV01 Multiplier and DV01 for such Transaction and
            such Valuation Date and (ii) the product of (1) the Moody’s Second Trigger
            Notional Amount Multiplier, (2) if a Scale Factor is specified in such
            Transaction, the Scale Factor (as defined in such Transaction) for such
            Transaction, or, if no Scale Factor is specified in such Transaction,
            1 and (3)
            the Notional Amount for such Transaction for the Calculation Period for
            such
            Transaction (each as defined in the related Confirmation) which includes
            such
            Valuation Date; or

           

          if
            such
            Transaction is a Transaction-Specific Hedge, the lesser of (i) the product
            of
            the Moody’s Second Trigger Transaction-Specific Hedge DV01 Multiplier and DV01
            for such Transaction and such Valuation Date and (ii) the product of
            (1) the
            Moody’s Second Trigger Transaction-Specific Hedge Notional Amount Multiplier,
            (2) if a Scale Factor is specified in such Transaction, the Scale Factor
            (as
            defined in such Transaction) for such Transaction, or, if no Scale Factor
            is
            specified in such Transaction, 1 and (3) the Notional Amount for such
            Transaction for the Calculation Period for such Transaction (each as
            defined in
            the related Confirmation) which includes such Valuation Date; or

           

          
            	
                     

                  	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          
            	
                     

                  	
                    (II)

                  	
                    the
                      Threshold for Party A for such Valuation
                      Date.

                  

          

           

          “Moody’s
            Second Trigger DV01 Multiplier” means 50.

           

          “Moody’s
            Second Trigger Notional Amount Multiplier” means 8%.

           

          “Moody’s
            Second Trigger Transaction-Specific Hedge DV01 Multiplier” means
            65.

           

          “Moody’s
            Second Trigger Transaction-Specific Hedge Notional Amount
            Multiplier” means 10%.

           

          “Moody’s
            Second Trigger Value” means, on any date and with respect to any
            Eligible Collateral other than Cash, the bid price obtained by the Valuation
            Agent multiplied by the Moody’s Second Trigger Valuation Percentage for such
            Eligible Collateral set forth in Paragraph 13(b)(ii).

           

          “Remaining
            Weighted Average Maturity” means, with respect to a
            Transaction, the expected weighted average maturity for such Transaction
            as
            determined by the Valuation Agent.

           

          “S&P
            Credit Support Amount” means, for any Valuation Date, the excess,
            if any, of

           

          
            	
                     

                  	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation Date on which (i) an S&P Approved Ratings Downgrade
                      Event has occurred and been continuing for at least 30 days
                      or (ii) a
                      S&P Required Ratings Downgrade Event has occurred and is continuing,
                      an amount equal to the sum of (1) 100.0% of the Secured Party’s Exposure
                      for such Valuation Date and (2) the sum, for each Transaction
                      to which
                      this Annex relates, of the product of (i) the Volatility Buffer
                      for such
                      Transaction, (ii) if a Scale Factor is specified in such Transaction,
                      the
                      Scale Factor (as defined in such Transaction) for such Transaction,
                      or, if
                      no Scale Factor is specified in such Transaction, 1 and (iii)
                      the Notional
                      Amount of such Transaction for the Calculation Period of such
                      Transaction
                      (each as defined in the related Confirmation) which includes
                      such
                      Valuation Date, or

                  

          

           

          
            	
                     

                  	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          
            	
                     

                  	
                    (II)

                  	
                    the
                      Threshold for Party A for such Valuation
                      Date.

                  

          

           

          “S&P
            Value” means, on any date and with respect to any Eligible
            Collateral other than Cash, the product of (A) the bid price obtained
            by the
            Valuation Agent for such Eligible Collateral and (B) the S&P Valuation
            Percentage for such Eligible Collateral set forth in paragraph
            13(b)(ii).

           

          “Transaction
            Exposure” means, for any Transaction, Exposure determined as if
            such Transaction were the only Transaction between the Secured Party
            and the
            Pledgor.

           

          “Transaction-Specific
            Hedge” means any Transaction that is (i) an interest rate swap
            in
            respect of which (x) the notional amount of the interest rate swap is
“balance
            guaranteed” or (y) the notional amount of the interest rate swap for any
            Calculation Period (as defined in the related Confirmation) otherwise
            is not a
            specific dollar amount that is fixed at the inception of the Transaction,
            (ii)
            an interest rate cap, (iii) an interest rate floor or (iv) an interest
            rate
            swaption.

           

          “Valuation
            Percentage” shall mean, for purposes of determining the
            S&P/Fitch Value, Moody’s First Trigger Value, or Moody’s Second Trigger
            Value with respect to any Eligible Collateral or Posted Collateral, the
            applicable S&P Valuation Percentage, Moody’s First Trigger Valuation
            Percentage, or Moody’s Second Trigger Valuation Percentage for such Eligible
            Collateral or Posted Collateral, respectively, in each case as set forth
            in
            Paragraph 13(b)(ii).

           

          “Value”
            shall mean, in respect of any date, the related S&P/Fitch Value, the related
            Moody’s First Trigger Value, and the related Moody’s Second Trigger
            Value.

           

          “Volatility
            Buffer” means, for any Transaction, the related percentage set
            forth in the following table.  

           

          
            	
                    The
                      higher of  the S&P credit rating of (i) Party A and (ii) the
                      Credit Support Provider of Party A, if applicable

                  	
                    Remaining
                      Weighted Average Maturity

                    up
                      to 3 years

                  	
                    Remaining
                      Weighted Average Maturity

                    up
                      to 5 years

                  	
                    Remaining
                      Weighted Average Maturity

                    up
                      to 10 years

                  	
                    Remaining
                      Weighted Average Maturity

                    up
                      to 30 years

                  
	
                    “A-2”
                      or higher

                  	
                    2.75%

                  	
                    3.25%

                  	
                    4.00%

                  	
                    4.75%

                  
	
                    “A-3”

                  	
                    3.25%

                  	
                    4.00%

                  	
                    5.00%

                  	
                    6.25%

                  
	
                    “BB+”
                      or lower

                  	
                    3.50%

                  	
                    4.50%

                  	
                    6.75%

                  	
                    7.50%

                  

          

          

           

          
 

           

          [Remainder
            of this page intentionally left blank]

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          IN
            WITNESS WHEREOF, the parties have
            executed this Annex by their duly authorized representatives as of the
            date of
            the Agreement.

           

          
            	
                    BEAR
                      STEARNS FINANCIAL PRODUCTS INC.

                  	
                    WELLS
                      FARGO BANK, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY
                      AS
                      SUPPLEMENTAL INTEREST TRUST TRUSTEE ON BEHALF OF THE SUPPLEMENTAL
                      INTEREST
                      TRUST WITH RESPECT TO THE SOUNDVIEW HOME LOAN TRUST 2007-OPT1,
                      ASSET-BACKED CERTIFICATES, SERIES 2007-OPT1

                     

                     

                     

                     

                  
	
                    By:______________________________________

                    Name

                    Title:

                    Date:

                  	
                    By:_________________________________________

                    Name:

                    Title:

                    Date:

                  

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          SCHEDULE
            A

           

          ELIGIBLE
            COLLATERAL

           

          

           

          
            	
                     

                    ISDA
                      Collateral 

                    Asset
                      Definition 

                    (ICAD)
                      Code

                  	
                    Remaining
                      Maturity in Years

                  	
                    S&P/Fitch

                    Valuation

                    Percentage

                  	
                    Moody’s

                    First
                      Trigger 

                    Valuation
                      

                    Percentage

                  	
                    Moody’s

                    Second
                      Trigger

                    Valuation

                    Percentage

                  
	
                    (A) US-CASH

                  	
                    N/A

                  	
                    100%

                  	
                    100%

                  	
                    100%

                  
	
                    (B) 
                      EU-CASH

                  	
                    N/A

                  	
                    92.5%

                  	
                    98%

                  	
                    94%

                  
	
                    (C) 
                      GB-CASH

                  	
                    N/A

                  	
                    94.1%

                  	
                    98%

                  	
                    95%

                  
	
                    (D) US-TBILL

                           US-TNOTE

                           US-TBOND

                  	 	 	 	 
	 	
                    1
                      or less

                  	
                    98.9%

                  	
                    100%

                  	
                    100%

                  
	 	
                    More
                      than 1 but not more than 2

                  	
                    98.0%

                  	
                    100%

                  	
                    99%

                  
	 	
                    More
                      than 2 but not more than 3

                  	
                    97.4%

                  	
                    100%

                  	
                    98%

                  
	 	
                    More
                      than 3 but not more than 5

                  	
                    95.5%

                  	
                    100%

                  	
                    97%

                  
	 	
                    More
                      than 5 but not more than 7

                  	
                    93.7%

                  	
                    100%

                  	
                    96%

                  
	 	
                    More
                      than 7 but not more than 10

                  	
                    92.5%

                  	
                    100%

                  	
                    94%

                  
	 	
                    More
                      than 10 but not more than 20

                  	
                    91.1%

                  	
                    100%

                  	
                    90%

                  
	 	
                    More
                      than 20

                  	
                    88.6%

                  	
                    100%

                  	
                    88%

                  
	
                    (E)  US-GNMA

                           US-FNMA

                           US-FHLMC

                  	 	 	 	 
	 	
                    1
                      or less

                  	
                    98.5%

                  	
                    100%

                  	
                    99%

                  
	 	
                    More
                      than 1 but not more than 2

                  	
                    97.7%

                  	
                    100%

                  	
                    99%

                  
	 	
                    More
                      than 2 but not more than 3

                  	
                    97.3%

                  	
                    100%

                  	
                    98%

                  
	 	
                    More
                      than 3 but not more than 5

                  	
                    94.5%

                  	
                    100%

                  	
                    96%

                  
	 	
                    More
                      than 5 but not more than 7

                  	
                    93.1%

                  	
                    100%

                  	
                    93%

                  
	 	
                    More
                      than 7 but not more than 10

                  	
                    90.7%

                  	
                    100%

                  	
                    93%

                  
	 	
                    More
                      than 10 but not more than 20

                  	
                    87.7%

                  	
                    100%

                  	
                    89%

                  
	 	
                    More
                      than 20

                  	
                    84.4%

                  	
                    100%

                  	
                    87%

                  
	
                    (F)  
                      Fixed-Rate GA-EUROZONE-GOV

                  	 	
                    Rated
                      AAA or better by S&P/Fitch

                  	
                    Rated
                      Aa3 or better by Moody's

                  	
                    Rated
                      Aa3 or better by Moody's

                  
	 	
                    1
                      or less

                  	
                    98.8%

                  	
                    98%

                  	
                    94%

                  
	 	
                    More
                      than 1 but not more than 2

                  	
                    97.9%

                  	
                    98%

                  	
                    93%

                  
	 	
                    More
                      than 2 but not more than 3

                  	
                    97.1%

                  	
                    98%

                  	
                    92%

                  
	 	
                    More
                      than 3 but not more than 5

                  	
                    91.2%

                  	
                    98%

                  	
                    90%

                  
	 	
                    More
                      than 5 but not more than 7

                  	
                    87.5%

                  	
                    98%

                  	
                    89%

                  
	 	
                    More
                      than 7 but not more than 10

                  	
                    83.8%

                  	
                    98%

                  	
                    88%

                  
	 	
                    More
                      than 10 but not more than 20

                  	
                    75.5%

                  	
                    98%

                  	
                    84%

                  

          

          

           

          The
            ISDA
            Collateral Asset Definition (ICAD) Codes used in this Schedule A are
            taken from
            the Collateral Asset Definitions (First Edition – June 2003) as published and
            copyrighted in 2003 by the International Swaps and Derivatives Association,
            Inc.

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

        

      

      EXHIBIT
        P

       

      FORM
        OF
        BASIS RISK CAP AGREEMENT

       

      

        ISDA®

        International
          Swaps and Derivatives Association, Inc.

        

        NOVATION
          AGREEMENT

        

        dated
          as
          of May 15, 2007 among:

        

        
          	
                   

                	
                  Lehman
                    Brothers Special Financing Inc. (the “Remaining
                    Party”),

                

        

        

        
          	
                   

                	
                  The
                    Royal Bank of Scotland  plc (the
                    “Transferor”)

                

        

        

        
          	
                   

                	
                  AND

                

        

        

        Wells
          Fargo Bank, N.A., not in its individual capacity, but solely as Cap Trustee
          on
          behalf of the Cap Trust with respect to the Soundview Home Loan Trust 2007-OPT1,
          Asset-Backed Certificates, Series 2007-OPT1 (the
“Transferee”)

        

        All
          terms used herein and not otherwise defined are given their meaning in
          the
          Pooling and Servicing Agreement dated as of April 1,
          2007  among Financial Assets Securities Corp ,. as Depositor,
          Option One Mortgage Corporation, as Servicer and Wells Fargo Bank,
          N.A.  as Trustee (the “Pooling and Servicing
          Agreement”).

        

        The
          Transferor and the Remaining Party have entered into one or more Transactions
          (each an “Old Transaction”), each evidenced by a Confirmation
          (an “Old Confirmation”) attached hereto as Exhibit A, subject
          to a 1992 ISDA Master Agreement (as defined below) dated as of September
          15,
          2003 (the “Old Agreement”).

        

        The
          Remaining Party and the Transferee have entered into an ISDA Master Agreement
          dated as ofMay 15, 2007, together with the Schedule, Credit Support Annex,
          and
          Confirmation  (the “New Confirmation,” attached
          hereto as Exhibit B) relating thereto (the “New
          Agreement”).

        

        With
          effect from and including May 15, 2007 (the
“NovationDate”), the Transferor wishes to
          transfer by novation to the Transferee, and the Transferee wishes to accept
          the
          transfer by novation of, all the rights, liabilities, duties and obligations
          of
          the Transferor under and in respect of each Old Transaction, with the effect
          that the Remaining Party and the Transferee enter into a new transaction
          (each a
“New Transaction”) between them having the terms as set forth
          in the New Agreement.

        

        The
          Remaining Party wishes to accept the Transferee as its sole counterparty
          with
          respect to the New Transactions.

        

        The
          Transferor and the Remaining Party wish to have released and discharged,
          as a
          result and to the extent of the transfer described above, their respective
          obligations under and in respect of the Old Transactions.

        

        Accordingly,
          the parties agree as follows: ---

        

        1.      Definitions.

        

        Terms
          defined in the ISDA Master Agreement (Multicurrency-Cross Border) as published
          in 1992 by the International Swaps and Derivatives Association, Inc., (the
          “1992 ISDA Master Agreement”) are used herein as so defined,
          unless otherwise provided herein.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Reference
          Numbers: 3027038/3027033

        Wells
          Fargo Bank, N.A., not in its individual capacity, but solely as Cap Trustee
          on
          behalf of the Cap Trust with respect to the Soundview Home Loan Trust 2007-OPT1,
          Asset-Backed Certificates, Series 2007-OPT1

        May
          15,
          2007

         

         

        
 

        2.      Transfer,
          Release, Discharge and Undertakings.

        

        With
          effect from and including the Novation Date and in consideration of the
          mutual
          representations, warranties and covenants contained in this Novation Agreement
          and other good and valuable consideration (the receipt and sufficiency
          of which
          are hereby acknowledged by each of the parties):

        

        
          	
                   

                	
                  (a)

                	
                  the
                    Remaining Party and the Transferor are each released and discharged
                    from
                    further obligations to each other with respect to each Old Transaction
                    and
                    their respective rights against each other thereunder are cancelled,
                    provided that such release and discharge shall not affect any
                    rights,
                    liabilities or obligations of the Remaining Party or the Transferor
                    with
                    respect to payments or other obligations due and payable or due
                    to be
                    performed on or prior to the Novation Date, and all such payments
                    and
                    obligations shall be paid or performed by the Remaining Party
                    or the
                    Transferor in accordance with the terms of the Old Transactions;
                    provided
                    further, for the avoidance of doubt, the Transferee shall not
                    be liable
                    with respect to payments or other obligations due and payable
                    or due to be
                    performed under the Old Transactions on or prior to the Novation
                    Date;

                

        

        

        
          	
                   

                	
                  (b)

                	
                  in
                    respect of each New Transaction, the Transferee and the Remaining
                    Party
                    each undertakes liabilities and obligations towards the other
                    and acquires
                    rights against each other according to the terms of the New
                    Agreement;

                

        

        

        
          	
                   

                	
                  (c)

                	
                  each
                    New Transaction shall be governed by and form part of the New
                    Agreement;
                    and

                

        

        

        
          	
                   

                	
                  (d)

                	
                  it
                    is expressly understood and agreed by the Assignor and Remaining
                    Party as
                    follows: (a) Wells Fargo Bank, N.A. (“Wells”) is entering into this
                    Novation Agreement solely in its capacity as Cap Trustee under
                    the Pooling
                    and Servicing Agreement; and (b) in no case shall Wells (or any
                    person
                    acting as successor Cap Trustee under the Pooling and Servicing
                    Agreement)
                    be personally liable for or on account of any of the statements,
                    representations, warranties, covenants or obligations stated
                    to be those
                    of Assignee under the terms of the Assigned Transaction, all
                    such
                    liability, if any, being expressly waived by Assignor and Remaining
                    Party
                    and any person claiming by, through or under either such party,
                    and (c)
                    The Transferor agrees to indemnify and hold harmless the Cap
                    Trustee with
                    respect to any and all claims under the Old
                    Transaction.

                

        

        

        3.           Representations
          and Warranties.

        

        (a)              On
          the date of this Novation Agreement and on the Novation Date:

        

        
          	
                   

                	
                  (i)

                	
                  Each
                    of the parties makes to each of the other parties those representations
                    and warranties set forth in Section 3(a) of the 1992 ISDA Master
                    Agreement
                    with references in such Section to “this Agreement” or “any Credit Support
                    Document” being deemed references to this Novation Agreement
                    alone.

                

        

        

        
          	
                   

                	
                  (ii)

                	
                  The
                    Remaining Party and the Transferor each makes to the other and
                    the
                    Remaining Party and the Transferee each makes to the other the
                    representation set forth in Section 3(b) of the 1992 ISDA Master
                    Agreement, in the former case with respect to the Old Agreement,
                    and in
                    the latter case with respect to the New Agreement and taking
                    into account
                    the parties entering into and performing their obligations under
                    this
                    Novation Agreement.

                

        

        

        
          	
                   

                	
                  (iii)

                	
                  Each
                    of the Transferor and the Remaining Party represents and warrants
                    to each
                    other and to the Transferee that:

                

        

        

        
          	
                   

                	
                  (A)

                	
                  as
                    of the date hereof, no other party has any interest or obligation
                    in or
                    under the Old Agreement or in respect of any Old Transaction
                    (whether by
                    way of security or otherwise) ; and

                

        

        

        
          	
                   

                	
                  (B)

                	
                  as
                    of the Novation Date, all obligations of the Transferor and the
                    Remaining
                    Party under each Old Transaction required to be performed on
                    or before the
                    Novation Date have been fulfilled.

                

        

        

        
          	
                   

                	
                  (b)

                	
                  The
                    Transferor makes no representation or warranty and does not assume
                    any
                    responsibility with respect to the legality, validity, effectiveness,
                    adequacy or enforceability of any New Transaction or the New
                    Agreement or
                    any documents relating thereto and assumes no responsibility
                    for the
                    condition, financial or otherwise, of the Remaining Party, the
                    Transferee
                    or any other person or for the performance and observance by
                    the Remaining
                    Party, the Transferee or any other person of any of its obligations
                    under
                    any New Transaction or the New Agreement or any document relating
                    thereto
                    and any and all such conditions and warranties, whether express
                    or implied
                    by law or otherwise, are hereby
                    excluded.

                

        

        

        
          	
                  4.

                	
                  Counterparts.

                

        

        

        This
          Novation Agreement (and each amendment, modification and waiver in respect
          of
          it) may be executed and delivered in counterparts (including by facsimile
          transmission), each of which will be deemed an
          original.

        

        
          	
                  5.

                	
                  Costs
                    and Expenses.

                

        

        

        The
          parties will each pay their own costs and expenses (including legal fees)
          incurred in connection with this Novation Agreement and as a result of
          the
          negotiation, preparation and execution of this Novation Agreement.

        

        
          	
                  6.

                	
                  Amendments.

                

        

        

        No
          amendment, modification or waiver in respect of this Novation Agreement
          will be
          effective unless in writing (including a writing evidenced by a facsimile
          transmission) and executed by each of the parties or confirmed by an exchange
          of
          telexes or electronic messages on an electronic messaging system.

        

        7.        
          (a) 
            Governing
          Law.

        

        This
          Novation Agreement will be governed by and construed in accordance with
          the laws
          of the State of New York without reference to the conflict of laws provisions
          thereof other than New York General Obligations Laws Sections 5-1401 and
          5-1402.

        

        (b)  
           Jurisdiction.

        

        The
          terms
          of Section 13(b) of the 1992 ISDA Master Agreement shall apply to this
          Novation
          Agreement with references in such Section to “this Agreement” being deemed
          references to this Novation Agreement alone.

         

        
          	
                  8.

                	
                  Notices.

                

        

        

        For
          the
          purposes of this Novation Agreement and Section 12(a) of the New Agreement,
          the
          addresses for notices or communications are as follows: (i) in the case
          of the
          Transferor, c/o Greenwich Capital Markets, Inc., 600 Steamboat Rd., Greenwich,
          CT 06830, Att: Liz Stotler, Phone: 203-618-2576, Fax: 203-618-2580, or
          such
          other address as may be hereafter furnished in writing to the Transferee
          and the
          Remaining Party; (ii) in the case of The Transferee, 9062 Old Annapolis
          Road,
          Columbia, MD 21045, Attn: Client Manager - Soundview NIM 2007-OPT1, Phone:
          410-884-2000, Fax: 410-715-2380, or such other address as may be hereafter
          furnished in writing to the Transferor and the Remaining Party; and (iii)
          in the
          case of the Remaining Party, as specified in the Old Confirmation and,
          for
          purposes of Sections 5 and 6 of the New Agreement, to the following
          address:

        

        
          	 	
                  Address:

                	
                  Lehman
                    Brothers Special Financing Inc.

                
	 	 	
                  c/o
                    Lehman Brothers Inc.

                
	 	 	
                  Transaction
                    Management Division

                
	 	 	
                  745
                    Seventh Avenue

                
	 	 	
                  New
                    York, NY 10019

                
	 	
                  Attention:

                	
                  Documentation
                    Manager

                
	 	
                  Tel
                    No.

                	
                  (212)
                    526-7187

                
	 	
                  Fax
                    No.

                	
                  (212)
                    526-7672

                

        

        

        or
          such
          other address as may be hereafter furnished in writing to the Transferor
          and The
          Transferee.

        

        
          	
                  9.

                	
                  Payments.

                

        

        

        All
          payments remitted by the Remaining Party under each New Transaction shall
          be
          made by wire transfer according to the following instructions:

        

        Wells
          Fargo Bank, N.A.

        ABA#
          121000248

        Account
          #
          3970771416

        Account
          Name: SAS Clearing

        FFC
          to:
          53150200 - Soundview 2007-OPT1 Cap Account

        

        10.   Limitation
          of Liability.  This Transaction has been entered into by
          Greenwich Capital Markets, Inc., as agent for The Royal Bank of Scotland
          plc.
          Greenwich Capital Markets, Inc. has not guaranteed and is not otherwise
          responsible for the obligations of The Royal Bank of Scotland plc under
          this
          Transaction. IN WITNESS WHEREOF the parties have executed this Novation
          Agreement on the respective dates specified below with effect from and
          including
          the Novation Date.

        

        

        

        
          	
                  Lehman
                    Brothers Special Financing Inc.

                	 	
                  The
                    Royal Bank of Scotland plc

                   

                
	 	 	 	 	 
	 	 	 	
                  By:

                	
                  Greenwich
                    Capital Markets, Inc.

                   

                
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	 	 	
                  Name:

                	 
	
                  Title:

                	 	 	
                  Title:

                	 
	
                  Date:

                	
                  May
                    15, 2007

                	 	
                  Date:

                	
                  May
                    15, 2007

                

        

        

         

        

        Wells
          Fargo Bank, N.A., not in its individual capacity, but solely as Cap Trustee
          on
          behalf of the Cap Trust with respect to the Soundview Home Loan Trust 2007-OPT1,
          Asset-Backed Certificates, Series 2007-OPT1

        

        

        
          	 
	 	 
	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 
	
                  Date:

                	
                  May
                    15, 2007

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

        

        Old
          Confirmation

         

        

         

        
 

        Transaction

         

        
          	
                  Date:

                	
                  15
                    May,  2007

                
	
                  To:

                	
                  The
                    Royal Bank of Scotland PLC

                
	 	
                  Attention:     Documentation
                    Unit

                
	 	 
	
                  From:

                	
                  Lehman
                    Brothers Special Financing Inc.

                
	 	
                  Confirmations
                    Group

                
	 	
                  Kathy
                    Tsang

                
	 	
                  Facsimile:     (+1)
                    646-885-9551 (United States of America)

                
	 	
                  Telephone:     212-526-9080

                
	
                  Ref.
                    Numbers:

                	
                  Risk
                    ID: 1506601L / Effort ID: N1351820 / Global Deal ID:
                    3026818/3026816

                

        

        
           

          
            

          

          

        

        Dear
          Sir
          or Madam:

         

        The
          purpose of this communication (this “Confirmation”) is to confirm the terms and
          conditions of the transaction (the “Transaction”) entered into between Lehman
          Brothers Special Financing Inc. (“Party A”) and The Royal Bank of Scotland PLC
          (“Party B”) on the Trade Date specified below. This Confirmation constitutes a
“Confirmation” as referred to in the Agreement specified below.

         

        This
          Confirmation supplements, forms part of, and is subject to, the ISDA Master
          Agreement dated as of 15 September, 2003, as amended and supplemented from
          time
          to time, between Party A and Party B (the “Agreement”). All provisions contained
          in the Agreement shall govern this Confirmation except as expressly modified
          below.

         

        The
          definitions and provisions contained in the 2000 ISDA Definitions as published
          by the International Swaps and Derivatives Association, Inc. (the “Definitions”)
          are incorporated into this Confirmation.  In the event of any
          inconsistency between the Definitions and the terms of this Confirmation,
          this
          Confirmation will govern.  For the purpose of the Definitions,
          references herein to a “Transaction” shall be deemed to be references to a “Swap
          Transaction”.

         

        Party
          A
          and Party B each represents that entering into the Transaction is within
          its
          capacity, is duly authorized and does not violate any laws of its jurisdiction
          of organization or residence or the terms of any agreement to which it
          is a
          party. Party A and Party B each represents that (a) it is not relying on
          the
          other party in connection with its decision to enter into this Transaction,
          and
          neither party is acting as an advisor to or fiduciary of the other party
          in
          connection with this Transaction regardless of whether the other party
          provides
          it with market information or its views; (b) it understands the risks of
          the
          Transaction and any legal, regulatory, tax, accounting and economic consequences
          resulting therefrom; and (c) it has determined based upon its own judgment
          and
          upon any advice received from its own professional advisors as it has deemed
          necessary to consult that entering into the Transaction is appropriate
          for such
          party in light of its financial capabilities and objectives. Party A and
          Party B
          each represents that upon due execution and delivery of this Confirmation,
          it
          will constitute a legally valid and binding obligation, enforceable against
          it
          in accordance with its terms, subject to applicable principles of bankruptcy
          and
          creditors’ rights generally and to equitable principles of general
          application.

         

        

         

        

         

        LEHMAN
          BROTHERS SPECIAL FINANCING INC.

        LEHMAN
          BROTHERS INC.

        745
          SEVENTH AVENUE, NEW YORK NY 10019

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        The
          terms
          of the particular Transaction to which this Confirmation relates are as
          follows:

         

        
          	
                  General
                    Terms:

                	 
	 	 
	
                  Trade
                    Date:

                	
                  27
                    April, 2007

                
	 	 
	
                  Effective
                    Date:

                	
                  25
                    May, 2007

                
	 	 
	
                  Termination
                    Date:

                	
                  25
                    October, 2007, subject to adjustment in accordance with the Following
                    Business Day Convention.

                
	 	 
	
                  Notional
                    Amount:

                	
                  USD2,222,798,143.00
                    – subject to adjustment in accordance with Appendix A attached
                    hereto.

                
	 	 
	
                  Fixed
                    Amounts:

                	 
	 	 
	
                  Fixed
                    Amount Payer:

                	
                  Party
                    B

                
	 	 
	
                  Fixed
                    Amount Payer Payment Dates:

                	
                  Inapplicable

                
	 	 
	
                  Fixed
                    Amount:

                	
                  By
                    its execution hereof and with effect from the Trade Date above
                    Party A
                    irrevocably acknowledges receipt of all agreed consideration
                    from Party B
                    in respect of this Transaction.

                
	 	 
	
                  Floating
                    Amounts:

                	 
	 	 
	
                  Floating
                    Amount Payer:

                	
                  Party
                    A

                
	 	 
	
                  Cap
                    Rate:

                	
                  As
                    specified in Appendix A

                

        

        

        
          	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA
                    with a Designated Maturity of 1 month, provided, however, that
                    if
                    USD-LIBOR-BBA for any Calculation Period is greater than 10.5%
                    then
                    USD-LIBOR-BBA for such Calculation Period shall be deemed to
                    be
                    10.5%.

                
	 	 
	
                  Floating
                    Amount Payer Period End Dates:

                	
                  The
                    25th calendar day of each month, from and including 25 June,
                    2007, to and
                    including the Termination Date, subject to adjustment in accordance
                    with
                    the Following Business Day Convention.

                
	 	 
	
                  Floating
                    Amount Payer Payment Dates:

                	
                  One
                    (1) Business Days prior to each Floating Amount Payer Period
                    End
                    Date.

                
	 	 
	
                  Spread:

                	
                  Inapplicable

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360

                
	 	 
	
                  Reset
                    Dates:

                	
                  The
                    first day of each Calculation Period

                
	 	 
	
                  Business
                    Days:

                	
                  New
                    York

                
	 	 
	
                  Miscellaneous:

                	 
	 	 
	
                  Calculation
                    Agent:

                	
                  Party
                    A

                
	 	 
	
                  Office:

                	
                  For
                    the purposes of this Transaction, Party A is not a Multibranch
                    Party, and
                    the Office of Party B is its Head Office.

                
	 	 
	
                  Account
                    Details:

                	 
	 	 
	
                  Account
                    Details of Party A:

                	
                  JPMorgan
                    Chase Bank, New York

                  ABA
                    # 021000021

                  A/C
                    of Lehman Brothers Special Financing Inc.

                  A/C
                    # 066-143-543

                
	 	 
	
                        Account  Details
                    of Party B:

                   

                	
                  Wells
                    Fargo Bank, N.A.

                  ABA#
                    121000248

                  Account
                    # 3970771416

                  Account
                    Name: SAS Clearing

                  FFC
                    to: 53150201 - Soundview 2007-OPT1

                

        

        

         

        Please
          confirm your agreement with the foregoing by executing this Confirmation
          and
          returning such Confirmation, in its entirety, to us at facsimile number
          (+1)
          646-885-9551 (United States of America), Attention: Confirmations
          Group.

         

        This
          Transaction has been entered into by Greenwich Capital Markets, Inc., as
          agent
          for The Royal Bank of Scotland plc. Greenwich Capital Markets, Inc. has
          not
          guaranteed and is not otherwise responsible for the obligations of The
          Royal
          Bank of Scotland plc under this Transaction.

        

         

        
          	
                  Yours
                    sincerely,

                  Lehman
                    Brothers Special Financing Inc.

                	 	
                  Accepted
                    and agreed to:

                  The
                    Royal Bank of Scotland PLC, acting through its agent, Greenwich
                    Capital
                    Markets, Inc.

                   

                
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	
                  By:

                	 
	 	 	 	
                  Name:

                	 
	 	 	 	
                  Title:

                	 

        

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        
          	
                  Appendix
                    A 

                
	
                  *Calculation
                    Periods from and including

                	
                  *Calculation
                    Periods up to but excluding

                	
                  Notional
                    Amount (USD)

                	
                  Cap
                    Rate (%)

                
	
                  5/25/2007

                	
                  6/25/2007

                	
                  2,222,798,143.00

                	
                  7.87957

                
	
                  6/25/2007

                	
                  7/25/2007

                	
                  2,208,623,034.00

                	
                  8.1445

                
	
                  7/25/2007

                	
                  8/25/2007

                	
                  2,189,840,055.00

                	
                  7.87349

                
	
                  8/25/2007

                	
                  9/25/2007

                	
                  2,166,448,569.00

                	
                  7.8827

                
	
                  9/25/2007

                	
                  10/25/2007

                	
                  2,138,468,624.00

                	
                  8.14119

                

        

        *subject
          to adjustment in accordance with the relevant Business Day
          Convention.

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        EXHIBIT
          B

        

        New
          Confirmation

        

         

        

        

         

        Transaction

         

        
          	
                  Date:

                	
                  15
                    May, 2007

                
	 	 
	
                  To:

                	
                  Wells
                    Fargo Bank, N.A., not in its individual capacity, but solely
                    as Cap
                    Trustee on behalf of the Cap Trust with respect to the Soundview
                    Home Loan
                    Trust 2007-OPT1, Asset-Backed Certificates, Series
                    2007-OPT1

                
	 	 
	
                  Attention:

                	
                  Client
                    Manager – Soundview 2007-OPT1

                
	 	
                  9062
                    Old Annapolis Road

                
	 	
                  Columbia,
                    MD 21045

                
	 	
                  Phone:        (410)
                    884-2000

                
	 	
                  Facsimile:
                          (410)
                    715-2380

                
	 	 
	
                  From:

                	
                  Lehman
                    Brothers Special Financing Inc.

                
	 	
                  Confirmations
                    Group

                
	 	
                  Kathy
                    Tsang

                
	 	
                  Facsimile: 
                        (+1)
                    646-885-9551 (United States of America)

                
	 	
                  Telephone:    212-526-9080

                
	
                  Ref.
                    Numbers:

                	
                  Original
                    Global 3026818/3026816

                

        

        
          

           
            
              

            

          

          

        

        Dear
          Sir
          or Madam:

         

        The
          purpose of this communication (this “Confirmation”) is to confirm the terms and
          conditions of the transaction (the “Transaction”) entered into between Lehman
          Brothers Special Financing Inc. (“Party A”) and Wells Fargo Bank, N.A., not in
          its individual capacity, but solely as Cap Trustee on behalf of the Cap
          Trust
          with respect to the Soundview Home Loan Trust 2007-OPT1, Asset-Backed
          Certificates, Series 2007-OPT1 (“Party B”) on the Trade Date specified below.
          This Confirmation constitutes a “Confirmation” as referred to in the Agreement
          specified below.

        

        This
          Confirmation supplements, forms part of, and is subject to, the ISDA Master
          Agreement dated as of 15 May, 2007, as amended and supplemented from time
          to
          time, between Party A and Party B (the “Agreement”). All provisions contained in
          the Agreement shall govern this Confirmation except as expressly modified
          below.

         

        The
          definitions and provisions contained in the 2000 ISDA Definitions as published
          by the International Swaps and Derivatives Association, Inc. (the “Definitions”)
          are incorporated into this Confirmation.  In the event of any
          inconsistency between the Definitions and the terms of this Confirmation,
          this
          Confirmation will govern.  For the purpose of the Definitions,
          references herein to a “Transaction” shall be deemed to be references to a “Swap
          Transaction”.

         

        Party
          A
          and Party B each represents that entering into the Transaction is within
          its
          capacity, is duly authorized and does not violate any laws of its jurisdiction
          of organization or residence or the terms of any agreement to which it
          is a
          party. Party A and Party B each represents that (a) it is not relying on
          the
          other party in connection with its decision to enter into this Transaction,
          and
          neither party is acting as an advisor to or fiduciary of the other party
          in
          connection with this Transaction regardless of whether the other party
          provides
          it with market information or its views; (b) it understands the risks of
          the
          Transaction and any legal, regulatory, tax, accounting and economic consequences
          resulting therefrom; and (c) it has determined based upon its own judgment
          and
          upon any advice received from its own professional advisors as it has deemed
          necessary to consult that entering into the Transaction is appropriate
          for such
          party in light of its financial capabilities and objectives. Party A and
          Party B
          each represents that upon due execution and delivery of this Confirmation,
          it
          will constitute a legally valid and binding obligation, enforceable against
          it
          in accordance with its terms, subject to applicable principles of bankruptcy
          and
          creditors’ rights generally and to equitable principles of general
          application.

         

        
LEHMAN
          BROTHERS SPECIAL FINANCING INC.
                  LEHMAN
            BROTHERS INC.      

                  745
            SEVENTH AVENUE, NEW YORK NY
            10019     

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        The
          terms
          of the particular Transaction to which this Confirmation relates are as
          follows:

         

        
          	
                  General
                    Terms:

                	 
	 	 
	
                  Trade
                    Date:

                	
                  27
                    April, 2007

                
	 	 
	
                  Effective
                    Date:

                	
                  25
                    May, 2007

                
	 	 
	
                  Termination
                    Date:

                	
                  25
                    October, 2007, subject to adjustment in accordance with the Following
                    Business Day Convention.

                
	 	 
	
                  Notional
                    Amount:

                	
                  With
                    respect to any Calculation Period, the lesser of: (i) the Notional
                    Amount
                    set forth on Appendix A attached hereto for such Calculation
                    Period and
                    (ii) the aggregate Certificate Principal Balance of the Reference
                    Assets
                    immediately preceding the Distribution Date which occurs in the
                    calendar
                    month of the Floating Rate Payer Payment Date for such Calculation
                    Period
                    (determined for this purpose without regard to any adjustment
                    of the
                    Floating Rate Payer Payment Date relating to business
                    days)

                
	 	 
	
                  Reference
                    Assets:

                	
                   Soundview
                    Home Loan Trust 2007-OPT1, Asset-Backed Certificates, Series
                    2007-OPT1,
                    Class I-A-1 (Cusip: 83612T AA0), Class II-A-1 (Cusip: 83612T
                    AB8), Class
                    II-A-2 (Cusip: 83612T AC6), Class II-A-3 (Cusip: 83612T AD4),
                    Class II-A-4
                    (Cusip: 83612T AE2), Class M-1 (Cusip: 83612T AF9), Class M-2
                    (Cusip:
                    83612T AG7), Class M-3 (Cusip: 83612T AH5), Class M-4 (Cusip:
                    83612T AJ1),
                    Class M-5 (Cusip: 83612T AK8), Class M-6 (Cusip: 83612T AL6),
                    Class M-7
                    (Cusip: 83612T AM4), Class M-8 (Cusip: 83612T AN2), Class M-9
                    (Cusip:
                    83612T AP7), Class M-10 (Cusip: 83612T AQ5)

                
	 	 
	
                  Principal
                    Balance:

                	
                  As
                    reported on Bloomberg Financial Services, Inc. (“Bloomberg”): by entering
                    the Cusip, , type “pdi4”, . If Bloomberg fails to publish the aggregate
                    Principal Balance of the Referenced Assets or the parties fail
                    to agree on
                    the aggregate Principal Balance of the Referenced Assets for
                    any
                    Calculation Period, the aggregate Principal Balance of the Referenced
                    Assets shall be determined by the Calculation Agent pursuant
                    to the
                    Pooling and Servicing Agreement dated as of April 1, 2007  among
                    Financial Assets Securities Corp., as Depositor, Option One Mortgage
                    Corporation, as Servicer and Wells Fargo Bank, N.A.  as Trustee
                    (the “Pooling and Servicing
                    Agreement”).

                

        

         

        
          	
                  Fixed
                    Amounts:

                	 
	 	 
	
                  Fixed
                    Amount Payer:

                	
                  Party
                    B

                
	 	 
	
                  Fixed
                    Amount Payer Payment Dates:

                	
                  Inapplicable

                
	 	 
	
                  Fixed
                    Amount:

                	
                  By
                    its execution hereof and with effect from the Trade Date above
                    Party A
                    irrevocably acknowledges receipt of all agreed consideration
                    from Party B
                    in respect of this Transaction.

                
	 	 
	
                  Floating
                    Amounts:

                	 
	 	 
	
                  Floating
                    Amount Payer:

                	
                  Party
                    A

                
	 	 
	
                  Cap
                    Rate:

                	
                  As
                    specified in Appendix A

                

        

        

        
          	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA
                    with a Designated Maturity of 1 month, provided, however, that
                    if
                    USD-LIBOR-BBA for any Calculation Period is greater than 10.5%
                    then
                    USD-LIBOR-BBA for such Calculation Period shall be deemed to
                    be
                    10.5%.

                
	 	 
	
                  Floating
                    Amount Payer Period End Dates:

                	
                  The
                    25th calendar day of each month, from and including 25 June,
                    2007, to and
                    including the Termination Date, subject to adjustment in accordance
                    with
                    the Following Business Day Convention.

                
	 	 
	
                  Floating
                    Amount Payer Payment Dates:

                	
                  One
                    (1) Business Days prior to each Floating Amount Payer Period
                    End
                    Date.

                
	 	 
	
                  Spread:

                	
                  Inapplicable

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360

                
	 	 
	
                  Reset
                    Dates:

                	
                  The
                    first day of each Calculation Period

                
	 	 
	
                  Business
                    Days:

                	
                  New
                    York

                
	 	 
	
                  Miscellaneous:

                	 
	 	 
	
                  Calculation
                    Agent:

                	
                  Party
                    A

                
	 	 
	
                  Office:

                	
                  For
                    the purposes of this Transaction, Party A is not a Multibranch
                    Party, and
                    the Office of Party B is its Head Office.

                
	 	 
	
                  Account
                    Details:

                	 
	 	 
	
                  Account
                    Details of Party A:

                	
                  JPMorgan
                    Chase Bank, New York

                  ABA
                    # 021000021

                  A/C
                    of Lehman Brothers Special Financing Inc.

                  A/C
                    # 066-143-543

                
	 	 
	
                        Account  Details
                    of Party B:

                   

                	
                  Please
                    advise our Operations Control Supervisor, reachable by telephone
                    212-526-0200

                

        

        

         

        Please
          confirm your agreement with the foregoing by executing this Confirmation
          and
          returning such Confirmation, in its entirety, to us at facsimile number
          (+1)
          646-885-9551 (United States of America), Attention: Confirmations
          Group.

         

        
          	
                  Yours
                    sincerely,

                   

                  Lehman
                    Brothers Special Financing Inc.

                	 	
                  Accepted
                    and agreed to:

                   

                  Wells
                    Fargo Bank, N.A., not in its individual capacity, but solely
                    as Cap
                    Trustee on behalf of the Cap Trust with respect to the Soundview
                    Home Loan
                    Trust 2007-OPT1, Asset-Backed Certificates, Series
                    2007-OPT1

                   

                
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	
                  By:

                	 
	 	 	 	
                  Name:

                	 
	 	 	 	
                  Title:

                	 

        

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        
          	
                  Appendix
                    A 

                
	
                  *Calculation
                    Periods from and including

                	
                  *Calculation
                    Periods up to but excluding

                	
                  Notional
                    Amount (USD)

                	
                  Cap
                    Rate (%)

                
	
                  5/25/2007

                	
                  6/25/2007

                	
                  2,222,798,143.00

                	
                  7.87957

                
	
                  6/25/2007

                	
                  7/25/2007

                	
                  2,208,623,034.00

                	
                  8.1445

                
	
                  7/25/2007

                	
                  8/25/2007

                	
                  2,189,840,055.00

                	
                  7.87349

                
	
                  8/25/2007

                	
                  9/25/2007

                	
                  2,166,448,569.00

                	
                  7.8827

                
	
                  9/25/2007

                	
                  10/25/2007

                	
                  2,138,468,624.00

                	
                  8.14119

                

        

        

        *subject
          to adjustment in accordance with the relevant Business Day
          Convention.

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

          ISDAâ

          

          International
            Swaps and Derivatives Association, Inc.

          

          MASTER
            AGREEMENT

          

          dated
            as
            of May 15, 2007

           

          
            	
                    LEHMAN
                      BROTHERS

                    SPECIAL
                      FINANCING INC.

                  	 	
                    WELLS
                      FARGO BANK, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY
                      AS CAP
                      TRUSTEE ON BEHALF OF THE CAP TRUST WITH RESPECT TO THE SOUNDVIEW
                      HOME LOAN
                      TRUST 2007-OPT1, ASSET-BACKED CERTIFICATES, SERIES
                      2007-OPT1

                  

          

           

          have
            entered and/or anticipate entering into one or more transactions (each
            a
“Transaction”) that are or will be governed by this Master Agreement, which
            includes the schedule (the “Schedule”), and the documents and other confirming
            evidence (each a “Confirmation”) exchanged between the parties confirming those
            Transactions.

           

          Accordingly,
            the parties agree as follows:3⁄4

           

          1.           Interpretation

           

          (a)           Definitions.  The
            terms defined in Section 14 and in the Schedule will have the meanings
            therein
            specified for the purpose of this Master Agreement.

           

          (b)           Inconsistency. 
            In the event of any inconsistency between the provisions of the Schedule
            and the
            other provisions of this Master Agreement, the Schedule will
            prevail.  In the event of any inconsistency between the provisions of
            any Confirmation and this Master Agreement (including the Schedule),
            such
            Confirmation will prevail for the purposes of the relevant
            Transaction.

           

          (c)           Single
            Agreement.  All Transactions are entered into in
            reliance on the fact that this Master Agreement and all Confirmations
            form a
            single agreement between the parties (collectively referred to as this
            “Agreement”), and the parties would not otherwise enter into any
            Transactions.

           

          2.           Obligations

           

          (a)           General
            Conditions.

           

          (i)   Each
            party will make each payment or delivery specified in each Confirmation
            to be
            made by it, subject to the other provisions of this Agreement.

           

          (ii)  Payments
            under this Agreement will be made on the due date for value on that date
            in the
            place of the account specified in the relevant Confirmation or otherwise
            pursuant to this Agreement, in freely transferable funds and in the manner
            customary for payments in the required currency.  Where settlement is
            by delivery (that is, other than by payment), such delivery will be made
            for
            receipt on the due date in the manner customary for the relevant obligation
            unless otherwise specified in the relevant Confirmation or elsewhere
            in this
            Agreement.

           

          (iii)   Each
            obligation of each party under Section 2(a)(i) is subject to  (1) the
            condition precedent that no Event of Default or Potential Event of Default
            with
            respect to the other party has occurred and is continuing, (2) the condition
            precedent that no Early Termination Date in respect of the relevant Transaction
            has occurred or been effectively designated and (3) each other applicable
            condition precedent specified in this Agreement.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          value
            of  that  which was  (or would have
            been)  required to be  delivered as  of the
            originally scheduled date for delivery, in each case together with (to
            the
            extent permitted under applicable law) interest, in the currency of such
            amounts, from (and including) the date such amounts or obligations were
            or would
            have been required to have been paid or performed to (but excluding)
            such Early
            Termination Date, at the Applicable Rate. Such amounts of interest will
            be
            calculated on the basis of daily compounding and the actual number of
            days
            elapsed.  The fair market value of any obligation referred to in
            clause (b) above shall be reasonably determined by the party obliged
            to make the
            determination under Section 6(e) or, if each party is so  obliged, it
            shall be the average of the Termination Currency Equivalents of the fair
            market
            values reasonably determined by both parties.

           

          IN
            WITNESS WHEREOF the parties have executed this document on the respective
            dates
            specified below with effect from the date specified on the first page
            of this
            document.

           

          
            	
                    LEHMAN
                      BROTHERS

                    SPECIAL
                      FINANCING INC.

                  	 	
                    WELLS
                      FARGO BANK, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY
                      AS CAP
                      TRUSTEE ON BEHALF OF THE CAP TRUST WITH RESPECT TO THE SOUNDVIEW
                      HOME LOAN
                      TRUST 2007-OPT1, ASSET-BACKED CERTIFICATES, SERIES
                      2007-OPT1

                     

                  
	
                    (Name
                      of Party)

                  	 	
                    (Name
                      of Party)

                     

                  
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                    Name:

                  	 	 	
                    Name:

                  	 
	
                    Title:

                  	 	 	
                    Title:

                  	 
	
                    Date:

                  	 	 	
                    Date:

                  	 

          

          

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          
            (Multicurrency-Cross
              Border)

            

            SCHEDULE

            to
              the

            Master
              Agreement

            dated
              as
              of May 15, 2007

            between

            LEHMAN
              BROTHERS SPECIAL FINANCING INC. (“Party A”),

            a
              corporation organized under the laws of

            the
              State
              of Delaware

            and

            WELLS
              FARGO BANK, N.A., NOT IN
              ITS INDIVIDUAL CAPACITY, BUT SOLELY AS CAP TRUSTEE ON BEHALF OF THE
              CAP TRUST
              WITH RESPECT TO THE SOUNDVIEW HOME LOAN TRUST 2007-OPT1, ASSET-BACKED
              CERTIFICATES, SERIES 2007-OPT1 (‘Party B”)

            

            All
              terms used herein and not otherwise defined are given their meaning
              in the
              Pooling and Servicing Agreement dated as of April 1,
              2007  among Financial Assets Securities Corp.,. as Depositor,
              Option One Mortgage Corporation, as Servicer and Wells Fargo Bank,
              N.A.  as Trustee (the “Pooling and Servicing
              Agreement”).

            

            
              	
                      Part
                        1.

                    	
                      Termination
                        Provisions.

                    

            

            

            For
              the
              purposes of this Agreement:-

            

            
              	
                      (a)

                    	
                      “Specified
                        Entity” will not apply to Party A or Party B for any
                        purpose.

                    

            

            

            
              	
                      (b)

                    	
                      “Specified
                        Transaction” will have the meaning specified in Section
                        14.

                    

            

            

            
              	
                      (c)

                    	
                      Events
                        of Default.

                    

            

            

            
              	
                    	
                      (i)

                    	
                      The
                        “Failure to Pay or Deliver” provisions of Section 5(a)(i)
                        will apply to Party A and will apply to Party B; provided,
                        however,
                        that  Section 5(a)(i) is hereby amended by replacing the word
                        “third” with the word “first”; provided, further, that notwithstanding
                        anything to the contrary in Section 5(a)(i), any failure
                        by Party A to
                        comply with or perform any obligation to be complied with
                        or performed by
                        Party A under the Credit Support Annex shall not constitute
                        an Event of
                        Default under Section 5(a)(i) unless (A) a Required Ratings
                        Downgrade
                        Event has occurred and been continuing for 30 or more Local
                        Business Days
                        and (B) such failure is not remedied on or before the third
                        Local Business
                        Day after notice of such failure is given to Party
                        A.

                    

            

            

            
              	
                    	
                      (ii)

                    	
                      The
                        “Breach of Agreement” provisions of Section 5(a)(ii) will
                        apply to Party A and will not apply to Party
                        B.

                    

            

            

            
              	
                    	
                      (iii)

                    	
                      The
                        “Credit Support Default” provisions of Section 5(a)(iii)
                        will apply to Party A and will not apply to Party B except
                        that Section
                        5(a)(iii)(1) will apply to Party B solely in respect of Party
                        B’s
                        obligations under Paragraph 3(b) of the Credit Support Annex;
                        provided,
                        however, that notwithstanding anything to the contrary in
                        Section
                        5(a)(iii)(1), any failure by Party A to comply with or perform
                        any
                        obligation to be complied with or performed by Party A under
                        the Credit
                        Support Annex shall not constitute an Event of Default under
                        Section
                        5(a)(iii) unless (A) a Required Ratings Downgrade Event has
                        occurred and
                        been continuing for 30 or more Local Business Days and (B)
                        such failure is
                        not remedied on or before the third Local Business Day after
                        notice of
                        such failure is given to Party A.

                    

            

            

            
              	
                    	
                      (iv)

                    	
                      The
                        “Misrepresentation” provisions of Section 5(a)(iv) will
                        apply to Party A and will not apply to Party
                        B.

                    

            

            

            
              	
                    	
                      (v)

                    	
                      The
                        “Default under Specified Transaction” provisions of
                        Section 5(a)(v) will apply to Party A and will not apply
                        to Party
                        B.

                    

            

            

            
              	
                    	
                      (vi)

                    	
                      The
                        “Cross Default” provisions of Section 5(a)(vi) will apply
                        to Party A and will not apply to Party B.  For purposes of
                        Section 5(a)(vi), solely with respect to Party
                        A:

                    

            

            

            “Specified
              Indebtedness” will have the meaning specified in Section 14.

            

            “Threshold
              Amount” means with respect to Party A three percent (3%) of the Stockholders’
Equity of Lehman Brothers Holdings Inc. (“Lehman Brothers Holdings Inc.” or
“Holdings”), (or its equivalent in any other currency) or if applicable, another
              Eligible Guarantor.

            

             “Stockholders’
              Equity” means with respect to an entity, at any time, the sum (as shown in
              the
              most recent annual audited financial statements of such entity) of
              (i) its
              capital stock (including preferred stock) outstanding, taken at par
              value, (ii)
              its capital surplus and (iii) its retained earnings, minus (iv) treasury
              stock,
              each to be determined in accordance with generally accepted accounting
              principles.

            

            
              	
                    	
                      (vii)

                    	
                      The
                        “Bankruptcy” provisions of Section 5(a)(vii) will apply
                        to Party A and will apply to Party B except that the provisions
                        of Section
                        5(a)(vii)(2), (6) (to the extent that such provisions refer
                        to any
                        appointment contemplated or effected by the Pooling and Servicing
                        Agreement or any appointment to which Party B has not become
                        subject), (7)
                        and (9) will not apply to Party B; provided that, with respect
                        to Party B
                        only, Section 5(a)(vii)(4) is hereby amended by adding after
                        the words
                        “against it” the words “(excluding any proceeding or petition instituted
                        or presented by Party A or its Affiliates)”, and Section 5(a)(vii)(8) is
                        hereby amended by deleting the words “to (7) inclusive” and inserting lieu
                        thereof “, (3), (4) as amended, (5), or (6) as
                        amended”.

                    

            

            

            
              	
                    	
                      (viii)

                    	
                      The
                        “Merger Without Assumption” provisions of Section
                        5(a)(viii) will apply to Party A and will  apply to Party
                        B.

                    

            

            

            
              	
                      (d)

                    	
                      Termination
                        Events.

                    

            

            

            

            
              	
                    	
                      (i)

                    	
                      The
                        “Illegality” provisions of Section 5(b)(i) will apply
                        to
                        Party A and will apply to Party B.

                    

            

            

            
              	
                       

                    	
                      (ii)

                    	
                      The
                        “Tax Event” provisions of Section 5(b)(ii) will apply
                        to
                        Party A except that, for purposes of the application of Section
                        5(b)(ii)
                        to Party A, Section 5(b)(ii) is hereby amended by deleting
                        the words “(x)
                        any action taken by a taxing authority, or brought in a court
                        of competent
                        jurisdiction, on or after the date on which a Transaction
                        is entered into
                        (regardless of whether such action is taken or brought with
                        respect to a
                        party to this Agreement) or (y)”, and the “Tax Event”
                        provisions of Section 5(b)(ii) will apply to Party
                        B.

                    

            

            

            
              	
                       

                    	
                      (iii)

                    	
                      The
                        “Tax Event Upon Merger” provisions of Section 5(b)(iii)
                        will apply to Party A and will apply to Party B, provided
                        that Party A
                        shall not be entitled to designate an Early Termination Date
                        by reason of
                        a Tax Event upon Merger in respect of which it is the Affected
                        Party.

                    

            

            

            
              	
                       

                    	
                      (iv)

                    	
                      The
                        “Credit Event Upon Merger” provisions of Section 5(b)(iv)
                        will not apply to Party A and will not apply to Party
                        B.

                    

            

            

            
              	
                      (e)

                    	
                      The
                        “Automatic Early Termination” provision of Section 6(a)
                        will not apply to Party A and will not apply to Party
                        B.

                    

            

            

            
              	
                      (f)

                    	
                      Payments
                        on Early Termination.  For the purpose of Section 6(e)
                        of this Agreement:

                    

            

            

            
              	
                    	
                      (i)

                    	
                      Market
                        Quotation will apply, provided, however, that, in the event
                        of a
                        Derivative Provider Trigger Event, the following provisions
                        will
                        apply:

                    

            

            

            
              	
                       

                    	
                      (A)

                    	
                      The
                        definition of Market Quotation in Section 14 shall be deleted
                        in its
                        entirety and replaced with the
                        following:

                    

            

            

            “Market
              Quotation” means, with respect to one or more Terminated
              Transactions, a Firm Offer which is (1) made by a Reference Market-maker
              that is
              an Eligible Replacement, (2) for an amount that would be paid to Party
              B
              (expressed as a negative number) or by Party B (expressed as a positive
              number)
              in consideration of an agreement between Party B and such Reference
              Market-maker
              to enter into a Replacement Transaction, and (3) made on the basis
              that Unpaid
              Amounts in respect of the Terminated Transaction or group of Transactions
              are to
              be excluded but, without limitation, any payment or delivery that would,
              but for
              the relevant Early Termination Date, have been required (assuming satisfaction
              of each applicable condition precedent) after that Early Termination
              Date is to
              be included.

            

            
              	
                       

                    	
                      (B)

                    	
                      The
                        definition of Settlement Amount shall be deleted in its entirety
                        and
                        replaced with the following:

                    

            

            

            “Settlement
              Amount” means, with respect to any Early Termination Date, an
              amount (as determined by Party B) equal to:

            

            
              	
                       

                    	
                      (a)

                    	
                      If
                        a Market Quotation for the relevant Terminated Transaction
                        or group of
                        Terminated Transactions is accepted by Party B so as to become
                        legally
                        binding on or before the day falling ten Local Business Days
                        after the day
                        on which the Early Termination Date is designated, or such
                        later day as
                        Party B may specify in writing to Party A, but in either
                        case no later
                        than one Local Business Day prior to the Early Termination
                        Date (such day,
                        the “Latest Settlement Amount Determination Day”), the Termination
                        Currency Equivalent of the amount (whether positive or negative)
                        of such
                        Market Quotation;

                    

            

            

            
              	
                       

                    	
                      (b)

                    	
                      If,
                        on the Latest Settlement Amount Determination Day, no Market
                        Quotation for
                        the relevant Terminated Transaction or group of Terminated
                        Transactions
                        has been accepted by Party B so as to become legally binding
                        and one or
                        more Market Quotations from Approved Replacements have been
                        made and
                        remain capable of becoming legally binding upon acceptance,
                        the Settlement
                        Amount shall equal the Termination Currency Equivalent of
                        the amount
                        (whether positive or negative) of the lowest of such Market
                        Quotations
                        (for the avoidance of doubt, the lowest of such Market Quotations
                        shall be
                        the lowest Market Quotation of such Market Quotations expressed
                        as a
                        positive number or, if any of such Market Quotations is expressed
                        as a
                        negative number, the Market Quotation expressed as a negative
                        number with
                        the largest absolute value); or

                    

            

            

            
              	
                       

                    	
                      (c)

                    	
                      If,
                        on the Latest Settlement Amount Determination Day, no Market
                        Quotation for
                        the relevant Terminated Transaction or group of Terminated
                        Transactions is
                        accepted by Party B so as to become legally binding and no
                        Market
                        Quotation from an Approved Replacement has been made and
                        remains capable
                        of becoming legally binding upon acceptance, the Settlement
                        Amount shall
                        equal Party B’s Loss (whether positive or negative and without reference
                        to any Unpaid Amounts) for the relevant Terminated Transaction
                        or group of
                        Terminated Transactions.

                    

            

            

            
              	
                    	
                      (C)

                    	
                      If
                        Party B requests Party A in writing to obtain Market Quotations,
                        Party A
                        shall use its reasonable efforts to do so before the Latest
                        Settlement
                        Amount Determination Day.

                    

            

            

            
              	
                       

                    	
                      (D)

                    	
                      If
                        the Settlement Amount is a negative number, Section 6(e)(i)(3)
                        shall be
                        deleted in its entirety and replaced with the
                        following:

                    

            

            

            “(3)
              Second Method and Market Quotation. If the Second Method and Market
              Quotation apply, (I) Party B shall pay to Party A an amount equal to
              the
              absolute value of the Settlement Amount in respect of the Terminated
              Transactions, (II) Party B shall pay to Party A the Termination Currency
              Equivalent of the Unpaid Amounts owing to Party A and (III) Party A
              shall pay to
              Party B the Termination Currency Equivalent of the Unpaid Amounts owing
              to Party
              B; provided, however, that (x) the amounts payable under the immediately
              preceding clauses (II) and (III) shall be subject to netting in accordance
              with
              Section 2(c) of this Agreement and (y) notwithstanding any other provision
              of
              this Agreement, any amount payable by Party A under the immediately
              preceding
              clause (III) shall not be netted-off against any amount payable by
              Party B under
              the immediately preceding clause (I).”

            

            
              	
                       

                    	
                      (E)

                    	
                      At
                        any time on or before the Latest Settlement Amount Determination
                        Day at
                        which two or more Market Quotations from Approved Replacements
                        remain
                        capable of becoming legally binding upon acceptance, Party
                        B shall be
                        entitled to accept only the lowest of such Market Quotations
                        (for the
                        avoidance of doubt, the lowest of such Market Quotations
                        shall be the
                        lowest Market Quotation of such Market Quotations expressed
                        as a positive
                        number or, if any of such Market Quotations is expressed
                        as a negative
                        number, the Market Quotation expressed as a negative number
                        with the
                        largest absolute value).

                    

            

            

            
              	
                    	
                      (ii)

                    	
                      The
                        Second Method will apply.

                    

            

            

            
              	
                      (g)

                    	
                      “Termination
                        Currency” means USD.

                    

            

            

            
              	
                      (h)

                    	
                      Additional
                        Termination Events.  Additional Termination Events will
                        apply as provided in Part 5(c).

                    

            

            

            

            Part
              2.   Tax Matters.

            

            
              	
                      (a)

                    	
                      Tax
                        Representations.

                    

            

            

            
              	
                       

                    	
                      (i)

                    	
                      Payer
                        Representations.  For the purpose of Section 3(e) of
                        this Agreement:  None.

                    

            

             

            
              	
                    	
                      (ii)

                    	
                      Payee
                        Representations.  For the purpose of Section 3(f) of
                        this Agreement:

                    

            

             

            
              	
                       

                    	
                      (A)

                    	
                      Party
                        A makes the following representation(s):  Party A represents
                        that it is a corporation duly organized and validly existing
                        under the
                        laws of the State of Delaware.

                    

            

            

            
              	
                    	
                      (B)

                    	
                      Party
                        B makes the following representation(s): None.

                    

            

            

            
              	
                      (b)

                    	
                      Tax
                        Provisions.

                    

            

            

            
              	
                       

                    	
                      (i)

                    	
                      Gross
                        Up.  Section 2(d)(i)(4) shall not apply to Party B as
                        X, and Section 2(d)(ii) shall not apply to Party B as Y,
                        in each case such
                        that Party B shall not be required to pay any additional
                        amounts referred
                        to therein.

                    

            

            

            
              	
                       

                    	
                      (ii)

                    	
                      Indemnifiable
                        Tax.  The definition of “Indemnifiable Tax” in Section
                        14 is deleted in its entirety and replaced with the
                        following:

                    

            

            

            “Indemnifiable
              Tax” means, in relation to payments by Party A, any Tax and,
              in
              relation to payments by Party B, no Tax.

            

            
              	
                       

                    	
                      (iii)

                    	
                      Tax
                        Representations in Confirmations. For purposes of Sections
                        2(d)(i)(4) and 3(f), any payee tax representation specified in
                        a Confirmation under this Agreement shall be deemed to be
                        specified in
                        this Schedule.

                    

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            

             

            Part
              3.    Agreement to Deliver Documents.

            

             (a)           For
              the purpose of Section 4(a)(i), tax forms, documents, or certificates
              to be
              delivered are:

            

            
              	
                      Party
                        required to deliver document

                    	 	
                      Form/Document/

                      Certificate

                    	 	
                      Date
                        by which to

                      be
                        delivered

                    
	
                      Party
                        A and Party B

                    	 	
                      Forms
                        and/or documents described in Section 4(a)(iii) of the
                        Agreement.

                    	 	
                      Upon
                        reasonable demand by the other
                        party.

                    

            

            

            
 

            (b)           For
              the purpose of Section 4(a)(ii), other documents to be delivered
              are:

            

            
              	
                      Party
                        required to deliver document

                    	
                      Form/Document/

                      Certificate

                    	
                      Date
                        by which to

                      be
                        delivered

                    	
                      Covered
                        by Section 3(d) Representation

                    
	
                      Party
                        A and

                      Party
                        B

                    	
                      Any
                        documents required by the receiving party to evidence the
                        authority of the
                        delivering party or its Credit Support Provider, if any,
                        for it to execute
                        and deliver the Agreement, this Confirmation, and any Credit
                        Support
                        Documents to which it is a party, and to evidence the authority
                        of the
                        delivering party or its Credit Support Provider to perform
                        its obligations
                        under the Agreement, this Confirmation and any Credit Support
                        Document, as
                        the case may be.

                    	
                      Upon
                        the execution and delivery of this Agreement.

                    	
                      Yes

                    
	
                      Party
                        A and

                      Party
                        B

                    	
                      A
                        certificate of an authorized officer of the party, as to
                        the incumbency
                        and authority of the respective officers of the party signing
                        the
                        Agreement, this Confirmation, and any relevant Credit Support
                        Document, as
                        the case may be.

                    	
                      Upon
                        the execution and delivery of this Agreement.

                    	
                      Yes

                    
	
                      Party
                        A

                    	
                      Annual
                        Report of Party A’s Credit Support Provider containing consolidated
                        financial statements certified by independent certified public
                        accountants
                        and prepared in accordance with generally accepted accounting
                        principles
                        in the country in which Party A’s Credit Support Provider is
                        organized.

                    	
                      Promptly
                        upon becoming publicly available.

                    	
                      Yes

                    
	
                      Party
                        A

                    	
                      Quarterly
                        Financial Statements of Party A’s Credit Support Provider containing
                        unaudited, consolidated financial statements of Party A’s fiscal quarter
                        prepared in accordance with generally accepted accounting
                        principles in
                        the country in which Party A’s Credit Support Provider is
                        organized.

                    	
                      Promptly
                        upon becoming publicly available.

                    	
                      Yes

                    
	
                      Party
                        A

                    	
                      An
                        opinion of counsel to Party A and Party A’s Credit Support Provider
                        substantially in the form of Exhibit B to this Schedule.

                    	
                      Upon
                        the execution and delivery of this Agreement.

                    	
                      No

                    
	
                      Party
                        B

                    	
                      Opinion(s)
                        of counsel to Party B related to the Pooling and Servicing
                        Agreement and
                        other deal documents in the form reasonably acceptable to
                        Party
                        A.

                    	
                      Upon
                        the execution and delivery of this Agreement.

                    	
                      No

                    
	
                      Party
                        A

                    	
                      A
                        guarantee of Lehman Brothers Holding Inc. substantially in
                        the form of
                        Exhibit A to this Schedule.

                    	
                      Upon
                        the execution and delivery of this Agreement.

                    	
                      No

                    
	
                      Party
                        B

                    	
                      Monthly
                        Report.

                    	
                      At
                        such time as each Monthly Report is delivered to Party B.

                       

                    	
                      No

                    
	
                      Party
                        B

                    	
                      Copy
                        of any notice delivered to or by Party B under the Pooling
                        and Servicing
                        Agreement.

                       

                    	
                      Promptly
                        upon availability.

                    	
                      No

                    
	
                      Party
                        B

                    	
                      Pooling
                        and Servicing Agreement.

                       

                    	
                      Promptly
                        upon execution in final form.

                    	
                      No

                    

            

            

             

            
 

            Part
              4.   Miscellaneous.

            

            
              	
                      (a)

                    	
                      Address
                        for Notices:  For the purposes of Section 12(a) of
                        this Agreement:

                    

            

            

            Address
              for notices or communications
              to Party A:

            

            
              	
                       

                    	
                      Address:

                    	
                      Lehman
                        Brothers Special Financing Inc.

                    

            

            c/o
              Lehman Brothers Inc.

            Corporate
              Advisory Division

            Transaction
              Management Group

            
              	
                       

                    	
                      745
                        Seventh Avenue

                    

            

            
              	
                       

                    	
                      New
                        York, New York 10019

                    

            

            

            
              	
                       

                    	
                      Attention:

                    	
                      Documentation
                        Manager

                    

            

            
              	
                       

                    	
                      Telephone
                        No.:

                    	
                      (212)
                        526-7187

                    

            

            
              	
                       

                    	
                      Facsimile
                        No.:

                    	
                      (212)
                        526-7672

                    

            

            

            (For
              all
              purposes)

            

            Address
              for notices or communications
              to Party B:

             

            9062
              Old
              Annapolis Road

            Columbia,
              Maryland  21045

            Attn:
              Client Manager - Soundview NIM 2007-OPT1

            Phone:  410-884-2000

            Fax:
              410-715-2380

            

            (For
              all
              purposes)

            

            (b)           Process
              Agent.  For the purpose of Section 13(c):

            

            Party
              A
              appoints as its Process Agent:  Not applicable.

            

            Party
              B
              appoints as its Process Agent:  Not applicable.

            

            
              	
                      (c)

                    	
                      Offices.  The
                        provisions of Section 10(a) will apply to this
                        Agreement.

                    

            

            

            
              	
                      (d)

                    	
                      Multibranch
                        Party.  For the purpose of Section 10(c) of this
                        Agreement:

                    

            

            

            Party
              A is not a Multibranch
              Party.

            

            Party
              B
              is not a Multibranch Party.

            

            
              	
                      (e)

                    	
                      Calculation
                        Agent.  The Calculation Agent is Party A; provided,
                        however, that if an Event of Default shall have occurred
                        and is continuing
                        with respect to Party A, Party B shall have the right to
                        appoint a
                        financial institution which shall qualify as  Reference
                        Market-maker to act as Calculation Agent until the discontinuance
                        of the
                        Event of Default with respect to Party A or the designation
                        of an Early
                        Termination Date under Section 6(c)(ii), reasonably acceptable
                        to Party A,
                        the cost for which shall be borne by Party
                        A.

                    

            

            

            
              	
                      (f)

                    	
                      Credit
                        Support Document.

                    

            

            

            
              	
                       

                    	
                      Party
                        A:

                    	
                      The
                        Credit Support Annex which supplements, forms part of, and
                        is subject to
                        this Agreement, and any guarantee in support of Party A’s obligations
                        under this Agreement.

                    

            

            

            
              	
                       

                    	
                      Party
                        B:

                    	
                      The
                        Credit Support Annex, solely in respect of Party B’s obligations under
                        Paragraph 3(b) of the Credit Support
                        Annex.

                    

            

            

            
              	
                      (g)

                    	
                      Credit
                        Support Provider.

                    

            

            

            
              	
                       

                    	
                      Party
                        A:

                    	
                      The
                        guarantor under any guarantee in support of Party A’s obligations under
                        this Agreement.

                    

            

            

            
              	
                       

                    	
                      Party
                        B:

                    	
                      None.

                    

            

            

            
              	
                      (h)

                    	
                      Governing
                        Law.  The parties to this Agreement hereby agree that
                        the law of the State of New York shall govern their rights
                        and duties in
                        whole, without regard to the conflict of law provisions thereof
                        other than
                        New York General Obligations Law Sections 5-1401 and
                        5-1402.

                    

            

            

            
              	
                      (i)

                    	
                      Netting
                        of Payments.  The parties agree that subparagraph (ii)
                        of Section 2(c) will apply to each Transaction
                        hereunder.

                    

            

            

            
              	
                      (j)

                    	
                      Affiliate.  “Affiliate”
                        shall have the meaning assigned thereto in Section 14; provided,
                        however,
                        that Party B shall be deemed to have no Affiliates for purposes
                        of this
                        Agreement, including for purposes of Section 6(b)(ii); and
provided
                        further, that (except for the purpose of Part 1(c)(vii)) with
                        respect
                        to Party A, such definition shall be understood to exclude
                        Lehman Brothers
                        Derivative Products Inc. and Lehman Brothers Financial Products
                        Inc.

                    

            

            

            

            Part
              5.   Others Provisions.

            

            
              	
                      (a)

                    	
                      Definitions.
                        Unless otherwise specified in a Confirmation, this
                        Agreement and
                        each Transaction under this Agreement are subject to the
                        2000 ISDA
                        Definitions as published and copyrighted in 2000 by the International
                        Swaps and Derivatives Association, Inc. (the
                        “Definitions”), and will be governed in all relevant
                        respects by the provisions set forth in the Definitions,
                        without regard to
                        any amendment to the Definitions subsequent to the date
                        hereof.  The provisions of the Definitions are hereby
                        incorporated by reference in and shall be deemed a part of
                        this Agreement,
                        except that (i) references in the Definitions to a “Swap Transaction”
                        shall be deemed references to a “Transaction” for purposes of this
                        Agreement, and (ii) references to a “Transaction” in this Agreement shall
                        be deemed references to a “Swap Transaction” for purposes of the
                        Definitions. Each term capitalized but not defined in this
                        Agreement shall
                        have the meaning assigned thereto in the Pooling and Servicing
                        Agreement.

                    

            

             

            In
              the
              event of any inconsistency among any of the following documents, the
              relevant
              document first listed shall govern: (i) the Confirmation, (ii) the
              Credit
              Support Annex; (iii) the Schedule, (iv) the Definitions and (v) the
              ISDA Master
              Agreement.

            

            Each
              reference herein to a “Section” (unless specifically referencing the Pooling and
              Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
              a reference to a Section of the ISDA Master Agreement; each herein
              reference to
              a “Part” will be construed as a reference to the provisions herein deemed
              incorporated in a Schedule to the ISDA Master Agreement; each reference
              herein
              to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
              Support Annex.

            

            
              	
                      (b)

                    	
                      Amendments
                        to ISDA Master Agreement.

                    

            

            

            
              	
                       

                    	
                      (i)

                    	
                      Single
                        Agreement.  Section 1(c) is hereby amended by the
                        adding the words “including, for the avoidance of doubt, the Credit
                        Support Annex”  after the words “Master
                        Agreement”.

                    

            

            

            

            
              	
                       

                    	
                      (ii)

                    	
                      Representations.  Section
                        3 is hereby amended by adding at the end thereof the following
                        subsection
                        (g):

                    

            

            

            
              	
                       

                    	
                      “(g)

                    	
                      Relationship
                        Between Parties.

                    

            

            

            
              	
                       

                    	
                      (1)

                    	
                      Nonreliance.
                        In connection with the negotiation of, the entering into,
                        and the
                        execution of, this Agreement, any Credit Support Document
                        to which it is a
                        party, and each Transaction hereunder, each party acknowledges
                        and agrees
                        that: (i) It is not relying on any statement or representation
                        of the
                        other party regarding this Agreement, any Credit Support
                        Document to which
                        it is a party and each Transaction hereunder (whether written
                        or oral),
                        other than the representations expressly made in this Agreement,
                        such
                        Credit Support Document or the Confirmation in respect of
                        that
                        Transaction, it being understood that information and explanations
                        related
                        to the terms and conditions of a Transaction shall not be
                        considered
                        investment advice or a recommendation to enter into that
                        Transaction; (ii)
                        it has not received from the other party any assurance or
                        guarantee as to
                        the expected results of any Transaction; and (iii) it has
                        consulted with
                        its own legal, regulatory, tax, business, investment, financial
                        and
                        accounting advisors to the extent it has deemed necessary,
                        and it has made
                        its own investment, hedging and trading decisions based upon
                        its own
                        judgment and upon any advice from such advisors as it has
                        deemed necessary
                        and not upon any view expressed by the other
                        party.

                    

            

             

            
              	
                       

                    	
                      (2)

                    	
                      Evaluation
                        and Understanding.  (i) It has the capacity to evaluate
                        (internally or through independent professional advice) the
                        Transaction
                        and has made its own decision to enter into the Transaction
                        and (ii) It
                        understands the terms, conditions and risks of the Transaction
                        and is
                        willing and able to accept those terms and conditions and
                        to assume those
                        risks, financially and otherwise. 

                    

            

            

            
              	
                       

                    	
                      (3)

                    	
                      Purpose.  It
                        is entering into the Transaction for the purposes of managing
                        its
                        borrowings or investments, hedging its underlying assets
                        or liabilities or
                        in connection with a line of
                        business.

                    

            

            

            
              	
                       

                    	
                      (4)

                    	
                      Status
                        of Parties.  The other party is not acting as an agent,
                        fiduciary or advisor for it in respect of the
                        Transaction.

                    

            

            

            
              	
                    	
                      (5)

                    	
                      Eligible
                        Contract Participant.  It is an “eligible swap participant” as
                        such term is defined in, Section 35.1(b)(2) of the regulations
                        (17 C.F.R.
                        35) promulgated under, and an “eligible contract participant” as defined
                        in Section 1(a)(12) of the Commodity Exchange Act, as
                        amended.

                    

            

            

            

            
              	
                       

                    	
                      (iii)

                    	
                      Transfer
                        to Avoid Termination Event.  Section 6(b)(ii) is hereby
                        amended by (i) deleting the words “or if a Tax Event Upon Merger occurs
                        and the Burdened Party is the Affected Party,” and (ii) by deleting the
                        words “to transfer” and inserting the words “to effect a Permitted
                        Transfer” in lieu thereof.

                    

            

            

            
              	
                       

                    	
                      (iv)

                    	
                      Jurisdiction.
                        Section 13(b) is hereby amended by: (i) deleting
                        in the second
                        line of subparagraph (i) thereof the word "non-", (ii) deleting
“; and”
                        from the end of subparagraph (i) and inserting “.” in lieu thereof, and
                        (iii) deleting the final paragraph
                        thereof.

                    

            

            

            
              	
                       

                    	
                      (v)

                    	
                      Local
                        Business Day.  The definition of Local Business Day in
                        Section 14 is hereby amended by the addition of the words
“or any Credit
                        Support Document” after “Section 2(a)(i)” and the addition of the words
                        “or Credit Support Document” after
                        “Confirmation”.

                    

            

            

            
              	
                      (c)

                    	
                      Additional
                        Termination Events.  The following Additional
                        Termination Events will apply:

                    

            

            

            
              	
                    	
                      (i)

                    	
                      First
                        Rating Trigger Collateral.  If (A) it is not the case
                        that a Moody’s Second Trigger Ratings Event has occurred and been
                        continuing for 30 or more Local Business Days and (B) Party
                        A has failed
                        to comply with or perform any obligation to be complied with
                        or performed
                        by Party A in accordance with the Credit Support Annex, then
                        an Additional
                        Termination Event shall have occurred with respect to Party
                        A and Party A
                        shall be the sole Affected Party with respect to such Additional
                        Termination Event.

                    

            

            

            
              	
                    	
                      (ii)

                    	
                      Second
                        Rating Trigger Replacement.  If (A) a Required Ratings
                        Downgrade Event has occurred and been continuing for 30 or
                        more Local
                        Business Days and (B) (i) at least one Eligible Replacement
                        has made a
                        Firm Offer to be the transferee of all of Party A’s rights and obligations
                        under this Agreement (and such Firm Offer remains an offer
                        that will
                        become legally binding upon such Eligible Replacement upon
                        acceptance by
                        the offeree) and/or (ii) an Eligible Guarantor has made a
                        Firm Offer to
                        provide an Eligible Guarantee (and such Firm Offer remains
                        an offer that
                        will become legally binding upon such Eligible Guarantor
                        immediately upon
                        acceptance by the offeree), then an Additional Termination
                        Event shall
                        have occurred with respect to Party A and Party A shall be
                        the sole
                        Affected Party with respect to such Additional Termination
                        Event.

                    

            

            

            
              	
                       

                    	
                      (iii)

                    	
                      Regulation
                        AB.  If (i) the Depositor still has a reporting
                        obligation with respect to the Transaction hereunder pursuant
                        to
                        Regulation AB and (ii) Party A has not, within the applicable
                        time period
                        specified in Part 5(e)(ii)(a) below after a Cap Disclosure
                        Event, complied
                        with any of the provisions set forth in Part 5(e)(ii) below,
                        then an
                        Additional Termination Event shall have occurred with respect
                        to Party A
                        and Party A shall be the sole Affected Party with respect
                        to such
                        Additional Termination Event.

                    

            

            

            
              	
                       

                    	
                      (iv)

                    	
                      Optional
                        Termination of Securitization.  An Additional
                        Termination Event shall occur upon the notice to Certificateholders
                        of an
                        Optional Termination becoming unrescindable in accordance
                        with Article X
                        of the Pooling and Servicing Agreement; provided however,
                        that
                        notwithstanding anything to the contrary in Section 6(b)(iv),
                        Party B
                        shall be the sole Affected Party and only Party B may designate
                        an Early
                        Termination Date in respect of this Additional Termination
                        Event.

                    

            

             

            
              	
                      (d)

                    	
                      Required
                        Ratings Downgrade Event.  In the event that no Relevant
                        Entity has credit ratings at least equal to the Required
                        Ratings
                        Threshold, then Party A shall, as soon as reasonably practicable
                        and so
                        long as a Required Ratings Downgrade Event is in effect,
                        at its own
                        expense, using commercially reasonable efforts, procure either
                        (A) a
                        Permitted Transfer or (B) an Eligible
                        Guarantee.

                    

            

            

            
              	
                      (e)

                    	
                      Compliance
                        with Regulation AB.

                    

            

             

            
              	
                       

                    	
                      (i)

                    	
                      It
                        shall be a cap disclosure event (“Cap Disclosure Event”)
                        if, at any time after the date hereof while the Depositor
                        has reporting
                        obligations with respect to this Transaction pursuant to
                        Regulation AB,
                        the Depositor or Greenwich Capital Financial Products, Inc.
                        (the
                        “Sponsor”) notifies Party A that the aggregate
                        “significance percentage” (calculated in accordance with the provisions of
                        Item 1115 of Regulation AB) of all derivative instruments
                        provided by
                        Party A and any of its affiliates to Party B (collectively,
                        the
                        “Aggregate Significance Percentage”) is 9% or
                        more.

                    

            

             

            
              	
                       

                    	
                      (ii)

                    	
                      Upon
                        the occurrence of a Cap Disclosure Event while the Depositor
                        has reporting
                        obligations with respect to this Transaction pursuant to
                        Regulation AB,
                        Party A, at its own cost and expense (and without any expense
                        or liability
                        to the Depositor, the Sponsor, the Underwriters, the Depositor,
                        the
                        Trustee or the Issuing Entity), shall take one of the following
                        actions:

                    

            

             

            
              	
                       

                    	
                      (a)

                    	
                      provide
                        to the Sponsor and the Depositor: (i) if the Aggregate Significance
                        Percentage is 9% or more, but less than 10%, within thirty
                        (30) days,
                        either, at the sole discretion of Party A, the information
                        required under
                        Item 1115(b)(1) or Item 1115(b)(2) of Regulation AB, (ii)
                        if the Aggregate
                        Significance Percentage is 10% or more, but less than 20%,
                        within five (5)
                        Business Days, either, at the sole discretion of Party A,
                        the information
                        required under Item 1115(b)(1) or Item 1115(b)(2) of Regulation
                        AB, (iii)
                        if the Aggregate Significance Percentage is 19% or more,
                        but less than
                        20%, within thirty (30) days, the information required under
                        Item
                        1115(b)(2) of Regulation AB or (iv) if the Aggregate Significance
                        Percentage is 20% or more, within five (5) Business Days,
                        the information
                        required under Item 1115(b)(2) of Regulation AB;
                        or

                    

            

             

            
              	
                       

                    	
                      (b)

                    	
                      transfer
                        in a Permitted Transfer its obligations under the Transaction
                        to a
                        counterparty with the Approved Ratings Thresholds, that (x)
                        provides the
                        information specified in clause (a) above to the Depositor
                        and Sponsor and
                        (y) enters into documentation substantially similar to the
                        documentation
                        then in place between Party A and Party B.  For purposes of this
                        subclause (b), the parties agree that National Westminster
                        Bank Plc
                        (“NatWest”) shall be an acceptable replacement for
                        Party
                        A, so long as NatWest is able to provide the information
                        required under
                        subclause (a) above and satisfy the requirements of this
                        subclause
                        (b).

                    

            

             

            
              	
                       

                    	
                      (iii)

                    	
                      For
                        so long as the Aggregate Significance Percentage is 10% or
                        more the
                        Depositor has reporting obligations with respect to this
                        Transaction,
                        Party A shall provide any updates to the information provided
                        pursuant to
                        clause (ii)(a) above to the Sponsor and the Depositor within
                        five (5)
                        Business Days following the availability thereof (but in
                        no event more
                        than 6 months after the end of each of Party A’s fiscal year for any
                        annual update and when available for any interim
                        update).

                    

            

             

            
              	
                       

                    	
                      (iv)

                    	
                      All
                        information provided pursuant to clause (ii) shall be in
                        a form suitable
                        for conversion to the format required for filing by the Depositor
                        with the
                        Commission via the Electronic Data Gathering and Retrieval
                        System
                        (EDGAR).  The parties hereto acknowledge that electronic files
                        in Adobe Acrobat format will be deemed to satisfy the requirements
                        of this
                        Part 5(e)(iv).  In addition, any such information, if audited,
                        shall be accompanied by any necessary auditor’s consents or, if such
                        information is unaudited, shall be accompanied by an appropriate
                        agreed-upon procedures letter from Party A’s accountants.  If
                        permitted by Regulation AB, any such information may be provided
                        by
                        reference to or incorporation by reference from reports filed
                        pursuant to
                        the Exchange Act.

                    

            

             

            
              	
                       

                    	
                      (v)

                    	
                      The
                        Sponsor and Depositor each shall be an express third party
                        beneficiary of
                        this Agreement with respect to Party A’s undertakings under this Part 5(e)
                        only.

                    

            

             

            
              	
                      (f)

                    	
                      Transfers.

                    

            

             

            (i)           Section
              7 is hereby amended to read in its entirety as follows:

             

            “Except
              with respect to any Permitted Transfer pursuant to Section 6(b)(ii),
              Part 5(d),
              Part 5(e), or the succeeding sentence, neither Party A nor Party B
              is permitted
              to assign, novate or transfer (whether by way of security or otherwise)
              as a
              whole or in part any of its rights, obligations or interests under
              the Agreement
              or any Transaction unless (a) the prior written consent of the other
              party is
              obtained, or (b) prior written notice to the Swap Rating Agencies.  At
              any time at which no Relevant Entity has credit ratings at least equal
              to the
              Approved Ratings Threshold, Party A may make a Permitted Transfer.”

             

            
              	
                       

                    	
                      (ii)

                    	
                      If
                        an Eligible Replacement has made a Firm Offer (which remains
                        an offer that
                        will become legally binding  upon acceptance by Party B) to be
                        the transferee pursuant to a Permitted Transfer, Party B
                        shall, at Party
                        A’s written request and at Party A’s expense, take any reasonable steps
                        required to be taken by Party B to effect such
                        transfer.

                    

            

             

            
              	
                      (g)

                    	
                      Non-Recourse.  Party
                        A acknowledges and agrees that, notwithstanding any provision
                        in this
                        Agreement to the contrary, the obligations of Party B hereunder
                        are
                        limited recourse obligations of Party B, payable solely from
                        the Cap Trust
                        and the proceeds thereof, in accordance with the priority
                        of payments and
                        other terms of the Pooling and Servicing Agreement and that
                        Party A will
                        not have any recourse to any of the directors, officers,
                        employees,
                        agents, shareholders or affiliates of the Party B with respect
                        to any
                        claims, losses, damages, liabilities, indemnities or other
                        obligations in
                        connection with any transactions contemplated hereby. In
                        the event that
                        the Cap Trust and the proceeds thereof, should be insufficient
                        to satisfy
                        all claims outstanding and following the realization of the
                        account held
                        by the Cap Trust and the proceeds thereof, any claims against
                        or
                        obligations of Party B under the ISDA Master Agreement or
                        any other
                        confirmation thereunder still outstanding shall be extinguished
                        and
                        thereafter not revive.  The Cap Trustee shall not have liability
                        for any failure or delay in making a payment hereunder to
                        Party A due to
                        any failure or delay in receiving amounts in the account
                        held by the Cap
                        Trust from the Trust created pursuant to the Pooling and
                        Servicing
                        Agreement. Nothing in this Part 5(g) shall preclude Party
                        A from declaring
                        an Event of Default or Termination Event as set forth in
                        this
                        Agreement.

                    

            

            

            
              	
                      (h)

                    	
                      Timing
                        ofPayments by Party B upon Early
                        Termination.  Notwithstanding anything to the contrary
                        in Section 6(d)(ii), to the extent that all or a portion
                        (in either case,
                        the “Unfunded Amount”) of any amount that is calculated as being due in
                        respect of any Early Termination Date under Section 6(e)
                        from Party B to
                        Party A will be paid by Party B from amounts other than any
                        upfront
                        payment paid to Party B by an Eligible Replacement that has
                        entered a
                        Replacement Transaction with Party B, then such Unfunded
                        Amount shall be
                        due on the next subsequent Distribution Date following the
                        date on which
                        the payment would have been payable as determined in accordance
                        with
                        Section 6(d)(ii), and on any subsequent Distribution Dates
                        until paid in
                        full (or if such Early Termination Date is the final Distribution
                        Date, on
                        such final Distribution Date); provided, however, that if
                        the date on
                        which the payment would have been payable as determined in
                        accordance with
                        Section 6(d)(ii) is a Distribution Date, such payment will
                        be payable on
                        such Distribution Date.

                    

            

            

            
              	
                      (i)

                    	
                      Rating
                        Agency Notifications.  Notwithstanding any other
                        provision of this Agreement, no Early Termination Date shall
                        be
                        effectively designated hereunder by Party B and no transfer
                        of any rights
                        or obligations under this Agreement shall be made by either
                        party unless
                        each Swap Rating Agency has been given prior written notice
                        of such
                        designation or transfer.

                    

            

            

            
              	
                      (j)

                    	
                      No
                        Set-off.  Except as expressly provided for in Section
                        2(c), Section 6 or Part 1(f)(i)(D) hereof and notwithstanding
                        any other
                        provision of this Agreement of this Agreement or any other
                        existing or
                        future agreement, each party irrevocably waives any and all
                        rights it may
                        have to set off, net, recoup or otherwise withhold or suspend
                        or condition
                        payment or performance of any obligation between it and the
                        other party
                        hereunder against any obligation between it and the other
                        party under any
                        other agreements.  Section 6(e) shall be amended by deleting the
                        following sentence: “The amount, if any, payable in respect of an Early
                        Termination Date and determined pursuant to this Section
                        will be subject
                        to any Set-off.”.

                    

            

             

            
              	
                      (k)

                    	
                      Amendment.  Notwithstanding
                        any provision to the contrary in this Agreement, no amendment
                        of either
                        this Agreement or any Transaction under this Agreement shall
                        be permitted
                        by either party unless each of the Swap Rating Agencies has
                        been provided
                        prior written notice of the same.

                    

            

            

            
              	
                      (l)

                    	
                      Notice
                        of Certain Events or Circumstances.  Each Party agrees,
                        upon learning of the occurrence or existence of any event
                        or condition
                        that constitutes (or that with the giving of notice or passage
                        of time or
                        both would constitute) an Event of Default or Termination
                        Event with
                        respect to such party, promptly to give the other Party and
                        to each Swap
                        Rating Agency notice of such event or condition; provided
                        that failure to
                        provide notice of such event or condition pursuant to this
                        Part 5(l) shall
                        not constitute an Event of Default or a Termination
                        Event.

                    

            

             

            
              	
                      (m)

                    	
                      Proceedings.  No
                        Relevant Entity shall institute against, or cause any other
                        person to
                        institute against Party B, the Cap Trust, or the trust formed
                        pursuant to
                        the Pooling and Servicing Agreement, in any bankruptcy, reorganization,
                        arrangement, insolvency or liquidation proceedings or other
                        proceedings
                        under any federal or state bankruptcy or similar law for
                        a period of one
                        year (or, if longer, the applicable preference period) and
                        one day
                        following payment in full of the Certificates and any Notes;
                        provided, that this provision shall not restrict or prohibit
                        Party
                        A from joining any other person, including, without limitation,
                        the
                        Trustee, in any bankruptcy, reorganization, arrangement,
                        insolvency,
                        moratorium or liquidation proceedings already commenced or
                        other analogous
                        proceedings already commenced under applicable law.  This
                        provision will survive the termination of this
                        Agreement.

                    

            

            

            
              	
                      (n)

                    	
                      Cap
                        Trustee Liability Limitations.  It is expressly
                        understood and agreed by the parties hereto that (a) this
                        Agreement is
                        executed by Wells Fargo Bank, N.A. (“Wells”) not in its individual
                        capacity, but solely as Cap Trustee under the Pooling and
                        Servicing
                        Agreement in the exercise of the powers and authority conferred
                        and
                        invested in it thereunder; (b) Wells has been directed pursuant
                        to the
                        Pooling and Servicing Agreement to enter into this Agreement
                        and to
                        perform its obligations hereunder; (c) each of the representations,
                        undertakings and agreements herein made on behalf of the
                        Cap Trust is made
                        and intended not as personal representations of the Cap Trustee
                        but is
                        made and intended for the purpose of binding only the Cap
                        Trust; and (d)
                        under no circumstances shall Wells in its individual
                        capacity be personally liable for any payments hereunder
                        or for the breach
                        or failure of any obligation, representation, warranty or
                        covenant made or
                        undertaken under this Agreement.

                    

            

            

            
              	
                      (o)

                    	
                      Severability.  If
                        any term, provision, covenant, or condition of this Agreement,
                        or the
                        application thereof to any party or circumstance, shall be
                        held to be
                        invalid or unenforceable (in whole or in part) in any respect,
                        the
                        remaining terms, provisions, covenants, and conditions hereof
                        shall
                        continue in full force and effect as if this Agreement had
                        been executed
                        with the invalid or unenforceable portion eliminated, so
                        long as this
                        Agreement as so modified continues to express, without material
                        change,
                        the original intentions of the parties as to the subject
                        matter of this
                        Agreement and the deletion of such portion of this Agreement
                        will not
                        substantially impair the respective benefits or expectations
                        of the
                        parties; provided, however, that this severability provision
                        shall not be
                        applicable if any provision of Section 2, 5, 6, or 13 (or
                        any definition
                        or provision in Section 14 to the extent it relates to, or
                        is used in or
                        in connection with any such Section) shall be so held to
                        be invalid or
                        unenforceable.

                    

            

            

            The
              parties shall endeavor to engage in good faith negotiations to replace
              any
              invalid or unenforceable term, provision, covenant or condition with
              a valid or
              enforceable term, provision, covenant or condition, the economic effect
              of which
              comes as close as possible to that of the invalid or unenforceable
              term,
              provision, covenant or condition.

            

            
              	
                      (p)

                    	
                      Agent
                        for Party B.  Party A acknowledges that the Depositor
                        has appointed the Cap Trustee as its agent under the Pooling
                        and Servicing
                        Agreement to carry out certain functions on behalf of Party
                        B, and that
                        the Cap Trustee shall be entitled to give notices and to
                        perform and
                        satisfy the obligations of Party B hereunder on behalf of
                        Party
                        B.

                    

            

             

             

            
              	
                      (q)

                    	
                      Escrow
                        Payments.  If (whether by reason of the time difference
                        between the cities in which payments are to be made or otherwise)
                        it is
                        not possible for simultaneous payments to be made on any
                        date on which
                        both parties are required to make payments hereunder, either
                        Party may at
                        its option and in its sole discretion notify the other Party
                        that payments
                        on that date are to be made in escrow.  In this case deposit of
                        the payment due earlier on that date shall be made by 2:00
                        pm (local time
                        at the place for the earlier payment) on that date with an
                        escrow agent
                        selected by the notifying party, accompanied by irrevocable
                        payment
                        instructions (i) to release the deposited payment to the
                        intended
                        recipient upon receipt by the escrow agent of the required
                        deposit of any
                        corresponding payment payable by the other party on the same
                        date
                        accompanied by irrevocable payment instructions to the same
                        effect or (ii)
                        if the required deposit of the corresponding payment is not
                        made on that
                        same date, to return the payment deposited to the party that
                        paid it into
                        escrow.  The party that elects to have payments made in escrow
                        shall pay all costs of the escrow
                        arrangements.

                    

            

            
              	
                       (r)

                    	
                      Consent
                        to Recording.  Each party hereto consents to the
                        monitoring or recording, at any time and from time to time,
                        by the other
                        party of any and all communications between trading, marketing,
                        and
                        operations personnel of the parties and their Affiliates,
                        waives any
                        further notice of such monitoring or recording. Promptly
                        upon the request
                        by a party, the other party will provide a copy of such recording
                        to the
                        party making the request.

                    

            

            

            
              	
                      (s)

                    	
                      Waiver
                        of Jury Trial.  Each party waives any right it may have
                        to a trial by jury in respect of any suit, action or proceeding
                        relating
                        to this Agreement, any Transaction or any Credit Support
                        Document and
                        acknowledges that this waiver is a material inducement to
                        the other
                        party’s entering into this agreement and each transaction
                        hereunder.

                    

            

            

            
              	
                      (t)

                    	
                      Form
                        of ISDA Master Agreement.  Party A and Party B hereby
                        agree that the text of the body of the ISDA Master Agreement
                        is intended
                        to be the printed form of the ISDA Master Agreement (Multicurrency
–
                        Crossborder) as published and copyrighted in 1992 by the
                        International
                        Swaps and Derivatives Association,
                        Inc.

                    

            

            

            
              	
                      (u)

                    	
                      Additional
                        representations.

                    

            

             

            
              	
                       

                    	
                      (i) Party
                        A represents to Party B on the date on which Party A enters
                        into this
                        Agreement that it is entering into the Agreement as principal
                        and not as
                        agent of any person.

                    

            

             

            (ii)
              The
              Cap Trustee represents to Party A on the date on which the Cap Trustee
              executes
              this Agreement that it is executing the Agreement in its capacity as
              Cap
              Trustee.

             

            
              	
                      (v)

                    	
                      Acknowledgements.

                    

            

            

            
              	
                       

                    	
                      (i)

                    	
                      Substantial
                        financial transactions.  Each party hereto is hereby
                        advised and acknowledges as of the date hereof that the other
                        party has
                        engaged in (or refrained from engaging in) substantial financial
                        transactions and has taken (or refrained from taking) other
                        material
                        actions in reliance upon the entry by the parties into the
                        Transaction
                        being entered into on the terms and conditions set forth
                        herein and in the
                        Pooling and Servicing Agreement relating to such Transaction,
                        as
                        applicable. This paragraph shall be deemed repeated on the
                        trade date of
                        each Transaction.

                    

            

             

            
              	
                       

                    	
                      (ii)

                    	
                      Bankruptcy
                        Code.  Subject to Part 5(m), without limiting the
                        applicability if any, of any other provision of the U.S.
                        Bankruptcy Code
                        as amended (the “Bankruptcy Code”) (including without limitation Sections
                        362, 546, 556, and 560 thereof and the applicable definitions
                        in Section
                        101 thereof), the parties acknowledge and agree that all
                        Transactions
                        entered into hereunder will constitute “forward contracts” or “swap
                        agreements” as defined in Section 101 of the Bankruptcy Code or “commodity
                        contracts” as defined in Section 761 of the Bankruptcy Code, that the
                        rights of the parties under Section 6 of this Agreement will
                        constitute
                        contractual rights to liquidate Transactions, that any margin
                        or
                        collateral provided under any margin, collateral, security,
                        pledge, or
                        similar agreement related hereto will constitute a “margin payment” as
                        defined in Section 101 of the Bankruptcy Code, and that the
                        parties are
                        entities entitled to the rights under, and protections afforded
                        by,
                        Sections 362, 546, 556, and 560 of the Bankruptcy
                        Code.

                    

            

             

            
              	
                      (w)

                    	
                      Limitation
                        on Events of Default.  Notwithstanding the provisions
                        of Sections 5 and 6, with respect to any Transaction, if
                        at any time and
                        so long as Party B has satisfied in full all its payment
                        obligations under
                        Section 2(a)(i) in respect such Transaction and has at the
                        time no future
                        payment obligations, whether absolute or contingent, under
                        such Section in
                        respect of such Transaction, then unless Party A is required
                        pursuant to
                        appropriate proceedings to return to Party B or otherwise
                        returns to Party
                        B upon demand of Party B any portion of any such payment
                        in respect of
                        such Transaction, (a) the occurrence of an event described
                        in Section 5(a)
                        with respect to Party B shall not constitute an Event of
                        Default or
                        Potential Event of Default with respect to Party B as Defaulting
                        Party in
                        respect of such Transaction and (b) Party A shall be entitled
                        to designate
                        an Early Termination Date pursuant to Section 6 in respect
                        of such Cap
                        Transaction only as a result of the occurrence of a Termination
                        Event set
                        forth in either Section 5(b)(i) or 5(b)(ii) with respect
                        to Party A as the
                        Affected Party, or Section 5(b)(iii) with respect to Party
                        A as the
                        Burdened Party.  Party A acknowledges and agrees that Party B’s
                        only payment obligation under Section 2(a)(i) in respect
                        of each
                        Transaction is to pay the related Fixed Amount on the related
                        Fixed Amount
                        Payer Payment Date.

                    

            

             

            
              	
                      (x)

                    	
                      [Reserved]

                    

            

             

            
              	
                      (y)

                    	
                      No
                        Violation or Conflict Representation.Section 3(a)(iii) is
                        hereby amended by inserting in the second line thereof after
                        the words
                        “constitutional documents” and before the words “, any order or judgment”
                        the phrase “(including, but not limited to, the Pooling and Servicing
                        Agreement as amended,).”; provided, such amendment shall be
                        applicable only with respect to the Representations of Party
                        B.

                    

            

            

            
              	
                      (z)

                    	
                      Accuracy
                        of Specified Information.Section 3(d) is hereby amended by
                        inserting in the third line thereof after the words “in every material
                        respect” and before the period the phrase “or, in the case of audited or
                        unaudited financial statements, a fair presentation, in all
                        material
                        respects, of the financial condition of the relevant
                        person.”

                    

            

            

            
              	
                      (aa)

                    	
                      Third-Party
                        Beneficiary.   Party B consents to Party A that
                        Party A shall be an express third-party beneficiary of the
                        Pooling and
                        Servicing Agreement.

                    

            

            

            
              	
                      (bb)

                    	
                      Notices.  For
                        the purposes of subsections (iii) and (v) of Section
                        12(a), the date of receipt shall be presumed to be the date
                        sent if
                        sent on a Local Business Day or, if not sent on a Local Business
                        Day, the
                        date of receipt shall be presumed to be the first Local Business
                        Day
                        following the date sent.

                    

            

            

            
              	
                      (cc)

                    	
                      Service
                        of Process.  The third sentence of Section 13(c)
                        shall be amended by adding the following language at the
                        end
                        thereof:  "if permitted in the jurisdiction where the
                        proceedings are initiated and in the jurisdiction where service
                        is to be
                        made."

                    

            

             

            
              	
                      (dd)

                    	
                      Additional
                        Definitions.

                    

            

             

            As
              used
              in this Agreement, the following terms shall have the meanings set
              forth below,
              unless the context clearly requires otherwise:

             

            “Approved
              Ratings Threshold” means each of the S&P Approved Ratings
              Threshold, Moody’s First Trigger Ratings Threshold, and Fitch Approved Ratings
              Threshold.

            

            “Approved
              Replacement” means, with respect to a Market Quotation, an entity
              making such Market Quotation, which entity would satisfy conditions
              (a), (b),
              (c) and (d) of the definition of Permitted Transfer (as determined
              by Party B in
              its sole discretion, acting in a commercially reasonable manner) if
              such entity
              were a Transferee, as defined in the definition of Permitted
              Transfer.

            

            “Derivative
              Provider Trigger Event” means (i) an Event of Default with respect
              to which Party A is a Defaulting Party, (ii) a Termination Event with
              respect to
              which Party A is the sole Affected Party or (iii) an Additional Termination
              Event with respect to which Party A is the sole Affected Party.

            

            “Eligible
              Guarantee” means an unconditional and irrevocable guarantee of
              all
              present and future obligations of Party A (or an Eligible Replacement)
              to Party
              B under this Agreement that (a) is in a form identical to the attached
              hereto as
              Exhibit A, or (b) is provided by an Eligible Guarantor as principal
              debtor
              rather than surety and that is directly enforceable by Party B, the
              form and
              substance of which are provided in advance to S&P and Fitch, and either (A)
              a law firm has given a legal opinion confirming that none of the guarantor’s
              payments to Party B under such guarantee will be subject to Tax collected
              by
              withholding or (B) such guarantee provides that, in the event that
              any of such
              guarantor’s payments to Party B are subject to Tax collected by withholding,
              such guarantor is required to pay such additional amount as is necessary
              to
              ensure that the net amount actually received by Party B (free and clear
              of any
              Tax collected by withholding) will equal the full amount Party B would
              have
              received had no such withholding been required.

            

            “Eligible
              Guarantor” means an entity that (A) has credit ratings from
              S&P at least equal to the  the S&P Approved Ratings Threshold,
              (B) has credit ratings from Fitch at least equal to the  the Fitch
              Approved Ratings Threshold, and (C) has credit ratings from Moody’s at least
              equal to the Moody’s Second Trigger Ratings Threshold, including without
              limitation, Holdings for so long as Holdings has such credit
              ratings.

            

            “Eligible
              Replacement” means an entity (A) (i) (a) that has credit ratings
              from S&P at least equal to the S&P Approved Ratings Threshold, (b) that
              has credit ratings from Fitch at least equal to the Fitch Approved
              Ratings
              Threshold, and (c) has credit ratings from Moody’s at least equal to the Moody’s
              Second Trigger Ratings Threshold, , or (ii) the present and future
              obligations
              (for the avoidance of doubt, not limited to payment obligations) of
              which entity
              to Party B under this Agreement are guaranteed pursuant to an Eligible
              Guarantee
              and (B) that has executed an Item 1115 Agreement with Depositor.

            

            “Firm
              Offer” means (A) with respect to an Eligible Replacement, a
              quotation from such Eligible Replacement (i) in an amount equal to
              the actual
              amount payable by or to Party B in consideration of an agreement between
              Party B
              and such Eligible Replacement to replace Party A as the counterparty
              to this
              Agreement by way of novation or, if such novation is not possible,
              an agreement
              between Party B and such Eligible Replacement to enter into a Replacement
              Transaction (assuming that all Transactions hereunder become Terminated
              Transactions), and (ii) that constitutes an offer by such Eligible
              Replacement
              to replace Party A as the counterparty to this Agreement or enter a
              Replacement
              Transaction that will become legally binding upon such Eligible Replacement
              upon
              acceptance by Party B, and (B) with respect to an Eligible Guarantor,
              an offer
              by such Eligible Guarantor to provide an Eligible Guarantee that will
              become
              legally binding upon such Eligible Guarantor  upon acceptance by the
              offeree.

            

            “Fitch”
              means Fitch Ratings Ltd., or any successor thereto.

            

            “Fitch
              First Trigger Ratings Threshold” means, with respect to Party A,
              the guarantor under an Eligible Guarantee or an Eligible Replacement,
              a
              long-term unsecured and unsubordinated debt rating from Fitch of “A” and a
              short-term unsecured and unsubordinated debt rating from Fitch of
“F1”.

            

            “Fitch
              Required Ratings Downgrade Event” means that no Relevant Entity
              has credit ratings at least equal to the Fitch Second Trigger Ratings
              Threshold.

            

            “Fitch
              Second Trigger Ratings Threshold” means, with respect to Party A,
              the guarantor under an Eligible Guarantee or an Eligible Replacement,
              a
              long-term unsecured and unsubordinated debt rating from Fitch of
“BBB-”.

            

            “Moody’s”
              means Moody’s Investors Service, Inc., or any successor thereto.

            

            “Moody’s
              First Trigger Ratings Event”means
              that
no Relevant Entity has credit ratings from Moody’s at least equal to the
              Moody’s First Trigger Ratings Threshold.

            

            “Moody’s
              First Trigger Ratings Threshold” means, with respect to Party A,
              the guarantor under an Eligible Guarantee or an Eligible Replacement,
              (i) if
              such entity has a short-term unsecured and unsubordinated debt rating
              from
              Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty
              rating from Moody’s of “A2” and a short-term unsecured and unsubordinated debt
              rating from Moody’s of “Prime-1”, or (ii) if such entity does not have a
              short-term unsecured and unsubordinated debt rating or counterparty
              rating from
              Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty
              rating from Moody’s of “A1”.

            

            “Moody’s
              Second Trigger Ratings Event”means
              that
no Relevant Entity has credit ratings from Moody’s at least equal to the
              Moody’s Second Trigger Ratings Threshold.

            

            “Moody’s
              Second Trigger Ratings Threshold” means,
              with respect to Party A, the guarantor under an Eligible Guarantee
              or an
              Eligible Replacement, (i) if such entity has a short-term unsecured
              and
              unsubordinated debt rating from Moody’s, a long-term unsecured and
              unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
              short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
              or (ii) if such entity does not have a short-term unsecured and unsubordinated
              debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
              or counterparty rating from Moody’s of “A3”.

            

            “Permitted
              Transfer” means a transfer by novation by Party A pursuant to
              Section 6(b)(ii), Part 5(d), Part 5(e), or the second sentence of Section
              7 (as
              amended herein) to a transferee (the “Transferee”) of all, but
              not less than all, of Party A’s rights, liabilities, duties and obligations
              under this Agreement, with respect to which transfer each of the following
              conditions is satisfied:  (a) the Transferee is an Eligible
              Replacement; (b) Party A and the Transferee are both “dealers in notional
              principal contracts” within the meaning of Treasury regulations section
              1.1001-4; (c) as of the date of such transfer the Transferee would
              not be
              required to withhold or deduct on account of Tax from any payments
              under this
              Agreement or would be required to gross up for such Tax under Section
              2(d)(i)(4); (d) an Event of Default or Termination Event would not
              occur as a
              result of such transfer; (e) pursuant to a written instrument (the
              “Transfer Agreement”), the Transferee acquires and assumes all
              rights and obligations of Party A under the Agreement and the relevant
              Transaction; (f) Party B shall have determined in its sole discretion,
              such
              Transfer Agreement relates to all, but not less than all, of Party
              A’s rights
              and obligations under the Agreement and all relevant Transactions;
              (g) Party A
              will be responsible for any costs or expenses incurred in connection
              with such
              transfer (including any replacement cost of entering into a replacement
              transaction); (h) each Swap Rating Agency has been given prior written
              notice of
              such transfer, and (i) such transfer otherwise complies with the terms
              of the
              Pooling and Servicing Agreement.

             

            “Relevant
              Entity” means Party A and, to the extent applicable, a guarantor
              under an Eligible Guarantee.

            

            “Replacement
              Transaction” means, with respect to any Terminated Transaction or
              group of Terminated Transactions, a transaction or group of transactions
              that
              (i) would have the effect of preserving for Party B the economic equivalent
              of
              any payment or delivery (whether the underlying obligation was absolute
              or
              contingent and assuming the satisfaction of each applicable condition
              precedent)
              by the parties under Section 2(a)(i) in respect of such Terminated
              Transaction
              or group of Terminated Transactions that would, but for the occurrence
              of the
              relevant Early Termination Date, have been required after that Date,
              and (ii)
              has terms which are substantially the same as this Agreement, including,
              without
              limitation, rating triggers, Regulation AB compliance, and credit support
              documentation, save for the exclusion of provisions relating to Transactions
              that are not Terminated Transaction, as determined by Party B in its
              sole
              discretion, acting in a commercially reasonable manner.

            

            “Required
              Ratings Downgrade Event” means that no Relevant Entity has credit
              ratings at least equal to the Required Ratings Threshold.

            

            “Required
              Ratings Threshold” means each of the S&P Required Ratings
              Threshold, the Moody’s Second Trigger Ratings Threshold, and the Fitch Required
              Ratings Threshold.

            

            “S&P”
              means Standard & Poor's Rating Services, a division of The McGraw-Hill
              Companies, Inc., or any successor thereto.

            

            “S&P
              Approved Ratings Threshold” means, with respect to Party A, the
              guarantor under an Eligible Guarantee or an Eligible Replacement, a
              short-term
              unsecured and unsubordinated debt rating from S&P of “A-1”, or, if such
              entity does not have a short-term unsecured and unsubordinated debt
              rating from
              S&P, a long-term unsecured and unsubordinated debt rating or counterparty
              rating from S&P of “A+”.

            

            “S&P
              Required Ratings Threshold” means, with respect to Party A, the
              guarantor under an Eligible Guarantee or an Eligible Replacement, a
              long-term
              unsecured and unsubordinated debt rating or counterparty rating from
              S&P of
“BBB+”.

            

            “Swap
              Rating Agencies” means, with respect to any date of determination,
              each of S&P, Moody’s, and Fitch, to the extent that each such rating agency
              is then providing a rating for any of the Soundview Home Loan Trust
              2007-OPT1,
              Asset-Backed Certificates, Series 2007-OPT1 (the “Certificates”) or any notes
              backed by the Certificates (the “Notes”).

            

             

            [Remainder
              of this page intentionally left blank.]

             

            
              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            

             

            
              	
                      LEHMAN
                        BROTHERS

                      SPECIAL
                        FINANCING INC.

                    	 	
                      WELLS
                        FARGO BANK, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY
                        AS CAP
                        TRUSTEE ON BEHALF OF THE CAP TRUST WITH RESPECT TO THE SOUNDVIEW
                        HOME LOAN
                        TRUST 2007-OPT1, ASSET-BACKED CERTIFICATES, SERIES
                        2007-OPT1

                    
	
                      (Name
                        of Party)

                    	 	
                      (Name
                        of Party)

                    
	
                      
                         

                         

                         

                         

                      

                    	 	 
	 	 	 
	
                      Name:DRAFT

                    	 	
                      Name:DRAFT

                    
	
                      Title:

                    	 	
                      Title:

                    
	
                      Date:

                    	 	
                      Date:

                    

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            Exhibit
              A

            

            GUARANTEE
              OF LEHMAN BROTHERS HOLDINGS INC.

             

            LEHMAN
              BROTHERS SPECIAL FINANCING INC. (“Party A”) and Wells Fargo Bank, N.A., not in
              its individual capacity, but solely as Cap Trustee on behalf of the
              Cap Trust
              with respect to the Soundview Home Loan Trust 2007-OPT1, Asset-Backed
              Certificates, Series 2007-OPT1 (“Party B”) have entered into a Master Agreement
              dated as of May 15, 2007, as amended from time to time (the “Master Agreement”),
              pursuant to which Party A and Party B have entered and/or anticipate
              entering
              into one or more transactions (each a “Transaction”), the Confirmation of each
              of which supplements, forms part of, and will be read and construed
              as one with,
              the Master Agreement (collectively referred to as the “Agreement”). This
              Guarantee is a Credit Support Document as contemplated in the Agreement.
              For
              value received, and in consideration of the financial accommodation
              accorded to
              Party A by Party B under the Agreement, LEHMAN BROTHERS HOLDINGS INC.,
              a
              corporation organized and existing under the laws of the State of Delaware
              (“Guarantor”), hereby agrees to the following:

             

            (a)         Guarantor
              hereby unconditionally guarantees to Party B the due and punctual payment
              of all
              amounts payable by Party A in connection with each Transaction when
              and as Party
              A’s obligations thereunder shall become due and payable in accordance
              with the
              terms of the Agreement (whether at maturity, by acceleration or otherwise).
              Guarantor hereby agrees, upon written demand by Party B, to pay or
              cause to be
              paid any such amounts punctually when and as the same shall become
              due and
              payable.

             

            (b)         Guarantor
              hereby agrees that its obligations under this Guarantee constitute
              a guarantee
              of payment when due and not of collection.

             

            (c)         Guarantor
              hereby agrees that its obligations under this Guarantee shall be unconditional,
              irrespective of the validity, regularity or enforceability of the Agreement
              against Party A (other than as a result of the unenforceability thereof
              against
              Party B), the absence of any action to enforce Party A’s obligations under the
              Agreement, any waiver or consent by Party B with respect to any provisions
              thereof, the entry by Party A and Party B into any amendments to the
              Agreement,
              additional Transactions under the Agreement or any other circumstance
              which
              might otherwise constitute a legal or equitable discharge or defense
              of a
              guarantor (excluding the defense of payment or statute of limitations,
              neither
              of which is waived) provided, however, that Guarantor shall be entitled
              to
              exercise any right that Party A could have exercised under the Agreement
              to cure
              any default in respect of its obligations under the Agreement or to
              setoff,
              counterclaim or withhold payment in respect of any Event of Default
              or Potential
              Event of Default in respect of Party B or any Affiliate, but only to
              the extent
              such right is provided to Party A under the Agreement. The Guarantor
              acknowledges that Party A and Party B may from time to time enter into
              one or
              more Transactions pursuant to the Agreement and agrees that the obligations
              of
              the Guarantor under this Guarantee will upon the execution of any such
              Transaction by Party A and Party B extend to all such Transactions
              without the
              taking of further action by the Guarantor.

             

            (d)         This
              Guarantee shall remain in full force and effect until the first to
              occur of (i)
              receipt by Party B of a written notice of termination from Guarantor
              or (ii)
              none of the obligations of Party A remain outstanding. Termination
              of this
              Guarantee shall not affect Guarantor’s liability hereunder as to obligations
              incurred or arising out of Transactions entered into prior to the termination
              hereof.

             

            (e)         Guarantor
              further agrees that this Guarantee shall continue to be effective or
              be
              reinstated, as the case may be, if at any time, payment, or any part
              thereof, of
              any obligation or interest thereon is rescinded or must otherwise be
              restored by
              Party B upon an Event of Default as set forth in Section 5(a)(vii) of the
              Master Agreement affecting Party A or Guarantor.

             

            (f)         Guarantor
              hereby waives (i) promptness, diligence, presentment, demand of payment,
              protest, order and, except as set forth in paragraph (a) hereof, notice
              of any
              kind in connection with the Agreement and this Guarantee, or (ii) any
              requirement that Party B exhaust any right to take any action against
              Party A or
              any other person prior to or contemporaneously with proceeding to exercise
              any
              right against Guarantor under this Guarantee.

             

            This
              Guarantee shall be governed by and construed in accordance with the
              laws of the
              State of New York without regard to conflicts of laws principles. All
              capitalized terms not defined in this Guarantee, but defined in the
              Agreement,
              shall have the meanings assigned thereto in the Agreement.

             

            IN
              WITNESS WHEREOF, Guarantor has caused this Guarantee to be executed
              by its duly
              authorized officer as of the date of the Agreement.

             

             

            
              	 	
                      LEHMAN
                        BROTHERS HOLDINGS INC.

                       

                       

                    	 
	 	 	 	 
	
                       

                    	
                      By:
                        

                    	 	 
	 	
                      Name:

                    	 	 
	 	
                      Title:

                    	 	 
	 	
                      Date:

                    	 	 

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            EXHIBIT
              B
              to Schedule

            

            [Form
              of
              Opinion of Counsel for

            Lehman
              Brothers Special Financing Inc. and

            Lehman
              Brothers Holdings Inc.]

            May
              15, 2007

             

            [COUNTERPARTY
              NAME]

             

            [COUNTERPARTY
              ADDRESS]

             

            Ladies
              and Gentlemen:

             

            I
              have
              acted as counsel to Lehman Brothers Special Financing Inc., a Delaware
              corporation (“Party A”), and Lehman Brothers Holdings Inc., a Delaware
              corporation (“Guarantor”), and am familiar with matters pertaining to the
              execution and delivery of the Master Agreement (the “Master Agreement”) dated as
              of May 15, 2007 between Party A and Wells Fargo Bank, N.A., not in
              its
              individual capacity, but solely as Cap Trustee on behalf of the Cap
              Trust with
              respect to the Soundview Home Loan Trust 2007-OPT1, Asset-Backed Certificates,
              Series 2007-OPT1 (“Party B”) and the guarantee of Guarantor (the
“Guarantee”) delivered in connection with
              the
              Master Agreement.

             

            In
              connection with this opinion, I have examined, or have had examined
              on my
              behalf, an executed copy of the Master Agreement and the Guarantee,
              certificates
              and statements of public officials and officers of Party  A and Guarantor
              and such other agreements, instruments, documents and records as I
              have deemed
              necessary or appropriate for the purposes of this opinion.

             

            Except
              as
              expressly set forth herein, no independent investigation (including,
              without
              limitation, conducting any review, search or investigation of any public
              files,
              records or dockets) has been undertaken to determine the existence
              or absence of
              the facts that are material to my opinions, and no inference as to
              my knowledge
              concerning such facts should be made.

             

            When
              used
              herein the phrase “to my knowledge” means to my actual knowledge without
              independent investigation.

             

            References
              in this letter to “Applicable Laws” are to those laws, rules and regulations of
              the State of New York which, in my experience, are normally applicable
              to
              transactions of the type contemplated by the Master Agreement and the
              Guarantee.  References in this letter to “Governmental Authorities”
are to executive, legislative, judicial, administrative or regulatory
              bodies of
              the State of New York.  References in this letter to “Governmental
              Approval” are to any consent, approval, license, authorization or validation
              of,
              or filing, recording or registration with, any Governmental Authority
              pursuant
              to Applicable Laws.

             

            Based
              on
              the foregoing but subject to the assumptions, exceptions, qualifications
              and
              limitations hereinafter expressed, I am of the opinion that:

             

            
              	
                    	
                      1.

                    	
                      Each
                        of Party A and Guarantor is a corporation duly incorporated,
                        validly
                        existing and in good standing under the laws of the State
                        of
                        Delaware.

                    

            

             

            
              	
                    	
                      2.

                    	
                      The
                        execution, delivery and performance of the Master Agreement,
                        in the case
                        of Party  A, and the Guarantee, in the case of Guarantor, are within
                        its corporate power, have been duly authorized by all necessary
                        corporate
                        action and do not conflict with any provision of its certificate
                        of
                        incorporation or by-laws.

                    

            

             

            
              	
                    	
                      3.

                    	
                      The
                        Master Agreement, in the case of Party A, and the Guarantee, in the
                        case of Guarantor, have been duly executed and delivered and
                        each constitutes a legal, valid and binding
                        obligation under Applicable Laws, enforceable against it
                        under Applicable
                        Laws in accordance with its respective
                        terms.

                    

            

             

            
              	
                    	
                      4.

                    	
                      To
                        my knowledge, no Governmental Approval is required in connection
                        with the
                        execution, delivery and performance of the Master Agreement,
                        in the case
                        of Party A, or the Guarantee, in the case of Guarantor, except
                        those that
                        have been obtained and, to my knowledge, are in
                        effect.

                    

            

             

            The
              foregoing opinions are subject to the following assumptions, exceptions,
              qualifications and limitations:

             

            A.   My
              opinion in paragraph 3 above is subject
              to:  (i) bankruptcy,
              insolvency, reorganization, receivership, moratorium or similar laws
              affecting
              creditors’ rights generally (including, without limitation,
              the
              effect of statutory or other laws regarding fraudulent or other similar
              transfers or conveyances); (ii) general principles of equity, regardless of
              whether enforceability is considered in a proceeding in equity or at
              law; and
              (iii) laws and considerations of public policy, including where clauses (i)
              through (iii) above may limit the enforceability of provisions (a)
              regarding the
              termination and close-out methodology under the Master Agreement, including
              but
              not limited to Section 6(e) thereof, (b) regarding indemnification
              and
              contribution rights and obligations, (c) regarding the waiver or limitation
              of rights to trial by jury, oral amendments to written agreements or
              rights of
              setoff, (d) relating to submission to jurisdiction, venue or service of
              process and (e) purporting to prohibit or restrict, or require the consent
              of the “account debtor” (as defined in Section 9-102 of the Uniform Commercial
              Code as in effect in the State of New York (the “NYUCC” )) for, the creation,
              perfection or enforcement of a security interest in “accounts” or “general
              intangibles” (in each case, as defined in Section 9-102 of the
              NYUCC).

             

            B.  I
              am a
              member of the Bar of the [State of New York] [Commonwealth of Massachusetts]
              and
              render no opinion on any laws other than the laws of the State of New
              York and
              the General Corporation Law of the State of Delaware.  Except as
              described, I have not examined, or had examined on my behalf, and I
              do not
              express any opinion with respect to, Delaware law.

             

            C.  My
              opinions are limited to the present laws and to the facts as they presently
              exist, and no opinion is to be inferred or implied beyond the matters
              expressly
              so stated.  I assume no obligation to revise or supplement this
              opinion should the present laws of the jurisdictions referred to in
              paragraph B
              above be changed by legislative action, judicial decision or
              otherwise.

             

            D.  This
              letter is rendered solely to you solely for your benefit in connection
              with the
              Master Agreement and the Guarantee and the transactions related thereto
              and may
              not be relied upon by any other person, entity or agency or by you
              in any other
              context or for any other purpose.  This letter may not be circulated,
              used or quoted in whole or in part, nor may copies hereof
              be furnished or delivered to any other person, without the prior written
              consent
              of Lehman Brothers Holdings Inc., except that you may furnish copies
              hereof (i)
 to your independent auditors and attorneys, (ii)  to any United
              States, state or local authority having jurisdiction over you, (iii)
               pursuant to the order of any court of competent jurisdiction or any
              governmental agency and (iv)  in connection with any legal action arising
              out of the Master Agreement or the Guarantee.

             

            E.  I
              have
              assumed with your permission (i)  the genuineness of all signatures by each
              party other than Party  A or Guarantor, (ii)  the authenticity of
              documents submitted to me as originals and the conformity to authentic
              original
              documents of all documents submitted to me as copies, (iii) the accuracy of
              the matters set forth in the documents, agreements and instruments
              I reviewed,
              (iv) that each party other than Party A and Guarantor is duly organized,
              validly
              existing and in good standing under the laws of its jurisdiction of
              organization, (v) the due execution and delivery, pursuant to due authorization,
              of the Master Agreement by each party other than Party A and (vi) that
              the Master Agreement is the legal, valid, binding and enforceable obligation
              of
              each party other than Party A, enforceable against each such party in
              accordance with its terms.

             

            The
              foregoing opinions are given on the express understanding that the
              undersigned
              is an officer of Lehman Brothers Inc. and shall in no event incur any
              personal
              or other liability in connection with said opinions.  By accepting and
              relying upon this opinion, each addressee hereof (i) acknowledges and
              agrees
              that the undersigned shall have no personal or other liability in connection
              herewith and (ii) agrees to not assert or raise any such claim against
              the
              undersigned in any proceeding or in any manner otherwise.

             

            Very
              truly yours,

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

        

         

        
          

          ISDA®

          CREDIT
            SUPPORT ANNEX

          to
            the
            Schedule to the

          ISDA
            Master Agreement

          dated
            as
            of  May 15, 2007 between

          LEHMAN
            BROTHERS SPECIAL FINANCING INC.

           (hereinafter
            referred to as “Party A” or
“Pledgor”)

          and

          WELLS
            FARGO BANK, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS CAP TRUSTEE
            ON
            BEHALF OF THE CAP TRUST WITH RESPECT TO THE SOUNDVIEW HOME LOAN TRUST
            2007-OPT1,
            ASSET-BACKED CERTIFICATES, SERIES 2007-OPT1

           (hereinafter
            referred to as “Party B” or “Secured
            Party”).

          

           

          Paragraph
            13.  Elections and Variables.

           

          
            	
                    (a)  

                  	
                    Security
                      Interest for “Obligations”.  The term
                      “Obligations” as used in this
                      Annex includes the following additional
                      obligations:

                  

          

           

          With
            respect to Party A: not applicable.

           

          With
            respect to Party B: not applicable.

           

          
            	
                    (b)  

                  	
                    Credit
                      Support Obligations.

                  

          

           

          
            	
                    (i)  

                  	
                    Delivery
                      Amount, Return Amount and Credit Support
                      Amount.

                  

          

           

          
            	
                    (A)  

                  	
                    “Delivery
                      Amount” has the meaning specified
                      in
                      Paragraph 3(a) as amended (I) by deleting the words “upon a demand made by
                      the Secured Party on or promptly following a Valuation Date” and inserting
                      in lieu thereof the words “not later than the close of business on each
                      Valuation Date” and (II) by deleting in its entirety the sentence
                      beginning “Unless otherwise specified in Paragraph 13” and ending “(ii)
                      the Value as of that Valuation Date of all Posted Credit Support
                      held by
                      the Secured Party.” and inserting in lieu thereof the
                      following:

                  

          

           

          
            	
                    (B)  

                  	
                    The
                      “Delivery Amount” applicable to
                      the Pledgor for any Valuation Date will equal the greatest
                      of

                  

          

           

          
            	
                     

                  	
                    (1)

                  	
                    the
                      amount by which (a) the S&P Credit Support Amount for such Valuation
                      Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                      Credit Support held by the Secured
                      Party,

                  

          

           

          
            	
                     

                  	
                    (2)

                  	
                    the
                      amount by which (a) the Fitch Credit Support Amount for such
                      Valuation
                      Date exceeds (b) the Fitch Value as of such Valuation Date
                      of all Posted
                      Credit Support held by the Secured
                      Party,

                  

          

           

          
            	
                     

                  	
                    (3)

                  	
                    the
                      amount by which (a) the Moody’s First Trigger Credit Support Amount for
                      such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                      Valuation Date of all Posted Credit Support held by the Secured
                      Party,
                      and

                  

          

           

          
            	
                     

                  	
                    (4)

                  	
                    the
                      amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                      such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                      such Valuation Date of all Posted Credit Support held by the
                      Secured
                      Party.

                  

          

           

          
            	
                    (C)  

                  	
                    “Return
                      Amount” has the meaning specified in Paragraph 3(b)
                      as
                      amended by deleting in its entirety the sentence beginning
“Unless
                      otherwise specified in Paragraph 13” and ending “(ii) the Credit Support
                      Amount.” and inserting in lieu thereof the
                      following:

                  

          

           

          The
            “Return Amount” applicable to the Secured Party for
            any Valuation Date will equal the least of

           

          
            	
                     

                  	
                    (1)

                  	
                    the
                      amount by which (a) the S&P Value as of such Valuation Date of all
                      Posted Credit Support held by the Secured Party exceeds (b)
                      the S&P
                      Credit Support Amount for such Valuation
                      Date,

                  

          

           

          
            	
                     

                  	
                    (2)

                  	
                    the
                      amount by which (a) the Fitch Value as of such Valuation Date
                      of all
                      Posted Credit Support held by the Secured Party exceeds (b)
                      the Fitch
                      Credit Support Amount for such Valuation
                      Date,

                  

          

           

          
            	
                     

                  	
                    (3)

                  	
                    the
                      amount by which (a) the Moody’s First Trigger Value as of such Valuation
                      Date of all Posted Credit Support held by the Secured Party
                      exceeds (b)
                      the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                      and

                  

          

           

          
            	
                     

                  	
                    (4)

                  	
                    the
                      amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                      Date of all Posted Credit Support held by the Secured Party
                      exceeds (b)
                      the Moody’s Second Trigger Credit Support Amount for such Valuation
                      Date.

                  

          

           

          
            	
                    (D)  

                  	
                    “Credit
                      Support Amount” shall not apply.  For purposes of
                      calculating any Delivery Amount or Return Amount for any Valuation
                      Date,
                      reference shall be made to the S&P Credit Support Amount, the Fitch
                      Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                      the Moody’s Second Trigger Credit Support Amount, in each
                      case  for such Valuation Date, as provided in Paragraphs
                      13(b)(i)(A) and 13(b)(i)(B), above.

                  

          

           

          (ii)           Eligible
            Collateral. On any day, the following items will qualify as
“Eligible Collateral”(for the avoidance of doubt,
            all
            Eligible Collateral to be denominated in USD):

           

          
            	
                     

                    Collateral

                  	
                    S&P
                      Valuation

                    Percentage

                  	
                    Moody’s

                    First
                      Trigger Valuation Percentage

                  	
                    Moody’s

                    Second
                      Trigger Valuation Percentage

                  	
                    Fitch

                    Valuation

                    Percentage

                  
	 	 	 	 	 
	
                    (A)  Cash

                  	
                    100%

                  	
                    100%

                  	
                    100%

                  	
                    100%

                  
	 	 	 	 	 
	
                    (B)  Fixed-rate
                      negotiable debt obligations issued by the U.S. Treasury Department
                      having
                      a remaining maturity on such date of not more than one
                      year

                  	
                    98.5%

                  	
                    100%

                  	
                    100%

                  	
                    97.5%

                  
	 	 	 	 	 
	
                    (C)  Fixed-rate
                      negotiable debt obligations issued by the U.S. Treasury Department
                      having
                      a remaining maturity on such date of more than one year but
                      not more than
                      ten years

                  	
                    89.9%

                  	
                    100%

                  	
                    94%

                  	
                    86.3%

                  
	 	 	 	 	 
	
                    (D)  Fixed-rate
                      negotiable debt obligations issued by the U.S. Treasury Department
                      having
                      a remaining maturity on such date of more than ten years

                  	
                    83.9%

                  	
                    100%

                  	
                    87%

                  	
                    86.7%

                  

          

          

           

          

           

          
            	
                    (ii)  

                  	
                    Other
                      Eligible Support.

                  

          

           

          The
            following items will qualify as “Other Eligible
            Support” for the party specified:

           

          Not
            applicable.

           

          
            	
                    (iii)  

                  	
                    Threshold.

                  

          

           

          
            	
                    (A)  

                  	
                    “Independent
                      Amount” means zero with respect to Party A and Party
                      B.

                  

          

           

          
            	
                    (B)  

                  	
                    “Threshold”
                      means, with respect to Party A and any Valuation Date, zero
                      if (i) a
                      Collateral Event has occurred and has been continuing (x) for
                      at least 30
                      days or (y) since this Annex was executed, or (ii) a Required
                      Ratings
                      Downgrade Event has occurred and is continuing; otherwise,
                      infinity.

                  

          

           

          “Threshold”
            means, with respect to Party B and any Valuation Date, infinity.

           

          
            	
                    (C)  

                  	
                    “Minimum
                      Transfer Amount” means USD 100,000 with respect to Party A
                      and Party B; provided, however, that if the aggregate Certificate
                      Principal Balance of the Certificates and the aggregate principal
                      balance
                      of the Notes rated by S&P is at the time of any transfer less than USD
                      50,000,000, the “Minimum Transfer Amount” shall
                      be USD 50,000.

                  

          

           

          
            	
                    (D)  

                  	
                    Rounding:
                      The Delivery Amount will be rounded up to the nearest integral
                      multiple of
                      USD 10,000. The Return Amount will be rounded down to the nearest
                      integral
                      multiple of USD 10,000.

                  

          

           

          
            	
                    (c)  

                  	
                    Valuation
                      and Timing.

                  

          

           

          
            	
                    (i)  

                  	
                    “Valuation
                      Agent” means Party A.  All calculations by the
                      Valuation Agent must be made in accordance with standard market
                      practice,
                      including, in the event of a dispute as to the Value of any
                      Eligible
                      Credit Support or Posted Credit Support, by making reference
                      to quotations
                      received by the Valuation Agent from one or more Pricing
                      Sources.

                  

          

           

          
            	
                    (ii)  

                  	
                    “Valuation
                      Date” means each Local Business Day on which any of
                      the
                      S&P Credit Support Amount, the Fitch Credit Support Amount, the
                      Moody’s First Trigger Credit Support Amount or the Moody’s Second Trigger
                      Credit Support Amount is greater than
                      zero.

                  

          

           

          
            	
                    (iii)  

                  	
                    “Valuation
                      Time” means the close of business in the city of the
                      Valuation Agent on the Local Business Day immediately preceding
                      the
                      Valuation Date or date of calculation, as applicable; provided
                      that the calculations of Value and Exposure will be made as
                      of
                      approximately the same time on the same date.  The Valuation
                      Agent will notify each party (or the other party, if the Valuation
                      Agent
                      is a party) of its calculations not later than the Notification
                      Time on
                      the applicable Valuation Date (or in the case of Paragraph
                      6(d), the Local
                      Business Day following the day on which such relevant calculations
                      are
                      performed).”

                  

          

           

          
            	
                    (iv)  

                  	
                    “Notification
                      Time” means 1:00 p.m., New York time, on a Local Business
                      Day.

                  

          

           

          
            	
                     

                  	
                    (v)
                       

                  	
                    External
                      Verification.  Notwithstanding anything to the
                      contrary in the definitions of Valuation Agent or Valuation
                      Date, at any
                      time at which Party A (or, to the extent applicable, its Credit
                      Support
                      Provider) does not have a long-term unsubordinated and unsecured
                      debt
                      rating of at least “BBB+” from S&P, the Valuation Agent shall (A)
                      calculate the Secured Party’s Exposure and the S&P Value of Posted
                      Credit Support on each Valuation Date based on internal marks
                      and (B)
                      verify such calculations with external marks monthly by obtaining
                      on the
                      last Local Business Day of each calendar month two external
                      marks for each
                      Transaction to which this Annex relates and for all Posted
                      Credit Support;
                      such verification of the Secured Party’s Exposure shall be based on the
                      higher of the two external marks.  Each external mark in respect
                      of a Transaction shall be obtained from an independent Reference
                      Market-maker that would be eligible and willing to enter into
                      such
                      Transaction in the absence of the current derivative provider,
                      provided
                      that an external mark may not be obtained from the same Reference
                      Market-maker more than four times in any 12-month period.  The
                      Valuation Agent shall obtain these external marks directly
                      or through an
                      independent third party, in either case at no cost to Party
                      B.  The Valuation Agent shall calculate on each Valuation Date
                      (for purposes of this paragraph, the last Local Business Day
                      in each
                      calendar month referred to above shall be considered a Valuation
                      Date) the
                      Secured Party’s Exposure based on the greater of the Valuation Agent’s
                      internal marks and the external marks received.  If the S&P
                      Value on any such Valuation Date of all Posted Credit Support
                      then held by
                      the Secured Party is less than the S&P Credit Support Amount on such
                      Valuation Date (in each case as determined pursuant to this
                      paragraph),
                      Party A shall, within three Local Business Days of such Valuation
                      Date,
                      Transfer to the Secured Party Eligible Credit Support having
                      an S&P
                      Value as of the date of Transfer at least equal to such
                      deficiency.

                  

          

           

          
            	
                    (vi)  

                  	
                    Notice
                      to S&P.  At any time at which Party A (or, to
                      the extent applicable, its Credit Support Provider) does not
                      have a
                      long-term unsubordinated and unsecured debt rating of at least
“BBB+” from
                      S&P, the Valuation Agent shall provide to S&P not later than the
                      Notification Time on the Local Business Day following each
                      Valuation Date
                      its calculations of the Secured Party’s Exposure and the S&P Value of
                      any Eligible Credit Support or Posted Credit Support for that
                      Valuation
                      Date.  The Valuation Agent shall also provide to S&P any
                      external marks received pursuant to the preceding
                      paragraph.

                  

          

           

          
            	
                    (d)  

                  	
                    Conditions
                      Precedent and Secured Party’s Rights and
                      Remedies.  The following Termination Events will
                      be a “Specified Condition” for the party
                      specified (that party being the Affected Party if the Termination
                      Event
                      occurs with respect to that
                      party):  None.

                  

          

           

          
            	
                    (e)  

                  	
                    Substitution.

                  

          

           

          
            	
                    (i)  

                  	
                    “Substitution
                      Date” has the meaning specified in Paragraph
                      4(d)(ii).

                  

          

           

          
            	
                    (ii)  

                  	
                    Consent.  If
                      specified here as applicable, then the Pledgor must obtain
                      the Secured
                      Party’s consent for any substitution pursuant to Paragraph
                      4(d):  Inapplicable.

                  

          

           

          
            	
                    (f)  

                  	
                    Dispute
                      Resolution.

                  

          

           

          
            	
                    (i)  

                  	
                    “Resolution
                      Time” means 1:00 p.m. New York time on the Local Business
                      Day following the date on which the notice of the dispute is
                      given under
                      Paragraph 5.

                  

          

           

          
            	
                    (ii)  

                  	
                    Value.  Notwithstanding
                      anything to the contrary in Paragraph 12, for the purpose of
                      Paragraphs
                      5(i)(C) and 5(ii), the S&P Value, the Fitch Value, the Moody’s First
                      Trigger Value, and Moody’s Second Trigger Value, on any date, of Eligible
                      Collateral other than Cash will be calculated as
                      follows:

                  

          

           

          For
            Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
            the
            sum of (A) the product of (1)(x) the bid price at the Valuation Time
            for such
            securities on the principal national securities exchange on which such
            securities are listed, or (y) if such securities are not listed on a
            national
            securities exchange, the bid price for such securities quoted at the
            Valuation
            Time by any principal market maker for such securities selected by the
            Valuation
            Agent, or (z) if no such bid price is listed or quoted for such date,
            the bid
            price listed or quoted (as the case may be) at the Valuation Time for
            the day
            next preceding such date on which such prices were available and (2)
            the
            applicable Valuation Percentage for such Eligible Collateral, and (B)
            the
            accrued interest on such securities (except to the extent Transferred
            to the
            Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable
            price
            referred to in the immediately preceding clause (A)) as of such
            date.

           

          
            	
                    (iii)  

                  	
                    Alternative.  The
                      provisions of Paragraph 5 will
                      apply.

                  

          

           

          
            	
                    (g)  

                  	
                    Holding
                      and Using Posted
                      Collateral.

                  

          

           

          
            	
                    (i)  

                  	
                    Eligibility
                      to Hold Posted Collateral; Custodians.  Party
                      B (or any
                      Custodian) will be entitled to hold Posted Collateral pursuant
                      to
                      Paragraph 6(b), provided that the following conditions applicable
                      to it
                      are satisfied:

                  

          

           

          Party
            B
            may appoint as Custodian (A) the entity then serving as Cap Trustee or
            (B) any
            entity other than the entity then serving as Cap Trustee if such other
            entity
            (or, to the extent applicable, its parent company or credit support provider)
            is
            a bank or a trust company located in the United States having and has
            a
            short-term unsecured and unsubordinated debt rating from S&P of at least
“A-1.”

           

          Initially,
            the Custodian for Party B is: the Trustee.

           

          
            	
                    (ii)  

                  	
                    Use
                      of Posted Collateral. The
                      provisions of
                      Paragraph 6(c)(i) will not apply to Party B, but the provisions
                      of
                      Paragraph 6(c)(ii) will apply to Party
                      B.

                  

          

           

          
            	
                    (h)  

                  	
                    Distributions
                      and Interest Amount.

                  

          

           

          
            	
                    (i)  

                  	
                    Interest
                      Rate.  The “Interest
                      Rate” will be the actual interest rate earned on Posted
                      Collateral in the form of Cash that is held by Party B or its
                      Custodian.  Posted Collateral in the form of Cash shall be
                      invested in such overnight (or redeemable within two Local
                      Business Days
                      of demand) Permitted Investments rated at least (x) AAAm or
                      AAAm-G by
                      S&P and (y) Prime-1 by Moody’s or Aaa by Moody’s, as directed by Party
                      A (unless (x) an Event of Default or an Additional Termination
                      Event has
                      occurred with respect to which Party A is the defaulting or
                      sole Affected
                      Party or (y) an Early Termination Date has been designated,
                      in which case
                      such Posted Collateral shall be held uninvested).  Gains and
                      losses incurred in respect of any investment of Posted Collateral
                      in the
                      form of Cash in Permitted Investments as directed by Party
                      A shall be for
                      the account of Party A..

                  

          

           

          
            	
                    (ii)  

                  	
                    Transfer
                      of Interest Amount. The Transfer of the Interest Amount will
                      be made on the second Local Business Day following the end
                      of each
                      calendar month and on any other Local Business Day on which
                      Posted
                      Collateral in the form of Cash is Transferred to the Pledgor
                      pursuant to
                      Paragraph 3(b), in each case to the extent that a Delivery
                      Amount would
                      not be created or increased by that Transfer; provided, however,
                      that the
                      obligation of Party B to Transfer any Interest Amount to Party
                      A shall be
                      limited to the extent that Party B has earned and received
                      such funds and
                      such funds are available to Party
                      B.

                  

          

           

          
            	
                    (iii)  

                  	
                    Alternative
                      to Interest Amount. The provisions of Paragraph 6(d)(ii)
                      will apply.

                  

          

           

          
            	
                    (i)  

                  	
                    Additional
                      Representation(s).  There are no additional
                      representations by either party.

                  

          

           

          
            	
                    (j)  

                  	
                    Other
                      Eligible Support and Other Posted
                      Support.

                  

          

           

          
            	
                    (i)  

                  	
                    “Value”
                      with respect to Other Eligible Support and Other Posted Support
                      means: not
                      applicable.

                  

          

           

          
            	
                    (ii)  

                  	
                    “Transfer”
                      with respect to Other Eligible Support and Other Posted Support
                      means: not
                      applicable.

                  

          

           

          
            	
                    (k)  

                  	
                    Demands
                      and Notices. All demands, specifications and notices under
                      this Annex will be made pursuant to the Notices Section of
                      this Agreement,
                      except that any demand, specification or notice shall be given
                      to or made
                      at the following addresses, or at such other address as the
                      relevant party
                      may from time to time designate by giving notice (in accordance
                      with the
                      terms of this paragraph) to the other
                      party:

                  

          

           

          If
            to
            Party A, at the address specified pursuant to the Notices Section of
            this
            Agreement.

           

          If
            to
            Party B or to Party B’s Custodian, at the address specified pursuant to the
            Notices Section of this Agreement.

           

          
            	
                    (l)  

                  	
                    Address
                      for Transfers.  Each Transfer hereunder shall be
                      made to the address specified below or to an address specified
                      in writing
                      from time to time by the party to which such Transfer will
                      be
                      made.

                  

          

           

          Party
            A:  account details for holding collateral to be provided from time to
            time.

           

          Party
            B:

           

          Wells
            Fargo Bank, N.A.

          ABA#
            121000248

          Account
            #
            3970771416

          Account
            Name: SAS Clearing

          FFC
            to:
            53150204 - Soundview 2007-OPT1 Cap Collateral Account

           

          
            	
                    (m)  

                  	
                    Other
                      Provisions.

                  

          

           

          
            	
                    (i)  

                  	
                    Collateral
                      Account.  Party B shall open and maintain a
                      segregated account, which shall be an Eligible Account segregated
                      from the
                      Net WAC Rate Carryover Reserve Account, as defined in the related
                      Pooling
                      and Servicing Agreement, and hold, record and identify all
                      Posted
                      Collateral in such segregated
                      account.

                  

          

           

          
            	
                    (ii)  

                  	
                    Agreement
                      as to Single Secured Party and Single Pledgor.
                      Notwithstanding anything to the contrary in the recital of
                      this Annex,
                      Paragraph 1(b), Paragraph 2 or the definitions in Paragraph
                      12,  Party A and Party B hereby agree that, notwithstanding
                      anything to the contrary in this Annex, (a) the term “Secured Party” as
                      used in this Annex means only Party B, (b) the term “Pledgor” as used in
                      this Annex means only Party A, (c) only Party A makes the pledge
                      and grant
                      in Paragraph 2, the acknowledgement in the final sentence of
                      Paragraph
                      8(a) and the representations in Paragraph
                      9.

                  

          

           

          
            	
                    (iii)  

                  	
                    Calculation
                      of Value.  Paragraph 4(c) is hereby amended by
                      deleting the word “Value” and inserting in lieu thereof “S&P Value,
                      Fitch Value, Moody’s First Trigger Value, Moody’s Second Trigger
                      Value”.  Paragraph 4(d)(ii) is hereby amended by (A) deleting
                      the words “a Value” and inserting in lieu thereof “an S&P Value, Fitch
                      Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                      (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                      Value, Fitch Value, Moody’s First Trigger Value, and Moody’s Second
                      Trigger Value”.  Paragraph 5 (flush language) is hereby amended
                      by deleting the word “Value” and inserting in lieu thereof “S&P Value,
                      Fitch Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                      Value”.  Paragraph 5(i) (flush language) is hereby amended by
                      deleting the word “Value” and inserting in lieu thereof “S&P Value,
                      Fitch Value, Moody’s First Trigger Value, and Moody’s Second Trigger
                      Value”.  Paragraph 5(i)(C) is hereby amended by deleting the
                      word “the Value, if” and inserting in lieu thereof “any one or more of the
                      S&P Value, Fitch Value, Moody’s First Trigger Value, or Moody’s Second
                      Trigger Value, as the case may be”.  Paragraph 5(ii) is hereby
                      amended by (1) deleting the first instance of the words “the Value” and
                      inserting in lieu thereof “any one or more of the S&P Value, Fitch
                      Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value” and
                      (2) deleting the second instance of the words “the Value” and inserting in
                      lieu thereof “such disputed S&P Value, Fitch Value, Moody’s First
                      Trigger Value, or Moody’s Second Trigger Value”.  Each of
                      Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended
                      by deleting
                      the word “Value” and inserting in lieu thereof “least of the S&P
                      Value, Fitch Value, Moody’s First Trigger Value, and Moody’s Second
                      Trigger Value”.

                  

          

           

          
            	
                    (iv)  

                  	
                    Form
                      of Annex. Party A and Party B hereby
                      agree that the text of Paragraphs 1 through 12, inclusive,
                      of this Annex
                      is intended to be the printed form of ISDA Credit Support Annex
                      (Bilateral
                      Form - ISDA Agreements Subject to New York Law Only version)
                      as published
                      and copyrighted in 1994 by the International Swaps and Derivatives
                      Association, Inc.

                  

          

           

          
            	
                    (v)  

                  	
                    Events
                      of Default.  Paragraph 7 will not apply to cause
                      any Event of Default to exist with respect to Party B except
                      that
                      Paragraph 7(i) will apply to Party B solely in respect of Party
                      B’s
                      obligations under Paragraph 3(b) of the Credit Support
                      Annex.  Notwithstanding anything to the contrary in Paragraph 7,
                      any failure by Party A to comply with or perform any obligation
                      to be
                      complied with or performed by Party A under the Credit Support
                      Annex shall
                      only be an Event of Default if (A) a Required
                      Ratings
                      Downgrade Event has occurred and been continuing for 30 or
                      more Local
                      Business Days, and (B) such failure is not remedied on or before
                      the third
                      Local Business Day after notice of such failure is given to
                      Party
                      A.

                  

          

           

          
            	
                    (vi)  

                  	
                    Expenses.  Notwithstanding
                      anything to the contrary in Paragraph 10, the Pledgor will
                      be responsible
                      for, and will reimburse the Secured Party for, all transfer
                      and other
                      taxes and other costs involved in any Transfer of Eligible
                      Collateral.

                  

          

           

          
            	
                    (vii)  

                  	
                    Withholding.  Paragraph
                      6(d)(ii) is hereby amended by inserting immediately after “the Interest
                      Amount” in the fourth line thereof  the words “less any
                      applicable withholding taxes.”

                  

          

           

          
            	
                    (viii)  

                  	
                    Additional
                      Definitions.  As used in this Annex:1

                  

          

           

          “Collateral
            Event” means that no Relevant Entity has credit
            ratings at least equal to the Approved Ratings Threshold.

           

          “DV01”
            means, with respect to a Transaction and any date of determination, the
            estimated change in the Secured Party’s Transaction Exposure with respect to
            such Transaction that would result from a one basis point change in the
            relevant
            swap curve on such date, as determined by the Valuation Agent in good
            faith and
            in a commercially reasonable manner.  The Valuation Agent shall, upon
            request of Party B, provide to Party B a statement showing in reasonable
            detail
            such calculation.

           

          “Exposure”
            has the meaning specified in Paragraph 12, except that after the word
            “Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the
            Schedule is deleted)” shall be inserted and (2) at the end of such definition,
            the words “with terms substantially the same as those of this Agreement.” shall
            be inserted.

           

          “Fitch
            Approved Ratings Downgrade Event” means that no Relevant Entity
            has credit ratings at least equal to the Fitch First Trigger Ratings
            Threshold.

           

          “Fitch
            Credit Support Amount” means, for any Valuation Date, the excess,
            if any, of

           

          
            	
                     

                  	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation Date on which (i) a Fitch Approved Ratings Downgrade
                      Event
                      has occurred and been continuing for at least 30 days, or (ii)
                      a Fitch
                      Required Ratings Downgrade Event has occurred and is continuing,
                      an amount
                      equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                      Valuation Date and (2) the sum, for each Transaction to which
                      this Annex
                      relates, of the product of (i) the Fitch Volatility Buffer
                      for such
                      Transaction, (ii) the Scale Factor, if any, for such Transaction
                      or, if no
                      Scale Factor is applicable for such Transaction, one, and (iii)
                      the
                      Notional Amount of such Transaction for the Calculation Period
                      of such
                      Transaction (each as defined in the related Confirmation) which
                      includes
                      such Valuation Date, or

                  

          

           

          
            	
                     

                  	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          
            	
                     

                  	
                    (II)

                  	
                    the
                      Threshold for Party A for such Valuation
                      Date.

                  

          

           

          “Fitch
            Value” means, on any date and with respect to any Eligible
            Collateral other than Cash, the product of (A) the bid price obtained
            by the
            Valuation Agent for such Eligible Collateral and (B) the Fitch Valuation
            Percentage for such Eligible Collateral set forth in paragraph
            13(b)(ii).

           

          “Fitch
            Volatility Buffer” means, for any Transaction, the related
            percentage set forth in the following tables for Fitch.

           

          
            
              	
                      Remaining
                        Weighted Average Maturity of such Transaction (years)

                    	
                      1

                    	
                      2

                    	
                      3

                    	
                      4

                    	
                      5

                    	
                      6

                    	
                      7

                    	
                      8

                    
	
                      Volatility
                        Buffer: %

                    	
                      0.8

                    	
                      1.7

                    	
                      2.5

                    	
                      3.3

                    	
                      4.0

                    	
                      4.7

                    	
                      5.3

                    	
                      5.9

                    

            
 

          

           

          
            
              	
                      Remaining
                        Weighted Average Maturity of such Transaction (years)

                    	
                      9

                    	
                      10

                    	
                      11

                    	
                      12

                    	
                      13

                    	
                      14

                    	
                      15
                        or more

                    
	
                      Volatility
                        Buffer: %

                    	
                      6.5

                    	
                      7.0

                    	
                      7.5

                    	
                      8.0

                    	
                      8.5

                    	
                      9.0

                    	
                      9.5

                    

            
 

          

           

          “Local
            Business Day” means, for purposes of this Annex: any day on which
            (A) commercial banks are open for business (including dealings in foreign
            exchange and foreign currency deposits) in New York and the location
            of Party A,
            Party B and any Custodian, and (B) in relation to a Transfer of Eligible
            Collateral, any day on which the clearance system agreed between the
            parties for
            the delivery of Eligible Collateral is open for acceptance and execution
            of
            settlement instructions (or in the case of a Transfer of Cash or other
            Eligible
            Collateral for which delivery is contemplated by other means a day on
            which
            commercial banks are open for business (including dealings in foreign
            exchange
            and foreign deposits) in New York and the location of Party A, Party
            B and any
            Custodian.

           

           “Moody’s
            First Trigger Credit Support Amount” means,
            for any Valuation Date, the excess, if any, of

           

          
            	
                     

                  	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation Date on which (I) a Moody’s First Trigger Ratings Event has
                      occurred and has been continuing (x) for at least 30 Local
                      Business Days
                      or (y) since this Annex was executed and (II) it is not the
                      case that a
                      Moody’s Second Trigger Ratings Event has occurred and been continuing
                      for
                      at least 30 Local Business Days, an amount equal to the greater
                      of (a)
                      zero and (b) the sum of (i) the Secured Party’s Exposure for such
                      Valuation Date and (ii) the sum, for each Transaction to which
                      this Annex
                      relates, of

                  

          

           

          
            	
                     

                  	
                    the
                      least of (x) the product of the Moody’s First Trigger DV01 Multiplier and
                      DV01 for such Transaction and such Valuation Date, (y) the
                      product of (i)
                      Moody’s First Trigger Notional Amount Multiplier, (ii) the Scale
                      Factor,
                      if any, for such Transaction, or, if no Scale Factor is applicable
                      for
                      such Transaction, one, and (iii) the Notional Amount for such
                      Transaction
                      for the Calculation Period for such Transaction (each as defined
                      in the
                      related Confirmation) which includes such Valuation Date and
                      (z) the
                      product of (i) the applicable Moody’s First Trigger Factor set forth in
                      Table 1, (ii) the Scale Factor, if any, for such Transaction,
                      or, if no
                      Scale Factor is applicable for such Transaction, one, and (iii)
                      the
                      Notional Amount for such Transaction for the Calculation Period
                      for such
                      Transaction (each as defined in the related Confirmation) which
                      includes
                      such Valuation Date; or

                  

          

           

          
            	
                     

                  	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          
            	
                     

                  	
                    (II)

                  	
                    the
                      Threshold for Party A such Valuation
                      Date.

                  

          

           

          “Moody’s
            First Trigger DV01 Multiplier” means 15.

           

          “Moody’s
            First Trigger Value” means, on any date and with respect to any
            Eligible Collateral other than Cash, the bid price obtained by the Valuation
            Agent multiplied by the Moody’s First Trigger Valuation Percentage for such
            Eligible Collateral set forth in Paragraph 13(b)(ii).

           

          “Moody’s
            First Trigger Notional Amount Multiplier” means 2%.

           

          “Moody’s
            Second Trigger Credit Support Amount” means, for any Valuation
            Date, the excess, if any, of

           

          
            	
                     

                  	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation Date on which it is the case that a Moody’s Second Trigger
                      Ratings Event has occurred and been continuing for at least
                      30 Local
                      Business Days, an amount equal to the greatest of (a) zero,
                      (b) the
                      aggregate  amount of the next payment due to be paid by Party A
                      under each Transaction to which this Annex relates, and (c)
                      the sum of (x)
                      the Secured Party’s Exposure for such Valuation Date and (y) the sum, for
                      each Transaction to which this Annex relates,
                      of

                  

          

           

          (1)
            if
            such Transaction is not a Transaction-Specific Hedge,:

           

          the
            least
            of (i) the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for
            such Transaction and such Valuation Date,  (ii) the product of (1) the
            Moody’s Second Trigger Notional Amount Multiplier, (2) the Scale Factor, if
            any,
            for such Transaction, or, if no Scale Factor is applicable for such Transaction,
            one, and (3) the Notional Amount for such Transaction for the Calculation
            Period
            of such Transaction (each as defined in the related Confirmation) which
            includes
            such Valuation Date; and (iii) the product of (1) the applicable Moody’s Second
            Trigger Factor set forth in Table 2, (2) the Scale Factor, if any, for
            such
            Transaction, or, if no Scale Factor is applicable for such Transaction,
            one, and
            (3) the Notional Amount for such Transaction for the Calculation Period
            for such
            Transaction (each as defined in the related Confirmation) which includes
            such
            Valuation Date; or

           

          (2)
            if
            such Transaction is a Transaction-Specific Hedge,

           

          the
            least
            of (i) the product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
            Multiplier and DV01 for such Transaction and such Valuation Date, (ii)
            the
            product of (1) the Moody’s Second Trigger Transaction-Specific Hedge Notional
            Amount Multiplier, (2) the Scale Factor, if any, for such Transaction,
            or, if no
            Scale Factor is applicable for such Transaction, one, and (3) the Notional
            Amount for such Transaction for the Calculation Period for such Transaction
            (each as defined in the related Confirmation) which includes such Valuation
            Date; and (iii) the product of (1) the applicable Moody’s Second Trigger Factor
            set forth in Table 3, (2) the Scale Factor, if any, for such Transaction,
            or, if
            no Scale Factor is applicable for such Transaction, one, and (3) the
            Notional
            Amount for such Transaction for the Calculation Period for such Transaction
            (each as defined in the related Confirmation) which includes such Valuation
            Date; or

           

          
            	
                     

                  	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          
            	
                     

                  	
                    (II)

                  	
                    the
                      Threshold for Party A for such Valuation
                      Date.

                  

          

           

          “Moody’s
            Second Trigger DV01 Multiplier” means 50.

           

          “Moody’s
            Second Trigger Notional Amount Multiplier” means 8%.

           

          “Moody’s
            Second Trigger Transaction-Specific Hedge DV01 Multiplier” means
            65.

           

          “Moody’s
            Second Trigger Transaction-Specific Hedge Notional Amount
            Multiplier” means 10%.

           

          “Moody’s
            Second Trigger Value” means, on any date and with respect to any
            Eligible Collateral other than Cash, the bid price obtained by the Valuation
            Agent multiplied by the Moody’s Second Trigger Valuation Percentage for such
            Eligible Collateral set forth in Paragraph 13(b)(ii).

           

          “Pricing
            Sources” means the sources of financial information commonly known
            as Bloomberg, Bridge Information Services, Data Resources Inc., Interactive
            Data
            Services, International Securities Market Association, Merrill Lynch
            Securities
            Pricing Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp
            Pricing, JJ
            Kenny, and S&P. 

           

          “Remaining
            Weighted Average Maturity” means, with respect to a
            Transaction, the expected weighted average maturity for such Transaction
            as
            determined by the Valuation Agent.

           

          “S&P
            Approved Ratings Downgrade Event” means that no Relevant Entity
            has credit ratings at least equal to the S&P Approved Ratings
            Threshold.

           

          “S&P
            Credit Support Amount” means, for any Valuation Date, the excess,
            if any, of

           

          
            	
                     

                  	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation Date on which (i) a S&P Approved Ratings Downgrade Event
                      has occurred and been continuing for at least 30 days, or (ii)
                      a S&P
                      Required Ratings Downgrade Event has occurred and is continuing,
                      an amount
                      equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                      Valuation Date and (2) the sum, for each Transaction to which
                      this Annex
                      relates, of the product of (i) the S&P Volatility Buffer for such
                      Transaction, (ii) the Scale Factor, if any, for such Transaction, or,
                      if no Scale Factor is applicable for such Transaction, one,
                      and (iii) the
                      Notional Amount of such Transaction for the Calculation Period
                      of such
                      Transaction (each as defined in the related Confirmation) which
                      includes
                      such Valuation Date, or

                  

          

           

          
            	
                     

                  	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          
            	
                     

                  	
                    (II)

                  	
                    the
                      Threshold for Party A for such Valuation
                      Date.

                  

          

           

          “S&P
            Required Ratings Downgrade Event” means that no Relevant Entity
            has credit ratings at least equal to the S&P Required Ratings
            Threshold.

           

          “S&PValue”
            means, on any date and with respect to any Eligible Collateral other
            than Cash,
            the product of (A) the bid price obtained by the Valuation Agent for
            such
            Eligible Collateral and (B) the S&P Valuation Percentage for such Eligible
            Collateral set forth in paragraph 13(b)(ii).

           

          “S&P
            Volatility Buffer” means, for any Transaction, the
            related percentage set forth in the following tables for
            S&P.  

           

          
            
              	
                      The
                        higher of the S&P credit rating of (i) Party A and (ii) the Credit
                        Support Provider of Party A, if applicable

                    	
                      Remaining
                        Weighted Average Maturity of such Transaction

                      up
                        to 3 years

                    	
                      Remaining
                        Weighted Average Maturity of such Transaction

                      up
                        to 5 years

                    	
                      Remaining
                        Weighted Average Maturity of such Transaction

                      Up
                        to 10 years

                    	
                      Remaining
                        Weighted Average Maturity of such Transaction

                      up
                        to 30 years

                    
	
                      “A-2”
                        or higher

                    	
                      2.75%

                    	
                      3.25%

                    	
                      4.00%

                    	
                      4.75%

                    
	
                      “A-3”

                    	
                      3.25%

                    	
                      4.00%

                    	
                      5.00%

                    	
                      6.25%

                    
	
                      “BB+”
                        or lower

                    	
                      3.50%

                    	
                      4.50%

                    	
                      6.75%

                    	
                      7.50%

                    

            

          

           

          

           

          “Transaction
            Exposure” means, for any Transaction, Exposure determined as if
            such Transaction were the only Transaction between the Secured Party
            and the
            Pledgor.

           

          “Transaction-Specific
            Hedge” means any Transaction that is (i) an interest rate swap
            in
            respect of which (x) the notional amount of the interest rate swap is
“balance
            guaranteed” or (y) the notional amount of the interest rate swap for any
            Calculation Period (as defined in the related Confirmation) otherwise
            is not a
            specific dollar amount that is fixed at the inception of the Transaction,
            (ii)
            an interest rate cap, (iii) an interest rate floor or (iv) an interest
            rate
            swaption.

           

          “Valuation
            Percentage” shall mean, for purposes of determining the S&P
            Value, Fitch Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value
            with respect to any Eligible Collateral or Posted Collateral, the applicable
            S&P Valuation Percentage, Fitch Valuation Percentage, Moody’s First Trigger
            Valuation Percentage, or Moody’s Second Trigger Valuation Percentage for such
            Eligible Collateral or Posted Collateral, respectively, in each case
            as set
            forth in Paragraph 13(b)(ii).

           

          “Value”
            shall mean, in respect of any date, the related S&P Value, the related Fitch
            Value, the related Moody’s First Trigger Value, and the related Moody’s Second
            Trigger Value.

           

          “Volatility
            Buffer” means, for any Transaction, the related percentage set
            forth in the following table (other than a Transaction identified in
            the related
            Confirmation as a Timing Hedge).

           

          

           

          [Remainder
            of this page intentionally left blank]

           

          
 

          ____________  
            1
              Note:  Various definitions in this Credit Support Annex relate to
              interest rate Transactions.  If cross-currency Transactions are to be
              documented using this form, the definitions must be revised to take
              into account
              rating agency cross-currency collateral formulas.

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            IN
              WITNESS WHEREOF, the parties have executed this Annex by their duly
              authorized
              representatives as of the date of the Agreement.

          

           

          

           

          
            	
                    LEHMAN
                      BROTHERS

                    SPECIAL
                      FINANCING INC.

                  	 	
                    WELLS
                      FARGO BANK, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY
                      AS CAP
                      TRUSTEE ON BEHALF OF THE CAP TRUST WITH RESPECT TO THE SOUNDVIEW
                      HOME LOAN
                      TRUST 2007-OPT1, ASSET-BACKED CERTIFICATES, SERIES
                      2007-OPT1

                  
	 	 	 
	
                    (Party
                      A)

                  	 	
                    (Party
                      B)

                  
	
                    
                       

                       

                       

                       

                       

                    

                  	 	 
	 	 	 
	 	 	 
	
                    Name:

                  	 	
                    Name:

                  
	 	 	 
	
                    Title:

                  	 	
                    Title:

                  
	 	 	 
	
                    Date:

                  	 	
                    Date:

                  

          

           

           

           

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          Table
            1

           

          Moody’s
            First Trigger Factor

           

          
 

          
            	
                    Remaining

                    Weighted
                      Average Life

                    of
                      Hedge in Years

                  	
                    Daily

                    Collateral

                    Posting

                  
	 	 
	
                    1
                      or less

                  	
                    0.15%

                  
	
                    More
                      than 1 but not more than 2

                  	
                    0.30%

                  
	
                    More
                      than 2 but not more than 3

                  	
                    0.40%

                  
	
                    More
                      than 3 but not more than 4

                  	
                    0.60%

                  
	
                    More
                      than 4 but not more than 5

                  	
                    0.70%

                  
	
                    More
                      than 5 but not more than 6

                  	
                    0.80%

                  
	
                    More
                      than 6 but not more than 7

                  	
                    1.00%

                  
	
                    More
                      than 7 but not more than 8

                  	
                    1.10%

                  
	
                    More
                      than 8 but not more than 9

                  	
                    1.20%

                  
	
                    More
                      than 9 but not more than 10

                  	
                    1.30%

                  
	
                    More
                      than 10 but not more than 11

                  	
                    1.40%

                  
	
                    More
                      than 11 but not more than 12

                  	
                    1.50%

                  
	
                    More
                      than 12 but not more than 13

                  	
                    1.60%

                  
	
                    More
                      than 13 but not more than 14

                  	
                    1.70%

                  
	
                    More
                      than 14 but not more than 15

                  	
                    1.80%

                  
	
                    More
                      than 15 but not more than 16

                  	
                    1.90%

                  
	
                    More
                      than 16 but not more than 17

                  	
                    2.00%

                  
	
                    More
                      than 17 but not more than 18

                  	
                    2.00%

                  
	
                    More
                      than 18 but not more than 19

                  	
                    2.00%

                  
	
                    More
                      than 19 but not more than 20

                  	
                    2.00%

                  
	
                    More
                      than 20 but not more than 21

                  	
                    2.00%

                  
	
                    More
                      than 21 but not more than 22

                  	
                    2.00%

                  
	
                    More
                      than 22 but not more than 23

                  	
                    2.00%

                  
	
                    More
                      than 23 but not more than 24

                  	
                    2.00%

                  
	
                    More
                      than 24 but not more than 25

                  	
                    2.00%

                  
	
                    More
                      than 25 but not more than 26

                  	
                    2.00%

                  
	
                    More
                      than 26 but not more than 27

                  	
                    2.00%

                  
	
                    More
                      than 27 but not more than 28

                  	
                    2.00%

                  
	
                    More
                      than 28 but not more than 29

                  	
                    2.00%

                  
	
                    More
                      than 29

                  	
                    2.00%

                  

          

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          Table
            2

           

          Moody’s
            Second Trigger Factor for Interest Rate Swaps with Fixed Notional
            Amounts

           

          

          
            	
                    Remaining

                    Weighted
                      Average Life

                    of
                      Hedge in Years

                  	
                    Daily

                    Collateral

                    Posting

                  
	 	 
	
                    1
                      or less

                  	
                    0.50%

                  
	
                    More
                      than 1 but not more than 2

                  	
                    1.00%

                  
	
                    More
                      than 2 but not more than 3

                  	
                    1.50%

                  
	
                    More
                      than 3 but not more than 4

                  	
                    1.90%

                  
	
                    More
                      than 4 but not more than 5

                  	
                    2.40%

                  
	
                    More
                      than 5 but not more than 6

                  	
                    2.80%

                  
	
                    More
                      than 6 but not more than 7

                  	
                    3.20%

                  
	
                    More
                      than 7 but not more than 8

                  	
                    3.60%

                  
	
                    More
                      than 8 but not more than 9

                  	
                    4.00%

                  
	
                    More
                      than 9 but not more than 10

                  	
                    4.40%

                  
	
                    More
                      than 10 but not more than 11

                  	
                    4.70%

                  
	
                    More
                      than 11 but not more than 12

                  	
                    5.00%

                  
	
                    More
                      than 12 but not more than 13

                  	
                    5.40%

                  
	
                    More
                      than 13 but not more than 14

                  	
                    5.70%

                  
	
                    More
                      than 14 but not more than 15

                  	
                    6.00%

                  
	
                    More
                      than 15 but not more than 16

                  	
                    6.30%

                  
	
                    More
                      than 16 but not more than 17

                  	
                    6.60%

                  
	
                    More
                      than 17 but not more than 18

                  	
                    6.90%

                  
	
                    More
                      than 18 but not more than 19

                  	
                    7.20%

                  
	
                    More
                      than 19 but not more than 20

                  	
                    7.50%

                  
	
                    More
                      than 20 but not more than 21

                  	
                    7.80%

                  
	
                    More
                      than 21 but not more than 22

                  	
                    8.00%

                  
	
                    More
                      than 22 but not more than 23

                  	
                    8.00%

                  
	
                    More
                      than 23 but not more than 24

                  	
                    8.00%

                  
	
                    More
                      than 24 but not more than 25

                  	
                    8.00%

                  
	
                    More
                      than 25 but not more than 26

                  	
                    8.00%

                  
	
                    More
                      than 26 but not more than 27

                  	
                    8.00%

                  
	
                    More
                      than 27 but not more than 28

                  	
                    8.00%

                  
	
                    More
                      than 28 but not more than 29

                  	
                    8.00%

                  
	
                    More
                      than 29

                  	
                    8.00%

                  

          

          

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          Table
            3

           

          Moody’s
            Second Trigger Factor for Transaction-Specific Hedges

           

          

          
            	
                    Remaining

                    Weighted
                      Average Life

                    of
                      Hedge in Years

                  	
                    Daily

                    Collateral

                    Posting

                  
	 	 
	
                    1
                      or less

                  	
                    0.65%

                  
	
                    More
                      than 1 but not more than 2

                  	
                    1.30%

                  
	
                    More
                      than 2 but not more than 3

                  	
                    1.90%

                  
	
                    More
                      than 3 but not more than 4

                  	
                    2.50%

                  
	
                    More
                      than 4 but not more than 5

                  	
                    3.10%

                  
	
                    More
                      than 5 but not more than 6

                  	
                    3.60%

                  
	
                    More
                      than 6 but not more than 7

                  	
                    4.20%

                  
	
                    More
                      than 7 but not more than 8

                  	
                    4.70%

                  
	
                    More
                      than 8 but not more than 9

                  	
                    5.20%

                  
	
                    More
                      than 9 but not more than 10

                  	
                    5.70%

                  
	
                    More
                      than 10 but not more than 11

                  	
                    6.10%

                  
	
                    More
                      than 11 but not more than 12

                  	
                    6.50%

                  
	
                    More
                      than 12 but not more than 13

                  	
                    7.00%

                  
	
                    More
                      than 13 but not more than 14

                  	
                    7.40%

                  
	
                    More
                      than 14 but not more than 15

                  	
                    7.80%

                  
	
                    More
                      than 15 but not more than 16

                  	
                    8.20%

                  
	
                    More
                      than 16 but not more than 17

                  	
                    8.60%

                  
	
                    More
                      than 17 but not more than 18

                  	
                    9.00%

                  
	
                    More
                      than 18 but not more than 19

                  	
                    9.40%

                  
	
                    More
                      than 19 but not more than 20

                  	
                    9.70%

                  
	
                    More
                      than 20 but not more than 21

                  	
                    10.00%

                  
	
                    More
                      than 21 but not more than 22

                  	
                    10.00%

                  
	
                    More
                      than 22 but not more than 23

                  	
                    10.00%

                  
	
                    More
                      than 23 but not more than 24

                  	
                    10.00%

                  
	
                    More
                      than 24 but not more than 25

                  	
                    10.00%

                  
	
                    More
                      than 25 but not more than 26

                  	
                    10.00%

                  
	
                    More
                      than 26 but not more than 27

                  	
                    10.00%

                  
	
                    More
                      than 27 but not more than 28

                  	
                    10.00%

                  
	
                    More
                      than 28 but not more than 29

                  	
                    10.00%

                  
	
                    More
                      than 29

                  	
                    10.00%

                  

          

          

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

       

      EXHIBIT
        Q

      

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      

      Definitions

      Primary
        Servicer – transaction party having borrower contact

      Master
        Servicer – aggregator of pool assets

      Securities
        Administrator – waterfall calculator (may be the Trustee, or may be the Master
        Servicer)

      Back-up
        Servicer – named in the transaction (in the event a Back up Servicer becomes the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        – safe keeper of pool assets

      Paying
        Agent – distributor of funds to ultimate investor

      Trustee
–
        fiduciary of the transaction

      

      Note:  The
        definitions above describe the essential function that the party performs,
        rather than the party’s title.  So, for example, in a particular
        transaction, the trustee may perform the “paying agent” and “securities
        administrator” functions, while in another transaction, the securities
        administrator may perform these functions.

      

      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.

      

      Key:         X
        – obligation

      [X]
–
under
        consideration for
        obligation

      

      
        	
                
                  Reg
                    AB Reference

                

              	
                
                  Servicing
                    Criteria

                

              	
                
                  Primary
                    Servicer

                

              	
                
                  Master
                    Servicer

                

              	
                
                  Trustee

                

              
	 	
                General
                  Servicing Considerations

              	 	 	 
	
                1122(d)(1)(i)

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

              	
                X

              	
                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.

              	
                To
                  the extent applicable

              	
                X

              	 
	
                1122(d)(1)(iii)

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

              	 	 	 
	
                1122(d)(1)(iv)

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

              	
                X

              	
                X

              	 
	 	
                Cash
                  Collection and Administration

              	 	 	 
	
                1122(d)(2)(i)

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

              	
                X

              	
                X

              	
                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

              	
                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

              	
                X

              	 
	
                1122(d)(2)(iv)

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

              	
                X

              	
                [X]

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                If
                  applicable

              	 	 
	
                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

              	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

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

              	
                X

              	
                X

              	
                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

              	
                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

              	
                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

              	
                X

              
	 	
                Pool
                  Asset Administration

              	 	 	 
	
                1122(d)(4)(i)

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

              	 	
                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

              	
                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

              	
                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

              	
                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

              	
                X

              	 
	
                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

              	
                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

              	
                X

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        R

       

      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 4.07(a)(iv).  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 “4.02 statement” are required to be
        included in the periodic Distribution Date statement under Section 4.02,
        provided by the Trustee based on information received from the Master Servicer;
        and b) items marked “Form 10-D report” are required to be in the Form 10-D
        report but not the 4.02 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.

                
	
                  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.

                	
                  4.02
                    statement

                
	
                  (2)
                    Cash flows received and the sources thereof for distributions,
                    fees and
                    expenses.

                	
                  4.02
                    statement

                
	
                  (3)
                    Calculated amounts and distribution of the flow of funds for
                    the period
                    itemized by type and priority of payment, including:

                	
                  4.02
                    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.

                	
                  4.02
                    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.

                	
                  4.02
                    statement

                
	
                  (iii)
                    Principal, interest and
                    other distributions accrued and paid on the asset-backed securities
                    by
                    type and by class or series and any principal or interest shortfalls
                    or
                    carryovers.

                	
                  4.02
                    statement

                
	
                  (iv)
                    The amount of excess cash
                    flow or excess spread and the disposition of excess cash
                    flow.

                	
                  4.02
                    statement

                
	
                  (4)
                    Beginning and ending principal balances of the asset-backed
                    securities.

                	
                  4.02
                    statement

                
	
                  (5)
                    Interest rates applicable to the pool assets and the asset-backed
                    securities, as applicable. Consider providing interest rate information
                    for pool assets in appropriate distributional groups or incremental
                    ranges.

                	
                  4.02
                    statement

                
	
                  (6)
                    Beginning and ending balances of transaction accounts, such as
                    reserve
                    accounts, and material account activity during the period.

                	
                  4.02
                    statement

                
	
                  (7)
                    Any amounts drawn on any credit enhancement or other support
                    identified in
                    Item 1114 of Regulation AB, as applicable, and the amount of
                    coverage
                    remaining under any such enhancement, if known and
                    applicable.

                	
                  4.02
                    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.

                	
                  4.02
                    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.

                	
                  4.02
                    statement.

                   

                   

                  Form
                    10-D report: Depositor

                
	
                  (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.

                	
                  4.02
                    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: Servicer

                
	
                  (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.

                	
                  4.02
                    statement

                
	
                  (14)
                    Information regarding any new issuance of asset-backed securities
                    backed
                    by the same asset pool,

                  [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 prefunding or revolving
                    period
                    and pool asset substitutions and repurchases (and purchase rates,
                    if
                    applicable), and cash flows available for future purchases, such
                    as the
                    balances of any prefunding or revolving accounts, if
                    applicable.

                  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: Depositor

                   

                  Form
                    10-D report: Depositor

                   

                   

                   

                   

                  Form
                    10-D report: Depositor

                
	
                  Item
                    1121(b) – Pre-Funding or Revolving Period Information

                  Updated
                    pool information as required under Item 1121(b).

                	
                  Depositor

                
	
                  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:

                  Seller

                  Depositor

                  Trustee

                  Trustee

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator

                  Custodian

                	
                   

                   

                   

                  Seller

                  Depositor

                  Trustee

                  Trustee

                  Depositor

                  Master
                    Servicer

                  Originator

                  Custodian

                
	
                  3

                	
                  Sales
                    of Securities and Use of Proceeds

                	 
	
                  Information
                    from Item 2(a) of Part II of Form 10-Q:

                   

                  With
                    respect to any sale of securities by the sponsor, depositor or
                    issuing
                    entity, 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:

                   

                  Report
                    the occurrence of any Event of Default (after expiration of any
                    grace
                    period and provision of any required notice)

                	
                   

                   

                   

                  N/A

                
	
                  5

                	
                  Submission
                    of Matters to a Vote of Security Holders

                	 
	
                  Information
                    from Item 4 of Part II of Form 10-Q

                	
                  Trustee

                
	
                  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*

                  Determining
                    applicable disclosure threshold

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                  N/A

                  N/A

                
	
                  Item
                    1115(b) – Derivative Counterparty Financial Information*

                  Determining
                    current maximum probable exposure

                  Determining
                    current significance percentage

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                  [TBD]

                  [TBD]

                   

                  Depositor

                   

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 
	
                  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

                	 
	
                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a
                    party.

                  Examples:
                    servicing agreement, custodial agreement.

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	
                  Depositor

                
	
                  1.02

                	
                  Termination
                    of a Material Definitive Agreement

                	 
	
                  Disclosure
                    is required regarding termination of  any definitive agreement
                    that is material to the securitization (other than expiration
                    in
                    accordance with its terms), even if depositor is not a party.

                  Examples:
                    servicing agreement, custodial agreement.

                   

                	
                  Depositor

                
	
                  1.03

                	
                  Bankruptcy
                    or Receivership

                	 
	
                  Disclosure
                    is required regarding the bankruptcy or receivership, if known
                    to the
                    Depositor, Servicer or Trustee, with respect to any of the
                    following:

                  Sponsor
                    (Seller), Depositor, Servicer, Trustee, Swap Provider, Cap Provicer,
                    Custodian

                	
                  Depositor/Servicer/Trustee

                
	
                  2.04

                	
                  Triggering
                    Events that Accelerate or Increase a Direct Financial Obligation
                    or an
                    Obligation under an Off-Balance Sheet Arrangement

                	 
	
                  Includes
                    an early amortization, performance trigger or other event, including
                    event
                    of default, that would materially alter the payment priority/distribution
                    of cash flows/amortization schedule.

                  Disclosure
                    will be made of events other than waterfall triggers which are
                    disclosed
                    in the 4.02 statement

                	
                  N/A

                
	
                  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

                	
                  Party
                    requesting material modification

                
	
                  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

                
	
                  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 4.07]

                	
                  Depositor

                
	
                  6.02

                	
                  Change
                    of Master Servicer or Trustee

                	 
	
                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master servicer, affiliated servicer, other servicer servicing
                    10% or more
                    of pool assets at time of report, other material servicers, certificate
                    administrator or trustee.  Reg AB disclosure about any new
                    servicer or trustee is also required.

                	
                  Trustee
                    or Master 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

                
	
                  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

                	
                  N/A

                
	
                  Item
                    1114(b)(2) – Credit Enhancement Provider Financial
                    Information

                  Determining
                    applicable disclosure threshold

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                  N/A

                   

                  N/A

                
	
                  Item
                    1115(b) – Derivative Counterparty Financial Information

                  Determining
                    current maximum probable exposure

                  Determining
                    current significance percentage

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                  [TBD]

                  [TBD]

                  Depositor

                   

                
	
                  Seller

                  Depositor

                  Trustee

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator

                  Custodian

                	
                  Seller

                  Depositor

                  Trustee

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator

                  Custodian

                
	
                  Item
                    1119 – Affiliations and relationships between the following entities,
                    or
                    their respective affiliates, that are material to
                    Certificateholders:

                  Seller

                  Depositor

                  Trustee

                   

                   

                   

                   

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator

                  Custodian

                   

                   

                  Credit
                    Enhancer/Support Provider, if any

                  Significant
                    Obligor, if any

                	
                   

                   

                  Seller

                  Depositor

                  Trustee
                    (only with respect to affiliations and relationships with the
                    sponsor,
                    depositor or issuing entity)

                  Issuing
                    Entity

                  Master
                    Servicer

                  Originator

                  Custodian
                    (only with respect to affiliations and relationships with the
                    sponsor,
                    depositor or issuing entity)

                   

                  Depositor

                  Depositor

                
	
                  Item
                    1122 – Assessment of Compliance with Servicing
                    Criteria

                	
                  Each
                    Party participating in the servicing function

                
	
                  Item
                    1123 –Servicer Compliance Statement

                	
                  Master
                    Servicer

                

        

      

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      SCHEDULE
        I

       

      PREPAYMENT
        CHARGE SCHEDULE

       

      Available
        Upon Request

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II

      

      

        
          	
                  
                    Distribution
                      Date

                  

                	 	
                  
                    Base
                      Calculation Amount ($)

                  

                	 	
                  
                    Distribution
                      Date

                  

                	 	
                  
                    Base
                      Calculation Amount ($)

                  

                
	
                  November
                    2007

                	 	
                  8,441,012.67

                	 	
                  February
                    2011

                	 	
                  2,452,104.86

                
	
                  December
                    2007

                	 	
                  8,297,414.96

                	 	
                  March
                    2011

                	 	
                  2,381,927.45

                
	
                  January
                    2008

                	 	
                  8,136,731.39

                	 	
                  April
                    2011

                	 	
                  2,313,910.56

                
	
                  February
                    2008

                	 	
                  7,959,491.61

                	 	
                  May
                    2011

                	 	
                  2,247,983.87

                
	
                  March
                    2008

                	 	
                  7,766,528.53

                	 	
                  June
                    2011

                	 	
                  2,184,079.60

                
	
                  April
                    2008

                	 	
                  7,560,135.46

                	 	
                  July
                    2011

                	 	
                  2,122,131.93

                
	
                  May
                    2008

                	 	
                  7,347,766.89

                	 	
                  August
                    2011

                	 	
                  2,062,077.53

                
	
                  June
                    2008

                	 	
                  7,140,994.20

                	 	
                  September
                    2011

                	 	
                  2,003,855.05

                
	
                  July
                    2008

                	 	
                  6,939,707.81

                	 	
                  October
                    2011

                	 	
                  1,947,405.35

                
	
                  August
                    2008

                	 	
                  6,743,696.78

                	 	
                  November
                    2011

                	 	
                  1,892,671.18

                
	
                  September
                    2008

                	 	
                  6,553,155.31

                	 	
                  December
                    2011

                	 	
                  1,839,597.23

                
	
                  October
                    2008

                	 	
                  6,368,061.07

                	 	
                  January
                    2012

                	 	
                  1,788,130.03

                
	
                  November
                    2008

                	 	
                  6,188,246.01

                	 	
                  February
                    2012

                	 	
                  1,738,215.55

                
	
                  December
                    2008

                	 	
                  6,013,654.49

                	 	
                  March
                    2012

                	 	
                  1,689,806.29

                
	
                  January
                    2009

                	 	
                  5,843,986.63

                	 	
                  April
                    2012

                	 	
                  1,642,853.99

                
	
                  February
                    2009

                	 	
                  5,678,141.58

                	 	
                  May
                    2012

                	 	
                  1,597,306.54

                
	
                  March
                    2009

                	 	
                  5,501,030.59

                	 	
                  June
                    2012

                	 	
                  1,553,122.21

                
	
                  April
                    2009

                	 	
                  5,269,194.05

                	 	
                  July
                    2012

                	 	
                  1,510,259.75

                
	
                  May
                    2009

                	 	
                  4,949,007.68

                	 	
                  August
                    2012

                	 	
                  1,468,677.00

                
	
                  June
                    2009

                	 	
                  4,651,423.42

                	 	
                  September
                    2012

                	 	
                  1,428,333.23

                
	
                  July
                    2009

                	 	
                  4,384,076.06

                	 	
                  October
                    2012

                	 	
                  1,389,189.26

                
	
                  August
                    2009

                	 	
                  4,173,094.90

                	 	
                  November
                    2012

                	 	
                  1,351,207.04

                
	
                  September
                    2009

                	 	
                  4,038,300.52

                	 	
                  December
                    2012

                	 	
                  1,314,350.62

                
	
                  October
                    2009

                	 	
                  3,907,784.69

                	 	
                  January
                    2013

                	 	
                  1,278,583.18

                
	
                  November
                    2009

                	 	
                  3,781,405.82

                	 	
                  February
                    2013

                	 	
                  1,243,870.31

                
	
                  December
                    2009

                	 	
                  3,659,044.20

                	 	
                  March
                    2013

                	 	
                  1,210,178.75

                
	
                  January
                    2010

                	 	
                  3,540,546.08

                	 	
                  April
                    2013

                	 	
                  1,177,476.35

                
	
                  February
                    2010

                	 	
                  3,425,783.65

                	 	
                  May
                    2013

                	 	
                  1,145,732.01

                
	
                  March
                    2010

                	 	
                  3,314,633.51

                	 	
                  June
                    2013

                	 	
                  1,114,915.80

                
	
                  April
                    2010

                	 	
                  3,206,977.64

                	 	
                  July
                    2013

                	 	
                  1,084,998.43

                
	
                  May
                    2010

                	 	
                  3,102,703.92

                	 	
                  August
                    2013

                	 	
                  1,055,951.77

                
	
                  June
                    2010

                	 	
                  3,100,596.73

                	 	
                  September
                    2013

                	 	
                  1,027,748.61

                
	
                  July
                    2010

                	 	
                  3,010,289.29

                	 	
                  October
                    2013

                	 	
                  1,000,366.40

                
	
                  August
                    2010

                	 	
                  2,922,800.91

                	 	
                  November
                    2013

                	 	
                  973,775.83

                
	
                  September
                    2010

                	 	
                  2,838,039.02

                	 	
                  December
                    2013

                	 	
                  947,952.29

                
	
                  October
                    2010

                	 	
                  2,755,914.26

                	 	
                  January
                    2014

                	 	
                  922,871.96

                
	
                  November
                    2010

                	 	
                  2,676,340.50

                	 	
                  February
                    2014

                	 	
                  898,511.84

                
	
                  December
                    2010

                	 	
                  2,599,234.79

                	 	
                  March
                    2014

                	 	
                  874,849.64

                
	
                  January
                    2011

                	 	
                  2,524,515.55exv10w3

 

Exhibit 10.3

FOUNDRY NETWORKS, INC.

1999 EMPLOYEE STOCK PURCHASE PLAN

AMENDED & RESTATED AS OF JUNE 5, 2007

     The following constitute the provisions of the 1999 Employee Stock Purchase Plan of Foundry
Networks, Inc.

     1. Purpose. The purpose of the Plan is to provide employees of the Company and its
Designated Subsidiaries with an opportunity to purchase Common Stock of the Company. It is the
intention of the Company to have the Plan qualify as an “Employee Stock Purchase Plan” under
Section 423 of the Code. The provisions of the Plan shall, accordingly, be construed so as to
extend and limit participation in a manner consistent with the requirements of that section of the
Code.

     2. Definitions.

          (a) “Board” means the Board of Directors of the Company.

          (b) “Code” means the Internal Revenue Code of 1986, as amended.

          (c) “Common Stock” means the Common Stock of the Company.

          (d) “Company” means Foundry Networks, Inc., a Delaware corporation.

          (e) “Compensation” means total cash compensation received by an Employee from the
Company or a Designated Subsidiary. By way of illustration, but not limitation, Compensation
includes regular compensation such as salary, wages, overtime, shift differentials, bonuses,
commissions and incentive compensation, but excludes relocation, expense reimbursements, tuition or
other reimbursements and income realized as a result of participation in any stock option, stock
purchase, or similar plan of the Company or any Designated Subsidiary.

          (f) “Continuous Status as an Employee” means the absence of any interruption or
termination of service as an Employee. Continuous Status as an Employee shall not be considered
interrupted in the case of (i) sick leave; (ii) military leave; (iii) any other leave of absence
approved by the Administrator, provided that such leave is for a period of not more than 90 days,
unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or
unless provided otherwise pursuant to Company policy adopted from time to time; or (iv) in the case
of transfers between locations of the Company or between the Company and its Designated
Subsidiaries.

          (g) “Contributions” means all amounts credited to the account of a participant
pursuant to the Plan.

 

 

          (h) “Corporate Transaction” means a sale of all or substantially all of the Company’s
assets, or a merger, consolidation or other capital reorganization of the Company with or into
another corporation.

          (i) “Designated Subsidiaries” means the Subsidiaries which have been designated by the
Board from time to time in its sole discretion as eligible to participate in the Plan; provided
however that the Board shall only have the discretion to designate Subsidiaries if the issuance of
options to such Subsidiary’s Employees pursuant to the Plan would not cause the Company to incur
adverse accounting charges.

          (j) “Employee” means any person, including an Officer, who is customarily employed for
at least twenty (20) hours per week and more than five (5) months in a calendar year by the Company
or one of its Designated Subsidiaries.

          (k) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          (l) “Offering Date” means the first business day of each Offering Period of the Plan.

          (m) “Offering Period” means a period of twenty-four (24) months commencing on February
1 and August 1 of each year, except for the first Offering Period as set forth in Section 4(a).

          (n) “Officer” means a person who is an officer of the Company within the meaning of
Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

          (o) “Plan” means this Employee Stock Purchase Plan.

          (p) “Purchase Date” means the last day of each Purchase Period of the Plan.

          (q) “Purchase Period” means a period of six (6) months within an Offering Period,
except for the first Purchase Period as set forth in Section 4(b).

          (r) “Purchase Price” means with respect to a Purchase Period an amount equal to 85% of
the Fair Market Value (as defined in Section 7(b) below) of a Share of Common Stock on the Offering
Date or on the Purchase Date, whichever is lower; provided, however, that in the event (i) of any
increase in the number of Shares available for issuance under the Plan as a result of a
stockholder-approved amendment to the Plan, and (ii) all or a portion of such additional Shares are
to be issued with respect to one or more Offering Periods that are underway at the time of such
increase (“Additional Shares”), and (iii) the Fair Market Value of a Share of Common Stock
on the date of such increase (the “Approval Date Fair Market Value”) is higher than the
Fair Market Value on the Offering Date for any such Offering Period, then in such instance the
Purchase Price with respect to Additional Shares shall be 85% of the Approval Date Fair Market
Value or the Fair Market Value of a Share of Common Stock on the Purchase Date, whichever is lower.

 

 

          (s) “Share” means a share of Common Stock, as adjusted in accordance with Section 19
of the Plan.

          (t) “Subsidiary” means a corporation, domestic or foreign, of which not less than 50%
of the voting shares are held by the Company or a Subsidiary, whether or not such corporation now
exists or is hereafter organized or acquired by the Company or a Subsidiary.

     3. Eligibility.

          (a) Any person who is an Employee as of the Offering Date of a given Offering Period shall be
eligible to participate in such Offering Period under the Plan, subject to the requirements of
Section 5(a) and the limitations imposed by Section 423(b) of the Code, provided however that
eligible Employees may not participate in more than one Offering Period at a time.

          (b) Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted
an option under the Plan (i) if, immediately after the grant, such Employee (or any other person
whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own
capital stock of the Company and/or hold outstanding options to purchase stock possessing five
percent (5%) or more of the total combined voting power or value of all classes of stock of the
Company or of any subsidiary of the Company, or (ii) if such option would permit his or her rights
to purchase stock under all employee stock purchase plans (described in Section 423 of the Code) of
the Company and its Subsidiaries to accrue at a rate which exceeds Twenty-Five Thousand Dollars
($25,000) of the Fair Market Value (as defined in Section 7(b) below) of such stock (determined at
the time such option is granted) for each calendar year in which such option is outstanding at any
time.

     4. Offering Periods and Purchase Periods.

          (a) Offering Periods. The Plan shall be implemented by a series of Offering Periods
of twenty-four (24) months’ duration, with new Offering Periods commencing on or about February 1
and August 1 of each year (or at such other time or times as may be determined by the Board of
Directors). The first Offering Period shall commence on the beginning of the effective date of the
Registration Statement on Form S-1 for the initial public offering of the Company’s Common Stock
(the “IPO Date”) and continue until July 31, 2001. The Plan shall continue until
terminated in accordance with Section 19 hereof. The Board of Directors of the Company shall have
the power to change the duration and/or the frequency of Offering Periods with respect to future
offerings without stockholder approval if such change is announced at least five (5) days prior to
the scheduled beginning of the first Offering Period to be affected.

          (b) Purchase Periods. Each Offering Period shall consist of four (4) consecutive
purchase periods of six (6) months’ duration. The last day of each Purchase Period shall be the
“Purchase Date” for such Purchase Period. A Purchase Period commencing on February 1
shall end on the next July 31. A Purchase Period commencing on August 1 shall end on the next
January 31. The first Purchase Period shall commence on the IPO Date and shall end on January 31,
2000. The Board of Directors of the Company shall have the power to change the duration and/or
frequency of Purchase Periods with respect to future purchases without

 

 

stockholder approval if such change is announced at least five (5) days prior to the scheduled
beginning of the first Purchase Period to be affected.

     5. Participation.

          (a) An eligible Employee may become a participant in the Plan by completing a subscription
agreement on the form provided by the Company and filing it with the Company’s payroll office prior
to the applicable Offering Date, unless a later time for filing the subscription agreement is set
by the Board for all eligible Employees with respect to a given Offering Period. The subscription
agreement shall set forth the percentage of the participant’s Compensation (subject to Section 6(a)
below) to be paid as Contributions pursuant to the Plan.

          (b) Payroll deductions shall commence on the first payroll following the Offering Date and
shall end on the last payroll paid on or prior to the last Purchase Period of the Offering Period
to which the subscription agreement is applicable, unless sooner terminated by the participant as
provided in Section 10.

     6. Method of Payment of Contributions.

          (a) A participant shall elect to have payroll deductions made on each payday during the
Offering Period in an amount not less than one percent (1%) and not more than twenty percent (20%)
(or such greater percentage as the Board may establish from time to time before an Offering Date)
of such participant’s Compensation on each payday during the Offering Period. All payroll
deductions made by a participant shall be credited to his or her account under the Plan. A
participant may not make any additional payments into such account.

          (b) A participant may discontinue his or her participation in the Plan as provided in Section
10, or, on two occasions only during an Offering Period, may decrease, but not increase, the rate
of his or her payroll deductions with respect to the Offering Period by completing and filing with
the Company a new subscription agreement authorizing the decrease in the payroll deduction rate.
The change in rate shall be effective as of the beginning of the next Purchase Period following the
date of filing of the new subscription agreement, if the agreement is filed at least ten (10)
business days prior to such date and, if not, as of the beginning of the next succeeding Purchase
Period.

          (c) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of
the Code and Section 3(b) herein, a participant’s payroll deductions may be decreased during any
Purchase Period to 0%. Payroll deductions shall re-commence at the rate provided in such
participant’s subscription agreement at the beginning of the first Purchase Period which is
scheduled to end in the following calendar year, unless terminated by the participant as provided
in Section 10.

     7. Grant of Option.

          (a) On the Offering Date of each Offering Period, each eligible Employee participating in such
Offering Period shall be granted an option to purchase on each Purchase Date a number of Shares of
the Company’s Common Stock determined by dividing such

 

 

Employee’s Contributions accumulated prior to such Purchase Date and retained in the
participant’s account as of the Purchase Date by the applicable Purchase Price; provided however
that the maximum number of Shares an Employee may purchase during each Purchase Period shall be
5,000* Shares (subject to any adjustment pursuant to Section 19 below), and provided further that
such purchase shall be subject to the limitations set forth in Sections 3(b) and 13.

          (b) The fair market value of the Company’s Common Stock on a given date (the “Fair Market
Value”) shall be determined by the Board in its discretion based on the closing sales price of
the Common Stock for such date (or, in the event that the Common Stock is not traded on such date,
on the immediately preceding trading date), as reported by the National Association of Securities
Dealers Automated Quotation (Nasdaq) National Market or, if such price is not reported, the mean of
the bid and asked prices per share of the Common Stock as reported by Nasdaq or, in the event the
Common Stock is listed on a stock exchange, the Fair Market Value per share shall be the closing
sales price on such exchange on such date (or, in the event that the Common Stock is not traded on
such date, on the immediately preceding trading date), as reported in The Wall Street
Journal. For purposes of the Offering Date under the first Offering Period under the Plan, the
Fair Market Value of a share of the Common Stock of the Company shall be the Price to Public as set
forth in the final prospectus filed with the Securities and Exchange Commission pursuant to Rule
424 under the Securities Act of 1933, as amended.

     8. Exercise of Option. Unless a participant withdraws from the Plan as provided in
Section 10, his or her option for the purchase of Shares will be exercised automatically on each
Purchase Date of an Offering Period, and the maximum number of full Shares subject to the option
will be purchased at the applicable Purchase Price with the accumulated Contributions in his or her
account. No fractional Shares shall be issued. The Shares purchased upon exercise of an option
hereunder shall be deemed to be transferred to the participant on the Purchase Date. During his or
her lifetime, a participant’s option to purchase Shares hereunder is exercisable only by him or
her.

     9. Delivery. As promptly as practicable after each Purchase Date of each Offering
Period, the Company shall arrange the delivery to each participant, as appropriate, the Shares
purchased upon exercise of his or her option. No fractional Shares shall be purchased; any payroll
deductions accumulated in a participant’s account which are not sufficient to purchase a full Share
shall be retained in the participant’s account for the subsequent Purchase Period or Offering
Period, subject to earlier withdrawal by the participant as provided in Section 10 below. Any
other amounts left over in a participant’s account after a Purchase Date shall be returned to the
participant.

     10. Voluntary Withdrawal; Termination of Employment.

          (a) A participant may withdraw all but not less than all the Contributions credited to his or
her account under the Plan at any time prior to each Purchase Date by giving written notice to the
Company. All of the participant’s Contributions credited to his or her account will be paid to him
or her promptly after receipt of his or her notice of withdrawal and his or her option for the
current period will be automatically terminated, and no further Contributions for the purchase of
Shares will be made during the Offering Period.

 

 

          (b) Upon termination of the participant’s Continuous Status as an Employee prior to the
Purchase Date of an Offering Period for any reason, including retirement or death, the
Contributions credited to his or her account will be returned to him or her or, in the case of his
or her death, to the person or persons entitled thereto under Section 14, and his or her option
will be automatically terminated.

          (c) In the event an Employee fails to remain in Continuous Status as an Employee of the
Company for at least twenty (20) hours per week during the Offering Period in which the employee is
a participant, he or she will be deemed to have elected to withdraw from the Plan and the
Contributions credited to his or her account will be returned to him or her and his or her option
terminated.

          (d) A participant’s withdrawal from an offering will not have any effect upon his or her
eligibility to participate in a succeeding offering or in any similar plan which may hereafter be
adopted by the Company.

     11. Automatic Withdrawal. If the Fair Market Value of the Shares on any Purchase Date
of an Offering Period is less than the Fair Market Value of the Shares on the Offering Date for
such Offering Period, then every participant shall automatically (i) be withdrawn from such
Offering Period at the close of such Purchase Date and after the acquisition of Shares for such
Purchase Period, and (ii) be enrolled in the Offering Period commencing on the first business day
subsequent to such Purchase Period.

     12. Interest. No interest shall accrue on the Contributions of a participant in the
Plan.

     13. Stock.

          (a) Subject to adjustment as provided in Section 19, the maximum number of Shares which shall
be made available for sale under the Plan shall be 1,500,000* Shares, plus an annual increase on
the first day of each of the Company’s fiscal years beginning in 2000 and ending in 2009 equal to
the lesser of (i) 1,500,000* Shares, (ii) two percent (2%) of the Shares outstanding on the last
day of the immediately preceding fiscal year, or (iii) such lesser number of Shares as is
determined by the Board. If the Board determines that, on a given Purchase Date, the number of
shares with respect to which options are to be exercised may exceed (i) the number of shares of
Common Stock that were available for sale under the Plan on the Offering Date of the applicable
Offering Period, or (ii) the number of shares available for sale under the Plan on such Purchase
Date, the Board may in its sole discretion provide (x) that the Company shall make a pro rata
allocation of the Shares of Common Stock available for purchase on such Offering Date or Purchase
Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in
its sole discretion to be equitable among all participants exercising options to purchase Common
Stock on such Purchase Date, and continue all Offering Periods then in effect, or (y) that the
Company shall make a pro rata allocation of the shares available for purchase on such Offering Date
or Purchase Date, as applicable, in as uniform a manner as shall be practicable and as it shall
determine in its sole discretion to be equitable among all participants exercising options to
purchase Common Stock on such Purchase Date, and terminate any or all Offering Periods then in
effect pursuant to Section 20 below. The Company may make

 

 

pro rata allocation of the Shares available on the Offering Date of any applicable Offering
Period pursuant to the preceding sentence, notwithstanding any authorization of additional Shares
for issuance under the Plan by the Company’s stockholders subsequent to such Offering Date.

          (b) The participant shall have no interest or voting right in Shares covered by his or her
option until such option has been exercised.

          (c) Shares to be delivered to a participant under the Plan will be registered in the name of
the participant or in the name of the participant and his or her spouse.

     14. Administration. The Board, or a committee named by the Board, shall supervise and
administer the Plan and shall have full power to adopt, amend and rescind any rules deemed
desirable and appropriate for the administration of the Plan and not inconsistent with the Plan, to
construe and interpret the Plan, and to make all other determinations necessary or advisable for
the administration of the Plan.

     15. Designation of Beneficiary.

          (a) A participant may file a written designation of a beneficiary who is to receive any Shares
and cash, if any, from the participant’s account under the Plan in the event of such participant’s
death subsequent to the end of a Purchase Period but prior to delivery to him or her of such Shares
and cash. In addition, a participant may file a written designation of a beneficiary who is to
receive any cash from the participant’s account under the Plan in the event of such participant’s
death prior to the Purchase Date of an Offering Period. If a participant is married and the
designated beneficiary is not the spouse, spousal consent shall be required for such designation to
be effective.

          (b) Such designation of beneficiary may be changed by the participant (and his or her spouse,
if any) at any time by written notice. In the event of the death of a participant and in the
absence of a beneficiary validly designated under the Plan who is living at the time of such
participant’s death, the Company shall deliver such Shares and/or cash to the executor or
administrator of the estate of the participant, or if no such executor or administrator has been
appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such
Shares and/or cash to the spouse or to any one or more dependents or relatives of the participant,
or if no spouse, dependent or relative is known to the Company, then to such other person as the
Company may designate.

     16. Transferability. Neither Contributions credited to a participant’s account nor
any rights with regard to the exercise of an option or to receive Shares under the Plan may be
assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of
descent and distribution, or as provided in Section 15) by the participant. Any such attempt at
assignment, transfer, pledge or other disposition shall be without effect, except that the Company
may treat such act as an election to withdraw funds in accordance with Section 10.

     17. Use of Funds. All Contributions received or held by the Company under the Plan
may be used by the Company for any corporate purpose, and the Company shall not be obligated to
segregate such Contributions.

 

 

     18. Reports. Individual accounts will be maintained for each participant in the Plan.
Statements of account will be given to participating Employees at least annually, which statements
will set forth the amounts of Contributions, the per Share Purchase Price, the number of Shares
purchased and the remaining cash balance, if any.

     19. Adjustments Upon Changes in Capitalization; Corporate Transactions.

          (a) Adjustment. Subject to any required action by the stockholders of the Company,
the number of Shares covered by each option under the Plan which has not yet been exercised and the
number of Shares which have been authorized for issuance under the Plan but have not yet been
placed under option (collectively, the “Reserves”), as well as the maximum number of shares
of Common Stock which may be purchased by a participant in a Purchase Period, the number of shares
of Common Stock set forth in Section 13(a)(i) above, and the price per Share of Common Stock
covered by each option under the Plan which has not yet been exercised, shall be proportionately
adjusted for any increase or decrease in the number of issued Shares resulting from a stock split,
reverse stock split, stock dividend, combination or reclassification of the Common Stock (including
any such change in the number of Shares of Common Stock effected in connection with a change in
domicile of the Company), or any other increase or decrease in the number of Shares effected
without receipt of consideration by the Company; provided however that conversion of any
convertible securities of the Company shall not be deemed to have been “effected without receipt of
consideration.” Such adjustment shall be made by the Board, whose determination in that respect
shall be final, binding and conclusive. Except as expressly provided herein, no issue by the
Company of shares of stock of any class, or securities convertible into shares of stock of any
class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number
or price of Shares subject to an option.

          (b) Corporate Transactions. In the event of a dissolution or liquidation of the
Company, any Purchase Period and Offering Period then in progress will terminate immediately prior
to the consummation of such action, unless otherwise provided by the Board. In the event of a
Corporate Transaction, each option outstanding under the Plan shall be assumed or an equivalent
option shall be substituted by the successor corporation or a parent or Subsidiary of such
successor corporation. In the event that the successor corporation refuses to assume or substitute
for outstanding options, each Purchase Period and Offering Period then in progress shall be
shortened and a new Purchase Date shall be set (the “New Purchase Date”), as of which date
any Purchase Period and Offering Period then in progress will terminate. The New Purchase Date
shall be on or before the date of consummation of the transaction and the Board shall notify each
participant in writing, at least ten (10) days prior to the New Purchase Date, that the Purchase
Date for his or her option has been changed to the New Purchase Date and that his or her option
will be exercised automatically on the New Purchase Date, unless prior to such date he or she has
withdrawn from the Offering Period as provided in Section 10. For purposes of this Section 19, an
option granted under the Plan shall be deemed to be assumed, without limitation, if, at the time of
issuance of the stock or other consideration upon a Corporate Transaction, each holder of an option
under the Plan would be entitled to receive upon exercise of the option the same number and kind of
shares of stock or the same amount of property, cash or securities as such holder would have been
entitled to receive upon the occurrence of the transaction if the holder had been, immediately
prior to the transaction, the holder of the number

 

 

of Shares of Common Stock covered by the option at such time (after giving effect to any
adjustments in the number of Shares covered by the option as provided for in this Section 19);
provided however that if the consideration received in the transaction is not solely common stock
of the successor corporation or its parent (as defined in Section 424(e) of the Code), the Board
may, with the consent of the successor corporation, provide for the consideration to be received
upon exercise of the option to be solely common stock of the successor corporation or its parent
equal in Fair Market Value to the per Share consideration received by holders of Common Stock in
the transaction.

     The Board may, if it so determines in the exercise of its sole discretion, also make provision
for adjusting the Reserves, as well as the price per Share of Common Stock covered by each
outstanding option, in the event that the Company effects one or more reorganizations,
recapitalizations, rights offerings or other increases or reductions of Shares of its outstanding
Common Stock, and in the event of the Company’s being consolidated with or merged into any other
corporation.

     20. Amendment or Termination.

          (a) The Board may at any time and for any reason terminate or amend the Plan. Except as
provided in Section 19, no such termination of the Plan may affect options previously granted,
provided that the Plan or an Offering Period may be terminated by the Board on a Purchase Date or
by the Board’s setting a new Purchase Date with respect to an Offering Period and Purchase Period
then in progress if the Board determines that termination of the Plan and/or the Offering Period is
in the best interests of the Company and the stockholders or if continuation of the Plan and/or the
Offering Period would cause the Company to incur adverse accounting charges as a result of a change
after the effective date of the Plan in the generally accepted accounting rules applicable to the
Plan. Except as provided in Section 19 and in this Section 20, no amendment to the Plan shall make
any change in any option previously granted which adversely affects the rights of any participant.
In addition, to the extent necessary to comply with Rule 16b-3 under the Exchange Act, or under
Section 423 of the Code (or any successor rule or provision or any applicable law or regulation),
the Company shall obtain stockholder approval in such a manner and to such a degree as so required.

          (b) Without stockholder consent and without regard to whether any participant rights may be
considered to have been adversely affected, the Board (or its committee) shall be entitled to
change the Offering Periods and Purchase Periods, limit the frequency and/or number of changes in
the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts
withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount
designated by a participant in order to adjust for delays or mistakes in the Company’s processing
of properly completed withholding elections, establish reasonable waiting and adjustment periods
and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of
Common Stock for each participant properly correspond with amounts withheld from the participant’s
Compensation, and establish such other limitations or procedures as the Board (or its committee)
determines in its sole discretion advisable which are consistent with the Plan.

 

 

     21. Notices. All notices or other communications by a participant to the Company
under or in connection with the Plan shall be deemed to have been duly given when received in the
form specified by the Company at the location, or by the person, designated by the Company for the
receipt thereof.

     22. Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an
option unless the exercise of such option and the issuance and delivery of such Shares pursuant
thereto shall comply with all applicable provisions of law, domestic or foreign, including, without
limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations
promulgated thereunder, applicable state securities laws and the requirements of any stock exchange
upon which the Shares may then be listed, and shall be further subject to the approval of counsel
for the Company with respect to such compliance.

     As a condition to the exercise of an option, the Company may require the person exercising
such option to represent and warrant at the time of any such exercise that the Shares are being
purchased only for investment and without any present intention to sell or distribute such Shares
if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law.

     23. Term of Plan; Effective Date. The Plan shall become effective upon the IPO Date.
It shall continue in effect for a term of ten (10) years unless sooner terminated under Section 20.

     24. Additional Restrictions of Rule 16b-3. The terms and conditions of options
granted hereunder to, and the purchase of Shares by, persons subject to Section 16 of the Exchange
Act shall comply with the applicable provisions of Rule 16b-3. This Plan shall be deemed to
contain, and such options shall contain, and the Shares issued upon exercise thereof shall be
subject to, such additional conditions and restrictions as may be required by Rule 16b-3 to qualify
for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions.

 

			
	*	 	All share numbers have been adjusted for the two-for-one forward stock split of the Company’s
common stock in the form of a stock dividend effectuated on January 10, 2000.

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