Document:

THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT
      BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE
      THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY
      SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION
      IS NOT REQUIRED.  

     

    PROMISSORY
      NOTE

     

    
      	
              $28,000

            	
              Dated
                as of ____________________

            
	 	
              Herzeliya,
                Israel

            

    

    

    Pinpoint
      Advance Corp. (the “Maker”) promises to pay to the order of Ronen Zadok or his
      registered assigns or successors in interest (the
      “Payee”),
      or
      order, the principal sum of Twenty Eight Thousand Dollars and No cents
      ($28,000.00) in lawful money of the United States of America, on the terms
      and
      conditions described below. All payments on this Note shall be made by check
      or
      wire transfer of immediately available funds or as otherwise determined by
      the
      Maker to such account as the Payee may from time to time designate by written
      notice in accordance with the provisions of this Note. 

    

    1. Principal.
      The
      principal balance of this Note shall be repayable on the earlier of (i)
      September 30, 2007 or (ii) the date on which Maker consummates an initial public
      offering of its securities.

    

    2. Interest.
      No
      interest shall accrue on the unpaid principal balance of this Note.

    

    3. Application
      of Payments.
      All
      payments shall be applied first to payment in full of any costs incurred in
      the
      collection of any sum due under this Note, including (without limitation)
      reasonable attorney’s fees, then to the payment in full of any late charges and
      finally to the reduction of the unpaid principal balance of this
      Note.

    

    4. Events
      of Default.
      The
      following shall constitute Events of Default:

    

    (a) Failure
      to Make Required Payments. Failure by Maker to pay the principal of this Note
      within five (5) business days following the date when due.

    

    (b) Voluntary
      Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal
      Bankruptcy Code, as now constituted or hereafter amended, or any other
      applicable federal or state bankruptcy, insolvency, reorganization,
      rehabilitation or other similar law, or the consent by it to the appointment
      of
      or taking possession by a receiver, liquidator, assignee, trustee, custodian,
      sequestrator (or other similar official) of Maker or for any substantial part
      of
      its property, or the making by it of any assignment for the benefit of
      creditors, or the failure of Maker generally to pay its debts as such debts
      become
      due, or the taking of corporate action by Maker in furtherance of any of the
      foregoing.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (c) Involuntary
      Bankruptcy, Etc. The entry of a decree or order for relief by a court having
      jurisdiction in the premises in respect of Maker in an involuntary case under
      the Federal Bankruptcy Code, as now or hereafter constituted, or any other
      applicable federal or state bankruptcy, insolvency or other similar law, or
      appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
      (or similar official) of Maker or for any substantial part of its property,
      or
      ordering 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 consecutive
      days.

    

    5. Remedies.

    

    (a) Upon
      the
      occurrence of an Event of Default specified in Section 4(a), Payee may, by
      written notice to Maker, declare this Note to be due and payable, whereupon
      the
      principal amount of this Note, and all other amounts payable thereunder, shall
      become immediately due and payable without presentment, demand, protest or
      other
      notice of any kind, all of which are hereby expressly waived, anything contained
      herein or in the documents evidencing the same to the contrary
      notwithstanding.

    

    (b) Upon
      the
      occurrence of an Event of Default specified in Sections 4(b) and 4(c), the
      unpaid principal balance of, and all other sums payable with regard to, this
      Note shall automatically and immediately become due and payable, in all cases
      without any action on the part of Payee.

    

    6. Waivers.
      Maker
      and all endorsers and guarantors of, and sureties for, this Note waive
      presentment for payment, demand, notice of dishonor, protest, and notice of
      protest with regard to the Note, all errors, defects and imperfections in any
      proceedings instituted by Payee under the terms of this Note, and all benefits
      that might accrue to Maker by virtue of any present or future laws exempting
      any
      property, real or personal, or any part of the proceeds arising from any sale
      of
      any such property, from attachment, levy or sale
      under execution, or providing for any stay of execution, exemption from civil
      process, or extension of time for payment; and Maker agrees that any real estate
      that may be levied upon pursuant to a judgment obtained by virtue hereof, on
      any
      writ of execution issued hereon, may be sold upon any such writ in whole or
      in
      part in any order desired by Payee.

    

    7. Unconditional
      Liability.
      Maker
      hereby waives all notices in connection with the delivery, acceptance,
      performance, default, or enforcement of the payment of this Note, and agrees
      that its liability shall be unconditional, without regard to the liability
      of
      any other party, and shall not be affected in any manner by any indulgence,
      extension of time, renewal, waiver or modification granted or consented to
      by
      Payee, and consents to any and all extensions of time, renewals, waivers, or
      modifications that may be granted by Payee with respect to the payment or other
      provisions of this Note, and agree that additional
      makers, endorsers, guarantors, or sureties may become parties hereto without
      notice to them or affecting their liability hereunder.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    8. Notices.
      Any
      notice called for hereunder shall be deemed properly given if (i) sent by
      certified mail, return receipt requested, (ii) personally delivered, (iii)
      dispatched by any form of private or governmental express mail or delivery
      service providing receipted delivery or (iv) sent by telefacsimile or (v) to
      the
      following addresses or to such other address as either party may designate
      by
      notice in accordance with this Section:

     

    If
      to
      Maker:

    

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya,
      Israel 46700

    Attention:
      Adiv Baruch 

    

    If
      to
      Payee:

    

    Ronen
      Zadok

    c/o
      Pinpoint Advance Corp.

    4
      Maskit
      Street

    Herzeliya,
      Israel 46700

     

    Notice
      shall be deemed given on the earlier of (i) actual receipt by the receiving
      party, (ii) the date shown on a telefacsimile transmission confirmation, (iii)
      the date reflected on a signed delivery receipt, or (iv) two (2) Business Days
      following tender of delivery or dispatch by express mail or delivery
      service.

    

    9.
      Construction.
      THIS
      NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE DOMESTIC, INTERNAL
      LAW, BUT NOT THE LAW OF CONFLICT OF LAWS, OF THE STATE OF DELAWARE.

    

    10. Severability.
      Any
      provision contained in this Note which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

      

    IN
      WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this
      Note to be duly executed by its Chief Executive Officer the day and year first
      above written.

    
      	 	 	 
	 	
              PINPOINT
                ADVANCE CORP.

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Adiv
                Baruch

            
	 	
              Chief
                Executive Officer

            

    
      
        
        

      

      
        4HSI
      ASSET
      SECURITIZATION CORPORATION,

    Depositor,

     

    WELLS
      FARGO BANK, N.A.,

    Originator,
      Servicer and Custodian,

     

    CITIMORTGAGE,
      INC.,

    Master
      Servicer,

     

    CITIBANK,
      N.A.,

    Securities
      Administrator

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee

     

    and

     

    OFFICETIGER
      GLOBAL REAL ESTATE SERVICES INC.,

    Credit
      Risk Manager

     

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of January 1, 2007

     

    HSI
      ASSET
      LOAN OBLIGATION TRUST 2007-WF1

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES 2007-WF1

     

     

    
      

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF
      CONTENTS

     

    Page

    

    ARTICLE
      I

     

    DEFINITIONS

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    REPRESENTATIONS
      AND WARRANTIES

     

    
      
        	
                Section
                  2.01

              	
                Conveyance
                  of Mortgage Loans

              	
                40

              
	
                Section
                  2.02

              	
                Acceptance
                  by the Custodian of the Mortgage Loans

              	
                43

              
	
                Section
                  2.03

              	
                Representations,
                  Warranties and Covenants of the Originator and the Servicer; Remedies
                  for
                  Breaches of Representations and Warranties with Respect to the
                  Mortgage
                  Loans

              	
                44

              
	
                Section
                  2.04

              	
                Execution
                  and Delivery of Certificates

              	
                48

              
	
                Section
                  2.05

              	
                REMIC
                  Matters

              	
                48

              
	
                Section
                  2.06

              	
                Representations
                  and Warranties of the Depositor

              	
                48

              
	 
	
                ARTICLE
                  III

              
	 
	
                ADMINISTRATION
                  AND SERVICING

              
	
                OF
                  MORTGAGE LOANS

              
	 	 	 
	
                Section
                  3.01

              	
                Servicer
                  to Service Mortgage Loans

              	
                49

              
	
                Section
                  3.02

              	
                Subservicing
                  Agreements between Servicer and Subservicers; Use of
                  Subcontractors

              	
                51

              
	
                Section
                  3.03

              	
                Successor
                  Subservicers

              	
                53

              
	
                Section
                  3.04

              	
                Liability
                  of the Servicer

              	
                53

              
	
                Section
                  3.05

              	
                No
                  Contractual Relationship between Subservicers and the Master
                  Servicer

              	
                53

              
	
                Section
                  3.06

              	
                Assumption
                  or Termination of Subservicing Agreements by Master
                  Servicer

              	
                54

              
	
                Section
                  3.07

              	
                Collection
                  of Certain Mortgage Loan Payments

              	
                54

              
	
                Section
                  3.08

              	
                Subservicing
                  Accounts

              	
                57

              
	
                Section
                  3.09

              	
                Collection
                  of Taxes, Assessments and Similar Items; Escrow Accounts

              	
                58

              
	
                Section
                  3.10

              	
                Collection
                  Account

              	
                58

              
	
                Section
                  3.11

              	
                Withdrawals
                  from the Collection Account

              	
                59

              
	
                Section
                  3.12

              	
                Investment
                  of Funds in the Collection Account and Escrow Account

              	
                61

              
	
                Section
                  3.13

              	
                Maintenance
                  of Hazard Insurance and Errors and Omissions and Fidelity
                  Coverage

              	
                62

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
                  3.14

              	
                Enforcement
                  of Due-On-Sale Clauses; Assumption Agreements

              	
                64

              
	
                Section
                  3.15

              	
                Realization
                  upon Defaulted Mortgage Loans

              	
                64

              
	
                Section
                  3.16

              	
                Release
                  of Mortgage Files

              	
                66

              
	
                Section
                  3.17

              	
                Title,
                  Conservation and Disposition of REO Property

              	
                67

              
	
                Section
                  3.18

              	
                [Reserved]

              	
                68

              
	
                Section
                  3.19

              	
                Access
                  to Certain Documentation and Information Regarding the Mortgage
                  Loans

              	
                69

              
	
                Section
                  3.20

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

              	
                69

              
	
                Section
                  3.21

              	
                Servicing
                  Compensation

              	
                69

              
	
                Section
                  3.22

              	
                Report
                  on Assessment of Compliance with Relevant Servicing
                  Criteria.

              	
                70

              
	
                Section
                  3.23

              	
                Report
                  on Attestation of Compliance with Relevant Servicing
                  Criteria.

              	
                71

              
	
                Section
                  3.24

              	
                Annual
                  Officer’s Certificates.

              	
                71

              
	
                Section
                  3.25

              	
                Master
                  Servicer to Act as Servicer

              	
                73

              
	
                Section
                  3.26

              	
                Compensating
                  Interest

              	
                74

              
	
                Section
                  3.27

              	
                Credit
                  Reporting; Gramm-Leach-Bliley Act

              	
                74

              
	
                Section
                  3.28

              	
                [Reserved]

              	
                74

              
	
                Section
                  3.29

              	
                Notifications
                  to Parties.

              	
                74

              
	
                Section
                  3.30

              	
                Indemnification.

              	
                74

              
	 
	
                ARTICLE
                  IV

              
	 
	
                DISTRIBUTIONS
                  AND

              
	
                ADVANCES
                  BY THE SERVICER

              
	 	 	
                 

              
	
                Section
                  4.01

              	
                Advances

              	
                75

              
	
                Section
                  4.02

              	
                Priorities
                  of Distribution

              	
                77

              
	
                Section
                  4.03

              	
                Monthly
                  Statements to Certificateholders

              	
                81

              
	
                Section
                  4.04

              	
                Certain
                  Matters Relating to the Determination of LIBOR

              	
                84

              
	
                Section
                  4.05

              	
                Allocation
                  of Applied Realized Loss Amounts

              	
                84

              
	
                Section
                  4.06

              	
                Supplemental
                  Interest Trust.

              	
                84

              
	
                Section
                  4.07

              	
                [Reserved].

              	
                86

              
	
                Section
                  4.08

              	
                Termination
                  Receipts.

              	
                86

              
	 
	
                ARTICLE
                  V

              
	 
	
                THE
                  CERTIFICATES

              
	 	 	 
	
                Section
                  5.01

              	
                The
                  Certificates

              	
                86

              
	
                Section
                  5.02

              	
                Certificate
                  Register; Registration of Transfer and Exchange of
                  Certificates

              	
                87

              
	
                Section
                  5.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates

              	
                93

              
	
                Section
                  5.04

              	
                Persons
                  Deemed Owners

              	
                94

              
	
                Section
                  5.05

              	
                Access
                  to List of Certificateholders’ Names and Addresses

              	
                94

              
	
                Section
                  5.06

              	
                Maintenance
                  of Office or Agency

              	
                94

              
	 

      

       

      
        
          
          

        

        
          -ii-

          
            

          

        

        
          
          

        

      

       

      
        	
                ARTICLE
                  VI

              
	 
	
                THE
                  DEPOSITOR AND THE SERVICER

              
	 	 	 
	
                Section
                  6.01

              	
                Respective
                  Liabilities of the Depositor and the Servicer

              	
                95

              
	
                Section
                  6.02

              	
                Merger
                  or Consolidation of the Depositor or the Servicer

              	
                95

              
	
                Section
                  6.03

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

              	
                95

              
	
                Section
                  6.04

              	
                Limitation
                  on Resignation of the Servicer.

              	
                96

              
	
                Section
                  6.05

              	
                Additional
                  Indemnification by the Servicer; Third Party Claims.

              	
                96

              
	
                Section
                  6.06

              	
                Compliance
                  with Regulation AB; Cooperation of Parties

              	
                97

              
	 
	
                ARTICLE
                  VII

              
	 
	
                DEFAULT

              
	 	 	 
	
                Section
                  7.01

              	
                Events
                  of Default

              	
                98

              
	
                Section
                  7.02

              	
                Master
                  Servicer to Act; Appointment of Successor

              	
                100

              
	
                Section
                  7.03

              	
                Notification
                  to Certificateholders

              	
                102

              
	 
	
                ARTICLE
                  VIII

              
	 
	
                CONCERNING
                  THE TRUSTEE

              
	 	 	 
	
                Section
                  8.01

              	
                Duties
                  of the Trustee

              	
                102

              
	
                Section
                  8.02

              	
                Certain
                  Matters Affecting the Trustee

              	
                103

              
	
                Section
                  8.03

              	
                Trustee
                  Not Liable for Certificates or Mortgage Loans

              	
                105

              
	
                Section
                  8.04

              	
                Trustee
                  May Own Certificates

              	
                105

              
	
                Section
                  8.05

              	
                Trustee’s
                  Fees Indemnification and Expenses

              	
                105

              
	
                Section
                  8.06

              	
                Eligibility
                  Requirements for the Trustee

              	
                106

              
	
                Section
                  8.07

              	
                Resignation
                  and Removal of the Trustee

              	
                107

              
	
                Section
                  8.08

              	
                Successor
                  Trustee

              	
                107

              
	
                Section
                  8.09

              	
                Merger
                  or Consolidation of the Trustee

              	
                108

              
	
                Section
                  8.10

              	
                Appointment
                  of Co-Trustee or Separate Trustee

              	
                108

              
	
                Section
                  8.11

              	
                Tax
                  Matters

              	
                109

              
	
                Section
                  8.12

              	
                Commission
                  Reporting

              	
                113

              
	
                Section
                  8.13

              	
                Tax
                  Classification of the Excess Reserve Fund Account and the Supplemental
                  Interest Trust

              	
                120

              
	 
	
                ARTICLE
                  IX

              
	 
	
                ADMINISTRATION
                  OF THE MORTGAGE LOANS

              
	
                BY
                  THE MASTER SERVICER

              
	 	 	 
	
                Section
                  9.01

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

              	
                120

              
	
                Section
                  9.02

              	
                Provision
                  to the Securities Administrator of Loan-Level Information

              	
                121

              
	
                Section
                  9.03

              	
                [Reserved]

              	
                121

              

      

       

      
        
          
          

        

        
          -iii-

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
                  9.04

              	
                Maintenance
                  of Fidelity Bond and Errors and Omissions Insurance.

              	
                121

              
	
                Section
                  9.05

              	
                Representations
                  and Warranties of the Master Servicer

              	
                122

              
	
                Section
                  9.06

              	
                Master
                  Servicer Events of Default

              	
                123

              
	
                Section
                  9.07

              	
                Waiver
                  of Default.

              	
                125

              
	
                Section
                  9.08

              	
                Successor
                  to the Master Servicer.

              	
                125

              
	
                Section
                  9.09

              	
                [Reserved].

              	
                126

              
	
                Section
                  9.10

              	
                Merger
                  or Consolidation.

              	
                126

              
	
                Section
                  9.11

              	
                Resignation
                  of the Master Servicer.

              	
                126

              
	
                Section
                  9.12

              	
                Assignment
                  or Delegation of Duties by the Master Servicer.

              	
                127

              
	
                Section
                  9.13

              	
                Limitation
                  on Liability of the Master Servicer.

              	
                127

              
	
                Section
                  9.14

              	
                Indemnification;
                  Third Party Claims.

              	
                128

              
	
                Section
                  9.15

              	
                Duties
                  of the Credit Risk Manager.

              	
                128

              
	
                Section
                  9.16

              	
                Limitation
                  Upon Liability of the Credit Risk Manager.

              	
                129

              
	
                Section
                  9.17

              	
                Removal
                  and Resignation of Credit Risk Manager.

              	
                130

              
	 
	
                ARTICLE
                  X

              
	 
	
                CONCERNING
                  THE SECURITIES ADMINISTRATOR

              
	 	 	 
	
                Section
                  10.01

              	
                Duties
                  of Securities Administrator.

              	
                130

              
	
                Section
                  10.02

              	
                Certain
                  Matters Affecting the Securities Administrator.

              	
                131

              
	
                Section
                  10.03

              	
                Securities
                  Administrator Not Liable for Certificates or Mortgage
                  Loans.

              	
                133

              
	
                Section
                  10.04

              	
                Securities
                  Administrator May Own Certificates.

              	
                134

              
	
                Section
                  10.05

              	
                Securities
                  Administrator’s Fees and Expenses.

              	
                134

              
	
                Section
                  10.06

              	
                Eligibility
                  Requirements for Securities Administrator.

              	
                135

              
	
                Section
                  10.07

              	
                Resignation
                  and Removal of Securities Administrator.

              	
                135

              
	
                Section
                  10.08

              	
                Successor
                  Securities Administrator.

              	
                136

              
	
                Section
                  10.09

              	
                Merger
                  or Consolidation of Securities Administrator.

              	
                137

              
	
                Section
                  10.10

              	
                Assignment
                  or Delegation of Duties by the Securities Administrator.

              	
                137

              
	
                Section
                  10.11

              	
                Dissemination
                  of Confidential Information.

              	
                137

              
	 
	
                ARTICLE
                  XI

              
	 
	
                TERMINATION

              
	 	 	 
	
                Section
                  11.01

              	
                Termination
                  upon Liquidation or Purchase of the Mortgage Loans

              	
                138

              
	
                Section
                  11.02

              	
                Final
                  Distribution on the Certificates

              	
                139

              
	
                Section
                  11.03

              	
                Additional
                  Termination Requirements

              	
                140

              
	 
	
                ARTICLE
                  XII

              
	 
	
                MISCELLANEOUS
                  PROVISIONS

              
	 	 	 
	
                Section
                  12.01

              	
                Amendment

              	
                140

              
	
                Section
                  12.02

              	
                Recordation
                  of Agreement; Counterparts

              	
                142

              
	
                Section
                  12.03

              	
                Governing
                  Law

              	
                143

              

      

       

      
        
          
          

        

        
          -iv-

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
                  12.04

              	
                Intention
                  of Parties

              	
                143

              
	
                Section
                  12.05

              	
                Notices

              	
                144

              
	
                Section
                  12.06

              	
                Severability
                  of Provisions

              	
                145

              
	
                Section
                  12.07

              	
                Assignment

              	
                145

              
	
                Section
                  12.08

              	
                Limitation
                  on Rights of Certificateholders

              	
                146

              
	
                Section
                  12.09

              	
                Inspection
                  and Audit Rights

              	
                146

              
	
                Section
                  12.10

              	
                Certificates
                  Nonassessable and Fully Paid

              	
                147

              
	
                Section
                  12.11

              	
                Rule of
                  Construction

              	
                147

              
	
                Section
                  12.12

              	
                Waiver
                  of Jury Trial

              	
                147

              

      

    

     

    
      
        
        

      

      
        -v-

        
          

        

      

      
        
        

      

    

     

    
      
        	
                SCHEDULES

              	 
	 	 
	
                Schedule I

              	
                Mortgage
                  Loan Schedule

              
	 	 
	
                EXHIBITS

              	 
	 	 
	
                Exhibit A

              	
                Form
                  of Class A and Class M Certificates

              
	
                Exhibit B

              	
                Form
                  of Class P Certificate

              
	
                Exhibit C

              	
                Form
                  of Class R Certificate

              
	
                Exhibit D

              	
                Form
                  of Class X Certificate

              
	
                Exhibit E

              	
                Form
                  of Initial Certification of Custodian

              
	
                Exhibit F

              	
                Form
                  of Document Certification and Exception Report of
                  Custodian

              
	
                Exhibit G

              	
                Form
                  of Residual Transfer Affidavit

              
	
                Exhibit H

              	
                Form
                  of Transferor Certificate

              
	
                Exhibit I-A

              	
                Form
                  of Rule 144A Investment Letter

              
	
                Exhibit
                  I-B

              	
                Form
                  of Regulation S Investment Letter

              
	
                Exhibit J

              	
                Form
                  of Request for Release

              
	
                Exhibit K

              	
                Contents
                  for Each Mortgage File

              
	
                Exhibit L

              	
                Form
                  of Sarbanes-Oxley Certification to be Provided by Master Servicer
                  (or
                  other Certification Party) signing Form 10-K

              
	
                Exhibit
                  M

              	
                Form
                  of Servicer (or Servicing Function Participant) Back-Up Sarbanes-Oxley
                  Certification

              
	
                Exhibit
                  N

              	
                Form
                  of Limited Power of Attorney

              
	
                Exhibit
                  O

              	
                Form
                  of Swap Agreement

              
	
                Exhibit
                  P 

              	
                Form
                  of Cap Agreement

              
	
                Exhibit
                  Q

              	
                Seller’s
                  Warranties and Servicing Agreement

              
	
                Exhibit
                  R

              	
                [Reserved]

              
	
                Exhibit
                  S

              	
                Servicing
                  Criteria Matrix

              
	
                Exhibit
                  T

              	
                Transaction
                  Parties

              
	
                Exhibit
                  U

              	
                Form
                  of Annual Compliance Certificate

              
	
                Exhibit
                  V

              	
                Additional
                  Form 10-D Disclosure

              
	
                Exhibit
                  W

              	
                Additional
                  Form 10-K Disclosure

              
	
                Exhibit
                  X

              	
                Form
                  8-K Disclosure Information

              
	
                Exhibit
                  Y

              	
                Additional
                  Disclosure Notification

              

      

    

    

    
      
        
        

      

      
        -vi-

        
          

        

      

      
        
        

      

    

     

    THIS
      POOLING AND SERVICING AGREEMENT, dated as of January 1, 2007, among HSI ASSET
      SECURITIZATION CORPORATION, as depositor (the “Depositor”),
      WELLS
      FARGO BANK, N.A., a national banking association, as originator (in such
      capacity, the “Originator”),
      servicer (in such capacity, the “Servicer”)
      and
      custodian (“the Custodian”),
      CITIMORTGAGE, INC., as master servicer (the “Master
      Servicer”),
      CITIBANK, N.A., as securities administrator (the “Securities
      Administrator”),
      OFFICETIGER GLOBAL REAL ESTATE SERVICES INC., as credit risk manager (the
“Credit
      Risk Manager”),
      and
      DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association, as trustee
      (the “Trustee”).

     

    WITNESSETH:

     

    In
      consideration of the mutual agreements herein contained, the parties hereto
      agree as follows:

     

    PRELIMINARY
      STATEMENT

     

    The
      Securities Administrator on behalf of the Trust Fund shall elect that the Trust
      Fund (exclusive of (i) the Cap Agreement (ii) the right to receive and the
      obligation to pay Basis Risk Carryover Amounts, (iii) the Excess Reserve Fund
      Account, (iv) the Collateral Account, and (v) the Supplemental Interest Trust
      and the Cap Account (collectively, the “Excluded
      Trust Assets”))
      be
      treated for federal income tax purposes as comprising two real estate mortgage
      investment conduits under Section 860D of the Code (each a “REMIC”
or,
      in
      the alternative, “REMIC
      1,”
and
      “REMIC
      2,”;
      REMIC
      2 also being referred to herein as the “Upper
      Tier REMIC.”)
      Any
      inconsistencies or ambiguities in this Agreement or in the administration of
      this Agreement shall be resolved in a manner that preserves the validity of
      such
      REMIC election. 

     

    Each
      Certificate, other than the Class R Certificates, represents ownership of a
      regular interest in the Upper Tier REMIC for purposes of the REMIC Provisions.
      In addition, each Certificate, other than the Class R, Class X and Class P
      Certificates, represents the right to receive payments with respect to any
      Basis
      Risk Carryover Amounts. The Class R Certificate represents ownership of the
      sole
      Class of residual interest in each of REMIC 1 and the Upper Tier REMIC for
      purposes of the REMIC Provisions.

     

    The
      Upper
      Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests
      in
      REMIC 1, other than the Class LT1-R interest, and each such Lower Tier Interest
      is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC
      Provisions. REMIC 1 shall hold as its assets the property of the Trust Fund
      other than the Lower Tier Interests in REMIC 1 and the Excluded Trust
      Assets.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    

    

    REMIC
      1:

     

    The
      following table sets forth the designations, principal balances and interest
      rates for each interest in REMIC 1, each of which (other than the Class LT1-R
      Lower Tier Interest) is hereby designated as a regular interest in REMIC 1
      (the
“REMIC
      1 Regular Interests”):

     

    
      	
              Class
                
Designation

            	
              Initial
                Principal Balance

            	
              Interest
                Rate

            	
              Corresponding
                Class 

              of
                Certificates

            
	
              LT1-A-1

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              A-1

            
	
              LT1-A-2

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              A-2

            
	
              LT1-A-3

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              A-3

            
	
              LT1-A-4

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              A-4

            
	
              LT1-A-5

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              A-5

            
	
              LT1-A-6
                

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              A-6

            
	
              LT1-M-1
                

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              M-1

            
	
              LT1-M-2
                

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              M-2

            
	
              LT1-M-3
                

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              M-3

            
	
              LT1-M-4
                

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              M-4

            
	
              LT1-M-5
                

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              M-5

            
	
              LT1-M-6
                

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              M-6

            
	
              LT1-M-7
                

            	
              1⁄2
                Corresponding Class balance

            	
              (1)

            	
              M-7

            
	
              LT1-Q

            	
              (2)

            	
              (1)

            	
              X

            
	
              LT1-R

            	
              (3)

            	
              (3)

            	
              R

            

    

     

    
      	 	
              (1)
                

            	
              This
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 1 Regular Interests is a
                per annum
                rate equal to the Net WAC Rate. 

            

    

     

    
      	 	
              (2)

            	
              This
                interest shall have an initial principal balance equal to the excess
                of
                (a) the aggregate Principal Balance of the Mortgage Loans as of the
                Cut-off Date over (b) the sum of the initial principal balances of
                each
                remaining REMIC 1 Regular Interest.

            

    

     

    
      	 	
              (3)
                

            	
              The
                LT1-R Interest shall not have a principal amount and shall not bear
                interest. The LT1-R interest is hereby designated as the sole class
                of
                residual interest in REMIC 1.

            

    

     

    On
      each
      Distribution Date, the Securities Administrator shall first pay or charge as
      an
      expense of REMIC 1 all expenses of the Trust Fund for such Distribution
      Date.

     

    On
      each
      Distribution Date, the Securities Administrator shall distribute the Interest
      Remittance Amount (net of expenses described in the preceding paragraph) with
      respect to each of the Lower Tier Interests in REMIC 1 based on the
      above-described interest rates, provided, however,
      that
      interest that accrues on the LT1-Q Interest shall be deferred to the extent
      necessary to make the principal distributions described in priority (i) below
      for such Distribution Date. Any interest so deferred shall itself bear interest
      at the interest rate for the LT1-Q Interest.

     

    On
      each
      Distribution Date, the Securities Administrator shall distribute the Principal
      Remittance Amount with respect to the Lower Tier Interests in REMIC 1
(together
      with an amount equal to the interest deferred on the Class LT1-Q Interest for
      such Distribution Date),
      and
      Realized Losses shall be allocated, among the Lower Tier Interests in REMIC
      1 in
      the following order of priority:

     

    

    
      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

    

    

    

     

    (i) first,
      to
      each interest in REMIC 1 having a Corresponding Class in REMIC 2 until the
      outstanding principal amount of each such interest equals one-half of the
      outstanding principal amount of the Corresponding Class of Certificates for
      such
      interest immediately after such Distribution Date;

     

    (ii) finally,
      to the Class LT1-Q Interest, any remaining amounts.

     

     

    On
      each
Distribution
      Date,
      the Securities Administrator shall distribute the Prepayment Charges collected
      during the preceding Prepayment Period to the LT1-Q Interest

     

    Upper
      Tier REMIC

     

    The
      Upper
      Tier REMIC shall issue the following Classes of Upper Tier REMIC Regular
      Interests and each such interest, other than the Class R Interest, is hereby
      designated as a regular interest in the Upper Tier REMIC.

     

    Upper
      Tier REMIC

     

    
      	
              Upper
                Tier REMIC 

              Class Designation

            	 	
              Upper
                Tier REMIC 

              Interest
                Rate and 

              Corresponding
                

              Class Interest
                Rate

            	 	
              Initial
                Upper Tier 

              REMIC
                Principal 

              Amount
                and 

              Corresponding
                

              Class
                Certificate 

              Balance

            	 	
              Corresponding

              Class of
                Certificates

            
	
              Class A-1

            	
               

            	
              (1)

            	
               

            	
              $106,992,000

            	
               

            	
              Class A-1(11)

            
	
              Class A-2

            	
               

            	
              (2)

            	
               

            	
              $
                8,374,000

            	
               

            	
              Class A-2(11)

            
	
              Class A-3

            	
               

            	
              (3)

            	
               

            	
              $
                64,055,000

            	
               

            	
              Class A-3(11)

            
	
              Class A-4

            	
               

            	
              (4)

            	
               

            	
              $
                9,919,000

            	
               

            	
              Class A-4(11)

            
	
              Class A-5

            	
               

            	
              (5)

            	
               

            	
              $
                21,331,000

            	
               

            	
              Class A-5(11)

            
	
              Class A-6

            	
               

            	
              (6)

            	
               

            	
              $
                37,177,000

            	
               

            	
              Class A-6(11)

            
	
              Class M-1

            	
               

            	
              (7)

            	
               

            	
              $
                9,469,000

            	
               

            	
              Class M-1(11)

            
	
              Class M-2

            	
               

            	
              (7)

            	
               

            	
              $
                10,357,000

            	
               

            	
              Class M-2(11)

            
	
              Class M-3

            	
               

            	
              (7)

            	
               

            	
              $
                3,257,000

            	
               

            	
              Class M-3(11)

            
	
              Class M-4

            	
               

            	
              (7)

            	
               

            	
              $
                8,730,000

            	
               

            	
              Class M-4(11)

            
	
              Class M-5

            	
               

            	
              (7)

            	
               

            	
              $
                3,995,000

            	
               

            	
              Class M-5(11)

            
	
              Class M-6

            	
               

            	
              (7)

            	
               

            	
              $
                2,811,000

            	
               

            	
              Class M-6(11)

            
	
              Class M-7

            	
               

            	
              (7)

            	
               

            	
              $
                2,663,000

            	
               

            	
              Class M-7(11)

            
	
              Class X

            	
               

            	
              (8)

            	
               

            	
              (8)

            	
               

            	
              Class X

            
	
              Class R

            	
               

            	
              (9)

            	
               

            	
              (9)

            	
               

            	
              Class R

            
	
              Class P

            	
               

            	
              (10)

            	
               

            	
              (10)

            	
               

            	
              Class
                P

            

    

     

    
      	
              (1)

            	
              The
                Class A-1 Interest will bear interest during each Interest Accrual
                Period at a per annum rate equal to (a) on or prior to the Optional
                Termination Date, the lesser of (i) LIBOR plus the applicable
                Interest Margin and (ii) the Available Funds Cap or (b) after
                the Optional Termination Date, the lesser of (i) LIBOR plus the
                applicable Interest Margin and (ii) the Available Funds Cap.
                

            

    

    

    
      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    
      	
              (2)

            	
              The
                Class A-2 Interest will bear interest during each Interest Accrual
                Period
                at a per annum rate equal to (a) on or prior to the Optional
                Termination Date, the lesser of (i) LIBOR plus the applicable
                Interest Margin and (ii) the Available Funds Cap or (b) after
                the Optional Termination Date, the lesser of (i) LIBOR plus the
                applicable Interest Margin and (ii) the Available Funds Cap.
                

            

    

     

    
      	
              (3)

            	
              The
                Class A-3 Interest will bear interest during each Interest Accrual
                Period
                at a per annum rate equal to (a) on or prior to the Optional
                Termination Date, the lesser of (i) 5.7300% and (ii) the
                Available Funds Cap or (b) after the Optional Termination Date, the
                lesser of (i) 6.2300% and (ii) the Available Funds Cap.
                

            

    

     

    
      	
              (4)

            	
              The
                Class A-4 Interest will bear interest during each Interest Accrual
                Period
                at a per annum rate equal to (a) on or prior to the Optional
                Termination Date, the lesser of (i) 6.1000% and (ii) the
                Available Funds Cap or (b) after the Optional Termination Date, the
                lesser of (i) 6.6000% and (ii) the Available Funds
                Cap.

            

    

     

    
      	
              (5)

            	
              The
                Class A-5 Interest will bear interest during each Interest Accrual
                Period
                at a per annum rate equal to (a) on or prior to the Optional
                Termination Date, the lesser of (i) 6.2200% and (ii) the
                Available Funds Cap or (b) after the Optional Termination Date, the
                lesser of (i) 6.7200% and (ii) the Available Funds
                Cap.

            

    

     

    
      	
              (6) 

            	
              The
                Class A-6 Interest will bear interest during each Interest Accrual
                Period
                at a per annum rate equal to (a) o or prior to the Optional
                Termination Date, the lesser of (i) 5.8500% and (ii) the
                Available Funds Cap or (b) after the Optional Termination Date, the
                lesser of (i) 6.3500% and (ii) the Available Funds Cap.
                

            

    

     

    
      	
              (7)

            	
              The
                Class M-1, Class M-2, Class M-3, Class M-4,
                Class M-5, Class M-6 and Class M-7 Interests will bear
                interest during each Interest Accrual Period at a per annum rate
                equal to
                (a) on or prior to the Optional Termination Date, the lesser of
                (i) 5.9900%, 6.1100%, 6.3200%, 6.3000%, 6.5000%, 6.5000% and 6.5000%,
                respectively, and (ii) the Available Funds Cap or (b) after the
                Optional Termination Date, the lesser of (i) 6.4900%, 6.6100%,
                6.8200%, 6.8000%, 7.0000%, 7.0000%, and 7.0000%, respectively, and
                (ii) the Available Funds Cap. 

            

    

     

    
      	
              (8)

            	
              For
                purposes of the REMIC Provisions, the Class X Interest shall have
                an
                initial principal balance of $6,808,276 (initial overcollateralization
                of
                $6,808,376 less $100.00 attributable to the Class P Principal Amount),
                and
                the right to receive distributions of such amount represents a regular
                interest in the Upper Tier REMIC. The Class X Certificate shall also
                comprise a notional component, which represents a regular interest
                in the
                Upper Tier REMIC. The first such component has a notional balance
                that
                will at all times equal the aggregate of the Class Certificate Balances
                of
                the Lower Tier Interests in REMIC 1, and, for each Distribution Date
                (and
                the related Interest Accrual Period) this notional component shall
                bear
                interest at a per annum rate equal to the excess, if any, of (i)
                the
                weighted average of the interest rates on the Lower Tier Interests
                in
                REMIC 1 over (ii) the Adjusted Lower Tier WAC. In addition, for purposes
                of the REMIC Provisions, the Class X Certificate shall represent
                beneficial ownership of (i) the Excess Reserve Fund Account; (ii)
                the
                Supplemental Interest Trust, including the Cap Agreement and Cap
                Account,
                and (iii) an interest in the notional principal contracts described
                in
                Section 8.11 hereof.

            

    

     

    
      	
              (9)

            	
              The
                Class R Interest is the sole Class of residual interest in the Upper
                Tier REMIC. The Class R Interest is issued without a principal amount
                does not bear a stated Interest Rate. The Class R Certificate will
                be
                issued as a single certificate evidencing the initial Percentage
                Interest
                of such Class, and shall represent ownership of each of the Class
                R and
                Class LT1-R Interests.

            

    

     

    
      	
              (10)

            	
              The
                Class P Interest shall not bear interest at a stated Interest Rate.
                Prepayment Charges paid with respect to the Mortgage Loans shall
                be paid
                to the Class P Certificateholders as provided in Section 4.02(b).
                For
                purposes of the REMIC Provisions, the Class P Interest shall represent
                a
                regular interest in the Upper Tier REMIC. The Class P Certificate
                will
                have a Class P Principal Amount of
                $100.

            

    

     

    
      	
              (11)

            	
              Each
                of these Certificates will represent not only the ownership of the
                Corresponding Class of Upper Tier REMIC Regular Interest but also the
                right to receive payments from (i) the Excess Reserve Fund Account
                in
                respect of any Basis Risk Carryover Amounts and (ii) the Supplemental
                Interest Trust in respect of proceeds from the Cap Agreement. For
                federal
                income tax purposes, the Securities Administrator will treat a
                Certificateholder’s right to receive such payments as rights in a notional
                principal contract written by the Class X
                Certificateholders.

            

    

     

    The
      minimum denomination for each Class of Certificates, other than the
      Class P, Class R and the Class X Certificates, will be $25,000 of
      Certificate Balance ($100,000 with respect to initial investors resident in
      a
      Member State of the European Economic Area subject to the EU Prospectus
      Directive 2003/71/EC) with integral multiples of $1 in excess thereof, except
      that one Certificate in each Class may be issued in a different amount. The
      minimum denomination for each of the Class P and Class X Certificates
      will be a 10.00% Percentage Interest in such Class, and the minimum denomination
      for the Class R Certificates shall be 100% Percentage Interest in such
      Class.

    

    
      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

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

     

    
      	
              Book-Entry
                Certificates

            	 	
              All
                Classes of Certificates other than the Physical
                Certificates.

            
	 	 	 
	
              Class A
                Certificates

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

            
	 	 	 
	
              Class M
                Certificates

            	 	
              Class M-1,
                Class M-2, Class M-3, Class M-4, Class M-5,
                Class M-6 and Class M-7 Certificates.

            
	 	 	 
	
              Delay
                Certificates

            	 	
              The
                Fixed Rate Certificates.

            
	 	 	 
	
              ERISA-Restricted

            	 	 
	
              Certificates

            	 	
              Any
                Class M-7, Class P, Class X and Class R Certificates and any Certificate
                with a rating which falls below the lowest applicable permitted rating
                under the Underwriters’ Exemption.

            
	 	 	 
	
              ERISA-Restricted

            	 	 
	
              Trust
                Certificates

            	 	
              Any
                Offered Certificate prior to the termination of the Cap
                Agreement.

            
	 	 	 
	
              Fixed
                Rate Certificates

            	 	
              Collectively,
                the Class A-3, Class A-4, Class A-5, Class A-6, Class M-1,
                Class M-2, Class M-3, Class M-4, Class M-5,
                Class M-6 and Class M-7 Certificates.

            
	 	 	 
	
              LIBOR
                Certificates

            	 	
              Collectively,
                the Class A-1 and Class A-2 Certificates.

            
	 	 	 
	
              Non-Delay
                Certificates

            	 	
              The
                LIBOR Certificates and the Class X Certificates.

            
	 	 	 
	
              Offered
                Certificates

            	 	
              All
                Classes of Certificates other than the Private
                Certificates.

            
	 	 	 
	
              Physical
                Certificates

            	 	
              Class P,
                Class X and Class R Certificates.

            
	 	 	 
	
              Private
                Certificates

            	 	
              Class
                M-7, Class P, Class X and Class R
                Certificates.

            
	 	 	 
	
              Rating
                Agencies

            	 	
              Moody’s
                and Standard & Poor’s.

            
	 	 	 
	
              Regular
                Certificates

            	 	
              All
                Classes of Certificates other than the Class R
                Certificates.

            
	 	 	 
	
              Residual
                Certificates

            	 	
              Class R
                Certificates.

            

    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Whenever
      used in this Agreement, the following words and phrases, unless the context
      otherwise requires, shall have the following meanings:

     

    10-K
      Filing Deadline:
      As
      defined in Section 8.12(a)(ii).

     

    Accepted
      Servicing Practices:
      With
      respect to any Mortgage Loan and the Servicer, the servicing and administration
      of such Mortgage Loan (i)  the same manner in which, and with the same
      care, skill, prudence and diligence with which the Servicer generally services
      and administers similar mortgage loans with similar mortgagors (A) for
      other third parties, giving due consideration to customary and usual standards
      of practice of prudent institutional residential mortgage lenders servicing
      their own mortgage loans or (B) held in the Servicer’s own portfolio,
      whichever standard is higher, and (ii) in accordance with applicable local,
      state and federal laws, rules and regulations.

     

    Account:
      Any of
      the Collection Account, the Collateral Account, the Master Servicing Account,
      the Distribution Account and any Escrow Account, and with respect to the
      Supplemental Interest Trust, the Excess Reserve Fund Account and the Cap
      Account. Each Account shall be an Eligible Account.

     

    Additional
      Disclosure Notification:
      The
      form of notice set forth on Exhibit Y.

     

    Additional
      Form 10-D Disclosure:
      As
      defined in Section 8.12(a)(i). 

     

    Additional
      Form 10-K Disclosure:
      As
      defined in Section 8.12(a)(ii)(A). 

     

    Additional
      Termination Event:
      As
      defined in the Cap Agreement.

     

    Adjusted
      Lower Tier WAC:
      For any
      Distribution Date (and the related Accrual Period), an amount equal to (i)
      two,
      multiplied by (ii) the weighted average of the interest rates for such
      Distribution Date for the Class LT1-A-1, LT1-A-2, LT1-A-3, LT1-A-4, LT1-A-5,
      LT1-A-6, LT1-M-1, LT1-M-2, LT1-M-3, LT1-M-4, LT1-M-5, LT1-M-6, LT1-M-7, and
      LT1-Q Interests, weighted in proportion to their Class Certificate Balances
      as
      of the beginning of the related Accrual Period and computed by subjecting the
      rate on the Class LT1-Q Interest to a cap of 0.00%, and by subjecting the rate
      on each of the Class LT1-A-1, LT1-A-2, LT1-A-3, LT1-A-4, LT1-A-5, LT1-A-6,
      LT1-M-1, LT1-M-2, LT1-M-3, LT1-M-4, LT1-M-5, LT1-M-6 and LT1-M-7 Interests
      to a
      cap that corresponds to the Interest Rate for the Corresponding Class of
      Certificates; provided,
      however,
      that
      for each Class of LIBOR Certificates, the Interest Rate shall be multiplied
      by
      the quotient of (a) the actual number of days in the Interest Accrual Period,
      divided by (b) 30. 

     

    Advance:
      Any
      P&I Advance or Servicing Advance.

    

    
      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

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

     

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

     

    Amounts
      Held for Future Distribution:
      As to
      the Certificates on any Distribution Date, the aggregate amount held in the
      Collection Account at the close of business on the related Determination Date
      on
      account of (i) Principal Prepayments, Insurance Proceeds, Condemnation
      Proceeds, Liquidation Proceeds and Subsequent Recoveries on the Mortgage Loans
      received after the end of the related Prepayment Period and (ii) all
      Scheduled Payments on the Mortgage Loans due after the end of the related Due
      Period.

     

    Applied
      Realized Loss Amount:
      With
      respect to any Distribution Date, the amount, if any, by which the aggregate
      Class Certificate Balance of the LIBOR Certificates after distributions of
      principal on such Certificates on such Distribution Date exceeds the aggregate
      Stated Principal Balance of the Mortgage Loans for such Distribution
      Date.

     

    Appraised
      Value:
      The
      value set forth in an appraisal made in connection with the origination of
      the
      related Mortgage Loan as the value of the Mortgaged Property.

     

    Assignment
      of Mortgage:
      An
      assignment of the Mortgage, notice of transfer or equivalent instrument in
      recordable form (other than the assignee’s name and recording information not
      yet returned from the recording office), reflecting the sale of the Mortgage
      to
      the Trustee.

     

    Available
      Funds:
      With
      respect to any Distribution Date and the Mortgage Loans to the extent received
      by the Securities Administrator (x) the sum of (i) all scheduled
      installments of interest (net of the related Expense Fees) and principal due
      on
      the Due Date on such Mortgage Loans in the related Due Period and received
      by
      the Servicer on or prior to the related Determination Date, together with any
      P&I Advances in respect thereof; (ii) all Condemnation Proceeds,
      Insurance Proceeds, Liquidation Proceeds and Subsequent Recoveries received
      by
      the Servicer during the related Prepayment Period (in each case, net of
      unreimbursed expenses incurred in connection with a liquidation or foreclosure
      and unreimbursed Advances, if any); (iii) all partial or full prepayments
      on the Mortgage Loans received by the Servicer during the related Prepayment
      Period together with all Compensating Interest paid by the Servicer in
      connection therewith (excluding any Prepayment Charges); (iv) all
      Substitution Adjustment Amounts with respect to the substitutions of Mortgage
      Loans that occur on or prior to the related Determination Date; (v) all
      amounts received with respect to such Distribution Date as the Repurchase Price
      in respect of a Mortgage Loan repurchased by the Originator or the Sponsor
      on or
      prior to the related Determination Date; and (vi) the proceeds with respect
      to the termination of the Trust Fund pursuant to clause (a) of
      Section 11.01; reduced by (y) amounts in reimbursement for Advances
      previously made with respect to the Mortgage Loans and other amounts as to
      which
      the Servicer, the Depositor, the Master Servicer, the Securities Administrator,
      the Credit Risk Manager or the Trustee are entitled to be paid or reimbursed
      pursuant to this Agreement.

    

    
      
        
          
          

        

        
          -7-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Available
      Funds Cap:
      With
      respect to any Distribution Date, the per annum rate (subject to adjustment
      based on the actual number of days elapsed in the related Interest Accrual
      Period with respect to the LIBOR Certificates) equal to the weighted average
      of
      the Expense Adjusted Mortgage Rate for each Mortgage Loan then in effect at
      the
      beginning of the related Due Period (not including for this purpose any Mortgage
      Loans for which Principal Prepayments in Full have been received and distributed
      in the month prior to that Distribution Date)

     

    Back-up
      Certification:
      As
      defined in Section 3.24.

     

    Basic
      Principal Payment Amount:
      With
      respect to any Distribution Date, the excess of (i) the Principal
      Remittance Amount for such Distribution Date over (ii) the Excess
      Overcollateralization Amount, if any, for such Distribution Date.

     

    Basis
      Risk Carryover Amount:
      With
      respect to each Class of LIBOR and Fixed Rate Certificates, as of any
      Distribution Date, the sum of (A) if on such Distribution Date the Interest
      Rate for any Class of LIBOR or Fixed Rate Certificates is based upon the
      Available Funds Cap, the excess of (i) the amount of interest such
      Class of Certificates would otherwise be entitled to receive on such
      Distribution Date had such Interest Rate not been subject to the Available
      Funds
      Cap, over (ii) the amount of interest payable on such Class of
      Certificates for such Distribution Date based on the Available Funds Cap and
      (B) the portion of any such excess described in clause (A) for
      such Class of Certificates from all previous Distribution Dates not previously
      paid, together with interest thereon at a rate equal the applicable Interest
      Rate for each such Class of Certificates for such Distribution
      Date.

     

    Basis
      Risk Payment:
      For any
      Distribution Date, an amount equal to the lesser of (i) the aggregate of
      the Basis Risk Carryover Amounts of the LIBOR and Fixed Rate Certificates for
      such Distribution Date and (ii) the Class X Distributable Amount
      (prior to any reduction for Basis Risk Payments).

     

    Best’s:
      Best’s
      Key Rating Guide, as the same shall be amended from time to time.

     

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

     

    Business
      Day:
      Any day
      other than (i) Saturday or Sunday, or (ii) a day on which banking and
      savings and loan institutions, in (a) the States of New York, California,
      Maryland or Minnesota, (b) the Commonwealth of Pennsylvania or any other
      State in which the Servicer’s servicing operations are located, or (c) any
      State in which the Corporate Trust Office is located, are authorized or
      obligated by law or executive order to be closed.

     

    Cap
      Account:
      The
      Account created pursuant to Section 4.06(a).

     

    Cap
      Agreement:
      The
      interest rate cap agreement entered into by the Supplemental Interest Trust
      and
      the Cap Counterparty, dated February 6, 2007, which agreement provides for
      the
      monthly payment specified to the trustee of the Supplemental Interest Trust
      (for
      the benefit of Certificateholders) commencing with the Distribution Date in
      August 2007 and ending on the Distribution Date in February 2009, by the Cap
      Counterparty, but subject to the conditions set forth therein, together with
      any
      schedule, confirmations or other agreements relating thereto, a form of which
      is
      attached as Exhibit P. 

    

    
      
        
          
          

        

        
          -8-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Cap
      Amount:
      With
      respect to each Distribution Date, the amount of any Cap Payment deposited
      into
      the Cap Account.

     

    Cap
      Counterparty:
      The
      counterparty to the Supplemental Interest Trust under the Cap Agreement, and
      any
      successor in interest or its assigns. Initially, the Cap Counterparty shall
      be
      Bear Stearns Financial Products Inc.

     

    Cap
      Payment:
      With
      respect to each Distribution Date, any payment required to be made by the Cap
      Counterparty to the Supplemental Interest Trust pursuant to the terms of the
      Cap
      Agreement.

     

    Cap
      Payment Date:
      For as
      long as the Cap Agreement is in effect or any amounts remain unpaid thereunder,
      the Business Day immediately preceding each Distribution Date.

     

    Cap
      Replacement Receipts:
      As
      defined in Section 4.08(a)(ii).

     

    Cap
      Replacement Receipts Account:
      As
      defined in Section 4.08(a)(ii).

    

    Cap
      Termination Payment:
      Upon
      the designation of an “Early Termination Date” as defined in the Cap Agreement,
      the payment required to be made by the Cap Counterparty to the Supplemental
      Interest Trust pursuant to the terms of the Cap Agreement and any unpaid amounts
      due on previous Cap Payment Dates and accrued interest thereon as provided
      in
      the Cap Agreement, as calculated by the Cap Counterparty and furnished to the
      Securities Administrator.

     

    Cap
      Termination Receipts:
      As
      defined in Section 4.08(a)(i).

     

    Cap
      Termination Receipts Account:
      As
      defined in Section 4.08(a)(i).

     

    Certificate:
      Any one
      of the Certificates executed and authenticated by the Securities Administrator
      in substantially the forms attached hereto as exhibits.

     

    Certificate
      Balance:
      With
      respect to any Certificate, other than a Class X, Class P or Class R
      Certificate, at any date, the maximum dollar amount of principal to which the
      Holder thereof is then entitled hereunder, such amount being equal to the
      Denomination thereof minus all distributions of principal previously made with
      respect thereto and in the case of any Class M Certificates, reduced by any
      Applied Realized Loss Amounts allocated to such Class of Certificates
      pursuant to Section 4.05; provided,
      however,
      that
      immediately following the Distribution Date on which a Subsequent Recovery
      is
      distributed, the Class Certificate Balances of any Class or Classes of
      Certificates that have been previously reduced by Applied Realized Loss Amounts
      will be increased, in order of seniority, by the amount of any Subsequent
      Recovery distributed on such Distribution Date (up to the amount of Unpaid
      Realized Loss Amount for such Class or Classes for such Distribution Date).
      The Class P Certificates are issued with an initial Class P Principal
      Amount of $100. The Class X and Class R Certificates have no
      Certificate Balance. 

    

    
      
        
          
          

        

        
          -9-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Certificate
      Owner:
      With
      respect to a Book-Entry Certificate, the Person who is the beneficial owner
      of
      such Book-Entry Certificate.

     

    Certificate
      Register:
      The
      register maintained pursuant to Section 5.02.

     

    Certificateholder
      or
Holder:
      The
      person in whose name a Certificate is registered in the Certificate Register,
      except that, solely for the purpose of giving any consent pursuant to this
      Agreement, any Certificate registered in the name of the Depositor or any
      Affiliate of the Depositor shall be deemed not to be Outstanding and the
      Percentage Interest evidenced thereby shall not be taken into account in
      determining whether the requisite amount of Percentage Interests necessary
      to
      effect such consent has been obtained; provided,
      however,
      that if
      any such Person (including the Depositor) owns 100.00% of the Percentage
      Interests evidenced by a Class of Certificates, such Certificates shall be
      deemed to be Outstanding for purposes of any provision hereof that requires
      the
      consent of the Holders of Certificates of a particular Class as a condition
      to the taking of any action hereunder. The Securities Administrator is entitled
      to rely conclusively on a certification of the Depositor or any Affiliate of
      the
      Depositor in determining which Certificates are registered in the name of an
      Affiliate of the Depositor.

     

    Certification
      Parties:
      As
      defined in Section 3.24(a).

     

    Certifying
      Person:
      As
      defined in Section 3.24(a).

     

    Citibank:
      Citibank, N.A., and its successors in interest.

     

    CitiMortgage:
      CitiMortgage, Inc., and its successors in interest. 

     

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

     

    Class A-1
      Certificates:
      All
      Certificates bearing the Class designation of “Class A-1”.

     

    Class A-2
      Certificates:
      All
      Certificates bearing the Class designation of “Class A-2”.

     

    Class A-3
      Certificates:
      All
      Certificates bearing the Class designation of “Class A-3”.

     

    Class A-4
      Certificates:
      All
      Certificates bearing the Class designation of “Class A-4”.

     

    Class A-5
      Certificates:
      All
      Certificates bearing the Class designation of “Class A-5”.

    

    
      
        
          
          

        

        
          -10-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Class A-6
      Certificates:
      All
      Certificates bearing the Class designation of “Class A-6”.

     

    Class A
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Class
      A-6 Priority Amount:
      With
      respect to any Distribution Date, the product of the (a) Class A-6 Priority
      Percentage, (b) the Class A-6 Shift Percentage and (c) either (i) on any
      Distribution Date prior to the Stepdown Date or on which a Trigger Event is
      in
      effect, the Principal Payment Amount for such Distribution Date or (ii) on
      any
      Distribution Date on or after the Stepdown Date and on which a Trigger Event
      is
      not in effect, the Senior Principal Payment Amount for such Distribution
      Date.

     

    Class
      A-6 Priority Percentage:
      With
      respect to any Distribution Date, the aggregate Class Certificate Balance of
      the
      Class A-6 Certificates divided by the aggregate Class Certificate Balance of
      the
      Class A Certificates, in each case without taking into account any distributions
      made on such Distribution Date.

     

    Class
      A-6 Shift Percentage
      With
      respect to any Distribution Date, the percentage indicated below:

     

    

    
      	
              Distribution
                Dates Occurring In:

            	 	
              Shift
                Percentage:

            
	 	 	 
	
              February
                2007 through January 2010 

            	 	
              0%

            
	 	 	 
	
              February
                2010 through January 2012 

            	 	
              45%

            
	 	 	 
	
              February
                2012 through January 2013

            	 	
              80%

            
	 	 	 
	
              February
                2013 through January 2014

            	 	
              100%

            
	 	 	 
	
              February
                2014 and thereafter

            	 	
              300%

            

    

     

    Class Certificate
      Balance:
      With
      respect to any Class of LIBOR or Fixed Rate Certificates and as to any date
      of
      determination, the aggregate of the Certificate Balances of all Certificates
      of
      such Class as of such date. With respect to the Class X, Class P and Class
      R Certificates, zero. With respect to any Lower Tier Interest and as to any
      date
      of determination, the initial Class Principal Balance as shown or described
      in
      the table set forth in the Preliminary Statement to this Agreement for the
      issuing REMIC, as reduced by any principal distributed with respect to such
      Lower Tier Interest and Realized Losses allocated to such Lower Tier
      Interest.

     

    Class M
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Class M
      Principal Payment Amount:
      With
      respect to any Distribution Date and any Class of Class M
      Certificates, the lesser of (i) the excess of (a) the Principal
      Payment Amount over (b) the aggregate amount distributed on that
      Distribution Date as principal to all Classes of Certificates more senior than
      that Class of Class M Certificates (provided,
      however,
      for
      this purpose, the Class M-1, Class M-2 and Class M-3 Certificates will be
      treated as having the same seniority) and (ii) the excess of (a) the sum of
      the
      aggregate Class Certificate Balances of all Class of Certificates more
      senior than that Class of Class M Certificates (after giving effect to
      all amounts distributed on that Distribution Date to those Classes of more
      senior certificates (provided,
      however,
      for
      this purpose, the Class M-1, Class M-2 and Class M-3 Certificates will be
      treated as having the same seniority)) and the Class Certificate Balance of
      that Class of Class M Certificates immediately prior to that
      Distribution Date over (b) the lesser of:

    

    
      
        
          
          

        

        
          -11-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    (x) the
      percentage set forth in the table below for the applicable Class of
      Class M Certificates multiplied by the aggregate Stated Principal Balance
      of the Mortgage Loans for that Distribution Date:

    

    
      	
              Class

            	 	
              Percentage

            
	
              M-1,
                M-2 and M-3

            	 	
              83.10%*

            
	
              M-4

            	 	
              89.00%

            
	
              M-5

            	 	
              91.70%

            
	
              M-6

            	 	
              93.60%

            
	
              M-7

            	 	
              95.40%

            

    

     

    and

     

    (y) the
      excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans
      for that Distribution Date over 0.50% of the aggregate Stated Principal Balance
      of the Mortgage Loans as of the Cut-off Date, until the Class Certificate
      Balance of that Class of Class M Certificates has been reduced to
      zero.

    _______________

     

    
      	
            	*	
              The
                amount calculated according to such percentage will be allocated
                sequentially to the Class M-1, Class M-2 and Class M-3
                Certificates.

            

    

     

    Class M-1
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-1”.

     

    Class M-2
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-2”.

     

    Class M-3
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-3”.

     

    Class M-4
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-4”.

     

    Class M-5
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-5”.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

     

    Class M-6
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-6”.

     

    Class M-7
      Certificates:
      All
      Certificates bearing the Class designation of “Class M-7”.

     

    Class P
      Certificates:
      All
      Certificates bearing the Class designation of “Class P”.

     

    Class P
      Principal Amount:
      As of
      the Closing Date, $100.00.

     

    Class R
      Certificates:
      All
      Certificates bearing the Class designation of “Class R”.

     

    Class X
      Certificates:
      All
      Certificates bearing the Class designation of “Class X”.

     

    Class
      X Distributable Amount:
      With
      respect to any Distribution Date, the amount of interest that has accrued on
      the
      Class X Notional Balance, as described in the Preliminary Statement, but that
      has not been distributed prior to such date. In addition, such amount shall
      include the initial Overcollateralization Amount of $6,808,276 ($6,808,376
      less
      $100 of such amount allocated to the Class P Certificates) to the extent such
      amount has not been distributed on an earlier Distribution Date as part of
      the
      Overcollateralization Reduction Amount. 

     

    Class
      X Notional Balance:
      With
      respect to
      any
      Distribution Date (and the related Interest Accrual Period) the aggregate
      principal balance of the regular interests in REMIC 1 as specified in the
      Preliminary Statement hereto.

     

    Closing
      Date:
      February 6, 2007.

     

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

     

    Collateral
      Account:
      The
      account maintained by the trustee of the Supplemental Interest Trust in
      accordance with the provisions of Section 4.06(b).

     

    Collection
      Account:
      As
      defined in Section 3.10(a).

     

    Commission:
      The
      United States Securities and Exchange Commission.

     

    Compensating
      Interest:
      For any
      Distribution Date, the aggregate amount of the Servicing Fee actually
      retained by or paid to the Servicer for such Distribution Date.

     

    Condemnation
      Proceeds:
      All
      awards or settlements in respect of a Mortgaged Property, whether permanent
      or
      temporary, partial or entire, by exercise of the power of eminent domain or
      condemnation.

     

    Corporate
      Trust Office:
      With
      respect to the Securities Administrator, (i) for transfer, presentation or
      surrender of Certificates, the office at 111 Wall Street, 15th
      Floor
      Window, New York, New York 10005, Attention: Corporate Trust Services - HALO
      2007-WF1, and (ii) for all other purposes, 388 Greenwich Street, 14th
      Floor,
      New York, New York 10013, Attention: Structured Finance Agency and Trust -
      HALO
      2007-WF1 or at such other address as the Securities Administrator may designate
      from time to time by notice to the Certificateholders, the Depositor, the Master
      Servicer and the Trustee. With respect to the Trustee, the designated office
      of
      the Trustee in the State of California at which any particular time its
      corporate trust business with respect to this Agreement is administered, which
      office at the date of the execution of this Agreement is located at 1761 East
      St. Andrew Place, Santa Ana, California 92705-4934, Attention: Trust
      Administration - HB07W1, facsimile number (714) 247-6329, and its telephone
      number is (714) 247-6000 and which is also the address to which notices to
      and
      correspondence with the Trustee under this Agreement should be directed.

    

    
      
        
          
          

        

        
          -13-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Corresponding
      Class:
      As set
      forth in first table under the heading REMIC 1 and in the first table under
      the
      heading Upper Tier REMIC in the Preliminary Statement.

     

    Credit
      Enhancement Percentage:
      With
      respect to any Distribution Date, the percentage obtained by dividing
      (x) the sum of (i) the aggregate Class Certificate Balance of the
      Class M Certificates and (ii) the Overcollateralization Amount
      (assuming the Overcollateralization Amount is not less than zero and in each
      case after taking into account the distributions of the Principal Payment Amount
      for such Distribution Date assuming no Trigger Event has occurred) by
      (y) the aggregate Stated Principal Balance of the Mortgage Loans for such
      Distribution Date.

     

    Credit
      Risk Manager:
      OfficeTiger Global Real Estate Services Inc., formerly known as MortgageRamp,
      Inc., and its successors and assigns. 

     

    Credit
      Risk Management Agreement:
      The
      Loan Performance Monitoring Agreement dated as of the Closing Date, entered
      into
      by the Servicer and the Credit Risk Manager.

     

    Credit
      Risk Manager’s Fee:
      With
      respect to any Distribution Date and each Mortgage Loan, an amount equal to
      the
      product of (a) one twelfth, (b) the Credit Risk Manager’s Fee Rate and (c) the
      Stated Principal Balance of such Mortgage Loan as of the first day of the
      related Due Period; provided, however, that such amount shall not be less than
      $1,500.00 on each Distribution Date.

     

    Credit
      Risk Manager’s Fee Rate:
      0.014%
per
      annum.

     

    Credit
      Support Annex:
      The
      credit support annex to the Cap Agreement dated as of February 6, 2007, between
      the trustee of the Supplemental Interest Trust, on behalf of the Supplemental
      Interest Trust and the Cap Counterparty.

     

    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 calendar month preceding the month in which
      such Distribution Date occurs and the denominator of which is the Cut-off Date
      Pool Principal Balance of the Mortgage Loans.

     

    Cumulative
      Loss Trigger Event:
      If,
      with respect to any Distribution Date, the quotient (expressed as a
      percentage) of (x) the aggregate amount of Realized Losses incurred since
      the Cut-off Date through the last day of the related Prepayment Period, divided
      by (y) the Cut-off Date Pool Principal Balance, exceeds the applicable loss
      percentages set forth below with respect to such Distribution Date:

    

    
      
        
          
          

        

        
          -14-

          
            

          

        

        
          
          

        

      

    

    

     

      

    
      	
              Distribution
                Date Occurring In:

            	 	
              Loss
                Percentage:

            
	
              February
                2009 through January 2010 

            	 	
              0.50%
                for the first month, plus an additional 1/12th of 

              0.80%
                for each month thereafter 

            
	 	 	 
	
              February
                2010 through January 2011 

            	 	
              1.30%
                for the first month, plus an additional 1/12th of 

              1.00%
                for each month thereafter 

            
	 	 	 
	
              February
                2011 through January 2012

            	 	
              2.30%
                for the first month, plus an additional 1/12th of 

              1.00%
                for each month thereafter 

            
	 	 	 
	
              February
                2012 through January 2013

            	 	
              3.30%
                for the first month, plus an additional 1/12th of 

              0.60%
                for each month thereafter 

            
	 	 	 
	
              February
                2013 through January 2014

            	 	
              3.90%
                for the first month, plus an additional 1/12th
                of
                0.10% for each month thereafter

            
	 	 	 
	
              February
                2014 and thereafter

            	 	
              4.00%

            

    

     

    Custodial
      File:
      The
      meaning assigned to such term in Section 2.01(a).

     

    Custodian:
      Initially, Wells Fargo, or any successor custodian appointed
      hereunder.

     

    Cut-off
      Date:
      January
      1, 2007.

     

    Cut-off
      Date Pool Principal Balance:
      The
      aggregate Stated Principal Balances of all Mortgage Loans as of the Cut-off
      Date.

     

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

     

    Data
      Tape Information:
      With
      respect to each Mortgage Loan, the same information (provided as of the Cut-off
      Date) included in the data fields specified under the definition of “Mortgage
      Loan Schedule” in the Seller’s Warranties and Servicing Agreement, with such
      additions and modifications as agreed upon by the Originator and the Depositor.
      A copy of the Seller’s Warranties and Servicing Agreement is attached as Exhibit
      Q hereto.

     

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

     

    Defaulting
      Party:
      As
      defined in the Cap Agreement.

    

    
      
        
          
          

        

        
          -15-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    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 then outstanding
      principal balance of the Mortgage Loan, which valuation results from a
      proceeding initiated under the United States Bankruptcy Code.

     

    Definitive
      Certificates:
      Any
      Certificate evidenced by a Physical Certificate and any Certificate issued
      in
      lieu of a Book-Entry Certificate pursuant to Section 5.02(e).

     

    Delay
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Deleted
      Mortgage Loan:
      As
      defined in Section 2.03.

     

    Delinquency
      Rate:
      For any
      calendar month, a fraction, expressed as a percentage, the numerator of which
      is
      the aggregate Stated Principal Balance of 60+ Day Delinquent Mortgage Loans
      as
      of the close of business on the last day of such month (not including those
      Mortgage Loans that are liquidated as of the end of the related Prepayment
      Period), and the denominator of which is the aggregate Stated Principal Balance
      of the Mortgage Loans as of the close of business on the last day of such month
      (not including those Mortgage Loans that are liquidated as of the end of the
      related Prepayment Period).

     

    Delinquency
      Trigger Event:
      With
      respect to any Distribution Date on or after the Stepdown Date, the
      circumstances in which the Rolling Three Month Delinquency Rate as of the last
      day of the immediately preceding calendar month exceeds the applicable
      percentages of the Credit Enhancement Percentage for the prior Distribution
      Date
      (for the purpose of this definition, the Credit Enhancement Percentage for
      each
      class of the Class M Certificates will be calculated by dividing (x) the sum
      of
      (i) the aggregate Class Certificate Balance of the Class M Certificates with
      a
      lower payment priority than that Class and (ii) the Overcollateralization Amount
      (in each case after taking into account distributions of the related Principal
      Payment Amount for that Distribution Date) by (y) the aggregate Stated Principal
      Balance of the Mortgage Loans for that Distribution Date) as
      set
      forth below for the most senior Class of LIBOR or Fixed Rate Certificates then
      outstanding:

    

    
      	
              Class

            	 	
              Percentage

            
	
              A

            	 	
              36.16%

            
	
              M-1

            	 	
              45.02%

            
	
              M-2

            	 	
              61.52%

            
	
              M-3

            	 	
              69.54%

            
	
              M-4

            	 	
              106.83%

            
	
              M-5

            	 	
              141.57%

            
	
              M-6

            	 	
              183.59%

            
	
              M-7

            	 	
              255.40%

            

    

     

    Denomination:
      With
      respect to each Certificate, the amount set forth on the face thereof as the
      “Initial Certificate Balance of this Certificate” or the Percentage Interest
      appearing on the face thereof.

    

    
      
        
          
          

        

        
          -16-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Depositor:
      HSI
      Asset Securitization Corporation, a Delaware corporation, and its successors
      in
      interest.

     

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

     

    Depository
      Institution:
      Any
      depository institution or trust company, including the Trustee and the
      Securities Administrator, that (a) is incorporated under the laws of the
      United States of America or any State thereof, (b) is subject to
      supervision and examination by federal or state banking authorities and
      (c) has outstanding unsecured commercial paper or other short-term
      unsecured debt obligations that are rated P-1 by Moody’s, F1+ by Fitch and A-1
      by Standard & Poor’s (provided
      that,
      to the
      extent that such outstanding unsecured commercial paper or other short-term
      debt
      obligations are rated below A-1+ by Standard & Poor’s, the amounts on
      deposit (1) represent less than 20% of the initial par value of the securities,
      (2) are not intended to be used as credit enhancement and (3) are to be held
      in
      the account for less than 30 days).

     

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

     

    Determination
      Date:
      With
      respect to each Remittance Date, the Business Day immediately preceding such
      Remittance Date.

     

    Disqualified
      Non-U.S. Person:
      With
      respect to a Class R Certificate, any Non-U.S. Person or agent thereof
      other than (i) a Non-U.S. Person that holds the Class R Certificate in
      connection with the conduct of a trade or business within the United States
      and
      has furnished the transferor and the Securities Administrator with an effective
      IRS Form W-8ECI or (ii) a Non-U.S. Person that has delivered to both the
      transferor and the Securities Administrator an opinion of a nationally
      recognized tax counsel to the effect that the transfer of the Class R
      Certificate to it is in accordance with the requirements of the Code and the
      regulations promulgated thereunder and that such transfer of the Class R
      Certificate will not be disregarded for federal income tax
      purposes.

     

    Distribution
      Account:
      The
      separate Eligible Account created and maintained by the Securities Administrator
      pursuant to Section 3.07(e) in the name of the Securities Administrator as
      paying agent for the benefit of the Trustee and the Certificateholders and
      designated “Citibank, N.A. as paying agent in trust for registered holders of
      HSI Asset Loan Obligation Trust 2007-WF1 Mortgage Pass-Through Certificates,
      Series 2007-WF1”. Funds in the Distribution Account shall be held in trust
      for the Certificateholders for the uses and purposes set forth in this
      Agreement.

     

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

     

    Document
      Certification and Exception Report:
      The
      form of report attached to Exhibit F hereto.

    

    
      
        
          
          

        

        
          -17-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Due
      Date:
      The day
      of the month on which the Scheduled Payment is due on a Mortgage Loan, exclusive
      of any days of grace.

     

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

     

    Early
      Termination Event:
      As
      defined in the Cap Agreement.

     

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

     

    Eligible
      Account:
      Either
      (i) an account maintained with a federal or state-chartered depository
      institution or trust company that complies with the definition of Eligible
      Institution, (ii) an account maintained with the corporate trust department
      of a
      federal depository institution or state-chartered depository institution subject
      to regulations regarding fiduciary funds on deposit similar to Title 12 of
      the
      U.S. Code of Federal Regulation Section 9.10(b), which, in either case, has
      corporate trust powers and is acting in its fiduciary capacity or (iii) any
      other account acceptable to each Rating Agency. Eligible Accounts may bear
      interest, and may include, if otherwise qualified under this definition,
      accounts maintained with the Securities Administrator.

     

    Eligible
      Institution:
      A
      federal or state-chartered depository institution or trust company the
      commercial paper, short-term debt obligations, or other short-term deposits
      of
      which are rated at least “A-1+” by Standard & Poor’s if the amounts on
      deposit are to be held in the account for no more than 365 days (or at least
      “A-2” if the amounts on deposit are to be held in the account for no more than
      30 days), “P-1” by Moody’s and “F1+” by Fitch (or a comparable rating if another
      Rating Agency is specified by the Depositor by written notice to each of the
      Servicer and the Securities Administrator) or long-term unsecured debt
      obligations are rated at least “AA-” by Standard & Poor’s if the amounts on
      deposit are to be held in the account for more than 365 days. Upon the loss
      of a
      required rating, the amounts shall be transferred immediately to accounts which
      have a required rating.

     

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

     

    ERISA-Qualifying
      Underwriting:
      A best
      efforts or firm commitment underwriting or private placement that meets the
      requirements of Prohibited Transaction Exemption (“PTE”) 96-84,
      61 Fed. Reg. 58234 (1996), as amended by PTE 97-34, 62 Fed. Reg. 39021
      (1997), PTE 2000-58, 65 Fed. Reg. 67765 (2000) and PTE 2002-41, 67 Fed.
      Reg. 54487 (2002) (or any successor thereto), or any substantially
      similar administrative exemption granted by the U.S. Department of
      Labor.

     

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

     

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

     

    Escrow
      Account:
      The
      Eligible Account or Accounts established and maintained by the Servicer pursuant
      to Section 3.09.

    

    
      
        
          
          

        

        
          -18-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Escrow
      Payments:
      As
      defined in Section 3.09.

     

    Event
      of Default:
      As
      defined in Section 7.01.

     

    Excess
      Overcollateralization Amount:
      With
      respect to any Distribution Date, the excess, if any, of (a) the
      Overcollateralization Amount (for purposes of this calculation only, assuming
      100% of the Principal Remittance Amount is applied as a principal payment to
      the
      LIBOR and Fixed Rate Certificates on such Distribution Date, but before giving
      effect to any other distributions on the LIBOR and Fixed Rate Certificates
      in
      reduction of their respective Class Certificate Balances on such Distribution
      Date) on such Distribution Date over (b) the Overcollateralization Target
      Amount for such Distribution Date.

     

    Excess
      Reserve Fund Account:
      The
      separate Eligible Account created and maintained by the Securities Administrator
      under the Supplemental Interest Trust pursuant to Sections 3.07(b) in the
      name of the Securities Administrator as paying agent for the benefit of the
      LIBOR Certificateholders and the Class X Certificateholders and designated
      “Citibank, N.A. as paying agent in trust for registered holders of HSI Asset
      Loan Obligation Trust 2007-WF1, Mortgage Pass-Through Certificates, Series
      2007-WF1.” Funds in the Excess Reserve Fund Account shall be held in trust for
      such Certificateholders for the uses and purposes set forth in this Agreement.
      Amounts on deposit in the Excess Reserve Fund Account shall not be invested.
      The
      Excess Reserve Fund Account shall be considered part of the Supplemental
      Interest Trust but not part of any REMIC.

     

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

     

    Excluded
      Trust Assets:
      As
      defined in the Preliminary Statement.

     

    Expense
      Adjusted Mortgage Rate:
      With
      respect to any Distribution Date and as to each Mortgage Loan, the per annum
      rate equal to the Mortgage Rate as of the first day of the related Due Period
      less the Expense Fee Rate.

     

    Expense
      Fee Rate:
      As to
      each Mortgage Loan, a per annum rate equal to the sum of the Servicing Fee
      Rate
      and the Securities Administration Fee Rate.

     

    Expense
      Fees:
      As to
      each Mortgage Loan and any Distribution Date, the sum of the Servicing Fee
      and
      the Securities Administration Fee.

     

    Extra
      Principal Payment Amount:
      As of
      any Distribution Date, the lesser of (x) the related Total Monthly Excess
      Spread for such Distribution Date and (y) the related Overcollateralization
      Deficiency for such Distribution Date.

     

    Fannie
      Mae:
      The
      Federal National Mortgage Association, or any successor thereto.

     

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

    

    
      
        
          
          

        

        
          -19-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    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 or the Sponsor as
      contemplated by this Agreement or the Purchase Agreement, as applicable), a
      determination made by the Servicer that all Insurance Proceeds, Condemnation
      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. 

     

    Final
      Scheduled Distribution Date:
      The
      Final Scheduled Distribution Date for each Class of Certificates is the
      Distribution Date occurring in December 2036. 

     

    Fitch:
      Fitch,
      Inc., or any successor thereto. If Fitch is designated as a Rating Agency in
      the
      Preliminary Statement, for purposes of Section 12.05 the address for
      notices to Fitch shall be Fitch, Inc., One State Street Plaza, New York, New
      York 10004, Attention: MBS Monitoring - HALO (HSI Asset Loan Obligation
      Trust 2007-WF1), or such other address as Fitch may hereafter furnish to the
      Depositor and the Securities Administrator.

     

    Fixed
      Rate Certificates:
      As
      specified in the Preliminary Statement.

     

    Fixed
      Rate Mortgage Loan:
      A
      Mortgage Loan with respect to which the Mortgage Rate set forth in the Mortgage
      Note is fixed for the term of such Mortgage Loan.

     

    Form
      8-K Disclosure Information:
      As
      defined in Section 8.12(a)(iii)(A).

     

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

     

    Gross
      Margin:
      With
      respect to each Adjustable Rate Mortgage Loan, the fixed percentage amount
      set
      forth in the related Mortgage Note to be added to the Index to determine the
      Mortgage Rate.

     

    Independent:
      When
      used with respect to any accountants, a Person who is “independent” within the
      meaning of Rule 2-01(B) of the Commission’s Regulation S-X. Independent means,
      when used with respect to any other Person, a Person who (A) is in fact
      independent of another specified Person and any Affiliate of such other Person,
      (B) does not have any material direct or indirect financial interest in such
      other Person or any Affiliate of such other Person, (C) is not connected with
      such other Person or any Affiliate of such other Person as an officer, employee,
      promoter, underwriter, trustee, partner, director or Person performing similar
      functions and (D) is not a member of the immediate family of a Person defined
      in
      clause (B) or (C) above.

     

    Initial
      Certification:
      As
      defined in Section 2.02.

     

    Initial
      Sale Date:
      The
      date the Mortgage Loan was purchased by the Sponsor from the Originator under
      the Seller’s Warranties and Servicing Agreement.

    

    
      
        
          
          

        

        
          -20-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Insurance
      Policy:
      With
      respect to any Mortgage Loan included in the Trust Fund, any insurance policy,
      including, but not limited to, any standard hazard insurance policy, flood
      insurance policy, earthquake insurance policy, title insurance policy or Primary
      Mortgage Insurance Policy (if any), including all riders and endorsements
      thereto in effect, including any replacement policy or policies.

     

    Insurance
      Proceeds:
      With
      respect to each Mortgage Loan, proceeds of Insurance Policies insuring the
      Mortgage Loan or the related Mortgaged Property.

     

    Interest
      Accrual Period:
      With
      respect to each Class of LIBOR Certificates and any Distribution Date, the
      period commencing on the Distribution Date occurring in the month preceding
      the
      month in which the current Distribution Date occurs and ending on the day
      immediately preceding the current Distribution Date (or, in the case of the
      first Distribution Date, the period from and including the Closing Date to
      but
      excluding such first Distribution Date). For purposes of computing interest
      accruals on each Class of LIBOR Certificates, each Interest Accrual Period
      has the actual number of days in such month and each year is assumed to have
      360 days. With respect to each Class of Fixed Rate Certificates and any
      Distribution Date, the period commencing on the last day of the calendar month
      preceding the month in which the Current Distribution Date occurs and ending
      on
      the day immediately preceeding the Current Distribution Date. For purposes
      of
      computing interest accruals on each Class of Fixed Rate Certificates, each
      Interest Accrual Period has 30 days and each year is assumed to have 360
      days.

     

    Interest
      Carry Forward Amount:
      As of
      any Distribution Date and any Class of LIBOR or Fixed Rate Certificates,
      the sum of, if applicable, (i) the portion of the Interest Payment Amount from
      Distribution Dates prior to the current Distribution Date remaining unpaid
      immediately prior to the current Distribution Date (excluding any Basis Risk
      Carryover Amount with respect to such Class), and (ii) interest on the amount
      in
      clause (i) above at the applicable Interest Rate (to the extent permitted by
      applicable law).

     

    Interest
      Margin:
      Except
      as set forth in the following sentence, with respect to each Class of LIBOR
      Certificates, the following percentages: Class A-1 Certificates, 0.060% and
      Class A-2 Certificates, 0.100%. On the first Distribution Date after the
      Optional Termination Date, the Interest Margins shall increase to the following
      percentages: Class A-1 Certificates, 0.120% and Class A-2
      Certificates, 0.200%.

     

    Interest
      Payment Amount:
      With
      respect to any Distribution Date for each Class of LIBOR and Fixed Rate
      Certificates, the amount of interest accrued during the related Interest Accrual
      Period at the applicable Interest Rate on the related Class Certificate
      Balance immediately prior to such Distribution Date, as reduced by such Class’s
      share of Net Prepayment Interest Shortfalls and Relief Act Interest Shortfalls
      for such Distribution Date allocated to such Class pursuant to
      Section 4.02(d).

     

    Interest
      Rate:
      For
      each Class of LIBOR and Fixed Rate Certificates, each Class of Upper Tier REMIC
      Regular Interest and each class of Lower Tier Interest, the per annum rate
      set
      forth or calculated in the manner described in the Preliminary
      Statement.

    

    
      
        
          
          

        

        
          -21-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Interest
      Remittance Amount:
      With
      respect to any Distribution Date and the Mortgage Loans, that portion of
      Available Funds attributable to interest.

     

    Investment
      Account:
      As
      defined in Section 3.12(a).

     

    Investor:
      With
      respect to each MERS Designated Mortgage Loan, the Person named on the MERS
      System as the investor pursuant to the MERS Procedures Manual.

     

    IRS:
      The
      Internal Revenue Service.

     

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

     

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

     

    If
      on
      such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
      appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
      Telerate Page 3750 is not available on such date, the Securities Administrator
      will obtain such rate from Reuters’ “page LIBOR 01” or, if such rate does not
      appear therein, the Securities Administrator will obtain such rate from
      Bloomberg’s page “BBAM.” If such rate is not published for such LIBOR
      Determination Date, LIBOR for such date will be the most recently published
      Interest Settlement Rate. In the event that the BBA no longer sets an Interest
      Settlement Rate, the Securities Administrator will designate an alternative
      index that has performed, or that the Securities Administrator expects to
      perform, in a manner substantially similar to the BBA’s Interest Settlement
      Rate. The Securities Administrator will select a particular index as the
      alternative index only if it receives an Opinion of Counsel, which opinion
      shall
      be an expense reimbursed from the Distribution Account pursuant to Section
      4.01,
      that the selection of such index will not cause any of the REMICs to lose their
      classification as REMICs for federal income tax purposes.

     

    LIBOR
      Certificates:
      As
      specified in the Preliminary Statement.

     

    LIBOR
      Determination Date:
      With
      respect to any Interest Accrual Period for the LIBOR Certificates, the second
      London Business Day preceding the commencement of such Interest Accrual
      Period.

     

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

    

    
      
        
          
          

        

        
          -22-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Liquidation
      Proceeds:
      Cash
      received in connection with the liquidation of a Liquidated Mortgage Loan,
      whether through a trustee’s sale, foreclosure sale or otherwise.

     

    Loan-to-Value
      Ratio
      or
LTV:
      As of
      any date and as to any Mortgage Loan, the ratio (expressed as a
      percentage) of the outstanding principal balance of the Mortgage Loan to
      (a) in the case of a purchase, the lesser of (i) the sale price of the
      Mortgaged Property and (ii) its appraised value at the time of sale or
      (b) in the case of a refinancing or modification, the appraised value of
      the Mortgaged Property at the time of the refinancing or
      modification.

     

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

     

    Lower
      Tier Interest:
      An
      interest in any REMIC formed hereby other than the Upper Tier
      REMIC.

     

    Master
      Agreement:
      The
      ISDA Form Master Agreement, dated February 6, 2007, entered into between the
      Supplemental Interest Trust and the Cap Counterparty.

     

    Master
      Servicer:
      CitiMortgage, and any successors in interest, and if a successor master servicer
      is appointed hereunder, such successor.

     

    Master
      Servicer Event of Default:
      As
      defined in Section 9.06.

     

    Master
      Servicer Float Period:
      With
      respect to each Distribution Date and the related amounts in the Master
      Servicing Account, the period commencing on the Remittance Date immediately
      preceding the related Master Servicer Remittance Date and ending on such Master
      Servicer Remittance Date. 

     

    Master
      Servicer Remittance Date:
      As to
      any Distribution Date, 12:00 noon New York City time on the first Business
      Day
      immediately preceding such Distribution Date. 

     

    Master
      Servicing Account:
      The
      separate Eligible Account created and maintained by the Master Servicer pursuant
      to Section 3.07(d) in the name of the Master Servicer for the benefit of
      the Trustee and the Certificateholders and designated “CitiMortgage, Inc., in
      trust for registered holders of HSI Asset Loan Obligation Trust 2007-WF1
      Mortgage Pass-Through Certificates, Series 2007-WF1”. Funds in the Master
      Servicing Account shall be held in trust for the Certificateholders for the
      uses
      and purposes set forth in this Agreement.

     

    Master
      Servicing Officer:
      Any
      officer of the Master Servicer involved in, or responsible for, the
      administration and master servicing of the Mortgage Loans.

     

    MERS:
      Mortgage Electronic Registration Systems, Inc., a Delaware corporation, and
      its
      successors in interest.

    

    
      
        
          
          

        

        
          -23-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    MERS
      Designated Mortgage Loan:
      Mortgage Loans for which (a) the Originator has designated or will
      designate MERS as, and has taken or will take such action as is necessary to
      cause MERS to be, the mortgagee of record, as nominee for the Originator, in
      accordance with the MERS Procedure Manual and (b) the Originator has
      designated or will designate the Trustee as the Investor on the MERS
      System.

     

    MERS
      Procedure Manual:
      The
      MERS Procedures Manual, as it may be amended, supplemented or otherwise modified
      from time to time.

     

    MERS®
      System:
      MERS
      mortgage electronic registry system, as more particularly described in the
      MERS
      Procedures Manual.

     

    MIN:
      The
      Mortgage Identification Number of Mortgage Loans registered with MERS on the
      MERS® System.

     

    Monthly
      Statement:
      The
      statement made available to the Certificateholders by the Securities
      Administrator through its website pursuant to Section 4.03.

     

    Moody’s:
      Moody’s
      Investors Service, Inc. If Moody’s is designated as a Rating Agency in the
      Preliminary Statement, for purposes of Section 12.05 the address for
      notices to Moody’s shall be Moody’s Investors Service, Inc., 99 Church Street,
      New York, New York 10007, Attention: Residential Mortgage Pass-Through Group,
      HALO (HSI Asset Loan Obligation Trust Series 2007-WF1), or such other address
      as
      Moody’s may hereafter furnish to the Depositor and the Securities
      Administrator.

     

    Mortgage:
      The
      mortgage, deed of trust or other instrument identified on the Mortgage Loan
      Schedule as securing a Mortgage Note.

     

    Mortgage
      File:
      The
      items pertaining to a particular Mortgage Loan contained in either the Servicing
      File or Custodial File.

     

    Mortgage
      Loan:
      An
      individual Mortgage Loan that is the subject of this Agreement, each Mortgage
      Loan originally sold and subject to this Agreement being identified on the
      Mortgage Loan Schedule, which Mortgage Loan includes, without limitation, the
      Mortgage File, the Scheduled Payments, Principal Prepayments, Liquidation
      Proceeds, Subsequent Recoveries, Condemnation Proceeds, Insurance Proceeds,
      REO
      Disposition proceeds, Prepayment Charges, and all other rights, benefits,
      proceeds and obligations arising from or in connection with such Mortgage Loan,
      excluding replaced or repurchased Mortgage Loans.

     

    Mortgage
      Loan Schedule:
      A
      schedule of Mortgage Loans prepared by the Depositor, delivered to the Trustee
      on the Closing Date and referred to on Schedule I, such schedule setting
      forth the Data Tape Information with respect to each Mortgage Loan.

     

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

    

    
      
        
          
          

        

        
          -24-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Mortgage
      Rate:
      The
      annual rate of interest borne on a Mortgage Note, which shall be adjusted from
      time to time.

     

    Mortgaged
      Property:
      With
      respect to each Mortgage Loan, the real property (or leasehold estate, if
      applicable) identified on the Mortgage Loan Schedule as securing repayment
      of
      the debt evidenced by the related Mortgage Note.

     

    Mortgagor:
      The
      obligor(s) on a Mortgage Note.

     

    Net
      Monthly Excess Cash Flow:
      For any
      Distribution Date, the amount of interest and principal remaining for
      distribution pursuant to subsection 4.02(a)(iii) (before giving effect to
      distributions pursuant to such subsection).

     

    Net
      Prepayment Interest Shortfall:
      For any
      Distribution Date, the amount by which the sum of the Prepayment Interest
      Shortfalls for such Distribution Date exceeds the sum of Compensating Interest
      payments made with respect to such Distribution Date.

     

    Net
      WAC Rate:
      With
      respect to any Distribution Date (and the related Interest Accrual Period),
      a
      per annum rate equal to the weighted average of the Expense Adjusted Mortgage
      Rates of the Mortgage Loans as of the first day of the related Due Period (not
      including for this purpose Mortgage Loans for which Principal Prepayments in
      Full have been received and distributed in the month prior to that Distribution
      Date).

     

    NIM
      Issuer:
      The
      entity established as the issuer of the NIM Securities.

     

    NIM
      Securities:
      Any
      debt securities secured or otherwise backed by some or all of the Class X
      and Class P Certificates that are rated by any Rating Agency.

     

    NIM
      Trustee:
      The
      indenture trustee for the NIM Securities.

     

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

     

    Non-Permitted
      Transferee:
      A
      Person other than a Permitted Transferee.

     

    Non-U.S.
      Person:
      A
      person that is not a U.S. Person.

     

    Nonrecoverable
      P&I Advance:
      Any
      P&I Advance previously made or proposed to be made in respect of a Mortgage
      Loan or REO Property that, in the good faith business judgment (taking into
      account Accepted Servicing Practices) of the Servicer, the Master Servicer,
      as
      successor servicer, or any successor master servicer including the Trustee,
      as
      applicable, will not or, in the case of a proposed P&I Advance, would not be
      ultimately recoverable from related Late Collections on such Mortgage Loan
      or
      REO Property as provided herein.

     

    Nonrecoverable
      Servicing Advance:
      Any
      Servicing Advances previously made or proposed to be made in respect of a
      Mortgage Loan or REO Property, which, in accordance with Accepted Servicing
      Practices, will not or, in the case of a proposed Servicing Advance, would
      not
      be ultimately recoverable from related Late Collections. 

    

    
      
        
          
          

        

        
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    Notice
      of Final Distribution:
      The
      notice to be provided by the Securities Administrator pursuant to
      Section 11.02 to the effect that final distribution on any of the
      Certificates shall be made only upon presentation and surrender
      thereof.

     

    Offered
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Offering
      Documents:
      The
      Prospectus and the Private Placement Memorandum.

     

    Officer’s
      Certificate:
      A
      certificate signed by an officer of the Servicer with responsibility for the
      servicing of the Mortgage Loans.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, which may be in-house or outside counsel to the
      Servicer, any Subservicer, the Depositor, the Sponsor, the Master Servicer,
      the
      Securities Administrator or the Trustee, acceptable to the Trustee or the
      Securities Administrator, as applicable (and/or such other Persons as may be
      set
      forth herein), except that any opinion of counsel relating to (a) the
      qualification of any REMIC created hereunder as a REMIC or (b) compliance with
      the REMIC Provisions must be an opinion of Independent counsel.

     

    Option
      to Purchase: On
      the initial or any subsequent Optional Termination Date, the Master Servicer
      at
      its own option may purchase, or upon instruction by the Depositor shall
      purchase, the Mortgage Loans. In the event that the Depositor wishes to instruct
      the Master Servicer to purchase the Mortgage Loans on any Optional Termination
      Date, the Depositor shall provide instructions to the Master Servicer to
      exercise such option no later than 5:00p.m. on the third Business Day
      immediately preceding such Optional Termination Date, in which event the
      exercise by the Master Servicer of its option to purchase the Mortgage Loans
      shall be deemed to have been at the Depositor’s instruction.

     

    Optional
      Termination Date:
      Any
      Distribution Date on which the aggregate Stated Principal Balance of the
      Mortgage Loans, as of the last day of the related Due Period, is less than
      or
      equal to 10.00% of the Cut-off Date Pool Principal Balance.

     

    Originator:
      Wells
      Fargo and its successors in interest.

     

    OTS:
      Office
      of Thrift Supervision, and any successor thereto.

     

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

     

    (i) Certificates
      theretofore canceled by the Securities Administrator or delivered to the
      Securities Administrator for cancellation; and

     

    (ii) Certificates
      in exchange for which or in lieu of which other Certificates have been executed
      and delivered by the Securities Administrator pursuant to this
      Agreement.

     

    Outstanding
      Mortgage Loan:
      As of
      any Due Date, a Mortgage Loan with a Stated Principal Balance greater than
      zero
      which was not the subject of a Principal Prepayment in Full prior to such Due
      Date and which did not become a Liquidated Mortgage Loan prior to such Due
      Date.

    

    
      
        
          
          

        

        
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    Overcollateralization
      Amount:
      As of
      any Distribution Date, the excess, if any, of (a) the aggregate Stated
      Principal Balance of the Mortgage Loans for such Distribution Date over
      (b) the aggregate of the Class Certificate Balances of the LIBOR and
      Fixed Rate Certificates as of such Distribution Date (after giving effect to
      the
      payment of the Principal Remittance Amount on such Certificates on such
      Distribution Date).

     

    Overcollateralization
      Deficiency:
      With
      respect to any Distribution Date, the excess, if any, of (a) the
      Overcollateralization Target Amount applicable to such Distribution Date over
      (b) the Overcollateralization Amount (for purposes of this calculation
      only, assuming 100% of the Principal Remittance Amount is applied as a principal
      payment to the LIBOR and Fixed Rate Certificates on such Distribution Date,
      but
      before giving effect to any other distributions on the LIBOR and Fixed Rate
      Certificates in reduction of their respective Class Certificate Balances on
      such
      Distribution Date) applicable to such Distribution Date.

     

    Overcollateralization
      Reduction Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      Excess Overcollateralization Amount and (b) the Net Monthly Excess Cash
      Flow.

     

    Overcollateralization
      Target Amount:
      Prior
      to the Stepdown Date, an amount equal to 2.30% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date. On and after the Stepdown
      Date provided a Trigger Event is not in effect, an amount equal to the greater
      of (i) 4.60% of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period and (ii) 0.50% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date;
provided,
      however,
      that
      if, on any Distribution Date a Trigger Event exists, the Overcollateralization
      Target Amount shall not be reduced to the applicable percentage of then current
      aggregate Stated Principal Balance of the Mortgage Loans until the Distribution
      Date on which a Trigger Event no longer exists but rather shall remain the
      Overcollateralization Target Amount as determined for the immediately preceding
      Distribution Date. When the Class Certificate Balance of each Class of
      LIBOR Certificates has been reduced to zero, the Overcollateralization Target
      Amount will thereafter equal zero.

     

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

     

    P&I
      Advance:
      As to
      any Mortgage Loan or REO Property, any advance made by the Servicer in respect
      of any Remittance Date representing the aggregate of all payments of principal
      and interest, net of the Servicing Fee, that were due during the related Due
      Period on the Mortgage Loans and that were delinquent on the related
      Determination Date, plus certain amounts representing assumed payments not
      covered by any current net income on the Mortgaged Properties acquired by
      foreclosure or deed in lieu of foreclosure as determined pursuant to Section
      4.01.

    

    
      
        
          
          

        

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

     

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

     

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

     

    (ii) demand
      and time deposits in, certificates of deposit of, or bankers’ acceptances (which
      shall each have an original maturity of not more than 90 days and, in the
      case of bankers’ acceptances, shall in no event have an original maturity of
      more than 365 days or a remaining maturity of more than 30 days)
      denominated in United States dollars and issued by, any Depository Institution
      and rated F1+ by Fitch, A-1+ by Standard & Poor’s and P-1 by
      Moody’s;

     

    (iii) repurchase
      obligations with respect to any security described in clause (i) above
      entered into with a Depository Institution (acting as principal);

     

    (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 Fitch, Moody’s and Standard & Poor’s (in each case, to
      the extent they are designated as Rating Agencies in the Preliminary Statement),
      and by each other Rating Agency that rates such securities, in its highest
      long-term unsecured rating categories at the time of such investment or
      contractual commitment providing for such investment;

     

    (v) commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 30 days after the date of acquisition thereof) that is rated by Fitch,
      Moody’s and Standard & Poor’s (in each case, to the extent they are
      designated as Rating Agencies in the Preliminary Statement), and by each other
      Rating Agency that rates such securities, in its highest short-term unsecured
      debt rating available at the time of such investment;

     

    (vi) units
      of
      money market funds, including money market funds managed by the Trustee, the
      Securities Administrator or an Affiliate thereof, that have been rated “Aaa” by
      Moody’s, “AAA” by Standard & Poor’s and, if rated by Fitch, “AAA” by
      Fitch; and

     

    (vii) if
      previously confirmed in writing to the Securities Administrator, any other
      demand, money market or time deposit, or any other obligation, security or
      investment, as may be acceptable to each of the Rating Agencies as a permitted
      investment of funds backing “Aaa” or “AAA” rated securities;

    

    
      
        
          
          

        

        
          -28-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    provided,
      however,
      that no
      instrument described hereunder shall evidence either the right to receive
      (a) only interest with respect to the obligations underlying such
      instrument or (b) both principal and interest payments derived from
      obligations underlying such instrument and the interest and principal payments
      with respect to such instrument provide a yield to maturity at par greater
      than
      120.00% of the yield to maturity at par of the underlying
      obligations.

     

    Permitted
      Transferee:
      Any
      Person other than (i) the United States, any State or political subdivision
      thereof, or any agency or instrumentality of any of the foregoing, (ii) a
      foreign government, international organization or any agency or instrumentality
      of either of the foregoing, (iii) an organization (except certain farmers’
cooperatives described in Section 521 of the Code) which is exempt from tax
      imposed by Chapter 1 of the Code (including the tax imposed by Section 511
      of the Code on unrelated business taxable income) on any excess inclusions
      (as
      defined in Section 860E(c)(1) of the Code) with respect to any Residual
      Certificate, (iv) rural electric and telephone cooperatives described in
      Section 1381(a)(2)(C) of the Code, (v) a Person that is a Disqualified
      Non-U.S. Person or a U.S. Person with respect to whom income from a Residual
      Certificate is attributable to a foreign permanent establishment or fixed base,
      within the meaning of an applicable income tax treaty, of such Person or any
      other U.S. Person, (vi) an “electing large partnership” within the meaning
      of Section 775 of the Code and (vii) any other Person so designated by
      the Depositor based upon an Opinion of Counsel that the Transfer of an Ownership
      Interest in a Residual Certificate to such Person may cause any REMIC formed
      hereby to fail to qualify as a REMIC at any time that the Certificates are
      outstanding. The terms “United States”, “State” and “international organization”
shall have the meanings set forth in Section 7701 of the Code or successor
      provisions. A corporation will not be treated as an instrumentality of the
      United States or of any State or political subdivision thereof for these
      purposes if all of its activities are subject to tax and, with the exception
      of
      Freddie Mac, a majority of its board of directors is not selected by such
      government unit.

     

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

     

    Physical
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Pool
      Stated Principal Balance:
      As to
      any Distribution Date, the aggregate of the Stated Principal Balances of the
      Mortgage Loans for such Distribution Date that were Outstanding Mortgage Loans
      on the Due Date in the related Due Period.

     

    Prepayment
      Charge:
      Any
      prepayment premium, penalty or charge collected by the Servicer with respect
      to
      a Mortgage Loan from a Mortgagor in connection with any Principal Prepayment
      pursuant to the terms of the related Mortgage Note.

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date, the sum of, for each Mortgage Loan that was,
      during the portion of the related Prepayment Period from the first day of such
      Prepayment Period through the last day of the month preceding the month in
      which
      such Distribution Date occurs, the subject of a Principal Prepayment which
      is
      not accompanied by an amount equal to one month of interest that would have
      been
      due on such Mortgage Loan on the Due Date that occurs during such Prepayment
      Period and which was applied by the Servicer to reduce the outstanding principal
      balance of such Mortgage Loan on a date preceding such Due Date, an amount
      equal
      to the product of (a) the Mortgage Rate net of the Servicing Fee Rate for
      such Mortgage Loan, (b) the amount of the Principal Prepayment for such
      Mortgage Loan, (c) 1/360 and (d) the number of days commencing on the
      date on which such Principal Prepayment was applied and ending on the last
      day
      of the calendar month in which the related Prepayment Period
      begins.

    

    
      
        
          
          

        

        
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    Prepayment
      Period:
      With
      respect to any Distribution Date and any Principal Prepayments, the calendar
      month preceding the month in which such Distribution Date occurs.

     

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

     

    Principal
      Payment Amount:
      For any
      Distribution Date, the sum of (i) the Basic Principal Payment Amount for
      such Distribution Date and (ii) the Extra Principal Payment Amount for such
      Distribution Date.

     

    Principal
      Prepayment:
      Any
      full or partial payment or other recovery of principal on a Mortgage Loan
      (including upon liquidation of a Mortgage Loan) that is received in advance
      of
      its scheduled Due Date, excluding any Prepayment Charge thereon, and that is
      not
      accompanied by an amount of interest representing scheduled interest due on
      any
      date or dates in any month or months subsequent to the month of prepayment.
      

     

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

     

    Principal
      Remittance Amount:
      With
      respect to any Distribution Date, the amount equal to the sum of the following
      amounts (without duplication) with respect to the related Due Period:
      (i) each scheduled payment of principal on a Mortgage Loan due during such
      Due Period and received by the Servicer on or prior to the related Determination
      Date or advanced by the Servicer for the related Remittance Date, (ii) all
      Principal Prepayments received during the related Prepayment Period;
      (iii) all net Liquidation Proceeds, Condemnation Proceeds and Insurance
      Proceeds on the Mortgage Loans allocable to principal, and all Subsequent
      Recoveries, actually collected by the Servicer during the related Prepayment
      Period; (iv) the portion of the Repurchase Price allocable to principal
      with respect to each Mortgage Loan repurchased by the Originator or the Sponsor,
      as the case may be, that was repurchased on or prior to the related
      Determination Date; (v) all Substitution Adjustment Amounts allocable to
      principal with respect to the substitutions of Mortgage Loans that occur on
      or
      prior to the related Determination Date; and (vi) the allocable portion of
      the proceeds received with respect to the termination of the Trust Fund pursuant
      to clause (a) of Section 11.01 (to the extent such proceeds
      relate to principal).

     

    Private
      Certificates:
      As
      specified in the Preliminary Statement.

    

    
      
        
          
          

        

        
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    Private
      Placement Memorandum:
      The
      Private Placement Memorandum, dated February 5, 2007 relating to the offering
      of
      the Class M-7 Certificates.

     

    Prospectus:
      The
      Prospectus, dated December 27, 2006, as supplemented by the Prospectus
      Supplement.

     

    Prospectus
      Supplement:
      The
      Prospectus Supplement, dated February 5, 2007 relating to the Offered
      Certificates.

     

    PTCE:
      As
      defined in Section 5.02(b).

     

    Purchase
      Agreement:
      The
      Mortgage Loan Purchase Agreement, dated as of January 1, 2007, between the
      Depositor and the Sponsor.

     

    Rating
      Agency:
      Each of
      the Rating Agencies specified in the Preliminary Statement. If such organization
      or a successor is no longer in existence, “Rating Agency” shall be such
      nationally recognized statistical rating organization, or other comparable
      Person, as is designated by the Depositor, notice of which designation shall
      be
      given to the Trustee and the Securities Administrator. References herein to
      a
      given rating or rating category of a Rating Agency shall mean such rating
      category without giving effect to any modifiers. For purposes of
      Section 12.05, the addresses for notices to each Rating Agency shall be the
      address specified therefor in the definition corresponding to the name of such
      Rating Agency, or such other address as either such Rating Agency may hereafter
      furnish to the Depositor and the Securities Administrator.

     

    Realized
      Losses:
      With
      respect to any date of determination and any Liquidated Mortgage Loan, the
      amount, if any, by which (a) the unpaid principal balance of such
      Liquidated Mortgage Loan together with accrued and unpaid interest thereon
      exceeds (b) the Liquidation Proceeds with respect thereto net of the
      expenses incurred by the Servicer in connection with the liquidation of such
      Liquidated Mortgage Loan and net of the amount of unreimbursed Servicing
      Advances with respect to such Liquidated Mortgage Loan.

     

    Record
      Date:
      With
      respect to any Distribution Date and any Certificate other than Certificate
      issued in definitive form, the close of business on the Business Day immediately
      preceding such Distribution Date; provided,
      however,
      that,
      for any Certificate issued in definitive form, the Record Date shall be the
      close of business on the last Business Day of the month preceding the month
      in
      which such applicable Distribution Date occurs (or, in the case of the first
      Distribution Date, the Closing Date).

     

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

     

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

    

    
      
        
          
          

        

        
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    Regulation
      S Investment Letter:
      As
      defined in Section 5.02(b).

     

    Regular
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Relevant
      Servicing Criteria:
      The
      Servicing Criteria applicable to the parties having reporting obligations
      hereunder, as set forth on Exhibit S attached hereto. For clarification
      purposes, multiple parties can have responsibility for the same Relevant
      Servicing Criteria. With respect to any Servicing Function Participant engaged
      by the Master Servicer, the Securities Administrator, the Custodian or the
      Servicer, the term “Relevant Servicing Criteria” may refer to a portion of the
      Relevant Servicing Criteria applicable to such parties.

     

    Relief
      Act Interest Shortfall:
      With
      respect to any Distribution Date and any Mortgage Loan, any reduction in the
      amount of interest collectible on such Mortgage Loan for the most recently
      ended
      Due Period as a result of the application of the Servicemembers Civil Relief
      Act
      or any applicable similar state statutes.

     

    REMIC:
      Each
      pool of assets in the Trust Fund designated as a REMIC pursuant to the
      Preliminary Statement.

     

    REMIC
      1:
      As
      described in the Preliminary Statement.

     

    REMIC
      2:
      As
      described in the Preliminary Statement.

     

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

     

    Remittance
      Date:
      With
      respect to any Distribution Date, the 20th
      day of
      the month in which such Distribution Date occurs, or, if the 20th
      is not a
      Business Day, the immediately preceding Business Day.

     

    REO
      Disposition:
      The
      final sale by the Servicer of any REO Property.

     

    REO
      Imputed Interest:
      As to
      any REO Property, for any period, an amount equivalent to interest (at the
      Mortgage Rate net of the applicable Servicing Fee Rate that would have been
      applicable to the related Mortgage Loan had it been outstanding) on the unpaid
      principal balance of the Mortgage Loan as of the date of acquisition thereof
      (as
      such balance is reduced pursuant to Section 3.17 by any income from the REO
      Property treated as a recovery of principal).

    

    
      
        
          
          

        

        
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    REO
      Mortgage Loan:
      A
      Mortgage Loan where title to the related Mortgaged Property has been obtained
      by
      the Servicer in the name of the Trustee on behalf of the
      Certificateholders.

     

    REO
      Property:
      A
      Mortgaged Property acquired by the Trust Fund through foreclosure or
      deed-in-lieu of foreclosure in connection with a defaulted Mortgage
      Loan.

     

    Reportable
      Event:
      As
      defined in Section 8.12(a)(iii)(A).

     

    Reporting
      Servicer:
      As
      defined in Section 8.12(a)(ii)(A).

     

    Repurchase
      Price:
      With
      respect to any Mortgage Loan, an amount equal to the sum of (i) the Stated
      Principal Balance of such Mortgage Loan as of the date of repurchase,
      (ii) interest on such unpaid principal balance of such Mortgage Loan at the
      Mortgage Rate, net, in the case of repurchase by the Originator only, of the
      Servicing Fee Rate, from the last date through which interest has been paid
      to
      the date of repurchase, (iii) all unreimbursed Servicing Advances, (iv) the
      amount of any costs and damages incurred by the Trust Fund as a result of any
      violation of any applicable federal, state or local predatory- or
      abusive-lending law arising from or in connection with the origination of such
      Mortgage Loan and (v) all expenses incurred by the Master Servicer, the
      Securities Administrator, the Servicer or Trustee arising out of the Master
      Servicer’s, the Servicer’s or Trustee’s enforcement of the Originator’s or
      Sponsor’s repurchase obligation hereunder. 

     

    Request
      for Release:
      The
      Request for Release submitted by the Servicer to the Trustee, substantially
      in
      the form of Exhibit J.

     

    Residual
      Certificates:
      As
      specified in the Preliminary Statement.

     

    Responsible
      Officer:
      When
      used with respect to the Trustee, the Securities Administrator or the Master
      Servicer, any vice president, any assistant vice president, any assistant
      secretary, any assistant treasurer, any associate, or any other officer of
      the
      Trustee, the Securities Administrator or the Master Servicer customarily
      performing functions similar to those performed by any of the above designated
      officers who at such time shall be officers to whom, with respect to a
      particular matter, such matter is referred because of such officer’s knowledge
      of and familiarity with the particular subject and who, in each case, shall
      have
      direct responsibility for the administration of this Agreement.

     

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

     

    Rule 144A
      Investment Letter:
      As
      defined in Section 5.02(b).

     

    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).

    

    
      
        
          
          

        

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

     

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

     

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

     

    Securities
      Administration Fee:
      As to
      any Distribution Date and each Mortgage Loan, an amount equal to
      1/12th
      the
      product of (a) the Securities Administration Fee Rate and (b) the outstanding
      Stated Principal Balance of such Mortgage Loan as of the prior Distribution
      Date
      (or as of the Cut-off Date in the case of the first Distribution
      Date).

     

    Securities
      Administration Fee Rate:
      With
      respect to each Mortgage Loan, 0.005% per annum.

     

    Securities
      Administrator:
      Citibank, and any successors in interest, and if a successor securities
      administrator is appointed hereunder, such successor.

     

    Securities
      Administrator Float Period:
      With
      respect to the Distribution Date and the related amounts in the Distribution
      Account, the period commencing on the Master Servicer Remittance Date
      immediately preceding such Distribution Date and ending on such Distribution
      Date.

     

    Seller’s
      Warranties and Servicing Agreement:
      The
      Seller’s Warranties and Servicing Agreement between the Sponsor, as purchaser of
      the Mortgage Loans, and Wells Fargo, as seller, dated as of November 1,
      2006.

     

    Senior
      Interest Payment Amount:
      With
      respect to any Distribution Date and any Class of Class A
      Certificates, the sum of the Interest Payment Amount and the Interest Carry
      Forward Amount, if any, for that Distribution Date for that Class.

     

    Senior
      Principal Payment Amount:
      With
      respect to any Distribution Date, the lesser of (i) the Principal Payment Amount
      for that Distribution Date and (ii) the excess of (a) the aggregate
      Class Certificate Balance of the Class A Certificates immediately
      prior to that Distribution Date over (b) the lesser of (x) 67.50% of
      the aggregate Stated Principal Balance of the Mortgage Loans for that
      Distribution Date and (y) the excess, if any, of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period over 0.50% of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the Cut-off Date.

    

    
      
        
          
          

        

        
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    Servicer:
      Wells
      Fargo, and its successors in interest, and if a successor servicer is appointed
      hereunder, such successor.

     

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

     

    Servicing
      Advances:
      The
      reasonable “out-of-pocket” costs and expenses (including legal fees and
      expenses) incurred by the Servicer in the performance of its servicing
      obligations in connection with a default, delinquency or other unanticipated
      event, including, but not limited to, the cost of (i) the maintenance,
      preservation, restoration, inspection and protection of a Mortgaged Property,
      (ii) any enforcement or judicial proceedings, including foreclosures and
      litigation, in respect of a particular Mortgage Loan, (iii) the management
      (including reasonable fees in connection therewith) and liquidation of any
      REO
      Property and (iv) the performance of its obligations under
      Sections 3.01, 3.09, 3.13 and 3.15. The Servicing Advances shall also
      include any reasonable “out-of-pocket” costs and expenses (including legal fees
      and expenses) incurred by the Servicer in connection with executing and
      recording instruments of satisfaction, deeds of reconveyance or Assignments
      of
      Mortgage in connection with any satisfaction or foreclosure in respect of any
      Mortgage Loan to the extent not recovered from the Mortgagor or otherwise
      payable under this Agreement and obtaining or correcting any legal documentation
      required to be included in the Mortgage File and necessary for the Servicer
      to
      perform its obligations under this Agreement. The Servicer shall not be required
      to make any Nonrecoverable Servicing Advances.

     

    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 calendar month, an amount equal to
      one
      month’s interest (or in the event of any payment of interest which accompanies a
      Principal Prepayment made by the Mortgagor during such calendar month, interest
      for the number of days covered by such payment of interest) at the Servicing
      Fee
      Rate on the applicable Stated Principal Balance of such Mortgage Loan as of
      the
      first day of such calendar month. Such fee shall be payable monthly, and shall
      be prorated for any portion of a month during which the Mortgage Loan is
      serviced by the Servicer under this Agreement. The Servicing Fee is payable
      solely from the interest portion (including recoveries with respect to interest
      from Liquidation Proceeds, Subsequent Recoveries, Insurance Proceeds,
      Condemnation Proceeds and proceeds received with respect to REO Properties)
      of such Scheduled Payment collected by the Servicer, or as otherwise provided
      under Section 3.11.

    

    
      
        
          
          

        

        
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    Servicing
      Fee Rate:
      With
      respect to each Mortgage Loan, 0.375% per annum.

     

    Servicing
      File:
      With
      respect to each Mortgage Loan, the file retained by the Servicer consisting
      of
      originals or copies of all documents in the Mortgage File which are not
      delivered to the Custodian on behalf of the Trustee in the Custodial File and
      copies of the Mortgage Loan Documents set forth in Exhibit K
      hereto.

     

    Servicing
      Function Participant:
      Any
      Subservicer or Subcontractor of the Servicer, the Master Servicer, the Custodian
      or the Securities Administrator, respectively, that is “participating in the
      servicing function” within the meaning of Item 1122 of Regulation
      AB.

     

    Servicing
      Officer:
      Any
      officer of the Servicer involved in, or responsible for, the administration
      and
      servicing of the Mortgage Loans.

     

    Similar
      Law:
      As
      defined in Section 5.02(b).

     

    60+
      Day Delinquent Mortgage Loan:
      Each
      Mortgage Loan with respect to which any portion of a Scheduled Payment is,
      as of
      the last day of the prior Due Period, two months or more past due (including
      any
      such Mortgage Loan in foreclosure, any such Mortgage Loan related to REO
      Property and any such Mortgage Loan where the related Mortgagor has filed for
      bankruptcy), without giving effect to any grace period.

     

    Sponsor:
      HSBC
      Bank USA, National Association, a national banking association, and its
      successors in interest. 

     

    Standard &
      Poor’s:
      Standard & Poor’s Ratings Services, a division of The McGraw-Hill
      Companies, Inc. If Standard & Poor’s is designated as a Rating Agency
      in the Preliminary Statement, for purposes of Section 12.05 the address for
      notices to Standard & Poor’s shall be Standard & Poor’s, 55
      Water Street, New York, New York 10041, Attention: Residential Mortgage
      Surveillance Group - HALO (HSI Asset Loan Obligation Trust, Series
      2007-WF1), or such other address as Standard & Poor’s may hereafter
      furnish to the Depositor and the Securities Administrator.

     

    Standard &
      Poor’s Glossary:
      The
      Standard & Poor’s LEVELS® Glossary, as may be in effect from time to
      time.

     

    Startup
      Day:
      The
      Closing Date.

     

    Stated
      Principal Balance:
      As to
      each Mortgage Loan and as of any date of determination, (i) the principal
      balance of the Mortgage Loan at the Cut-off Date after giving effect to payments
      of principal due on or before such date (whether or not received), minus
      (ii) all amounts previously remitted to the Securities Administrator with
      respect to the related Mortgage Loan representing payments or recoveries of
      principal including advances in respect of scheduled payments of principal.
      For
      purposes of any Distribution Date, the Stated Principal Balance of any Mortgage
      Loan will give effect to any scheduled payments of principal received by the
      Servicer on or prior to the related Determination Date or advanced by the
      Servicer for the related Remittance Date and any unscheduled principal payments
      and other unscheduled principal collections received during the related
      Prepayment Period, and the Stated Principal Balance of any Mortgage Loan that
      has prepaid in full or has become a Liquidated Mortgage Loan during the related
      Prepayment Period shall be zero.

    

    
      
        
          
          

        

        
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    Stepdown
      Date:
      The
      earlier to occur of (i) the first Distribution Date following the Distribution
      Date on which the aggregate Class Certificate Balances of the Class A
      Certificates have been reduced to zero and (ii) the later to occur of (a) the
      Distribution Date in February 2010 and (b) the first Distribution Date on which
      the Credit Enhancement Percentage for the Class A Certificates (calculated
      for
      this purpose only after taking into account payments of principal applied to
      reduce the Stated Principal Balance of the Mortgage Loans for that Distribution
      Date but prior to any applications of Principal Payment Amount to the
      Certificates on that Distribution Date) is greater than or equal to
      32.50%.

     

    Subcontractor:
      Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing of the Mortgage Loans but performs one or more discrete functions
      identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans
      under
      the direction or authority of the Servicer (or a Subservicer of the Servicer),
      the Master Servicer, the Custodian or the Securities Administrator.

     

    Subsequent
      Recovery:
      With
      respect to any Mortgage Loan or related Mortgaged Property that became a
      Liquidated Mortgage Loan or was otherwise disposed of, all amounts received
      in
      respect of such Liquidated Mortgage Loan after an Applied Realized Loss Amount
      related to such Mortgage Loan or Mortgaged Property is allocated to reduce
      the
      Class Certificate Balance of any Class of Class M Certificates.
      Any Subsequent Recovery that is received during a Prepayment Period will be
      included as part of the Principal Remittance Amount for the related Distribution
      Date.

     

    Subservicer:
      Any
      Person that services Mortgage Loans on behalf of the Servicer, and is
      responsible for the performance (whether directly or through subservicers or
      Subcontractors) of a substantial portion of the material servicing functions
      required to be performed under this Agreement or any subservicing agreement
      that
      are identified in Item 1122(d) of Regulation AB.

     

    Subservicing
      Account:
      As
      defined in Section 3.08.

     

    Subservicing
      Agreement:
      As
      defined in Section 3.02(a).

     

    Substitute
      Mortgage Loan:
      A
      Mortgage Loan substituted by the Originator or the Sponsor for a Deleted
      Mortgage Loan which must, on the date of such substitution, as confirmed in
      a
      Request for Release, substantially in the form of Exhibit J, (i) have
      a Stated Principal Balance, after deduction of all Scheduled Payments due in
      the
      month of substitution, not in excess of the Stated Principal Balance of the
      Deleted Mortgage Loan; (ii) be accruing interest at a rate not lower than
      and not more than 1.00% higher than that of the Deleted Mortgage Loan;
      (iii) have a remaining term to maturity not greater than (and not more than
      one year less than) that of the Deleted Mortgage Loan; (iv) be of the same
      type as the Deleted Mortgage Loan; and (v) comply with each representation
      and warranty set forth in Section 2.03.

     

    Substitution
      Adjustment Amount:  As
      defined in Section 2.03.

    

    
      
        
          
          

        

        
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    Supplemental
      Interest Trust:
      The
      corpus of a trust created pursuant to Section 4.06 of this Agreement and
      designated as the “Supplemental Interest Trust,” consisting of the Excess
      Reserve Fund Account, the Cap Agreement, the Cap Account, the Collateral Account
      and the right to receive the Class X Distributable Amount as provided in Section
      4.02(a)(iii)(G). 

     

    Tax
      Matters Person:
      The
      Holder of the Class R Certificates designated as “tax matters person” of each
      REMIC created hereunder in the manner provided under Treasury Regulations
      Section 1.860F-4(d) and Treasury Regulations Section
      301.6231(a)(7)-1.

     

    Telerate
      Page 3750:
      The
      display page currently so designated on the Bridge Telerate Service (or such
      other page as may replace that page on that service for displaying
      comparable rates or prices).

     

    Termination
      Event:
      The
      occurrence of a termination event under the termination provision of the Cap
      Agreement.

     

    Termination
      Price:
      As
      defined in Section 11.01.

     

    Total
      Monthly Excess Spread:
      As to
      any Distribution Date, an amount equal to the excess, if any, of (i) the
      interest on the Mortgage Loans received by the Servicer on or prior to the
      related Determination Date or advanced by the Servicer for the related
      Remittance Date (net of Expense Fees) over (ii) the sum of the amounts
      payable to the Certificates pursuant to Section 4.02(a)(i)(A) through (B)
      on such Distribution Date.

     

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

     

    Transfer
      Affidavit:
      As
      defined in Section 5.02(c).

     

    Transferor
      Certificate:
      As
      defined in Section 5.02(b).

     

    Trigger
      Event:
      Either
      a Cumulative Loss Trigger Event or a Delinquency Trigger Event.

     

    Trust:
      The
      express trust created hereunder in Section 2.01(c).

     

    Trust
      Fund:
      The
      corpus of the trust created hereunder consisting of (i) the Mortgage Loans
      and all interest and principal with respect thereto received on or after the
      related Cut-off Date, other than such amounts which were due on the Mortgage
      Loans on or prior to the related Cut-off Date; (ii) the Collection Account,
      the Master Servicing Account, the Distribution Account, the Cap Termination
      Receipts Account, the Cap Replacement Receipts Account and all amounts deposited
      therein pursuant to the applicable provisions of this Agreement;
      (iii) property that secured a Mortgage Loan and has been acquired by
      foreclosure, deed-in-lieu of foreclosure or otherwise; (iv) the Depositor’s
      rights under the Purchase Agreement; (v) the Insurance Policies; and
      (vi) all proceeds of the conversion, voluntary or involuntary, of any of
      the foregoing.

    

    
      
        
          
          

        

        
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    Trustee:
      Deutsche Bank National Trust Company, a national banking association, and its
      successors in interest and, if a successor trustee is appointed hereunder,
      such
      successor.

     

    Underwriters’
      Exemption:
      Any
      exemption listed under footnote 1 of, and amended by, Prohibited Transaction
      Exemption 96-84, 61 Fed. Reg. 58234 (1996), as amended by PTE 97-34,
      62 Fed. Reg. 39021 (1997), PTE 2000-58, 65 Fed. Reg. 67765 (2000) and
      PTE 2002-41, 67 Fed. Reg. 54487 (2002), or any successor
      exemption.

     

    Unpaid
      Realized Loss Amount:
      With
      respect to any Class of Class M Certificates and as to any
      Distribution Date, is the excess of (i) Applied Realized Loss Amounts with
      respect to such Class over (ii) the sum of (a) all distributions
      in reduction of such Applied Realized Loss Amounts on all previous Distribution
      Dates, and (b) the amount by which the Class Certificate Balance of
      such Class has been increased due to the distribution of any Subsequent
      Recoveries on all previous Distribution Dates. Any amounts distributed to a
      Class of Class M Certificates in respect of any Unpaid Realized Loss
      Amount will not be applied to reduce the Class Certificate Balance of such
      Class.

     

    Upper
      Tier REMIC:
      As
      described in the Preliminary Statement.

     

    Upper
      Tier REMIC Regular Interest:
      As
      described in the Preliminary Statement.

     

    U.S.
      Person:
      (i) A citizen or resident of the United States; (ii) a corporation (or
      entity treated as a corporation for tax purposes) created or organized in the
      United States or under the laws of the United States or of any State thereof,
      including, for this purpose, the District of Columbia; (iii) a partnership
      (or entity treated as a partnership for tax purposes) organized in the United
      States or under the laws of the United States or of any State thereof,
      including, for this purpose, the District of Columbia (unless provided otherwise
      by future Treasury regulations); (iv) an estate whose income is includible
      in gross income for United States income tax purposes regardless of its source;
      or (v) a trust, if a court within the United States is able to exercise
      primary supervision over the administration of the trust and one or more U.S.
      Persons have authority to control substantial decisions of the trust.
      Notwithstanding the last clause of the preceding sentence, to the extent
      provided in Treasury regulations, certain trusts in existence on August 20,
      1996, and treated as U.S. Persons prior to such date, may elect to continue
      to
      be U.S. Persons.

     

    Voting
      Rights:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any Certificate. As of any date of determination, 1.00% of all Voting Rights
      shall be allocated to each of the Class X, Class P and Class R
      Certificates, if any (such Voting Rights to be allocated among the holders
      of
      Certificates of each such Class in accordance with their respective
      Percentage Interests) and the remaining Voting Rights shall be allocated
      among Holders of the remaining Classes of Certificates in proportion to the
      Certificate Balances of their respective Certificates on such date.

     

    Wells
      Fargo:
      Wells
      Fargo Bank, N.A., a national banking association, and its successors in
      interest.

    

    
      
        
          
          

        

        
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    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      2.01 Conveyance
      of Mortgage Loans.
      (a) The Depositor, concurrently with the execution and delivery hereof,
      hereby sells, transfers, assigns, sets over and otherwise conveys to the Trustee
      for the benefit of the Certificateholders, without recourse, all the right,
      title and interest of the Depositor in and to the Trust Fund including all
      interest and principal received on or with respect to the Mortgage Loans on
      or
      after the Cut-off Date (other than Scheduled Payments due on the Mortgage Loans
      on or before the Cut-off Date). 

     

    Concurrently
      with the execution of this Agreement, the Cap Agreement shall be delivered
      to
      the Securities Administrator. In connection therewith, the Depositor hereby
      directs the Securities Administrator (solely in its capacity as trustee of
      the
      Supplemental Interest Trust) and the Securities Administrator is hereby
      authorized to execute and deliver each of the Cap Agreement on behalf of the
      Supplemental Interest Trust, for the benefit of Certificateholders. The
      Depositor, the Sponsor, the Master Servicer, the Servicer, the Originator,
      the
      Credit Risk Manager and the Certificateholders (by their acceptance of such
      Certificates) acknowledge and agree that the Securities Administrator is
      executing and delivering the Cap Agreement solely in its capacity as trustee
      of
      the Supplemental Interest Trust and not in its individual capacity. The
      Securities Administrator shall have no duty or responsibility to enter into
      any
      other interest rate cap agreement upon the termination of the Cap Agreement
      unless so directed by the Depositor.

     

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Purchase
      Agreement, including the right to enforce the Sponsor’s obligation to repurchase
      or substitute defective Mortgage Loans under Section 4 of the Purchase
      Agreement. The Trustee hereby accepts such assignment, and as set forth herein
      in Section 2.03(k), shall be entitled to exercise all the rights of the
      Depositor under the Purchase Agreement as if, for such purpose, it were the
      Depositor.

     

    (b) In
      connection with the transfer and assignment of each Mortgage Loan, the Depositor
      has delivered or caused to be delivered to the Custodian for the benefit of
      the
      Certificateholders the following documents or instruments with respect to each
      Mortgage Loan so assigned:

     

    (i) the
      original Mortgage Note bearing all intervening endorsements necessary to show
      a
      complete chain of endorsements from the original payee, endorsed in blank,
“Pay
      to the order of _____________, without recourse”, and, if previously endorsed,
      signed in the name of the last endorsee by a duly qualified officer of the
      last
      endorsee;

     

    (ii) the
      original Assignment of Mortgage for each Mortgage Loan, in form and substance
      acceptable for recording. The Mortgage shall be assigned, with assignee’s name
      left blank;

    

    
      
        
          
          

        

        
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    (iii) the
      original of each guarantee executed in connection with the Mortgage Note, if
      any;

     

    (iv) the
      original recorded Mortgage, with evidence of recording thereon. If in connection
      with any Mortgage Loan, the original Mortgage cannot be delivered with evidence
      of recording thereon on or prior to the Closing Date because of a delay caused
      by the public recording office where such Mortgage has been delivered for
      recordation or because such Mortgage has been lost or because such public
      recording office retains the original recorded Mortgage, the Originator shall
      deliver or cause to be delivered to the Custodian, (A) in the case of a
      delay caused by the public recording office, a copy of such Mortgage certified
      by the Originator, escrow agent, title insurer or closing attorney to be a
      true
      and complete copy of the original recorded Mortgage and (B) in the case
      where a public recording office retains the original recorded Mortgage or in
      the
      case where a Mortgage is lost after recordation in a public recording office,
      a
      copy of such Mortgage certified by such public recording office to be a true
      and
      complete copy of the original recorded Mortgage;

     

    (v) originals
      or a certified copy of each modification agreement, if any;

     

    (vi) the
      originals of all intervening assignments of Mortgage with evidence of recording
      thereon evidencing a complete chain of ownership from the originator of the
      Mortgage Loan to the last assignee, or if any such intervening assignment of
      Mortgage has not been returned from the applicable public recording office
      or
      has been lost or if such public recording office retains the original recorded
      intervening assignments of Mortgage, a photocopy of such intervening assignment
      of Mortgage, together with (A) in the case of a delay caused by the public
      recording office, an officer’s certificate of the Originator, escrow agent,
      closing attorney or the title insurer insuring the Mortgage stating that such
      intervening assignment of Mortgage has been delivered to the appropriate public
      recording office for recordation and that such original recorded intervening
      assignment of Mortgage or a copy of such intervening assignment of Mortgage
      certified by the appropriate public recording office to be a true and complete
      copy of the original recorded intervening assignment of Mortgage will be
      promptly delivered to the Custodian upon receipt thereof by the party delivering
      the officer’s certificate or by the Originator; or (B) in the case of an
      intervening assignment of mortgage where a public recording office retains
      the
      original recorded intervening assignment of Mortgage or in the case where an
      intervening assignment of Mortgage is lost after recordation in a public
      recording office, a copy of such intervening assignment of Mortgage with
      recording information thereon certified by such public recording office to
      be a
      true and complete copy of the original recorded intervening assignment of
      Mortgage;

     

    (vii) if
      the
      Mortgage Note, the Mortgage, any Assignment of Mortgage or any other related
      document has been signed by a Person on behalf of the Mortgagor, the copy of
      the
      power of attorney or other instrument that authorized and empowered such Person
      to sign;

    

    
      
        
          
          

        

        
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    (viii) the
      original lender’s title insurance policy (or a marked title insurance
      commitment, in the event that an original lender’s title insurance policy has
      not yet been issued) in the form of an ALTA mortgage title insurance policy,
      containing all required endorsements and insuring the Trustee and its successors
      and assigns as to the first priority lien of the Mortgage in the original
      principal amount of the Mortgage Loan;

     

    (ix) if
      applicable, the original of any Primary Mortgage Insurance Policy or certificate
      or, an electronic certification, evidencing the existence of the Primary
      Mortgage Insurance Policy or certificate, if private mortgage guaranty insurance
      is required; and

     

    (x) original
      of any security agreement, chattel mortgage or equivalent document executed
      in
      connection with the Mortgage, if any.

     

    To
      the
      extent not previously delivered to the Sponsor pursuant to the Seller’s
      Warranties and Servicing Agreement, the Originator shall promptly upon receipt
      from the respective recording office cause to be delivered to the Custodian
      the
      original recorded document described in clauses (iv) and
      (vi) above.

     

    From
      time
      to time, the Originator, the Depositor or the Servicer, as applicable, shall
      forward to the Custodian additional original documents, additional documents
      evidencing an assumption, modification, consolidation or extension of a Mortgage
      Loan, in accordance with the terms of this Agreement upon receipt of such
      documents. All such mortgage documents held by the Custodian as to each Mortgage
      Loan shall constitute the “Custodial
      File”.

     

    To
      the
      extent not previously delivered to the Sponsor pursuant to the Seller’s
      Warranties and Servicing Agreement, on or prior to the Closing Date, the
      Originator shall deliver to the Custodian Assignments of Mortgages, in blank,
      for each Mortgage Loan. No later than thirty (30) Business Days following the
      later of the Closing Date and the date of receipt by the Servicer of the
      complete recording information for a Mortgage, the Servicer shall promptly
      submit or cause to be submitted for recording, at the expense of the Originator
      and at no expense to the Trust Fund, the Trustee, the Servicer or the Depositor,
      in the appropriate public office for real property records, each Assignment
      of
      Mortgage referred to in Section 2.01(b)(ii). Notwithstanding the foregoing,
      however, for administrative convenience and facilitation of servicing and to
      reduce closing costs, the Assignments of Mortgage shall not be required to
      be
      completed and submitted for recording with respect to any Mortgage Loan if
      the Trustee and each Rating Agency have received an Opinion of Counsel from
      the
      Depositor, satisfactory in form and substance to the Trustee and each Rating
      Agency to the effect that the recordation of such Assignments of Mortgage in
      any
      specific jurisdiction is not necessary to protect the Trust Fund’s interest in
      the related Mortgage Note. If the Assignment of Mortgage is to be recorded,
      the
      Mortgage shall be assigned by the Originator, at the expense of the Originator,
      to “Deutsche Bank National Trust Company, as trustee under the Pooling and
      Servicing Agreement dated as of January 1, 2007, for HSI Asset Loan Obligation
      Trust 2007-WF1”. In the event that any such Assignment of Mortgage is lost or
      returned unrecorded because of a defect therein, the Originator shall promptly
      cause to be delivered a substitute Assignment of Mortgage to cure such defect
      and thereafter cause each such assignment to be duly recorded at no expense
      to
      the Trust Fund.

    

    
      
        
          
          

        

        
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    In
      the
      event that such original or copy of any document submitted for recordation
      to
      the appropriate public recording office is not so delivered to the Custodian
      within 180 days (or such other time period as may be required by any Rating
      Agency) following the Closing Date, and in the event that the Originator does
      not cure such failure within 30 days of discovery or receipt of written
      notification of such failure from the Depositor, the related Mortgage Loan
      shall, upon the request of the Depositor, be repurchased by the Originator
      at
      the price and in the manner specified in Section 2.03. The foregoing
      repurchase obligation shall not apply in the event that the Originator cannot
      deliver such original or copy of any document submitted for recordation to
      the
      appropriate public recording office within the specified period due to a delay
      caused by the recording office in the applicable jurisdiction; provided,
      that
      the Originator shall instead deliver a recording receipt of such recording
      office or, if such recording receipt is not available, an officer’s certificate
      of an officer of the Originator, confirming that such document has been accepted
      for recording.

     

    Notwithstanding
      anything to the contrary contained in this Section 2.01, in those instances
      where the public recording office retains or loses the original Mortgage or
      assignment after it has been recorded, the obligations of the Originator shall
      be deemed to have been satisfied upon delivery by the Originator to the
      Custodian, prior to the Closing Date of a copy of such Mortgage or assignment,
      as the case may be, certified (such certification to be an original thereof)
      by
      the public recording office to be a true and complete copy of the recorded
      original thereof.

     

    (c) The
      Depositor does hereby establish, pursuant to the further provisions of this
      Agreement and the laws of the State of New York, an express trust (the
“Trust”)
      to be
      known, for convenience, as “HSI Asset Loan Obligation Trust 2007-WF1” and
      Deutsche Bank National Trust Company is hereby appointed as Trustee and Citibank
      is appointed as Securities Administrator in accordance with the provisions
      of
      this Agreement. The parties hereto acknowledge and agree that it is the policy
      and intention of the Trust to acquire only Mortgage Loans meeting the
      requirements set forth in this Agreement, including without limitation, the
      representations and warranties set forth in the Schedules hereto.

     

    (d) The
      Trust
      shall have the capacity, power and authority, and the Trustee on behalf of
      the
      Trust is hereby authorized, to accept the sale, transfer, assignment, set over
      and conveyance by the Depositor to the Trust of all the right, title and
      interest of the Depositor in and to the Trust Fund (including, without
      limitation, the Mortgage Loans) pursuant to Section 2.01(a). 

     

    Section
      2.02 Acceptance
      by the Custodian of the Mortgage Loans.
      The
      Custodian shall acknowledge, on the Closing Date, receipt by the Custodian
      of
      the documents identified in the Initial Certification in the form annexed hereto
      as Exhibit E (“Initial
      Certification”),
      and
      declares that it holds and will hold such documents and the other documents
      delivered to it pursuant to Section 2.01, and that it holds or will hold
      such other assets as are included in the Trust Fund, in trust for the exclusive
      use and benefit of all present and future Certificateholders. The Custodian
      shall maintain possession of the related Mortgage Notes in the States of
      Minnesota, California, and Utah unless otherwise permitted by the Rating
      Agencies.

    

    
      
        
          
          

        

        
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    In
      connection with the Closing Date, the Custodian shall be required to deliver
      via
      facsimile (with original to follow the next Business Day) to the Depositor,
      the
      Securities Administrator and the Trustee, an Initial Certification prior to
      the
      Closing Date, or, as the Depositor agrees on the Closing Date, certifying
      receipt of a Mortgage Note and Assignment of Mortgage for each Mortgage Loan.
      The Custodian shall not be responsible to verify the validity, sufficiency
      or
      genuineness of any document in any Custodian File.

     

    Within
      90 days of the Closing Date, the Custodian shall ascertain that all
      documents identified in the Document Certification and Exception Report in
      the
      form attached hereto as Exhibit F are in its possession, and shall deliver
      to the Depositor, the Securities Administrator, the Trustee and the Servicer,
      a
      Document Certification and Exception Report, in the form annexed hereto as
      Exhibit F, to the effect that, as to each Mortgage Loan listed in the
      Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
      Mortgage Loan specifically identified in such certification as an exception
      and
      not covered by such certification): (i) all documents identified in the
      Document Certification and Exception Report and required to be reviewed by
      it
      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), (2), (3), (15), (18) and (22) of the Data Tape
      Information respecting such Mortgage Loan is correct; and (iv) each
      Mortgage Note has been endorsed as provided in Section 2.01 of this
      Agreement. Neither the Trustee nor the Custodian shall be responsible to verify
      the validity, sufficiency or genuineness of any document in any Custodial
      File.

     

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

     

    Section
      2.03 Representations,
      Warranties and Covenants of the Originator and the Servicer; Remedies for
      Breaches of Representations and Warranties with Respect to the Mortgage
      Loans.
      (a) Wells Fargo, in its capacity as Servicer makes the representations and
      warranties set forth in Section 3.01 of Exhibit Q hereto, to the Depositor,
      the
      Master Servicer, the Securities Administrator and the Trustee as of the Closing
      Date.

     

    (b) Wells
      Fargo, in its capacity as Originator, makes the representations and warranties
      set forth in (1) Section 3.01 of Exhibit Q hereto as of the Closing Date and
      (2)
      Section 3.02 of Exhibit Q hereto as of the Initial Sale Date, to the Depositor,
      the Master Servicer, the Securities Administrator and the Trustee as of the
      date
      specified therein.

     

    (c) It
      is
      understood and agreed by the Servicer and the Originator that the
      representations and warranties set forth in this Section 2.03 shall survive
      the transfer of the Mortgage Loans by the Depositor to the Trustee on the
      Closing Date, and shall inure to the benefit of the Depositor, the Trustee
      and
      the Trust Fund notwithstanding any restrictive or qualified endorsement on
      any
      Mortgage Note or Assignment of Mortgage or the examination or failure to examine
      any Mortgage File. Upon discovery by the Originator, the Depositor, the
      Securities Administrator, the Trustee, the Master Servicer or the Servicer
      of a
      breach of any of the foregoing representations and warranties, the party
      discovering such breach shall give prompt written notice to the
      others.

    

    
      
        
          
          

        

        
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      (d) Within
        30 days of the earlier of either discovery by or notice to the Originator
        that any Mortgage Loan does not conform to the requirements as determined
        in the
        Custodian’s review of the related Custodial File or within 60 days of the
        earlier of either discovery by or notice to the Originator of any breach
        of a
        representation or warranty referred to in Section 2.03(b) that materially
        and adversely affects the value of any Mortgage Loan or the interest of the
        Trustee or the Certificateholders therein, the Originator shall use its best
        efforts to cause to be remedied a material defect in a document constituting
        part of a Mortgage File or promptly to cure such breach in all material respects
        and, if such defect or breach cannot be remedied, the Originator shall, at
        the
        Depositor’s option as specified in writing and provided to the Originator and
        the Trustee, (i) if such 30- or 60-day period, as applicable, expires prior
        to the second anniversary of the Closing Date, remove such Mortgage Loan
        (a
“Deleted
        Mortgage Loan”)
        from
        the Trust Fund and substitute in its place a Substitute Mortgage Loan, in
        the
        manner and subject to the conditions set forth in this Section 2.03; or
        (ii) repurchase such Mortgage Loan at the Repurchase Price; provided,
        however,
        that
        any such substitution pursuant to clause (i) above shall not be
        effected prior to the delivery to the Custodian of a Request for Release
        substantially in the form of Exhibit J, and the delivery of the Mortgage
        File to the Custodian for any such Substitute Mortgage Loan. Notwithstanding
        the
        foregoing, a breach (i) which causes a Mortgage Loan not to constitute a
“qualified mortgage” within the meaning of Section 860G(a)(3) of the Code
        or (ii) of any of the representations and warranties set forth in items (i),
        (oo), (qq), (ss), (vv) and (yy) of Section 3.02 of Exhibit Q hereto with
        respect
        to any Mortgage Loan will be deemed automatically to materially and adversely
        affect the value of such Mortgage Loan and the interests of the Trustee and
        Certificateholders in such Mortgage Loan, thus requiring the repurchase or
        substitution of such Mortgage Loan by the Originator. In the event that a
        Responsible Officer of the Trustee receives notice of a breach by the Originator
        of any of the representations and warranties described in the immediately
        preceding sentence, the Trustee shall give notice of such breach to the
        Originator and request the Originator to substitute such Mortgage Loan or
        to
        repurchase such Mortgage Loan at the Repurchase Price within sixty
        (60) days of the receipt of such notice. The Originator shall repurchase
        each such Mortgage Loan within 60 days of the earlier of discovery or
        receipt of notice with respect to each such Mortgage Loan.

    

     

    (e) With
      respect to any Substitute Mortgage Loan or Loans, the Originator shall deliver
      to the Custodian for the benefit of the Certificateholders the Mortgage Note,
      the Mortgage, the related assignment of the Mortgage, and such other documents
      and agreements as are required by Section 2.01, with the Mortgage Note
      endorsed and the Mortgage assigned as required by Section 2.01. No
      substitution is permitted to be made with respect to any Distribution Date
      after
      the end of the related Prepayment Period. Scheduled Payments due with respect
      to
      Substitute Mortgage Loans in the Due Period of substitution shall not be part
      of
      the Trust Fund and will be retained by the Originator on the next succeeding
      Distribution Date. For the Due Period of substitution, distributions to
      Certificateholders will include the Scheduled Payment due on any Deleted
      Mortgage Loan for such Due Period and thereafter the Originator shall be
      entitled to retain all amounts received in respect of such Deleted Mortgage
      Loan.

    

    
      
        
          
          

        

        
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    (f) Upon
      removal of such Deleted Mortgage Loan and the substitution of the Substitute
      Mortgage Loan or Loans, the Substitute Mortgage Loan or Loans shall be subject
      to the terms of this Agreement in all respects, and the Originator shall be
      deemed to have made with respect to such Substitute Mortgage Loan or Loans,
      as
      of the date of substitution, the representations and warranties made pursuant
      to
      Section 2.03(b) with respect to such Mortgage Loan. Upon any such
      substitution and the deposit to the Collection Account of the amount required
      to
      be deposited therein in connection with such substitution as described in the
      following paragraph, the Custodian shall release the Mortgage File held for
      the
      benefit of the Certificateholders relating to such Deleted Mortgage Loan to
      the
      Originator and the Trustee, upon receipt of a Request for Release certifying
      that all amounts required to be deposited in accordance with this Section
      2.03(f) have been deposited in the Collection Account, shall execute and deliver
      at the Originator’s direction such instruments of transfer or assignment
      prepared by the Originator in each case without recourse, as shall be necessary
      to vest title in the Originator of the Trustee’s interest in any Deleted
      Mortgage Loan substituted for pursuant to this Section 2.03.

     

    (g) For
      any
      month in which the Originator substitutes one or more Substitute Mortgage Loans
      for one or more Deleted Mortgage Loans, the Servicer will determine the amount
      (if any) by which the aggregate unpaid principal balance of all such Substitute
      Mortgage Loans as of the date of substitution is less than the aggregate unpaid
      principal balance of all such Deleted Mortgage Loans. The amount of such
      shortage plus an amount equal to the aggregate of any unreimbursed Advances
      with
      respect to such Deleted Mortgage Loans (collectively, the “Substitution
      Adjustment Amount”)
      shall
      be remitted by the Originator to the Servicer for deposit into the Collection
      Account on or before the Remittance Date for the Distribution Date in the month
      succeeding the calendar month during which the related Mortgage Loan became
      required to be purchased or replaced hereunder.

     

    (h) In
      addition to the repurchase or substitution obligations referred to in
      Section 2.03(d) above and Section 2.03(k) below, the Originator or the
      Sponsor, as applicable, shall indemnify the Depositor, any of its Affiliates,
      the Master Servicer, the Servicer, the Securities Administrator, the Trustee
      and
      the Trust and hold such parties harmless against any losses, damages, penalties,
      fines, forfeitures, reasonable and necessary legal fees and related costs,
      judgments and other costs and expenses (including, without limitation, any
      taxes
      payable by the Trust) resulting from any third party claim, demand, defense
      or
      assertion based on or grounded upon, or resulting from, a breach by the
      Originator or the Sponsor, as applicable, of any of its representations and
      warranties or obligations contained in this Agreement.

     

    (i) The
      Servicer shall amend the Mortgage Loan Schedule for the benefit of the
      Certificateholders to reflect the removal of such Deleted Mortgage Loan and
      the
      substitution of the Substitute Mortgage Loan or Loans and the Servicer shall
      deliver the amended Mortgage Loan Schedule to the Trustee, the Custodian, the
      Master Servicer and the Securities Administrator.

     

    (j) In
      the
      event that a Mortgage Loan shall have been repurchased pursuant to this
      Agreement or the Purchase Agreement, the proceeds from such repurchase shall
      be
      deposited by the Servicer in the Collection Account pursuant to
      Section 3.10 on or before the Remittance Date for the Distribution Date in
      the month following the month during which the Originator or Sponsor became
      obligated to repurchase or replace such Mortgage Loan and upon such deposit
      of
      the Repurchase Price, and receipt of a Request for Release in the form of
      Exhibit J hereto, the Custodian shall release the related Custodial File
      held for the benefit of the Certificateholders to the Originator or the Sponsor,
      as applicable, as directed by the Servicer, and the Trustee shall execute and
      deliver at such Person’s direction such instruments of transfer or assignment
      prepared by such Person, in each case without recourse, as shall be necessary
      to
      transfer title from the Trustee. In accordance with Section 12.05(a), if a
      Responsible Officer of the Securities Administrator has actual knowledge of
      a
      purchase of a Mortgage Loan pursuant to this Section 2.03, the Securities
      Administrator shall promptly notify each Rating Agency of a purchase of a
      Mortgage Loan pursuant to this Section 2.03.

    

    
      
        
          
          

        

        
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    It
      is
      understood and agreed that the obligation of the Originator under this Agreement
      to cure, repurchase or substitute any Mortgage Loan as to which a breach of
      a
      representation and warranty has occurred and is continuing, together with any
      related indemnification obligations of the Originator set forth in
      Section 2.03(h), shall constitute the sole remedies against such Person
      respecting such breach available to Certificateholders, the Depositor and any
      of
      its Affiliates, or the Trustee on their behalf.

     

    (k) The
      Trustee acknowledges that, except as provided in Section 5 of the Purchase
      Agreement, the Sponsor shall not have any obligation or liability with respect
      to any breach of a representation or warranty made by it with respect to a
      Mortgage Loan sold by it, provided that such representation or warranty was
      also
      made by the Originator with respect to the related Mortgage Loan. It is
      understood and agreed that the representations and warranties of the Sponsor
      set
      forth in Section 4 of the Purchase Agreement and assigned to the Trustee by
      the
      Depositor hereunder shall survive the transfer of the Mortgage Loans by the
      Depositor to the Trustee on the Closing Date, and shall inure to the benefit
      of
      the Trustee and the Certificateholders notwithstanding any restrictive or
      qualified endorsement on any Mortgage Note or Assignment of Mortgage and shall
      continue throughout the term of this Agreement. Upon the discovery by any of
      the
      Sponsor, the Depositor, the Securities Administrator, the Trustee, the Master
      Servicer or the Servicer of a breach of any of the Sponsor’s representations and
      warranties set forth in Section 4 of the Purchase Agreement, the party
      discovering the breach shall give prompt written notice to the others. Within
      30 days of the earlier of either discovery by or notice to the Sponsor of
      any breach of any of the foregoing representations or warranties that materially
      and adversely affects the value of any Mortgage Loan or the interest of the
      Trustee or the Certificateholders therein, the Sponsor shall use its best
      efforts to cure such breach in all material respects and, if such defect or
      breach cannot be remedied, the Sponsor shall, at the Depositor’s instructions as
      specified in writing and provided to the Sponsor and the Trustee, (i) if
      such 30-day period expires prior to the second anniversary of the Closing Date,
      remove such Mortgage Loan from the Trust Fund and substitute in its place a
      Substitute Mortgage Loan, in the same manner and subject to the same conditions
      set forth in this Section 2.03 that apply to repurchases or substitutions
      of Mortgage Loans by the Originator or (ii) repurchase such Mortgage Loan
      at the Repurchase Price; provided,
      however,
      that
      any such substitution pursuant to clause (i) above shall not be
      effected prior to the delivery to the Custodian of a Request for Release
      substantially in the form of Exhibit J, and the delivery of the Mortgage
      File to the Custodian for any such Substitute Mortgage Loan. In the event of
      any
      such repurchase or substitution of a Mortgage Loan by the Sponsor, the
      procedures set forth in Sections 2.03(e), (f), (g), (h), (i) and (j) shall
      apply
      to the Sponsor in the same manner and to the same extent that they are
      applicable to the Originator. It is understood and agreed that the obligations
      of the Sponsor under this Agreement to cure, repurchase or substitute any
      Mortgage Loan as to which a breach of a representation and warranty has occurred
      and is continuing, together with any related indemnification obligations of
      the
      Sponsor set forth in Section 2.03(h), shall constitute the sole remedies against
      the Sponsor available to the Certificateholders, the Depositor and any of its
      affiliates, or the Trustee on their behalf.

    

    
      
        
          
          

        

        
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    The
      provisions of this Section 2.03 shall survive delivery of the respective
      Custodial Files to the Custodian for the benefit of the
      Certificateholders.

     

    Section
      2.04 Execution
      and Delivery of Certificates.
      The
      Trustee acknowledges the transfer and assignment to it of the Trust Fund and,
      concurrently with such transfer and assignment, the Securities Administrator
      has
      executed and delivered to, or upon the order of the Depositor, the Certificates
      in authorized denominations evidencing directly or indirectly the entire
      ownership of the Trust Fund. The Trustee agrees to hold the Trust Fund and
      exercise the rights referred to above for the benefit of all present and future
      Holders of the Certificates.

     

    Section
      2.05 REMIC
      Matters.
      The
      Preliminary Statement sets forth the designations for federal income tax
      purposes of all interests created hereby.  The “Startup
      Day”
for
      purposes of the REMIC Provisions shall be the Closing Date.  The
“latest
      possible maturity date”
is
      the
      Distribution Date occurring three years after the month in which the
      latest Mortgage Loan maturity date (of the Mortgage Loans held in the Trust
      on
      the Closing Date) occurs.

     

    Section
      2.06 Representations
      and Warranties of the Depositor.
      The
      Depositor hereby represents, warrants and covenants to the other parties to
      this
      agreement that as of the date of this Agreement or as of such date specifically
      provided herein:

     

    (a) The
      Depositor is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware;

     

    (b) The
      Depositor has the power and authority to convey the Mortgage Loans and to
      execute, deliver and perform, and to enter into and consummate transactions
      contemplated by, this Agreement;

     

    (c) This
      Agreement has been duly and validly authorized, executed and delivered by the
      Depositor, all requisite company action having been taken, and, assuming the
      due
      authorization, execution and delivery hereof by the other parties hereto,
      constitutes or will constitute the legal, valid and binding agreement of the
      Depositor, enforceable against the Depositor in accordance with its terms,
      except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium or other similar laws relating to or affecting the
      rights of creditors generally, and by general equity principles (regardless
      of
      whether such enforcement is considered in a proceeding in equity or at
      law);

     

    (d) No
      consent, approval, authorization or order of, or registration or filing with,
      or
      notice to, any governmental authority or court is required for the execution,
      delivery and performance of or compliance by the Depositor with this Agreement
      or the consummation by the Depositor of any of the transactions contemplated
      hereby, except as have been received or obtained on or prior to the Closing
      Date;

    

    
      
        
          
          

        

        
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    (e) None
      of
      the execution and delivery of this Agreement, the consummation of the
      transactions contemplated hereby or thereby, or the fulfillment of or compliance
      with the terms and conditions of this Agreement, (i) conflicts or will
      conflict with or results or will result in a breach of, or constitutes or will
      constitute a default or results or will result in an acceleration under
      (A) the charter or bylaws of the Depositor, or (B) of any term,
      condition or provision of any material indenture, deed of trust, contract or
      other agreement or instrument to which the Depositor or any of its subsidiaries
      is a party or by which it or any of its subsidiaries is bound; (ii) results
      or will result in a violation of any law, rule, regulation, order, judgment
      or
      decree applicable to the Depositor of any court or governmental authority having
      jurisdiction over the Depositor or its subsidiaries; or (iii) results in
      the creation or imposition of any lien, charge or encumbrance which would have
      a
      material adverse effect upon the Mortgage Loans or any documents or instruments
      evidencing or securing the Mortgage Loans;

     

    (f) There
      are
      no actions, suits or proceedings before or against or investigations of, the
      Depositor pending, or to the knowledge of the Depositor, threatened, before
      any
      court, administrative agency or other tribunal, and no notice of any such
      action, which, in the Depositor’s reasonable judgment, might materially and
      adversely affect the performance by the Depositor of its obligations under
      this
      Agreement, or the validity or enforceability of this Agreement;

     

    (g) The
      Depositor is not in default with respect to any order or decree of any court
      or
      any order, regulation or demand of any federal, state, municipal or governmental
      agency that would materially and adversely affect its performance hereunder;
      and

     

    (h) Immediately
      prior to the transfer and assignment by the Depositor to the Trustee on the
      Closing Date, the Depositor had good title to, and was the sole owner of each
      Mortgage Loan, free of any interest of any other Person, and the Depositor
      has
      transferred all right, title and interest in each Mortgage Loan to the Trustee.
      The transfer of the Mortgage Note and the Mortgage as and in the manner
      contemplated by this Agreement is sufficient either (i) fully to transfer
      to the Trustee, for the benefit of the Certificateholders, all right, title,
      and
      interest of the Depositor thereto as note holder and mortgagee or (ii) to
      grant to the Trustee, for the benefit of the Certificateholders, the security
      interest referred to in Section 12.04.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.06 shall survive delivery of the respective
      Mortgage Files to the Custodian and shall inure to the benefit of the
      Trustee.

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      MORTGAGE LOANS

     

    Section
      3.01 Servicer
      to Service Mortgage Loans.
      (a)  For and on behalf of the Certificateholders, the Servicer shall
      service and administer the Mortgage Loans in accordance with the terms of this
      Agreement and the respective Mortgage Loans and, to the extent consistent with
      such terms, in accordance with Accepted Servicing Practices, but without regard
      to:

    

    
      
        
          
          

        

        
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    (i) any
      relationship that the Servicer, any Subservicer or any Affiliate of the Servicer
      or any Subservicer 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 P&I Advances or Servicing Advances;
      or

     

    (iv) the
      Servicer’s or any Subservicer’s right to receive compensation for its services
      hereunder or with respect to any particular transaction.

     

    To
      the
      extent consistent with the foregoing, the Servicer shall 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 respective Mortgage Loans, the Servicer shall have full
      power and authority, acting alone or through Subservicers 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 its own name
      or in the name of a Subservicer is authorized and empowered by the Trustee
      pursuant to a limited power of attorney in the form attached hereto as Exhibit
      N
      when the Servicer believes it appropriate in its best judgment in accordance
      with Accepted Servicing Practices to execute and deliver 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; provided,
      further,
      that
      upon the full release and discharge, the Servicer shall notify the Custodian
      of
      the Mortgage Loan of any such full release or discharge with respect to the
      Mortgage Loan and related Mortgage Properties. The Servicer shall at its own
      expense be responsible for preparing and recording all lien releases and
      mortgage satisfactions in accordance with state and local regulations. 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 or any Primary Mortgage
      Insurance Policy (if applicable). Subject to Section 3.16, the Trustee
      shall execute, at the written request of the Servicer, and furnish to the
      Servicer and any Subservicer such documents provided to the Trustee as are
      necessary or appropriate to enable the Servicer or any Subservicer to carry
      out
      their servicing and administrative duties hereunder, and the Trustee shall
      grant
      to the Servicer a limited power of attorney in the form attached hereto as
      Exhibit N to carry out such duties and to take title to Mortgaged Properties
      after foreclosure on behalf of the Trustee. The Trustee shall have the right
      to
      execute any additional separate powers of attorney in favor of the Servicer,
      to
      the extent necessary or desirable to enable the Servicer to perform its duties
      hereunder. The Trustee shall not be liable for the actions of the Servicer
      or
      any Subservicers under such powers of attorney. Notwithstanding anything
      contained herein to the contrary, no Servicer or Subservicer shall without
      the
      Trustee’s consent: (i) initiate any action, suit or proceeding solely under the
      Trustee’s name without indicating the Servicer’s or Subservicer’s, as
      applicable, representative capacity, or (ii) knowingly take any action with
      the
      intent to, or which actually does cause, the Trustee to be registered to do
      business in any state.

    

    
      
        
          
          

        

        
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    (b) Subject
      to Section 3.09, in accordance with the standards of the preceding
      paragraph, the Servicer shall advance or cause to be advanced funds as necessary
      for the purpose of effecting the timely payment of taxes and assessments on
      the
      Mortgaged Properties, which advances shall be Servicing Advances reimbursable
      in
      the first instance from the collection from the Mortgagors pursuant to
      Section 3.09, and further as provided in Section 3.11. Any cost
      incurred by the Servicer or by Subservicers in effecting the timely payment
      of
      taxes and assessments on a Mortgaged Property shall not be added to the unpaid
      principal balance of the related Mortgage Loan, notwithstanding that the terms
      of such Mortgage Loan so permit.

     

    (c) 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 4.01) and the Servicer shall not, except as provided in 3.07(a),
      (i) permit any modification with respect to any Mortgage Loan that would
      change the Mortgage Rate, reduce or increase the principal balance (except
      for
      reductions resulting from actual payments of principal) or change the final
      maturity date on such Mortgage Loan (except for a reduction of interest payments
      resulting from the application of the Servicemembers Civil Relief Act or any
      similar state statutes) 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 final, temporary or proposed Treasury regulations promulgated thereunder)
      and (B) cause any REMIC formed hereby to fail to qualify as a REMIC under
      the Code or the imposition of any tax on “prohibited transactions” or
“contributions after the startup day” under the REMIC Provisions
      or (iii)
      waive any Prepayment Charges.

     

    (d) The
      Servicer may delegate its responsibilities under this Agreement; provided,
      however,
      that no
      such delegation shall release the Servicer from the responsibilities or
      liabilities arising under this Agreement.

     

    Section
      3.02 Subservicing
      Agreements between Servicer and Subservicers; Use of
      Subcontractors.
      (a) The
      Servicer may enter into a subservicing agreement with a Subservicer, for the
      servicing and administration of the Mortgage Loans (“Subservicing
      Agreement”)
      without obtaining the prior consent of the Trustee, the Depositor, the Master
      Servicer, the Securities Administrator or other parties hereto to the
      utilization of any such Subservicer, provided the provisions of such
      Subservicing Agreement comply with the requirements set forth in this Section
      3.02. None of the Trustee, the Securities Administrator, the Master Servicer
      or
      the Depositor shall be required to review or consent to such Subservicing
      Agreement and none shall have any liability in connection
      therewith.

     

    (b) Each
      Subservicer shall be (i) authorized to transact business in the state or
      states in which the related Mortgaged Properties it is to service are situated,
      if and to the extent required by applicable law to enable the Subservicer to
      perform its obligations hereunder and under the Subservicing Agreement and
      (ii)
      a Freddie Mac or Fannie Mae approved mortgage servicer. Each Subservicing
      Agreement must impose on the Subservicer requirements conforming to the
      provisions set forth in Sections 3.08, 3.22, 3.23, 3.24, 3.29, 6.05, 6.06,
      7.01(i), 8.12 and Exhibit S of this Agreement to the same extent as if such
      Subservicer were the Servicer and otherwise provide for servicing of the
      Mortgage Loans consistent with the terms of this Agreement. The Servicer shall
      examine each Subservicing Agreement and will be familiar with the terms thereof
      in order to determine that the foregoing requirements have been incorporated
      into the Subservicing Agreement and that the terms thereof are not otherwise
      inconsistent with any of the provisions of this Agreement. The Servicer and
      the
      Subservicers may enter into and make amendments to the Subservicing Agreements
      or enter into different forms of Subservicing Agreements; provided,
      however,
      that
      any such amendments or different forms shall be consistent with and not violate
      the provisions of this Agreement, and that no such amendment or different form
      shall be made or entered into which could be reasonably expected to have a
      materially adverse effect on the interests of the Trustee, the Depositor, the
      Master Servicer or the Securities Administrator without their prior written
      consent. Any variation without the consent of the Trustee, the Depositor, the
      Securities Administrator and the Master Servicer from the requirements set
      forth
      in Sections 3.08, 3.22, 3.23, 3.24, 3.29, 6.05, 6.06, 7.01(i), 8.12 and
      Exhibit S, are conclusively deemed to be inconsistent with this Agreement and
      therefore prohibited. The Servicer shall deliver to the Master Servicer, the
      Securities Administrator, the Trustee and the Depositor copies of all
      Subservicing Agreements, and any amendments or modifications thereof, promptly
      upon the Servicer’s execution and delivery of such instruments.

    

    
      
        
          
          

        

        
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    (c) As
      part
      of its servicing activities hereunder, the Servicer (except as otherwise
      provided in the last sentence of this paragraph) shall enforce the obligations
      of each Subservicer under the related Subservicing Agreement, including, without
      limitation, (i) any obligation to make advances in respect of delinquent
      payments as required by a Subservicing Agreement and (ii) the reporting
      obligations set forth under Section 3.22, 3.23, 3.24 and 3.29 hereof to the
      same
      extent as if such Subservicer were the Servicer. The Servicer shall be
      responsible for obtaining from each Subservicer and delivering to the Master
      Servicer, the Securities Administrator and the Depositor (i) any servicer annual
      compliance statement required to be delivered by such Subservicer under Section
      3.24(b); (ii) any report on assessments and attestations of compliance with
      Relevant Servicing Criteria required to be delivered by the Subservicer pursuant
      to Sections 3.22 and 3.23; and (iii) any certifications required to be delivered
      under Section 3.24(a) to the Master Servicer or such other Person that will
      be
      responsible for signing the Sarbanes-Oxley Certification as and where required
      to be delivered hereunder. Such enforcement, including, without limitation,
      the
      legal prosecution of claims, termination of Subservicing 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.

     

    (d) It
      shall
      not be necessary for the Servicer to seek the consent of the Depositor, the
      Trustee, the Master Servicer, the Securities Administrator or other parties
      hereto to the utilization of a Subcontractor. The Servicer shall give prompt
      written notice to the Master Servicer, the Securities Administrator and the
      Depositor of the appointment of any Servicing Function Participant and provide
      a
      written description (in form and substance satisfactory to the Depositor) of
      the
      role and function of each Servicing Function Participant specifying which
      elements of the Servicing Criteria set forth under Item 1122(d) of Regulation
      AB
      will be addressed in assessments and attestations of compliance with Relevant
      Servicing Criteria provided by such Servicing Function Participant.

    

    
      
        
          
          

        

        
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    (e) As
      a
      condition to the utilization of any Subcontractor determined to be a Servicing
      Function Participant, the Servicer shall cause any such Subcontractor used
      by
      the Servicer (or by any Subservicer) to comply with the provisions of Sections
      3.22, 3.23, 3.24, 3.29, 6.05, 6.06, 7.01(i), 8.12 and Exhibit S of this
      Agreement to the same extent as if such Subcontractor were the Servicer. The
      Servicer shall be responsible for obtaining from each Subcontractor and
      delivering to the Securities Administrator, the Master Servicer and the
      Depositor any assessments and attestations of compliance required to be
      delivered by such Subcontractor pursuant to Sections 3.22 and 3.23, in each
      case
      as and when required to be delivered. 

     

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

     

    Any
      Subservicing Agreement shall include the provision that such agreement may
      be
      immediately terminated by the Master Servicer without fee, in accordance with
      the terms of this Agreement, in the event that the Servicer shall, for any
      reason, no longer be the Servicer (including termination due to an Event of
      Default).

     

    Section
      3.04 Liability
      of the Servicer.
      Notwithstanding any subservicing agreement or the provisions of this Agreement
      relating to agreements or arrangements between the Servicer and a Subservicer,
      Subcontractor or other third party or reference to actions taken through a
      Subservicer, a Subcontractor, another third party or otherwise, the Servicer
      shall remain obligated and primarily liable to the Trustee and the Trust Fund
      for the servicing and administering of the Mortgage Loans in accordance with
      the
      provisions hereof without diminution of such obligation or liability by virtue
      of any subservicing, subcontracting or other agreements or arrangements or
      by
      virtue of indemnification from a Subservicer, Subcontractor or a third party
      and
      to the same extent and under the same terms and conditions as if the Servicer
      alone were servicing the Mortgage Loans, including with respect to compliance
      with Item 1122 of Regulation AB. The Servicer shall be entitled to enter into
      any agreement with a Subservicer, Subcontractor or other third party for
      indemnification of the Servicer by such Subservicer, Subcontractor or third
      party and nothing contained in the Agreement shall be deemed to limit or modify
      such indemnification.

    

    Section
      3.05 No
      Contractual Relationship between Subservicers and the Master
      Servicer.
      Any
      Subservicing Agreement that may be entered into and any transactions or services
      relating to the Mortgage Loans involving a Subservicer in its capacity as such
      shall be deemed to be between the Subservicer and the Servicer alone, and none
      of the Trustee, the Depositor, the Securities Administrator, or the Master
      Servicer (nor any successor master servicer) shall be deemed a party thereto
      and
      shall have no claims, rights, obligations, duties or liabilities with respect
      to
      the Subservicer except as set forth in Section 3.06. The Servicer shall be
      solely liable for all fees owed by it to any Subservicer, irrespective of
      whether the Servicer’s compensation pursuant to this Agreement is sufficient to
      pay such fees.

     

    

    
      
        
          
          

        

        
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    Section
      3.06 Assumption
      or Termination of Subservicing Agreements by Master Servicer.
      In the
      event the Servicer at any time shall for any reason no longer be the Servicer
      (including by reason of the occurrence of an Event of Default), the Master
      Servicer, or its designee or the successor servicer if the successor is not
      the
      Master Servicer, shall thereupon assume all of the rights and obligations of
      the
      Servicer under each Subservicing Agreement that the Servicer may have entered
      into, with copies thereof provided to the Master Servicer or the successor
      servicer if the successor is not the Master Servicer, prior to the Master
      Servicer or the successor servicer if the successor is not the Master Servicer,
      assuming such rights and obligations, unless the Master Servicer elects to
      terminate any Subservicing Agreement in accordance with its terms as provided
      in
      Section 3.03.

     

    Upon
      such
      assumption, the Master Servicer, its designee or the successor servicer shall
      be
      deemed, subject to Section 3.03, to have assumed all of the Servicer’s
      interest therein and to have replaced the Servicer as a party to each
      Subservicing Agreement to the same extent as if each Subservicing Agreement
      had
      been assigned to the assuming party, except that (i) the Servicer shall not
      thereby be relieved of any liability or obligations under any Subservicing
      Agreement that arose before it ceased to be the Servicer and (ii) none of
      the Trustee, the Depositor, the Master Servicer, the Securities Administrator,
      their designees or 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 Master Servicer, its designee
      or the successor servicer deliver to the assuming party all documents and
      records relating to the Subservicing 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 Subservicing Agreements to the assuming party.

     

    Section
      3.07 Collection
      of Certain Mortgage Loan Payments.
      (a)  The Servicer shall make reasonable efforts to collect all
      payments called for under the terms and provisions of the Mortgage Loans, and
      shall, to the extent such procedures shall be consistent with this Agreement
      and
      the terms and provisions of any applicable Insurance Policies, follow such
      collection procedures as it would follow with respect to mortgage loans
      comparable to the Mortgage Loans and held for its own account. Consistent with
      the foregoing and Accepted Servicing Practices, the Servicer may (i) waive
      any late payment charge or, if applicable, any penalty interest, or
      (ii) extend the due dates for the Scheduled Payments due on a Mortgage Note
      for a period of not greater than 180 days; provided,
      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 4.01 and in
      accordance with the amortization schedule of such Mortgage Loan without
      modification thereof by reason of such arrangements, subject to
      Section 4.01(d) pursuant to

    

    
      
        
          
          

        

        
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    which
      the
      Servicer shall not be required to make any such advances that are Nonrecoverable
      P&I Advances. 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, but not limited to, modifications that would change the Mortgage
      Rate, forgive the payment of principal or interest, extend the final maturity
      date of such Mortgage Loan or waive, in whole or in part, a Prepayment Charge),
      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 final maturity date of any Mortgage Loan may not be extended beyond the
      Final Scheduled Distribution Date for the LIBOR and Fixed Rate Certificates.
      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 Servicing File or on the Servicer’s servicing records. In addition,
      notwithstanding the foregoing, the Servicer may also waive (or permit a
      Subservicer to waive), in whole or in part, a Prepayment Charge if such waiver
      would, in the Servicer’s judgment, maximize recoveries on the related Mortgage
      Loan or if such Prepayment Charge is (i) not permitted to be collected by
      applicable law, or the collection of the Prepayment Charge would be considered
      “predatory” pursuant to written guidance published by any applicable federal,
      state or local regulatory authority having jurisdiction over such matters,
      or
      (ii) the enforceability of such Prepayment Charge is limited (1) by
      bankruptcy, insolvency, moratorium, receivership or other similar laws relating
      to creditors’ rights or (2) due to acceleration in connection with a
      foreclosure or other involuntary payment. If a Prepayment Charge is waived
      other
      than as permitted in this Section 3.07(a), then the Servicer is required to
      pay the amount of such waived Prepayment Charge, for the benefit of the Holders
      of the Class P Certificates, by depositing such amount into the Collection
      Account together with and at the time that the amount prepaid on the related
      Mortgage Loan is required to be deposited into the Collection Account;
provided,
      however,
      that
      the Servicer shall not have an obligation to pay the amount of any uncollected
      Prepayment Charge if the failure to collect such amount is the direct result
      of
      inaccurate or incomplete information on the Mortgage Loan Schedule in effect
      at
      such time. The Master Servicer shall have no responsibility for verifying the
      accuracy of the amount of Prepayment Charges waived or remitted by the Servicer
      

     

    (b)  
      (i) The Securities Administrator shall establish and maintain the Excess Reserve
      Fund Account as an asset of the Supplemental Interest Trust, on behalf of the
      Class X Certificateholders, to receive any Basis Risk Payment and to secure
      their limited recourse obligation to pay to the LIBOR and Fixed Rate
      Certificateholders any Basis Risk Carryover Amounts. The Excess Reserve Fund
      Account shall be funded on the Closing Date with an initial deposit of $1,000
      by
      the Depositor.

     

    (ii) On
      each
      Distribution Date, the Securities Administrator shall deposit the amount of
      any
      Basis Risk Payment for such date into the Excess Reserve Fund Account.

    

    
      
        
          
          

        

        
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    (c) (i) On
      each
      Distribution Date on which there exists a Basis Risk Carryover Amount on any
      Class of LIBOR or Fixed Rate Certificates, the Securities Administrator
      shall (1) withdraw from the Distribution Account and deposit in the Excess
      Reserve Fund Account, as set forth in Section 4.02(a)(iii)(C), the lesser
      of (x) the Class X Distributable Amount (without regard to the
      reduction in the definition thereof with respect to the Basis Risk Payment
      (to
      the extent remaining after the distributions specified in
      Sections  4.02(a)(iii)(A)
      through (E))) and (y) the aggregate Basis Risk Carryover Amounts for such
      Distribution Date and (2) withdraw from the Excess Reserve Fund Account
      amounts necessary to pay to such Class or Classes of LIBOR and Fixed Rate
      Certificates the applicable Basis Risk Carryover Amount. Such payments shall
      be
      allocated to those Classes on a pro rata
      basis
      based upon the amount of Basis Risk Carryover Amount owed to each such
      Class and shall be paid in the priority set forth in
      Sections 4.02(a)(iii)(D).

     

    (ii) The
      Securities Administrator shall account for the Excess Reserve Fund Account
      as an
      asset of a grantor trust under subpart E, Part I of subchapter J
      of the Code and not as an asset of any REMIC created pursuant to this Agreement.
      The beneficial owners of the Excess Reserve Fund Account are the Class X
      Certificateholders. For all federal tax purposes, amounts transferred by the
      Upper Tier REMIC to the Excess Reserve Fund Account shall be treated as
      distributions by the Securities Administrator to the Class X
      Certificateholders.

     

    (iii) Any
      Basis
      Risk Carryover Amounts paid by the Securities Administrator to the LIBOR and
      Fixed Rate Certificateholders shall be accounted for by the Securities
      Administrator as amounts paid first to the Holders of the Class X
      Certificates and then to the respective Class or Classes of LIBOR and Fixed
      Rate Certificates. In addition, the Securities Administrator shall account
      for
      such Certificateholders’ rights to receive payments of Basis Risk Carryover
      Amounts as rights in a limited recourse notional principal contract written
      by
      the Class X Certificateholders in favor of such
      Certificateholders.

     

    (iv) Notwithstanding
      any provision contained in this Agreement, the Securities Administrator shall
      not be required to make any payments to and from the Excess Reserve Fund Account
      except as expressly set forth in this Section 3.07(c) and
      Sections 4.02(a)(iii)(C), (D) and (G).

     

    (d) The
      Master Servicer shall establish and maintain the Master Servicing Account on
      behalf of the Certificateholders. The Master Servicer shall, promptly upon
      receipt, deposit in the Master Servicing Account and retain therein the
      following:

     

    (i) the
      aggregate amount remitted by the Servicer to the Master Servicer pursuant to
      Section 3.11;

     

    (ii) any
      amount deposited by the Servicer pursuant to Section 3.12 in connection with
      any
      losses on Permitted Investments; and

     

    (iii) any
      other
      amounts deposited hereunder which are required to be deposited in the Master
      Servicing Account.

    

    
      
        
          
          

        

        
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    In
      the
      event that the Servicer shall remit any amount not required to be remitted,
      it
      may at any time direct the Master Servicer in writing to withdraw such amount
      from the Master Servicing Account, any provision herein to the contrary
      notwithstanding. Such direction may be accomplished by delivering notice to
      the
      Master Servicer which describes the amounts deposited in error in the Master
      Servicing Account. All funds deposited in the Master Servicing Account shall
      be
      held by the Master Servicer in trust for the Certificateholders until disbursed
      in accordance with this Agreement. On each Master Servicer Remittance Date,
      the
      entire amount on deposit in the Master Servicing Account (subject to permitted
      withdrawals as set forth above) shall be remitted to the Securities
      Administrator for deposit into the Distribution Account by wire transfer in
      immediately available funds. 

     

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

     

    (i) any
      amount remitted by the Master Servicer from the Master Servicing Account
      pursuant to this Agreement; and

     

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

     

    In
      the
      event that the Master Servicer shall remit any amount not required to be
      remitted, it may at any time direct the Securities Administrator in writing
      to
      withdraw such amount from the Distribution Account, any provision herein to
      the
      contrary notwithstanding. Such direction may be accomplished by delivering
      notice to the Securities Administrator which describes the amounts deposited
      in
      error in the Distribution Account. All funds deposited in the Distribution
      Account shall be held by the Securities Administrator in trust for the
      Certificateholders until disbursed in accordance with this Agreement or
      withdrawn in accordance with Section 4.02. 

     

    Section
      3.08 Subservicing
      Accounts.
      In
      those cases where a Subservicer is servicing a Mortgage Loan pursuant to a
      Subservicing Agreement, the Subservicer will be required to establish and
      maintain one or more segregated accounts (collectively, the “Subservicing
      Account”).
      The
      Subservicing Account shall be an Eligible Account and shall otherwise be
      acceptable to the Servicer. The Subservicer shall deposit in the clearing
      account (which account must be an Eligible 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 Subservicer’s receipt thereof, all proceeds of
      Mortgage Loans received by the Subservicer less its servicing compensation
      to
      the extent permitted by the Subservicing Agreement, and shall thereafter deposit
      such amounts in the Subservicing Account, in no event more than two Business
      Days after the deposit of such funds into the clearing account. The Subservicer
      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 Subservicing Account.
      For purposes of this Agreement, the Servicer shall be deemed to have received
      payments on the Mortgage Loans when the Subservicer receives such payments.
      Funds in the clearing account and any Subservicing Account may, in the
      discretion of the Servicer, be invested in Permitted Investments pending their
      deposit into the Subservicing Account and the Collection Account, respectively;
      provided,
      however,
      the
      Servicer shall be responsible for any losses incurred on such investments
      immediately upon realization.

    

    
      
        
          
          

        

        
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    Section
      3.09 Collection
      of Taxes, Assessments and Similar Items; Escrow Accounts.
      To the
      extent the related Mortgage provides for Escrow Payments, the Servicer shall
      establish and maintain, or cause to be established and maintained, one or more
      segregated accounts (the “Escrow
      Accounts”),
      which
      shall be Eligible Accounts. The Servicer shall deposit in the clearing account
      (which account must be an Eligible Account) in which it customarily deposits
      payments and collections on mortgage loans in connection with its mortgage
      loan
      servicing activities on a daily basis, and in no event more than one Business
      Day after the Servicer’s receipt thereof, all collections from the Mortgagors
      (or related advances from Subservicers) for the payment of taxes, assessments,
      hazard insurance premiums and comparable items for the account of the Mortgagors
      (“Escrow
      Payments”)
      collected on account of the Mortgage Loans and shall thereafter deposit such
      Escrow Payments in the Escrow Accounts, in no event more than two Business
      Days
      after the deposit of such funds in the clearing account, 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; (ii) reimburse the Servicer (or a Subservicer to the
      extent provided in the related Subservicing Agreement) out of the collection
      for
      any advances made pursuant to Section 3.01 (with respect to taxes and
      assessments) and Section 3.13 (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; (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; or (vi) recover amounts
      deposited in error. As part of its servicing duties, the Servicer or
      Subservicers shall pay to the Mortgagors interest on funds in 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. To the extent that a Mortgage
      does not provide for Escrow Payments, the Servicer shall determine whether
      any
      such payments are made by the Mortgagor in a manner and at a time that avoids
      the loss of the Mortgaged Property due to a tax sale or the foreclosure of
      a tax
      lien. The Servicer assumes full responsibility for the payment of all such
      bills
      within such time and shall effect payments of all such bills irrespective of
      the
      Mortgagor’s faithful performance in the payment of same or the making of the
      Escrow Payments and shall make advances from its own funds to effect such
      payments; provided,
      however,
      that
      such advances are deemed to be Servicing Advances.

     

    Section
      3.10 Collection
      Account.
      (a)  On behalf of the Trust, the Servicer shall establish and
      maintain, or cause to be established and maintained, one or more segregated
      Eligible Accounts (such account or accounts, the “Collection
      Account”),
      held
      in trust for the benefit of the Trustee. On behalf of the Trust, the Servicer
      shall deposit or cause to be deposited in the clearing account (which account
      must be an Eligible Account) in which it customarily deposits payments and
      collections on mortgage loans in connection with its mortgage loan servicing
      activities on a daily basis, and in no event more than one Business Day after
      the Servicer’s receipt thereof, and shall thereafter deposit into the Collection
      Account, in no event more than two Business Days after the deposit of such
      funds
      into 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 related 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:

    

    
      
        
          
          

        

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

     

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

     

    (iii) all
      Insurance Proceeds and Condemnation Proceeds to the extent such Insurance
      Proceeds and Condemnation Proceeds are not to be applied to the restoration
      of
      the related Mortgaged Property or released to the related Mortgagor in
      accordance with the express requirements of law or in accordance with Accepted
      Servicing Practices, Liquidation Proceeds and Subsequent
      Recoveries;

     

    (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 3.13(a) in respect of any blanket policy
      deductibles;

     

    (vi) all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with this
      Agreement; and

     

    (vii) all
      Prepayment Charges collected by the Servicer.

     

    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 late payment charges, NSF fees,
      reconveyance fees, assumption fees and other similar fees and charges need
      not
      be deposited by the Servicer in the Collection Account and shall, upon
      collection, belong to the Servicer as additional compensation for its servicing
      activities. 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) Funds
      in
      the Collection Account may be invested in Permitted Investments in accordance
      with the provisions set forth in Section 3.12. The Servicer shall give
      notice to the Securities Administrator and the Master Servicer of the location
      of the Collection Account maintained by it when established and prior to any
      change thereof.

     

    Section
      3.11 Withdrawals
      from the Collection Account.
      (a) The Servicer shall, from time to time, make withdrawals from the
      Collection Account maintained by it for any of the following purposes or as
      described in Section 4.01:

    

    
      
        
          
          

        

        
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    (i) on
      or
      prior to each Remittance Date, to remit to the Master Servicer all Available
      Funds in respect of the related Distribution Date together with all amounts
      representing Prepayment Charges (payable to the Class P Certificateholders)
      from the Mortgage Loans received during the related Prepayment
      Period;

     

    (ii) to
      reimburse the Servicer for (A) P&I Advances, but only to the extent of
      amounts received which represent Late Collections (net of the related Servicing
      Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I
      Advances were made by the Servicer in accordance with the provisions of
      Section 4.01 and (B) any unreimbursed P&I Advances to the extent of
      funds held in the Collection Account for a future Distribution Date that were
      not included in Available Funds for the preceding Distribution
      Date;

     

    (iii) to
      pay
      the Servicer or any Subservicer (A) any unpaid Servicing Fees or
      (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan,
      but only to the extent of any Late Collections or other amounts as may be
      collected by the Servicer from a Mortgagor, or otherwise received with respect
      to such Mortgage Loan (or the related REO Property);

     

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

     

    (v) to
      pay to
      the Originator, with respect to each Mortgage Loan that has previously been
      repurchased or replaced pursuant to this Agreement, all amounts received thereon
      subsequent to the date of purchase or substitution, as the case may
      be;

     

    (vi) to
      reimburse the Servicer for (A) any P&I Advance or Servicing Advance
      previously made which the Servicer has determined to be a Nonrecoverable P&I
      Advance or Nonrecoverable Servicing Advance in accordance with the provisions
      of
      Section 4.01 and (B) any unpaid Servicing Fees to the extent not
      recoverable from Late Collections or other amounts received with respect to
      the
      related Mortgage Loan under Section 3.11(a)(iii);

     

    (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 3.15;

     

    (viii) to
      reimburse the Master Servicer, the Servicer, the Depositor, the Securities
      Administrator or the Trustee for expenses incurred by or reimbursable to the
      Master Servicer, the Servicer, the Depositor, the Securities Administrator
      or
      the Trustee, as the case may be, pursuant to Section 6.03,
      Section 7.02, Section 8.05, Section 9.13 or
      Section 10.02;

     

    (ix) to
      reimburse the Master Servicer, the Servicer, the Securities Administrator or
      the
      Trustee, as the case may be, for expenses reasonably incurred in respect of
      the
      breach or defect giving rise to the repurchase obligation of the Originator
      or
      the Sponsor under this Agreement that were included in the Repurchase Price
      of
      the Mortgage Loan, including any expenses arising out of the enforcement of
      the
      repurchase obligation, to the extent not otherwise paid pursuant to the terms
      hereof;

    

    
      
        
          
          

        

        
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    (x) to
      withdraw any amounts deposited in the Collection Account in error;
      and

     

    (xi) to
      clear
      and terminate the Collection Account upon termination of this
      Agreement.

     

    (b) 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 (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above.
      The Servicer shall provide written notification (as set forth in
      Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding
      Remittance Date, upon making any withdrawals from the Collection Account
      pursuant to subclause (a)(vi) above.

     

    Section
      3.12 Investment
      of Funds in the Collection Account and Escrow Account.
      (a)  The Servicer may invest the funds in the Collection Account
      maintained by it and the Escrow Account (to the extent permitted by law and
      the
      related Mortgage Loan documents) (for purposes of this Section 3.12, each
      such Account is referred to as an “Investment
      Account”),
      in
      one or more Permitted Investments bearing interest or sold at a discount, and
      maturing, unless payable on demand, 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; provided,
      however,
      that
      any such Permitted Investment managed by or advised by the Securities
      Administrator or any of its Affiliates may mature, unless payable on demand,
      no
      later than the date on which such funds are required to be withdrawn from such
      account pursuant to this Agreement. 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 Servicer. The Servicer shall be
      entitled to sole possession over each such investment, and any certificate
      or
      other instrument evidencing any such investment shall be delivered directly
      to
      the Servicer or its agent together with any document of transfer necessary
      to
      transfer title to such investment to the Servicer. In the event amounts on
      deposit in an Investment Account are at any time invested in a Permitted
      Investment payable on demand, the Servicer may:

     

    
      	 	
              (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 that such Permitted Investment
                would
                not constitute a Permitted Investment in respect of funds thereafter
                on
                deposit in an Investment Account.

            

    

     

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

    

    
      
        
          
          

        

        
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    (c) During
      the Securities Administrator Float Period, the Securities Administrator shall
      hold the funds in the Distribution Account uninvested, and shall have the
      benefit of the use of such funds. During the Master Servicer Float Period,
      the
      Master Servicer shall hold the funds in the Master Servicing Account uninvested,
      and shall have the benefit of the use of such funds.

     

    (d) Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment of funds held in the
      Escrow Account or the Collection Account, or if a default occurs in any other
      performance required under any Permitted Investment of funds held in the Escrow
      Account or the Collection Account, the Servicer shall take such action as may
      be
      appropriate to enforce such payment or performance, including the institution
      and prosecution of appropriate proceedings.

     

    (e) The
      Securities Administrator or its Affiliates are permitted to receive compensation
      that could be deemed to be in the Securities Administrator’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. The Master Servicer or its Affiliates are
      permitted to receive compensation that could be deemed to be in the Master
      Servicer’s economic self-interest for (i) serving as investment adviser,
      administrator, shareholder, servicing agent, custodian or sub-custodian with
      respect to certain of the Permitted Investments, (ii) using Affiliates to
      effect transactions in certain Permitted Investments and (iii) effecting
      transactions in certain Permitted Investments. Such compensation shall not
      be
      considered an amount that is reimbursable for payable pursuant to this
      Agreement.

     

    Section
      3.13 Maintenance
      of Hazard Insurance and Errors and Omissions and Fidelity
      Coverage.
      (a)  The Servicer shall cause to be maintained for each Mortgage Loan
      fire insurance with extended coverage on the related Mortgaged Property in
      an
      amount which is at least equal to the least of (i) the outstanding
      principal balance of such Mortgage Loan, (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 and (iii) the maximum insurable value
      of the improvements which are a part of such Mortgaged Property, in each case
      in
      an amount not less than such amount as is necessary to avoid the application
      of
      any coinsurance clause contained in the related hazard insurance policy.
      The Servicer shall also cause to be maintained fire 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 required
      to be deposited in the Escrow Account and 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. Any cost incurred
      by the Servicer in maintaining any such insurance shall not, for the purpose
      of
      calculating distributions to the Master Servicer, 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).

    

    
      
        
          
          

        

        
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    In
      the
      event that the Servicer shall obtain and maintain a blanket policy with an
      insurer having a general policy rating of A:VI or better in Best’s (or such
      other rating that is comparable to such rating) 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 3.13, it being understood and agreed that such policy may contain a
      deductible clause, in which case the Servicer shall, in the event that there
      shall not have been maintained on the related Mortgaged Property or REO Property
      a policy complying with the first two sentences of this Section 3.13, 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 administrator and servicer of the Mortgage
      Loans, the Servicer agrees to prepare and present, on behalf of itself and
      the
      Trustee, 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 amounts as shall be consistent with Accepted
      Servicing Practices. The Servicer shall also maintain a fidelity bond in such
      form and amount as shall be consistent with Accepted Servicing Practices. The
      Servicer shall provide the Master Servicer with copies of any such insurance
      policies and fidelity bond; provided,
      however,
      so long
      as the Servicer hereunder is Wells Fargo, the Servicer may satisfy such
      requirement by providing the Master Servicer with a certification of any such
      insurance upon request. 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 Master Servicer. The
      Servicer shall also cause each Subservicer to maintain a policy of insurance
      covering errors and omissions and a fidelity bond which would meet such
      requirements.

    

    
      
        
          
          

        

        
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    Section
      3.14 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 exercise any such rights if prohibited by law from doing
      so or if the exercise of such rights would impair or threaten to impair recovery
      under the related Primary Mortgage Insurance Policy, if any. If the Servicer
      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 either (i) 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 or (ii) a
      substitution agreement as provided in the succeeding sentence. The Servicer
      is
      also authorized to enter into a substitution of liability agreement with such
      person, pursuant to which the original Mortgagor is released from liability
      and
      such person is substituted as the Mortgagor and becomes liable under the
      Mortgage Note, provided,
      that no
      such substitution shall be effective unless such person satisfies the
      underwriting criteria of the Originator and has a credit risk rating at least
      equal to that of the original Mortgagor. The Mortgage Loan, as assumed, shall
      conform in all respects to the requirements, representations and warranties
      of
      this Agreement. 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, or a new policy meeting
      the requirements of this Section is obtained. Any fee collected by the
      Servicer in respect of an assumption or substitution of liability agreement
      will
      be retained by the Servicer as additional servicing compensation. In connection
      with any such assumption, no material term of the Mortgage Note (including
      but
      not limited to the related Mortgage Rate and the amount of the Scheduled
      Payment) may be amended or modified, except as otherwise required pursuant
      to
      the terms thereof. The Servicer shall notify the Master Servicer that any such
      substitution, modification or assumption agreement has been completed and shall
      forward to the Custodian the executed original of such substitution or
      assumption agreement, which document shall be added to the related Mortgage
      File
      and shall, for all purposes, be considered a part of such Mortgage File to
      the
      same extent as all other documents and instruments constituting a part
      thereof.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the
      Servicer shall not be deemed to be in default 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 3.14, 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
      3.15 Realization
      upon Defaulted Mortgage Loans.
      The
      Servicer shall use its best efforts, consistent with Accepted Servicing
      Practices, to foreclose upon or otherwise comparably convert (which may include
      an acquisition of REO Property) 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, and which are not released from this Agreement
      pursuant to any other provision hereof. The Servicer shall use reasonable
      efforts to realize upon such defaulted Mortgage Loans in such manner as will
      maximize the receipt of principal and interest by the Securities Administrator,
      taking into account, among other things, the timing of foreclosure proceedings;
      provided,
      however,
      with
      respect to any second lien Mortgage Loan, if, after such Mortgage Loan becomes
      180 days or more delinquent, the Servicer determines that a significant net
      recovery is not possible through foreclosure, such Mortgage Loan may be charged
      off and the Mortgage Loan will be treated as a Liquidated Mortgage Loan giving
      rise to a Realized Loss. The foregoing is subject to the provisions that the
      Servicer shall not be required to expend its own funds in connection with
      foreclosure or other conversion, correction of a default on a senior mortgage
      or
      restoration of any property unless it shall determine in its sole discretion
      (i) that such foreclosure, correction or restoration will increase the net
      Liquidation Proceeds of the related Mortgage Loan to the Securities
      Administrator, after reimbursement to itself for such expenses and
      (ii) that such expenses will be recoverable by the Servicer through
      Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or Subsequent
      Recoveries from the related Mortgaged Property, as contemplated in
      Section 3.11. The Servicer shall be responsible for all other costs and
      expenses incurred by it in any such proceedings; provided,
      however,
      that it
      shall be entitled to reimbursement thereof from the related property, as
      contemplated in Section 3.11.

    

    
      
        
          
          

        

        
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    The
      proceeds of any liquidation or REO Disposition, as well as any recovery
      resulting from a partial collection of Insurance Proceeds, Condemnation
      Proceeds, Liquidation Proceeds or Subsequent Recoveries or any income from
      an
      REO Property, will be applied in the following order of priority: first,
      to
      reimburse the Servicer or any Subservicer for any related unreimbursed Servicing
      Advances, pursuant to Section 3.11 or 3.17; second,
      to
      reimburse the Servicer for any related unreimbursed P&I Advances, pursuant
      to Section 3.11; third,
      to
      accrued and unpaid interest on the Mortgage Loan or REO Imputed Interest, at
      the
      Mortgage Rate, to the date of the liquidation or REO Disposition, or to the
      Due
      Date prior to the Remittance Date on which such amounts are to be distributed
      if
      not in connection with a liquidation or REO Disposition; and fourth,
      as a
      recovery of principal of the Mortgage Loan. If the amount of the recovery so
      allocated to interest is less than a full recovery thereof, that amount will
      be
      allocated as follows: first,
      to
      unpaid Servicing Fees; and second,
      as
      interest at the Mortgage Rate (net of the Servicing Fee Rate). The portion
      of
      the recovery so allocated to unpaid Servicing Fees shall be reimbursed to the
      Servicer or any Subservicer pursuant to Section 3.11 or 3.17. The portions
      of the recovery so allocated to interest at the Mortgage Rate (net of the
      Servicing Fee Rate) and to principal of the Mortgage Loan shall be applied
      as
      follows: first,
      to
      reimburse the Servicer or any Subservicer for any related unreimbursed Servicing
      Advances in accordance with Section 3.11 or 3.17, and second,
      to the
      Securities Administrator in accordance with the provisions of Section 4.02,
      subject to paragraph (e) of Section 3.17 with respect to certain
      excess recoveries from an REO Disposition.

     

    Notwithstanding
      anything to the contrary contained herein, in connection with a foreclosure
      or
      acceptance of a deed in lieu of foreclosure, in the event the Servicer has
      received actual notice of, or has actual knowledge of the presence of, hazardous
      or toxic substances or wastes on the related Mortgaged Property, or if the
      Trustee or the Master Servicer otherwise requests, the Servicer shall cause
      an
      environmental inspection or review of such Mortgaged Property to be conducted
      by
      a qualified inspector. Upon completion of the inspection, the Servicer shall
      promptly provide the Trustee, the Master Servicer and the Depositor with a
      written report of the environmental inspection.

    

    
      
        
          
          

        

        
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    After
      reviewing the environmental inspection report, the Servicer shall determine
      consistent with Accepted Servicing Practices how to proceed with respect to
      the
      Mortgaged Property. In the event (a) the environmental inspection report
      indicates that the Mortgaged Property is contaminated by hazardous or toxic
      substances or wastes and (b) the Servicer proceeds with foreclosure or
      acceptance of a deed in lieu of foreclosure, the Servicer shall be reimbursed
      for all reasonable costs associated with such foreclosure or acceptance of
      a
      deed in lieu of foreclosure and any related environmental clean-up costs, as
      applicable, from the related Liquidation Proceeds, or if the Liquidation
      Proceeds are insufficient to fully reimburse the Servicer, the Servicer shall
      be
      entitled to be reimbursed from amounts in the Collection Account pursuant to
      Section 3.11. In the event the Servicer does not proceed with foreclosure
      or acceptance of a deed in lieu of foreclosure, the Servicer shall be reimbursed
      from general collections for all Servicing Advances made with respect to the
      related Mortgaged Property from the Collection Account pursuant to
      Section 3.11. The Trustee shall not be responsible for any determination
      made by the Servicer pursuant to this paragraph or otherwise.

     

    Section
      3.16 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 will, within five
      (5) Business Days of the payment in full, notify the Custodian by a
      certification (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) of a Servicing Officer and shall request
      delivery to it of the Custodial File by submitting a Request for Release to
      the
      Custodian, which Request for Release may be in an electronic format in a form
      acceptable to the Custodian. Upon receipt of such certification and Request
      for
      Release, the Custodian shall promptly release the related Custodial File to
      the
      Servicer within five (5) Business Days. No expenses incurred in connection
      with
      any instrument of satisfaction or deed of reconveyance shall be chargeable
      to
      the Collection 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 Custodian shall, upon request of the
      Servicer and delivery to the Custodian of a Request for Release, which Request
      for Release may be in an electronic format in a form acceptable to the
      Custodian, release the related Custodial File to the Servicer, and the Custodian
      shall, at the direction of the Servicer, execute such documents as shall be
      necessary to the prosecution of any such proceedings and the Servicer shall
      retain the Mortgage File in trust for the benefit of the Trustee. Such Request
      for Release shall obligate the Servicer to return each and every document
      previously requested from the Custodial File to the Custodian 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 to the Custodian a certificate
      of
      a Servicing Officer certifying as to the name and address of the Person to
      which
      such Mortgage File or such document was delivered and the purpose or purposes
      of
      such delivery. Upon receipt of a certificate of 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, a copy of the Request for Release shall be released
      by the Custodian to the Servicer or its designee.

    

    
      
        
          
          

        

        
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    Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer copies of any court pleadings, requests for trustee’s
      sale or other documents reasonably 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, or shall
      exercise and deliver to the Servicer a power of attorney sufficient to authorize
      the Servicer to execute such documents on its behalf. Each such certification
      shall include a request that such pleadings or documents be executed by the
      Trustee and a statement as to the reason such documents or pleadings are
      required and that the execution and delivery thereof by the Trustee will not
      invalidate or otherwise affect the lien of the Mortgage, except for the
      termination of such a lien upon completion of the foreclosure or trustee’s
      sale.

     

    Section
      3.17 Title,
      Conservation and Disposition of REO Property.
      (a)  This Section shall apply only to REO Properties acquired for the
      account of the Trustee and shall not apply to any REO Property relating to
      a
      Mortgage Loan which was purchased or repurchased from the Trustee pursuant
      to
      any provision hereof. In the event that title to any such REO Property is
      acquired, the deed or certificate of sale shall be issued to the Trust, or
      if
      not permitted by law, to Deutsche Bank National Trust Company (or, if
      applicable, the name of the successor Trustee) as Trustee for HSI Asset Loan
      Obligation Trust 2007-WF1 Mortgage Pass-Through Certificates, Series 2007-WF1,
      or to its nominee, for the benefit of the Certificateholders.

     

    (b) The
      Servicer shall manage, conserve, protect and operate each REO Property for
      the Trustee solely for the purpose of its prompt disposition and sale. The
      Servicer, either itself or through an agent selected by the Servicer, shall
      manage, conserve, protect and operate the REO Property in the same manner that
      it manages, conserves, protects and operates other foreclosed property for
      its
      own account, and in the same manner that similar property in the same locality
      as the REO Property is managed. The Servicer shall attempt to sell the same
      (and
      may temporarily rent the same for a period not greater than one year, except
      as
      otherwise provided below) on such terms and conditions as the Servicer deems
      to
      be in the best interest of the Trustee on behalf of the Certificateholders.
      The
      Servicer shall notify the Trustee from time to time as to the status of each
      REO
      Property.

     

    (c) The
      Servicer shall segregate and hold all funds collected and received in connection
      with the operation of any REO Property separate and apart from its own funds
      and
      general assets and shall deposit such funds in the Collection
      Account.

    

    
      
        
          
          

        

        
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    (d) The
      Servicer shall deposit net of reimbursement to the Servicer for any related
      outstanding Servicing Advances and unpaid Servicing Fees provided in
      Section 3.11, or cause to be deposited in the Collection Account, in no
      event later than two Business Days after the deposit of such funds into the
      clearing account, all revenues received with respect to the related REO Property
      and shall withdraw therefrom funds necessary for the proper operation,
      management and maintenance of the REO Property.

     

    (e) The
      Servicer, upon an REO Disposition, shall be entitled to reimbursement for any
      related unreimbursed Servicing Advances as well as any unpaid Servicing Fees
      from proceeds received in connection with the REO Disposition, as further
      provided in Section 3.11.

     

    (f) Any
      net
      proceeds from an REO Disposition which are in excess of the unpaid principal
      balance of the related Mortgage Loan plus all unpaid REO Imputed Interest
      thereon through the date of the REO Disposition shall be retained by the
      Servicer as additional servicing compensation.

     

    (g) The
      Servicer shall use Accepted Servicing Practices to sell, or cause the
      Subservicer to sell, in accordance with Accepted Servicing Practices, any REO
      Property as soon as possible, but in no event later than the conclusion of
      the
      third calendar year beginning after the year of its acquisition by the REMIC
      1
      unless (i) the Servicer applies for an extension of such period from the
      Internal Revenue Service pursuant to the REMIC Provisions and Code
      Section 856(e)(3), in which event such REO Property shall be sold within
      the applicable extension period, or (ii) the Servicer obtains for the
      Trustee an Opinion of Counsel, addressed to the Depositor, the Trustee and
      the
      Servicer, to the effect that the holding by the REMIC of such REO Property
      subsequent to such period will not result in the imposition of taxes on
“prohibited transactions” as defined in Section 860F of the Code or cause
      any REMIC created under this Agreement to fail to qualify as a REMIC under
      the
      REMIC Provisions or comparable provisions of relevant state laws at any time.
      The Servicer shall manage, conserve, protect and operate each REO Property
      for
      the Trustee 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) or result in the receipt
      by any REMIC created hereunder of any “income from non-permitted assets” within
      the meaning of Section 860F(a)(2)(B) of the Code or any “net income from
      foreclosure property” which is subject to taxation under Section 860G(a)(1)
      of the Code. Pursuant to its efforts to sell such REO Property, the Servicer
      shall either itself or through an agent selected by the Servicer protect and
      conserve such REO Property in the same manner and to such extent as is customary
      in the locality where such REO Property is located and may, incident to its
      conservation and protection of the interests of the Trustee on behalf of the
      Certificateholders, rent the same, or any part thereof, as the Servicer deems
      to
      be in the best interest of the Trustee on behalf of the Certificateholders
      for
      the period prior to the sale of such REO Property; provided,
      however,
      that
      any rent received or accrued with respect to such REO Property qualifies as
      “rents from real property” as defined in Section 856(d) of the
      Code.

     

    Section
      3.18 [Reserved].

    

    
      
        
          
          

        

        
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    Section
      3.19 Access
      to Certain Documentation and Information Regarding the Mortgage
      Loans.
      The
      Servicer shall provide, or cause the Subservicer to provide, to the Depositor,
      the Trustee, the OTS or the FDIC and the examiners and supervisory agents
      thereof, access to the documentation regarding the Mortgage Loans in its
      possession required by applicable regulations of the OTS. Such access shall
      be
      afforded without charge, but only upon 10 days (or, if an Event of Default
      has
      occurred and is continuing, 3 Business Days) prior written request and during
      normal business hours at the offices of the Servicer or, if applicable, any
      Subservicer. Nothing in this Section shall derogate from the obligation of
      any
      such party to observe any applicable law prohibiting disclosure of information
      regarding the Mortgagors and the failure of any such party to provide access
      as
      provided in this Section as a result of such obligation shall not
      constitute a breach of this Section.

     

    Nothing
      in this Section 3.19 shall require the Servicer to collect, create, collate
      or
      otherwise generate any information that it does not generate in its usual course
      of business. The Servicer shall not be required to make copies of or to ship
      documents to any Person who is not a party to this Agreement, and then only
      if
      provisions have been made for the reimbursement of the costs
      thereof.

     

    Section
      3.20 Documents,
      Records and Funds in Possession of the Servicer to Be Held for the
      Trustee.
      Not
      later than thirty days after each Distribution Date, the Servicer shall
      forward to the Trustee, the Master Servicer and the Securities Administrator
      a
      statement prepared by the Servicer setting forth the status of the Collection
      Account as of the close of business on the last day of the calendar month
      relating to such Distribution Date and showing, for the period covered by such
      statement, the aggregate amount of deposits into and withdrawals from the
      Collection Account of each category of deposit specified in Section 3.10(a)
      and each category of withdrawal specified in Section 3.11. Copies of such
      statement shall be provided by the Securities Administrator to any
      Certificateholder and to any Person identified to the Securities Administrator
      as a prospective transferee of a Certificate, upon the written request and
      at
      the expense of the requesting party, provided such statement is delivered by
      the
      Servicer to the Securities Administrator.

     

    Section
      3.21 Servicing
      Compensation.
      (a)  As compensation for its activities hereunder, the Servicer shall,
      with respect to each Mortgage Loan, be entitled to retain from deposits to
      the
      Collection Account and from Liquidation Proceeds, Condemnation Proceeds,
      Insurance related Proceeds, Subsequent Recoveries and REO Proceeds related
      to
      such Mortgage Loan, the Servicing Fee with respect to each Mortgage Loan (less
      any portion of such amounts retained by any Subservicer). In addition, the
      Servicer shall be entitled to recover unpaid Servicing Fees out of related
      Late
      Collections and as otherwise permitted under Section 3.11. 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 Subservicer
      pursuant to a Subservicing Agreement entered into under
      Section 3.02.

     

    (b) Additional
      servicing compensation in the form of assumption or modification fees, late
      payment charges, NSF fees, reconveyance fees and other similar fees and charges
      (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, as additional servicing compensation, interest or other
      income earned on deposits therein. The Servicer shall also be entitled as
      additional servicing compensation, to interest or other income earned on
      deposits in the Escrow Account (to the extent permitted by law and the related
      Mortgage Loan documents) in accordance with Section 3.12.

    

    
      
        
          
          

        

        
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    (c) The
      Servicer shall be required to pay all expenses incurred by it in connection
      with
      its servicing activities hereunder (including payment of premiums for any
      blanket policy insuring against hazard losses pursuant to Section 3.13,
      servicing compensation of the Subservicer to the extent not retained by it
      and
      the fees and expenses of independent accountants and any agents appointed by
      the
      Servicer), and shall not be entitled to reimbursement therefor from the Trust
      Fund except as specifically provided in Section 3.11.

     

    Section
      3.22 Report
      on Assessment of Compliance with Relevant Servicing Criteria.
      On
      or
      before March 15th
      of each
      calendar year for so long as the Depositor is required to file reports with
      respect to the Trust under the Exchange Act, commencing in March 2008, the
      Servicer, the Master Servicer, the Securities Administrator and the Custodian,
      each at its own expense, shall furnish or otherwise make available, and each
      such party shall cause any Servicing Function Participant engaged by it to
      furnish, each at its own expense, to the Master Servicer, Securities
      Administrator and the Depositor, a report on an assessment of compliance with
      the Relevant Servicing Criteria set forth in Exhibit S that contains (A) a
      statement by such party of its responsibility for assessing compliance with
      the
      Relevant Servicing Criteria, (B) a statement that such party used the Relevant
      Servicing Criteria to assess compliance with the Relevant Servicing Criteria,
      (C) such party’s assessment of compliance with the Relevant Servicing Criteria
      as of and for the fiscal year covered by the Form 10-K required to be filed
      pursuant to Section 8.12, including, if there has been any material instance
      of
      noncompliance with the Relevant Servicing Criteria, a discussion of each such
      failure and the nature and status thereof, and (D) a statement that a registered
      public accounting firm has issued an attestation report on such party’s
      assessment of compliance with the Relevant Servicing Criteria as of and for
      such
      period. 

     

    Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and, if applicable, consult with the Master
      Servicer, the Securities Administrator, the Custodian, the Servicer and any
      Servicing Function Participant engaged by any such party as to the nature of
      any
      material instance of noncompliance with the Relevant Servicing Criteria by
      each
      such party, and (ii) the Master Servicer shall confirm that the assessments,
      taken as a whole, address all of the Servicing Criteria and taken individually
      address the Relevant Servicing Criteria for each party as set forth on Exhibit
      S
      or as set forth in the applicable servicing agreement.

     

    The
      Master Servicer shall enforce any obligation of the Servicer (and the Servicer
      shall enforce any obligation of a Servicing Function Participant engaged by
      such
      Servicer) to cause the delivery of such Servicer’s annual report on assessment
      of compliance within the time frame and to the parties indicated
      in this Section 3.22, and in such form and
      substance required by this Agreement. 

     

    
      
        
        

      

      
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    In
      the
      event the Servicer, the Master Servicer, the Securities Administrator, the
      Custodian or any Servicing Function Participant engaged by any such party is
      terminated, assigns its rights and obligations under, or resigns pursuant to,
      the terms of this Agreement, or any other applicable agreement, as the case
      may
      be, such party shall provide a report on assessment of compliance pursuant
      to
      this Section 3.22, or to such other applicable agreement, for the period of
      time
      in such reporting period prior to such termination, assignment or resignation,
      notwithstanding any such termination, assignment or resignation.

     

    Section
      3.23 Report
      on Attestation of Compliance with Relevant Servicing Criteria.On
      or
      before March 15th
      of each
      calendar year for so long as the Depositor is required to file reports with
      respect to the Trust under the Exchange Act, commencing in March 2008, the
      Servicer, the Master Servicer, the Securities Administrator and the Custodian,
      each at its own expense, shall cause, and each such party shall cause any
      Servicing Function Participant engaged by it to cause, each at its own expense,
      a registered public accounting firm (which may also render other services to
      the
      Servicer, the Master Servicer, the Securities Administrator, the Custodian
      or
      such other Servicing Function Participants, as the case may be) that is a member
      of the American Institute of Certified Public Accountants to furnish an
      attestation report to the Master Servicer, the Securities Administrator and
      the
      Depositor, to the effect that (i) it has obtained a representation regarding
      certain matters from the management of such party, which includes an assertion
      that such party has complied with the Relevant Servicing Criteria, and (ii)
      on
      the basis of an examination conducted by such firm in accordance with standards
      for attestation engagements issued or adopted by the Public Company Accounting
      Oversight Board, it is expressing an opinion as to whether such party’s
      compliance with the Relevant Servicing Criteria was fairly stated in all
      material respects, or it cannot express an overall opinion regarding such
      party’s assessment of compliance with the Relevant Servicing Criteria. In the
      event that an overall opinion cannot be expressed, such registered public
      accounting firm shall state in such report why it was unable to express such
      an
      opinion. Such report must be available for general use and not contain
      restricted use language. 

     

    Prior
      to
      executing any Form 10-K, the Master Servicer shall confirm that each assessment
      submitted pursuant to Section 3.22 is coupled with an attestation meeting the
      requirements of this Section and notify the Depositor of any exceptions.

     

    The
      Master Servicer shall enforce any obligation of the Servicer (and the Servicer
      shall enforce any obligation of a Servicing Function Participant engaged by
      such
      Servicer) to cause the delivery of an attestation within the time frame and
      to
      the parties indicated
      in this Section 3.23, and in such form and substance as may be required by
      this
      Agreement.

     

    In
      the
      event the Servicer, the Master Servicer, the Securities Administrator, the
      Custodian or any Servicing Function Participant engaged by any such party,
      is
      terminated, assigns its rights and duties under, or resigns pursuant to the
      terms of, this Agreement or any other applicable agreement, as the case may
      be,
      such party shall cause a registered public accounting firm to provide an
      attestation pursuant to this Section 3.23, or to such other applicable
      agreement, notwithstanding any such termination, assignment or resignation.
      

     

    Section
      3.24 Annual
      Officer’s Certificates.(a)
      Each
      Form 10-K filed with the Commission shall include a Sarbanes-Oxley Certification
      exactly as set forth in Exhibit L attached hereto, required to be included
      therewith pursuant to the Sarbanes-Oxley Act. The Servicer, the Securities
      Administrator and the Custodian shall, and shall cause any Servicing Function
      Participant engaged by them to, provide to the Person who signs the
      Sarbanes-Oxley Certification (the “Certifying
      Person”),
      by
      March 15th
      of each
      year in which the Trust is subject to the reporting requirements of the Exchange
      Act, commencing in March 2008, and otherwise within a reasonable period of
      time
      upon request, a certification (each, a “Back-Up
      Certification”),
      in
      the form attached hereto as Exhibit M, upon which the Certifying Person, the
      entity for which the Certifying Person acts as an officer, and such entity’s
      officers, directors and Affiliates (collectively with the Certifying Person,
      “Certification
      Parties”)
      can
      reasonably rely. The senior officer of the Master Servicer in charge of the
      master servicing function shall serve as the Certifying Person on behalf of
      the
      Trust. Such officer of the Certifying Person can be contacted by facsimile
      at
      469-220-1572. In the event any such party or any Servicing Function Participant
      engaged by any such party is terminated or resigns pursuant to the terms of
      this
      Agreement, or any applicable subservicing agreement, as the case may be, such
      party shall provide a Back-Up Certification to the Certifying Person pursuant
      to
      this Section 3.24 with respect to the period of time it was subject to this
      Agreement or any applicable subservicing agreement, as the case may be.
      Notwithstanding the foregoing, (i) the Securities Administrator shall not be
      required to deliver a Back-Up Certification to the Master Servicer if both
      are
      the same Person and the Master Servicer is the Certifying Person and (ii) the
      Master Servicer shall not be obligated to sign the Sarbanes-Oxley Certification
      in the event that it does not receive any Back-Up Certification required to
      be
      furnished to it pursuant to this section.

    

    
      
        
          
          

        

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

     

    In
      the
      event the Servicer, the Master Servicer or any Servicing Function Participant
      engaged by such party is terminated or resigns pursuant to the terms of this
      Agreement, or any applicable agreement in the case of a Servicing Function
      Participant, as the case may be, such party shall provide an Officer’s
      Certificate covering the portion of the reporting period for which it served
      pursuant to this Section 3.24 or to such applicable agreement, as the case
      may
      be, notwithstanding any such termination, assignment or resignation.

     

    The
      Master Servicer shall enforce any obligation of the Servicer (and the Servicer
      shall enforce any obligation of a Servicing Function Participant engaged by
      such
      Servicer) to cause the delivery by the Servicer of such annual Officer’s
      Certificate (in respect of Item 1123 of Regulation AB) within the time
      frame set
      forth
      and to the parties indicated
      in this Section 3.24, and in such form and
      substance as required by this Agreement. 

    

    
      
        
          
          

        

        
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    (c) The
      Servicer shall indemnify and hold harmless the Trustee, the Master Servicer,
      the
      Securities Administrator, the Depositor and their respective officers,
      directors, agents and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon a breach
      by
      the Servicer or any of its officers, directors, agents or affiliates of its
      obligations under this Section 3.24 or the negligence, bad faith or willful
      misconduct of the Servicer in connection therewith. If the indemnification
      provided for herein is unavailable or insufficient to hold harmless the Trustee,
      the Master Servicer, the Securities Administrator and the Depositor, then the
      Servicer agrees that it shall contribute to the amount paid or payable by the
      Trustee, the Master Servicer, the Securities Administrator, the Depositor or
      their respective officers, directors, agents or affiliates as a result of the
      losses, claims, damages or liabilities of any such party in such proportion
      as
      is appropriate to reflect the relative fault of such party or parties on the
      one
      hand and the Servicer on the other in connection with a breach of the Servicer’s
      obligations under this Section 3.24 or the Servicer’s negligence, bad faith or
      willful misconduct in connection therewith.

     

    Section
      3.25 Master
      Servicer to Act as Servicer.
      (a)  Subject to Section 7.02, in the event that the Servicer
      shall for any reason no longer be the Servicer hereunder (including by reason
      of
      an Event of Default), the Master Servicer or its successor shall thereupon
      assume all of the rights and obligations of the Servicer hereunder arising
      thereafter, except that the Master Servicer shall not be (i) liable for
      losses of the predecessor Servicer pursuant to Section 3.10 or any acts or
      omissions of the predecessor Servicer hereunder, (ii) obligated to
      effectuate repurchases or substitutions of Mortgage Loans hereunder, including
      but not limited to repurchases or substitutions pursuant to Section 2.03,
      (iii) responsible for expenses of the predecessor Servicer pursuant to
      Section 2.03 or (iv) deemed to have made any representations and
      warranties of the Servicer hereunder. Any such assumption shall be subject
      to
      Section 7.02.

     

    (b) Every
      Subservicing Agreement entered into by the Servicer shall contain a provision
      giving the successor servicer the option to terminate such agreement in the
      event a successor servicer is appointed.

     

    (c) If
      the
      Servicer shall for any reason no longer be the Servicer (including by reason
      of
      any Event of Default), the Master Servicer (or any other successor servicer)
      may, at its option, succeed to any rights and obligations of the Servicer under
      any Subservicing Agreement in accordance with the terms thereof; provided,
      that
      the Master Servicer (or any other successor servicer) shall not incur any
      liability or have any obligations in its capacity as successor servicer under
      a
      Subservicing Agreement arising prior to the date of such succession unless
      it
      expressly elects to succeed to the rights and obligations of the Servicer
      thereunder; and the Servicer shall not thereby be relieved of any liability
      or
      obligations under the Subservicing Agreement arising prior to the date of such
      succession.

     

    (d) The
      Servicer shall, upon request of the Master Servicer, but at the expense of
      the
      Servicer, deliver to the assuming party all documents and records relating
      to
      each Subservicing Agreement (if any) and the Mortgage Loans then being serviced
      thereunder and an accounting of amounts collected and held by it, and otherwise
      use its best efforts to effect the orderly and efficient transfer of the
      Subservicing Agreement to the assuming party.

    

    
      
        
          
          

        

        
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    Section
      3.26 Compensating
      Interest.
      The
      Servicer shall remit to the Master Servicer on each Remittance Date an amount
      from its own funds equal to the Compensating Interest payable by the Servicer
      for the related Distribution Date.

     

    Section
      3.27 Credit
      Reporting; Gramm-Leach-Bliley Act.
      (a)  With respect to each Mortgage Loan serviced by it, the Servicer
      agrees to fully furnish, in accordance with the Fair Credit Reporting Act and
      its implementing regulations, accurate and complete information (e.g., favorable
      and unfavorable) on the primary borrower of such Mortgage Loan to Equifax,
      Experian and TransUnion Credit Information Company (three of the credit
      repositories) on a monthly basis.

     

    (b) The
      Servicer shall comply with Title V of the Gramm-Leach-Bliley Act of 1999
      and all applicable regulations promulgated thereunder, relating to the Mortgage
      Loans and the related borrowers and shall provide all required notices
      thereunder.

     

    Section
      3.28 [Reserved].

     

    Section
      3.29 Notifications
      to Parties.The
      Servicer shall promptly notify the Master Servicer and the Depositor (i) of
      any
      legal proceedings pending against the Servicer of the type described in Item
      1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but
      only to the extent not previously disclosed to the Master Servicer and the
      Depositor) at any time an affiliate of any of the parties listed on Exhibit
      T to
      this Agreement. If so requested by the Master Servicer or the Depositor on
      any
      date following the date on which information was first provided to the Master
      Servicer and the Depositor, pursuant to the preceding sentence, the Servicer
      shall within five Business Days following such request, confirm in writing
      that
      except as disclosed in writing to the Master Servicer, the Depositor, the
      Trustee, and the Securities Administrator, prior to the Closing Date: (i) Wells
      Fargo is not aware and has not received notice that any default, early
      amortization or other performance triggering event has occurred as to any other
      securitization due to any act or failure to act of Wells Fargo; (ii) Wells
      Fargo
      has not been terminated as servicer in a residential mortgage loan
      securitization, either due to a servicing default or to application of a
      servicing performance test or trigger; (iii) no material noncompliance with
      the
      relevant servicing criteria with respect to other securitizations of residential
      mortgage loans involving Wells Fargo as servicer has been disclosed or reported
      by Wells Fargo; (iv) no material changes to Wells Fargo’s policies or procedures
      with respect to the servicing function it will perform under this Agreement
      for
      mortgage loans of a type similar to the Mortgage Loans have occurred during
      the
      three-year period immediately preceding the Closing Date; (v) there are no
      aspects of Wells Fargo’s financial condition that could have a material adverse
      effect on the performance by Wells Fargo’s financial condition that could have a
      material adverse effect on the performance by Wells Fargo of its servicing
      obligations under this Agreement and (vi) there are no affiliations,
      relationships or transactions relating to Wells Fargo or any Subservicer with
      any party listed on Exhibit T hereto, other than its affiliation with the
      Custodian and Originator, or, the Servicer shall, if such a representation
      and
      warranty is not accurate as of the date of such request, provide reasonable
      adequate disclosure of the pertinent facts, in writing, to the requesting party.
      

     

    The
      Servicer shall provide to the Master Servicer and the Depositor prompt notice
      of
      the occurrence of any of the following: (i) any event of default under the
      terms
      of this Agreement; (ii) any merger, consolidation or sale of substantially
      all
      of the assets of the Servicer; (iii) the Servicer’s engagement of any
      Subservicer or Subcontractor; (iv) any material litigation involving the
      Servicer; and (v) any affiliation or other significant relationship between
      the
      Servicer and other transaction parties.

     

    Section
      3.30 Indemnification.Each
      of
      the Depositor, the Servicer, the Master Servicer, the Securities Administrator,
      the Custodian, the Trustee (only in the case of any failure to deliver any
      information, data or materials required to be included in any Additional Form
      10-D Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure
      Information that the Trustee is obligated to provide, and only with respect
      to
      the Depositor, the Master Servicer and the Securities Administrator) and any
      Servicing Function Participant (each, an “Indemnifying
      Party”)
      engaged by any such party, shall indemnify and hold harmless each other
      Indemnifying Party, and each of its directors, officers, employees, agents,
      and
      affiliates from and against any and all claims, losses, damages, penalties,
      fines, forfeitures, reasonable legal fees and related costs, judgments and
      other
      costs and expenses arising out of or based upon (a) any breach by such party
      of
      any if its obligations hereunder, including particularly its obligations to
      provide any annual statement of compliance, annual assessment of compliance
      with
      Servicing Criteria, attestation report or any information, data or materials
      required to be included in any Exchange Act report, (b) any material
      misstatement or omission in any information, data or materials provided by
      such
      party pursuant to this Agreement including any material misstatement or material
      omission in (i) any annual statement of compliance, annual assessment of
      compliance with Servicing Criteria delivered by it, or by any Servicing Function
      Participant engaged by it, pursuant to this Agreement, or (ii) any Additional
      Form 10-D Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure
      Information provided by it, or (c) the negligence, bad faith or willful
      misconduct of such indemnifying party in connection with its performance
      hereunder. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless the Servicer, the Master Servicer, the Securities
      Administrator, the Trustee, the Custodian or the Depositor, as the case may
      be,
      then each Indemnifying Party agrees that it shall contribute to the amount
      paid
      or payable by the Servicer, the Master Servicer, the Securities Administrator,
      the Trustee, the Custodian or the Depositor, as applicable, as a result of
      any
      claims, losses, damages or liabilities incurred by such party in such proportion
      as is appropriate to reflect the relative fault of the indemnified party on
      the
      one hand and the indemnifying party on the other. This indemnification shall
      survive the termination of this Agreement or the termination of any party to
      this Agreement.

    

    
      
        
          
          

        

        
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    (b) The
      Depositor, the Servicer, the Securities Administrator,
      the
      Custodian
      and the
      Trustee shall immediately notify the Master Servicer if a claim is made by
      a
      third party with respect to this Agreement or the Mortgage Loans which would
      entitle the Depositor, the Servicer, the Securities Administrator,
      the
      Custodian,
      the
      Trustee or the Trust to indemnification from the Master Servicer, whereupon
      the
      Master Servicer shall assume the defense of any such claim and pay all expenses
      in connection therewith, including counsel fees, and promptly pay, discharge
      and
      satisfy any judgment or decree which may be entered against it or them in
      respect of such claim. If the Master Servicer and any such indemnified party
      have a conflict of interest with respect to any such claim, the indemnified
      party shall have the right to retain separate counsel.

     

    ARTICLE
      IV

     

    DISTRIBUTIONS
      AND

    ADVANCES
      BY THE SERVICER

     

    Section
      4.01 Advances.
      (a)  The amount of P&I Advances to be made by the Servicer for any
      Remittance Date shall equal, subject to Section 4.01(c), the sum of
      (i) the aggregate amount of Scheduled Payments (with each interest portion
      thereof net of the related Servicing Fee), due during the Due Period immediately
      preceding such Remittance Date in respect of the Mortgage Loans, which Scheduled
      Payments were not received as of the close of business on the related
      Determination Date, plus (ii) with respect to each REO Property, which REO
      Property was acquired during or prior to the related Prepayment Period and
      as to
      which such REO Property an REO Disposition did not occur during the related
      Prepayment Period, an amount equal to the excess, if any, of the Scheduled
      Payments (with each interest portion thereof net of the related Servicing Fee)
      that would have been due on the related Due Date in respect of the related
      Mortgage Loans, over the net income from such REO Property transferred to the
      Collection Account for distribution on such Remittance Date.

    

    
      
        
          
          

        

        
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    (b) On
      each
      Remittance Date, the Servicer shall remit in immediately available funds to
      the
      Master Servicer an amount equal to the aggregate amount of P&I Advances, if
      any, to be made in respect of the Mortgage Loans and REO Properties for the
      related Remittance 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
      the Collection Account that Amounts Held for Future Distribution have been,
      as
      permitted by this Section 4.01, used by it in discharge of any such P&I
      Advance) or (iii) in the form of any combination of (i) and
      (ii) aggregating the total amount of P&I Advances to be made by the
      Servicer with respect to the Mortgage Loans and REO Properties. Any Amounts
      Held
      for Future Distribution and so used 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 Remittance Date to the extent
      required.

     

    (c) The
      obligation of the Servicer to make such P&I Advances is mandatory,
      notwithstanding any other provision of this Agreement but subject to
      (d) below, and, with respect to any Mortgage Loan or REO Property, shall
      continue until a Final Recovery Determination in connection therewith or the
      removal thereof from coverage under this Agreement, except as otherwise provided
      in this Section.

     

    (d) Notwithstanding
      anything herein to the contrary, no P&I Advance or Servicing Advance shall
      be required to be made hereunder by the Servicer if such P&I Advance or
      Servicing Advance would, if made, constitute a Nonrecoverable P&I Advance or
      Nonrecoverable Servicing Advance. The determination by the Servicer that it
      has
      made a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance or
      that any proposed P&I Advance or Servicing Advance, if made, would
      constitute a Nonrecoverable P&I Advance or a Nonrecoverable Servicing
      Advance, respectively, shall be evidenced by an Officer’s Certificate of the
      Servicer delivered to the Master Servicer. In addition, the Servicer shall
      not
      be required to advance any Relief Act Interest Shortfalls.

     

    (e) Except
      as
      otherwise provided herein, the Servicer shall be entitled to reimbursement
      pursuant to Section 3.11 for Servicing Advances from recoveries from the
      related Mortgagor or from all Liquidation Proceeds and other payments or
      recoveries (including Insurance Proceeds, Condemnation Proceeds and Subsequent
      Recoveries) with respect to the related Mortgage Loan.

     

    (f) On
      each
      Remittance Date, the Master Servicer shall deposit in the Master Servicing
      Account all funds remitted to it by the Servicer pursuant to Sections 3.11(a)(i)
      and 3.26 and this Section 4.01. On each Master Servicer Remittance Date, the
      Securities Adminstrator shall deposit in the Distribution Account all funds
      remitted to it by the Master Servicer pursuant to this Agreement. The Securities
      Administrator may retain or withdraw from the Distribution Account, (i) amounts
      necessary to reimburse the Servicer for any previously unreimbursed Advances
      and
      any Advances the Servicer deems to be nonrecoverable from the related Mortgage
      Loan proceeds, (ii) amounts necessary to reimburse the Master Servicer for
      any
      previously unreimbursed Advances and any Advances the Master Servicer deems
      to
      be nonrecoverable from the related Mortgage Loan proceeds, (iii) an amount
      to
      indemnify the Master Servicer or the Servicer for amounts due in accordance
      with
      this Agreement, (iv) all amounts representing Prepayment Charges (payable to
      the
      Class P Certificateholders), (v) to reimburse the Master Servicer, the
      Securities Administrator, the Servicer or the Trustee, as the case may be,
      for
      expenses reasonably incurred in respect of any breach or defect giving rise
      to
      the repurchase obligation of the Originator or the Sponsor under this Agreement
      that were included in the Repurchase Price of the Mortgage Loan, including
      any
      expenses arising out of the enforcement of the repurchase obligation, to the
      extent not otherwise paid pursuant to the terms hereof and (vi) any other
      amounts that each of the Depositor, the Trustee, the Master Servicer and the
      Securities Administrator is entitled to receive hereunder for reimbursement,
      indemnification or otherwise.

    

    
      
        
          
          

        

        
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    Section
      4.02 Priorities
      of Distribution.
      (a)  On each Distribution Date the Securities Administrator shall make
      the disbursements and transfers from amounts then on deposit in the Distribution
      Account and shall allocate such amounts to the interests issued in respect
      of
      each REMIC created pursuant to this Agreement and shall distribute such amounts
      in the following order of priority and to the extent of the Available Funds
      remaining:

     

    (i) to
      the
      holders of each Class of LIBOR and Fixed Rate Certificates in the following
      order of priority:

     

    (A) from
      the
      Interest Remittance Amount to the Class A-1, Class A-2, Class A-3, Class A-4,
      Class A-5 and Class A-6 Certificates, pro
      rata,
      the
      related Senior Interest Payment Amount for each such Class of Certificates
      on
      such Distribution Date; and 

     

    (B) from
      any
      remaining Interest Remittance Amount after taking into account the distributions
      made under clause (i)(A) above, sequentially, to each Class of Class M
      Certificates, in ascending order by numerical Class designation, the Interest
      Payment Amount for such Class and such Distribution Date;

     

    (ii) (A)  on
      each Distribution Date (1) before the Stepdown Date or (2) on or after
      the Stepdown Date with respect to which a Trigger Event is in effect, to the
      holders of the Class or Classes of LIBOR and Fixed Rate Certificates then
      entitled to distributions of principal as set forth below, from amounts
      remaining on deposit in the Distribution Account after making distributions
      pursuant to paragraph (a)(i) of this Section 4.02, an amount equal to, in the
      aggregate, the Principal Payment Amount, in the following amounts and order
      of
      priority:

     

    (a) to
      the
      Class A-6 Certificates, the Principal Payment Amount, up to the Class A-6
      Priority Amount for such Distribution Date, until the Class Certificate Balance
      thereof has been reduced to zero;

     

    (b) to
      the
      Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5 Certificates, the
      remaining Principal Payment Amount for such Distribution Date, until their
      respective Class Certificate Balances are reduced to zero, allocated among
      such
      Classes of Certificates as set forth in Section 4.02(c);

    

    
      
        
          
          

        

        
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    (c) to
      the
      Class A-6 Certificates, the remaining Principal Payment Amount for such
      Distribution Date without regard to the Class A-6 Priority Amount, until the
      Class Certificate Balance thereof has been reduced to zero;

     

    (d) sequentially,
      to each Class of Class M Certificates, in ascending order by numerical
      Class designation, until their respective Class Certificate Balances are
      reduced to zero; and

     

    (B) on
      each
      Distribution Date on and after the Stepdown Date and as long as a Trigger Event
      is not in effect, to the holders of the Class or Classes of LIBOR and Fixed
      Rate Certificates then entitled to distributions of principal, from amounts
      remaining on deposit in the Distribution Account after making distributions
      pursuant to paragraph (a)(i) of this Section 4.02, an amount equal to, in the
      aggregate, the Principal Payment Amount, in the following amounts and order
      of
      priority:

     

    (a) to
      the
      Class A-6 Certificates, the Senior Principal Payment Amount, up to the Class
      A-6
      Priority Amount for such Distribution Date, until the Class Certificate Balance
      thereof has been reduced to zero;

     

    (b) to
      the
      Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5 Certificates, the
      remaining Senior Principal Payment Amount for such Distribution Date, until
      their respective Class Certificate Balances are reduced to zero, allocated
      among
      such Classes of Certificates as set forth in Section 4.02(c);

     

    (c) to
      the
      Class A-6 Certificates, the remaining Senior Principal Payment Amount for such
      Distribution Date without regard to the Class A-6 Priority Amount, until the
      Class Certificate Balance thereof has been reduced to zero;

     

    (d) sequentially,
      to each Class of Class M Certificates, in the order set forth in the
      definition of Class M Principal Payment Amount, the Class M Principal
      Payment Amount for the related Class of Class M certificates, until their
      respective Class Certificate Balances are reduced to zero;

     

    (iii) any
      amounts remaining after the distributions in paragraphs (i) and (ii) of
      this Section 4.02(a), plus, as specifically indicated below, from amounts on
      deposit in the Excess Reserve Fund Account, shall be distributed in the
      following order of priority:

     

    (A) to
      the
      Class A Certificates, any Senior Interest Payment Amount not paid pursuant
      to
      clause (a)(i)(A) of this Section 4.02 allocated pro
      rata
      among
      such Classes in proportion to the amount of the unpaid Senior Interest Payment
      Amount for such Classes;

     

    
      
        
        

      

      
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    (B) sequentially,
      to the holders of the Class M Certificates, in ascending order by numerical
      Class designation, first,
      any
      Interest Payment Amount for any such Class not paid for such Distribution Date
      pursuant to clause (a)(i)(B) of this Section 4.02, second,
      any
      Interest Carry Forward Amount for any such Class, and third,
      any
      Unpaid Realized Loss Amount for any such Class;

     

    (C) to
      the
      Excess Reserve Fund Account, the amount of any Basis Risk Payment for such
      Distribution Date;

     

    (D) from
      amounts on deposit in the Excess Reserve Fund Account with respect to such
      Distribution Date, an amount equal to any unpaid Basis Risk Carryover Amount
      with respect to each Class of LIBOR and Fixed Rate Certificates for such
      Distribution Date, allocated in the same order and priority as set forth in
      clauses (a)(i)(A) and (a)(i)(B) of this Section 4.02;

     

    (E) to
      the
      Credit Risk Manager, the Credit Risk Manager Fee;

     

    (F) on
      the
      Distribution Date occurring in February 2012 (or the final Distribution Date,
      if
      sooner), $100 to the Class P Certificates in payment of its Class P Principal
      Amount;  

     

    (G) to
      the
      holders of the Class X Certificates, the remainder of the Class X
      Distributable Amount not distributed pursuant to Sections 4.02(a)(iii)(A)
      through (F); and

     

    (H) to
      the
      holders of the Class R Certificates, any remaining amount;

     

    If
      on any
      Distribution Date, as a result of the foregoing allocation rules, any
      Class of Class A Certificates does not receive in full the related
      Senior Interest Payment Amount, then such shortfall will be allocated to the
      Holders of such Class, with interest thereon, on future Distribution Dates,
      as
      Interest Carry Forward Amounts, subject to the priorities described
      above.

     

    (b) On
      each
      Distribution Date, prior to any distributions on any other Class of
      Certificates, all amounts representing Prepayment Charges from the Mortgage
      Loans received during the related Prepayment Period shall be distributed by
      the
      Securities Administrator to the holders of the Class P
      Certificates.

     

    (c) All
      principal distributions to the holders of the Class A Certificates (other than
      the Class A-6 Certificates) on any Distribution Date will be allocated in the
      following order of priority:

     

    (i) to
      the
      Class A-1 Certificates, until the Class Certificate Balance of such Class has
      been reduced to zero;

     

    (ii) 
      to the
      Class A-2 Certificates, until the Class Certificate Balance of such Class has
      been reduced to zero;

     

    
      
        
        

      

      
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    (iii) to
      the
      Class A-3 Certificates, until the Class Certificate Balance of such Class has
      been reduced to zero;

     

    (iv) to
      the
      Class A-4 Certificates, until the Class Certificate Balance of such Class has
      been reduced to zero; and 

     

    (v) to
      the
      Class A-5 Certificates, until the Class Certificate Balance of such Class has
      been reduced to zero

     

    Notwithstanding
      the above paragraph, on and after the Distribution Date on which the aggregate
      Class Certificate Balances of the Class M Certificates and the
      Overcollateralization Amount have been reduced to zero, any principal
      distributions allocated to the Class A Certificates (other than the Class A-6
      Certificates) are required to be allocated pro
      rata
      among
      the Classes of Class A Certificates (other than the Class A-6 Certificates),
      based upon their respective Class Certificate Balances. The Class A-6
      Certificates will receive principal distributions in accordance with the
      priorities set forth in Section 4.02(ii)(A) and 4.02(ii)(B).

     

    (d) On
      any
      Distribution Date, any Relief Act Shortfalls and Net Prepayment Interest
      Shortfalls for such Distribution Date shall be allocated by the Securities
      Administrator as a reduction in the following order:

     

    (i) First,
      to the
      amount of interest payable to the Class X Certificates; and

     

    (ii) Second,
      pro
      rata,
      as a
      reduction of the Interest Payment Amount for the Class A and Class M
      Certificates, based on the amount of interest to which such Classes would
      otherwise be entitled.

     

    (e) On
      any
      Distribution Date (or any Cap Payment Date, as applicable), the Securities
      Administrator shall distribute any Cap Amount for such date as
      follows:

     

    (i) to
      the
      extent not paid and in the order of priority provided in clauses (a)(i)(A)
      and
      (a)(i)(B) of this Section 4.02, to the Class A Certificates any Senior Interest
      Payment Amounts, and to the Class M Certificates, in ascending order by
      numerical class designation, any Interest Payment Amounts;

     

    (ii) to
      the
      Class A Certificates and the Class M Certificates in the order of priority
      set
      forth in clauses (a)(ii)(A)(a), (a)(ii)(A)(b), (a)(ii)(A)(c), (a)(ii)(B)(a),
      (a)(ii)(B)(b) and (a)(ii)(B)(c) of this Section 4.02, an amount necessary to
      maintain the Overcollateralization Target Amount for such Distribution Date
      after giving effect to distributions pursuant to such clauses;

     

    (iii) to
      the
      extent not paid pursuant to clause (a)(iii)(B) of this Section 4.02,
      sequentially, to the each Class of Class M Certificates, in ascending order
      by
      numerical Class designation, first,
      any
      Interest Carry Forward Amount for that Class, and second,
      any
      Unpaid Realized Loss Amount for that Class;

     

    
      
        
        

      

      
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    (iv) to
      the
      extent not paid pursuant to clause (a)(iii)(C) of this Section 4.02, to the
      Excess Reserve Fund Account, the amount of any Basis Risk Payment for such
      Distribution Date;

     

    (v) to
      the
      extent not paid pursuant to clause (a)(iii)(D) of this Section 4.02, to the
      LIBOR and Fixed Rate Certificates, any remaining unpaid Basis Risk Carryover
      Amount with respect to such Certificates for that Distribution Date, allocated
      in the same order and priority as set forth in such clause;

     

    (vi) to
      the
      extent not paid pursuant to clause (a)(iii)(E) of this Section 4.02, to the
      Credit Risk Manager, the Credit Risk Manager Fee;

     

    (vii) if
      applicable, to the Cap Termination Receipts Account for application to the
      purchase of a replacement cap agreement pursuant to Section 4.08;
      and

     

    (viii)
      the remainder to the
      holders of the Class X Certificates.

     

    With
      respect to each Distribution Date, the sum of all amounts distributed pursuant
      to priorities (e)(ii) and (e)(iii) second
      of this
      Section 4.02(e) cannot exceed the amount of cumulative Realized Losses incurred
      up to such Distribution Date minus any distributions made on previous
      Distribution Dates pursuant to such priorities.

     

    Section
      4.03 Monthly
      Statements to Certificateholders.
      (a)  Not
      later than each Distribution Date, the Securities Administrator shall make
      available to each Certificateholder, the Master Servicer, the Servicer, the
      Credit Risk Manager, the Depositor, the Trustee, the Cap Counterparty and each
      Rating Agency a statement, based on information provided to the Securities
      Administrator by the Master Servicer and the Cap Counterparty and to the Master
      Servicer by the Servicer, setting forth with respect to the related
      distribution:

     

    (i) the
      amount thereof allocable to principal, separately identifying the aggregate
      amount of any Principal Prepayments, Liquidation Proceeds and Subsequent
      Recoveries;

     

    (ii) the
      amount thereof allocable to interest, any Interest Carry Forward Amounts
      included in such distribution and any remaining Interest Carry Forward Amounts
      after giving effect to such distribution, any Basis Risk Carryover Amount for
      such Distribution Date and the amount of all Basis Risk Carryover Amount covered
      by withdrawals from the Excess Reserve Fund Account on such Distribution
      Date;

     

    (iii) if
      the
      distribution to the Holders of such Class of Certificates is less than the
      full amount that would be distributable to such Holders if there were sufficient
      funds available therefor, the amount of the shortfall and the allocation thereof
      as between principal and interest, including any Basis Risk Carryover Amount
      not
      covered by amounts in the Excess Reserve Fund Account;

     

    (iv) the
      Class Certificate Balance of each Class of Certificates after giving
      effect to the distribution of principal on such Distribution Date;

     

    
      
        
        

      

      
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    (v) the
      Pool
      Stated Principal Balance for the following Distribution Date;

     

    (vi) the
      amount of the Expense Fees (in the aggregate and separately stated) paid to
      or
      retained by the Servicer, any Subservicer and the Securities Administrator
      with
      respect to such Distribution Date;

     

    (vii) the
      Interest Rate for each such Class of Certificates with respect to such
      Distribution Date;

     

    (viii) the
      amount of P&I Advances included in the distribution on such Distribution
      Date and the aggregate amount of P&I Advances outstanding as of the close of
      business on the Determination Date immediately preceding such Distribution
      Date;

     

    (ix) the
      number and aggregate outstanding principal balances of Mortgage Loans (except
      those Mortgage Loans that are liquidated as of the end of the related Prepayment
      Period) (1) as to which the Scheduled Payment is delinquent 31 to
      60 days, 61 to 90 days and 91 or more days, (2) that have
      become REO Property, (3) that are in foreclosure and (4) that are in
      bankruptcy, in each case as of the close of business on the last Business Day
      of
      the immediately preceding month;

     

    (x) with
      respect to Mortgage Loans that became REO Properties during the preceding
      calendar month, the number and the aggregate Stated Principal Balance of such
      Mortgage Loans as of the close of business on the Determination Date preceding
      such Distribution Date and the date of acquisition thereof;

     

    (xi) the
      total
      number and aggregate principal balance of any REO Properties as of the close
      of
      business on the Determination Date preceding such Distribution
      Date;

     

    (xii) whether
      a
      Trigger Event has occurred and is continuing;

     

    (xii) the
      amount on deposit in the Excess Reserve Fund Account (after giving effect to
      distributions on such Distribution Date);

     

    (xiv) in
      the
      aggregate and for each Class of Certificates, the aggregate amount of
      Applied Realized Loss Amounts incurred during the preceding calendar month
      and
      aggregate Applied Realized Loss Amounts through such Distribution
      Date;

     

    (xv) the
      amount of any Net Monthly Excess Cash Flow on such Distribution Date and the
      allocation thereof to the Certificateholders with respect to Applied Realized
      Loss Amounts and Interest Carry Forward Amounts;

     

    (xvi) the
      Overcollateralization Amount and Overcollateralization Target
      Amount;

     

    (xvii) Prepayment
      Charges collected by the Servicer;

     

    (xviii) the
      Cumulative Loss Percentage and the Rolling Three Month Delinquency Rate;
      and

     

    
      
        
        

      

      
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    (xix) the
      amount of Credit Risk Management Fees paid during the Due Period to which such
      Distribution Date relates.

     

    (b) For
      purposes of preparing the Monthly Statement, delinquencies shall be determined
      and reported by the Master Servicer based on the so-called “OTS” methodology
      irrespective of the method for determining delinquencies utilized by the
      Servicer on mortgage loans similar to the Mortgage Loans. By way of example,
      a
      Mortgage Loan would be delinquent with respect to a Scheduled Payment due on
      a
      Due Date if such Scheduled 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 Scheduled Payment if such Scheduled
      Payment were not made by the close of business on the Mortgage Loan’s second
      succeeding Due Date. 

     

    (c) The
      Securities Administrator’s responsibility for making available the above
      statement to the Certificateholders, each Rating Agency, the Master Servicer,
      the Servicer, the Trustee and the Depositor is limited to the availability,
      timeliness and accuracy of the information derived from the Master Servicer
      and
      the Servicer. The Securities Administrator will provide the above statement
      via
      the Securities Administrator’s internet website. The Securities Administrator’s
      website will initially be located at https://www.sf.citidirect.com
      and
      assistance in using the website can be obtained by calling the Securities
      Administrator’s customer service desk at 1-800-422-2066. Parties that are unable
      to use the above distribution method are entitled to have a paper copy mailed
      to
      them via first Class mail by notifying the Securities Administrator at Citibank,
      N.A., 388 Greenwich Street, 14th
      Floor,
      New York, New York 10013, Attention: Structured Finance Agency and Trust -
      HALO
      2007-WF1. The Securities Administrator shall have the right to change the manner
      in which the above statement is distributed in order to make such distribution
      more convenient and/or more accessible, and the Securities Administrator shall
      provide timely and adequate notification to the Certificateholders and the
      parties hereto regarding any such changes. A paper copy of the statement will
      also be made available upon written request.

     

    (d) Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall, upon written request, cause to be furnished to each Person
      who at any time during the calendar year was a Certificateholder, a statement
      containing the information set forth in clauses (a)(i), (a)(ii) and (a)(vi)
      of this Section 4.03 aggregated for such calendar year or applicable
      portion thereof during which such Person was a Certificateholder. Such
      obligation of the Securities Administrator shall be deemed to have been
      satisfied to the extent that substantially comparable information shall have
      previously been provided by the Securities Administrator pursuant to any
      requirements of the Code as from time to time in effect.

     

    On
      the
      10th day of each calendar month (or, if such 10th day is not a Business Day,
      then on the next succeeding Business Day), the Servicer shall furnish to the
      Master Servicer (i) a monthly delinquency report in a format mutually agreed
      to
      between the Servicer and the Master Servicer and (ii) a realized loss report
      in
      a format mutually agreed to between the Servicer and the Master Servicer
      relating to the period ending on the last day of the preceding calendar month
      in
      a media reasonably acceptable to the Master Servicer. No later than two Business
      Days after the fifteenth day of each calendar month, the Servicer shall furnish
      to the Master Servicer a monthly remittance advice in a format mutually agreed
      to between the Servicer and the Master Servicer.

     

    
      
        
        

      

      
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    Section
      4.04 Certain
      Matters Relating to the Determination of LIBOR.
      LIBOR
      shall be calculated by the Securities Administrator in accordance with the
      definition of LIBOR. The Interest Rate for each Class of LIBOR Certificates
      for each Interest Accrual Period shall be determined by the Securities
      Administrator on each LIBOR Determination Date so long as the LIBOR Certificates
      are outstanding on the basis of LIBOR and the respective formula appearing
      in
      footnotes corresponding to the LIBOR Certificates in the table relating to
      the
      Certificates in the Preliminary Statement. The establishment of LIBOR by the
      Securities Administrator and the Securities Administrator’s subsequent
      calculation of the Certificate Interest Rate applicable to the LIBOR
      Certificates for the relevant Interest Accrual Period, in the absence of
      manifest error, will be final and binding.

     

    Section
      4.05 Allocation
      of Applied Realized Loss Amounts.
      Any
      Applied Realized Loss Amounts shall be allocated by the Securities Administrator
      to the most junior Class of Class M Certificates then outstanding in
      reduction of the Class Certificate Balance thereof.

     

    Section
      4.06 Supplemental
      Interest Trust. (a)
      A
      separate trust is hereby established (the “Supplemental
      Interest Trust”),
      the
      corpus of which shall be held by the trustee of the Supplemental Interest Trust
      for the benefit of the Class X Certificateholders. The Securities Administrator
      is hereby appointed trustee of the Supplemental Interest Trust. The trustee
      of
      the Supplemental Interest Trust shall establish an account (the “Cap
      Account”),
      into
      which the Depositor shall deposit $500 on the Closing Date. The Cap 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 monies,
      including, without limitation, other monies of the Securities Administrator
      held
      pursuant to this Agreement. 

     

    (b) In
      addition, the trustee of the Supplemental Interest Trust shall establish a
      collateral account (the “Collateral
      Account”).
      The
      Collateral 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 monies, including, without limitation, other monies of the Securities
      Administrator held pursuant to this Agreement.

     

    (c) The
      trustee of the Supplemental Interest Trust shall deposit into the Cap Account
      any amounts received from the Cap Counterparty under the Cap
      Agreement.

     

    (d) 
      Funds in
      the Cap Account shall be invested in Permitted Investments constituting time
      deposits under clause (ii) of the definition thereof. Any earnings on such
      amounts shall be distributed on each Distribution Date pursuant to Section
      4.02(e). The Class X Certificates shall evidence ownership of the Cap Account
      for federal income tax purposes and the Holder thereof shall direct the trustee
      of the Supplemental Interest Trust, in writing, as to investment of amounts
      on
      deposit therein. The Sponsor shall be liable for any losses incurred on such
      investments. In the absence of prior written instructions from the Class X
      Certificateholders as to investment of funds on deposit in the Cap Account,
      such
      funds shall be invested in the Fidelity Institutional Prime Money Market Fund III (691),
      provided such fund remains in existence, or uninvested, provided such fund
      is no
      longer in existence. Any amounts on deposit in the Cap Account in excess of
      the
      Cap Amount on any Distribution Date shall be held for distribution pursuant
      to
      Section 4.02(e) on the following Distribution Date.

     

    
      
        
        

      

      
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    (g) Funds
      required to be held pursuant to the Credit Support Annex shall be deposited
      into
      the Collateral Account. Funds posted by the Cap Counterparty (or its credit
      support provider) in the Collateral Account shall be invested in Permitted
      Investments. Any interest earnings on such amounts shall be remitted to the
      Cap
      Counterparty pursuant to the terms of the Credit Support Annex. The trustee
      of
      the Supplemental Interest Trust shall not be liable for any losses incurred
      on
      such investments. In the absence of prior written instructions from the Cap
      Counterparty (or its credit support provider) as to investment of funds on
      deposit in the Collateral Account, such funds shall be invested in the Fidelity
      Institutional Government Fund III (691), provided such fund remains in
      existence, or uninvested, provided such fund is no longer in existence. On
      the
      Distribution Date where a shortfall exists with respect to Cap Amounts owed
      by
      the Cap Counterparty as a result of its failure to make payments pursuant to
      the
      Cap Agreement, amounts necessary to cover such shortfall shall be removed from
      the Collateral Account, remitted to the Cap Account and distributed as all
      or a
      portion of such Cap Amount pursuant to Section 4.02(e). Any amounts on deposit
      in the Collateral Account required to be returned to the Cap Counterparty (or
      its credit support provider) as a result of (i) the termination of the Cap
      Agreement, (ii) the procurement of a guarantor or (iii) the reinstatement of
      required ratings, shall be released directly to the Cap Counterparty, as
      applicable, pursuant to the terms of the Credit Support Annex.

     

    (h) Upon
      termination of the Trust Fund, any amounts remaining in the Cap Account shall
      be
      distributed pursuant to the priorities set forth in Section
      4.02(e).

     

    (i) 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 X Certificates unless and until
      the date when either (i) there is more than one Class X Certificateholder or
      (ii) any Class of Certificates in addition to the Class X Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes. Neither the Securities Administrator nor the
      Trustee shall be responsible for any entity level tax reporting for the
      Supplemental Interest Trust.

     

    (j) Any
      obligation of the Securities Administrator with respect to the Supplemental
      Interest Trust under the Cap Agreement shall be deemed to be an obligation
      of
      the Supplemental Interest Trust.

     

    (k) In
      the
      event that the Cap Counterparty fails to perform any of its obligations under
      the Cap Agreement (including, without limitation, its obligations to make any
      payment or transfer collateral) or breaches any of its representations and
      warranties under the Cap Agreement, as applicable, or in the event that an
      Event
      of Default, Termination Event, or Additional Termination Event occurs (as such
      terms are defined in the Cap Agreement), the trustee of the Supplemental
      Interest Trust shall, no later than the next Business Day following such
      failure, breach or occurrence, notify the Cap Counterparty and give any notice
      of such failure and make any demand for payment pursuant to the Cap Agreement.
      In the event that the Cap Counterparty’s obligations are at any time guaranteed
      by a third party, then to the extent that the Cap Counterparty fails to make
      any
      payment or delivery required under terms of the Cap Agreement, the trustee
      of
      the Supplemental Interest Trust shall, no later than the next Business Day
      following such failure, demand that such guarantor make any and all payments
      then required to be made by the applicable guarantor.

     

    
      
        
        

      

      
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    Section
      4.07 [Reserved]. 

     

    Section
      4.08 Termination
      Receipts.(a)
      In
      the event of an “Early Termination Event” as defined under the Cap Agreement,
      (i) any Cap Termination Payment made by the Cap Counterparty to the Cap Account
      and paid pursuant to Section 4.02(e)(vii) (“Cap
      Termination Receipts”)
      shall
      be deposited in a segregated non-interest bearing account which shall be an
      Eligible Account established by the Securities Administrator (the “Cap
      Termination Receipts Account”)
      and
      (ii) any amounts received from a replacement cap counterparty (“Cap
      Replacement Receipts”)
      will
      be deposited in a segregated non-interest bearing account which shall be an
      Eligible Account established by the Securities Administrator (the “Cap
      Replacement Receipts Account”).
      The
      Securities Administrator shall invest, or cause to be invested, funds held
      in
      the Cap Termination Receipts Account in time deposits of the Securities
      Administrator as permitted by clause (ii) of the definition of Permitted
      Investments or as otherwise directed in writing by a majority of the
      Certificateholders. All such Permitted Investments must be payable on demand
      or
      mature on a Cap Payment Date, a Distribution Date or such other date as directed
      by the Certificateholders. All such Permitted Investments shall be made in
      the
      name of the Securities Administrator as trustee of the Supplemental Interest
      Trust (in its capacity as such) or its nominee. All income and gain realized
      from any such investment shall be deposited in the Cap Termination Receipts
      Account and all losses, if any, shall be borne by such account. 

     

    (b) Unless
      otherwise permitted by the Rating Agencies as evidenced in a written
      confirmation, the Depositor shall arrange for one or more replacement interest
      rate cap agreements and the Securities Administrator shall promptly, with the
      assistance and cooperation of the Depositor, use amounts on deposit in the
      Cap
      Termination Receipts Account, if necessary, to enter into any such replacement
      interest rate cap agreement which shall be executed and delivered by the
      Securities Administrator as trustee of the Supplemental Interest Trust upon
      receipt of written confirmation from each Rating Agency that any such
      replacement interest rate cap agreement 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.

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    Section
      5.01 The
      Certificates.
      The
      Certificates shall be substantially in the forms attached hereto as exhibits.
      The Certificates shall be issuable in registered form, in the minimum
      denominations, integral multiples in excess thereof (except that one Certificate
      in each Class may be issued in a different amount) and aggregate
      denominations per Class set forth in the Preliminary
      Statement.

     

    The
      Depositor hereby directs the Securities Administrator to register the
      Class X, Class P and Class R Certificates in the name of HSBC
      Securities (USA) Inc. or its designee. On a date as to which the Depositor
      notifies the Securities Administrator, the Securities Administrator shall
      transfer the Class X and Class P Certificates in the name of the NIM
      Trustee, or such other name or names as the Depositor shall request, and to
      deliver the Class X and Class P Certificates to the NIM Trustee or to
      such other Person or Persons as the Depositor shall request.

     

    
      
        
        

      

      
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    Subject
      to Section 11.02 respecting the final distribution on the Certificates, on
      each Distribution Date the Securities Administrator shall make distributions
      to
      each Certificateholder of record on the preceding Record Date either (x) by
      wire transfer in immediately available funds to the account of such holder
      at a
      bank or other entity having appropriate facilities therefor, if such Holder
      has
      so notified the Securities Administrator at least five Business Days prior
      to
      the applicable Distribution Date or (y) by check mailed by first Class mail
      to such Certificateholder at the address of such holder appearing in the
      Certificate Register; provided,
      however,
      so long
      as such Certificate is a Book-Entry Certificate, all distributions on such
      Certificate will be made through the Depository or the Depository Participant.
      

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (b) No
      transfer of a Private Certificate shall be made unless such transfer is made
      pursuant to an effective registration statement under the Securities Act and
      any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such state securities laws. In determining whether a transfer
      is being made pursuant to an effective registration statement, the Securities
      Administrator shall be entitled to rely solely upon a written notice to such
      effect from the Depositor. Except with respect to (i) the transfer of the
      Class X, Class P or Class R Certificates to the Depositor or an
      Affiliate of the Depositor, (ii) the transfer of the Class X or
      Class P Certificates to the NIM Issuer or the NIM Trustee, or (iii) a
      transfer of the Class X or Class P Certificates from the NIM Issuer or
      the NIM Trustee to the Depositor or an Affiliate of the Depositor, in the event
      that a transfer of a Private Certificate which is a Physical Certificate is
      to
      be made in reliance upon an exemption from the Securities Act and such laws,
      in
      order to assure compliance with the Securities Act and such laws, the
      Certificateholder desiring to effect such transfer shall certify to the
      Securities Administrator in writing the facts surrounding the transfer in
      substantially the form set forth in Exhibit H (the “Transferor
      Certificate”)
      and
      either (i) there shall be delivered to the Securities Administrator a
      letter in substantially the form of Exhibit I-A (the “Rule 144A
      Investment Letter”)
      or
      Exhibit I-B (the “Regulation
      S Investment Letter”)
      or
      (ii) there shall be delivered to the Securities Administrator at the
      expense of the transferor an Opinion of Counsel stating that such transfer
      may
      be made without registration under the Securities Act. In the event that a
      transfer of a Private Certificate which is a Book-Entry Certificate is to be
      made in reliance upon an exemption from the Securities Act and such laws, in
      order to assure compliance with the Securities Act and such laws, the
      Certificateholder desiring to effect such transfer will be deemed to have made
      as of the transfer date each of the certifications set forth in the Transferor
      Certificate in respect of such Certificate and the transferee will be deemed
      to
      have made as of the transfer date each of the certifications set forth in the
      Rule 144A Investment Letter or Regulation S Investment Letter, as
      applicable, in respect of such Certificate, in each case as if such Certificate
      were evidenced by a Physical Certificate. As directed by the Depositor, the
      Securities Administrator shall provide to any Holder of a Private Certificate
      and any prospective transferee designated by any such Holder, information
      regarding the related Certificates and the Mortgage Loans and such other
      information as shall be necessary to satisfy the condition to eligibility set
      forth in Rule 144A(d)(4) for transfer of any such Certificate without
      registration thereof under the Securities Act pursuant to the registration
      exemption provided by Rule 144A. The Depositor, the Master Servicer and the
      Trustee shall cooperate with the Securities Administrator in providing the
      Rule 144A information referenced in the preceding sentence, including
      providing to the Securities Administrator such information regarding the
      Certificates, the Mortgage Loans and other matters regarding the Trust Fund
      as
      the Securities Administrator shall reasonably determine to meet its obligation
      under the preceding sentence. Each Holder of a Private Certificate desiring
      to
      effect such transfer shall, and does hereby agree to, indemnify the Securities
      Administrator, the Trustee, the Servicer, the Master Servicer 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.

    

    
      
        
          
          

        

        
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    Except
      with respect to (i) the transfer of the Class X, Class P or
      Class R Certificates to the Depositor or an Affiliate of the Depositor,
      (ii) the transfer of the Class X or Class P Certificates to the
      NIM Issuer or the NIM Trustee, or (iii) a transfer of the Class X or
      Class P Certificates from the NIM Issuer or the NIM Trustee to the
      Depositor or an Affiliate of the Depositor, no transfer of an ERISA-Restricted
      Certificate shall be made unless the Securities Administrator shall have
      received either (i) a representation from the transferee of such
      Certificate acceptable to and in form and substance satisfactory to the
      Securities Administrator (in the event such Certificate is a Private Certificate
      or a Residual Certificate, such requirement is satisfied only by the Securities
      Administrator’s receipt of a representation letter from the transferee
      substantially in the form of Exhibit I-A or Exhibit I-B), to the effect
      that such transferee is not an employee benefit plan or arrangement subject
      to
      Section 406 of ERISA, a plan subject to Section 4975 of the Code or a
      plan subject to any Federal, state or local law (“Similar
      Law”)
      materially similar to the foregoing provisions of ERISA or the Code, nor a
      person acting on behalf of any such plan or arrangement nor using the assets
      of
      any such plan or arrangement to effect such transfer, or (ii) in the case
      of an ERISA-Restricted Certificate (other than a Residual Certificate, Class
      X
      Certificate or a Class P Certificate) that has been the subject of an
      ERISA-Qualifying Underwriting, and the purchaser is an insurance company, a
      representation that the purchaser is an insurance company that is purchasing
      such Certificates with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction
      Class Exemption (“PTCE”)
      95-60)
      and that the purchase and holding of such Certificates are covered under
      Sections I and III of PTCE 95-60 or (iii) in the case of any such
      ERISA-Restricted Certificate other than a Residual Certificate, Class X
      Certificate or Class P Certificate presented for registration in the name
      of an employee benefit plan subject to Title I of ERISA, a plan or
      arrangement subject to Section 4975 of the Code (or comparable provisions
      of any subsequent enactments), or a plan subject to Similar Law, or a trustee
      of
      any such plan or any other person acting on behalf of any such plan or
      arrangement or using such plan’s or arrangement’s assets, an Opinion of Counsel
      satisfactory to the Securities Administrator, which Opinion of Counsel shall
      not
      be an expense of the Depositor, the Trustee, the Master Servicer, the Servicer,
      the Securities Administrator or the Trust Fund, addressed to the Securities
      Administrator, to the effect that the purchase or holding of such
      ERISA-Restricted Certificate will not constitute or result in a non-exempt
      prohibited transaction within the meaning of ERISA, Section 4975 of the
      Code or any Similar Law and will not subject the Trustee, the Depositor, the
      Securities Administrator, the Master Servicer or the Servicer to any obligation
      in addition to those expressly undertaken in this Agreement or to any liability.
      For purposes of the preceding sentence, with respect to an ERISA-Restricted
      Certificate that is not a Physical Certificate or a Residual Certificate, in
      the
      event the representation letter referred to in the preceding sentence is not
      furnished, such representation shall be deemed to have been made to the
      Securities Administrator by the transferee’s (including an initial acquirer’s)
      acceptance of the ERISA-Restricted Certificates. Notwithstanding anything else
      to the contrary herein, (a) any purported transfer of an ERISA-Restricted
      Certificate that is a Physical Certificate, other than a Class P
      Certificate, Class X Certificate or Residual Certificate, to or on behalf of
      an
      employee benefit plan subject to ERISA, the Code or Similar Law without the
      delivery to the Securities Administrator of a representation letter or an
      Opinion of Counsel satisfactory to the Securities Administrator as described
      above shall be void and of no effect and (b) any purported transfer of a
      Class P Certificate, Class X Certificate or Residual Certificate to a
      transferee that does not make the representation in clause (i) above
      shall be void and of no effect.

    

    
      
        
          
          

        

        
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    None
      of
      the Class R, Class X or Class P Certificates may be sold to any
      employee benefit plan subject to Title I of ERISA, any plan subject to
      Section 4975 of the Code, or any plan subject to any Similar Law or any
      person investing on behalf or with plan assets of such plan.

    

    No
      transfer of an ERISA-Restricted Trust Certificate prior to the termination
      of
      the Cap Agreement shall be made unless the Securities Administrator shall have
      received a representation letter from the transferee of such Certificate,
      substantially in the form set forth in Exhibit I-A or Exhibit I-B, to the effect
      that either (i) such transferee is neither an employee benefit plan or
      arrangement subject to Section 406 of ERISA, a plan subject to Section 4975
      of
      the Code or a plan subject to Similar Law nor a Person acting on behalf of
      any
      such Plan or using the assets of any such Plan to effect such transfer or (ii)
      the acquisition and holding of the ERISA-Restricted Trust Certificate are
      eligible for exemptive relief under the statutory exemption for non-fiduciary
      service providers under Section 408(b)(17) of ERISA and Section 4975(d)(20)
      of
      the Code, PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23 or some
      other applicable exemption. Notwithstanding anything else to the contrary
      herein, any purported transfer of an ERISA-Restricted Trust Certificate prior
      to
      the termination of the Cap Agreement on behalf of such Plan without the delivery
      to the Securities Administrator of a representation letter as described above
      shall be void and of no effect. If the ERISA-Restricted Trust Certificate is
      a
      Book-Entry Certificate, the transferee will be deemed to have made a
      representation as provided in clause (i) or (ii) of this paragraph, as
      applicable.

     

    If
      any
      ERISA-Restricted Trust Certificate, or any interest therein, is acquired or
      held
      in violation of the provisions of the preceding paragraph, the next preceding
      permitted beneficial owner will be treated as the beneficial owner of that
      Certificate, retroactive to the date of transfer to the purported beneficial
      owner. Any purported beneficial owner whose acquisition or holding of an
      ERISA-Restricted Trust Certificate, or interest therein, was effected in
      violation of the provisions of the preceding paragraph shall indemnify to the
      extent permitted by law and hold harmless the Depositor, the Securities
      Administrator, the Trustee, the Servicer and the Master Servicer from and
      against any and all liabilities, claims, costs or expenses incurred by such
      parties as a result of such acquisition or holding.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    (iv) Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section 5.02(c) shall be
      absolutely null and void and shall vest no rights in the purported Transferee.
      If any purported transferee shall become a Holder of a Residual Certificate
      in
      violation of the provisions of this Section 5.02(c), then the last
      preceding Permitted Transferee shall be restored to all rights as Holder thereof
      retroactive to the date of registration of Transfer of such Residual
      Certificate. The Securities Administrator shall be under no liability to any
      Person for any registration of Transfer of a Residual Certificate that is in
      fact not permitted by Section 5.02(a) and this Section 5.02(c) or for
      making any payments due on such Certificate to the Holder thereof or taking
      any
      other action with respect to such Holder under the provisions of this Agreement
      so long as the Transfer was registered after receipt of the related Transfer
      Affidavit, Transferor Certificate and the Rule 144A Investment Letter. The
      Securities Administrator shall be entitled but not obligated to recover from
      any
      Holder of a Residual Certificate that was in fact a Non-Permitted Transferee
      at
      the time it became a Holder or, at such subsequent time as it became a
      Non-Permitted Transferee, all payments made on such Residual Certificate at
      and
      after either such time. Any such payments so recovered by the Securities
      Administrator shall be paid and delivered by the Securities Administrator to
      the
      last preceding Permitted Transferee of such Certificate; and

     

    
      
        
        

      

      
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    (v) The
      Depositor shall use its best efforts to make available, upon receipt of written
      request from the Securities Administrator, all information necessary to compute
      any tax imposed under Section 860E(e) of the Code as a result of a Transfer
      of an Ownership Interest in a Residual Certificate to any Holder who is a
      Non-Permitted Transferee.

     

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

     

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

     

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

     

    
      
        
        

      

      
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    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owner. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners it represents
      or of brokerage firms for which it acts as agent in accordance with the
      Depository’s normal procedures.

     

    If
      (x) (i) the Depository or the Depositor advises the Securities
      Administrator in writing that the Depository is no longer willing or able to
      properly discharge its responsibilities as Depository, and (ii) the
      Securities Administrator or the Depositor is unable to locate a qualified
      successor, or (y) the Depositor notifies the Depository (and the Securities
      Administrator consents) of its intent to terminate the book-entry system through
      the Depository and, upon receipt of notice of such intent from the Depository,
      the Depository Participants holding beneficial interests in the Book-Entry
      Certificates agree in writing to initiate such termination, the Securities
      Administrator shall notify all Certificate Owners, through the Depository,
      of
      the occurrence of any such event and of the availability of definitive, fully
      registered Certificates (the “Definitive
      Certificates”)
      to
      Certificate Owners requesting the same. Upon surrender to the Securities
      Administrator of the related Class of Certificates by the Depository,
      accompanied by the instructions from the Depository for registration, the
      Securities Administrator shall issue the Definitive Certificates. None of the
      Servicer, the Depositor or the Securities Administrator shall be liable for
      any
      delay in delivery of such instruction and each may conclusively rely on, and
      shall be protected in relying on, such instructions. The Depositor shall provide
      the Securities Administrator with an adequate inventory of Certificates to
      facilitate the issuance and transfer of Definitive Certificates. Upon the
      issuance of Definitive Certificates all references herein to obligations imposed
      upon or to be performed by the Depository shall be deemed to be imposed upon
      and
      performed by the Securities Administrator, to the extent applicable with respect
      to such Definitive Certificates and the Securities Administrator shall recognize
      the Holders of the Definitive Certificates as Certificateholders hereunder;
      provided,
      that
      the Securities Administrator shall not by virtue of its assumption of such
      obligations become liable to any party for any act or failure to act of the
      Depository.

     

    (f) Each
      Private Certificate presented or surrendered for registration of transfer or
      exchange shall be accompanied by a written instrument of transfer and
      accompanied by IRS Form W-8ECI, W-8BEN, W-8IMY (and all appropriate attachments)
      or W-9 in form satisfactory to the Securities Administrator, duly executed
      by
      the Certificateholder or his attorney duly authorized in writing. Each
      Certificate presented or surrendered for registration of transfer or exchange
      shall be canceled and subsequently disposed of by the Securities Administrator
      in accordance with its customary practice. No service charge shall be made
      for
      any registration of transfer or exchange of Private Certificates, but the
      Securities Administrator may require payment of a sum sufficient to cover any
      tax or governmental charge that may be imposed in connection with any transfer
      or exchange of Private Certificates.

     

    Section
      5.03 Mutilated,
      Destroyed, Lost or Stolen Certificates.
      If
      (a) any mutilated Certificate is surrendered to the Securities
      Administrator, or the Securities Administrator receives evidence to its
      satisfaction of the destruction, loss or theft of any Certificate and
      (b) there is delivered to the Depositor, the Securities Administrator and
      the Trustee such security or indemnity as may be required by them to hold each
      of them harmless, then, in the absence of notice to a Responsible Officer of
      the
      Securities Administrator that such Certificate has been acquired by a bona
      fide
      purchaser, the Securities Administrator shall execute, authenticate and deliver,
      in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
      Certificate, a new Certificate of like Class, tenor and Percentage Interest.
      In
      connection with the issuance of any new Certificate under this
      Section 5.03, the Securities Administrator may require the payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      relation thereto and any other expenses (including the fees and expenses of
      the
      Securities Administrator) connected therewith. Any replacement Certificate
      issued pursuant to this Section 5.03 shall constitute complete and
      indefeasible evidence of ownership, as if originally issued, whether or not
      the
      lost, stolen or destroyed Certificate shall be found at any time.

    

    
      
        
          
          

        

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

     

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

     

    Section
      5.06 Maintenance
      of Office or Agency.
      The
      Securities Administrator will maintain or cause to be maintained at its expense
      an office or offices or agency or agencies where Certificates may be surrendered
      for registration of transfer or exchange. The Securities Administrator initially
      designates its offices located at 111 Wall Street, 15th
      Floor
      Window, New York, New York 10005, Attention: Corporate Trust Services - HALO
      2007-WF1. The Securities Administrator shall give prompt written notice to
      the
      Certificateholders of any change in such location of any such office or
      agency.

     

    
      
        
        

      

      
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    ARTICLE
      VI

     

    THE
      DEPOSITOR AND THE SERVICER

     

    Section
      6.01 Respective
      Liabilities of the Depositor and the Servicer.
      The
      Depositor and the Servicer shall each be liable in accordance herewith only
      to
      the extent of the obligations specifically and respectively imposed upon and
      undertaken by them herein.

     

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

     

    (b) The
      Servicer is and shall continue to be an institution which is a Fannie
      Mae-approved and Freddie Mac-approved seller/servicer, shall maintain a net
      worth of at least $30,000,000 (as determined in accordance with generally
      accepted accounting principles) and shall maintain its license to do business
      or
      service residential mortgage loans in any jurisdictions in which the Mortgaged
      Properties are located.

     

    (c) Any
      Person into which the Depositor or the Servicer may be merged or consolidated,
      or any Person resulting from any merger or consolidation to which the Depositor
      or the Servicer shall be a party, or any person succeeding to the business
      of
      the Depositor or the Servicer, shall be the successor of the Depositor or the
      Servicer, as the case may be, hereunder, without the execution or filing of
      any
      paper or any further act on the part of any of the parties hereto, anything
      herein to the contrary notwithstanding; provided,
      however,
      that
      the successor or surviving Person to the Servicer shall make the covenant set
      forth in Section 6.02(a) and (b).

     

    Section
      6.03 Limitation
      on Liability of the Depositor, the Servicer and Others.Neither
      the Depositor, the Servicer, nor any of their respective directors, officers,
      employees or agents, shall be under any liability to the Certificateholders
      for
      any action taken or for refraining from the taking of any action in good faith
      pursuant to this Agreement, or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Depositor, the Servicer or any such Person
      against any breach of representations or warranties made by it herein or protect
      the Depositor, the Servicer or any such Person from any liability which would
      otherwise be imposed by reasons of willful misfeasance, bad faith or negligence
      (or gross negligence in the case of the Depositor) in the performance of duties
      or by reason of reckless disregard of obligations and duties hereunder. The
      Depositor, its Affiliates, the Servicer and any of their respective directors,
      officers, employees or agents may rely in good faith on any document of any
      kind
      prima facie properly executed and submitted by any Person respecting any matters
      arising hereunder. The Depositor, its Affiliates, the Servicer and any of their
      respective directors, officers, employees or agents shall be indemnified by
      the
      Trust Fund and held harmless against any loss, liability or expense incurred
      in
      connection with any audit, controversy or judicial proceeding relating to a
      governmental taxing authority or any legal action relating to this Agreement
      or
      the Certificates other than any loss, liability or expense related to any
      specific 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 willful misfeasance, bad faith or
      negligence (or gross negligence in the case of the Depositor) in the performance
      of duties hereunder or by reason of reckless disregard of obligations and duties
      hereunder. Neither the Depositor nor the Servicer shall be under any obligation
      to appear in, prosecute or defend any legal action that is not incidental to
      its
      respective duties hereunder and which in its opinion may involve it in any
      expense or liability; provided,
      however,
      that
      the Depositor may in its discretion undertake any such action (or direct the
      Trustee to undertake such actions pursuant to Section 2.03 for the benefit
      of the Certificateholders) that it may deem necessary or desirable in respect
      of
      this Agreement and the rights and duties of the parties hereto and interests
      of
      the Trustee and the Certificateholders hereunder. In such event, the legal
      expenses and costs of such action and any liability resulting therefrom shall
      be
      expenses, costs and liabilities of the Trust Fund, and the Depositor and the
      Servicer shall be entitled to be reimbursed therefor out of the Collection
      Account.

    

    
      
        
          
          

        

        
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    Section
      6.04 Limitation
      on Resignation of the Servicer.Subject
      to Section 7.01, the Servicer shall not assign this Agreement or resign
      from the obligations and duties hereby imposed on it except by mutual consent
      of
      the Servicer, the Depositor, the Master Servicer and the Securities
      Administrator with prior written notice to the Trustee or upon the determination
      that its duties hereunder are no longer permissible under applicable law and
      such incapacity cannot be cured by the Servicer. Any such resignation shall
      not
      relieve the Servicer of responsibility for any of the obligations specified
      in
      Sections 7.01 and 7.02 as obligations that survive the resignation or
      termination of the Servicer. Any such determination permitting the resignation
      of the Servicer shall be evidenced by an Opinion of Counsel to such effect
      delivered to the Depositor, the Securities Administrator, the Trustee and the
      Master Servicer which Opinion of Counsel shall be in form and substance
      acceptable to the Depositor, the Securities Administrator and the Master
      Servicer. No such resignation shall become effective until a successor shall
      have assumed the Servicer’s responsibilities and obligations
      hereunder.

     

    Section
      6.05 Additional
      Indemnification by the Servicer; Third Party Claims.Notwithstanding
      the limitations set forth in Section 6.03, the Servicer shall indemnify the
      Depositor, the Master Servicer, the Securities Administrator, the Trustee,
      the
      Trust Fund and any Affiliate, director, officer, employee or agent of the
      Depositor and hold each of them harmless against any and all claims, losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments, and any other costs, fees and expenses that any of
      them may sustain in any way related to any breach by the Servicer, of
      (i) any of its representations and warranties referred to in
      Section 2.03(a), (ii) any error in any tax or information return
      prepared by the Servicer, (iii) the failure of the Servicer to perform its
      duties and service the Mortgage Loans in compliance with the terms of this
      Agreement or (iv) any failure by the Servicer, any Subservicer or any
      Subcontractor to deliver any information, report, certification, accountants’
letter or other material when and as required under this Agreement, including
      any report under Sections 3.22, 3.23, 3.24 and 3.29 or any failure by the
      Servicer to identify pursuant to Section 3.02(c) any Subcontractor that is
      a
      Servicing Function Participant. The Servicer immediately shall notify the
      Depositor, the Master Servicer, the Securities Administrator and the Trustee
      if
      a claim is made by a third party with respect to this Agreement or the Mortgage
      Loans, assume (solely with the prior written consent of the indemnified party
      in
      the event of an indemnified claim) the defense of any such claim and pay all
      expenses in connection therewith, including counsel fees, and promptly pay,
      discharge and satisfy any judgment or decree which may be entered against it
      or
      the Depositor, the Master Servicer, the Securities Administrator or the Trustee
      in respect of such claim. In the case of any failure of performance described
      in
      clause (iv) of this Section 6.05, the Servicer shall promptly reimburse the
      Trustee, the Master Servicer, the Securities Administrator or the Depositor,
      as
      applicable, and each Person responsible for the preparation, execution or filing
      of any report required to be filed with the Commission with respect to the
      transaction relating to this Agreement, or for execution of a certification
      pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect
      to this transaction, for all costs reasonably incurred by each such party in
      order to obtain the information, report, certification, accountants’ letter or
      other material not delivered as required by the Servicer, any Subservicer or
      any
      Subcontractor. This indemnity shall survive the termination of this Agreement
      and the earlier resignation or removal of the Servicer and the parties
      indemnified by the Servicer under this paragraph.

    

    
      
        
          
          

        

        
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    Section
      6.06 Compliance
      with Regulation AB; Cooperation of Parties.
      Notwithstanding any other provision of this Agreement, the Servicer acknowledges
      and agrees that the purpose of Sections 3.02, 3.22, 3.23, 3.24, 3.29, 6.05,
      7.01(i) and 8.12 and Exhibit S of this Agreement is to facilitate compliance
      by
      the Securities Administrator, the Master Servicer and the Depositor with the
      provisions of Regulation AB. Therefore, the Servicer agrees that (a) the
      obligations of the Servicer hereunder shall be interpreted in such a manner
      as
      to accomplish that purpose, (b) such obligations may change over time due to
      interpretive advice or guidance of the Commission, 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 Servicer
      shall agree to enter into such amendments to this Agreement as may be necessary,
      in the judgment of the Servicer, the Depositor, the Master Servicer and the
      Securities Administrator and their respective counsel, to comply with such
      interpretive advice or guidance, convention, consensus, advice of counsel,
      or
      otherwise, (d) the Servicer shall otherwise comply with requests made by the
      Securities Administrator, the Master Servicer or the Depositor, and mutually
      agreed upon by the Servicer, for delivery of additional or different information
      reasonably available to the Servicer as such parties may determine in good
      faith
      is necessary to comply with the provisions of Regulation AB and (e) the
      Servicer shall (i) agree to such modifications and enter into such amendments
      to
      this Agreement as may be necessary, in the judgment of the Depositor, the Master
      Servicer and
      the
      Securities Administrator and
      their
      respective counsel
      and
      mutually agreed upon by the Servicer, to
      comply
      with any such clarification, interpretive guidance, convention or consensus
      and
      (ii) promptly
      upon request provide to the Depositor or the Securities Administrator for
      inclusion in any periodic report required to be filed under the Securities
      Exchange Act, such items of information reasonably available to the Servicer
      regarding this Agreement and matters related to the Servicer (collectively,
      the
“Servicer Information”), provided
      that
      such
      information shall be required to be provided by the Servicer only to the extent
      that such shall be determined by the Depositor or the Master Servicer in its
      sole discretion and its counsel to be necessary or advisable to comply with
      any
      Commission and industry guidance and convention.

     

    
      
        
        

      

      
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    ARTICLE
      VII

     

    DEFAULT

     

    Section
      7.01 Events
      of Default.
      “Event
      of Default,”
      wherever used herein, means any one of the following events:

     

    (a) any
      failure by the Servicer to remit to the Master Servicer any payment required
      to
      be made under the terms of this Agreement which continues unremedied for a
      period of two Business Days after the date upon which written notice of such
      failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Depositor or by the Master Servicer, or to the Servicer, the
      Depositor, the Master Servicer, the Securities Administrator and the Trustee
      by
      Certificateholders entitled to at least 25.00% of the Voting Rights in the
      Certificates; or

     

    (b) subject
      to clause (i) of this Section 7.01, the failure on the part of the Servicer
      duly
      to observe or perform in any material respect any other of the covenants or
      agreements on the part of the Servicer set forth in this Agreement which
      continues unremedied for a period of sixty days (except that such
      number of days shall be fifteen in the case of a failure to pay any premium
      for
      any insurance policy required to be maintained under this Agreement)
      after the earlier of (i) the date on which written notice of such
      failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Depositor or by the Master Servicer, or to the Servicer, the
      Depositor, the Master Servicer, the Securities Administrator and the Trustee
      by
      Certificateholders entitled to at least 25.00% of the Voting Rights in the
      Certificates and (ii) actual knowledge of such failure by a Servicing
      Officer of the Servicer; or

     

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

     

    (d) the
      Servicer shall consent to the appointment of a conservator or receiver or
      liquidator in any insolvency, bankruptcy, 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

     

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

     

    (f) any
      failure of the Servicer to make any P&I Advance on any Remittance Date
      required to be made from its own funds pursuant to Section 4.01 which
      continues unremedied for one Business Day immediately following the Remittance
      Date; or

     

    
      
        
        

      

      
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      (g) a
        breach
        of any representation and warranty of the Servicer referred to in
        Section 2.03(a) (including those representations and warranties set forth
        in Exhibit Q and referenced therein), which materially and adversely affects
        the
        interests of the Certificateholders and which continues unremedied for a
        period
        of thirty days after the date upon which written notice of such breach is
        given to the Servicer by the Master Servicer or by the Depositor, or to the
        Servicer, the Master Servicer, the Depositor, the Securities Administrator
        and
        the Trustee by Certificateholders entitled to at least 25.00% of the Voting
        Rights in the Certificates; or

    

     

    (h) Fitch
      reduces its primary subprime servicer rating of the Servicer to “RPS3-“ or
      lower, Moody’s reduces its primary subprime servicer rating of the Servicer to
“SQ3” or lower, or Standard & Poor’s reduces its primary subprime servicer
      rating of the Servicer to “Average” or lower, and any such downgrade continues
      unremedied for a period of ninety days; or 

     

    (i) any
      failure by the Servicer to duly perform, within the required time period, its
      obligations under Sections 3.02, 3.22, 3.23, 3.24, 3.29 or 8.12, or any other
      information, data or materials required to be provided hereunder, including
      any
      items required to be included in any Exchange Act report; provided, that in
      any
      given year in which the Servicer has received written confirmation from the
      Depositor that a Form 10-K is not required to be filed with the Commission
      in
      respect of the Trust for the preceding calendar year, there shall be a ten
      (10)
      day cure period applicable to the reporting requirements under Section 3.22
      and
      3.23; or

     

    If
      an
      Event of Default described in clauses (a) through (i) of this
      Section 7.01 shall occur, then, and in each and every such case, so long as
      such Event of Default shall not have been remedied, the Master Servicer (or,
      if
      the Master Servicer and the Servicer are the same entity, the Trustee) may,
      or
      at the direction of a majority of the Voting Rights shall, by notice in writing
      to the Servicer related to such Event of Default (with a copy to each Rating
      Agency and the Cap Counterparty), terminate all of the rights and obligations
      of
      the Servicer under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof, other than its rights as a Certificateholder hereunder;
provided,
      however,
      that
      the Master Servicer or the Trustee (as successor master servicer), as
      applicable, shall not be required to give written notice to the Servicer of
      the
      occurrence of an Event of Default described in clauses (b) through
      (i) of this Section 7.01 unless and until a Responsible Officer of the
      Master Servicer or the Trustee (as successor master servicer), as applicable,
      has actual knowledge of the occurrence of such an event; provided further,
      that
      the Depositor shall give written notice to the Servicer, Master Servicer and
      the
      Trustee of the occurrence of an Event of Default described in
      clause (h) of this Section 7.01 upon obtaining actual knowledge
      of the occurrence of such an event. In the event that a Responsible Officer
      of
      the Master Servicer or the Trustee (as successor master servicer), as
      applicable, has actual knowledge of the occurrence of an event of default
      described in clause (a) or (f) of this Section 7.01, the Master
      Servicer or the Trustee (as successor master servicer), as applicable, shall
      give written notice to the Servicer of the occurrence of such an event within
      one Business Day of the first day on which such Responsible Officer obtains
      actual knowledge of such occurrence. On and after receipt by the Servicer of
      such written notice, all authority and power of the Servicer hereunder, whether
      with respect to the Mortgage Loans or otherwise, shall pass to and be vested
      in
      the Master Servicer or the Trustee (as successor master servicer), as
      applicable. Subject to Section 7.02, the Master Servicer or the Trustee (as
      successor master servicer), as applicable, 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 or
      assignment of the Mortgage Loans and related documents, or otherwise. Unless
      expressly provided in such written notice, no such termination shall affect
      any
      obligation of the Servicer to pay amounts owed pursuant to Article VIII.
      The Servicer agrees to cooperate with the Master Servicer or the Trustee, as
      applicable, in effecting the termination of the Servicer’s responsibilities and
      rights hereunder, including, without limitation, the transfer to the Master
      Servicer or the Trustee (as successor master servicer), as applicable, of all
      cash amounts which shall at the time be credited to the Collection Account,
      or
      thereafter be received with respect to the Mortgage Loans.

     

    
      
        
        

      

      
        -99-

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
      any termination of the activities of the Servicer hereunder, the Servicer shall
      be entitled to receive from the Trust Fund, prior to transfer of its servicing
      obligations hereunder, payment of all accrued and unpaid Servicing Fees and
      reimbursement for all outstanding P&I Advances and Servicing
      Advances.

     

    Section
      7.02 Master
      Servicer to Act; Appointment of Successor.
      On and
      after the time the Servicer receives a notice of termination pursuant to
      Section 3.25 or Section 7.01, the Master Servicer or the Trustee (as
      successor master servicer), as applicable, shall, subject to and to the extent
      provided in Section 3.05, and subject to the rights of the Master Servicer
      or the Trustee (as successor master servicer), as applicable, to appoint a
      successor servicer pursuant to this Section 7.02, be the successor to the
      Servicer in its capacity as servicer under this Agreement and the transactions
      set forth or provided for herein and shall be subject to all the
      responsibilities, duties and liabilities relating thereto placed on the Servicer
      by the terms and provisions hereof and applicable law, including the obligation
      to make P&I Advances and Servicing Advances pursuant to Section 3.25 or
      Section 7.01. It is understood and acknowledged by the parties hereto that
      there will be a period of transition before the transfer of servicing
      obligations is fully effective. Notwithstanding the foregoing, the Master
      Servicer or the Trustee (as successor master servicer), as applicable, will
      have
      a period (not to exceed 90 days) to complete the transfer of all servicing
      data and correct or manipulate such servicing data as may be required by the
      Master Servicer or the Trustee (as successor master servicer), as applicable,
      to
      correct any errors or insufficiencies in the servicing data or otherwise enable
      the Master Servicer or the Trustee (as successor master servicer), as
      applicable, to service the Mortgage Loans in accordance with Accepted Servicing
      Practices. As compensation therefor, the Master Servicer or the Trustee (as
      successor master servicer), as applicable, shall be entitled to all funds
      relating to the Mortgage Loans that the Servicer would have been entitled to
      charge to the Collection Account if the Servicer had continued to act hereunder
      including, if the Servicer was receiving the Servicing Fee, the Servicing Fee
      and the income on investments or gain related to the Collection Account which
      the Servicer would be entitled to receive. Notwithstanding the foregoing, if
      the
      Master Servicer or the Trustee (as successor master servicer), as applicable,
      has become the successor to the Servicer in accordance with Section 7.01,
      the master servicer or the Trustee (as successor master servicer), as
      applicable, may, if it shall be unwilling to so act, or shall, if it is
      prohibited by applicable law from making P&I Advances and Servicing Advances
      pursuant to Section 4.01, if it is otherwise unable to so act, or at the
      written request of Certificateholders entitled to at least a majority of the
      Voting Rights, appoint, or petition a court of competent jurisdiction to
      appoint, any established mortgage loan servicing institution the appointment
      of
      which does not adversely affect the then current rating of the Certificates
      by
      each Rating Agency, as the successor to the Servicer hereunder in the assumption
      of all or any part of the responsibilities, duties or liabilities of the
      Servicer hereunder. Any successor to the Servicer shall make the covenant set
      forth in Section 6.02(b). Any successor to the Servicer shall be an
      institution which is willing to service the Mortgage Loans and which executes
      and delivers to the Depositor and the Master Servicer and the Trustee (as
      successor master servicer) an agreement accepting such delegation and
      assignment, containing an assumption by such Person of the rights, powers,
      duties, responsibilities, obligations and liabilities of the Servicer (other
      than liabilities of the Servicer under Section 6.03 incurred prior to
      termination of the Servicer under Section 7.01), with like effect as if
      originally named as a party to this Agreement; provided,
      that
      each Rating Agency acknowledges that its rating of the Certificates in effect
      immediately prior to such assignment and delegation will not be qualified or
      reduced, as a result of such assignment and delegation. Pending appointment
      of a
      successor to the Servicer hereunder, the Master Servicer or the Trustee (as
      successor master servicer), as applicable, unless such party is prohibited
      by
      law from so acting, shall, subject to Section 3.05, act in such capacity as
      hereinabove provided. In connection with such appointment and assumption, the
      Master Servicer or the Trustee (as successor master servicer), as applicable,
      may make such arrangements for the compensation of such successor out of
      payments on Mortgage Loans as it and such successor shall agree; provided,
      however,
      that no
      such compensation shall be in excess of the Servicing Fee Rate and amounts
      paid
      to the Servicer from investments. The Master Servicer or the Trustee (as
      successor master servicer), as applicable, and such successor servicer shall
      take such action, consistent with this Agreement, as shall be necessary to
      effectuate any such succession. Neither the Master Servicer, the Trustee (as
      successor master servicer), nor any other successor to the Servicer shall be
      deemed to be in default hereunder by reason of any failure to make, or any
      delay
      in making, any distribution hereunder or any portion thereof or any failure
      to
      perform, or any delay in performing, any duties or responsibilities hereunder,
      in either case caused by the failure of the Servicer to deliver or provide,
      or
      any delay in delivering or providing, any cash, information, documents or
      records to it.

    

    
      
        
          
          

        

        
          -100-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Notwithstanding
      the foregoing, the parties hereto agree that the Master Servicer or the Trustee
      (as successor master servicer), as applicable, in its capacity as successor
      servicer, immediately shall assume all of the obligations of the Servicer to
      make Advances and the Master Servicer or the Trustee (as successor master
      servicer), as applicable, will assume the other duties of the Servicer as soon
      as practicable, but in no event later than 90 days after the Master Servicer
      or
      the Trustee (as successor master servicer), as applicable, becomes successor
      servicer pursuant to the preceding paragraph. If the Master Servicer or the
      Trustee (as successor master servicer) as applicable, acts as a successor
      servicer, it will have no obligation to make an Advance if it determines in
      its
      reasonable judgment that such Advance is nonrecoverable. Notwithstanding the
      foregoing, the Master Servicer or the Trustee (as successor master servicer),
      as
      applicable, 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; provided,
      however,
      that
      any failure to perform any duties or responsibilities caused by the Servicer’s
      failure to provide information required by this Agreement shall not be
      considered a default by the Trustee (as successor master servicer) hereunder.
      In
      the Trustee’s capacity as such successor, the Trustee (as successor master
      servicer) shall have the same limitations on liability herein granted to the
      Servicer.

     

    
      
        
        

      

      
        -101-

        
          

        

      

      
        
        

      

    

     

    In
      the
      event that the Servicer is terminated pursuant to Section 7.01, the
      terminated Servicer shall provide notices to the Mortgagors, transfer the
      Servicing Files to a successor servicer and pay all of its own out-of-pocket
      costs and expenses at its own expense. In addition, in the event that the
      Servicer is terminated pursuant to Section 7.01, the terminated Servicer
      shall pay all reasonable out-of-pocket costs and expenses of a servicing
      transfer incurred by parties other than the terminated Servicer (including
      without limitation, any costs or expenses associated with the complete transfer
      of all servicing data and the completion, correction or manipulation of such
      servicing data, as may be required by the Master Servicer or the Trustee (as
      successor master servicer), as applicable, to correct any errors or
      insufficiencies in the servicing data or otherwise to enable the Master Servicer
      or the Trustee (as successor master servicer), as applicable, to service the
      Mortgage Loans properly and effectively), promptly upon presentation of
      reasonable documentation of such costs. If the Master Servicer or the Trustee
      (as successor master servicer), as applicable, is the terminated Servicer
      (except in the case where the Master Servicer in its role as successor servicer
      is being terminated pursuant to Section 7.01 by reason of an Event of
      Default caused solely by the Master Servicer as the successor servicer and
      not
      by the predecessor Servicer’s actions or omissions), such costs shall be paid by
      the prior terminated Servicer promptly upon presentation of reasonable
      documentation of such costs. If the terminated Servicer defaults in its
      obligation to pay such costs and expenses, the same shall be paid by the
      successor servicer, the Master Servicer or the Trustee (as successor Master
      Servicer), in which case the successor servicer, the Master Servicer or the
      Trustee (as successor master servicer), as applicable, shall be entitled to
      reimbursement therefor from the Trust Fund.

     

    Any
      successor to the Servicer as servicer shall give notice to the Mortgagors of
      such change of servicer and shall, during the term of its service as servicer,
      maintain in force the policy or policies that the Servicer is required to
      maintain pursuant to Section 3.13.

     

    Section
      7.03 Notification
      to Certificateholders.
      (a)  Upon any termination of or appointment of a successor to the
      Servicer, the Securities Administrator shall give prompt written notice thereof
      to Certificateholders, each Rating Agency and the Cap Counterparty.

     

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

     

    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE

     

    Section
      8.01 Duties
      of the Trustee.
      The
      Trustee, before the occurrence of a Master Servicer Event of Default and after
      the curing of all Master Servicer Events of Default that may have occurred,
      shall undertake to perform such duties and only such duties as are specifically
      set forth in this Agreement. In case a Master Servicer Event of Default has
      occurred and remains uncured, the Trustee shall exercise such of the rights
      and
      powers vested in it by this Agreement, and use the same degree of care and
      skill
      in their exercise as a prudent person would exercise or use under the
      circumstances in the conduct of such person’s own affairs.

     

    
      
        
        

      

      
        -102-

        
          

        

      

      
        
        

      

    

     

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

     

    No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own willful misconduct.

     

    Unless
      an
      Event of Default known to the Trustee has occurred and is
      continuing:

     

    (a) the
      duties and obligations of the Trustee shall be determined solely by the express
      provisions of this Agreement, the Trustee shall not be liable except for the
      performance of the duties and obligations specifically set forth in this
      Agreement, no implied covenants or obligations shall be read into this Agreement
      against the Trustee, and the Trustee may conclusively rely, as to the truth
      of
      the statements and the correctness of the opinions expressed therein, upon
      any
      certificates or opinions furnished to the Trustee and conforming to the
      requirements of this Agreement which it believes in good faith to be genuine
      and
      to have been duly executed by the proper authorities respecting any matters
      arising hereunder;

     

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

     

    (c) the
      Trustee shall not be liable with respect to any action taken, suffered, or
      omitted to be taken by it in good faith in accordance with the direction of
      the
      Holders of Certificates evidencing not less than 25.00% of the Voting Rights
      of
      Certificates relating to the time, method, and place of conducting any
      proceeding for any remedy available to the Trustee, or exercising any trust
      or
      power conferred upon the Trustee under this Agreement.

     

    Section
      8.02 Certain
      Matters Affecting the Trustee.
      Except
      as otherwise provided in Section 8.01:

     

    (a) the
      Trustee may rely upon and shall be protected in acting or refraining from acting
      upon any resolution, Officer’s Certificate, certificate of auditors or any other
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, appraisal, bond or other paper or document believed by it to be genuine
      and to have been signed or presented by the proper party or parties and the
      Trustee shall have no responsibility to ascertain or confirm the genuineness
      of
      any signature of any such party or parties;

     

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

     

    
      
        
        

      

      
        -103-

        
          

        

      

      
        
        

      

    

     

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

     

    (d) the
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, consent, order, approval, bond or other paper or document,
      unless requested in writing to do so by the Holders of Certificates evidencing
      not less than 25.00% of the Voting Rights allocated to each Class of
      Certificates;

     

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

     

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

     

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

     

    (h) unless
      a
      Responsible Officer of the Trustee has actual knowledge of the occurrence of
      a
      Master Servicer Event of Default or an Event of Default, the Trustee shall
      not
      be deemed to have knowledge of a Master Servicer Event of Default or an Event
      of
      Default until a Responsible Officer of the Trustee shall have received written
      notice thereof;

     

    (i) the
      Trustee shall be under no obligation to exercise any of the trusts, rights
      or
      powers vested in it by this Agreement or to institute, conduct or defend any
      litigation hereunder or in relation hereto at the request, order or direction
      of
      any of the Certificateholders, pursuant to this Agreement, unless such
      Certificateholders shall have offered to the Trustee reasonable security or
      indemnity satisfactory to the Trustee against the costs, expenses and
      liabilities which may be incurred therein or thereby; and

     

    (j) if
      the
      Trustee, in its role as successor master servicer under this Agreement, assumes
      the servicing or master servicing with respect to any of the Mortgage Loans,
      it
      shall not assume liability for the representations and warranties of the
      Servicer or Master Servicer, as applicable, or for any errors or omissions
      of a
      Servicer or Master Servicer, as applicable.

     

    (k) In
      order
      to comply with laws, rules, regulations and executive orders in effect from
      time
      to time applicable to banking institutions, including those relating to the
      funding of terrorist activities and money laundering (“Applicable Law”), the
      Trustee is required to obtain, verify and record certain information relating
      to
      individuals and entities which maintain a business relationship with the
      Trustee. Accordingly, each of the parties agrees to provide to the Trustee
      upon
      its request from time to time such identifying information and documentation
      as
      may be available to such party in order to enable the Trustee to comply with
      Applicable Law.

     

    
      
        
        

      

      
        -104-

        
          

        

      

      
        
        

      

    

     

    Section
      8.03 Trustee
      Not Liable for Certificates or Mortgage Loans.
      The
      recitals contained herein and in the Certificates shall be taken as the
      statements of the Depositor and the Trustee assumes no responsibility for their
      correctness. The Trustee makes no representations as to the validity or
      sufficiency of this Agreement, the Cap Agreement or of the Certificates or
      of
      any Mortgage Loan or related document. The Trustee shall not be accountable
      for
      the use or application by the Depositor, the Master Servicer, the Servicer,
      the
      Securities Administrator or the Cap Counterparty of any funds paid to the
      Depositor, the Master Servicer, the Servicer, the Securities Administrator
      or
      the Cap Counterparty in respect of the Mortgage Loans or deposited in or
      withdrawn from the Collection Account, the Master Servicing Account, the
      Distribution Account or any other fund or account with respect to the
      Certificates by the Depositor, the Master Servicer, the Servicer, the Securities
      Administrator or the Cap Counterparty.

     

    The
      Trustee shall have no responsibility for filing or recording any financing
      or
      continuation statement in any public office at any time or to otherwise perfect
      or maintain the perfection of any security interest or lien granted to it
      hereunder.

     

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

     

    Section
      8.05 Trustee’s
      Fees Indemnification and Expenses.
      (a) As compensation for its activities under this Agreement, the Trustee
      shall be paid its fee by the Sponsor from the Sponsor’s own funds pursuant to a
      separate agreement. The Trustee shall have no lien on the Trust Fund for the
      payment of such fees. 

     

    (b) The
      Trustee shall be entitled to be reimbursed, from funds on deposit in the
      Distribution Account, amounts sufficient to indemnify and hold harmless the
      Trustee and any director, officer, employee, or agent of the Trustee against
      any
      loss, liability, or expense (including reasonable attorneys’ fees) incurred in
      connection with any claim or legal action relating to:

     

    
      	 	
              (i)

            	
              this
                Agreement,

            

    

     

    
      	 	
              (ii)

            	
              the
                Certificates, or

            

    

     

    
      	 	
              (iii)

            	
              the
                performance of any of the Trustee’s duties under this
                Agreement,

            

    

     

    other
      than any loss, liability, or expense (i) resulting from any breach of the
      Servicer’s obligations in connection with this Agreement for which the Servicer
      has performed its obligation to indemnify the Trustee pursuant to
      Section 6.05, (ii) resulting from any breach of the Originator’s
      obligations in connection with this Agreement for which the Originator has
      performed its obligation to indemnify the Trustee pursuant to
      Section 2.03(h), (iii) resulting from any breach of the Master
      Servicer’s obligation hereunder for which the Master Servicer has performed its
      obligation to indemnify the Trustee pursuant to this Agreement or
      (iv) incurred because of willful misconduct, bad faith, or negligence in
      the performance of any of the Trustee’s duties under this Agreement. Without
      limiting the foregoing, except as otherwise agreed upon in writing by the
      Depositor and the Trustee, and except for any expense, disbursement, or advance
      arising from the Trustee’s negligence, bad faith, or willful misconduct, the
      Trust Fund shall pay or reimburse the Trustee for all reasonable expenses,
      disbursements, and advances incurred or made by the Trustee in accordance with
      this Agreement with respect to:

     

    
      
        
        

      

      
        -105-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    The
      Trustee’s right to indemnity and reimbursement under this Section 8.05(b) shall
      survive the termination of this Agreement and the resignation or removal of
      the
      Trustee under this Agreement. 

     

    Except
      as
      otherwise provided in this Agreement or a separate letter agreement between
      the
      Trustee and the Depositor, the Trustee shall not be entitled to payment or
      reimbursement for any routine ongoing expenses incurred by the Trustee in the
      ordinary course of its duties as Trustee under this Agreement or for any other
      routine expenses incurred by the Trustee; provided,
      further,
      that no
      expense shall be reimbursed hereunder if it would not constitute an
“unanticipated expense incurred by the REMIC” within the meaning of the REMIC
      Provisions.

     

    The
      Trustee shall not be (a) liable for any acts or omissions of the Servicer (other
      than where the Trustee (as successor master servicer) is such Servicer), (b)
      obligated to make any Advance if it is prohibited from doing so under applicable
      law, (c) responsible for expenses of the Servicer (other than where the Trustee
      (as successor master servicer) is such Servicer) pursuant to the terms of this
      Agreement, (d) liable for any amount necessary to induce any successor servicer
      to act as successor servicer under this Agreement and enter into the
      transactions set forth or provided for therein.

     

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

     

    
      
        
        

      

      
        -106-

        
          

        

      

      
        
        

      

    

     

    Section
      8.07 Resignation
      and Removal of the Trustee.
      The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice of resignation to the Depositor, the Master Servicer,
      the Securities Administrator and each Rating Agency not less than 60 days
      before the date specified in such notice, when, subject to Section 8.08,
      such resignation is to take effect and acceptance by a successor trustee in
      accordance with Section 8.08 meeting the qualifications set forth in
      Section 8.06. If no successor trustee meeting such qualifications shall
      have been so appointed and have accepted appointment within 30 days after
      the giving of such notice or resignation, the resigning Trustee may petition
      any
      court of competent jurisdiction for the appointment of a successor
      trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with Section 8.06
      and shall fail to resign after written request thereto by the Depositor, or
      if
      at any time the Trustee shall become incapable of acting, or shall be adjudged
      as bankrupt or insolvent, or a receiver of the Trustee or of its property shall
      be appointed, or any public officer shall take charge or control of the Trustee
      or of its property or affairs for the purpose of rehabilitation, conservation
      or
      liquidation, or a tax is imposed with respect to the Trust Fund by any state
      in
      which the Trustee or the Trust Fund is located and the imposition of such tax
      would be avoided by the appointment of a different trustee, then the Depositor
      or the Servicer may remove the Trustee and, subject to the approval of the
      Rating Agencies, appoint a successor trustee by written instrument, in
      triplicate, one copy of which shall be delivered to the Trustee, one copy to
      the
      Servicer and one copy to the successor trustee.

     

    The
      Holders of Certificates entitled to at least a majority of the Voting Rights
      may
      at any time remove the Trustee and, subject to the approval of the Rating
      Agencies, appoint a successor trustee by written instrument or instruments,
      in
      triplicate, signed by such Holders or their attorneys-in-fact duly authorized,
      one complete set of which shall be delivered by the successor Trustee to the
      Servicer, one complete set to the Trustee so removed and one complete set to
      the
      successor so appointed. The successor trustee shall notify each Rating Agency
      of
      any removal of the Trustee.

     

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

     

    Section
      8.08 Successor
      Trustee.
      Any
      successor trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the Depositor and to its predecessor trustee and
      the
      Servicer an instrument accepting such appointment hereunder and thereupon the
      resignation or removal of the predecessor trustee shall become effective and
      such successor trustee, without any further act, deed or conveyance, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder, with like effect as if originally named as trustee
      herein. The Depositor and the predecessor trustee shall execute and deliver
      such
      instruments and do such other things as may reasonably be required for more
      fully and certainly vesting and confirming in the successor trustee all such
      rights, powers, duties, and obligations.

     

    
      
        
        

      

      
        -107-

        
          

        

      

      
        
        

      

    

     

    No
      successor trustee shall accept appointment as provided in this Section 8.08
      unless at the time of its acceptance, the successor trustee is eligible under
      Section 8.06 and its appointment does not adversely affect then the current
      rating of the Certificates.

     

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

     

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

     

    Section
      8.10 Appointment
      of Co-Trustee or Separate Trustee.
      Notwithstanding any other provisions of this Agreement, at any time, for the
      purpose of meeting any legal requirements of any jurisdiction in which any
      part
      of the Trust Fund or property securing any Mortgage Note may at the time be
      located, the Trustee shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee to act as
      co-trustee or co-trustees jointly with the Trustee, or separate trustee or
      separate trustees, of all or any part of the Trust Fund, and to vest in such
      Person or Persons, in such capacity and for the benefit of the
      Certificateholders, such title to the Trust Fund or any part thereof, whichever
      is applicable, and, subject to the other provisions of this Section 8.10,
      such powers, duties, obligations, rights and trusts as the Servicer and the
      Trustee may consider appropriate. No co-trustee or separate trustee hereunder
      shall be required to meet the terms of eligibility as a successor trustee under
      Section 8.06 and no notice to Certificateholders of the appointment of any
      co-trustee or separate trustee shall be required under
      Section 8.08.

     

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

     

    (a) To
      the
      extent necessary to effectuate the purposes of this Section 8.10, all
      rights, powers, duties and obligations conferred or imposed upon the Trustee,
      except for the obligation of the Trustee (as successor master servicer) under
      this Agreement to advance funds on behalf of the Master Servicer, 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 Master Servicer hereunder), the Trustee
      shall be incompetent or unqualified to perform such act or acts, in which event
      such rights, powers, duties and obligations (including the holding of title
      to
      the applicable Trust Fund or any portion thereof in any such jurisdiction)
      shall
      be exercised and performed singly by such separate trustee or co-trustee, but
      solely at the direction of the Trustee;

     

    
      
        
        

      

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

     

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

     

    (d) The
      Trust
      Fund, and not the Trustee, shall be liable for the payment of reasonable
      compensation, reimbursement and indemnification to any such separate trustee
      or
      co-trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the separate trustees and co-trustees, when and as
      effectively as if given to each of them. Every instrument appointing any
      separate trustee or co-trustee shall refer to this Agreement and the conditions
      of this Article 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 and
      indemnity to, the Trustee. Every such instrument shall be filed with the Trustee
      and a copy thereof given to the Master Servicer and the Depositor.

     

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

     

    Section
      8.11 Tax
      Matters.
      It is
      intended that the assets with respect to which any REMIC election pertaining
      to
      the Trust Fund is to be made, as set forth in the Preliminary Statement, shall
      constitute, and that the conduct of matters relating to such assets shall be
      such as to qualify such assets as, a “real estate mortgage investment conduit”
as defined in and in accordance with the REMIC Provisions. In furtherance of
      such intention, the Securities Administrator covenants and agrees that it shall
      act as agent (and the Securities Administrator is hereby appointed to act as
      agent) on behalf of each REMIC created hereunder and that in such capacity
      it
      shall:

     

    (a) prepare
      and file in a timely manner, a U.S. Real Estate Mortgage Investment Conduit
      (REMIC) Income Tax Return (Form 1066 or any successor form adopted by the
      Internal Revenue Service), which return the Trustee shall sign upon receipt
      from
      the Securities Administrator, and the Securities Administrator shall prepare
      and
      file with the Internal Revenue Service and applicable state or local tax
      authorities income tax or information returns for each taxable year with respect
      to each REMIC hereunder containing such information and at the times and in
      the
      manner as may be required by the Code or state or local tax laws, regulations,
      or rules, and furnish to Certificateholders the schedules, statements or
      information at such times and in such manner as may be required
      thereby;

     

    
      
        
        

      

      
        -109-

        
          

        

      

      
        
        

      

    

     

    (b) within
      thirty days of the Closing Date, apply for an employer identification
      number from the Internal Revenue Service via Form SS-4 or any other
      acceptable method for all tax entities and shall also furnish to the Internal
      Revenue Service, on Form 8811 or as otherwise may be required by the Code,
      the name, title, address, and telephone number of the person that the holders
      of
      the Certificates may contact for tax information relating thereto, together
      with
      such additional information as may be required by such Form, and update such
      information at the time or times in the manner required by the
      Code;

     

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

     

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

     

    (e) provide
      information necessary for the computation of tax imposed on the transfer of
      a
      Residual Certificate to a Person that is a Non-Permitted Transferee, or an
      agent
      (including a broker, nominee or other middleman) of a Non-Permitted Transferee,
      or a pass-through entity in which a Non-Permitted Transferee is the record
      holder of an interest (the reasonable cost of computing and furnishing such
      information may be charged to the Person liable for such tax);

     

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

     

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

     

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

     

    
      
        
        

      

      
        -110-

        
          

        

      

      
        
        

      

    

     

    (i) cause
      federal, state or local income tax or information returns to be signed by the
      Securities Administrator or, if required by applicable tax law, the Trustee
      or
      such other person as may be required to sign such returns by the Code or state
      or local laws, regulations or rules; and

     

    (j) maintain
      records relating to each REMIC created hereunder, including the income,
      expenses, assets, and liabilities thereof on a calendar year basis and on the
      accrual method of accounting and the adjusted basis of the assets determined
      at
      such intervals as may be required by the Code, as may be necessary to prepare
      the foregoing returns, schedules, statements or information.

     

    (k) The
      Holder of the largest Percentage Interest of the Class R Certificates shall
      act as Tax Matters Person for each REMIC created hereunder, within the meaning
      of Treasury Regulations Section 1.860F-4(d), and the Securities
      Administrator is hereby designated as agent of such Certificateholder for such
      purpose (or if the Securities Administrator is not so permitted, such Holder
      shall be the Tax Matters Person in accordance with the REMIC Provisions). In
      such capacity, the Securities Administrator shall, as and when necessary and
      appropriate, represent each REMIC created hereunder 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
      each REMIC created hereunder, enter into settlement agreements with any
      governmental taxing agency, extend any statute of limitations relating to any
      tax item of each REMIC created hereunder, and otherwise act on behalf of each
      REMIC in relation to any tax matter or controversy involving it.

     

    (l) The
      Securities Administrator shall treat the beneficial owners of the Certificates
      (other than the Class P, Class X and Class R Certificates) as having entered
      into a notional principal contract with the beneficial owners of the Class
      X
      Certificates. Pursuant to such notional principal contract, the beneficial
      owner
      of the Class X Certificates shall be treated as having agreed to pay Basis
      Risk
      Carryover Amounts to the Owners of the LIBOR and Fixed Rate Certificates in
      accordance with the terms of this Agreement. Any payments to the Certificates
      in
      light of the foregoing shall not be payments with respect to a “regular
      interest” in a REMIC within the meaning of Code Section 860G(a)(1). Thus, each
      Certificate (other than a Class P and Class R Certificate) shall be treated
      as
      representing not only ownership of regular interests in the Upper Tier REMIC,
      but also ownership of an interest in a notional principal contract. For tax
      purposes, the notional principal contract shall be deemed to have a value in
      favor of the Certificates entitled to receive Basis Risk Carryover Amounts
      of
      $10,000 as of the Closing Date.

     

    Notwithstanding
      the priority and sources of payments set forth in Article IV hereof or
      otherwise, the Securities Administrator shall account for all distributions
      on
      the Certificates as set forth in this Section 8.11. In no event shall any
      payments of Basis Risk Carryover Amounts provided for in this Section 8.11
      be
      treated as payments
      with respect to a “regular interest” in a REMIC within the meaning of Code
      Section 860G(a)(1). The
      Securities Administrator shall file or cause to be filed with the IRS together
      with Form 1041 or such other form as may be applicable and shall furnish or
      cause to be furnished, to the Class X, LIBOR and Fixed Rate Certificateholders,
      the respective amounts described above that are received, in the time or times
      and in the manner required by the Code.

     

    
      
        
        

      

      
        -111-

        
          

        

      

      
        
        

      

    

     

    (m) To
      enable
      the Securities Administrator to perform its duties under this Agreement, the
      Depositor shall provide to the Securities Administrator within ten days
      after the Closing Date all information or data that the Securities Administrator
      requests in writing and determines to be relevant for tax purposes to the
      valuations and offering prices of the Certificates, including the price, yield,
      prepayment assumption, and projected cash flows of the Certificates and the
      Mortgage Loans. Moreover, the Depositor shall provide information to the
      Securities Administrator concerning the value to each Class of Certificates
      of the right to receive Basis Risk Carryover Amounts. The Depositor shall
      provide to the Securities Administrator promptly upon written request therefor
      any additional information or data that the Securities Administrator may, from
      time to time, reasonably request to enable the Securities Administrator to
      perform its duties under this Agreement; provided,
      however,
      that
      the Depositor shall not be required to provide any information regarding the
      Mortgage Loans that the Servicer is required to provide to the Securities
      Administrator pursuant to this Agreement. The Depositor hereby indemnifies
      the
      Securities Administrator for any losses, liabilities, damages, claims, or
      expenses of the Securities Administrator arising from any errors or
      miscalculations of the Securities Administrator that result from any failure
      of
      the Depositor to provide, pursuant to this paragraph, accurate information
      or
      data to the Securities Administrator on a timely basis.

     

    (n) None
      of
      the Master Servicer, the Securities Administrator or the Trustee shall (i)
      permit the creation of any interests in any REMIC other than the regular and
      residual interests set forth in the Preliminary Statement, (ii) receive any
      amount representing a fee or other compensation for services (except as
      otherwise permitted by this Agreement or the related Mortgage Loan documents)
      or
      (iii) otherwise knowingly or intentionally take any action, cause the Trust
      Fund
      to take any action or fail to take (or fail to cause to be taken) any action
      reasonably within its control and the scope of duties more specifically set
      forth herein, that, under the REMIC Provisions, if taken or not taken, as the
      case may be, could (i) endanger the status of any REMIC as a REMIC or (ii)
      result in the imposition of a tax upon any REMIC or the Trust Fund (including
      but not limited to the tax on “prohibited transactions” as defined in Section
      860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in
      Section 860G(d) of the Code, or the tax on “net income from foreclosure
      property”) unless the Securities Administrator receives an Opinion of Counsel
      (at the expense of the party seeking to take such action or, if such party
      fails
      to pay such expense, and the Securities Administrator determines that taking
      such action is in the best interest of the Trust Fund and the
      Certificateholders, at the expense of the Trust Fund, but in no event at the
      expense of the Securities Administrator) to the effect that the contemplated
      action will not, with respect to the Trust Fund or any REMIC created hereunder,
      endanger such status or result in the imposition of such a tax).

     

    (o) If
      any
      tax is imposed on “prohibited transactions” of a REMIC created hereunder as
      defined in Section 860F(a)(2) of the Code, on the “net income from
      foreclosure property” of any REMIC created hereunder as defined in
      Section 860G(c) of the Code, on any contribution to any REMIC created
      hereunder after the Startup Day pursuant to Section 860G(d) of the Code, or
      any other tax is imposed, including any minimum tax imposed on either REMIC
      pursuant to Sections 23153 and 24874 of the California Revenue and Taxation
      Code, if not paid as otherwise provided for herein, the tax shall be paid by
      (i) the Master Servicer, the Trustee, or the Securities Administrator, as
      applicable, if such tax arises out of or results from negligence of the Master
      Servicer, the Trustee or the Securities Administrator, as applicable, in the
      performance of any of its obligations under this Agreement, (ii) the Originator
      if such tax arises out of or results from the Originator’s obligation to
      repurchase a Mortgage Loan pursuant to Section 2.03, (iii) the Sponsor, if
      such
      tax arises out of or results from the Sponsor’s obligation to repurchase a
      Mortgage Loan pursuant to Section 2.03(k), (iv) the Servicer, in the case of
      any
      such minimum tax, and otherwise if such tax arises out of or results from a
      breach by the Servicer of any of its obligations under this Agreement, or
      (v) in all other cases, or if any party fails to honor its obligations
      under the preceding clauses (i) through (iv), any such tax will be
      paid with amounts otherwise to be distributed to the Certificateholders, as
      provided in Section 4.02(a).

     

    
      
        
        

      

      
        -112-

        
          

        

      

      
        
        

      

    

     

    Section
      8.12 Commission
      Reporting.
      (a) The
      Securities Administrator shall, in accordance with industry standards, prepare
      (for execution by the Master Servicer) and file with the Commission, via EDGAR,
      the following reports in respect of the Trust as and to the extent required
      under the Exchange Act: 

     

    (i) (A)
      Within 15 days after each Distribution Date (subject to permitted extensions
      under the Exchange Act), the Securities Administrator shall prepare and file
      on
      behalf of the Trust any Form 10-D required by the Exchange Act, in form and
      substance as required by the Exchange Act. The Securities Administrator shall
      file each Form 10-D with a copy of the related Monthly Statement attached
      thereto. Any disclosure in addition to the Monthly Statement that is required
      to
      be included on Form 10-D (“Additional
      Form 10-D Disclosure”)
      shall
      be reported by the parties set forth on Exhibit V to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph and the Securities Administrator will have no duty
      or
      liability for the inaccuracy of any Additional 10-D Disclosure provided by
      any
      party other than the Securities Administrator, or for any failure hereunder
      to
      determine or prepare any Additional Form 10-D Disclosure, except to the extent
      of its obligations set forth in the next paragraph. 

     

    (B)
      As
      set forth on Exhibit V hereto, within 5 calendar days after the related
      Distribution Date, (i) the parties specified in Exhibit V hereto, shall be
      required to provide to the Securities Administrator and to the Depositor, to
      the
      extent known, in EDGAR-compatible format, or in such other format as agreed
      upon
      by the Securities Administrator and such party, the form and substance of any
      Additional Form 10-D Disclosure, if applicable, together with an Additional
      Disclosure Notification, 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 Securities Administrator has no duty
      under this Agreement to monitor or enforce the performance by the parties listed
      on Exhibit V of their duties under this paragraph or proactively solicit or
      procure from such parties any Additional Form 10-D Disclosure information.
      The
      Depositor shall be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Securities Administrator in connection with including any
      Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

     

    (C)
      After
      preparing the Form 10-D, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 10-D to the Depositor (provided that
      such Form 10-D includes any Additional Form 10-D Disclosure). Within two
      Business Days after receipt of such copy, but no later than the 12th
      calendar
      day after the Distribution Date, the Depositor shall notify the Securities
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-D. In the absence of receipt of any written
      changes or approval, or if the Depositor does not request a copy of a Form
      10-D,
      the Securities Administrator shall be entitled to assume that such Form 10-D
      is
      in final form and the Securities Administrator may proceed with the process
      for
      execution and filing of the Form 10-D. A duly authorized representative of
      the
      Master Servicer shall sign each Form 10-D. If a Form 10-D cannot be filed on
      time or if a previously filed Form 10-D needs to be amended, the Securities
      Administrator will follow the procedures set forth in paragraph (d) of this
      Section 8.12. Each party to this Agreement acknowledges that the performance
      by
      each of the Master Servicer and the Securities Administrator of its duties
      under
      this Section 8.12(a)(i) 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 8.12(a)(i).
      The
      Depositor acknowledges that the performance by each of the Master Servicer
      and
      the Securities Administrator of its duties under this Section 8.12(i) related
      to
      the timely preparation, execution and filing of Form 10-D is also contingent
      upon any Servicing Function Participant strictly observing deadlines no later
      than those set forth in this paragraph that are applicable to the parties to
      this Agreement in the delivery to the Securities Administrator of any necessary
      Additional Form 10-D Disclosure pursuant to any applicable agreement. Neither
      the Master Servicer nor the Securities Administrator shall have any liability
      for any loss, expense, damage, claim arising out of or with respect to any
      failure to properly prepare, execute and/or timely file such Form 10-D, where
      such failure results from the Securities Administrator’s inability or failure to
      receive, on a timely basis, any information from any other party hereto or
      any
      Servicing Function Participant needed to prepare, arrange for execution or
      file
      such Form 10-D, not resulting from its own negligence, bad faith or willful
      misconduct. 

    

    
      
        
          
          

        

        
          -113-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

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

     

    
      
        
        

      

      
        -114-

        
          

        

      

      
        
        

      

    

     

    (ii) (A)
      On or
      prior to the 90th
      day
      after the end of each fiscal year of the Trust or such earlier date as may
      be
      required by the Exchange Act (the “10-K
      Filing Deadline”)
      (it
      being understood that the fiscal year for the Trust ends on December
      31st
      of each
      year), for so long as the Depositor is required to file reports with respect
      to
      the Trust under the Exchange Act, commencing in March 2008, the Securities
      Administrator shall prepare (for execution by the Master Servicer) and file
      on
      behalf of the Trust a Form 10-K, in form and substance as required by the
      Exchange Act. Each such Form 10-K shall include the following items, in each
      case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement, (i) an annual
      compliance statement for the Servicer and the Master Servicer and any Servicing
      Function Participant engaged by any such party (together with the Custodian
      and
      the Securities Administrator, each a “Reporting
      Servicer”)
      as
      described under Section 3.24(b), (ii)(A) the annual reports on assessment of
      compliance with Servicing Criteria for each Reporting Servicer, as described
      under Section 3.22, and (B) if any Reporting Servicer’s report on assessment of
      compliance with Servicing Criteria described under Section 3.22 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 3.22 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, provided,
      however,
      that
      the Securities Administrator, at its discretion, may omit from the Form 10-K
      any
      assessment of compliance or attestation report described in clause (iii) below
      that is not required to be filed with such Form 10-K pursuant to Regulation
      AB;
      (iii)(A) the registered public accounting firm attestation report for each
      Reporting Servicer, as described under Section 3.23, and (B) if any registered
      public accounting firm attestation report described under Section 3.23
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if any such registered public accounting firm
      attestation report is not included as an exhibit to such Form 10-K, disclosure
      that such report is not included and an explanation why such report is not
      included, and (iv) a Sarbanes-Oxley Certification as described in Section 3.24.
      Any disclosure or information in addition to (i) through (iv) above that is
      required to be included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall
      be reported by the parties set forth on Exhibit W to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-K Disclosure, except to the extent of its obligations set forth in the next
      paragraph. 

     

    (B)
      As
      set forth on Exhibit W hereto, no later than March 10 (with a 5 calendar day
      cure period, but in no event later than March 15) of each year that the Trust
      is
      subject to the Exchange Act reporting requirements, commencing in 2008, (i)
      the
      parties specified on Exhibit W shall be required to provide to the Securities
      Administrator and to the Depositor, to the extent known, in EDGAR-compatible
      format, or in such other format as agreed upon by the Securities Administrator
      and such party, the form and substance of any Additional Form 10-K Disclosure,
      if applicable, together with an Additional Disclosure Notification, and (ii)
      the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The
      Securities Administrator has no duty under this Agreement to monitor or enforce
      the performance by the parties listed on Exhibit W of their duties under this
      paragraph or proactively solicit or procure from such parties any Additional
      Form 10-K Disclosure information. The Depositor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-K Disclosure
      on Form 10-K pursuant to this Section 8.12 (a) (ii) (B).

     

    
      
        
        

      

      
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    (C)
      After
      preparing the Form 10-K, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 10-K to the Depositor. Within three
      Business Days after receipt of such copy, but no later than March 25th
      in any
      year in which the Trust is subject to the reporting requirements of the Exchange
      Act, commencing in March 2008, the Depositor shall notify the Securities
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-K. In the absence of receipt of any written
      changes or approval, or if the Depositor does not request a copy of a Form
      10-K,
      the Securities Administrator shall be entitled to assume that such Form 10-K
      is
      in final form and the Securities Administrator may proceed with the process
      for
      execution and filing of the Form 10-K. A senior officer of the Master Servicer
      in charge of the master servicing function shall sign the Form 10-K. If a Form
      10-K cannot be filed on time or if a previously filed Form 10-K needs to be
      amended, the Securities Administrator will follow the procedures set forth
      in
      paragraph (d) of this Section 8.12. The parties to this Agreement acknowledge
      that the performance by the Securities Administrator of its duties under this
      Section 8.12(a)(ii) related to the timely preparation, execution and filing
      of
      Form 10-K is contingent upon such parties strictly observing all applicable
      deadlines in the performance of their duties under this Section 8.12(a)(ii)
      and
      Sections 3.22, 3.23 and 3.24. The Depositor acknowledges that the performance
      by
      the Master Servicer and the Securities Administrator of its duties under this
      Section 8.12(ii) related to the timely preparation, execution and filing of
      Form
      10-K is also contingent upon any Servicing Function Participant strictly
      observing deadlines no later than those set forth in this paragraph that are
      applicable to the parties to this Agreement in the delivery to the Securities
      Administrator of any necessary Additional Form 10-K Disclosure, any annual
      statement of compliance and any assessment of compliance and attestation
      pursuant to any applicable agreement. Neither the Master Servicer nor the
      Securities Administrator shall have any liability for any loss, expense, damage,
      claim arising out of or with respect to any failure to properly prepare, execute
      and/or timely file such Form 10-K, where such failure results from the
      Securities Administrator’s inability or failure to obtain or receive, on a
      timely basis, any information from any other party hereto or any Servicing
      Function Participant needed to prepare, arrange for execution or file such
      Form
      10-K, not resulting from its own negligence, bad faith or willful
      misconduct.

     

    (D) 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 requirement for the past 90 days.” The Depositor hereby instructs the
      Securities Administrator to check “Yes” for each item, unless the Depositor
      shall notify the Securities Administrator in writing, no later than the
      15th
      calendar
      day of March in any year in which the Trust is subject to the reporting
      requirements of the Exchange Act, commencing in March 2008, that the answer
      to
      either item should be “no.” The Depositor 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 Depositor was required to file such
      reports) and it has been subject to such filing requirement for the past 90
      days.” The Securities Administrator shall be entitled to rely on such
      representations in preparing, executing and/or filing any such Form 10-K.

     

    
      
        
        

      

      
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    (iii) (A)
      Within four (4) Business Days after the occurrence of an event requiring
      disclosure on Form 8-K and (each such event, a “Reportable
      Event”),
      if
      directed by the Depositor, the Securities Administrator shall prepare and file
      on behalf of the Trust Fund any Form 8-K, as required by the Exchange Act,
      provided
      that the
      Depositor shall file the initial Form 8-K in connection with the issuance of
      the
      Certificates. Any disclosure or information related to a Reportable Event or
      that is otherwise required to be included on Form 8-K (“Form
      8-K Disclosure Information”)
      shall
      be reported by the parties set forth on Exhibit X to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Form 8-K
      Disclosure Information or any Form 8-K, except to the extent of its obligations
      set forth in the next paragraph. 

     

    (B)
      As
      set forth on Exhibit X hereto, for so long as the Trust is subject to the
      Exchange Act reporting requirements, no later than the close of business New
      York City time on the 2nd Business Day after the occurrence of a Reportable
      Event (i) the parties hereto shall be required to provide to the Securities
      Administrator and the Depositor, to the extent known, in EDGAR-compatible
      format, or in such other format as agreed upon by the Securities Administrator
      and such party, the form and substance of any Form 8-K Disclosure Information,
      if applicable, together with an Additional Disclosure Notification, and (ii)
      the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Form 8-K Disclosure Information. The Depositor will
      be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Securities Administrator in connection with including any Form 8-K Disclosure
      Information on Form 8-K pursuant to this paragraph. 

     

    (C)
      After
      preparing the Form 8-K, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 8-K to the Depositor. Promptly, but
      no
      later than the close of business on the third Business Day after the Reportable
      Event, the Depositor shall notify the Securities Administrator in writing (which
      may be furnished electronically) of any changes to or approval of such Form
      8-K.
      In the absence of receipt of any written changes or approval, or if the
      Depositor does not request a copy of a Form 8-K, the Securities Administrator
      shall be entitled to assume that such Form 8-K is in final form and the
      Securities Administrator may proceed with the process for execution and filing
      of the Form 8-K. A duly authorized representative of the Master Servicer shall
      sign each Form 8-K. If a Form 8-K cannot be filed on time or if a previously
      filed Form 8-K needs to be amended, the Securities Administrator will follow
      the
      procedures set forth in paragraph (d) of this Section 8.12. The parties to
      this
      Agreement acknowledge that the performance by the Securities Administrator
      of
      its duties under this Section 8.12(d)(iii) 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 8.12(d)(iii). The Depositor acknowledges that the performance by the
      Master Servicer and the Securities Administrator of its duties under this
      Section 8.12(iii) related to the timely preparation, execution and filing of
      Form 8-K is also contingent upon any Servicing Function Participant strictly
      observing deadlines no later than those set forth in this paragraph that are
      applicable to the parties to this Agreement in the delivery to the Securities
      Administrator of any necessary Form 8-K Disclosure Information pursuant to
      the
      related any applicable agreement. The Securities Administrator shall have no
      liability for any loss, expense, damage, claim arising out of or with respect
      to
      any failure to properly prepare and/or timely file such Form 8-K, where such
      failure results from the Securities Administrator’s inability or failure to
      obtain or receive, on a timely basis, any information from any other party
      hereto or any Servicing Function Participant needed to prepare, arrange for
      execution or file such Form 8-K, not resulting from its own negligence, bad
      faith or willful misconduct.

    

    
      
        
          
          

        

        
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    (b) The
      Depositor acknowledges and agrees that the Securities Administrator may include
      in any Exchange Act report all relevant information, data, and exhibits as
      the
      Securities Administrator may receive in connection with such report irrespective
      of any provision or Regulation AB that may permit the exclusion of such
      material. By the way of example, the Securities Administrator may file all
      assessments of compliance, attestation reports and compliance statements timely
      received from any Item 1122 Servicing Function Participant irrespective of
      any
      applicable minimum pool asset percentage requirement for disclosure related
      to
      such Servicing Function Participant.

    

    (c) The
      Depositor agrees to furnish promptly to the Securities Administrator, from
      time
      to time upon request, such additional information, data, reports, documents,
      and
      financial statements within the Depositor’s possession or control as the
      Securities Administrator reasonably requests as necessary or appropriate to
      prepare and file the foregoing reports. The Securities Administrator shall
      make
      available to the Depositor copies of all Exchange Act reports filed
      hereunder.

     

    (d)
      (i) On
      or
      before January 30 of the first year in which the Securities Administrator is
      able to do so under applicable law, the Securities Administrator shall prepare
      and file a Form 15 relating to the automatic suspension of reporting in respect
      of the Trust under the Exchange Act. 

     

    
      
        
        

      

      
        -118-

        
          

        

      

      
        
        

      

    

    
 

    (ii)
      In
      the event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly notify electronically the Depositor. In the case of Form 10-D and
      10-K,
      the parties to this Agreement will cooperate to prepare and file a Form 12b-25
      and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the Exchange
      Act. In the case of Form 8-K, the Securities Administrator will, upon receipt
      of
      all required Form 8-K Disclosure Information and upon the approval and direction
      of the Depositor, include such disclosure information on the next Form 10-D.
      In
      the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended
      in connection with any Additional Form 10-D Disclosure (other than, in the
      case
      of Form 10-D, for the purpose of restating any Monthly Statement), Additional
      Form 10-K Disclosure or Form 8-K Disclosure Information, the Securities
      Administrator will notify electronically the Depositor and such other parties
      to
      this Agreement as are affected by this Amendment and such parties will cooperate
      to prepare any necessary 8-KA, 10-DA or 10-KA. Any Form 15, Form 12b-25 or
      any
      amendment to Form 8-K, 10-D or 10-K shall be signed by a duly authorized
      representative or senior officer in charge of master servicing, as applicable,
      of the Master Servicer. The parties to this Agreement acknowledge that the
      performance by each of the Master Servicer and the Securities Administrator
      of
      its duties under this Section 8.12(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. Neither the Master Servicer nor the Securities Administrator shall
      have
      any liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare, execute and/or timely file any
      such
      Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, where such
      failure results from the Securities Administrator’s inability or failure to
      obtain or receive, on a timely basis, any information from any other party
      hereto or any Servicing Function Participant needed to prepare, arrange for
      execution or file such Form 15, Form 12b-25 or any amendments to Forms 8-K,
      10-D
      or 10-K, not resulting from its own negligence, bad faith or willful misconduct.
      The Depositor shall be responsible for all costs and expenses of the Securities
      Administrator related to the preparation and filing of any such amendment.
      Notwithstanding the foregoing, if any Form 10-D needs to be amended solely
      to
      change the information contained in the Monthly Statement, the Securities
      Administrator shall not be required to notify the Depositor of such
      amendment.

     

    (e) Other
      than the Exchange Act reports specified above, the Securities Administrator
      shall have no responsibility to file any items or reports with the Commission
      under the Exchange Act or otherwise; provided,
      however,
      the
      Securities Administrator and Master Servicer will cooperate with the Depositor
      in connection with any additional filings with respect to the Trust as the
      Depositor deems necessary under the Exchange Act.

    

    (f) The
      Depositor shall pay all costs and expenses of the Securities Administrator
      related to the preparation and filing of any current report on Form 8-K, any
      periodic report on Form 10-D (other than the costs and expense of the Securities
      Administrator associated with the preparation and filing of the Monthly
      Statement), or any amendment to any Exchange Act report. Except as otherwise
      provided herein, all expenses incurred by the Securities Administrator in
      connection with its preparation and filing of Exchange Act reports hereunder
      shall not be reimbursable from the Trust.

     

    
      
        
        

      

      
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    (g) Any
      notice required under this Section 8.12 may be given by facsimile or by
      electronic mail.

     

    Section
      8.13 Tax
      Classification of the Excess Reserve Fund Account and the Supplemental Interest
      Trust.
      For
      federal income tax purposes, the Securities Administrator shall treat the Excess
      Reserve Fund Account and the Supplemental Interest Trust as beneficially owned
      by the holders of the Class X Certificates and shall treat such portion of
      the Trust Fund as a grantor trust, within the meaning of subpart E,
      Part I of subchapter J of the Code. 

     

    ARTICLE
      IX

     

    ADMINISTRATION
      OF THE MORTGAGE LOANS

    BY
      THE MASTER SERVICER 

     

    Section
      9.01 Duties
      of the Master Servicer; Enforcement of Servicer’s Obligations.(a) 
      The Master Servicer, on behalf of the Trustee, the Securities Administrator,
      the
      Depositor and the Certificateholders, shall monitor the performance of the
      obligations of the Servicer under this Agreement, and (except as set forth
      below) shall use its reasonable good faith efforts to cause the Servicer to
      duly
      and punctually perform its duties and obligations hereunder. Upon the occurrence
      of an Event of Default of which a Responsible Officer of the Master Servicer
      or,
      if the Master Servicer and a Servicer are the same entity, the Trustee, has
      actual knowledge, the Master Servicer or the Trustee, as applicable, shall
      promptly notify the Securities Administrator and the Trustee, as applicable,
      and
      shall specify in such notice the action, if any, the Master Servicer or the
      Trustee, as applicable, plans to take in respect of such default. So long as
      an
      Event of Default shall occur and be continuing, the Master Servicer or the
      Trustee, as applicable, shall take the actions specified in Article VII.
      Notwithstanding anything in this Agreement or the Credit Risk Management
      Agreement entered into by the Servicer to the contrary, the Master Servicer
      or
      the Trustee, as applicable, shall have no duty or obligation to enforce the
      Credit Risk Management Agreement or to supervise, monitor or oversee the
      activities of the Servicer under the Credit Risk Management Agreement with
      respect to any action taken or not taken by the Servicer at the direction of
      the
      Sponsor or pursuant to a recommendation of the Credit Risk Manager.

     

    If
      (i) the Servicer reports a delinquency on a monthly report and (ii) the
      Servicer, by 11 a.m. (New York Time) on the related Remittance Date, neither
      makes an Advance nor provides the Securities Administrator, the Master Servicer
      and the Trustee with an Officer’s Certificate certifying that such an Advance
      would be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance,
      then the Master Servicer or, if the Master Servicer and such Servicer are the
      same entity, the Trustee, shall deposit in the Distribution Account not later
      than the Business Day immediately preceding the related Distribution Date an
      Advance in an amount equal to the difference between (x) with respect to
      each Monthly Payment due on a Mortgage Loan that is delinquent (other than
      Relief Act Interest Shortfalls) and for which the Servicer was required to
      make
      an Advance pursuant to this Agreement and (y) amounts deposited in the
      Collection Account to be used for Advances with respect to such Mortgage Loan,
      except to the extent the Master Servicer or the Trustee, as applicable,
      determines any such Advance to be a Nonrecoverable P&I Advance or
      Nonrecoverable Servicing Advance. Subject to the foregoing and
      Section 7.02, the Master Servicer or the Trustee, as applicable, shall
      continue to make such Advances for so long as the Servicer is required to do
      so
      under this Agreement. If applicable, on the Business Day immediately preceding
      the Distribution Date, the Master Servicer shall deliver an Officer’s
      Certificate to the Trustee stating that the Master Servicer elects not to make
      an Advance in a stated amount and detailing the reason(s) it deems the Advance
      to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance. Any
      amounts deposited by the Master Servicer or the Trustee, as applicable, pursuant
      to this Section 9.01 shall be net of the Servicing Fee for the related
      Mortgage Loans.

    

    
      
        
          
          

        

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

     

    (c) If
      the
      Master Servicer or the Trustee (as successor master servicer), as applicable,
      assumes the servicing with respect to any of the Mortgage Loans, it will not
      assume liability for the representations and warranties of the Servicer it
      replaces or for any errors or omissions of the Servicer.

     

    (d) Neither
      the Depositor nor the Securities Administrator shall consent to the assignment
      by the Servicer of the Servicer’s rights and obligations under this Agreement
      without the prior written consent of the Master Servicer and the Trustee, which
      consent shall not be unreasonably withheld.

     

    Section
      9.02 Provision
      to the Securities Administrator of Loan-Level Information.
      Not
      later than 12:00 noon New York City time three Business Days preceding each
      Distribution Date, the Master Servicer shall deliver to the Securities
      Administrator, in a format mutually agreed upon by the Master Servicer and
      the
      Securities Administrator, “loan level” information with respect to the Mortgage
      Loans as of the related Determination Date, to the extent that such information
      has been provided to the Master Servicer by the Servicer.

     

    Section
      9.03 [Reserved].
      

     

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

     

    
      
        
        

      

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

     

    (i) it
      is a
      New York corporation, duly organized, existing and in good standing under the
      laws of the State of New York, with corporate power and authority to conduct
      its
      business as presently conducted by it, and to enter into, execute and deliver
      and to perform its obligations as Master Servicer under this
      Agreement;

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    (b) It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section shall survive the execution and delivery of this Agreement. The Master
      Servicer shall indemnify the Depositor, the Servicer, the Securities
      Administrator, the Trustee and the Trust and hold them harmless against any
      loss, damages, penalties, fines, forfeitures, reasonable legal fees and related
      costs, judgments, and other reasonable costs and expenses resulting from any
      claim, demand, defense or assertion based on or grounded upon, or resulting
      from, a material breach of the Master Servicer’s representations and warranties
      contained in Section 9.05(a) above. It is understood and agreed that the
      enforcement of the obligation of the Master Servicer set forth in this
      Section 9.05 to indemnify the Depositor, the Servicer, the Securities
      Administrator, the Trustee and the Trust constitutes the sole remedy of the
      Depositor, the Servicer, the Securities Administrator, the Trustee and the
      Trust, respecting a breach of the foregoing representations and warranties.
      Such
      indemnification shall survive any termination of the Master Servicer as Master
      Servicer hereunder, any termination of this Agreement and resignation or removal
      of the Trustee.

     

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

     

    Section
      9.06 Master
      Servicer Events of Default.
      Each of
      the following shall constitute a “Master
      Servicer Event of Default”:

     

    (a) any
      failure by the Master Servicer to make any P&I Advance required to be made
      by the Master Servicer under the terms of this Agreement which continues
      unremedied for a period of two (2) Business Days after the date upon which
      written notice of such failure, requiring the same to be remedied, shall have
      been given to the Master Servicer by any other party hereto;

     

    (b) failure
      by the Master Servicer to duly observe or perform, in any material respect,
      any
      other covenants, obligations or agreements of the Master Servicer as set forth
      in this Agreement which failure continues unremedied for a period of thirty
      (30) days after the date on which written notice of such failure, requiring
      the same to be remedied, shall have been given to the Master Servicer by the
      Trustee or to the Master Servicer and Trustee by the holders of Certificates
      evidencing at least 25.00% of the Voting Rights;

     

    
      
        
        

      

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

     

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

     

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

     

    (f) Except
      as
      otherwise set forth herein, the Master Servicer attempts to assign this
      Agreement or its responsibilities hereunder or to delegate its duties hereunder
      (or any portion thereof) without the consent of the Securities Administrator
      and
      the Depositor; 

     

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

     

    (h) After
      receipt of notice from the Securities Administrator, any failure of the Master
      Servicer to remit to the Securities Administrator any payment required to be
      made to the Securities Administrator on any Master Servicer Remittance Date
      for
      the benefit of Certificateholders under the terms of this Agreement, including
      any Advance, which such failure continues unremedied for a period of one
      Business Day after the date upon which notice of such failure shall have been
      given to the Master Servicer by the Securities Administrator; or

     

    (i) failure
      of the Master Servicer to timely provide the Depositor with the assessment,
      attestation and annual statement of compliance required by Item 1122 of
      Regulation AB in accordance with Sections 3.22, 3.23 and 3.24.

     

    In
      each
      and every such case, so long as a Master Servicer Event of Default shall not
      have been remedied, in addition to whatever rights the Trustee may have at
      law
      or equity or to damages, including injunctive relief and specific performance,
      the Trustee, by notice in writing to the Master Servicer, may, and upon the
      request of the Holders of Certificates representing at least 51.00% of the
      Voting Rights shall, terminate with cause all the rights and obligations of
      the
      Master Servicer under this Agreement.

     

    
      
        
        

      

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

     

    Section
      9.07 Waiver
      of Default.By
      a
      written notice, the Trustee may at the direction of Holders of Certificates
      evidencing at least 51.00% of the Voting Rights waive any default by the Master
      Servicer in the performance of its obligations hereunder and its consequences.
      Upon any waiver of a past default, such default shall cease to exist, and any
      Master Servicer Event of Default arising therefrom shall be deemed to have
      been
      remedied for every purpose of this Agreement. No such waiver shall extend to
      any
      subsequent or other default or impair any right consequent thereon except to
      the
      extent expressly so waived.

     

    Section
      9.08 Successor
      to the Master Servicer.Upon
      termination of the Master Servicer’s responsibilities and duties under this
      Agreement, the Depositor shall use its reasonable good faith efforts to appoint
      a successor, which shall succeed to all rights and assume all of the
      responsibilities, duties and liabilities of the Master Servicer under this
      Agreement prior to the termination of the Master Servicer. Any successor shall
      be a Fannie Mae and Freddie Mac approved servicer in good standing and
      acceptable to the Depositor and the Rating Agencies. In connection with such
      appointment and assumption, the Depositor may make such arrangements for the
      compensation of such successor as it and such successor shall agree. In the
      event that the Master Servicer’s duties, responsibilities and liabilities under
      this Agreement are terminated, the Master Servicer shall continue to discharge
      its duties and responsibilities hereunder until the effective date of such
      termination with the same degree of diligence and prudence which it is obligated
      to exercise under this Agreement and shall take no action whatsoever that might
      impair or prejudice the rights of its successor. The termination of the Master
      Servicer shall not become effective until a successor shall be appointed
      pursuant hereto and shall in no event (i) relieve the Master Servicer of
      responsibility for the representations and warranties made pursuant to
      Section 9.05(a) hereof and the remedies available to the Trustee under
      Section 9.05(b) hereof, it being understood and agreed that the provisions
      of Section 9.05 hereof shall be applicable to the Master Servicer
      notwithstanding any such sale, assignment, resignation or termination of the
      Master Servicer or the termination of this Agreement; or (ii) affect the
      right of the Master Servicer to receive payment and/or reimbursement of any
      amounts accruing to it hereunder prior to the date of termination (or during
      any
      transition period in which the Master Servicer continues to perform its duties
      hereunder prior to the date the successor master servicer fully assumes its
      duties).

     

    
      
        
        

      

      
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    If
      no
      successor master servicer has accepted its appointment within 90 days of
      the time the Trustee receives the resignation of the Master Servicer, the
      Trustee shall be the successor master servicer in all respects under this
      Agreement and shall have all the rights and powers and be subject to all the
      responsibilities, duties and liabilities relating thereto, including the
      obligation to make Advances; provided,
      however,
      that
      any failure to perform any duties or responsibilities caused by the Master
      Servicer’s failure to provide information required by this Agreement shall not
      be considered a default by the Trustee hereunder. In the Trustee’s capacity as
      such successor, the Trustee shall have the same limitations on liability herein
      granted to the Master Servicer. Notwithstanding anything herein to the contrary,
      the Trustee in its role as successor master servicer shall have no obligation
      to
      monitor or supervise the Servicer, shall only have the obligation to make
      Advances if it terminates the Servicer pursuant to Section 7.01 (in its role
      as
      successor master servicer), and shall make such Advances only pursuant to
      Section 7.02. As compensation therefor, the Trustee shall be entitled to receive
      the compensation, reimbursement and indemnities otherwise payable to the Master
      Servicer, including the fees and other amounts payable pursuant to
      Section 9.09 hereof. 

     

    Any
      successor master servicer appointed as provided herein, shall execute,
      acknowledge and deliver to the Master Servicer, the Depositor and to the Trustee
      an instrument accepting such appointment, wherein the successor shall make
      the
      representations and warranties set forth in Section 9.05 hereof, and
      whereupon such successor shall become fully vested with all of the rights,
      powers, duties, responsibilities, obligations and liabilities of the Master
      Servicer, with like effect as if originally named as a party to this Agreement.
      Any termination or resignation of the Master Servicer or termination of this
      Agreement shall not affect any claims that the Trustee may have against the
      Master Servicer arising out of the Master Servicer’s actions or failure to act
      prior to any such termination or resignation or in connection with the Trustee’s
      assumption of such obligations, duties and responsibilities. 

     

    Upon
      a
      successor’s acceptance of appointment as such, the successor master servicer
      shall notify by mail the Trustee and the Depositor of its
      appointment.

     

    Section
      9.09 [Reserved].

     

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

     

    Section
      9.11 Resignation
      of the Master Servicer.Except
      as
      otherwise provided in Sections 9.08 and 9.10 hereof, the Master Servicer
      shall not resign from the obligations and duties hereby imposed on it unless
      the
      Master Servicer’s duties hereunder are no longer permissible under applicable
      law or are in material conflict by reason of applicable law with any other
      activities carried on by it and cannot be cured. Any such determination
      permitting the resignation of the Master Servicer shall be evidenced by an
      Opinion of Counsel that shall be independent to such effect delivered to the
      Trustee. No such resignation shall become effective until the Trustee shall
      have
      assumed, or a successor master servicer satisfactory to the Trustee and the
      Depositor shall have assumed, the Master Servicer’s responsibilities and
      obligations under this Agreement. Notice of such resignation shall be given
      promptly by the Master Servicer and the Depositor to the Trustee.

     

    
      
        
        

      

      
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    If
      at any
      time, CitiMortgage, as Master Servicer, resigns under this Section 9.11, or
      is removed as Master Servicer pursuant to Section 9.06, then at such time
      Citibank shall also resign (and shall be entitled to resign) as Securities
      Administrator under this Agreement.

     

    Section
      9.12 Assignment
      or Delegation of Duties by the Master Servicer. Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any other Person to perform
      any
      of the duties, covenants or obligations to be performed by the Master Servicer;
      provided,
      however,
      that
      the Master Servicer shall have the right with the prior written consent of
      the
      Depositor (which shall not be unreasonably withheld, denied or delayed), and
      upon delivery to the Trustee and the Depositor of a letter from each Rating
      Agency to the effect that such action shall not result in a downgrade of the
      ratings assigned to any of the Certificates, to delegate or assign to or
      subcontract with or authorize or appoint any qualified Person to perform and
      carry out any duties, covenants or obligations to be performed and carried
      out
      by the Master Servicer hereunder. Notice of such permitted assignment shall
      be
      given promptly by the Master Servicer to the Depositor and the Trustee. If,
      pursuant to any provision hereof, the duties of the Master Servicer are
      transferred to a successor master servicer, the entire compensation payable
      to
      the Master Servicer pursuant hereto shall thereafter be payable to such
      successor master servicer but in no event shall the fee payable to the successor
      master servicer exceed that payable to the predecessor master
      servicer.

     

    Section
      9.13 Limitation
      on Liability of the Master Servicer. Neither
      the Master Servicer nor any of the directors, officers, employees or agents
      of
      the Master Servicer shall be under any liability to the Trustee or the
      Certificateholders for any action taken or for refraining from the taking of
      any
      action in good faith pursuant to this Agreement, or for errors in judgment;
      provided,
      however,
      that
      this provision shall not protect the Master Servicer or any such person against
      any liability that would otherwise be imposed by reason of willful malfeasance,
      bad faith or negligence in the performance of its duties or by reason of
      reckless disregard for its obligations and duties under this Agreement. The
      Master Servicer and any director, officer, employee or agent of the Master
      Servicer may rely in good faith on any document prima facie properly executed
      and submitted by any Person respecting any matters arising hereunder. The Master
      Servicer shall be under no obligation to appear in, prosecute or defend any
      legal action that is not incidental to its duties as Master Servicer with
      respect to the Mortgage Loans under this Agreement and that in its opinion
      may
      involve it in any expenses or liability; provided,
      however,
      that
      the Master Servicer may in its sole discretion undertake any such action that
      it
      may deem necessary or desirable in respect to this Agreement and the rights
      and
      duties of the parties hereto and the interests of the Certificateholders
      hereunder. In such event, the legal expenses and costs of such action and any
      liability resulting therefrom, shall be liabilities of the Trust, and the Master
      Servicer shall be entitled to be reimbursed therefor out of the Distribution
      Account in accordance with the provisions of Section 9.09 and
      Section 9.14.

     

    
      
        
        

      

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

     

    Section
      9.14 Indemnification;
      Third Party Claims.The
      Master Servicer agrees to indemnify and hold harmless the Trustee as successor
      master servicer from and against any and all claims, losses, penalties, fines,
      forfeitures, legal fees and related costs, judgments, and any other costs,
      liabilities, fees and expenses (including, but not limited to, reasonable
      attorneys’ fees) that the Trustee may sustain as a result of such liability or
      obligations of the Master Servicer and in connection with the Trustee’s
      assumption (not including the Trustee’s performance, except to the extent that
      costs or liability of the Trustee are created or increased as a result of
      negligent or wrongful acts or omissions of the Master Servicer prior to its
      replacement as Master Servicer) of the Master Servicer’s obligations, duties or
      responsibilities under such agreement.

     

    The
      Trust
      will indemnify the Master Servicer and hold it harmless against any and all
      claims, losses, penalties, fines, forfeitures, legal fees and related costs,
      judgments, and any other costs, liabilities, fees and expenses (including,
      but
      not limited to, reasonable attorneys’ fees) that the Master Servicer may incur
      or sustain in connection with, arising out of or related to this Agreement
      or
      the Certificates, except to the extent that any such loss, liability or expense
      is related to (i) a material breach of the Master Servicer’s
      representations and warranties in this Agreement, (ii) the Master
      Servicer’s willful malfeasance, bad faith or negligence or by reason of its
      reckless disregard of its duties and obligations under this Agreement or (iii)
      failure to provide the assessment, attestation and annual statement of
      compliance in accordance with Sections 3.22, 3.23 and 3.24; provided that any
      such loss, liability or expense constitutes an “unanticipated expense incurred
      by the REMIC” within the meaning of Treasury Regulations
      Section 1.860G-1(b)(3)(ii). The Master Servicer shall be entitled to
      reimbursement for any such indemnified amount from funds on deposit in the
      Distribution Account. The Master Servicer shall not be liable for any course
      of
      action taken by the Servicer with respect to loss mitigation of defaulted
      Mortgage Loans at the direction of the Credit Risk Manager or the Sponsor
      pursuant to the Credit Risk Management Agreement or otherwise. Further, the
      Master Servicer shall not be liable for the performance by the Servicer under
      the Credit Risk Management Agreement.

     

    Section
      9.15 Duties
      of the Credit Risk Manager.
      

     

    (a) The
      Certificateholders, by their purchase and acceptance of the Certificates,
      appoint OfficeTiger Global Real Estate Services Inc., formerly known as
      MortgageRamp, Inc., as Credit Risk Manager. For and on behalf of the Depositor
      and the Trust, the Credit Risk Manager will provide reports and recommendations
      concerning certain delinquent and defaulted Mortgage Loans, and as to the
      collection of any Prepayment Charges with respect to the Mortgage Loans. Such
      reports and recommendations will be based upon information provided pursuant
      to
      the Credit Risk Management Agreement and the Monthly Statement. The Credit
      Risk
      Manager shall look solely to the Servicer and to the Monthly Statement for
      all
      information and data (including loss and delinquency information and data)
      and
      loan level information and data relating to the servicing of the Mortgage Loans
      and neither the Securities Administrator, the Master Servicer nor the Trustee
      shall have any obligation to provide any such information to the Credit Risk
      Manager and shall not otherwise have any responsibility under the Credit Risk
      Management Agreement; provided
      however,
      the
      Securities Administrator shall, so long as the information is readily attainable
      by the Securities Administrator, answer any questions of the Credit Risk Manager
      with regard to the Monthly Statement. The Credit Risk Manager shall be entitled
      to compensation from the Trust equal to the Credit Risk Manager
      Fee.

     

    

    
      
        
          
          

        

        
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    (b) On
      or
      about the 15th calendar day of each month, beginning in March 2007, the Credit
      Risk Manager shall have prepared and shall make available to the Depositor,
      the
      following reports:

     

    (i) Executive
      Summary:
      The
      Executive Summary will consist of a brief high level summary of certain key
      performance metrics as well as a narrative summary of loans identified and
      reviewed for follow-up actions by the Servicer.

     

    (ii) General
      Pool Characteristics:
      This
      report will contain a listing of various characteristics of the mortgage loan
      pool (including history and stratification) such as documentation levels,
      occupancy status, weighted aging, CLTV, NOO rate, junior lien percentage,
      etc.

     

    (iii) Performance
      Report:
      This
      report will graphically summarize the delinquency rates as well as the loss
      mitigation, foreclosure, REO, CPR and loss severity and related summary
      information.

     

    (iv) Prepayment
      Analysis:
      This
      report will consist of a compilation and summary of various loan characteristics
      for Mortgage Loans that have prepaid, along with prepayment premium
      analytics.

     

    (v) Servicer
      Remittance Report:
      This
      report will consist of an analysis of any discrepancy between the monthly
      servicer remittance file and the final monthly trust report including, without
      limitation, the collection of prepayment premiums.

     

    (vi) OfficeTiger
      Loan Review Report:
      This
      report will consist of a narrative summary with respect to the individual loans
      that have been flagged for manual review and follow-up consultation with the
      Servicer. This report may also include narrative summaries of the recommendation
      of the Credit Risk Manager. 

     

    Section
      9.16 Limitation
      Upon Liability of the Credit Risk Manager.
      Neither
      the Credit Risk Manager, nor any of the directors, officers, employees or agents
      of the Credit Risk Manager, shall be under any liability to the Trustee, the
      Securities Administrator, the Certificateholders or the Depositor for any action
      taken or for refraining from the taking of any action in good faith pursuant
      to
      this Agreement, in reliance upon information provided by the Servicer under
      the
      Credit Risk Management Agreement or for errors in judgment; provided, however,
      that
      this provision shall not protect the Credit Risk Manager or any such person
      against liability that would otherwise be imposed by reason of willful
      malfeasance, bad faith or negligence in its performance of its duties or by
      reason of reckless disregard for its obligations and duties under this Agreement
      or the Credit Risk Management Agreement. The Credit Risk Manager and any
      director, officer, employee or agent of the Credit Risk Manager may rely in
      good
      faith on any document of any kind prima facie properly executed and submitted
      by
      any Person respecting any matters arising hereunder, and may rely in good faith
      upon the accuracy of information furnished by the Servicer pursuant to the
      Credit Risk Management Agreement in the performance of its duties thereunder
      and
      hereunder.

    

    
      
        
          
          

        

        
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    Section
      9.17 Removal
      and Resignation of Credit Risk Manager.
      The
      Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
      holding not less than 66-2/3% of the Voting Rights of Certificates, in the
      exercise of its or their sole discretion, at any time, without cause, upon
      ten
      (10) days prior written notice. The Certificateholders shall provide such
      written notice to the Trustee and upon receipt of such notice, the Trustee
      shall
      provide written notice to the Credit Risk Manager of its removal, effective
      upon
      receipt of such notice. In addition, on January 30, 2012 and each anniversary
      date thereafter, upon thirty (30) days prior written notice, the Credit Risk
      Manager will have the option to resign as Credit Risk Manager and the Depositor
      shall have the option to terminate the Credit Risk Manager without
      cause.

     

    ARTICLE
      X

     

    CONCERNING
      THE SECURITIES ADMINISTRATOR

     

    Section
      10.01 Duties
      of Securities Administrator.The
      Securities Administrator shall undertake to perform such duties and only such
      duties as are specifically set forth in this Agreement.

     

    The
      Securities Administrator, upon receipt of all resolutions, certificates,
      statements, opinions, reports, documents, orders or other instruments furnished
      to the Securities Administrator that are specifically required to be furnished
      pursuant to any provision of this Agreement, shall examine them to determine
      whether they are in the form required by this Agreement; provided,
      however,
      that
      the Securities Administrator shall not be responsible for the accuracy or
      content of any such resolution, certificate, statement, opinion, report,
      document, order or other instrument. If any such instrument is found not to
      conform in any material respect to the requirements of this Agreement, the
      Securities Administrator shall notify the Certificateholders of such
      non-conforming instrument in the event the Securities Administrator, after
      so
      requesting, does not receive a satisfactorily corrected instrument.

     

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

     

    
      
        
        

      

      
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    (i) the
      duties and obligations of the Securities Administrator shall be determined
      solely by the express provisions of this Agreement, the Securities Administrator
      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 Securities
      Administrator and the Securities Administrator 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 Securities Administrator
      and
      conforming to the requirements of this Agreement which it believed in good
      faith
      to be genuine and to have been duly executed by the proper authorities
      respecting any matters arising hereunder;

     

    (ii) the
      Securities Administrator shall not be liable for any error of judgment made
      in
      good faith by a Responsible Officer or Responsible Officers of the Securities
      Administrator, unless it shall be conclusively determined by a court of
      competent jurisdiction, such determination not subject to appeal, that the
      Securities Administrator was negligent in ascertaining the pertinent
      facts;

     

    (iii) the
      Securities Administrator shall not be liable with respect to any action or
      inaction taken, suffered or omitted to be taken by it in good faith in
      accordance with the direction of Holders of Certificates evidencing not less
      than 25.00% of the Voting Rights of Certificates relating to the time, method
      and place of conducting any proceeding for any remedy available to the
      Securities Administrator, or exercising or omitting to exercise any trust or
      power conferred upon the Securities Administrator under this Agreement;
      and

     

    (iv) the
      Securities Administrator shall not be accountable, shall have no liability
      and
      makes no representation as to any acts or omissions hereunder of the Master
      Servicer or the Trustee.

     

    Section
      10.02 Certain
      Matters Affecting the Securities Administrator.Except
      as
      otherwise provided in Section 10.01:

     

    (i) the
      Securities Administrator may request and conclusively rely upon and shall be
      fully protected in acting or refraining from acting upon any resolution,
      Officer’s Certificate, certificate of auditors or any other certificate,
      statement, instrument, opinion, report, notice, request, consent, order,
      appraisal, bond or other paper or document believed by it to be genuine and
      to
      have been signed or presented by the proper party or parties and the Securities
      Administrator shall have no responsibility to ascertain or confirm the
      genuineness of any signature of any such party or parties;

     

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

     

    
      
        
        

      

      
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    (iii) the
      Securities Administrator shall not be liable for any action or inaction 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;

     

    (iv) the
      Securities Administrator shall not be bound to make any investigation into
      the
      facts or matters stated in any resolution, certificate, statement, instrument,
      opinion, report, notice, request, consent, order, approval, bond or other paper
      or document, unless requested in writing so to do by Holders of Certificates
      evidencing not less than 25.00% of the Voting Rights allocated to each
      Class of Certificates; provided,
      however,
      that if
      the payment within a reasonable time to the Securities Administrator of the
      costs, expenses or liabilities likely to be incurred by it in the making of
      such
      investigation is, in the opinion of the Securities Administrator, not reasonably
      assured to the Securities Administrator by the security afforded to it by the
      terms of this Agreement, the Securities Administrator may require reasonable
      indemnity against such expense or liability as a condition to so proceeding.
      Nothing in this clause (iv) shall derogate from the obligation of the
      Securities Administrator to observe any applicable law prohibiting disclosure
      of
      information regarding the Mortgagors, provided that the Securities Administrator
      shall have no liability for disclosure required by this Agreement;

     

    (v) the
      Securities Administrator may execute any of the trusts or powers hereunder
      or
      perform any duties hereunder either directly or by or through agents or
      attorneys or a custodian and the Securities Administrator shall not be
      responsible for any misconduct or negligence on the part of any such agent,
      attorney or custodian appointed by the Securities Administrator with due
      care;

     

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

     

    (vii) the
      Securities Administrator shall be under no obligation to exercise any of the
      trusts, rights or powers vested in it by this Agreement or to institute, conduct
      or defend any litigation hereunder or in relation hereto at the request, order
      or direction of any of the Certificateholders, pursuant to the provisions of
      this Agreement, unless such Certificateholders shall have offered to the
      Securities Administrator reasonable security or indemnity satisfactory to the
      Securities Administrator against the costs, expenses and liabilities which
      may
      be incurred therein or thereby; 

     

    (viii) the
      Securities Administrator shall have no obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties hereunder and
      which
      in its opinion may involve it in any expense or liability; provided,
      however,
      that in
      the event of a breach or default by the Cap
      Counterparty
      under
      the Cap Agreement, the Securities Administrator shall pursue all legal remedies
      available against the Cap
      Counterparty
      under
      the Cap Agreement in consultation with the Depositor; provided,
      further,
      that
      the Securities Administrator may in its discretion undertake any such action
      that 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 Trustee, the
      Securities Administrator and the Certificateholders hereunder. In such event,
      the legal expenses and costs of such action and any liability resulting
      therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
      Securities Administrator shall be entitled to be reimbursed therefor out of
      the
      Collection Account;

     

    
      
        
        

      

      
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    (ix) the
      Securities Administrator shall not be required to take notice or be deemed
      to
      have notice or knowledge of any default or Event of Default unless a Responsible
      Officer of the Securities Administrator shall have received written notice
      or
      obtained actual knowledge thereof. In the absence of receipt of such notice
      or
      actual knowledge, the Securities Administrator may conclusively assume that
      there is no default or Event of Default;

     

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

     

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

     

    (xii) the
      Securities Administrator may execute any of the trusts or powers hereunder
      or
      perform any duties hereunder either directly or by or through agents, attorneys
      or custodians, and the Securities Administrator shall not be responsible for
      any
      misconduct or negligence on the part of any such agent, attorney or custodian
      appointed by the Securities Administrator with due care.

     

    The
      Securities Administrator shall have no duty (A) to undertake or ensure any
      recording, filing, or depositing of this Agreement or any agreement referred
      to
      herein or any financing statement or continuation statement evidencing a
      security interest, or to see to the maintenance of any such recording or filing
      or depositing or to any rerecording, refiling or redepositing thereof,
      (B) to procure or maintain any insurance or (C) to pay or discharge
      any tax, assessment, or other governmental charge or any lien or encumbrance
      of
      any kind owing with respect to, assessed or levied against, any part of the
      Trust Fund other than from funds available in the Distribution
      Account.

     

    Section
      10.03 Securities
      Administrator Not Liable for Certificates or Mortgage Loans.The
      recitals contained herein and in the Certificates shall be taken as the
      statements of the Depositor or the transferor, as the case may be, and the
      Securities Administrator assumes no responsibility for their correctness. The
      Securities Administrator makes no representations as to the validity or
      sufficiency of this Agreement, the Cap Agreement or of the Certificates or
      of
      any Mortgage Loan or related document other than with respect to the Securities
      Administrator’s execution and authentication of the Certificates. The Securities
      Administrator shall not be accountable for the use or application by the
      Depositor, the Trustee, the Master Servicer, or the Cap Counterparty of any
      funds paid to the Depositor, the Trustee, the Master Servicer or the Cap
      Counterparty in respect of the Mortgage Loans or deposited in or withdrawn
      from
      the Collection Account or any other fund or account with respect to the
      Certificates by the Depositor, the Trustee, the Master Servicer or the Cap
      Counterparty.

     

    
      
        
        

      

      
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    The
      Securities Administrator executes and authenticates the Certificates not in
      its
      individual capacity but solely as Securities Administrator of the Trust Fund
      created by this Agreement, in the exercise of the powers and authority conferred
      and vested in it by this Agreement. Each of the undertakings and agreements
      made
      on the part of the Securities Administrator on behalf of the Trust Fund in
      the
      Certificates is made and intended not as a personal undertaking or agreement
      by
      the Securities Administrator but is made and intended for the purpose of binding
      only the Trust Fund.

     

    Section
      10.04 Securities
      Administrator May Own Certificates.The
      Securities Administrator in its individual or any other capacity may become
      the
      owner or pledgee of Certificates and may transact business with the parties
      hereto and their Affiliates with the same rights as it would have if it were
      not
      the Securities Administrator.

     

    Section
      10.05 Securities
      Administrator’s Fees and Expenses.As
      compensation for its activities under this Agreement, the Securities
      Administrator shall be paid the Securities Administration Fee and shall be
      entitled to the use of funds in the Distribution Account during the Securities
      Administrator Float Period. The Securities Administrator and any director,
      officer, employee, agent or “control person” within the meaning of the
      Securities Act of 1933, as amended, and the Securities Exchange Act of 1934,
      as
      amended (“Control
      Person”),
      of
      the Securities Administrator shall be indemnified by the Trust and held harmless
      against any loss, liability or expense (including but not limited to reasonable
      attorney’s fees) (i) incurred in connection with any claim or legal action
      relating to (a) this Agreement, (b) the Mortgage Loans or (c) the
      Certificates, other than any loss, liability or expense incurred by reason
      of
      willful misfeasance, bad faith or negligence in the performance of any of the
      Securities Administrator’s duties hereunder, (ii) incurred in connection
      with the performance of any of the Securities Administrator’s duties hereunder,
      other than any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or negligence in the performance of any of the Securities
      Administrator’s duties hereunder or (iii) incurred by reason of any action
      of the Securities Administrator taken at the direction of the Certificateholders
      to the extent of indemnity provided by the Certificateholders, provided that
      any
      such loss, liability or expense constitutes an “unanticipated expense incurred
      by the REMIC” within the meaning of Treasury Regulations Section 1.860G
      1(b)(3)(ii). Such indemnity shall survive the termination of this Agreement
      or
      the resignation or removal of the Securities Administrator hereunder. Without
      limiting the foregoing, and except for any such expense, disbursement or advance
      as may arise from the Securities Administrator’s negligence, bad faith or
      willful misconduct, or which would not be an “unanticipated expense” within the
      meaning of the second preceding sentence, the Securities Administrator shall
      be
      reimbursed by the Trust for all reasonable expenses, disbursements and advances
      incurred or made by the Securities Administrator in accordance with any of
      the
      provisions of this Agreement with respect to: (A) the reasonable
      compensation and the expenses and disbursements of its counsel not associated
      with the closing of the issuance of the Certificates, (B) the reasonable
      compensation, expenses and disbursements of any accountant, engineer, appraiser
      or other agent that is not regularly employed by the Securities Administrator,
      to the extent that the Securities Administrator must engage such Persons to
      perform acts or services hereunder and (C) printing and engraving expenses
      in connection with preparing any Definitive Certificates. The Trust shall
      fulfill its obligations under this paragraph from amounts on deposit from
      time to time in the Distribution Account.

     

    
      
        
        

      

      
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    The
      Securities Administrator shall be required to pay all expenses incurred by
      it in
      connection with its activities hereunder and shall not be entitled to
      reimbursement therefor except as provided in this Agreement.

     

    Section
      10.06 Eligibility
      Requirements for Securities Administrator.The
      Securities Administrator hereunder shall at all times be a corporation or
      association organized and doing business under the laws 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,
      subject to supervision or examination by federal or state authority and with
      a
      credit rating of at least investment grade. If such corporation or association
      publishes reports of condition at least annually, pursuant to law or to the
      requirements of the aforesaid supervising or examining authority, then for
      the
      purposes of this Section 10.06 the combined capital and surplus of such
      corporation or association shall be deemed to be its combined capital and
      surplus as set forth in its most recent report of condition so published. In
      case at any time the Securities Administrator shall cease to be eligible in
      accordance with the provisions of this Section 10.06, the Securities
      Administrator shall resign immediately in the manner and with the effect
      specified in Section 10.07 hereof. The entity serving as Securities
      Administrator may have normal banking and trust relationships with the Depositor
      and its affiliates or the Trustee and its affiliates.

     

    Any
      successor securities administrator (i) may not be the Originator, the
      Master Servicer, the Servicer, the Depositor or an affiliate of the Depositor
      unless such successor securities administrator’s functions are operated through
      an institutional trust department of the Securities Administrator,
      (ii) must be authorized to exercise corporate trust powers under the laws
      of its jurisdiction of organization, and (iii) must be rated at least
“A/F1” by Fitch, if Fitch is a Rating Agency and if rated by Fitch, or the
      equivalent rating by Standard & Poor’s or Moody’s. If no successor
      securities administrator shall have been appointed and shall have accepted
      appointment within 60 days after the Securities Administrator ceases to be
      the Securities Administrator pursuant to Section 10.07, then the Trustee
      may (but shall not be obligated to) become the successor securities
      administrator. The Depositor shall appoint a successor to the Securities
      Administrator in accordance with Section 10.07. The Trustee shall notify
      the Rating Agencies of any change of Securities Administrator.

     

    Section
      10.07 Resignation
      and Removal of Securities Administrator.The
      Securities Administrator may at any time resign by giving written notice of
      resignation to the Depositor and the Trustee and each Rating Agency not less
      than 60 days before the date specified in such notice when, subject to
      Section 10.08, such resignation is to take effect, and acceptance by a
      successor securities administrator in accordance with Section 10.08 meeting
      the qualifications set forth in Section 10.06. If no successor securities
      administrator meeting such qualifications shall have been so appointed by the
      Depositor and have accepted appointment within 30 days after the giving of
      such notice of resignation, the resigning Securities Administrator may petition
      any court of competent jurisdiction for the appointment of a successor
      securities administrator.

     

     

    
      
        
        

      

      
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    If
      at any
      time the Securities Administrator shall cease to be eligible in accordance
      with
      the provisions of Section 10.06 hereof and shall fail to resign after
      written request thereto by the Depositor, or if at any time the Securities
      Administrator shall become incapable of acting, or shall be adjudged as bankrupt
      or insolvent, or a receiver of the Securities Administrator or of its property
      shall be appointed, or any public officer shall take charge or control of the
      Securities Administrator or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation, or a tax is imposed with respect
      to
      the Trust Fund by any state in which the Securities Administrator or the Trust
      Fund is located and the imposition of such tax would be avoided by the
      appointment of a different securities administrator, then the Depositor may
      remove the Securities Administrator and appoint a successor securities
      administrator by written instrument, in triplicate, one copy of which instrument
      shall be delivered to the Securities Administrator so removed, one copy of
      which
      shall be delivered to the Master Servicer and one copy to the successor
      securities administrator.

     

    The
      Holders of Certificates entitled to at least 51.00% of the Voting Rights may
      at
      any time remove the Securities Administrator and appoint a successor securities
      administrator by written instrument or instruments, in triplicate, signed by
      such Holders or their attorneys in fact duly authorized, one complete set of
      which instruments shall be delivered by the successor securities administrator
      to the Trustee, one complete set to the Securities Administrator so removed
      and
      one complete set to the successor so appointed. Notice of any removal of the
      Securities Administrator shall be given to the Cap Counterparty and each Rating
      Agency by the successor securities administrator.

     

    Any
      resignation or removal of the Securities Administrator and appointment of a
      successor securities administrator pursuant to any of the provisions of this
      Section 10.07 shall become effective upon acceptance by the successor
      securities administrator of appointment as provided in Section 10.08
      hereof.

     

    If
      at any
      time, Citibank, as Securities Administrator, resigns under this
      Section 10.07, or is removed as Securities Administrator pursuant to this
      Section 10.07, then at such time CitiMortgage shall also resign (and shall
      be entitled to resign) as Master Servicer under this Agreement.

     

    Section
      10.08 Successor
      Securities Administrator. Any
      successor securities administrator (which may be the Trustee) appointed as
      provided in Section 10.07 hereof shall execute, acknowledge and deliver to
      the Depositor and to its predecessor Securities Administrator and the Trustee
      an
      instrument accepting such appointment hereunder and thereupon the resignation
      or
      removal of the predecessor Securities Administrator shall become effective
      and
      such successor securities administrator, without any further act, deed or
      conveyance, shall become fully vested with all the rights, powers, duties and
      obligations of its predecessor hereunder, with the like effect as if originally
      named as Securities Administrator herein. The Depositor, the Trustee, the Master
      Servicer and the predecessor Securities Administrator shall execute and deliver
      such instruments and do such other things as may reasonably be required for
      more
      fully and certainly vesting and confirming in the successor securities
      administrator all such rights, powers, duties, and obligations.

     

    
      
        
        

      

      
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    No
      successor securities administrator shall accept appointment as provided in
      this
      Section 10.08 unless at the time of such acceptance such successor
      securities administrator shall be eligible under the provisions of
      Section 10.06 hereof and its appointment shall not adversely affect then
      current rating of the Certificates, as confirmed in writing by each Rating
      Agency.

     

    Upon
      acceptance by a successor securities administrator of appointment as provided
      in
      this Section 10.08, the Depositor shall mail notice of the succession of
      such Securities Administrator hereunder to all Holders of Certificates and
      the
      Cap Counterparty. If the Depositor fails to mail such notice within 10 days
      after acceptance by the successor securities administrator of appointment,
      the
      successor securities administrator shall cause such notice to be mailed at
      the
      expense of the Depositor.

     

    Section
      10.09 Merger
      or Consolidation of Securities Administrator.Any
      corporation or other entity into which the Securities Administrator may be
      merged or converted or with which it may be consolidated or any corporation
      or
      other entity resulting from any merger, conversion or consolidation to which
      the
      Securities Administrator shall be a party, or any corporation or other entity
      succeeding to the business of the Securities Administrator, shall be the
      successor of the Securities Administrator hereunder, provided that such
      corporation or other entity shall be eligible under the provisions of
      Section 10.06 hereof, without the execution or filing of any paper or
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding.

     

    Section
      10.10 Assignment
      or Delegation of Duties by the Securities Administrator. Except
      as
      expressly provided herein, the Securities Administrator 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 Securities Administrator; provided,
      however,
      that
      the Securities Administrator shall have the right with the prior written consent
      of the Depositor (which shall not be unreasonably withheld or delayed), and
      upon
      delivery to the Trustee, the Cap Counterparty and the Depositor of a letter
      from
      each Rating Agency to the effect that such action shall not result in a
      downgrade of the ratings assigned to any of the Certificates, to delegate or
      assign to or subcontract with or authorize or appoint any qualified Person
      to
      perform and carry out any duties, covenants or obligations to be performed
      and
      carried out by the Securities Administrator hereunder. Notice of such permitted
      assignment shall be given promptly by the Securities Administrator to the
      Depositor and the Trustee. If, pursuant to any provision hereof, the duties
      of
      the Securities Administrator are transferred to a successor securities
      administrator, the entire compensation payable to the Securities Administrator
      pursuant hereto shall thereafter be payable to such successor securities
      administrator but in no event shall the fee payable to the successor securities
      administrator exceed that payable to the predecessor securities
      administrator.

     

    Section
      10.11 Dissemination
      of Confidential Information.Notwithstanding
      anything to the contrary herein, any and all communications (both text and
      attachments) by or from the Securities Administrator or the Master Servicer
      that
      the Securities Administrator or the Master Servicer, respectively, in its sole
      discretion deems to contain confidential, proprietary, and/or sensitive
      information and sent by electronic mail will be encrypted. The recipient of
      the
      email communication will be required to complete a one-time registration
      process. Information and assistance on registering and using the email
      encryption technology shall be provided at Citibank’s secure website at
      www.citigroup.com/citigroup/citizen/privacy/email.htm or by calling (866)
      535-2504 (in the U.S.) or (904) 954-6181 at any time.

     

    
      
        
        

      

      
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    ARTICLE
      XI

     

    TERMINATION

     

    Section
      11.01 Termination
      upon Liquidation or Purchase of the Mortgage Loans.
      Subject
      to Section 11.03, the obligations and responsibilities of the Depositor,
      the Master Servicer, the Servicer, the Credit Risk Manager, the Securities
      Administrator and the Trustee created hereby with respect to the Trust Fund
      shall terminate upon the earlier of (a) the exercise of an Option to Purchase,
      on or after the Optional Termination Date, in the aggregate of all Mortgage
      Loans (and REO Properties) at the price (the “Termination
      Price”)
      equal
      to the sum of (i) 100.00% of the unpaid principal balance of each Mortgage
      Loan (other than in respect of REO Property) plus accrued and unpaid interest
      thereon at the applicable Mortgage Rate, (ii) the lesser of (x) the
      appraised value of any REO Property as determined by the higher of two
      appraisals completed by two independent appraisers selected by the Master
      Servicer at the expense of that Trust Fund and (y) the unpaid principal
      balance of each Mortgage Loan related to any REO Property, in each case plus
      accrued and unpaid interest thereon at the applicable Mortgage Rate (for the
      avoidance of doubt, in the case of a second lien Mortgage Loan, such principal
      balance will be determined without regard to the principal balance of the
      related senior lien), (iii) all unreimbursed P&I Advances, Servicing
      Advances and indemnification payments payable to the Servicer and (iv) any
      unreimbursed indemnification payments payable to the Trustee, the Securities
      Administrator, the Master Servicer or the Depositor under this Agreement and
      (b) the later of (i) the maturity or other liquidation (or any Advance
      with respect thereto) of the last Mortgage Loan remaining in the Trust Fund
      and
      the disposition of all REO Property and (ii) the distribution to
      Certificateholders of all amounts required to be distributed to them pursuant
      to
      this Agreement. In no event shall the trusts created hereby continue beyond
      the
      expiration of 21 years from the death of the survivor of the descendants of
      Joseph P. Kennedy, the late Ambassador of the United States to the Court of
      St. James’s, living on the date hereof.

     

    Notwithstanding
      anything to the contrary contained herein, no such purchase by the Master
      Servicer (either upon instruction from the Depositor or voluntarily) shall
      be
      permitted unless (i) after distribution of the proceeds thereof to the
      Certificateholders (other than the Holders of the Class X, Class P and
      Residual Certificates and any other Classes of Certificates which constitute
      NIM
      Securities) pursuant to Section 11.02, the distribution of the remaining
      proceeds to the Class X and Class P Certificates is sufficient to pay
      the outstanding principal amount of and accrued and unpaid interest on the
      NIM
      Securities, to the extent the NIM Securities are then outstanding, or
      (ii) prior to such purchase, the Master Servicer, remits to the Securities
      Administrator an amount that, together with such remaining proceeds, will be
      sufficient to pay the outstanding principal amount of, and accrued and unpaid
      interest on, the NIM Securities, to the extent the NIM Securities are then
      outstanding.

     

    
      
        
        

      

      
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    Section
      11.02 Final
      Distribution on the Certificates.
      If on
      any Remittance Date, the Master Servicer determines that there are no
      Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other
      than the funds in the Collection Account, the Master Servicer shall direct
      the
      Securities Administrator promptly to send a Notice of Final Distribution to
      each
      Certificateholder and to the Cap Counterparty. If the Master Servicer (upon
      instruction from the Depositor or voluntarily) elects to exercise their option
      to purchase the Mortgage Loans pursuant to clause (a) of
      Section 11.01, at least 20 days prior to the date the Notice of Final
      Distribution is to be mailed to the affected Certificateholders, the Master
      Servicer shall notify the Depositor, the Cap Counterparty and the Securities
      Administrator of (a) the date on which the Master Servicer intends to
      exercise such purchase option and (b) the Termination Price.

     

    A
      Notice
      of Final Distribution, specifying the Distribution Date on which
      Certificateholders may surrender their Certificates for payment of the final
      distribution and cancellation, shall be given promptly by the Securities
      Administrator by letter to Certificateholders mailed not earlier than the 10th
      day and not later than the 15th day of the month of such final distribution.
      Any
      such Notice of Final Distribution shall specify (a) the Distribution Date
      upon which final distribution on the Certificates will be made upon presentation
      and surrender of Certificates at the office therein designated, (b) the
      amount of such final distribution, (c) the location of the office or agency
      at which such presentation and surrender must be made and (d) that the
      Record Date otherwise applicable to such Distribution Date is not applicable,
      distributions being made only upon presentation and surrender of the
      Certificates at the office therein specified. The Securities Administrator
      will
      give such Notice of Final Distribution to the Cap Counterparty and to each
      Rating Agency at the time such Notice of Final Distribution is given to
      Certificateholders.

     

    In
      the
      event such Notice of Final Distribution is given, the Master Servicer shall
      cause all funds in the Collection Account to be remitted to the Securities
      Administrator for deposit in the Distribution Account on the Business Day prior
      to the applicable Distribution Date in an amount equal to the final distribution
      in respect of the Certificates. The Securities Administrator shall timely
      provide the Servicer with the appropriate wiring instructions in respect of
      any
      such remittance. Upon such final deposit with respect to the Trust Fund and
      the
      receipt by the Custodian of a Request for Release therefor, the Custodian shall
      promptly release to the Servicer the Custodial Files for the Mortgage
      Loans.

     

    Upon
      presentation and surrender of the Certificates, the Securities Administrator
      shall cause to be distributed to the Certificateholders of each
      Class (after reimbursement of all amounts due to the Servicer, the Master
      Servicer, the Securities Administrator, the Depositor, the Trustee and the
      Cap
      Counterparty hereunder), in each case on the final Distribution Date and in
      the
      order set forth in Section 4.02, in proportion to their respective Percentage
      Interests, with respect to Certificateholders of the same Class, up to an amount
      equal to (i) as to each Class of Regular Certificates (except the
      Class X Certificates), the Certificate Balance thereof plus for each such
      Class and the Class X Certificates accrued interest thereon in the
      case of an interest-bearing Certificate and all other amounts to which such
      Classes are entitled pursuant to Section 4.02 and (ii) as to the
      Residual Certificates, the amount, if any, which remains on deposit in the
      Distribution Account (other than the amounts retained to meet claims) after
      application pursuant to clause (i) above.

     

    
      
        
        

      

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

     

    Section
      11.03 Additional
      Termination Requirements.
      In the
      event an Option to Purchase is exercised with respect to the Mortgage Loans
      as
      provided in Section 11.01, the Trust Fund shall be terminated in accordance
      with the following additional requirements, unless the Trustee has been supplied
      with an Opinion of Counsel, at the expense of the party upon whose instruction
      causes the exercise of an Option to Purchase, to the effect that the failure
      to
      comply with the requirements of this Section 11.03 will not (i) result
      in the imposition of taxes on “prohibited transactions” on any REMIC formed
      hereby as defined in Section 860F of the Code or (ii) cause any REMIC
      formed hereby to fail to qualify as a REMIC at any time that any Certificates
      are outstanding:

     

    (a) The
      Securities Administrator on behalf of the Trustee shall sell all of the assets
      of the Trust Fund to the party exercising the Option to Purchase, and, within
      90 days of such sale, shall distribute to the Certificateholders the
      proceeds of such sale in complete liquidation of each REMIC formed hereby;
      and

     

    (b) The
      Securities Administrator shall attach a statement to the final federal income
      tax return for each REMIC formed hereby stating that pursuant to Treasury
      Regulations Section 1.860F-1, the first day of the 90-day liquidation
      period for each such REMIC was the date on which the Securities Administrator
      on
      behalf of the Trustee sold the assets of the Trust Fund to the Master
      Servicer.

     

    ARTICLE
      XII

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      12.01 Amendment.
      This
      Agreement may be amended from time to time by the Depositor, the Originator,
      the
      Master Servicer, the Servicer, the Securities Administrator and the Trustee,
      without the consent of any of the Certificateholders or the Cap Counterparty
      (except to the extent that the rights or obligations of the Cap Counterparty
      under the Cap Agreement are affected thereby, and except to the extent that
      the
      ability of the Securities Administrator to perform fully and timely its
      obligations under the Cap Agreement is adversely affected, in which case prior
      written consent of the Cap Counterparty is required) (i) to cure any
      ambiguity or mistake, (ii) to correct any defective provision herein or to
      supplement any provision herein which may be inconsistent with any other
      provision herein, (iii) to add to the duties of the Depositor, the Master
      Servicer, the Servicer, the Securities Administrator or the Trustee,
      (iv) to add any other provisions with respect to matters or questions
      arising hereunder, (v) to modify, alter, amend, add to or rescind any of
      the terms or provisions contained in this Agreement, (vi) to comply with the
      requirements of the Internal Revenue Code or (vii) to conform this agreement
      to
      the Offering Documents provided to investors in connection with the offering
      of
      the Certificates; provided,
      that
      any action pursuant to clause (iv) or (v) above shall not, as
      evidenced by an Opinion of Counsel (which Opinion of Counsel shall not be an
      expense of the Trustee, the Master Servicer, the Securities Administrator or
      the
      Trust Fund), adversely affect in any material respect the interests of any
      Certificateholder; provided,
      further,
      that
      any such action pursuant to clause (iv) or (v) above shall not be
      deemed to adversely affect in any material respect the interests of the
      Certificateholders if the Person requesting the amendment obtains a letter
      from
      each Rating Agency stating that the amendment would not result in the
      downgrading or withdrawal of the respective ratings then assigned to the
      Certificates; it being understood and agreed that any such letter in and of
      itself will not represent a determination as to the materiality of any such
      amendment and will represent a determination only as to the credit issues
      affecting any such rating. The Trustee, the Depositor, the Master Servicer,
      the
      Originator, the Servicer and the Securities Administrator also may at any time
      and from time to time amend this Agreement, but without the consent of the
      Certificateholders or the Cap Counterparty (except to the extent that the rights
      or obligations of the Cap Counterparty hereunder or under the Cap Agreement
      are
      affected thereby, and except to the extent that the ability of the Securities
      Administrator to perform fully and timely its obligations under the Cap
      Agreement is adversely affected, in which case prior written consent of the
      Cap
      Counterparty is required) to modify, eliminate or add to any of its provisions
      to such extent as shall be necessary or helpful to (i) maintain the
      qualification of each REMIC created hereunder under the Code, (ii) avoid or
      minimize the risk of the imposition of any tax on any REMIC created hereunder
      pursuant to the Code that would be a claim at any time prior to the final
      redemption of the Certificates or (iii) comply with any other requirements
      of the Code; provided,
      that
      the Trustee and the Master Servicer have been provided an Opinion of Counsel,
      which opinion shall be an expense of the party requesting such opinion but
      in
      any case shall not be an expense of the Trustee or the Trust Fund, to the effect
      that such action is necessary or helpful to, as applicable, (i) maintain
      such qualification, (ii) avoid or minimize the risk of the imposition of
      such a tax or (iii) comply with any such requirements of the
      Code.

    

    
      
        
          
          

        

        
          -140-

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the Servicer, the Originator, the Securities Administrator and the
      Trustee, but with the consent of the Holders of Certificates evidencing
      Percentage Interests aggregating not less than 662/3%
      of each
      Class of Certificates affected thereby for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      this Agreement or of modifying in any manner the rights of the Holders of
      Certificates; provided,
      however,
      that no
      such amendment shall (i) reduce in any manner the amount of, or delay the
      timing of, payments required to be distributed on any Certificate without the
      consent of the Holder of such Certificate, (ii) adversely affect in any
      material respect the interests of the Holders of any Class of Certificates
      in a manner other than as described in clause (i), without the consent of
      the Holders of Certificates of such Class evidencing, as to such Class,
      Percentage Interests aggregating not less than 662/3%,
      (iii) reduce the aforesaid percentages of Certificates the Holders of which
      are required to consent to any such amendment, without the consent of the
      Holders of all such Certificates then outstanding or (iv) adversely affect
      the
      rights or obligations of the Cap Counterparty hereunder or under the Cap
      Agreement or the rights of the Securities Administrator to fully and timely
      perform its obligations under the Cap Agreement without obtaining the prior
      written consent of the Cap Counterparty.

     

    
      
        
        

      

      
        -141-

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee and the Master Servicer
      shall not consent to any amendment to this Agreement unless (i) it shall
      have first received an Opinion of Counsel, which opinion shall not be an expense
      of the Trustee, the Master Servicer or the Trust Fund, to the effect that such
      amendment will not cause the imposition of any tax on any REMIC created
      hereunder or the Certificateholders or cause any such REMIC to fail to qualify
      as a REMIC or the grantor trust to fail to qualify as a grantor trust at any
      time that any Certificates are outstanding and (ii) the party seeking such
      amendment shall have provided written notice to the Rating Agencies (with a
      copy
      of such notice to the Trustee, the Master Servicer and the Cap Counterparty)
      of
      such amendment, stating the provisions of the Agreement to be
      amended.

     

    Notwithstanding
      the foregoing provisions of this Section 12.01, with respect to any
      amendment that significantly modifies the permitted activities of the Trustee,
      any Certificate beneficially owned by the Depositor shall be deemed not to
      be
      outstanding (and shall not be considered when determining the percentage of
      Certificateholders consenting or when calculating the total number of
      Certificates entitled to consent) for purposes of determining if the requisite
      consents of Certificateholders under this Section 12.01 have been
      obtained.

     

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

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 12.01 to approve the particular form of any proposed amendment, but
      it shall be sufficient if such consent shall approve the substance thereof.
      The
      manner of obtaining such consents and of evidencing the authorization of the
      execution thereof by Certificateholders shall be subject to such reasonable
      regulations as the Trustee may prescribe.

     

    Nothing
      in this Agreement shall require the Trustee, the Master Servicer or the
      Securities Administrator to enter into an amendment without receiving an Opinion
      of Counsel (which opinion shall not be an expense of the Trustee, the Master
      Servicer, the Securities Administrator or the Trust Fund), satisfactory to
      the
      Trustee, the Master Servicer and the Securities Administrator, as applicable,
      that (i) such amendment is permitted and is not prohibited by this
Agreement and that all requirements for amending this Agreement have been
      complied with and (ii) either (A) the amendment does not adversely
      affect in any material respect the interests of any Certificateholder or
      (B) the conclusion set forth in the immediately preceding
      clause (A) is not required to be reached pursuant to this
      Section 12.01.

     

    Notwithstanding
      the foregoing, the consent of Originator shall not be required to enter into
      any
      amendment to this Agreement unless such amendment would potentially have a
      material and adverse effect on the rights or obligations of the Originator
      under
      this Agreement.

     

    Section
      12.02 Recordation
      of Agreement; Counterparts.
      This
      Agreement is subject to recordation in all appropriate public offices for real
      property records in all the counties or other comparable jurisdictions in which
      any or all of the Mortgaged Properties are situated, and in any other
      appropriate public recording office or elsewhere, such recordation to be
      effected by the Securities Administrator at the direction and expense of the
      Depositor, but only upon receipt of an Opinion of Counsel to the effect that
      such recordation materially and beneficially affects the interests of the
      Certificateholders.

     

    
      
        
        

      

      
        -142-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    Section
      12.04 Intention
      of Parties.
      (a) It
      is intended that the conveyance of the Depositor’s right, title and interest in
      and to property constituting the Trust Fund pursuant to this Agreement shall
      constitute, and shall be construed as, a sale of such property and not a grant
      of a security interest to secure a loan. However, if such conveyance is deemed
      to be in respect of a loan, it is intended that: (1) the rights and obligations
      of the parties shall be established pursuant to the terms of this Agreement;
      (2)
      the Depositor hereby grants to the Trustee for the benefit of the Holders of
      the
      Certificates a first priority security interest to secure repayment of an
      obligation in an amount equal to the aggregate Class Certificate Balances of
      the
      Certificates in all of the Depositor’s right, title and interest in, to and
      under, whether now owned or hereafter acquired, the Trust Fund and the
      Supplemental Interest Trust and all proceeds of any and all property
      constituting the Trust Fund and the Supplemental Interest Trust to secure
      payment of the Certificates (such security interest being, to the extent of
      the
      assets that constitute the Supplemental Interest Trust, pari
      passu
      with the
      security interest as provided in clause (4) below); (3) this Agreement shall
      constitute a security agreement under applicable law; and (4) the Cap
      Counterparty shall be deemed, during the term of such agreement and while such
      agreement is the property of the Trustee, to have a security interest in all
      of
      the assets that constitute the Supplemental Interest Trust, but only to the
      extent of such Cap Counterparty’s right to payment under the Cap Agreement (such
      security interest being pari
      passu
      with the
      security interest as provided in clause (2) above). If such conveyance is deemed
      to be in respect of a loan and the trust created by this Agreement terminates
      prior to the satisfaction of the claims of any Person holding any Certificate,
      the security interest created hereby shall continue in full force and effect
      and
      the Trustee shall be deemed to be the collateral agent for the benefit of such
      Person, and all proceeds shall be distributed by the Securities Administrator
      as
      herein provided.

     

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

    

    
      
        
          
          

        

        
          -143-

          
            

          

        

        
          
          

        

      

    

     

     

    Section
      12.05 Notices.
      (a)  The Securities Administrator shall use its best efforts to
      promptly provide notice to each Rating Agency with respect to each of the
      following of which a Responsible Officer of the Securities Administrator has
      actual knowledge:

     

    1. Any
      amendment to this Agreement;

     

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

     

    3. The
      resignation or termination of the Servicer, the Master Servicer, the Securities
      Administrator or the Trustee and the appointment of any successor;

     

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

     

    5. The
      final
      payment to Certificateholders; and

     

    6. An
      Early
      Termination Event with respect to the Cap Agreement.

     

    (b) In
      addition, the Securities Administrator shall promptly make available on its
      internet website to each Rating Agency copies of the following:

     

    1. Each
      report to Certificateholders described in Section 4.03; and

     

    2. Any
      notice of a purchase of a Mortgage Loan pursuant to
      Section 2.03.

     

    
      
        
        

      

      
        -144-

        
          

        

      

      
        
        

      

    

     

    (c) All
      directions, demands, consents and notices hereunder shall be in writing and
      shall be deemed to have been duly given when delivered to: 

     

    (i) in
      the
      case of the Depositor,
      HSI
      Asset Securitization Corporation, 452 Fifth Avenue, 10th
      Floor,
      New York, New York 10018, Attention: Head MBS Principal Finance, or such other
      address as may be hereafter furnished to the other parties by the Depositor
      in
      writing;

     

    (ii) in
      the
      case of the Originator or Servicer,
      to
      Wells Fargo Bank, N.A., 1 Home Campus, Des Moines, Iowa 50238-0001, or such
      other address as may be hereafter furnished to the other parties by Wells Fargo
      in writing;

     

    (iii) in
      the
      case of the Master Servicer,
      CitiMortgage, Inc., 4000 Regent Boulevard, Irving, TX 75063, Attention: Master
      Servicing Division, Compliance Manager - HALO 2007-WF1, or such other address
      as
      may be hereafter furnished to the to the other parties by CitiMortgage in
      writing;

     

    (iv) in
      the
      case of the Securities Administrator,
      388
      Greenwich Street, 14th
      Floor,
      New York, New York 10013, Attention: Structured Finance Agency and Trust, HALO
      2007-WF1, or such other address as may be hereafter furnished to the other
      parties by Citibank in writing; 

     

    (v) in
      the
      case of the Trustee,
      the
      Corporate Trust Office (Attention: Corporate Trust Services - HB07W1), or such
      other address as may be hereafter furnished to the to the other parties by
      the
      Trustee in writing;

     

    (vi) in
      the
      case of the Cap Counterparty,
      Bear
      Stearns Financial Products Inc., 383 Madison Ave., New York, New York, 10179,
      or
      such other address as may be hereafter furnished to the other parties by the
      Cap
      Counterparty in writing; 

     

    (vii) in
      the
      case of the Credit Risk Manager,
      OfficeTiger Global Real Estate Services Inc., One Glenlake Parkway, Suite 1400,
      Atlanta, Ga. 30328, Attention: General Counsel. Notices to Certificateholders
      shall be deemed given when mailed, first class postage prepaid, to their
      respective addresses appearing in the Certificate Register; and

     

    (viii) in
      the
      case of each of the Rating Agencies,
      the
      address specified therefor in the definition corresponding to the name of such
      Rating Agency.

     

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

     

    Section
      12.07 Assignment.
      Notwithstanding anything to the contrary contained herein, except as provided
      in
      Section 6.02, this Agreement may not be assigned by the Servicer without
      the prior written consent of the Master Servicer, the Trustee and Depositor;
provided,
      however,
      that
      the Servicer may pledge its interest in any reimbursements for P&I Advances
      or Servicing Advances hereunder.

     

    
      
        
        

      

      
        -145-

        
          

        

      

      
        
        

      

    

     

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

     

    No
      Certificateholder shall have any right to vote (except as provided herein)
      or in
      any manner otherwise control the operation and management of the Trust Fund,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third party 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 or by availing itself of any
      provisions of this Agreement to institute any suit, action or proceeding in
      equity or at law upon or under or with respect to this Agreement, unless such
      Holder previously shall have given to the Trustee a written notice of an Event
      of Default and of the continuance thereof, as herein provided, and unless the
      Holders of Certificates evidencing not less than 25.00% of the Voting Rights
      evidenced by the Certificates shall also have made written request to the
      Trustee to institute such action, suit or proceeding in its own name as Trustee
      hereunder and shall have offered to the Trustee such reasonable indemnity as
      it
      may require against the costs, expenses, and liabilities to be incurred therein
      or thereby, and the Trustee, for 60 days after its receipt of such notice,
      request and offer of indemnity shall have neglected or refused to institute
      any
      such action, suit or proceeding; it being understood and intended, and being
      expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue or by availing itself
      or
      themselves of any provisions of this Agreement to affect, disturb or prejudice
      the rights of the Holders of any other of the Certificates, or to obtain or
      seek
      to obtain priority over or preference to any other such Holder or to enforce
      any
      right under this Agreement, except in the manner herein provided and for the
      common benefit of all Certificateholders. For the protection and enforcement
      of
      the provisions of this Section 12.08, each and every Certificateholder and
      the Trustee shall be entitled to such relief as can be given either at law
      or in
      equity.

     

    Section
      12.09 Inspection
      and Audit Rights.
      The
      Servicer agrees that, on reasonable prior notice, which shall not be less than
      two Business Days prior written notice, it will permit any representative of
      the
      Depositor, the Master Servicer and/or the Trustee during the Servicer’s normal
      business hours, to examine all the books of account, records, reports and other
      papers of the Servicer relating to the Mortgage Loans, to make copies and
      extracts therefrom, to cause such books to be audited by independent certified
      public accountants selected by the Depositor, the Master Servicer and/or the
      Trustee and to discuss its affairs, finances and accounts relating to the
      Mortgage Loans with its officers, employees and independent public accountants
      (and by this provision the Servicer hereby authorizes said accountants to
      discuss with such representative such affairs, finances and accounts), all
      at
      such reasonable times and as often as may be reasonably requested. Any
      out-of-pocket expense of the Servicer incident to the exercise by the Depositor,
      the Master Servicer and/or the Trustee of any right under this
      Section 12.09 shall be borne by the Servicer.

     

    
      
        
        

      

      
        -146-

        
          

        

      

      
        
        

      

    

     

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

     

    Section
      12.11 Rule of
      Construction.
      Article
      and section headings are for the convenience of the reader and shall not be
      considered in interpreting this Agreement or the intent of the parties
      hereto.

     

    Section
      12.12 Waiver
      of Jury Trial.
      EACH
      PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY, WAIVES (TO THE EXTENT
      PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY
      DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH
      DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.

     

    [SIGNATURE
      PAGE FOLLOWS]

     

    
      
        
        

      

      
        -147-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, each of the parties below have caused their names to be signed
      hereto by their respective officers thereunto duly authorized as of the day
      and
      year first above written.

     

    HSI
      ASSET
      SECURITIZATION

    CORPORATION,
      as Depositor

     

    By 
      /s/
      Andrea Lenox

         
      Name: Andrea Lenox

         
      Title: Vice President

     

     

    DEUTSCHE
      BANK NATIONAL TRUST 

    COMPANY,
      as Trustee

     

    By: 
      /s/
      Melissa Wilman

          
      Name: Melissa Wilman

          
      Title: Vice President

     

     

    DEUTSCHE
      BANK NATIONAL TRUST 

    COMPANY,
      as Trustee

     

    By: /s/
      Ronaldo Reyes

         
       Name: Ronaldo Reyes

          
      Title: Vice President

     

     

    CITIMORTGAGE,
      INC., as Master Servicer

     

    By: 
      /s/
      Tommy R Harris

          
      Name: Tommy R. Harris

          
      Title: Sr. Vice President

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    CITIBANK,
      N.A., as Securities Administrator

     

    By:/s/
      Cirino Emanuele

           Name:
      Cirino Emanuele

           Title:
      Vice President

     

    WELLS
      FARGO BANK, N.A., as Custodian

     

    By:/s/
      Ester O Hoffman

           Name:
      Ester O Hoffman

           Title:
      Assistant Vice President

     

     

    WELLS
      FARGO BANK, N.A., as Originator

     

    By:/s/
      Bradley A Davis

           Name:
      Bradley A Davis

           Title:
      Vice President

     

     

    WELLS
      FARGO BANK, N.A., as Servicer

     

    By: /s/
      Bradley A Davis

           Name:
      Bradley A Davis

           Title:
      Vice President

     

     

    OFFICETIGER
      GLOBAL REAL ESTATE 

    SERVICES
      INC., as Credit Risk Manager

     

    By:/s/
      D
      Keith Gettmann

           Name:
      D. Keith Gettmann

           Title:
      SVP

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    ACKNOWLEDGED
      BY HSBC BANK USA, 

    NATIONAL
      ASSOCIATION,

    as
      Sponsor, solely for the purposes of 

    Section
      2.03(k). 

     

    By:
      /s/
      Jon E Voigtman

          
      Name: Jon E. Voigtman

          
      Title: Officer #14311

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      I

     

    Mortgage
      Loan Schedule

    

    

    [To
      be
      retained in a separate closing binder entitled “HALO 2007-WF1 Mortgage Loan

    Schedules”
      at the Washington, D.C. offices of McKee Nelson LLP]

     

    
      
        
        

      

      
        SCH.
          I-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    [IF
      THIS
      CERTIFICATE IS A PHYSICAL CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST
      HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED TRANSFEROR DELIVERS TO THE
      SECURITIES ADMINISTRATOR A TRANSFEROR LETTER (THE “TRANSFEROR
      LETTER”)
      IN THE
      FORM OF EXHIBIT H TO THE AGREEMENT REFERRED TO HEREIN AND EITHER
      (I) THE SECURITIES ADMINISTRATOR RECEIVES A RULE 144A INVESTMENT LETTER
      (THE “144A
      INVESTMENT LETTER”)
      OR A
      REGULATION S INVESTMENT LETTER (THE “REGULATION
      S INVESTMENT LETTER”)
      IN THE
      FORM OF EXHIBIT I-A AND EXHIBIT I-B, RESPECTIVELY, TO THE AGREEMENT
      REFERRED TO HEREIN OR (II) THE SECURITIES ADMINISTRATOR RECEIVES AN OPINION
      OF COUNSEL, DELIVERED AT THE EXPENSE OF THE TRANSFEROR, THAT SUCH TRANSFER
      MAY
      BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED.]
      [To
      be added to the Class M-7 Certificates while such Certificates remain
      Private Certificates.]

     

    [IF
      THIS
      CERTIFICATE IS A BOOK-ENTRY CERTIFICATE, THE PROPOSED TRANSFEROR WILL BE DEEMED
      TO HAVE MADE EACH OF THE CERTIFICATIONS SET FORTH IN THE TRANSFEROR LETTER
      AND
      THE PROPOSED TRANSFEREE WILL BE DEEMED TO HAVE MADE EACH OF THE CERTIFICATIONS
      SET FORTH IN THE RULE 144A INVESTMENT LETTER OR REGULATION S INVESTMENT LETTER,
      AS APPLICABLE, IN EACH CASE AS IF SUCH CERTIFICATE WERE EVIDENCED BY A PHYSICAL
      CERTIFICATE.] [To be added to the Class M-7 Certificates while such
      Certificates remain Private Certificates.]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
      TO
      ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND
      ANY
      CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
      NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
      IS
      MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST
      IN
      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”),
      AND
      CERTAIN OTHER ASSETS.

     

    [PRIOR
      TO
      THE TERMINATION OF THE CAP AGREEMENT, NO TRANSFER OF THIS CERTIFICATE SHALL
      BE
      MADE UNLESS THE SECURITIES ADMINISTRATOR SHALL HAVE RECEIVED A REPRESENTATION
      LETTER FROM THE TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT EITHER (I)
      SUCH TRANSFEREE IS NEITHER AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT WHICH IS SUBJECT TO SECTION 406 OF ERISA AND/OR SECTION 4975 OF
      THE
      CODE OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE SUCH PLAN’S OR ARRANGEMENT’S
      ASSETS BY REASON OF THEIR INVESTMENT IN THE ENTITY (A “PLAN”) NOR A PERSON
      ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN TO EFFECT
      SUCH TRANSFER OR (II) THE ACQUISITION AND HOLDING OF THIS CERTIFICATE ARE
      ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE
      STATUTORY EXEMPTION FOR NON-FIDUCIARY SERVICE PROVIDERS UNDER SECTION
      408(b)(17)
      OF
      ERISA AND SECTION 4975(d)(20)
      OF
      THE CODE, PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
      84-14,
      PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 OR ANOTHER APPLICABLE
      EXEMPTION.
      ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE PRIOR TO THE TERMINATION OF THE CAP
      AGREEMENT TO OR ON BEHALF OF A PLAN WITHOUT THE DELIVERY TO THE SECURITIES
      ADMINISTRATOR OF A REPRESENTATION LETTER AS DESCRIBED ABOVE SHALL BE VOID AND
      OF
      NO EFFECT. IF THIS CERTIFICATE IS A BOOK-ENTRY CERTIFICATE, THE TRANSFEREE
      WILL
      BE DEEMED TO HAVE MADE A REPRESENTATION AS PROVIDED IN CLAUSE (I) OR (II) OF
      THIS PARAGRAPH, AS APPLICABLE.] [To
      be
      added to all Offered Certificates.]

     

    

    
      
        
          
          

        

        
          EXHIBIT
            A-1

          
            

          

        

        
          
          

        

      

    

    

     

    

     

     

    [NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
      SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED (“ERISA”),
      OR A
      PLAN SUBJECT TO SECTION 4975 OF THE CODE, OR A PLAN SUBJECT TO APPLICABLE
      FEDERAL, STATE OR LOCAL LAW (“SIMILAR
      LAW”)
      MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE OR A PERSON
      INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN, OR, IF THE TRANSFEREE
      IS AN INSURANCE COMPANY, A REPRESENTATION LETTER THAT IT IS USING THE ASSETS
      OF
      ITS GENERAL ACCOUNT AND THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE
      COVERED UNDER SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION
      95-60
      OR AN OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR, TO THE
      EFFECT THAT THE PURCHASE OR HOLDING OF THIS CERTIFICATE WILL NOT CONSTITUTE
      OR
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF ERISA,
      SECTION 4975 OF THE CODE OR ANY SIMILAR LAW AND WILL NOT SUBJECT THE TRUSTEE,
      THE DEPOSITOR, THE SECURITIES ADMINISTRATOR, THE MASTER SERVICER OR THE SERVICER
      TO ANY OBLIGATION IN ADDITION TO THOSE EXPRESSLY UNDERTAKEN IN THE AGREEMENT
      OR
      TO ANY LIABILITY. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY
      PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO TITLE I OF ERISA, SECTION 4975 OF THE CODE OR SIMILAR LAW
      WITHOUT THE REPRESENTATION LETTER OR OPINION OF COUNSEL SATISFACTORY TO THE
      SECURITIES ADMINISTRATOR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.]
      [To
      be added to the Class M-7 Certificates.]

     

    

    
      
        
          
          

        

        
          EXHIBIT
            A-2

          
            

          

        

        
          
          

        

      

    

    

     

    

     

     

    [THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF REPRESENTS AND WARRANTS
      THAT
      (A) UNTIL THE EXPIRATION OF THE APPLICABLE “DISTRIBUTION COMPLIANCE PERIOD”
WITHIN THE MEANING OF REGULATION S, ANY OFFER, SALE, PLEDGE OR OTHER TRANSFER
      OF
      THIS CERTIFICATE SHALL NOT BE MADE IN THE UNITED STATES OR TO, OR FOR THE
      ACCOUNT OR BENEFIT OF, ANY U.S. PERSON (EACH AS DEFINED IN REGULATION S) AND
      (B)
      IF THIS CERTIFICATE IS HELD WITHIN THE UNITED STATES OR SUCH HOLDER IS A U.S.
      PERSON OR THIS CERTIFICATE IS HELD FOR THE ACCOUNT OR SUCH BENEFIT OF, A U.S.
      PERSON (EACH AS DEFINED IN REGULATION S) SUCH CERTIFICATE WAS ACQUIRED ONLY
      (1)
      PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER
      THE
      1933 ACT OR (2) BY SUCH HOLDER AS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
      IN RULE 144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
      ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
      TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A.][For any Private Certificate
      to
      be acquired or transferred pursuant to Regulation S.]

    

    
      	
              Certificate
                No:

            	 	
              1

            
	
              Cut-off
                Date:

            	 	
              January
                1, 2007

            
	
              First
                Distribution Date:

            	 	
              February
                26, 2007

            
	
              Initial
                Certificate Balance of 

              this
                Certificate 

              (“Denomination”):

            	 	
              $[                           
                 ]

            
	 	 	 
	
              Initial
                Certificate Balances of all 

              Certificates
                of this Class:

            	
              A-1

            	
              $106,992,000

            
	 	
              A-2

            	
              $
                8,374,000

            
	 	
              A-3

            	
              $
                64,055,000

            
	 	
              A-4

            	
              $
                9,919,000

            
	 	
              A-5

            	
              $
                21,331,000

            
	 	
              A-6

            	
              $
                37,177,000

            
	 	
              M-1

            	
              $
                9,469,000

            
	 	
              M-2

            	
              $
                10,357,000

            
	 	
              M-3

            	
              $
                3,257,000

            
	 	
              M-4

            	
              $
                8,730,000

            
	 	
              M-5

            	
              $
                3,995,000

            
	 	
              M-6

            	
              $
                2,811,000

            
	 	
              M-7

            	
              $
                2,663,000

            

    

     

    
      
        
        

      

      
        EXHIBIT
          A-3

        
          

        

      

      
        
        

      

    

     

    
      	
              Interest
                Rate:

            	
              A-1

            	
              Variable

            
	 	
              A-2

            	
              Variable

            
	 	
              A-3

            	
              Fixed

            
	 	
              A-4

            	
              Fixed

            
	 	
              A-5

            	
              Fixed

            
	 	
              A-6

            	
              Fixed

            
	 	
              M-1

            	
              Fixed

            
	 	
              M-2

            	
              Fixed

            
	 	
              M-3

            	
              Fixed

            
	 	
              M-4

            	
              Fixed

            
	 	
              M-5

            	
              Fixed

            
	 	
              M-6

            	
              Fixed

            
	 	
              M-7

            	
              Fixed

            
	 	 	 
	
              CUSIP:

            	
              A-1

            	
              40431KAA8

            
	 	
              A-2

            	
              40431KAB6

            
	 	
              A-3

            	
              40431KAC4

            
	 	
              A-4

            	
              40431KAD2

            
	 	
              A-5

            	
              40431KAE0

            
	 	
              A-6

            	
              40431KAF7

            
	 	
              M-1

            	
              40431KAG5

            
	 	
              M-2

            	
              40431KAH3

            
	 	
              M-3

            	
              40431KAJ9

            
	 	
              M-4

            	
              40431KAK6

            
	 	
              M-5

            	
              40431KAL4

            
	 	
              M-6

            	
              40431KAM2

            
	 	
              M-7

            	
              40431KAN0

            
	 	 	 
	
              ISIN:

            	
              A-1

            	
              US40431KAA88

            
	 	
              A-2

            	
              US40431KAB61

            
	 	
              A-3

            	
              US40431KAC45

            
	 	
              A-4

            	
              US40431KAD28

            
	 	
              A-5

            	
              US40431KAE01

            
	 	
              A-6

            	
              US40431KAF75

            
	 	
              M-1

            	
              US40431KAG58

            
	 	
              M-2

            	
              US40431KAH32

            
	 	
              M-3

            	
              US40431KAJ97

            
	 	
              M-4

            	
              US40431KAK60

            
	 	
              M-5

            	
              US40431KAL44

            
	 	
              M-6

            	
              US40431KAM27

            
	 	
              M-7

            	
              US40431KAN00

            

    

    

    
      
        
          
          

        

        
          EXHIBIT
            A-4

          
            

          

        

        
          
          

        

      

    

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    HSI
      Asset
      Loan Obligation Trust, 2007-WF1

    Mortgage
      Pass-Through Certificates, Series 2007-WF1

    Class
      [A-__][M-__]

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Balance at any time may be less than the
      Certificate Balance as set forth herein. This Certificate does not evidence
      an
      obligation of, or an interest in, and is not guaranteed by the Depositor, the
      Trustee or any other party to the Agreement referred to below or any of their
      respective affiliates. Neither this Certificate nor the Mortgage Loans are
      guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that [____________] is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the denomination of this
      Certificate by the aggregate of the denominations of all Certificates of the
      Class to which this Certificate belongs) in certain monthly distributions of
      principal and interest (pursuant to a Pooling and Servicing Agreement dated
      as
      of the Cut-off Date specified above (the “Agreement”)
      among
      HSI Asset Securitization Corporation, as depositor (the “Depositor”),
      Wells
      Fargo Bank, N.A., as servicer, originator and custodian, CitiMortgage, Inc.,
      as
      master servicer (the “Master
      Servicer”),
      Citibank, N.A., as securities administrator (the “Securities
      Administrator”),
      OfficeTiger Global Real Estate Services Inc., as credit risk manager and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”).
      To
      the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    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 authenticated by an authorized signatory of
      the
      Securities Administrator.

     

    * * *

    

    
      
        
          
          

        

        
          EXHIBIT
            A-5

          
            

          

        

        
          
          

        

      

    

    

    

     

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    
      	
              Dated:

            	 

    

     

    CITIBANK,
      N.A.,

    not
      in
      its individual capacity, but solely as

    Securities
      Administrator

     

    By:
      _____________________________

     

    Authenticated:

     

    By:
      _________________________

          
      Authorized Signatory of

          
      CITIBANK, N.A.,

          
      not in its individual capacity,

          
      but solely as Securities Administrator

    

    
      
        
          
          

        

        
          EXHIBIT
            A-6

          
            

          

        

        
          
          

        

      

    

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION 

     

    HSI
      Asset
      Loan Obligation Trust 2007-WF1

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      HSI
      Asset Loan Obligation Trust 2007-WF1 Mortgage Pass-Through Certificates, of
      the
      Series specified on the face hereof (herein collectively called the
“Certificates”),
      and
      representing a beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account or Cap Account
      for payment hereunder and that neither the Trustee nor the Securities
      Administrator is 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 day is not a Business Day, the Business Day immediately
      following (the “Distribution
      Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement. [The Record Date applicable
      to
      each Distribution Date is the Business Day immediately preceding such
      Distribution Date.] [Insert
      for the LIBOR Certificates.]
      [The
      Record Date applicable to each Distribution Date is the last Business Day of
      the
      month immediately preceding such Distribution Date.] [Insert
      for the Fixed Rate Certificates.]

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Securities Administrator in writing at least five Business Days
      prior to the related Record Date and such Certificateholder shall satisfy the
      conditions to receive such form of payment set forth in the Agreement, or,
      if
      not, by check mailed by first class mail to the address of such
      Certificateholder appearing in the Certificate Register. The final distribution
      on each Certificate will be made in like manner, but only upon presentment
      and
      surrender of such Certificate at the offices designated by the Securities
      Administrator for such purposes or such other location specified in the notice
      to Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      parties to the Agreement with the consent of the Holders of Certificates
      affected by such amendment evidencing the requisite Percentage Interest, as
      provided in the Agreement. Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

    

    
      
        
          
          

        

        
          EXHIBIT
            A-7

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    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 Securities Administrator upon surrender of this Certificate for registration
      of transfer at the offices designated by the Securities Administrator for such
      purposes, accompanied by a written instrument of transfer in form satisfactory
      to the Securities Administrator duly executed by the holder hereof or such
      holder’s attorney duly authorized in writing, and thereupon one or more new
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest in the Trust Fund will be issued to the
      designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

    The
      Trustee, the Depositor and the Securities Administrator and any agent of the
      Trustee, the Depositor or the Securities Administrator may treat the Person
      in
      whose name this Certificate is registered as the owner hereof for all purposes,
      and neither the Trustee, the Depositor, the Securities Administrator nor any
      such agent shall be affected by any notice to the contrary.

     

    The
      Master Servicer may, or upon the instruction of the Depositor, shall, purchase
      the Mortgage Loans and therefore cause the termination of the Trust on any
      Optional Termination Date, which is any Distribution Date following any month
      in
      which the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last day of the related Due Period is less than or equal to 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off Date. Any
      such
      purchase of the Mortgage Loans would result in the payment on that Distribution
      Date of the final distribution on the Certificates. 

     

    The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 11.01 of the Agreement.

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

    

    
      
        
          
          

        

        
          EXHIBIT
            A-8

          
            

          

        

        
          
          

        

      

    

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

    
      	 
	 
	 
	 

    

     

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (We)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      denomination and Class, to the above named assignee and deliver such Certificate
      to the following address:

    
      	 

    

     

    
      	
              Dated:

            	 

    

     

     

    ____________________________

    Signature
      by or on behalf of assignor

    

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately 

    available
      funds to
      ___________________________________________________________________________,
      

    _________________________________________________________________________________________,

    for
      the
      account of
      ___________________________________________________________________________,

    account
      number __________, or, if mailed by check, to
      ______________________________________________.

    Applicable
      statements should be mailed to
      ________________________________________________________,

    _________________________________________________________________________________________

     

    This
      information is provided by
      ___________________________________________________,

    the
      assignee named above, or
      __________________________________________________________________,

    as
      its
      agent.

    

    
      
        
        

      

      
        EXHIBIT
          A-9

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEROR DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFEROR LETTER IN
      THE
      FORM OF EXHIBIT H TO THE AGREEMENT REFERRED TO HEREIN AND EITHER
      (I) THE SECURITIES ADMINISTRATOR RECEIVES EITHER A RULE 144A INVESTMENT
      LETTER OR REGULATION S INVESTMENT LETTER IN THE FORM OF EXHIBIT I-A AND
      EXHIBIT I-B, RESPECTIVELY, TO THE AGREEMENT REFERRED TO HEREIN OR (II) THE
      SECURITIES ADMINISTRATOR RECEIVES AN OPINION OF COUNSEL, DELIVERED AT THE
      EXPENSE OF THE TRANSFEROR, STATING THAT SUCH TRANSFER MAY BE MADE WITHOUT
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A REPRESENTATION LETTER
      TO
      THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
      TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”),
      OR A
      PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO MATERIALLY
      SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW (“SIMILAR
      LAW”)
      OR A
      PERSON INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN. IN THE EVENT
      THAT SUCH REPRESENTATION IS VIOLATED, OR ANY ATTEMPT IS MADE TO TRANSFER TO
      A
      PLAN OR ARRANGEMENT SUBJECT TO SECTION 406 OF ERISA, A PLAN SUBJECT TO
      SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO SIMILAR LAW, OR A PERSON
      ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING THE ASSETS OF ANY
      SUCH
      PLAN OR ARRANGEMENT, SUCH ATTEMPTED TRANSFER OR ACQUISITION SHALL BE VOID AND
      OF
      NO EFFECT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              P-1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              January
                1, 2007

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              February
                26, 2007

            
	 	 	 
	
              Percentage
                Interest of this 

              Certificate
                

            	
              :

            	
              100%

            
	 	 	 
	
              Interest

            	
              :

            	
              None

            
	 	 	 
	
              CUSIP

            	
              :

            	
              40431KAP5

            
	 	 	 
	
              ISIN

            	
              :

            	
              US40431KAP57

            

    

    

    
      
        
          
          

        

        
          EXHIBIT
            B-1

          
            

          

        

        
          
          

        

      

    

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    HSI
      Asset
      Loan Obligation Trust 2007-WF1

    Mortgage
      Pass-Through Certificates, Series 2007-WF1

     

    Class
      P

     

    evidencing
      a percentage interest in the distribution of Prepayment Charges allocable to
      the
      Certificates of the above-referenced Class.

     

    Distributions
      in respect of this Certificate are distributable monthly as set forth herein.
      This Certificate does not evidence an obligation of, or an interest in, and
      is
      not guaranteed by the Depositor, the Trustee or any other party to the Agreement
      referred to below or any of their respective affiliates. Neither this
      Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
      agency or instrumentality.

     

    This
      certifies that HSBC SECURITIES (USA) INC. is the registered owner of the
      Percentage Interest evidenced by this Certificate in certain monthly
      distributions of Prepayment Charges pursuant to a Pooling and Servicing
      Agreement dated as of the Cut-off Date specified above (the “Agreement”)
      among
      HSI Asset Securitization Corporation, as depositor (the “Depositor”),
      Wells
      Fargo Bank, N.A., as servicer, originator and custodian, CitiMortgage, Inc.,
      as
      master servicer (the “Master
      Servicer”),
      Citibank, N.A., as securities administrator (the “Securities
      Administrator”),
      OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager, and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”).
      To
      the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    This
      Certificate does not have an Interest Rate and will solely be entitled to
      receive distributions of Prepayment Charges 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 offices designated by the Securities Administrator for such
      purpose, or such other location specified in the notice to
      Certificateholders.

     

    No
      transfer of a Certificate of this Class shall be made unless such disposition
      is
      exempt from the registration requirements of the Securities Act of 1933, as
      amended (the “1933 Act”),
      and
      any applicable state securities laws or is made in accordance with the 1933
      Act
      and such laws. In the event of any such transfer, the Securities Administrator
      shall require the transferor to execute a transferor certificate (in
      substantially the form attached to the Agreement) and deliver either (i) a
      Rule 144A Investment Letter or a Regulation S Investment Letter, as
      applicable, in either case substantially in the form attached as Exhibit I-A
      and
      Exhibit I-B, respectively, to the Agreement, or (ii) a written Opinion of
      Counsel to the Securities Administrator that such transfer may be made pursuant
      to an exemption, describing the applicable exemption and the basis therefor,
      from the 1933 Act or is being made pursuant to the 1933 Act, which Opinion
      of
      Counsel shall be an expense of the transferor.

    

    
      
        
          
          

        

        
          EXHIBIT
            B-2

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    No
      transfer of a Certificate of this Class shall be made unless the Securities
      Administrator shall have received a representation letter from the transferee
      of
      such Certificate, acceptable to and in form and substance satisfactory to the
      Securities Administrator, to the effect that such transferee is not an employee
      benefit plan subject to Section 406 of ERISA, Section 4975 of the Code
      or any materially similar provisions of applicable federal, state or local
      law
      (“Similar
      Law”),
      or a
      person acting on behalf of or investing plan assets of any such plan, which
      representation letter shall not be an expense of the Securities
      Administrator.

     

    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 authenticated by an authorized signatory of
      the
      Securities Administrator.

     

    * * *

    

    

    
      
        
          
          

        

        
          EXHIBIT
            B-3

          
            

          

        

        
          
          

        

      

    

    

     

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    
      	
              Dated:

            	 

    

     

    CITIBANK,
      N.A.,

    not
      in
      its individual capacity, but solely as

    Securities
      Administrator

     

    By:
      ______________________________

     

    Authenticated:

     

    By:
      ____________________________

          
      Authorized Signatory of

          
      CITIBANK, N.A.,

          
      not in its individual capacity,

          
      but solely as Securities Administrator

    

    
      
        
          
          

        

        
          EXHIBIT
            B-4

          
            

          

        

        
          
          

        

      

    

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    HSI
      Asset
      Loan Obligation Trust 2007-WF1

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      HSI
      Asset Loan Obligation Trust 2007-WF1 Mortgage Pass-Through Certificates, of
      the
      Series specified on the face hereof (herein collectively called the
“Certificates”),
      and
      representing a beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely
      to the
      funds on deposit in the Distribution Account or constituting Prepayment Charges
      for payment hereunder and that neither the Trustee nor the Securities
      Administrator is 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 day is not a Business Day, the Business Day immediately
      following (the “Distribution
      Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement. The Record Date applicable
      to
      each Distribution Date is the last Business Day of the month next preceding
      the
      month of such Distribution Date.

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Securities Administrator in writing at least five Business Days
      prior to the related Record Date and such Certificateholder shall satisfy the
      conditions to receive such form of payment set forth in the Agreement, or,
      if
      not, by check mailed by first class mail to the address of such
      Certificateholder appearing in the Certificate Register. The final distribution
      on each Certificate will be made in like manner, but only upon presentment
      and
      surrender of such Certificate at the offices designated by the Securities
      Administrator for such purposes or such other location specified in the notice
      to Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      parties to the Agreement with the consent of the Holders of Certificates
      affected by such amendment evidencing the requisite Percentage Interest, as
      provided in the Agreement. Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      exchange therefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

    

    
      
        
          
          

        

        
          EXHIBIT
            B-5

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    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 Securities Administrator upon surrender of this Certificate for registration
      of transfer at the offices designated by the Securities Administrator for such
      purposes, accompanied by a written instrument of transfer in form satisfactory
      to the Securities Administrator duly executed by the holder hereof or such
      holder’s attorney duly authorized in writing, and thereupon one or more new
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest in the Trust Fund will be issued to the
      designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

    The
      Trustee, the Depositor and the Securities Administrator and any agent of the
      Trustee, the Depositor or the Securities Administrator may treat the Person
      in
      whose name this Certificate is registered as the owner hereof for all purposes,
      and neither the Trustee, the Depositor, the Securities Administrator nor any
      such agent shall be affected by any notice to the contrary.

     

    The
      Master Servicer may, or upon the instruction of the Depositor, shall, purchase
      the Mortgage Loans and therefore cause the termination of the Trust on any
      Optional Termination Date, which is any Distribution Date following any month
      in
      which the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last day of the related Due Period is less than or equal to 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off Date. Any
      such
      purchase of the Mortgage Loans would result in the payment on that Distribution
      Date of the final distribution on the Certificates. 

     

    The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 11.01 of the Agreement.

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

    

    
      
        
          
          

        

        
          EXHIBIT
            B-6

          
            

          

        

        
          
          

        

      

    

    

     

    ASSIGNMENT

     

    
      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

      
        	 
	 
	 
	 

      

       

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust Fund.

       

      I
        (We)
        further direct the Securities Administrator to issue a new Certificate of
        a like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      
        	 

      

       

      
        	
                Dated:

              	 

      

       

       

      ____________________________

      Signature
        by or on behalf of assignor

      

       

      DISTRIBUTION
        INSTRUCTIONS

       

      
        The
          assignee should include the following for purposes of distribution:

         

        Distributions
          shall be made, by wire transfer or otherwise, in immediately 

        available
          funds to
          ___________________________________________________________________________,
          

        _________________________________________________________________________________________,

        for
          the
          account of
          ___________________________________________________________________________,

        account
          number __________, or, if mailed by check, to
          ______________________________________________.

        Applicable
          statements should be mailed to
          ________________________________________________________,

        _________________________________________________________________________________________

         

        This
          information is provided by
          ___________________________________________________,

        the
          assignee named above, or
          __________________________________________________________________,

        as
          its
          agent.

      

       

       

      
        
          
          

        

        
          EXHIBIT
            B-7

          
            

          

        

        
          
          

        

      

    

    

     

    EXHIBIT
      C

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFER AFFIDAVIT IN
      ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED (I) TO A PERSON
      OTHER THAN A PERMITTED TRANSFEREE IN COMPLIANCE WITH SECTION 5.02I OF THE
      AGREEMENT OR (II) UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES
      ADMINISTRATOR A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS
      NOT
      AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
      OR A
      PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO MATERIALLY
      SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW (“SIMILAR
      LAW”)
      OR A
      PERSON INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN. IN THE EVENT
      THAT SUCH REPRESENTATION IS VIOLATED, OR ANY ATTEMPT IS MADE TO TRANSFER TO
      A
      PLAN OR ARRANGEMENT SUBJECT TO SECTION 406 OF ERISA, A PLAN SUBJECT TO
      SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO SIMILAR LAW, OR A PERSON
      ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING THE ASSETS OF ANY
      SUCH
      PLAN OR ARRANGEMENT, SUCH ATTEMPTED TRANSFER OR ACQUISITION SHALL BE VOID AND
      OF
      NO EFFECT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              R-1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              January
                1, 2007

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              February
                26, 2007

            
	 	 	 
	
              Percentage
                Interest of this 

              Certificate

            	
              :

            	
              100.00%

            
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              None

            
	 	 	 
	
              CUSIP

            	
              :

            	
              40431KAR1

            
	 	 	 
	
              ISN

            	
              :

            	
              US40431KAR14

            

    

    

    
      
        
          
          

        

        
          EXHIBIT
            C-1

          
            

          

        

        
          
          

        

      

    

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    HSI
      Asset
      Loan Obligation Trust 2007-WF1

    Mortgage
      Pass-Through Certificates, Series 2007-WF1

     

    Class
      R

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

     

    Distributions
      in respect of this Certificate are distributable monthly as set forth herein.
      This Class R Certificate has no Certificate Balance and is not entitled to
      distributions in respect of principal or interest. This Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Trustee or any other party to the Agreement referred to below
      or
      any of their respective affiliates. Neither this Certificate nor the Mortgage
      Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that [HSBC SECURITIES (USA) INC.] is the registered owner of the
      Percentage Interest specified above of any monthly distributions due to the
      Class R Certificates pursuant to a Pooling and Servicing Agreement dated as
      of the Cut-off Date specified above (the “Agreement”)
      among
      HSI Asset Securitization Corporation, as depositor (the “Depositor”),
      Wells
      Fargo Bank, N.A., as servicer, originator and custodian, CitiMortgage, Inc.,
      as
      master servicer (the “Master
      Servicer”),
      Citibank, N.A., as securities administrator (the “Securities
      Administrator”),
      OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager, and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”).
      To
      the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Any
      distribution of the proceeds of any remaining assets of the Trust will be made
      only upon presentment and surrender of this Class R Certificate at the
      offices designated by the Securities Administrator for such purpose, or such
      other location specified in the notice to Certificateholders.

     

    No
      transfer of a Class R Certificate shall be made unless the Securities
      Administrator shall have received a representation letter from the transferee
      of
      such Certificate, acceptable to and in form and substance satisfactory to the
      Securities Administrator, to the effect that such transferee is not an employee
      benefit plan or arrangement subject to Section 406 of ERISA, a plan or
      arrangement subject to Section 4975 of the Code or a plan subject to
      Similar Law, or a person acting on behalf of any such plan or arrangement nor
      using the assets of any such plan or arrangement to effect such transfer, which
      representation letter shall not be an expense of the Trustee, the Securities
      Administrator, the Depositor, the Master Servicer or the Trust Fund. In the
      event that such representation is violated, or any attempt is made to transfer
      to a plan or arrangement subject to Section 406 of ERISA or a plan subject
      to Section 4975 of the Code or a plan subject to Similar Law, or a person
      acting on behalf of any such plan or arrangement or using the assets of any
      such
      plan or arrangement, such attempted transfer or acquisition shall be void and
      of
      no effect.

    

    
      
        
          
          

        

        
          EXHIBIT
            C-2

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Each
      Holder of this Class R Certificate shall be deemed by the acceptance or
      acquisition an Ownership Interest in this Class R Certificate to have
      agreed to be bound by the following provisions, and the rights of each Person
      acquiring any Ownership Interest in this Class R Certificate are expressly
      subject to the following provisions: (i) each Person holding or acquiring
      any Ownership Interest in this Class R Certificate shall be a Permitted
      Transferee and shall promptly notify the Securities Administrator of any change
      or impending change in its status as a Permitted Transferee, (ii) no
      Ownership Interest in this Class R Certificate may be registered on the
      Closing Date or thereafter transferred, and the Securities Administrator shall
      not register the Transfer of this Certificate unless, in addition to the
      certificates required to be delivered to the Securities Administrator under
      Section 5.02(b) of the Agreement, the Securities Administrator shall have
      been furnished with a Transfer Affidavit of the initial owner or the proposed
      transferee in the form attached as Exhibit G to the Agreement,
      (iii) each Person holding or acquiring any Ownership Interest in this
      Class R Certificate shall agree (A) to obtain a Transfer Affidavit
      from any other Person to whom such Person attempts to Transfer its Ownership
      Interest this Class R Certificate, (B) to obtain a Transfer Affidavit
      from any Person for whom such Person is acting as nominee, trustee or agent
      in
      connection with any Transfer of this Class R Certificate, (C) not to
      cause income with respect to the Class R Certificate to be attributable to
      a foreign permanent establishment or fixed base, within the meaning of an
      applicable income tax treaty, of such Person or any other U.S. Person and
      (D) not to Transfer the Ownership Interest in this Class R Certificate
      or to cause the Transfer of the Ownership Interest in this Class R
      Certificate to any other Person if it has actual knowledge that such Person
      is a
      Non-Permitted Transferee and (iv) any attempted or purported Transfer of
      the Ownership Interest in this Class R Certificate in violation of the
      provisions herein shall be absolutely null and void and shall vest no rights
      in
      the purported Transferee.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Securities Administrator.

     

    * * *

    

    
      
        
          
          

        

        
          EXHIBIT
            C-3

          
            

          

        

        
          
          

        

      

    

    

     

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    
      	
              Dated:

            	 

    

    
       

      CITIBANK,
        N.A.,

      not
        in
        its individual capacity, but solely as

      Securities
        Administrator

       

      By:
        ______________________________

       

      Authenticated:

       

      By:
        ____________________________

            
        Authorized Signatory of

            
        CITIBANK, N.A.,

            
        not in its individual capacity,

            
        but solely as Securities Administrator

    

    

    
      
        
          
          

        

        
          EXHIBIT
            C-4

          
            

          

        

        
          
          

        

      

    

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    HSI
      Asset
      Loan Obligation Trust 2007-WF1

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      HSI
      Asset Loan Obligation Trust 2007-WF1 Mortgage Pass-Through Certificates, of
      the
      Series specified on the face hereof (herein collectively called the
“Certificates”),
      and
      representing a beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely
      to the
      funds on deposit in the Distribution Account or Cap Account for payment
      hereunder and that neither the Trustee nor the Securities Administrator is
      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 day is not a Business Day, the Business Day immediately
      following (the “Distribution
      Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement. The Record Date applicable
      to
      each Distribution Date is the last Business Day of the month next preceding
      the
      month of such Distribution Date.

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Securities Administrator in writing at least five Business Days
      prior to the related Record Date and such Certificateholder shall satisfy the
      conditions to receive such form of payment set forth in the Agreement, or,
      if
      not, by check mailed by first class mail to the address of such
      Certificateholder appearing in the Certificate Register. The final distribution
      on each Certificate will be made in like manner, but only upon presentment
      and
      surrender of such Certificate at the offices designated by the Securities
      Administrator for such purpose, or such other location specified in the notice
      to Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      parties to the Agreement with the consent of the Holders of Certificates
      affected by such amendment evidencing the requisite Percentage Interest, as
      provided in the Agreement. Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      exchange therefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

    

    
      
        
          
          

        

        
          EXHIBIT
            C-5

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    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 Securities Administrator upon surrender of this Certificate for registration
      of transfer at the offices designated by the Securities Administrator for such
      purposes, accompanied by a written instrument of transfer in form satisfactory
      to the Securities Administrator duly executed by the holder hereof or such
      holder’s attorney duly authorized in writing, and thereupon one or more new
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest in the Trust Fund will be issued to the
      designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

    The
      Trustee, the Depositor and the Securities Administrator and any agent of the
      Trustee, the Depositor or the Securities Administrator may treat the Person
      in
      whose name this Certificate is registered as the owner hereof for all purposes,
      and neither the Trustee, the Depositor, the Securities Administrator nor any
      such agent shall be affected by any notice to the contrary.

     

    The
      Master Servicer may, or upon the instruction of the Depositor, shall, purchase
      the Mortgage Loans and therefore cause the termination of the Trust on any
      Optional Termination Date, which is any Distribution Date following any month
      in
      which the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last day of the related Due Period is less than or equal to 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off Date. Any
      such
      purchase of the Mortgage Loans would result in the payment on that Distribution
      Date of the final distribution on the Certificates. 

     

    The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 11.01 of the Agreement.

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

    

    
      
        
          
          

        

        
          EXHIBIT
            C-6

          
            

          

        

        
          
          

        

      

    

    

    

    

    
      
        
          
          

        

        
          EXHIBIT
            C-7

          
            

          

        

        
          
          

        

      

    

    

     

    ASSIGNMENT

     

    
      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
          unto

        
          	 
	 
	 
	 

        

         

        (Please
          print or typewrite name and address including postal zip code of
          assignee)

         

        the
          Percentage Interest evidenced by the within Certificate and hereby authorizes
          the transfer of registration of such Percentage Interest to assignee on
          the
          Certificate Register of the Trust Fund.

         

        I
          (We)
          further direct the Securities Administrator to issue a new Certificate
          of a like
          denomination and Class, to the above named assignee and deliver such Certificate
          to the following address:

        
          	 

        

         

        
          	
                  Dated:

                	 

        

         

         

        ____________________________

        Signature
          by or on behalf of assignor

        

         

        DISTRIBUTION
          INSTRUCTIONS

        
           

          The
            assignee should include the following for purposes of distribution:

           

          Distributions
            shall be made, by wire transfer or otherwise, in immediately 

          available
            funds to
            ___________________________________________________________________________,
            

          _________________________________________________________________________________________,

          for
            the
            account of
            ___________________________________________________________________________,

          account
            number __________, or, if mailed by check, to
            ______________________________________________.

          Applicable
            statements should be mailed to
            ________________________________________________________,

          _________________________________________________________________________________________

           

          This
            information is provided by
            ___________________________________________________,

          the
            assignee named above, or
            __________________________________________________________________,

          as
            its
            agent.

        

      

    

    

    
      
        
        

      

      
        EXHIBIT
          C-8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST
      IN
      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”)
      AND
      CERTAIN OTHER ASSETS.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEROR DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFEROR LETTER IN
      THE
      FORM OF EXHIBIT H TO THE AGREEMENT REFERRED TO HEREIN AND EITHER
      (I) THE SECURITIES ADMINISTRATOR RECEIVES EITHER A RULE 144A INVESTMENT
      LETTER OR A REGULATION S INVESTMENT LETTER IN THE FORM OF EXHIBIT I-A AND
      EXHIBIT I-B, RESPECTIVELY, TO THE AGREEMENT REFERRED TO HEREIN OR (II) THE
      SECURITIES ADMINISTRATOR RECEIVES AN OPINION OF COUNSEL, DELIVERED AT THE
      EXPENSE OF THE TRANSFEROR, THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A REPRESENTATION LETTER
      TO
      THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
      TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”),
      OR A
      PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO MATERIALLY
      SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW (“SIMILAR
      LAW”)
      OR A
      PERSON INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN. IN THE EVENT
      THAT SUCH REPRESENTATION IS VIOLATED, OR ANY ATTEMPT IS MADE TO TRANSFER TO
      A
      PLAN OR ARRANGEMENT SUBJECT TO SECTION 406 OF ERISA, A PLAN SUBJECT TO
      SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO SIMILAR LAW, OR A PERSON
      ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING THE ASSETS OF ANY
      SUCH
      PLAN OR ARRANGEMENT, SUCH ATTEMPTED TRANSFER OR ACQUISITION SHALL BE VOID AND
      OF
      NO EFFECT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              X-1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              January
                1, 2007

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              February
                26, 2007

            
	 	 	 
	
              Percentage
                Interest of this 

              Certificate

            	
              :

            	
              100%

            
	 	 	 
	
              Interest
                Rate

            	
              :

            	
              None

            
	 	 	 
	
              CUSIP

            	
              :

            	
              40431KAQ3

            
	 	 	 
	
              ISIN

            	
              :

            	
              US40431KAQ31

            

    

    

    
      
        
          
          

        

        
          EXHIBIT
            D-1

          
            

          

        

        
          
          

        

      

    

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    HSI
      Asset
      Loan Obligation Trust 2007-WF1

    Mortgage
      Pass-Through Certificates, Series 2007-WF1

     

    Class
      X

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

     

    Distributions
      in respect of this Certificate are distributable monthly as set forth herein.
      This Certificate does not evidence an obligation of, or an interest in, and
      is
      not guaranteed by the Depositor, the Trustee or any other party to the Agreement
      referred to below or any of their respective affiliates. Neither this
      Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
      agency or instrumentality.

     

    This
      certifies that [____________________] is the registered owner of the Percentage
      Interest evidenced by this Certificate (obtained by dividing the denomination
      of
      this Certificate by the aggregate of the denominations of all Certificates
      of
      the Class to which this Certificate belongs) in certain monthly distributions
      pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date
      specified above (the “Agreement”)
      among
      HSI Asset Securitization Corporation, as depositor (the “Depositor”),
      Wells
      Fargo Bank, N.A., as servicer, originator and custodian, CitiMortgage, Inc.,
      as
      master servicer (the “Master
      Servicer”),
      Citibank, N.A., as securities administrator (the “Securities
      Administrator”),
      OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager, and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”).
      To
      the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    This
      Certificate does not have a Certificate Balance or an Interest 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
      offices designated by the Securities Administrator for such purpose, or such
      other location specified in the notice to Certificateholders.

     

    No
      transfer of a Certificate of this Class shall be made unless such disposition
      is
      exempt from the registration requirements of the Securities Act of 1933, as
      amended (the “1933 Act”),
      and
      any applicable state securities laws or is made in accordance with the 1933
      Act
      and such laws. In the event of any such transfer, the Securities Administrator
      shall require the transferor to execute a transferor certificate (in
      substantially the form attached to the Agreement) and deliver either (i) a
      Rule 144A Investment Letter or Regulation S Investment Letter, as
      applicable, in either case substantially in the form attached to the Agreement,
      or (ii) a written Opinion of Counsel to the Securities Administrator that
      such transfer may be made pursuant to an exemption, describing the applicable
      exemption and the basis therefor, from the 1933 Act or is being made pursuant
      to
      the 1933 Act, which Opinion of Counsel shall be an expense of the
      transferor.

    

    
      
        
          
          

        

        
          EXHIBIT
            D-2

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    No
      transfer of a Certificate of this Class shall be made unless the Securities
      Administrator shall have received a representation letter from the transferee
      of
      such Certificate, acceptable to and in form and substance satisfactory to the
      Securities Administrator, to the effect that such transferee is not an employee
      benefit plan subject to Section 406 of ERISA, Section 4975 of the Code
      or any materially similar provisions of applicable federal, state or local
      law
      (“Similar
      Law”),
      or a
      person acting on behalf of or investing plan assets of any such plan, which
      representation letter shall not be an expense of the Securities
      Administrator.

     

    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 authenticated by an authorized signatory of
      the
      Securities Administrator.

     

    * * *

    

    
      
        
          
          

        

        
          EXHIBIT
            D-3

          
            

          

        

        
          
          

        

      

    

    

     

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    
      	
              Dated:

            	 

    

    
      
         

        CITIBANK,
          N.A.,

        not
          in
          its individual capacity, but solely as

        Securities
          Administrator

         

        By:
          ______________________________

         

        Authenticated:

         

        By:
          ____________________________

              
          Authorized Signatory of

              
          CITIBANK, N.A.,

              
          not in its individual capacity,

              
          but solely as Securities Administrator

        
 

        
          
            
              
              

            

            
              EXHIBIT
                D-4

              
                

              

            

            
              
              

            

          

        

      

    

    

     

    HSI
      ASSET
      SECURITIZATION CORPORATION

     

    HSI
      Asset
      Loan Obligation Trust 2007-WF1

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      HSI
      Asset Loan Obligation Trust 2007-WF1 Mortgage Pass-Through Certificates, of
      the
      Series specified on the face hereof (herein collectively called the
“Certificates”),
      and
      representing a beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely
      to the
      funds on deposit in the Distribution Account or Cap Account for payment
      hereunder and that neither the Trustee nor the Securities Administrator is
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Distribution
      Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement. The Record Date applicable
      to
      each Distribution Date is the last Business Day of the month next preceding
      the
      month of such Distribution Date.

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Securities Administrator in writing at least five Business Days
      prior to the related Record Date and such Certificateholder shall satisfy the
      conditions to receive such form of payment set forth in the Agreement, or,
      if
      not, by check mailed by first class mail to the address of such
      Certificateholder appearing in the Certificate Register. The final distribution
      on each Certificate will be made in like manner, but only upon presentment
      and
      surrender of such Certificate at the offices designated by the Securities
      Administrator for such purposes or such other location specified in the notice
      to Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      parties to the Agreement with the consent of the Holders of Certificates
      affected by such amendment evidencing the requisite Percentage Interest, as
      provided in the Agreement. Any such consent by the Holder of this Certificate
      shall be conclusive and binding on such Holder and upon all future Holders
      of
      this Certificate and of any Certificate issued upon the transfer hereof or
      in
      exchange therefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

    

    
      
        
          
          

        

        
          EXHIBIT
            D-5

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    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 Securities Administrator upon surrender of this Certificate for registration
      of transfer at the offices designated by the Securities Administrator for such
      purposes, accompanied by a written instrument of transfer in form satisfactory
      to the Securities Administrator duly executed by the holder hereof or such
      holder’s attorney duly authorized in writing, and thereupon one or more new
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest in the Trust Fund will be issued to the
      designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

    The
      Trustee, the Depositor and the Securities Administrator and any agent of the
      Trustee, the Depositor or the Securities Administrator may treat the Person
      in
      whose name this Certificate is registered as the owner hereof for all purposes,
      and neither the Trustee, the Depositor, the Securities Administrator nor any
      such agent shall be affected by any notice to the contrary.

     

    The
      Master Servicer may, or upon the instruction of the Depositor, shall, purchase
      the Mortgage Loans and therefore cause the termination of the Trust on any
      Optional Termination Date, which is any Distribution Date following any month
      in
      which the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last day of the related Due Period is less than or equal to 10% of the aggregate
      Stated Principal Balance of the Mortgage Loans as of the Cut-off Date. Any
      such
      purchase of the Mortgage Loans would result in the payment on that Distribution
      Date of the final distribution on the Certificates. 

     

    The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 11.01 of the Agreement.

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning

    

    
      
        
          
          

        

        
          EXHIBIT
            D-6

          
            

          

        

        
          
          

        

      

    

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

    
      
        	 
	 
	 
	 

      

       

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust Fund.

       

      I
        (We)
        further direct the Securities Administrator to issue a new Certificate of
        a like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      
        	 

      

       

      
        	
                Dated:

              	 

      

       

       

      ____________________________

      Signature
        by or on behalf of assignor

      

       

      DISTRIBUTION
        INSTRUCTIONS

       

      
        The
          assignee should include the following for purposes of distribution:

         

        Distributions
          shall be made, by wire transfer or otherwise, in immediately 

        available
          funds to
          ___________________________________________________________________________,
          

        _________________________________________________________________________________________,

        for
          the
          account of
          ___________________________________________________________________________,

        account
          number __________, or, if mailed by check, to
          ______________________________________________.

        Applicable
          statements should be mailed to
          ________________________________________________________,

        _________________________________________________________________________________________

         

        This
          information is provided by
          ___________________________________________________,

        the
          assignee named above, or
          __________________________________________________________________,

        as
          its
          agent.

         

        
          
            
            

          

          
            EXHIBIT
              D-7

            
              

            

          

          
            
            

          

        

      

    

    

     

    EXHIBIT
      E

     

    FORM
      OF
      INITIAL CERTIFICATION OF CUSTODIAN

     

    [date]

     

    

    
      	
              HSI
                Asset Securitization Corporation

              452
                Fifth Avenue

              New
                York, New York 10018

            	 
	 	 
	
              Citibank,
                N.A.,

              as
                Securities Administrator

              388
                Greenwich, 14th
                Floor

              New
                York, New York 10013

              Attention:
                Structured Finance Agency and Trust - HSI Asset Securitization
                2007-WF1

            	 
	 	 
	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

            	 

    

     

    
      	 	
              Re:

            	
              HSI
                Asset Securitization Corporation, Series
                2007-WF1

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement (the
“Pooling
      and Servicing Agreement”)
      dated
      as of January 1, 2007 among HSI Asset Securitization Corporation, as depositor,
      Wells Fargo Bank, N.A., as servicer, originator and custodian, CitiMortgage,
      Inc., as master servicer, Citibank, N.A., as securities administrator,
      OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager, and
      Deutsche Bank National Trust Company, as trustee, for each Mortgage Loan listed
      in the Mortgage Loan Schedule (other than any Mortgage Loan listed in the
      attached schedule), it has received:

     

    (i) the
      original Mortgage Note, endorsed as provided in the following form: “Pay to the
      order of ________, without recourse”; and

     

    (ii) a
      duly
      executed assignment of the Mortgage (which may be included in a blanket
      assignment or assignments).

     

    Based
      on
      its review and examination and only as to the foregoing documents, such
      documents appear regular on their face and related to such Mortgage
      Loan.

     

    The
      Custodian 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 Custodian makes no representations as to: (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in each Mortgage File of any of the Mortgage Loans
      identified on the Mortgage Loan Schedule, or (ii) the collectability,
      insurability, effectiveness or suitability of any such Mortgage
      Loan.

    

    
      
        
          
          

        

        
          EXHIBIT
            E-1

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    WELLS
      FARGO BANK, N.A., as Custodian

     

    By:
      _____________________________________

          
      Name: ________________________________

          
      Title: _________________________________  

    

     

    
      
        
        

      

      
        EXHIBIT
          E-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F

     

    FORM
      OF
      DOCUMENT CERTIFICATION

    AND
      EXCEPTION REPORT OF CUSTODIAN

     

    ______,
      20___

     

     

    

     

    
      	
              HSI
                Asset Securitization Corporation

              452
                Fifth Avenue

              New
                York, New York 10018

            	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

            
	 	 
	
              Citibank,
                N.A.,

              as
                Securities Administrator

              388
                Greenwich, 14th
                Floor

              New
                York, New York 10013

              Attention:
                Structured Finance Agency and 

              Trust
                - HSI Asset Securitization 2007-WF1

            	
              Wells
                Fargo Bank, N.A.

              1
                Home Campus

              Des
                Moines, Iowa 50238-0001

            

    

     

    
      	 	
              Re:

            	
              HSI
                Asset Securitization Corporation, Series
                2007-WF1

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement (the
“Pooling
      and Servicing Agreement”)
      dated
      as of January 1, 2007 among HSI Asset Securitization Corporation, as depositor,
      Wells Fargo Bank, N.A., as servicer, originator and custodian, CitiMortgage,
      Inc., as master servicer, Citibank, N.A., as securities administrator,
      OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager, and
      Deutsche Bank National Trust Company, as trustee, the undersigned, as Custodian,
      hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan
      Schedule (other than any Mortgage Loan paid in full or listed on the attached
      Document Exception Report) it has received:

     

    (i) The
      original Mortgage Note, endorsed in the form provided in Section 2.01 of
      the Pooling and Servicing Agreement, with all intervening endorsements showing
      a
      complete chain of endorsement from the originator to the last
      endorsee.

     

    (ii) The
      original recorded Mortgage.

     

    (iii) A
      duly
      executed assignment of the Mortgage in the form provided in Section 2.01 of
      the Pooling and Servicing Agreement; or, if the Originator has certified or
      the
      Custodian otherwise knows that the related Mortgage has not been returned from
      the applicable recording office, a copy of the assignment of the Mortgage
      (excluding information to be provided by the recording office).

    

    
      
        
          
          

        

        
          EXHIBIT
            F-1

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    (iv) The
      original or duplicate original recorded assignment or assignments of the
      Mortgage showing a complete chain of assignment from the originator to the
      last
      endorsee.

     

    (v) The
      original or duplicate original lender’s title policy and all riders thereto or,
      any one of an original title binder, an original preliminary title report or
      an
      original title commitment, or a copy thereof certified by the title
      company.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (a) such
      documents appear regular on their face and related to such Mortgage Loan, and
      (b) the information set forth in items (1), (2), (3), (15), (18) and
      (22) of the Data Tape Information accurately reflects information set forth
      in
      the Custodial File.

     

    The
      Custodian has made no independent examination of any documents contained in
      each
      Mortgage File beyond the review of the Custodial File specifically required
      in
      the Pooling and Servicing Agreement. The Custodian makes no representation
      as
      to: (i) the validity, legality, sufficiency, enforceability or genuineness
      of any of the documents contained in each Mortgage File of any of the Mortgage
      Loans identified on the Mortgage Loan Schedule, or (ii) the collectability,
      insurability, effectiveness or suitability of any such Mortgage Loan.
      Notwithstanding anything herein to the contrary, the Custodian has made no
      determination and makes no representations as to whether (i) any
      endorsement is sufficient to transfer all right, title and interest of the
      party
      so endorsing, as noteholder or assignee thereof, in and to that Mortgage Note
      or
      (ii) any assignment is in recordable form or sufficient to effect the
      assignment of and transfer to the assignee thereof, under the Mortgage to which
      the assignment relates.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

    
       

      WELLS
        FARGO BANK, N.A., as Custodian

       

      By:
        _____________________________________

            
        Name: ________________________________

            
        Title: _________________________________  

    

    

    
      
        
        

      

      
        EXHIBIT
          F-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      G

     

    FORM
      OF
      RESIDUAL TRANSFER AFFIDAVIT

     

    HSI
      Asset
      Loan Obligation Trust 2007-WF1

    Mortgage
      Pass-Through Certificates, Series 2007-WF1

     

    

    
      	
              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 Class R Certificate (the “Certificate”)
      issued
      pursuant to the Pooling and Servicing Agreement (the “Agreement”),
      relating to the above-referenced Series, dated as of January 1, 2007 among
      HSI
      Asset Securitization Corporation, as depositor, Wells Fargo Bank, N.A., as
      servicer, originator and custodian, CitiMortgage, Inc., as master servicer,
      Citibank, N.A., as securities administrator, OfficeTiger Global Real Estate
      Services Inc., as Credit Risk Manager, and Deutsche Bank National Trust Company,
      as trustee. Capitalized terms used, but not defined herein, 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, the Securities Administrator 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 Non-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 a Non-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 a Non-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.)

    

    
      
        
          
          

        

        
          EXHIBIT
            G-1

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    5. The
      Transferee has reviewed the provisions of Section 5.02(c) 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(c) 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 a Non-Permitted Transferee. In connection with any
      such
      Transfer by the Transferee, the Transferee agrees to deliver to the Securities
      Administrator a certificate substantially in the form set forth as
      Exhibit H to the Agreement (a “Transferor
      Certificate”)
      to the
      effect that, among other things, such Transferee has no actual knowledge that
      the Person to which the Transfer is to be made is a Non-Permitted
      Transferee.

     

    7. The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the Certificate. The
      Transferee has historically paid its debts as they have come due and intends
      to
      pay its debts as they come due in the future. The Transferee intends to pay
      all
      taxes due with respect to the Certificate as they become due.

     

    8. The
      Transferee’s taxpayer identification number is __________.

     

    9. The
      Transferee is not a Disqualified Non-U.S. Person as defined in the
      Agreement.

     

    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 Residual 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.

    

    
      
        
          
          

        

        
          EXHIBIT
            G-2

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    12. Check
      the
      applicable paragraph:

     

    o
      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.

     

    o
      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.

     

    o
      None of the above.

    

    
      
        
          
          

        

        
          EXHIBIT
            G-3

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    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__.

     

     

    ____________________________

    Print
      Name of Transferee

     

     

    By:
      _____________________________

    Name:

    Title:

     

    [Corporate
      Seal]

     

    ATTEST:

     

    ___________________________

    [Assistant]
      Secretary

     

    Personally
      appeared before me the above-named __________, known or proved to me to be
      the
      same person who executed the foregoing instrument and to be the ___________
      of
      the Transferee, and acknowledged that he executed the same as his free act
      and
      deed and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this ___ day of _______, 20__.

     

     

    
      ____________________________

    

    NOTARY
      PUBLIC

     

    My
      Commission expires the __ day

    of
      _________, 20__

    

    
      
        
        

      

      
        EXHIBIT
          G-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      H

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

     

    __________,
      20__

     

    HSI
      Asset
      Securitization Corporation

    452
      Fifth
      Avenue

    New
      York,
      New York 10018

    Attention:
      Head MBS Principal Finance

     

    Citibank,
      N.A.,

    as
      Securities Administrator

    388
      Greenwich, 14th
      Floor

    New
      York,
      New York 10013

    Attention:
      Structured Finance Agency and Trust - HSI Asset Securitization
      2007-WF1

     

    
      	 	
              Re:

            	
              HSI
                Asset Loan Obligation Trust 2007-WF1 Mortgage Pass-Through Certificates,
                Series 2007-WF1, Class [__]

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above Certificates we certify that
      (a) we understand that the Certificates have not been registered under the
      Securities Act of 1933, as amended (the “Act”),
      and
      are being disposed by us in a transaction that is exempt from the registration
      requirements of the Act, (b) we have not offered or sold any Certificates
      to, or solicited offers to buy any Certificates from, any person, or otherwise
      approached or negotiated with any person with respect thereto, in a manner
      that
      would be deemed, or taken any other action which would result in, a violation
      of
      Section 5 of the Act and (c) to the extent we are disposing of a
      Residual Certificate, (i) we have no knowledge the Transferee is a
      Non-Permitted Transferee, (ii) after conducting a reasonable investigation
      of the financial condition of the Transferee, we have no knowledge and no reason
      to believe that the Transferee will not pay all taxes with respect to the
      Residual Certificates as they become due and (iii) we have no reason to
      believe that the statements made in paragraphs 7, 10 and 11 of the
      Transferee’s Residual Transfer Affidavit are false.

     

    In
      connection with any disposition of the above Certificates in accordance with
      Rule 904 of Regulation S we hereby certify that:

     

    
      	 	
              a.
                

            	
              the
                offer of the Certificates was not made to a person in the United
                States;

            

    

     

    
      	 	
              b.
                

            	
              at
                the time the buy order was originated, the transferee was outside
                the
                United States or the Transferor and any person acting on its behalf
                responsibly believed
                the transferee was outside the United
                States;

            

    

    

    
      
        
          
          

        

        
          EXHIBIT
            H-1

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    
      	 	
              c.

            	
              no
                directed selling efforts have been made in contravention of the
                requirements of Rule 903 or Rule 904 of Regulation S, as
                applicable;

            

    

     

    
      	 	
              d.
                

            	
              the
                transaction is not part of a plan or scheme to
                evade the registration requirements of the Securities Act, as amended;
                and

            

    

     

    
      	 	
              e.

            	
              the
                transferee is not a U.S. person (as defined in Regulation
                S).

            

    

     

    

     

    Very
      truly yours,

     

    ___________________________

    Print
      Name of Transferor

     

     

    By:
      ____________________________

    Authorized
      Officer

     

    
      
        
        

      

      
        EXHIBIT
          H-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      I-A

     

    FORM
      OF
      RULE 144A INVESTMENT LETTER

     

    ____________,
      20__

     

    HSI
      Asset
      Securitization Corporation

    452
      Fifth
      Avenue

    New
      York,
      New York 10018

    Attention:
      Head MBS Principal Finance

     

    Citibank,
      N.A.,

    as
      Securities Administrator

    388
      Greenwich, 14th
      Floor

    New
      York,
      New York 10013

     

    Attention:
      Structured Finance Agency and Trust - HSI Asset Securitization
      2007-WF1

     

    
      	 	
              Re:

            	
              HSI
                Asset Loan Obligation Trust
                2007-WF1

            

    

    
      	 	 	
              Mortgage
                Pass-Through Certificates, Series 2007-WF1, Class
                [__]

            

    

    

    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 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)  in the case of an
      ERISA-Restricted Certificate, we are not an employee benefit plan that is
      subject to Title I of the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”),
      or a
      plan or arrangement that is subject to Section 4975 of the Internal Revenue
      Code of 1986, as amended, or a plan subject to materially similar provisions
      of
      applicable federal, state or local law, nor are we acting on behalf of any
      such
      plan or arrangement nor using the assets of any such plan or arrangement to
      effect such acquisition or, with respect to an ERISA-Restricted Certificate
      other than a Class P Certificate, a Class X Certificate or a Residual
      Certificate, such Certificate has been the subject of an ERISA-Qualifying
      Underwriting and the purchaser is an insurance company that is purchasing this
      certificate with funds contained in an “insurance company general account” (as
      such term is defined in Section V(e) of Prohibited Transaction Class
      Exemption (“PTCE”)
      95-60)
      and that the purchase and holding of such Certificates are covered under
      Sections I and III of PTCE 95-60, (e)  in the case of an
      ERISA-Restricted Trust Certificate prior to the termination of the cap
      agreement, either (i) we are not an employee benefit plan that is subject to
      Title I of ERISA, or a plan or arrangement that is subject to
      Section 4975 of the Internal Revenue Code of 1986, as

     

    
EXHIBIT
      I-A-1

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    amended,
      nor a person acting on behalf of any such plan, nor are we using the assets
      of
      any such plan to effect such transfer or (ii) our acquisition and holding of
      the
      ERISA-Restricted Trust Certificate is eligible for exemptive relief under the
      statutory exemption for non-fiduciary service providers under Section 408(b)(17)
      of ERISA and Section 4975(d)(20) of the Code, PTCE 84-14, PTCE 90-1, PTCE 91-38,
      PTCE 95-60 or PTCE 96-23 or some other applicable exemption, (f) 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, and (g) 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.

     

     

    EXHIBIT
      I-A-2

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    ANNEX
      1 TO EXHIBIT I

     

    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
      $________ 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.

            

    

    _______________________

    
      
        	1	
                Buyer
                  must own and/or invest on a discretionary basis at least $100,000,000
                  in
                  securities unless Buyer is a dealer, and, in that case, Buyer must
                  own
                  and/or invest on a discretionary basis at least $10,000,000 in
                  securities.

              

      

    

     

     

    EXHIBIT
      I-A-3

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    
      	 	
              ____

            	
              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.

            

    

     

    
      	 	
              ____

            	
              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.

     

    
EXHIBIT
      I-A-4

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    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 Transferee

     

     

    By:
      ______________________________

          
      Name: 

          
      Title:

     

    Date:
      _____________________________  

    

     

    EXHIBIT
      I-A-5

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    ANNEX
      2 TO EXHIBIT I

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That Are Registered Investment Companies]

     

    The
      undersigned (the “Buyer”)
      hereby
      certifies as follows to the parties listed in the Rule 144A Transferee
      Certificate to which this certification relates with respect to the Certificates
      described therein:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the
      Securities Act of 1933, as amended (“Rule 144A”),
      because Buyer is part of a Family of Investment Companies (as defined below),
      is
      such an officer of the Adviser.

     

    2. In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an
      investment company registered under the Investment Company Act of 1940, as
      amended, and (ii) as marked below, the Buyer alone, or the Buyer’s Family
      of Investment Companies, owned at least $100,000,000 in securities (other than
      the excluded securities referred to below) as of the end of the Buyer’s most
      recent fiscal year. For purposes of determining the amount of securities owned
      by the Buyer or the Buyer’s Family of Investment Companies, the cost of such
      securities was used, except (i) where the Buyer or the Buyer’s Family of
      Investment Companies reports its securities holdings in its financial statements
      on the basis of their market value, and (ii) no current information with
      respect to the cost of those securities has been published. If clause (ii)
      in the preceding sentence applies, the securities may be valued at market.
      

     

    
      	 	
              ____

            	
              The
                Buyer owned $_______ in securities (other than the excluded securities
                referred to below) as of the end of the Buyer’s most recent fiscal year
                (such amount being calculated in accordance with
                Rule 144A).

            

    

     

    
      	 	
              ____

            	
              The
                Buyer is part of a Family of Investment Companies which owned in
                the
                aggregate $_______ in securities (other than the excluded securities
                referred to below) as of the end of the Buyer’s most recent fiscal year
                (such amount being calculated in accordance with
                Rule 144A).

            

    

     

    3. The
      term
“Family
      of Investment Companies”
as
      used
      herein means two or more registered investment companies (or series thereof)
      that have the same investment adviser or investment advisers that are affiliated
      (by virtue of being majority owned subsidiaries of the same parent or because
      one investment adviser is a majority owned subsidiary of the
      other).

     

    4. The
      term
“securities”
as
      used
      herein does not include (i) securities of issuers that are affiliated with
      the Buyer or are part of the Buyer’s Family of Investment Companies,
      (ii) securities issued or guaranteed by the U.S. or any instrumentality
      thereof, (iii) bank deposit notes and certificates of deposit,
      (iv) loan participations, (v) repurchase agreements,
      (vi) securities owned but subject to a repurchase agreement and
      (vii) currency, interest rate and commodity swaps.

     

     

    EXHIBIT
      I-A-6

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    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 Transferee

       

       

      By:
        ______________________________

            
        Name: 

            
        Title:

       

      Date:
        _____________________________  

       

       

      IF
        AN
        ADVISER:

       

      _____________________________

      Print
        Name of Buyer

       

       

      Date:_____________________________

    

     

     

    EXHIBIT
      I-A-7

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      I-B

     

    FORM
      OF
      REGULATION S INVESTMENT LETTER

     

    ____________,
      20__

     

    HSI
      Asset
      Securitization Corporation

    452
      Fifth
      Avenue

    New
      York,
      New York 10018

    Attention:
      Head MBS Principal Finance

     

    Citibank,
      N.A.,

    as
      Securities Administrator

    388
      Greenwich, 14th
      Floor

    New
      York,
      New York 10013

    Attention:
      Structured Finance Agency and Trust - HSI Asset Securitization
      2007-WF1

     

    
      	 	
              Re:

            	
              HSI
                Asset Loan Obligation Trust 2007-WF1

            

    

    Mortgage
      Pass-Through Certificates, Series 2007-WF1, Class [__] 

     

    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 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) in
      the
      case of an ERISA-Restricted Certificate, we are not an employee benefit plan
      that is subject to Title I of the Employee Retirement Income Security Act
      of 1974, as amended (“ERISA”),
      or a
      plan or arrangement that is subject to Section 4975 of the Internal Revenue
      Code of 1986, as amended, or a plan subject to materially similar provisions
      of
      applicable federal, state or local law, nor are we acting on behalf of any
      such
      plan or arrangement nor using the assets of any such plan or arrangement to
      effect such acquisition or, with respect to an ERISA-Restricted Certificate
      other than a Class P Certificate, a Class X Certificate or a Residual
      Certificate, such Certificate has been the subject of an ERISA-Qualifying
      Underwriting and the purchaser is an insurance company that is purchasing this
      certificate with funds contained in an “insurance company general account” (as
      such term is defined in Section V(e) of Prohibited Transaction Class
      Exemption (“PTCE”)
      95-60)
      and that the purchase and holding of such Certificates are covered under
      Sections I and III of PTCE 95-60, (e)  in the case of an
      ERISA-Restricted Trust Certificate prior to the termination of the cap
      agreement, either (i) we are not an employee benefit plan that is subject to
      Title I of ERISA, or a plan or arrangement that is subject to
      Section 4975 of the Internal Revenue Code of 1986, as 

     

     

    EXHIBIT
      I-B-1

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    amended,
      nor a person acting on behalf of any such plan, nor are we using the assets
      of
      any such plan to effect such transfer or (ii) our acquisition and holding of
      the
      ERISA-Restricted Trust Certificate is eligible for exemptive relief under the
      statutory exemption for non-fiduciary service providers under Section 408(b)(17)
      of ERISA and Section 4975(d)(20) of the Code, PTCE 84-14, PTCE 90-1, PTCE 91-38,
      PTCE 95-60 or PTCE 96-23 or some other applicable exemption, (f) 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, and (g) we are not
      a U.S. person within the meaning of Regulation S of the Securities Act and
      was
      at the time the buy order was originated for the Class [ ] Certificates outside
      the United States. We are aware that the sale to us is being made in reliance
      on
      Regulation S of the Securities Act and we understand (x) that until the
      expiration of the 40-day distribution
      compliance period (within the meaning of Regulation S), no offer, sale, pledge
      or other transfer of such Certificates or any interest therein shall be made
      in
      the United States or to or for the account or benefit of a U.S. person (each
      as
      defined in Regulation S), (y) if in the future we decide to offer, resell,
      pledge or otherwise transfer such Certificates, such Certificates may be
      offered, resold, pledged or transferred only to (A) a person which the seller
      reasonably believes is a “qualified institutional buyer” (a “QIB”) as defined in
      Rule 144A under the Securities Act, that is purchasing such Certificate for
      its
      own account or for the account of a QIB in reliance on Rule 144A or (B) in
      an
      offshore transaction (as defined in Regulation S) in compliance with the
      provisions of Regulation S, in each case in compliance with the requirements
      of
      the Agreement; and we will notify such transferee of the transfer restrictions
      specified in the Agreement. 

     

     

    
       

      _____________________________

      Print
        Name of Transferee

       

       

      By:
        ______________________________

            
        Name: 

            
        Title:

       

      Date:
        _____________________________  

       

       

      IF
        AN
        ADVISER:

       

      _____________________________

      Print
        Name of Buyer

       

       

      Date:_____________________________

    

     

     

    EXHIBIT
      I-B-2

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      J

     

    FORM
      OF
      REQUEST FOR RELEASE

    (for
      Custodian)

     

    
      	
              To:

            	
              Wells
                Fargo Bank, N.A.

              1015
                10th Avenue SE

              Minneapolis,
                Minnesota
                55414

            

    

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as
                of January 1, 2007 among HSI Asset Securitization Corporation, as
                depositor, Wells Fargo Bank, N.A., as servicer, originator and custodian,
                CitiMortgage, Inc., as master servicer, Citibank, N.A., as securities
                administrator, OfficeTiger Global Real Estate Services Inc., as Credit
                Risk Manager, and Deutsche Bank National Trust Company, as
                trustee.

            

    

     

    In
      connection with the administration of the Mortgage Loans held by you as the
      Custodian on behalf of the Certificateholders, we request the release, and
      acknowledge receipt, of the (Custodial File/[specify documents]) for the
      Mortgage Loan described below, for the reason indicated.

     

    Mortgagor’s
      Name, Address & Zip Code:

     

    Mortgage
      Loan Number:

     

    Send
      Custodial File to:

     

    Delivery
      Method (check one)

     

    
      
        	
                ____1.

              	
                Regular
                  mail

              

      

       

      
        	
                ____2.

              	
                Overnight
                  courier (Tracking information:
                                     )

              

      

       

      If
        neither box 1 nor 2 is checked, regular mail shall be assumed.

       

      Reason
        for Requesting Documents
        (check
        one)

       

      
        	
                ____1.

              	
                Mortgage
                  Loan Paid in Full.
                  (The Servicer hereby certifies that all amounts received in connection
                  therewith have been credited to the Collection Account as provided
                  in the
                  Pooling and Servicing Agreement.)

              

      

       

      
        	
                ____2.

              	
                Mortgage
                  Loan Repurchase Pursuant to Subsection 2.03 of the Pooling and
                  Servicing
                  Agreement.
                  (The Servicer hereby certifies that the repurchase price has been
                  credited
                  to the Collection Account as provided in the Pooling and Servicing
                  Agreement.)

              

      

       

      
        	____3.	
                Mortgage
                  Loan Liquidated by _________________. (The Servicer hereby certifies
                  that
                  all proceeds of foreclosure, insurance, condemnation or other liquidation
                  have been finally received and credited to the Collection Account
                  pursuant
                  to the Pooling and Servicing
                  Agreement.)

              

      

    

     

     

    
      
        
          
          

        

        
          EXHIBIT
            J-1

          
            

          

        

        
          
          

        

      

    

    

     

    
      
        	____4.	
                Mortgage
                  Loan in Foreclosure.

              

      

    

     

    
      	____5.	
              Other
                (explain).  

            

    

     

    If
      box 1,
      2 or 3 above is checked, and if all or part of the Custodial File was previously
      released to us, please release to us our previous request and receipt on file
      with you, as well as any additional documents in your possession relating to
      the
      specified Mortgage Loan.

     

    If
      box 4
      or 5 above is checked, upon our return of all of the above documents to you
      as
      the Trustee, please acknowledge your receipt by signing in the space indicated
      below, and returning this form if requested by us.

     

    [WELLS
      FARGO BANK, N.A.]

     

     

    By:
      _______________________________

          
      Name:

          
      Title:

          
      Date:

     

    ACKNOWLEDGED
      AND AGREED:

     

     

    [WELLS
      FARGO BANK, N.A.]

     

     

    By:
      _________________________________

          
      Name:

          
      Title:

          
      Date:

    

    
      
        
        

      

      
        EXHIBIT
          J-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      K

     

    CONTENTS
      OF EACH MORTGAGE FILE

     

    With
      respect to each Mortgage Loan, the Mortgage File shall include each of the
      following items, which shall be available for inspection by the Depositor and
      which shall be retained by the Servicer or delivered to and retained by the
      Custodian:

     

    (a) The
      documents or instruments set forth as items (i) to (ix) in Section 2.01(b)
      of the Pooling and Servicing Agreement.

     

    (b) Residential
      loan application.

     

    (c) Mortgage
      Loan closing statement.

     

    (d) Verification
      of employment and income.

     

    (e) Verification
      of acceptable evidence of source and amount of downpayment.

     

    (f) Credit
      report on Mortgagor.

     

    (g) Residential
      appraisal report.

     

    (h) Photograph
      of the Mortgaged Property.

     

    (i) Survey
      of
      the Mortgaged Property.

     

    (j) Copy
      of
      each instrument necessary to complete identification of any exception set forth
      in the exception schedule in the title policy, i.e., map or plat, restrictions,
      easements, sewer agreements, home association declarations, etc.

     

    (k) All
      required disclosure statements and statement of Mortgagor confirming receipt
      thereof.

     

    (l) If
      available, termite report, structural engineer’s report, water potability and
      septic certification.

     

    (m) Sales
      contract, if applicable.

     

    (n) Hazard
      insurance policy.

     

    (o) Tax
      receipts, insurance premium receipts, ledger sheets, payment history from date
      of origination, insurance claim files, correspondence, current and historical
      computerized data files, and all other processing, underwriting and closing
      papers and records which are customarily contained in a mortgage loan file
      and
      which are required to document the Mortgage Loan or to service the Mortgage
      Loan.

    

    
      
        
          
          

        

        
          EXHIBIT
            K-1

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    (p) Amortization
      schedule, if available.

     

    (q) Payment
      history for Mortgage Loans that have been closed for more than 90
      days.

     

    
      
        
        

      

      
        EXHIBIT
          K-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      L

     

    FORM
      OF
      SARBANES-OXLEY CERTIFICATION TO BE

    PROVIDED
      BY MASTER SERVICER (OR OTHER

    CERTIFICATION
      PARTY) WITH FORM 10-K

     

    HSI
      Asset
      Loan Obligation Trust 2007-WF1

    Mortgage
      Pass-Through Certificates

    Series
      2007-WF1

     

    This
      Certification is being made pursuant to Section 3.24 and Section 8.12 of
      the Pooling and Servicing Agreement dated as of January 1, 2007 (the
“Pooling
      and Servicing Agreement”)
      relating to the above-referenced Series, among HSI Asset Securitization
      Corporation, as depositor, Wells Fargo Bank, N.A., as servicer, originator
      and
      custodian, CitiMortgage, Inc., as master servicer, Citibank, N.A., as securities
      administrator, OfficeTiger Global Real Estate Services Inc., as Credit Risk
      Manager, and Deutsche Bank National Trust Company, as trustee. Capitalized
      terms
      used but not defined herein shall have the meanings assigned in the Pooling
      and
      Servicing Agreement.

     

    1. I
      have
      reviewed this annual report on Form 10-K, and all reports on Form 10-D
      required to be filed in respect of the period covered by this report on Form
      10-K of HSI Asset Loan Obligation Trust 2007-WF1 (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. I
      am
      responsible for reviewing the activities performed by the Servicer and based
      on
      my knowledge and the compliance review conducted in preparing the servicer
      compliance statement required in this report under Item 1123 of Regulation
      AB,
      and except as disclosed in the Exchange Act periodic reports, the Servicer
      has
      fulfilled its obligations under the 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.

    

    
      
        
          
          

        

        
          EXHIBIT
            L-1

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    In
      giving
      the certifications above, I have reasonably relied on information provided
      to me
      by the following parties: Citibank, N.A. and Wells Fargo Bank, N.A.

    

     

    CITIMORTGAGE,
      INC.

    as
      Master
      Servicer

     

    By:
      ______________________________

          
      Name:

          
      Title:

          
      Date:

    

    
      
        
        

      

      
        EXHIBIT
          L-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      M

     

    FORM
      OF
      SERVICER (OR SERVICING FUNCTION

    PARTICIPANT)
      BACK-UP CERTIFICATION

    

    CitiMortgage,
      Inc., 

    4000
      Regent Blvd.

    Irving,
      TX 75063

    Attention:
      Master Servicing Division, Compliance Manager - HALO 2007-WF1

     

    
      	 	
              Re:

            	
              HSI
                Asset Loan Obligation Trust
                2007-WF1

            

    

     

    [_______],
      the [_______] of [_______] (the “Company”)
      hereby
      certifies to the Depositor, the Master Servicer, the Trustee and the Securities
      Administrator, and each of their officers, directors and affiliates
      that:

     

    (1) I
      have
      reviewed the Company’s report on assessment of compliance with the servicing
      criteria set forth in Item 1122(d) of Regulation AB (the “Servicing
      Criteria”),
      provided in accordance with Rules 13a-18 and 15d-18 under the Securities
      Exchange Act of 1934, as amended (the “Exchange
      Act”)
      and
      Item 1122 of Regulation AB (the “Servicing
      Assessment”),
      the
      registered public accounting firm’s attestation report provided in accordance
      with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of
      Regulation AB (the “Attestation
      Report”),
      and
      all servicing reports, officer’s certificates and other information relating to
      the servicing of the Mortgage Loans by [____] during 200[ ] that were delivered
      by [____] to any of the Depositor, the Master Servicer, the Securities
      Administrator, and the Trustee pursuant to the Agreement (collectively, the
      “Company
      Servicing Information”);

     

    (2) Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3) Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the Depositor, the
      Master Servicer, the Securities Administrator and the Trustee;

     

    (4) I
      am
      responsible for reviewing the activities performed by [____] as [____] under
      the
      Agreement, and based on my knowledge and the compliance review conducted in
      preparing the Servicing Assessment or the Attestation Report, the Company has
      fulfilled its obligations under the Agreement in all material respects;
      and

     

    (5) The
      Servicing Assessment and Attestation Report required to be provided by [____]
      and [by any Subservicer or Subcontractor] pursuant to the Agreement, have been
      provided to the Depositor, the Master Servicer and the Securities Administrator.
      Any material instances of noncompliance described in such reports have been
      disclosed to the Depositor, the Master Servicer and the Securities
      Administrator. Any material instance of noncompliance with the Servicing
      Criteria has been disclosed in such reports.

    

    
      
        
          
          

        

        
          EXHIBIT
            M-1

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Pooling Servicing Agreement, dated as of January 1, 2007 (the “Pooling
      and Servicing Agreement”),
      by
      and among HSI Asset Securitization Corporation, as depositor, Wells Fargo Bank,
      N.A., as servicer, originator and custodian, CitiMortgage, Inc., as master
      servicer, Citibank, N.A., as securities administrator, OfficeTiger Global Real
      Estate Services Inc., as Credit Risk Manager, and Deutsche Bank National Trust
      Company, as trustee.

     

    

     

    [____]

    as
      [____]

    By:  

    Name:

    Title:

    Date:

     

    
      
        
        

      

      
        EXHIBIT
          M-2

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      N

    

    LIMITED
      POWER OF ATTORNEY

    

    KNOW
      ALL
      MEN BY THESE PRESENTS, that Deutsche Bank National Trust Company, a national
      banking association organized and existing under the laws of the United States
      and having its principal place of business at 1761 East St. Andrew Place, Santa
      Ana, California, 92705, as Trustee (the “Trustee”)
      pursuant to that Pooling and Servicing Agreement dated as of January 1, 2007
      (the “Agreement”)
      by and
      among HSI Asset Securitization Corporation, as depositor, Wells Fargo Bank,
      N.A., as servicer, originator and custodian, CitiMortgage, Inc., as master
      servicer, Citibank, N.A., as securities administrator, OfficeTiger Global Real
      Estate Services Inc., as Credit Risk Manager, and the Trustee, hereby
      constitutes and appoints the Servicer, by and through the Servicer’s officers,
      the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and
      stead and for the Trustee’s benefit, in connection with all mortgage loans
      serviced by the Servicer pursuant to the Agreement solely for the purpose of
      performing such acts and executing such documents in the name of the Trustee
      necessary and appropriate to effectuate the following enumerated transactions
      in
      respect of any of the mortgages or deeds of trust (the “Mortgages”
and
      the
“Deeds
      of Trust”
      respectively) and promissory notes secured thereby (the "Mortgage
      Notes”)
      for
      which the undersigned is acting as Trustee for various certificateholders
      (whether the undersigned is named therein as mortgagee or beneficiary or has
      become mortgagee by virtue of endorsement of the Mortgage Note secured by any
      such Mortgage or Deed of Trust) and for which [INSERT
      NAME OF SERVICER]
      is
      acting as the Servicer.

    

    This
      Appointment shall apply only to the following enumerated transactions and
      nothing herein or in the Agreement shall be construed to the
      contrary:

     

    
      	 	
              1.

            	
              The
                modification or re-recording of a Mortgage or Deed of Trust, where
                said
                modification or re-recording is solely 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; provided that (i) said modification or
                re-recording, in either instance, does not adversely affect the lien
                of
                the Mortgage or Deed of Trust as insured and (ii) otherwise conforms
                to the provisions of the Agreement.

            

    

     

    
      	 	
              2.

            	
              The
                subordination of the lien of a Mortgage or Deed of Trust to an easement
                in
                favor of a public utility company of a government agency or unit
                with
                powers of eminent domain; this section shall include, without limitation,
                the execution of partial satisfactions/releases, partial reconveyances
                or
                the execution or requests to trustees to accomplish
                same.

            

    

     

    
      	 	
              3.

            	
              The
                conveyance of the properties to the mortgage insurer, or the closing
                of
                the title to the property to be acquired as real estate owned, or
                conveyance of title to real estate
                owned.

            

    

     

    
      	 	
              4.

            	
              The
                completion of loan assumption
                agreements.

            

    

    

    
      
        
          
          

        

        
          EXHIBIT
            N-1

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    
      	 	
              5.

            	
              The
                full satisfaction/release of a Mortgage or Deed of Trust or full
                conveyance upon payment and discharge of all sums secured thereby,
                including, without limitation, cancellation of the related Mortgage
                Note.

            

    

     

    
      	 	
              6.

            	
              The
                assignment of any Mortgage or Deed of Trust and the related Mortgage
                Note,
                in connection with the repurchase of the mortgage loan secured and
                evidenced thereby.

            

    

     

    
      	 	
              7.

            	
              The
                full assignment of a Mortgage or Deed of Trust upon payment and discharge
                of all sums secured thereby in conjunction with the refinancing thereof,
                including, without limitation, the assignment of the related Mortgage
                Note.

            

    

     

    
      	 	
              8.

            	
              With
                respect to a Mortgage or Deed of Trust, the foreclosure, the taking
                of a
                deed in lieu of foreclosure, or the completion of judicial or non-judicial
                foreclosure or termination, cancellation or rescission of any such
                foreclosure, including, without limitation, any and all of the following
                acts:

            

    

     

    
      	 	
              a.

            	
              the
                substitution of trustee(s) serving under a Deed of Trust, in accordance
                with state law and the Deed of
                Trust;

            

    

    

    
      	 	
              b.

            	
              the
                preparation and issuance of statements of breach or
                non-performance;

            

    

    

    
      	 	
              c.

            	
              the
                preparation and filing of notices of default and/or notices of
                sale;

            

    

    

    
      	 	
              d.

            	
              the
                cancellation/rescission of notices of default and/or notices of
                sale;

            

    

    

    
      	 	
              e.

            	
              the
                taking of 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.

            	
              With
                respect to the sale of property acquired through a foreclosure or
                deed-in
                lieu of foreclosure, including, without limitation, the execution
                of the
                following documentation:

            

    

     

    
      	 	
              a.

            	
              listing
                agreements;

            

    

     

    
      	 	
              b.

            	
              purchase
                and sale agreements;

            

    

     

    
      	 	
              c.

            	
              grant/warranty/quit
                claim deeds or any other deed causing the transfer of title of the
                property to a party contracted to purchase
                same;

            

    

     

    
      	 	
              d.

            	
              escrow
                instructions; and

            

    

     

    
      	 	
              e.

            	
              any
                and all documents necessary to effect the transfer of
                property.

            

    

    

    
      
        
          
          

        

        
          EXHIBIT
            N-2

          
            

          

        

        
          
          

        

      

    

    

     

    

     

    
      	 	
              10.

            	
              The
                modification or amendment of escrow agreements established for repairs to
                the mortgaged property or reserves for replacement of personal
                property.

            

    

    

    The
      undersigned gives said Attorney-in-Fact full power and authority to execute
      such
      instruments and to do and perform all and every act and thing necessary and
      proper to carry into effect the power or powers granted by or under this Limited
      Power of Attorney as fully as the undersigned might or could do, and hereby
      does
      ratify and confirm to all that said Attorney-in-Fact shall be effective as
      of
      [INSERT
      CLOSING DATE].

    

    This
      appointment is to be construed and interpreted as a limited power of attorney.
      The enumeration of specific items, rights, acts or powers herein is not intended
      to, nor does it give rise to, and it is not to be construed as a general power
      of attorney.

    

    Nothing
      contained herein shall (i) limit in any manner any indemnification provided
      by the Servicer to the Trustee under the Agreement, or (ii) be construed to
      grant the Servicer the power to initiate or defend any suit, litigation or
      proceeding in the name of Deutsche Bank National Trust Company except as
      specifically provided for herein. If the Servicer receives any notice of suit,
      litigation or proceeding in the name of Deutsche Bank National Trust Company
      or
      Bankers Trust Company of California, N.A., then the Servicer shall promptly
      forward a copy of same to the Trustee.

    

    This
      limited power of attorney is not intended to extend the powers granted to the
      Servicer under the Agreement or to allow the Servicer to take any action with
      respect to Mortgages, Deeds of Trust or Mortgage Notes not authorized by the
      Agreement.

    

    The
      Servicer hereby agrees to indemnify and hold the Trustee 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 the Servicer of the
      powers granted to it hereunder. The foregoing indemnity shall survive the
      termination of this Limited Power of Attorney and the Agreement or the earlier
      resignation or removal of the Trustee under the Agreement.

    

    This
      Limited Power of Attorney is entered into and shall be governed by the laws
      of
      the State of New York, without regard to conflicts of law principles of such
      state.

    

    Third
      parties without actual notice may rely upon the exercise of the power granted
      under this Limited Power of Attorney; and may be satisfied that this Limited
      Power of Attorney shall continue in full force and effect and has not been
      revoked unless an instrument of revocation has been made in writing by the
      undersigned.

    

    

    
      
        
          
          

        

        
          EXHIBIT
            N-3

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, Deutsche Bank National Trust Company, as Trustee has caused
      

    its
      corporate seal to be hereto affixed and these presents to be signed and
      acknowledged in its name and behalf by a duly elected and authorized signatory
      this ___________ day of ____________.

    

    Deutsche
      Bank National Trust Company, as Trustee

     

     

    By:
      _________________________________

          
      Name:

          
      Title:

    

    Acknowledged
      and Agreed 

    [INSERT
      NAME OF THE SERVICER]

     

    

     

     

    
      BY:
        _________________________________

    

     

    Name:

    Title:

    

    
      
        
          
          

        

        
          EXHIBIT
            N-4

          
            

          

        

        
          
          

        

      

    

    

    STATE
      OF
      CALIFORNIA

    COUNTY
      OF
      ____________

     

    

     

    

    On
      ________________, _____, before me, the undersigned, a Notary Public in and
      for
      said state, personally appeared ________________________________ of Deutsche
      Bank National Trust Company, as Trustee for HSI Asset Loan Obligation Trust
      2007-WF1, personally known to me to be the person whose name is subscribed
      to
      the within instrument and acknowledged to me that he/she executed that same
      in
      his/her authorized capacity, and that by his/her signature on the instrument
      the
      entity upon behalf of which the person acted and executed the
      instrument.

    

    WITNESS
      my hand and official seal.

    (SEAL)

    

    ____________________________________

    Notary
      Public, State of California

    

    
      
        
        

      

      
        EXHIBIT
          N-5

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      O

     

    [RESERVED]

     

    
      
        
        

      

      
        EXHIBIT
          O-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P

     

    FORM
      OF CAP AGREEMENT

     

    
      
        
        

      

      
        EXHIBIT
          P-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q

     

    SELLER’S
      WARRANTIES AND SERVICING AGREEMENT

    

    
      
        
        

      

      
        EXHIBIT
          Q-1

        
          

        

      

      
        
        

      

    

    

      Execution
        Copy

      

      

      

      

      HSBC
        BANK USA, NATIONAL ASSOCIATION

      

      Purchaser

      

      and

      

      WELLS
        FARGO BANK, N.A.

      

      Company

      
 

      __________________________________________________________

      

      

      SELLER'S
        WARRANTIES AND SERVICING AGREEMENT

      

      Dated
        as of November 1, 2006

      

      __________________________________________________________

      
 

      

      Fixed
        Rate and Adjustable Rate Mortgage Loans

      

      

      WFHM
        2006-W93

      WFHM
        2006-W99

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF CONTENTS

      

      

      
        	
                ARTICLE
                  I DEFINITIONS

              	
                1

              
	 	 
	
                ARTICLE
                  II CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF CUSTODIAL MORTGAGE
                  FILES;
                  BOOKS AND RECORDS; CUSTODIAL AGREEMENT; DELIVERY OF
                  DOCUMENTS

              	
                13

              
	 	 
	
                ARTICLE
                  III REPRESENTATIONS AND WARRANTIES REMEDIES AND
                  BREACH

              	
                19

              
	 	 
	
                ARTICLE
                  IV ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

              	
                37

              
	 	 
	
                ARTICLE
                  V PAYMENTS TO PURCHASER

              	
                55

              
	 	 
	
                ARTICLE
                  VI GENERAL SERVICING PROCEDURES

              	
                57

              
	 	 
	
                ARTICLE
                  VII COMPANY TO COOPERATE

              	
                62

              
	 	 
	
                ARTICLE
                  VIII THE COMPANY

              	
                63

              
	 	 
	
                ARTICLE
                  IX AGENCY TRANSFERS, SECURITIZATION TRANSACTIONS AND WHOLE LOAN
                  TRANSFERS

              	
                65

              
	 	 
	
                ARTICLE
                  X DEFAULT

              	
                77

              
	 	 
	
                ARTICLE
                  XI TERMINATION

              	
                79

              
	 	 
	
                ARTICLE
                  XII MISCELLANEOUS PROVISIONS

              	
                80

              

      

       

      

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      

      EXHIBITS

      

      
        	 	
                Exhibit
                  A-1

              	
                Mortgage
                  Loan Schedule

              

      

      
        	 	 	
                (WFHM
                  2006-W93)

              

      

      
        	 	
                Exhibit
                  A-2

              	
                Mortgage
                  Loans Schedule

              

      

      
        	 	 	
                (WFHM
                  2006-W99)

              

      

      
        	 	
                Exhibit
                  B

              	
                Custodial
                  Agreement

              

      

      
        	 	
                Exhibit
                  C

              	
                Contents
                  of Each Custodial Mortgage File and Servicing
                  File

              

      

      
        	 	
                Exhibit
                  D

              	
                Data
                  File Elements

              

      

      
        	 	
                Exhibit
                  E

              	
                Document
                  Coding

              

      

      
        	 	
                Exhibit
                  F

              	
                Form
                  of Opinion of Counsel

              

      

      
        	 	
                Exhibit
                  G

              	
                Servicing
                  Criteria

              

      

      
        	 	
                Exhibit
                  H

              	
                Sarbanes
                  Certification

              

      

      
        	 	
                Exhibit
                  I

              	
                Form
                  of Assignment, Assumption and Recognition
                  Agreement

              

      

      
        	 	
                Exhibit
                  J

              	
                Form
                  of Officer’s Certificate

              

      

      
        	 	
                Exhibit
                  K

              	
                Form
                  of Escrow Account Letter Agreement

              

      

      
        	 	
                Exhibit
                  L

              	
                Form
                  of Custodial Account Letter
                  Agreement

              

      

      
        	 	
                Exhibit
                  M

              	
                Freddie
                  Mac Representations and Warranties

              

      

      

      

      

       

      

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

      This
        is a
        Seller’s Warranties and Servicing Agreement for fixed rate and adjustable rate
        residential first lien mortgage loans, dated and effective as of November
        1,
        2006, and is executed between HSBC Bank USA, National Association, as purchaser
        (the "Purchaser"), and Wells Fargo Bank, N.A., as seller and servicer (the
        "Company").

      

      WITNESSETH

      

      WHEREAS,
        the Purchaser has agreed to purchase from the Company and the Company has
        agreed
        to sell to the Purchaser certain Mortgage Loans (as defined herein) which
        have
        an aggregate outstanding principal balance as of the close of business on
        the
        Cut-off Date, after deduction of payments due on or before such date, whether
        or
        not received, as indicated on the respective Mortgage Loan Schedule, which
        is
        annexed hereto as Exhibit A-1 and Exhibit A-2;

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the respective Mortgage Loan Schedule; and
        

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the manner of purchase of
        the
        Mortgage Loans and the conveyance, servicing and control of the Mortgage
        Loans.

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Whenever
        used herein, the following words and phrases, unless the content otherwise
        requires, shall have the following meanings:

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those customary mortgage servicing practices
        (including collection procedures) that comply with applicable federal, state
        and
        local law, and that the Company customarily employs and exercises in servicing
        and administering mortgage loans for its own account, the terms of the related
        Mortgage and Mortgage Note and accepted mortgage servicing practices of prudent
        mortgage lending institutions which service mortgage loans of the same type
        as
        the Mortgage Loans in the jurisdiction where the related Mortgaged Property
        is
        located. 

      

      Adjustable
        Rate Mortgage Loan:
        A
        Mortgage Loan which provides for the adjustment of the Mortgage Interest
        Rate
        payable in respect thereto.

      

      Adjustment
        Date:
        As to
        each Adjustable Rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage Note and
        Mortgage.

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      Affiliate:
        Any
        Person who directly or indirectly controls, is controlled by, or is under
        direct
        or indirect common control with such person. For the purposes of this
        definition, the term “control” when used with respect to any Person means the
        power to direct the management and policies of such Person directly or
        indirectly, whether thorough the ownership of voting securities, by contract
        or
        otherwise.

      

      Agency
        Transfer:
        Any sale
        or transfer of some or all of the Mortgage Loans by the Purchaser to an Agency
        which sale or transfer is not a Securitization Transaction or Whole Loan
        Transfer.

      

      Agreement:
        This
        Seller’s Warranties and Servicing Agreement and all exhibits, amendments and
        supplements hereto.

      

      ALTA:
        The
        American Land Title Association or any successor thereto.

      

      Appraised
        Value:
        With
        respect to any Mortgage Loan, the lesser of (i) the value set forth on the
        appraisal made in connection with the origination of the related Mortgage
        Loan
        as the value of the related Mortgaged Property, or (ii) the purchase price
        paid
        for the Mortgaged Property, provided, however, that in the case of a Refinanced
        Mortgage Loan, such value shall be based solely on the appraisal made in
        connection with the origination of such Mortgage Loan.

      

      Assignment
        of Mortgage:
        An
        assignment of the Mortgage, notice of transfer or equivalent instrument in
        recordable form, sufficient under the laws of the jurisdiction wherein the
        related Mortgaged Property is located to reflect the ownership of the Mortgage
        to the Purchaser, or if the related Mortgage has been recorded in the name
        of
        MERS or its designee, such actions as are necessary to cause the Purchaser
        to be
        shown as the owner of the related Mortgage on the records of MERS for purposes
        of the system of recording transfers of beneficial ownership of mortgages
        maintained by MERS, including assignment of the MIN which will appear either
        on
        the Mortgage or the Assignment of Mortgage to MERS.

      

      Balloon
        Loan:
        A
        Mortgage Loan for which the Monthly Payments will not fully amortize the
        loan by
        the end of the term, at which time the balance of the principal is due in
        a lump
        sum. 

      

      Business
        Day:
        Any day
        other than (i) a Saturday or Sunday, or (ii) a day on which banking and savings
        and loan institutions in the states where the parties are located are authorized
        or obligated by law or executive order to be closed.

      

      Buydown
        Mortgage Loan:
        Any
        Mortgage Loan in respect of which, pursuant to a Buydown Agreement, (i) the
        Mortgagor pays less than the full monthly payments specified in the Mortgage
        Note for a specified period, and (ii) the difference between the payments
        required under such Buydown Agreement and the Mortgage Note is provided from
        Buydown Funds.

      

      Closing
        Date:
        November 28, 2006.

      

      Closing
        Documents:
        With
        respect to any Closing Date, the documents required pursuant to
        Section 2.08.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      Code:
        The
        Internal Revenue Code of 1986, as it may be amended from time to time or
        any
        successor statute thereto, and applicable U.S. Department of the Treasury
        regulations issued pursuant thereto.

      

      Commission:
        The
        United States Securities and Exchange Commission.

      

      Commitment
        Letter:
        Those
        certain letter agreements dated as of October 18, 2006 (WFHM 2006-W93) and
        October 27, 2006 (WFHM 2006-W99) between the Company and the Purchaser
        (including any exhibits, schedules and attachments thereto), setting forth
        the
        terms and conditions of such transaction and describing the Mortgage Loans
        to be
        purchased by the Purchaser on the Closing Date. 

      

      Company:
        Wells
        Fargo Bank, N.A., or its successor in interest or assigns, or any successor
        to
        the Company under this Agreement appointed as herein provided.

      

      Company
        Information:
        As
        defined in Section 9.01(f)(i)(A).

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Convertible
        Mortgage Loan:
        A
        Mortgage Loan that by its terms and subject to certain conditions contained
        in
        the related Mortgage or Mortgage Note allows the Mortgagor to convert the
        adjustable Mortgage Interest Rate on such Mortgage Loan to a fixed Mortgage
        Interest Rate.

      

      Combined
        Loan-to-Value Ratio or CLTV:
        With
        respect to any Mortgage Loan as of the date of origination, the ratio of
        the
        original loan amount of the Mortgage Loan and any other mortgage loan which
        is
        secured by a lien on the related Mortgaged Property to the Appraised Value
        of
        the Mortgaged Property.

      

      Covered
        Loan:
        A
        Mortgage Loan categorized as “Covered” pursuant to the Standard & Poor’s
        Glossary for File Format for LEVELS® Version 5.7, Appendix E, in effect on the
        Closing Date (excluding New Jersey “Covered Home Loans” as that term is defined
        in clause (1) of the definition of that term in the New Jersey Home Ownership
        Security Act of 2002).

      

      Custodial
        Account:
        The
        separate account or accounts created and maintained pursuant to Section
        4.04.

      

      Custodial
        Agreement:
        The
        agreement governing the retention of the originals of each Mortgage Note,
        Assignment of Mortgage and other Mortgage Loan Documents, a form of which
        is
        annexed hereto as Exhibit B.

      

      Custodial
        Mortgage File:
        With
        respect to each Mortgage Loan, the file consisting of the Mortgage Loan
        Documents listed as items 1 through 12 of Exhibit C attached hereto, which
        have
        been delivered to the Custodian as of the Closing Date.

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      Custodian:
        The
        custodian under the Custodial Agreement, or its successor in interest or
        assigns, or any successor to the Custodian under the Custodial Agreement
        as
        provided therein.

      

      Cut-off
        Date:
        November 1, 2006.

      

      Data
        File:
        The
        electronic data file prepared by the Company and delivered to the Purchaser
        including the data fields set forth on Exhibit D, with respect to the Mortgage
        Loans.

      

      Deleted
        Mortgage Loan:
        A
        Mortgage Loan which is repurchased by the Company in accordance with the
        terms
        of this Agreement.

      

      Depositor:
        The
        depositor, as such term is defined in Regulation AB, with respect to any
        Securitization Transaction.

      

      Determination
        Date:
        The
        Business Day immediately preceding the related Remittance Date.

      

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace.

      

      Due
        Period:
        With
        respect to each Remittance Date, the period commencing on the second day
        of the
        month preceding the month of the Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Eligible
        Account:
        Either
        (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 or
        Prime-1 by Moody's (or a comparable rating if another rating agency is specified
        by the Purchaser by written notice to the Company) 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 or (iii) a trust account or accounts maintained
        with a
        federal or state chartered depository institution or trust company acting
        in its
        fiduciary capacity. Eligible Accounts may bear interest.

      

      Errors
        and Omissions Insurance Policy:
        An
        errors and omissions insurance policy to be maintained by the Company pursuant
        to Section 4.12.

      

      Escrow
        Account:
        The
        separate account or accounts created and maintained pursuant to Section
        4.06.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other related document.

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 10.01.

      

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

      

      Fannie
        Mae:
        The
        Federal National Mortgage Association, or any successor thereto.

      

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

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      Final
        Recovery Determination:
        With
        respect to any defaulted Mortgage Loan or any REO Property (other than a
        Mortgage Loan or REO Property purchased by the Seller pursuant to this
        Agreement), a determination made by the Seller that all Insurance Proceeds,
        Liquidation Proceeds and other payments or recoveries which the Seller, in
        its
        reasonable good faith judgment, expects to be finally recoverable in respect
        thereof have been so recovered. The Seller shall maintain records, prepared
        by a
        servicing officer of the Seller, of each Final Recovery
        Determination.

      

      First
        Remittance Date:
        December 18, 2006.

      

      Flood
        Zone Service Contract:
        A
        transferable contract maintained for the Mortgaged Property with a flood
        zone
        service provider for the purpose of obtaining the current flood zone status
        relating to such Mortgaged Property.

      

      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 amount
        set
        forth in the related Mortgage Note which is added to the Index in order to
        determine the related Mortgage Interest Rate, as set forth in the respective
        Mortgage Loan Schedule.

      

      High
        Cost Loan:
        A
        Mortgage Loan classified as (a) a “high cost” loan under the Home Ownership and
        Equity Protection Act of 1994, (b) a “high cost home,” “threshold,” “covered,”
(excluding New Jersey “Covered Home Loans” as that term is defined in clause (1)
        of the definition of that term in the New Jersey Home Ownership Security
        Act of
        2002), “high risk home,” “predatory” or similar loan under any other applicable
        state, federal or local law or (c) a Mortgage Loan categorized as “High Cost”
pursuant to the Standard & Poor’s Glossary for File Format for LEVELS®
Version 5.7, Appendix E, in effect on the Closing Date. 

      

      Index:
        With
        respect to any Adjustable Rate Mortgage Loan, the index identified on the
        respective Mortgage Loan Schedule and set forth in the related Mortgage Note
        for
        the purpose of calculating the interest thereon.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      Interest
        Only Mortgage Loan:
        A
        Mortgage Loan for which an interest-only payment feature is allowed during
        the
        interest-only period set forth in the related Mortgage Note.

      

      Lender
        Paid Mortgage Insurance Policy or LPMI Policy:
        A PMI
        Policy for which the Purchaser or the Company pays all premiums from its
        own
        funds, without reimbursement therefor.

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise, or the sale of the related Mortgaged Property
        if
        the Mortgaged Property is acquired in satisfaction of the Mortgage
        Loan.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original loan amount of the
        Mortgage Loan at its origination (unless otherwise indicated) to the Appraised
        Value of the Mortgaged Property.

      

      Master
        Servicer:
        With
        respect to any Securitization Transaction, the “master servicer,” if any,
        identified in the related transaction documents.

      

      Maximum
        Mortgage Interest Rate:
        With
        respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on
        the
        related Mortgage Loan Schedule and in the related Mortgage Note which is
        the
        maximum interest rate to which the Mortgage Interest Rate on such Mortgage
        Loan
        may be increased on any Adjustment Date..

      

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

      

      MERS
        Mortgage Loan:
        Any
        Mortgage Loan as to which the related Mortgage or Assignment of Mortgage
        has
        been registered with MERS on the MERS System.

      

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

      

      MIN:
        The
        Mortgage Identification Number used to identify the Mortgage Loans.

      

      Minimum
        Mortgage Interest Rate:
        With
        respect to each Adjustable Rate Mortgage Loan, a rate that is set forth in
        the
        related Mortgage Note which is the minimum interest rate to which the Mortgage
        Interest Rate on such Mortgage Loan may be decreased on any Adjustment
        Date.

      

      MOM
        Loan:
        Any
        Mortgage Loan for which MERS acts as the mortgagee of record of such Mortgage
        Loan, solely as nominee for the originator of such Mortgage Loan and its
        successors and assigns, at the origination thereof.

      

      Monthly
        Advance:
        The
        portion of each Monthly Payment that is delinquent with respect to each Mortgage
        Loan at the close of business on the Determination Date required to be advanced
        by the Company pursuant to Section 5.03 on the Business Day immediately
        preceding the Remittance Date of the related month.

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest, or in the case of an
        Interest Only Mortgage Loan, payments of (i) interest or (ii) principal and
        interest, as applicable, on a Mortgage Loan.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note, which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as described in Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on a Mortgage Note from time to
        time..

      

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        related Mortgage Loan Schedule, which Mortgage Loan includes without limitation
        the Custodial Mortgage File, the Monthly Payments, Principal Prepayments,
        Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition
        Proceeds and all other rights, benefits, proceeds and obligations arising
        from
        or in connection with such Mortgage Loan.

      

      Mortgage
        Loan Documents:
        With
        respect to a Mortgage Loan, the documents listed on Exhibit C attached
        hereto.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the related Mortgage Interest Rate minus
        the
        Servicing Fee Rate.

      

      Mortgage
        Loan Schedule:
        The
        schedules of Mortgage Loans annexed hereto as Exhibit A-1 and Exhibit A-2,
        such
        schedules delivered to the Purchaser prior to the Closing Date and setting
        forth
        the following information with respect to each Mortgage Loan: (1) the Company’s
        Mortgage Loan number; (2) the street address, city, state and zip code of
        the
        Mortgaged Property; (3) a code indicating whether the Mortgaged Property
        is a
        single family residence, two-family residence, three-family residence,
        four-family residence, planned unit development or condominium; (4) the Mortgage
        Interest Rate as of the Cut-off Date; (5) the Mortgage Loan Remittance Rate
        as
        of the Cut-off Date; (6) the Monthly Payment as of the Cut-off Date; (7)
        the
        Gross Margin; (8) the original term to maturity; (9) the scheduled maturity
        date; (10) the principal balance of the Mortgage Loan as of the Cut-off Date
        after deduction of payments of principal due on or before the Cut-off Date
        whether or not collected; (11) the Loan-to-Value Ratio; (12) the next Adjustment
        Date immediately following the Cut-off Date; (13) the lifetime Periodic Interest
        Rate Cap; (14) the Index; (15) the type of Adjustable Rate Mortgage Loan;
        (16)
        the Maximum Mortgage Interest Rate; (17) the first Adjustment Date immediately
        following origination; (18) whether the Mortgage Loan is convertible or not;
        (19) a code indicating the mortgage guaranty insurance company; and (20)
        the
        Servicing Fee Rate. 

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      Mortgage
        Note:
        The
        original executed note or other evidence of the indebtedness of a Mortgagor
        secured by a Mortgage and riders thereto.

      

      Mortgaged
        Property:
        The
        real property securing repayment of the debt evidenced by a Mortgage
        Note.

      

      Mortgagor:
        The
        obligor on a Mortgage Note.

      

      Non-Assigned
        Letter of Credit:
        A
        Letter of Credit in which the named beneficiary is the Company.

      

      Nonrecoverable
        Monthly Advance:
        Any
        Monthly 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 Company,
        will not, or, in the case of a proposed Monthly Advance, would not be,
        ultimately recoverable from related late payments, Insurance Proceeds or
        Liquidation Proceeds on such Mortgage Loan or REO Property as provided
        herein.

      

      Officer's
        Certificate:
        A
        certificate signed by the Chairman of the Board or the Vice Chairman of the
        Board or the President or a Vice President or an Assistant Vice President
        and
        certified by the Treasurer or the Secretary or one of the Assistant Treasurers
        or Assistant Secretaries of the Company, and delivered to the Purchaser as
        required by this Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the Company, reasonably
        acceptable to the Purchaser.

      

      Periodic
        Interest Rate Cap:
        With
        respect to each Adjustable Rate Mortgage Loan and any Adjustment Date therefor,
        a number of percentage points per annum that is set forth in the related
        Data
        File and in the related Mortgage Note, which is the maximum amount by which
        the
        Mortgage Interest Rate for such Adjustable Rate Mortgage Loan may increase
        (without regard to the Maximum Mortgage Interest Rate) or decrease (without
        regard to the Minimum Mortgage Interest Rate) on such Adjustment Date from
        the
        Mortgage Interest Rate in effect immediately prior to such Adjustment
        Date.

      

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

      

      Pledged
        Asset Mortgage Loan:
        A
        Mortgage Loan for which the Mortgagor has pledged financial assets as partial
        collateral for the Mortgage Loan, in lieu of a cash down payment.

      

      PMI
        Policy:
        A
        policy of primary mortgage guaranty insurance evidenced by an electronic
        form
        and certificate number issued by a Qualified Insurer, as required by this
        Agreement with respect to certain Mortgage Loans. The premiums on a PMI Policy
        may be paid (i) by the Mortgagor or (ii) by the Company from its own funds,
        without reimbursement, in the case of an LPMI Policy.

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      Prepayment
        Penalty:
        Payments penalties, fees or charges calculated pursuant to the Mortgage Note
        and
        due pursuant
        to the terms of the
        Mortgage
        Loan as the result of a Principal Prepayment
        of the
        Mortgage Loan, not otherwise due thereon in respect of principal or
        interest.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time, as published as the
        average rate in The
        Wall Street Journal.

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan which is received
        in
        advance of its scheduled Due Date, including any Prepayment Penalty or premium
        thereon and which is not accompanied by an amount of interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment.

      

      Principal
        Prepayment Period:
        The
        calendar month preceding the month in which the related Remittance Date
        occurs.

      

      Purchase
        Price:
        The
        purchase price as adjusted for a mortgage loan pool as specified in the
        respective Commitment Letter.

      

      Purchaser:
        HSBC
        Bank USA, National Association, or its successor in interest or any successor
        to
        the Purchaser under this Agreement as herein provided.

      

      Qualified
        Correspondent:
        Any
        Person from which the Company purchased Mortgage Loans, provided that the
        following conditions are satisfied: (i) such Mortgage Loans were originated
        pursuant to an agreement between the Company and such Person that contemplated
        that such Person would underwrite mortgage loans from time to time, for sale
        to
        the Company, in accordance with underwriting guidelines designated by the
        Company (“Designated Guidelines”) or guidelines that do not vary materially from
        such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
        as described in clause (i) above and were acquired by the Company within
        180
        days after origination; (iii) either (x) the Designated Guidelines were,
        at the
        time such Mortgage Loans were originated, used by the Company in origination
        of
        mortgage loans of the same type as the Mortgage Loans for the Company’s own
        account or (y) the Designated Guidelines were, at the time such Mortgage
        Loans
        were underwritten, designated by the Company on a consistent basis for use
        by
        lenders in originating mortgage loans to be purchased by the Company; and
        (iv)
        the Company employed, at the time such Mortgage Loans were acquired by the
        Company, pre-purchase or post-purchase quality assurance procedures (which
        may
        involve, among other things, review of a sample of mortgage loans purchased
        during a particular time period or through particular channels) designed
        to
        ensure that Persons from which it purchased mortgage loans properly applied
        the
        underwriting criteria designated by the Company.

      

      Qualified
        Depository:
        A
        deposit account or accounts maintained with a federal or state chartered
        depository institution the deposits in which are insured by the FDIC to the
        applicable limits and the short-term unsecured debt obligations of which
        (or, in
        the case of a depository institution that is a subsidiary of a holding company,
        the short-term unsecured debt obligations of such holding company) are rated
        A-1
        by Standard & Poor’s Ratings Services or Prime-1 by Moody’s Investors
        Service, Inc. (or a comparable rating if another rating agency is specified
        by
        the Purchaser by written notice to the Company) at the time any deposits
        are
        held on deposit therein.

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      Qualified
        Insurer:
        A
        mortgage guaranty insurance company duly authorized and licensed where required
        by law to transact mortgage guaranty insurance business and approved as an
        insurer by Fannie Mae or Freddie Mac.

      

      Rate/Term
        Refinancing:
        A
        Refinanced Mortgage Loan, the proceeds of which are not in excess of the
        existing first mortgage loan on the related Mortgaged Property and related
        closing costs, and were used exclusively to satisfy the then existing first
        mortgage loan of the Mortgagor on the related Mortgaged Property and to pay
        related closing costs.

      

      Rating
        Agency:
        Each of
        Fitch, Inc., Moody’s Investors Service, Inc., Standard & Poor’s Ratings
        Services and Dominion Bond Rating Service, Inc., or any successor
        thereto.

      

      Reconstitution:
        Any
        Securitization Transaction, Agency Transfer or Whole Loan Transfer.

      

      Reconstitution
        Agreement:
        The
        agreement or agreements entered into by the Company and the Purchaser and/or
        certain third parties on the Reconstitution Date or Dates with respect to
        any or
        all of the Mortgage Loans serviced hereunder, in connection with a Whole
        Loan
        Transfer or Securitization Transaction.

      

      Reconstitution
        Date:
        The
        date on which any or all of the Mortgage Loans serviced under this Agreement
        shall be reconstituted as part of an Agency Transfer, Securitization Transaction
        or Whole Loan Transfer pursuant to Section 9.01 hereof. The Reconstitution
        Date
        shall be such date which the Purchaser shall designate.

      

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

      

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

      

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

      

      REMIC
        Provisions:
        Provisions of the federal income tax law relating to a REMIC, which appear
        at
        Section 860A through 860G of Subchapter M of Chapter 1, Subtitle A of the
        Code,
        and related provisions, regulations, rulings or pronouncements promulgated
        thereunder, as the foregoing may be in effect from time to time.

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      Remittance
        Date:
        The
        18th day (or if such 18th day is not a Business Day, the first Business Day
        immediately following) of any month, beginning with the First Remittance
        Date.

      

      REO
        Account:
        The
        separate trust account or accounts created and maintained pursuant to this
        Agreement which shall be entitled “[Seller] in trust for the Purchaser, as of
        [date of acquisition of title], Fixed and Adjustable Rate Mortgage
        Loans”.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        All
        amounts received with respect to an REO Disposition pursuant to Section
        4.16.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser through
        foreclosure or by deed in lieu of foreclosure, as described in Section
        4.16.

      

      Repurchase
        Price:
        A price
        equal to (i) the Stated Principal Balance of the Mortgage Loan as of the
        date on
        which such repurchase takes place, plus (ii) interest on such Stated Principal
        Balance at the Mortgage Loan Remittance Rate from the date on which interest
        has
        last been paid and distributed to the Purchaser through the last day of the
        month in which such repurchase takes place, less amounts received or advanced
        in
        respect of such repurchased Mortgage Loan which are being held in the Custodial
        Account for distribution in the month of repurchase.

      

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

      

      Securitization
        Transaction:
        Any
        transaction involving either (a) a sale or other transfer of some or all
        of the
        Mortgage Loans directly or indirectly to an issuing entity in connection
        with an
        issuance of publicly offered or privately placed, rated or unrated
        mortgage-backed securities or (b) an issuance of publicly offered or privately
        placed, rated or unrated mortgage-backed securities, the payments on which
        are
        determined primarily by reference to one or more portfolios of residential
        mortgage loans consisting, in whole or in part, of some or all of the Mortgage
        Loans.

      

      Servicer:
        As
        defined in Section 9.01(e)(iii).

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses other
        than Monthly Advances (including reasonable attorney's fees and disbursements)
        incurred in the performance by the Company of its servicing obligations,
        including, but not limited to, the cost of (a) the preservation, restoration
        and
        protection of the Mortgaged Property, (b) any enforcement or judicial
        proceedings, including foreclosures, (c) the management and liquidation of
        any
        REO Property and (d) compliance with the obligations under Section 4.08
        (excluding the Company’s obligation to pay the premiums on LPMI Policies) and
        4.10.

      

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

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the unpaid
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is received. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion (including recoveries with respect
        to
        interest from Liquidation Proceeds, to the extent permitted by Section 4.05)
        of
        such Monthly Payment collected by the Company, or as otherwise provided under
        Section 4.05. 

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      Servicing
        Fee Rate:
        0.3750%
        per annum per Mortgage Loan.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file consisting of the Mortgage Loan
        Documents listed as items 13 through 28 of Exhibit C attached hereto, plus
        copies of all Mortgage Loan Documents contained in the Custodial Mortgage
        File
        is retained by the Company.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in or responsible for the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan and as of any date of determination, (i) the principal
        balance of the Mortgage Loan at the Cut-off Date after giving effect to payments
        of principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the related
        Mortgage Loan representing payments or recoveries of principal or advances
        in
        lieu thereof. 

      

      Static
        Pool Information:
        Static
        pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
        AB.

      

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

      

      Subservicer:
        Any
        Person that services Mortgage Loans on behalf of the Company or any Subservicer
        and is responsible for the performance (whether directly or through Subservicers
        or Subcontractors) of a substantial portion of the material servicing functions
        required to be performed by the Company under this Agreement or any
        Reconstitution Agreement that are identified in Item 1122(d) of Regulation
        AB.

      

      Subsidy
        Loan:
        Any
        Mortgage Loan subject to a temporary interest subsidy agreement pursuant
        to
        which the monthly interest payments made by the related Mortgagor will be
        less
        than the scheduled monthly interest payments on such Mortgage Loan, with
        the
        resulting difference in interest payments being provided by the employer
        of the
        Mortgagor. 

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      Tax
        Service Contract:
        A
        transferable contract maintained for the Mortgaged Property with a tax service
        provider for the purpose of obtaining current information from local taxing
        authorities relating to such Mortgaged Property.

      

      Third-Party
        Originator:
        Each
        Person, other than a Qualified Correspondent, that originated Mortgage Loans
        acquired by the Company.

      

      Time$aver®
        Mortgage Loan:
        A
        Mortgage Loan which has been refinanced pursuant to a Company program that
        allows a rate/term refinance of an existing Company serviced loan with minimal
        documentation.

      

      Underwriting
        Guidelines:
        The
        underwriting guidelines of the Company, a copy of which has been delivered
        by
        the Company to the Purchaser.

      

      Unverified
        Information:
        With
        respect to the Mortgage Loans listed on the attached Exhibit E, information
        regarding the Mortgagor’s income, source of income, or assets that is stated on
        the loan application by the Mortgagor but not verified in the origination
        process, pursuant to the applicable Underwriting Guidelines.

      

      Whole
        Loan Transfer:
        Any
        sale or transfer of some or all of the Mortgage Loans other than a
        Securitization Transaction or Agency Transfer.

      

      ARTICLE
        II

      

      CONVEYANCE
        OF MORTGAGE LOANS; POSSESSION OF CUSTODIAL MORTGAGE FILES; BOOKS AND RECORDS;
        CUSTODIAL AGREEMENT; DELIVERY OF DOCUMENTS

      

      
        	
                Section
                  2.01

              	
                Conveyance
                  of Mortgage Loans; Possession of Custodial Mortgage Files; Maintenance
                  of
                  Servicing Files.

              

      

      

      The
        Company, simultaneously with the execution and delivery of this Agreement,
        does
        hereby sell, transfer, assign, set over and convey to the Purchaser, without
        recourse, but subject to the terms of this Agreement, all the right, title
        and
        interest of the Company in and to the Mortgage Loans, together with the
        Custodial Mortgage Files and all rights and obligations arising under the
        documents contained therein. Pursuant to Section 2.03, the Company has delivered
        the Custodial Mortgage File for each Mortgage Loan to the
        Custodian.

      

      The
        Mortgage Loan Documents not delivered to the Custodian are and shall be held
        in
        trust by the Company for the benefit of the Purchaser as the owner thereof.
        The
        Company shall maintain a Servicing File consisting of a copy of the contents
        of
        each Custodial Mortgage File. The possession of each Servicing File by the
        Company is at the will of the Purchaser for the sole purpose of servicing
        the
        related Mortgage Loan, and such retention and possession by the Company is
        in a
        custodial capacity only. Upon the sale of the Mortgage Loans the ownership
        of
        each Mortgage Note, the related Mortgage and the related Custodial Mortgage
        File
        and Servicing File shall vest immediately in the Purchaser. The Servicing
        File
        retained by the Company shall be appropriately identified in the Company’s
        computer system to clearly reflect the sale of each related Mortgage Loan
        to the
        Purchaser. The ownership of all records and documents with respect to the
        related Mortgage Loan prepared by or which come into the possession of the
        Company shall vest immediately in the Purchaser and shall be retained and
        maintained by the Company, in trust, at the will of the Purchaser and only
        in
        such custodial capacity. The Company shall release its custody of the contents
        of any Servicing File only in accordance with written instructions from the
        Purchaser, unless such release is required as incidental to the Company's
        servicing of the Mortgage Loans or is in connection with a repurchase of
        any
        Mortgage Loan pursuant to Section 3.03 or 6.02.
        Company
        shall not be responsible for any such costs associated with the release,
        transfer and re-delivery of
        any Custodial Mortgage Files and/or Servicing Files between the
        parties
        unless
        the Company is releasing, transferring or re-delivering such Custodial Mortgage
        Files and/or Servicing Files in connection with the repurchase of such Mortgage
        Loan pursuant to Section 3.03 or 6.02

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      In
        addition, in connection with the assignment of any MERS Mortgage Loan, the
        Company agrees that it will cause the MERS System to indicate that such Mortgage
        Loan has been assigned by the Company to the Purchaser in accordance with
        this
        Agreement by including (or deleting, in the case of a Mortgage Loan repurchased
        in accordance with this Agreement) in such computer files the information
        required by the MERS System to identify the Purchaser as the beneficial owner
        of
        such Mortgage Loan.

      

      
        	
                Section
                  2.02

              	
                Books
                  and Records; Transfers of Mortgage Loans.

              

      

      

      From
        and
        after the sale of the Mortgage Loans to the Purchaser all rights arising
        out of
        the Mortgage Loans, including, but not limited to, all funds received on
        or in
        connection with the Mortgage Loans, shall be received and held by the Company
        in
        trust for the benefit of the Purchaser as owner of the Mortgage Loans, and
        the
        Company shall retain record title to the related Mortgages for the sole purpose
        of facilitating the servicing and the supervision of the servicing of the
        Mortgage Loans. 

      

      It
        is the
        express intention of the parties that the transactions contemplated by this
        Agreement be, and be construed as, a sale of the Mortgage Loans by the Company
        and not a pledge of the Mortgage Loans by the Company to the Purchaser to
        secure
        a debt or other obligation of the Company. Consequently, the sale of each
        Mortgage Loan shall be reflected on the Company's balance sheet and other
        financial statements as a sale of assets by the Company. The Company shall
        be
        responsible for maintaining, and shall maintain, a complete set of books
        and
        records for each Mortgage Loan which shall be marked clearly to reflect the
        ownership of each Mortgage Loan by the Purchaser. In particular, the Company
        shall maintain in its possession, available for inspection by the Purchaser,
        or
        its designee, and shall deliver to the Purchaser upon demand, evidence of
        compliance with all federal, state and local laws, rules and regulations,
        and
        requirements of Fannie Mae or Freddie Mac, including but not limited to
        documentation as to the method used in determining the applicability of the
        provisions of the Flood Disaster Protection Act of 1973, as amended, to the
        Mortgaged Property, documentation evidencing insurance coverage and eligibility
        of any condominium project for approval by Fannie Mae or Freddie Mac and
        records
        of periodic inspections as required by Section 4.13. To the extent that original
        documents are not required for purposes of realization of Liquidation Proceeds
        or Insurance Proceeds, documents maintained by the Company may be in the
        form of
        microfilm or microfiche or such other reliable means of recreating original
        documents, including but not limited to, optical imagery techniques so long
        as
        the Company complies with the requirements of the Fannie Mae or Freddie Mac
        Selling and Servicing Guide, as amended from time to time.

      

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by the Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transferee of a Mortgage Loan shall be
        recognized by the Company hereunder unless such transfer is in compliance
        with
        the terms hereof. For the purposes of this Agreement, the Company shall be
        under
        no obligation to deal with any Person with respect to this Agreement or the
        Mortgage Loans unless the books and records show such Person as the owner
        of the
        Mortgage Loan. The Purchaser may, subject to the terms of this Agreement,
        sell
        and transfer one or more of the Mortgage Loans. The Purchaser shall advise
        the
        Company of the transfer. Upon receipt of notice of the transfer, the Company
        shall mark its books and records to reflect the ownership of the Mortgage
        Loans
        of such assignee, and shall release the previous Purchaser from its obligations
        hereunder with respect to the Mortgage Loans sold or transferred. Such
        notification of a transfer shall include a final loan schedule which shall
        be
        received by the Company no fewer than five (5) Business Days before the last
        Business Day of the month. If such notification is not received as specified
        above, the Company’s duties to remit and report as required by Section 5 shall
        begin with the next Due Period.

      

      Upon
        request from the Purchaser, at the Purchaser’s expense, the Company shall
        deliver no later than twenty (20) Business Days after such request any Mortgage
        Loan Document, or copies thereof, to the Purchaser at the direction of the
        Purchaser. An extension of this date may be requested from the Purchaser,
        which
        consent shall not be unreasonably withheld. The Purchaser shall return any
        Mortgage Loan Document therein delivered pursuant to this Section 2.02 no
        later
        than ten (10) Business Days after receipt thereof. In the event that the
        Company
        fails to make delivery of the requested Mortgage Loan Document therein, or
        copies thereof, as required under this Section 2.02, the Company shall
        repurchase, in accordance with this Agreement, the related Mortgage Loan
        within
        twenty (20) Business Days of a request to do so by the Purchaser.

      

      
        	
                Section
                  2.03

              	
                Custodial
                  Agreement; Delivery of Documents.

              

      

      

      The
        Company has delivered to the Custodian, at least five (5) Business Days prior
        to
        the Closing Date, those Mortgage Loan Documents as contained in the Custodial
        Mortgage File pursuant to this Agreement with respect to each Mortgage
        Loan.

      

      The
        Custodian has certified its receipt of all such Mortgage Loan Documents in
        each
        Custodial Mortgage File required to be delivered pursuant to this Agreement,
        as
        evidenced by the trust receipt and/or initial certification of the Custodian
        in
        the form annexed to the Custodial Agreement. The Purchaser will be responsible
        for the fees and expenses of the Custodian.

      

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      The
        Company shall provide to each of the Purchaser and the Custodian a notice
        containing a list of authorized servicing officers (each, an “Authorized
        Representative”) for the purpose of giving and receiving notices, requests and
        instructions and delivering certificates and documents in connection with
        this
        Agreement. Such notice shall contain the specimen signature for each Authorized
        Representative. From time to time, the Company may, by delivering to the
        others
        a revised notice, change the information previously given pursuant to this
        Section, but each of the parties hereto shall be entitled to rely conclusively
        on the then current notice until receipt of a superseding notice.

      

      The
        Company shall forward to the Custodian original documents evidencing an
        assumption, modification, consolidation or extension of any Mortgage Loan
        entered into in accordance with Section 4.01 or 6.01 within one week of their
        execution, provided, however, that the Company shall provide the Custodian
        with
        a certified true copy of any such document submitted for recordation within
        ten
        (10) days 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 sixty (60) days of its submission for recordation.

      

      In
        the
        event the public recording office is delayed in returning any original document,
        the Company shall deliver to the Custodian within 240 days of its submission
        for
        recordation, a copy of such document and an Officer's Certificate, which
        shall
        (i) identify the recorded document; (ii) state that the recorded document
        has
        not been delivered to the Custodian due solely to a delay by the public
        recording office, (iii) state the amount of time generally required by the
        applicable recording office to record and return a document submitted for
        recordation, and (iv) specify the date the applicable recorded document will
        be
        delivered to the Custodian. The Company will be required to deliver the document
        to the Custodian by the date specified in (iv) above. An extension of the
        date
        specified in (iv) above may be requested from the Purchaser, which consent
        shall
        not be unreasonably withheld. 

      

      Prior
        to
        Company’s receipt of the Purchase Price, the Purchaser shall cause the Custodian
        to act as bailee for the sole and exclusive benefit of the Company pursuant
        to
        the Custodial Agreement and this Agreement and act only in accordance with
        Company’s instructions. Upon the Company’s receipt of the Purchase Price, the
        Company shall provide notification to the Custodian to release the ownership
        of
        the Mortgage Loan Documents delivered in the Custodial Mortgage File to the
        Purchaser. Such notification shall be in a form of a written notice by facsimile
        or other electronic media, with a copy sent to the Purchaser. Subsequent
        to such
        release, such Mortgage Loan Documents shall be retained by the Custodian
        for the
        benefit of the Purchaser. All Mortgage Loan Documents related to Mortgage
        Loans
        not purchased by the Purchaser on the Closing Date shall be maintained by
        the
        Custodian for the benefit of the Company and shall be returned to the Company
        within two (2) Business Days after the Closing Date. 

      

      Section
        2.04 Examination
        of Mortgage Files; Quality Control Procedures 

      

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      Prior
        to
        the Closing Date, the Company shall (a) deliver to the Purchaser in escrow,
        for
        examination, the Custodial Mortgage File for each Mortgage Loan, including
        a
        copy of the Assignment of Mortgage, pertaining to each Mortgage Loan, or
        (b)
        make the Servicing Mortgage Files available to the Purchaser for examination
        at
        the Company's offices or such other location as shall otherwise be agreed
        upon
        by the Purchaser and the Company. Such examination may be made by the Purchaser
        at any time before or after the Closing Date or by any prospective purchaser
        of
        the Mortgage Loans from the Purchaser, at any time after the Closing Date
        upon
        prior reasonable notice to the Company. If the Purchaser makes such examination
        prior to the Closing Date and identifies any Mortgage Loans that do not conform
        to the terms of the this Agreement or the Company’s Underwriting Guidelines,
        such Mortgage Loans may, at the Purchaser's option, be rejected for purchase
        by
        the Purchaser. If not purchased by the Purchaser, such Mortgage Loans shall
        be
        deleted from the related Mortgage Loan Schedule. The fact that the Purchaser
        or
        any prospective purchaser of the Mortgage Loans has conducted or has failed
        to
        conduct any partial or complete examination of the Custodial Mortgage Files
        shall not affect the Purchaser's (or any of its successor's) rights to demand
        repurchase or other relief or remedy as provided under this
        Agreement.

      

      Section
        2.05 Representations,
        Warranties and Agreements of Company. 

      

      The
        Company agrees and acknowledges that it shall, as a condition to the
        consummation of the transactions contemplated hereby, make the representations
        and warranties specified in Section 3.01 and 3.02 of this Agreement, as of
        the
        Closing Date. The Company, without conceding that the Mortgage Loans are
        securities, hereby makes the following additional representations, warranties
        and agreements which shall be deemed to have been made as of the Closing
        Date:

      

      
        	 	
                (a)

              	
                neither
                  the Company nor anyone acting on its behalf has offered, transferred,
                  pledged, sold or otherwise disposed of any Mortgage Loans, any
                  interest in
                  any Mortgage Loans or any other similar security to, or solicited
                  any
                  offer to buy or accept a transfer, pledge or other disposition
                  of any
                  Mortgage Loans, any interest in any Mortgage Loans or any other
                  similar
                  security from, or otherwise approached or negotiated with respect
                  to any
                  Mortgage Loans, any interest in any Mortgage Loans or any other
                  similar
                  security with, any Person in any manner, or made any general solicitation
                  by means of general advertising or in any other manner, or taken
                  any other
                  action which would constitute a distribution of the Mortgage Loans
                  under
                  the Securities Act or which would render the disposition of any
                  Mortgage
                  Loans a violation of Section 5 of the Securities Act or require
                  registration pursuant thereto, nor will it act, nor has it authorized
                  or
                  will it authorize any Person to act, in such manner with respect
                  to the
                  Mortgage Loans; and

              

      

      

      
        	 	
                (b)

              	
                the
                  Company has not dealt with any broker or agent or anyone else who
                  might be
                  entitled to a fee or commission in connection with this transaction
                  other
                  than the Purchaser.

              

      

      

      Section
        2.06 Representation,
        Warranties and Agreement of Purchaser. 

      

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      The
        Purchaser, without conceding that the Mortgage Loans are securities, hereby
        makes the following representations, warranties and agreements, which shall
        have
        been deemed to have been made as of the Closing Date.

      

      
        	 	
                (a)

              	
                the
                  Purchaser understands that the Mortgage Loans have not been registered
                  under the Securities Act or the securities laws of any
                  state;

              

      

      

      
        	 	
                (b)

              	
                the
                  Purchaser is acquiring the Mortgage Loans for its own account only
                  and not
                  for any other Person;

              

      

      

      
        	 	
                (c)

              	
                the
                  Purchaser considers itself a substantial, sophisticated institutional
                  investor having such knowledge and experience in financial and
                  business
                  matters that it is capable of evaluating the merits and risks of
                  investment in the Mortgage Loans;

              

      

      

      
        	 	
                (d)

              	
                the
                  Purchaser has been furnished with all information regarding the
                  Mortgage
                  Loans which it has requested from the Company;
                  and

              

      

      

      
        	 	
                (e)

              	
                neither
                  the Purchaser nor anyone acting on its behalf offered, transferred,
                  pledged, sold or otherwise disposed of any Mortgage Loan, any interest
                  in
                  any Mortgage Loan or any other similar security to, or solicited
                  any offer
                  to buy or accept a transfer, pledge or other disposition of any
                  Mortgage
                  Loan, any interest in any Mortgage Loan or any other similar security
                  from, or otherwise approached or negotiated with respect to any
                  Mortgage
                  Loan, any interest in any Mortgage Loan or any other similar security
                  with, any Person in any manner, or made any general solicitation
                  by means
                  of general advertising or in any other manner, or taken any other
                  action
                  which would constitute a distribution of the Mortgage Loans under
                  the
                  Securities Act or which would render the disposition of any Mortgage
                  Loan
                  a violation of Section 5 of the Securities Act or require registration
                  pursuant thereto, nor will it act, nor has it authorized or will
                  it
                  authorize any Person to act, in such manner with respect to the
                  Mortgage
                  Loans.

              

      

      

      Section
        2.07 Closing. 

      

      The
        closing for the purchase and sale of the Mortgage Loans, shall take place
        on the
        Closing Date. At the Purchaser's option, the closing shall be either: by
        telephone, confirmed by letter or wire as the parties shall agree; or conducted
        in person, at such place as the parties shall agree.

      

      The
        closing shall be subject to each of the following conditions:

      

      
        	 	
                (a)

              	
                all
                  of the representations and warranties of the Company under this
                  Agreement
                  shall be true and correct as of the Closing Date and no event shall
                  have
                  occurred which, with notice or the passage of time, would constitute
                  an
                  Event of Default under this
                  Agreement;

              

      

      

      
        	 	
                (b)

              	
                the
                  Purchaser shall have received, or the Purchaser's attorneys shall
                  have
                  received in escrow, all Closing Documents, in such forms as are
                  agreed
                  upon and acceptable to the Purchaser, duly executed by all signatories
                  other than the Purchaser as required pursuant to the respective
                  terms
                  thereof;

              

      

      

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

      
        	 	
                (c)

              	
                the
                  Company shall have delivered to the Custodian under this Agreement
                  all
                  documents required pursuant to this Agreement and released the
                  ownership
                  in such documents upon receipt from the Purchaser of the Purchase
                  Price;
                  and

              

      

      

      
        	 	
                (d)

              	
                all
                  other terms and conditions of this Agreement shall have been complied
                  with.

              

      

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        Closing Date the Purchase Price by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        2.08 Closing
        Documents. 

      

      With
        respect to the Mortgage Loans, the closing documents shall consist of fully
        executed originals of the following documents:

      

      
        	 	
                (a)

              	
                this
                  Agreement, dated as of the Cut-off Date, in two
                  counterparts;

              

      

      

      
        	 	
                (b)

              	
                the
                  Mortgage Loan Schedules, one copy to be attached to each counterpart
                  of
                  this Agreement;

              

      

      

      
        	 	
                (c)

              	
                a
                  trust receipt and/or initial certification, pursuant to the Custodial
                  Agreement between Purchaser and Wells Fargo Bank, N.A. as custodian,
                  dated
                  June 1, 2005;

              

      

      

      (d) a
        Custodial Account Letter Agreement in the form attached as Exhibit L
        hereto;

      

      
        	 	
                (e)

              	
                an
                  Escrow Account Letter Agreement in the form attached as Exhibit
                  K
                  hereto;

              

      

      

      
        	 	
                (f)

              	
                an
                  Officer's Certificate, in the form of Exhibit J hereto, including
                  all
                  attachments thereto;

              

      

      

      
        	 	
                (g)

              	
                the
                  Underwriting Guidelines;

              

      

      

      
        	 	
                (h)

              	
                an
                  Opinion of Counsel of the Company, in the form of Exhibit F hereto;
                  and

              

      

      

      
        	 	
                (i)

              	
                the
                  Commitment Letters.

              

      

      

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES REMEDIES AND BREACH

      

      Section
        3.01 Company
        Representations and Warranties.

      

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      The
        Company hereby represents and warrants to the Purchaser that, as of the Closing
        Date:

      

      
        	 	
                (a)

              	
                Due
                  Organization and Authority.

              

      

      

      The
        Company is a national banking association duly organized, validly existing
        and
        in good standing under the laws of the United States and has all licenses
        necessary to carry on its business as now being conducted and is licensed,
        qualified and in good standing in each state where a Mortgaged Property is
        located if the laws of such state require licensing or qualification in order
        to
        conduct business of the type conducted by the Company, and in any event the
        Company is in compliance with the laws of any such state to the extent necessary
        to ensure the enforceability of the related Mortgage Loan and the servicing
        of
        such Mortgage Loan in accordance with the terms of this Agreement; the Company
        has the full power and authority to execute and deliver this Agreement and
        to
        perform in accordance herewith; the execution, delivery and performance of
        this
        Agreement (including all instruments of transfer to be delivered pursuant
        to
        this Agreement) by the Company and the consummation of the transactions
        contemplated hereby have been duly and validly authorized; this Agreement
        evidences the valid, binding and enforceable obligation of the Company; and
        all
        requisite action has been taken by the Company to make this Agreement valid
        and
        binding upon the Company in accordance with its terms;

      

      
        	 	
                (b)

              	
                Ordinary
                  Course of Business.

              

      

      

      The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Company, who is in the business of selling
        and servicing loans, and the transfer, assignment and conveyance of the Mortgage
        Notes and the Mortgages by the Company pursuant to this Agreement are not
        subject to the bulk transfer or any similar statutory provisions in effect
        in
        any applicable jurisdiction;

      

      
        	 	
                (c)

              	
                No
                  Conflicts.

              

      

      

      Neither
        the execution and delivery of this Agreement, the acquisition of the Mortgage
        Loans by the Company, the sale of the Mortgage Loans to the Purchaser or
        the
        transactions contemplated hereby, nor the fulfillment of or compliance with
        the
        terms and conditions of this Agreement will conflict with or result in a
        breach
        of any of the terms, articles of incorporation or by-laws or any legal
        restriction or any agreement or instrument to which the Company is now a
        party
        or by which it is bound, or result in an acceleration under any such agreement
        or instrument, or constitute a default or result in the violation of any
        law,
        rule, regulation, order, judgment or decree to which the Company or its property
        is subject, or impair the ability of the Purchaser to realize on the Mortgage
        Loans, or impair the value of the Mortgage Loans;

      

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      
        	 	
                (d)

              	
                Ability
                  to Service.

              

      

      

      The
        Company is an approved seller/servicer of conventional residential mortgage
        loans for Fannie Mae and Freddie Mac, with the facilities, procedures, and
        experienced personnel necessary for the sound servicing of mortgage loans
        of the
        same type as the Mortgage Loans. The Company is a HUD approved mortgagee
        pursuant to Section 203 of the National Housing Act and is in good standing
        to sell mortgage loans to and service mortgage loans for Fannie Mae and Freddie
        Mac, and no event has occurred, including but not limited to a change in
        insurance coverage, which would make the Company unable to comply with Fannie
        Mae or Freddie Mac eligibility requirements or which would require notification
        to either Fannie Mae or Freddie Mac;

      

      
        	 	
                (e)

              	
                Reasonable
                  Servicing Fee.

              

      

      

      The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement;

      

      
        	 	
                (f)

              	
                Ability
                  to Perform.

              

      

      

      The
        Company does not believe, nor does it have any reason or cause to believe,
        that
        it cannot perform each and every covenant contained in this Agreement. The
        Company is solvent and the sale of the Mortgage Loans will not cause the
        Company
        to become insolvent. The sale of the Mortgage Loans is not undertaken to
        hinder,
        delay or defraud any of the Company's creditors;

      

      
        	 	
                (g)

              	
                No
                  Litigation Pending.

              

      

      

      There
        is
        no action, suit, proceeding or investigation pending or threatened against
        the
        Company which, either in any one instance or in the aggregate, may result
        in any
        material adverse change in the business, operations, financial condition,
        properties or assets of the Company, or in any material impairment of the
        right
        or ability of the Company to carry on its business substantially as now
        conducted, or in any material liability on the part of the Company, or which
        would draw into question the validity of this Agreement or the Mortgage Loans
        or
        of any action taken or to be contemplated herein, or which would be likely
        to
        impair materially the ability of the Company to enter into or perform under
        the
        terms of this Agreement;

      

      
        	 	
                (h)

              	
                No
                  Consent Required.

              

      

      

      No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the sale of the Mortgage
        Loans as evidenced by the consummation of the transactions contemplated by
        this
        Agreement, or if required, such approval has been obtained prior to the Closing
        Date;

      

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

      
        	 	
                (i)

              	
                Selection
                  Process.
                  

              

      

      

      The
        Mortgage Loans were selected from among the outstanding fixed rate and
        adjustable rate, one- to four-family mortgage loans in the Company's mortgage
        banking portfolio at the Closing Date as to which the representations and
        warranties set forth in Section 3.02 could be made and such selection was
        not
        made in a manner so as to affect adversely the interests of the Purchaser;
        

      

      
        	 	
                (j)

              	
                No
                  Untrue Information.

              

      

      

      Neither
        this Agreement nor any statement, report or other document furnished or to
        be
        furnished pursuant to this Agreement or in connection with the transactions
        contemplated hereby contains any untrue statement of fact or omits to state
        a
        fact necessary to make the statements contained therein not
        misleading;

      

      
        	 	
                (k)

              	
                Sale
                  Treatment.

              

      

      

      The
        Company has determined that the disposition of the Mortgage Loans pursuant
        to
        this Agreement will be afforded sale treatment for accounting and tax purposes;
        

      

      
        	 	
                (l)

              	
                No
                  Material Change.
                  

              

      

      

      There
        has
        been no material adverse change in the business, operations, financial condition
        or assets of the Company since the date of the Company’s most recent financial
        statements; 

      

      
        	 	
                (m)

              	
                No
                  Brokers’ Fees.

              

      

      

      The
        Company has not dealt with any broker, investment banker, agent or other
        Person
        that may be entitled to any commission or compensation in the connection
        with
        the sale of the Mortgage Loans;

      

      
        	 	
                (n)

              	
                MERS.

              

      

      

      The
        Company is a member of MERS in good standing;

      

      Section
        3.02 Representations
        and Warranties Regarding Individual Mortgage Loans.

      

      As
        to
        each Mortgage Loan, the Company hereby represents and warrants to the Purchaser
        that as of the Closing Date:

      

      
        	 	
                (a)

              	
                Mortgage
                  Loans as Described.

              

      

      

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

      The
        information set forth in the Mortgage Loan Schedules attached hereto as Exhibit
        A-1 and Exhibit A-2 and the information contained on the electronic Data
        Files
        delivered to the Purchaser is true and correct, provided that the Company
        makes
        no representation or warranty as to the accuracy of Unverified
        Information;

      

      
        	 	
                (b)

              	
                Payments
                  Current.

              

      

      

      All
        payments required to be made up to the Cut-off Date for the Mortgage Loan
        under
        the terms of the Mortgage Note have been made and credited. No payment under
        any
        Mortgage Loan has been thirty (30) days delinquent more than one time within
        twelve (12) months prior to the Closing Date;

      

      
        	 	
                (c)

              	
                No
                  Outstanding Charges.

              

      

      

      There
        are
        no defaults in complying with the terms of the Mortgages, and all taxes,
        governmental assessments, ground rents, insurance premiums, leasehold payments,
        water, sewer and municipal charges, which previously became due and owing
        have
        been paid, or an escrow of funds has been established in an amount sufficient
        to
        pay for every such item which remains unpaid and which has been assessed
        but is
        not yet due and payable. The Company has not advanced funds, or induced,
        or
        solicited directly or indirectly, the payment of any amount required under
        the
        Mortgage Loan, except for interest accruing from the date of the Mortgage
        Note
        or date of disbursement of the Mortgage Loan proceeds, whichever is later,
        to
        the day which precedes by one (1) month the Due Date of the first installment
        of
        principal and interest;

      

      
        	 	
                (d)

              	
                Original
                  Terms Unmodified.

              

      

      

      The
        terms
        of the Mortgage Note and Mortgage, have not been impaired, waived, altered
        or
        modified in any respect, except by a written instrument which has been recorded
        or registered with the MERS System, if necessary, to protect the interests
        of
        the Purchaser and is retained by the Company in the Servicing File; the related
        Mortgage Note has been delivered to the Custodian. The substance of any such
        waiver, alteration or modification has been approved by the issuer of any
        related PMI Policy and the title insurer, to the extent required by the policy,
        and its terms are reflected on the related Mortgage Loan Schedule. No Mortgagor
        has been released, in whole or in part, except in connection with an assumption
        agreement approved by the issuer of any related PMI Policy and the title
        insurer, to the extent required by the policy, and which assumption agreement
        is
        part of the Custodial Mortgage File delivered to the Custodian and the terms
        of
        which are reflected in the related Mortgage Loan Schedule; 

      

      
        	 	
                (e)

              	
                No
                  Defenses.

              

      

      

      The
        Mortgage Loan is not subject to any right of rescission, set-off, counterclaim
        or defense, including without limitation the defense of usury, nor will the
        operation of any of the terms of the Mortgage Note or the Mortgage, or the
        exercise of any right thereunder, render either the Mortgage Note or the
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including without limitation
        the
        defense of usury, and no such right of rescission, set-off, counterclaim
        or
        defense has been asserted with respect thereto;

      

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

      
        	 	
                (f)

              	
                No
                  Satisfaction of Mortgage.

              

      

      

      The
        Mortgage has not been satisfied, canceled, 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, release, cancellation, subordination
        or
        rescission;

      

      
        	 	
                (g)

              	
                Validity
                  of Mortgage Documents.

              

      

      

      The
        Mortgage Note and the Mortgage and related documents are genuine, and each
        is
        the legal, valid and binding obligation of the maker thereof enforceable
        in
        accordance with its terms. 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 Company has reviewed all
        documents constituting the Custodial Mortgage File and has made such inquiries
        as it deems necessary to make and confirm the accuracy of the representations
        set forth herein;

      

      
        	 	
                (h)

              	
                No
                  Fraud.

              

      

      

      No
        error,
        omission, misrepresentation, negligence, fraud or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of the Company, or
        the
        Mortgagor (except with respect to the accuracy of Unverified Information
        contained in any documents), or to the best of the Company’s knowledge, any
        appraiser, any builder, or any 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;

      

      
        	 	
                (i)

              	
                Compliance
                  with Applicable Laws.

              

      

      

      Any
        and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection and privacy, equal credit opportunity, disclosure, fair
        housing and predatory and abusive and fair lending laws applicable to the
        Mortgage Loan have been complied with. All inspections, licenses and
        certificates required to be made or issued with respect to all occupied portions
        of the Mortgaged Property and, with respect to the use and occupancy of the
        same, including, but not limited to, certificates of occupancy and fire
        underwriting certificates, have been made or obtained from the appropriate
        authorities;

      

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

      
        	 	
                (j)

              	
                Location
                  and Type of Mortgaged Property.

              

      

      

      The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and consists of a contiguous parcel of real property with a
        detached single family residence erected thereon, or a two- to four-family
        dwelling, or an individual condominium unit in a condominium project, or
        an
        individual unit in a planned unit development or a townhouse, provided, however,
        that any condominium project or planned unit development shall conform to
        the
        applicable Fannie Mae or Freddie Mac requirements, or the Underwriting
        Guidelines, regarding such dwellings, and no residence or dwelling is a mobile
        home. As of the respective appraisal
        date for
        each Mortgaged Property, any
        Mortgaged Property being
        used for commercial purposes conforms to the Underwriting Guidelines and,
        to the
        best of the Company’s knowledge, since the date of such appraisal, no portion of
        the Mortgaged Property was being used for commercial purposes outside of
        the
        Underwriting Guidelines;

      

      
        	 	
                (k)

              	
                Valid
                  First Lien.

              

      

      

      The
        Mortgage is a valid, subsisting and enforceable first lien on the Mortgaged
        Property, including all buildings on the Mortgaged Property and all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems located in or annexed to such buildings, and all additions, alterations
        and replacements made at any time with respect to the foregoing. The lien
        of the
        Mortgage is subject only to:

      

      
        	 	
                (1)

              	
                the
                  lien of current real property taxes and assessments not yet due
                  and
                  payable;

              

      

      

      
        	 	
                (2)

              	
                covenants,
                  conditions and restrictions, rights of way, easements and other
                  matters of
                  the public record as of the date of recording acceptable to mortgage
                  lending institutions generally and specifically referred to in
                  the
                  lender's title insurance policy delivered to the originator of
                  the
                  Mortgage Loan and (i) referred to or otherwise considered in the
                  appraisal
                  made for the originator of the Mortgage Loan and (ii) which do
                  not
                  adversely affect the Appraised Value of the Mortgaged Property
                  set forth
                  in such appraisal; and

              

      

      

      
        	 	
                (3)

              	
                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.

              

      

      

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

      Any
        security agreement, chattel mortgage or equivalent document related to and
        delivered in connection with the Mortgage Loan establishes and creates a
        valid,
        subsisting and enforceable first lien and first priority security interest
        on
        the property described therein and the Company has full right to sell and
        assign
        the same to the Purchaser; 

      

      
        	 	
                (l)

              	
                Full
                  Disbursement of Proceeds.

              

      

      

      The
        proceeds of the Mortgage Loan have been fully disbursed, except for escrows
        established or created due to seasonal weather conditions, and there is no
        requirement for future advances thereunder. All costs, fees and expenses
        incurred in making or closing the Mortgage Loan and the recording of the
        Mortgage were paid, and the Mortgagor is not entitled to any refund of any
        amounts paid or due under the Mortgage Note or Mortgage. No
        escrow
        holdback will result in any understated finance charge to the Borrower other
        than permitted by applicable law;

      

      
        	 	
                (m)

              	
                Consolidation
                  of Future Advances.

              

      

      

      Any
        future advances made prior to the Cut-off Date, have been consolidated with
        the
        outstanding principal amount secured by the Mortgage, and the secured principal
        amount, as consolidated, bears a single interest rate and single repayment
        term
        reflected on the related Mortgage Loan Schedule. The lien of the Mortgage
        securing the consolidated principal amount is expressly insured as having
        first
        lien priority by a title insurance policy, an endorsement to the policy insuring
        the mortgagee’s consolidated interest or by other title evidence acceptable to
        Fannie Mae or Freddie Mac; the consolidated principal amount does not exceed
        the
        original principal amount of the Mortgage Loan; the Company shall not make
        future advances after the Cut-off Date;

      

      
        	 	
                (n)

              	
                Ownership.

              

      

      

      The
        Company is the sole owner of record and holder of the Mortgage Loan and the
        related Mortgage Note and the Mortgage are not assigned or pledged, and the
        Company has good and marketable title thereto and has full right and authority
        to transfer and sell the Mortgage Loan to the Purchaser. The Company is
        transferring the Mortgage Loan free and clear of any and all encumbrances,
        liens, pledges, equities, participation interests, claims, charges or security
        interests of any nature encumbering such Mortgage Loan;

      

      
        	 	
                (o)

              	
                Origination/Doing
                  Business.

              

      

      

      The
        Mortgage Loan was originated by a savings and loan association, a savings
        bank,
        a commercial bank, a credit union, an insurance company, or similar institution
        that is supervised and examined by a federal or state authority or by a
        mortgagee approved by the Secretary of Housing and Urban Development pursuant
        to
        Sections 203 and 211 of the National Housing Act. All parties which have
        had any
        interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee or
        otherwise, are (or, during the period in which they held and disposed of
        such
        interest, were) (1) in compliance with any and all applicable licensing
        requirements of the laws of the state wherein the Mortgaged Property is located,
        and (2) organized under the laws of such state, or (3) qualified to do business
        in such state, or (4) federal savings and loan associations or national banks
        having principal offices in such state, or (5) not doing business in such
        state;

      

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

      
        	 	
                (p)

              	
                LTV,
                  PMI Policy.

              

      

      

      No
        Mortgage Loan has an LTV or CLTV greater than 100%. Except as indicated on
        the
        related Data File, if the LTV of the Mortgage Loans was greater than 80%
        at the
        time of origination, a portion of the unpaid principal balance of the Mortgage
        Loan is and will be insured as to payment defaults by a PMI Policy. If the
        Mortgage Loan is insured by a PMI Policy which is not an LPMI Policy, the
        coverage will remain in place until (i) the LTV decreases to 78% or (ii)
        the PMI
        Policy is otherwise terminated pursuant to the Homeowners Protection Act
        of
        1998, 12 USC §4901, et seq. All provisions of such PMI Policy or LPMI Policy
        have been and are being complied with, such policy is in full force and effect,
        and all premiums due thereunder have been paid. The Qualified Insurer has
        a
        claims paying ability acceptable to Fannie Mae or Freddie Mac. Any Mortgage
        Loan
        subject to a PMI Policy or an LPMI Policy obligates the Mortgagor or the
        Company
        to maintain the PMI Policy or LPMI Policy, as applicable, and to pay all
        premiums and charges in connection therewith. The Mortgage Interest Rate
        for the
        Mortgage Loan as set forth on the related Mortgage Loan Schedule is net of
        any
        such insurance premium;

      

      
        	 	
                (q)

              	
                Title
                  Insurance.

              

      

      

      The
        Mortgage Loan is covered by an ALTA lender's title insurance policy (or in
        the
        case of any Mortgage Loan secured by a Mortgaged Property located in a
        jurisdiction where such policies are generally not available, an opinion
        of
        counsel of the type customarily rendered in such jurisdiction in lieu of
        title
        insurance), or other generally acceptable form of policy of insurance acceptable
        to Fannie Mae or Freddie Mac, issued by a title insurer acceptable to Fannie
        Mae
        or Freddie Mac and qualified to do business in the jurisdiction where the
        Mortgaged Property is located, insuring the Company, its successors and assigns,
        as to the first priority lien of the Mortgage in the original principal amount
        of the Mortgage Loan, subject only to the exceptions contained in clauses
        (1),
        (2) and (3) of Paragraph (k) of this Section 3.02, and against any loss by
        reason of the invalidity or unenforceability of the lien resulting from the
        provisions of the Mortgage providing for adjustment to the Mortgage Interest
        Rate and Monthly Payment Additionally, such lender's title insurance policy
        includes no exceptions regarding ingress, egress or encroachments that impact
        the value or the marketability of the Mortgaged Property. 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 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 Mortgage, including the Company, has done, by act or omission,
        anything which would impair the coverage of such lender's title insurance
        policy;

      

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

      
        	 	
                (r)

              	
                No
                  Defaults.

              

      

      

      There
        is
        no default, breach, violation or event of acceleration existing under the
        Mortgage or the Mortgage Note and no event which, with the passage of time
        or
        with notice and the expiration of any grace or cure period, would constitute
        a
        default, breach, violation or event of acceleration, and neither the Company
        nor
        its predecessors have waived any default, breach, violation or event of
        acceleration; 

      

      
        	 	
                (s)

              	
                No
                  Mechanics' Liens.

              

      

      

      There
        are
        no mechanics' or similar liens or claims which have been filed for work,
        labor
        or material (and no rights are outstanding that under the law could give
        rise to
        such liens) affecting the related Mortgaged Property which are or may be
        liens
        prior to, or equal or coordinate with, the lien of the related Mortgage which
        are not
        insured against by the title insurance policy referenced in Paragraph (q)
        above;

      

      
        	 	
                (t)

              	
                Location
                  of Improvements; No Encroachments.

              

      

      

      Except
        as
        insured against by the title insurance policy referenced in Paragraph (q)
        above,
        all improvements which were considered in determining the Appraised Value
        of the
        Mortgaged Property lay wholly within the boundaries and building restriction
        lines of the Mortgaged Property and no improvements on adjoining properties
        encroach upon the Mortgaged Property. No improvement located on or being
        part of
        the Mortgaged Property is in violation of any applicable zoning law or
        regulation;

      

      
        	 	
                (u)

              	
                Payment
                  Terms.

              

      

      

      Except
        with respect to the Interest Only Mortgage Loans, principal payments commenced
        no more than sixty (60) days after the funds were disbursed to the Mortgagor
        in
        connection with the Mortgage Loan. The Mortgage Loans have an original term
        to
        maturity of not more than thirty (30) years, with interest payable in arrears.
        With respect to each Balloon Loan that is not an Interest Only Mortgage Loan,
        the Mortgage Loan is payable in equal monthly installments of principal and
        interest based on a fifteen (15), thirty (30) or forty (40) year amortization
        schedule, as set forth in the related Mortgage Note, and a final lump sum
        payment substantially greater than the preceding Monthly Payment is required
        which is sufficient to amortize the remaining principal balance of the Balloon
        Loan. As to each Adjustable Rate Mortgage Loan on each applicable Adjustment
        Date, the Mortgage Interest Rate will be adjusted to equal the sum of the
        Index
        plus the applicable Gross Margin, rounded up or down to the nearest multiple
        of
        0.125% indicated by the Mortgage Note; provided that the Mortgage Interest
        Rate
        will not increase or decrease by more than the Periodic Interest Rate Cap
        on any
        Adjustment Date, and will in no event exceed the maximum Mortgage Interest
        Rate
        or be lower than the minimum Mortgage Interest Rate listed on the Mortgage
        Note
        for such Mortgage Loan. Each Mortgage Note requires a monthly payment which
        is
        sufficient, during the period prior to the first adjustment to the Mortgage
        Interest Rate, to fully amortize the outstanding principal balance as of
        the
        first day of such period over the then remaining term of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. As to each Adjustable
        Rate Mortgage Loan, if the related Mortgage Interest Rate changes on an
        Adjustment Date, or with respect to an Interest Only Mortgage Loan, on an
        Adjustment Date following the related interest-only period, the then outstanding
        principal balance will be reamortized over the remaining life of such Mortgage
        Loan. No Mortgage Loan contains terms or provisions which would result in
        negative amortization. With respect to each Interest Only Mortgage Loan,
        the
        interest-only period shall not exceed fifteen (15) years (or such other period
        specified on the Data File) 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. No Mortgage Loan is a
        Convertible Mortgage Loan; 

      

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

      
        	 	
                (v)

              	
                Customary
                  Provisions.

              

      

      

      The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (i) in the case of a Mortgage designated as
        a deed
        of trust, by trustee's sale, and (ii) otherwise by judicial foreclosure.
        There
        is no homestead or other exemption available to a Mortgagor which would
        interfere with the right to sell the Mortgaged Property at a trustee's sale
        or
        the right to foreclose the Mortgage;

      

      
        	 	
                (w)

              	
                Occupancy
                  of the Mortgaged Property.

              

      

      

      As
        of the
        date of origination, and to the best of the Company’s knowledge, as of the
        Closing Date, the Mortgaged Property was lawfully occupied under applicable
        law;

      

      
        	 	
                (x)

              	
                No
                  Additional Collateral.

              

      

      

      The
        Mortgage Note is not and has not been secured by any collateral, pledged
        account
        or other security except the lien of the corresponding Mortgage and the security
        interest of any applicable security agreement or chattel mortgage referred
        to in
        Paragraph (k) above;

      

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

      
        	 	
                (y)

              	
                Deeds
                  of Trust.

              

      

      

      In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Mortgagee to the trustee under the deed of trust, except in
        connection with a trustee's sale after default by the Mortgagor;

      

      
        	 	
                (z)

              	
                Acceptable
                  Investment.

              

      

      

      The
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage Loan, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that can reasonably be expected to cause private institutional
        investors to regard the Mortgage Loan as an unacceptable investment, cause
        the
        Mortgage Loan to become delinquent, or adversely affect the value or
        marketability of the Mortgage Loan;

      

      
        	 	
                (aa)

              	
                Transfer
                  of Mortgage Loans.

              

      

      

      If
        the
        Mortgage Loan is not a MERS Mortgage Loan, the Assignment of Mortgage, upon
        the
        insertion of the name of the assignee and recording information, is in
        recordable form and is acceptable for recording under the laws of the
        jurisdiction in which the Mortgaged Property is located and has been duly
        and
        properly recorded;

      

      
        	 	
                (bb)

              	
                Mortgaged
                  Property Undamaged.

              

      

      

      The
        Mortgaged Property is undamaged by waste, fire, earthquake or earth movement,
        windstorm, flood, tornado or other casualty so as to affect adversely the
        value
        of the Mortgaged Property as security for the Mortgage Loan or the use for
        which
        the premises were intended;

      

      
        	 	
                (cc)

              	
                Collection
                  Practices; Escrow Deposits.

              

      

      

      The
        origination, servicing and collection practices used with respect to the
        Mortgage Loan including, without limitation, the establishment, maintenance
        and
        servicing of the Escrow Accounts and Escrow Payments, if any, since origination,
        have been in accordance with Accepted Servicing Practices, the Mortgage and
        the
        Mortgage Note and have been in all material respects legal and proper. With
        respect to escrow deposits and Escrow Payments, all such payments are in
        the
        possession of the Company and there exist no deficiencies in connection
        therewith for which customary arrangements for repayment thereof have not
        been
        made. All Escrow Payments have been collected in full compliance with state
        and
        federal law. No escrow deposits or Escrow Payments or other charges or payments
        due the Company have been capitalized under the Mortgage Note. No escrow
        holdback will result in any understated finance charge to the Borrower other
        than permitted by applicable law;

      

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

      
        	 	
                (dd)

              	
                No
                  Condemnation.

              

      

      

      There
        is
        no proceeding pending or to the best of the Company’s knowledge threatened for
        the total or partial condemnation of the related Mortgaged
        Property;

      

      
        	 	
                (ee)

              	
                The
                  Appraisal.

              

      

      

      The
        Mortgage Loan Documents includes an appraisal of the related Mortgaged Property.
        As to each Time$aver® Mortgage Loan, the appraisal may be from the original of
        the existing Company-serviced loan, which was refinanced via such Time$aver®
Mortgage Loan. The appraisal was conducted by an appraiser who had no interest,
        direct or indirect, in the Mortgaged Property or in any loan made on the
        security thereof; and whose compensation is not affected by the approval
        or
        disapproval of the Mortgage Loan, and the appraisal and the appraiser both
        satisfy the applicable requirements of Title XI of the Financial Institution
        Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated
        thereunder, all as in effect on the date the Mortgage Loan was
        originated;

      

      
        	 	
                (ff)

              	
                Insurance.

              

      

      

      The
        Mortgaged Property securing each Mortgage Loan is insured by an insurer
        acceptable to Fannie Mae or Freddie Mac against loss by fire and such hazards
        as
        are covered under a standard extended coverage endorsement and such other
        hazards as are customary in the area where the Mortgaged Property is located
        pursuant to insurance policies conforming to the requirements of Section
        4.10,
        in an amount which is at least equal to the lesser of (i) 100% of the insurable
        value, on a replacement cost basis, of the improvements on the related Mortgaged
        Property and (ii) the greater of (a) the outstanding principal balance of
        the
        Mortgage Loan and (b) an amount such that the proceeds of such insurance
        shall
        be sufficient to prevent the application to the Mortgagor or the loss payee
        of
        any coinsurance clause under the policy. If the Mortgaged Property is a
        condominium unit, it is included under the coverage afforded by a blanket
        policy
        for the project. If the improvements on the Mortgaged Property are in an
        area
        identified in the Federal Register by the Federal Emergency Management Agency
        as
        having special flood hazards, a flood insurance policy meeting the requirements
        of the current guidelines of the Federal Insurance Administration is in effect
        with a generally acceptable insurance carrier, in an amount representing
        coverage not less than the least of (A) the outstanding principal balance
        of the Mortgage Loan, (B) the full insurable value and (C) the maximum
        amount of insurance which was available under the Flood Disaster Protection
        Act
        of 1973, as amended. All individual insurance policies contain a standard
        mortgagee clause naming the Company and its successors and assigns as mortgagee,
        and all premiums thereon have been paid. The Mortgage obligates the Mortgagor
        thereunder to maintain a hazard insurance policy at the Mortgagor's cost
        and
        expense, and on the Mortgagor's failure to do so, authorizes the holder of
        the
        Mortgage to obtain and maintain such insurance at such Mortgagor's cost and
        expense, and to seek reimbursement therefor from the Mortgagor. The hazard
        insurance policy is the valid and binding obligation of the insurer, is in
        full
        force and effect, and will be in full force and effect and inure to the benefit
        of the Purchaser upon the consummation of the transactions contemplated by
        this
        Agreement. The Company has not acted or failed to act so as to impair the
        coverage of any such insurance policy or the validity, binding effect and
        enforceability thereof;

      

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

      
        	 	
                (gg)

              	
                Servicemembers
                  Civil Relief Act.

              

      

      

      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, as amended;

      

      
        	 	
                (hh)

              	
                Balloon
                  Payments, Graduated Payments or Contingent Interests.

              

      

      

      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.
        Unless
        otherwise disclosed on the related Data File, no Mortgage Loan has a balloon
        payment feature;

      

      
        	 	
                (ii)

              	
                No
                  Construction Loans.

              

      

      

      No
        Mortgage Loan was made in connection with (i) the construction or rehabilitation
        of a Mortgage Property or (ii) facilitating the trade-in or exchange of a
        Mortgaged Property other than a construction-to-permanent loan which has
        converted to a permanent Mortgage Loan;

      

      
        	 	
                (jj)

              	
                Underwriting.

              

      

      

      Each
        Mortgage Loan was underwritten in accordance with the Underwriting Guidelines;
        and the Mortgage Note and Mortgage are on forms acceptable to Freddie Mac
        or
        Fannie Mae;

      

      
        	 	
                (kk)

              	
                No
                  Bankruptcy.
                  

              

      

      

      No
        Mortgagor was a debtor in any state or federal bankruptcy or insolvency
        proceeding at the time the Mortgage Loan was originated and as of the Closing
        Date, the Company has not received notice that any Mortgagor is a debtor
        under
        any state or federal bankruptcy or insolvency proceeding;

      

      
        	 	
                (ll)

              	
                The
                  Mortgagor.

              

      

      

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

      The
        Mortgagor is one or more natural Persons and/or an Illinois land trust or
        a
“living trust” and such “living trust” is in compliance with the Underwriting
        Guidelines;

      

      
        	 	
                (mm)

              	
                Interest
                  Calculation.

              

      

      

      Interest
        on each Mortgage Loan is calculated on the basis of a 360-day year consisting
        of
        twelve 30-day months. No Mortgage Loan is a simple interest mortgage
        loan;

      

      
        	 	
                (nn)

              	
                Environmental
                  Status.

              

      

      

      There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        of
        which the Company is aware in which compliance with any applicable environmental
        law, rule or regulation is an issue; and to the best of the Company’s knowledge,
        the Mortgaged Property is in material compliance with all applicable
        environmental laws and nothing further remains to be done to satisfy in full
        all
        requirements of each such law, rule or regulation constituting a prerequisite
        to
        the use and enjoyment of the Mortgaged Property;

      

      
        	 	
                (oo)

              	
                No
                  High Cost Loans.

              

      

      

      No
        Mortgage Loan is a High Cost Loan or Covered Loan;

      

      
        	 	
                (pp)

              	
                Anti-Money
                  Laundering Laws.

              

      

      

      The
        Company has complied with all applicable anti-money laundering laws and
        regulations (the “Anti-Money Laundering Laws”), and has established an
        anti-money laundering compliance program as required by 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 as of the origination date of the related Mortgage
        Loan,
        no Mortgagor was subject to the provisions of such Executive Order or the
        OFAC
        Regulations nor listed as a “blocked person” for purposes of the OFAC
        Regulations;

      

      
        	 	
                (qq)

              	
                Single
                  Premium Credit Life Insurance.

              

      

      

      No
        Mortgagor was required to purchase any single premium credit insurance policy
        (e.g. life, 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, disability, accident, unemployment or health insurance product) as
        part of
        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;

      

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

      
        	 	
                (rr)

              	
                No
                  Buydown Mortgage Loans, Subsidy Loans or Pledged Asset
                  Loans

              

      

      

      No
        Mortgage Loan is a Pledged Asset Mortgage Loan, a Subsidy Loan or a Buydown
        Mortgage Loan;

      

      
        	 	
                (ss)

              	
                Credit
                  Reporting.

              

      

      

      With
        respect to each Mortgage Loan, the Company has furnished complete information
        on
        the related borrower credit files to Equifax, Experian and Trans Union Credit
        Information Company, in accordance with the Fair Credit Reporting Act and
        its
        implementing regulations; 

      

      
        	 	
                (tt)

              	
                Tax
                  Service Contract.

              

      

      

      Each
        Mortgage Loan is covered by a “life of loan” Tax Service Contract which is
        assignable to the Purchaser or its designee at no cost;

      

      
        	 	
                (uu)

              	
                Flood
                  Zone Service Contract.
                  

              

      

      

      Each
        Mortgage Loan is covered by a “life of loan” Flood Zone Service Contract which
        is assignable to the Purchaser or its designee at no cost;

      

      
        	 	
                (vv)

              	
                Arbitration.

              

      

      

      With
        respect to each Mortgage Loan, neither the related Mortgage nor the related
        Mortgage Note requires the Mortgagor to submit to arbitration to resolve
        any
        dispute arising out of or relating in any way to the Mortgage Loan
        transaction;

      

      
        	 	
                (ww)

              	
                Indiana.
                  

              

      

      

      There
        is no Mortgage Loan that was originated on or after January 1, 2005, which
        is a
“high cost home loan” as defined under the Indiana Home Loan Practices Act (I.C.
        24-9); 

      

      
        	 	
                (xx)

              	
                Prepayment
                  Penalties.

              

      

      

      No
        Mortgage Loan originated on or after October 1, 2002, will impose a prepayment
        premium for a term in excess of three (3) years after its origination. No
        Mortgage Loan originated before October 1, 2002, will impose a prepayment
        premium for a term in excess of five (5) years after its origination. Each
        Prepayment Penalty with respect to any Mortgage Loan is permissible, enforceable
        and collectible under applicable federal, state and local law; 

      

      
        	 	
                (yy)

              	
                Mortgage
                  Loans in Cook County, Illinois.

              

      

      

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

      Each
        Mortgage Loan secured by property located within the Cook County, Illinois
        anti-predatory lending database pilot program area complies with the recording
        requirements under Illinois law; and

      

      
        	 	
                (zz)

              	
                Leasehold
                  Estates.

              

      

      

      With
        respect to each Mortgage Loan secured in whole or in part by the interest
        of the
        Mortgagor as a lessee under a ground lease of the related Mortgaged Property
        (a
“Ground Lease”) and not be a fee interest in such Mortgaged Property:

      

      (i) The
        Mortgagor is the owner of a valid and subsisting interest as tenant under
        the
        Ground Lease; 

       

      (ii)
        The
        Ground Lease is in full force and effect;

      (iii) The
        Mortgagor is not in default under any provision of the lease; 

      

      (iv) The
        lessor under the Ground Lease is not in default under any of the terms or
        provisions thereof on the part of the lessor to be observed or performed;
        

      

      (v) The
        term of the Ground Lease exceeds the maturity date of the related Mortgage
        Loan
        by at least five (5) years; 

      

      (vi) The
        Mortgagee under the Mortgage Loan is given at least sixty (60) days’ notice of
        any default and an opportunity to cure any defaults under the Ground Lease
        or to
        take over the Mortgagor’s rights under the Ground Lease; 

      

      (vii) The
        Ground Lease does not contain any default provisions that could result in
        forfeiture or termination of the Ground Lease except for non-payment of the
        Ground Lease or a court order. 

      

      (viii) The
        Ground Lease provides that the leasehold can be transferred, mortgaged and
        sublet an unlimited number of times either without restriction or on payment
        of
        a reasonable fee and delivery of reasonable documentation to the lessor;
        

      

      (ix) The
        Ground Lease or a memorandum thereof has been recorded and by its terms permits
        the leasehold estate to be mortgaged; and 

      

      (x) The
        execution, delivery and performance of the Mortgage do not require consent
        (other than those consents which have been obtained and are in full force
        and
        effect) under, and will not contravene any provision of or cause a default
        under, the Ground Lease 

      

      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

      Section
        3.03 Repurchase.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans to the
        Purchaser and the delivery of the applicable Mortgage Loan Documents to the
        Custodian and shall inure to the benefit of the Purchaser, notwithstanding
        any
        restrictive or qualified endorsement on any Mortgage Note or Assignment of
        Mortgage or the examination or failure to examine any Custodial Mortgage
        File.
        Upon discovery by either the Company or the Purchaser of a breach of any
        of the
        foregoing representations and warranties which materially and adversely affects
        the value of the Mortgage Loans or the interest of the Purchaser (or which
        materially and adversely affects the value of a Mortgage Loan or the interests
        of the Purchaser in the related Mortgage Loan in the case of a representation
        and warranty relating to a particular Mortgage Loan), the party discovering
        such
        breach shall give prompt written notice to the other.

      

      Within
        ninety (90) days of the earlier of either discovery by or notice to the Company
        of any breach of a representation or warranty which materially and adversely
        affects the value of the Mortgage Loans or the Purchaser’s interest in a
        Mortgage Loan, the Company shall use its best efforts promptly to cure such
        breach in all material respects and, if such breach cannot be cured, the
        Company
        shall, at the Purchaser's option, repurchase such Mortgage Loan at the
        Repurchase Price. In the event that a breach shall involve any representation
        or
        warranty set forth in Section 3.01, and such breach cannot be cured within
        ninety (90) days of the earlier of either discovery by or notice to the Company
        of such breach, all of the Mortgage Loans shall, at the Purchaser's option,
        be
        repurchased by the Company at the Repurchase Price. Any repurchase of a Mortgage
        Loan or Loans pursuant to the foregoing provisions of this Section 3.03 shall
        be
        accomplished by deposit in the Custodial Account of the amount of the Repurchase
        Price for distribution to Purchaser on the Remittance Date immediately following
        the Principal Prepayment Period in which such Repurchase Price is received,
        after deducting therefrom any amount received in respect of such repurchased
        Mortgage Loan or Loans and being held in the Custodial Account for future
        distribution. Notwithstanding anything to the contrary contained herein,
        it is
        understood by the parties hereto that a breach of the representations and
        warranties made in Subsections 3.02(oo), (qq) or (ss) will be deemed to
        materially and adversely affect the value of the related Mortgage Loan or
        the
        interest of the Purchaser therein.

      

      At
        the
        time of repurchase, the Purchaser and the Company shall arrange for the
        reassignment of the Deleted Mortgage Loan to the Company and the delivery
        to the
        Company of any documents held by the Custodian relating to the Deleted Mortgage
        Loan. If the Company repurchases a Mortgage Loan that is a MERS Mortgage
        Loan,
        the Company shall either (i) cause MERS to execute and deliver an assignment
        of
        the Mortgage in recordable form to transfer the Mortgage from MERS to the
        Company and shall cause such Mortgage to be removed from registration on
        the
        MERS System in accordance with MERS’ rules and regulations or (ii) cause MERS to
        designate on the MERS System the Company as the beneficial holder of such
        Mortgage Loan. In the event of a repurchase, the Company shall, simultaneously
        with such reassignment, give written notice to the Purchaser that such
        repurchase has taken place, amend the related Mortgage Loan Schedule to reflect
        the withdrawal of the Deleted Mortgage Loan from this Agreement.

      

      
        
          
          

        

        
          36

          
            

          

        

        
          
          

        

      

      In
        addition to such repurchase obligation, the Company shall indemnify the
        Purchaser and and hold it harmless against any losses, damages, penalties,
        fines, forfeitures, reasonable and necessary legal fees and related costs,
        judgments, and other costs and expenses resulting from any claim, demand,
        defense or assertion based on or grounded upon, or resulting from, a breach
        of
        the representations and warranties contained in this Agreement. It is understood
        and agreed that the obligations of the Company set forth in this Section
        3.03 to
        cure or repurchase a defective Mortgage Loan and to indemnify the Purchaser
        as
        provided in this Section 3.03 constitute the sole remedies of the Purchaser
        respecting a breach of the foregoing representations and warranties. The
        indemnification obligation of the Company set forth herein shall survive
        the
        termination of this Agreement. 

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) discovery of such breach by the Purchaser or notice
        thereof by the Company to the Purchaser, (ii) failures by the Company to
        cure
        such breach or repurchase such Mortgage Loan as specified above, and (iii)
        demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as an independent contractor, shall service and administer the Mortgage
        Loans and shall have full power and authority, acting alone or through the
        utilization of a Subservicer or a Subcontractor, to do any and all things
        in
        connection with such servicing and administration which the Company may deem
        necessary or desirable, consistent with the terms of this Agreement and with
        Accepted Servicing Practices. The Company shall be responsible for any and
        all
        acts of a Subservicer and a Subcontractor, and the Company’s utilization of a
        Subservicer or a Subcontractor shall in no way relieve the liability of the
        Company under this Agreement.

      

      Consistent
        with the terms of this Agreement, the Company may waive, modify or vary any
        term
        of any Mortgage Loan or consent to the postponement of strict compliance
        with
        any such term or in any manner grant indulgence to any Mortgagor if in the
        Company's reasonable and prudent determination such waiver, modification,
        postponement or indulgence is not materially adverse to the Purchaser; provided,
        however, that the Company shall not permit any modification with respect
        to any
        Mortgage Loan that would change the Mortgage Interest Rate, defer or forgive
        the
        payment thereof or of any principal or interest payments, reduce the outstanding
        principal amount (except for actual payments of principal), make additional
        advances of additional principal or extend the final maturity date on such
        Mortgage Loan, unless
        the Mortgagor is in default with respect to the Mortgage Loan or such default
        is, in the judgment of the Company, imminent. In the event that no default
        exists or is imminent, the Company shall request written consent from the
        Purchaser to permit such a modification and the Purchaser shall provide written
        consent or notify the Company of its objection to such modification within
        three
        (3) Business Days of its receipt of the Company's request. In the event of
        any
        such modification which permits the deferral of interest or principal payments
        on any Mortgage Loan, the Company shall, on the Business Day immediately
        preceding the Remittance Date in any month in which any such principal or
        interest payment has been deferred, deposit in the Custodial Account from
        its
        own funds, in accordance with Section 5.03, the difference between (a) such
        month's principal and one month's interest at the Mortgage Loan Remittance
        Rate
        on the unpaid principal balance of such Mortgage Loan and (b) the amount
        paid by
        the Mortgagor. The Company shall be entitled to reimbursement for such advances
        to the same extent as for all other advances made pursuant to Section 5.03.
        Without
        limiting the generality of the foregoing, the Company shall continue, and
        is
        hereby authorized and empowered, to execute and deliver on behalf of itself
        and
        the Purchaser, all instruments of satisfaction or cancellation, or of partial
        or
        full release, discharge and all other comparable instruments, with respect
        to
        the Mortgage Loans and with respect to the Mortgaged Properties. If reasonably
        required by the Company, the Purchaser shall furnish the Company with any
        powers
        of attorney and other documents necessary or appropriate to enable the Company
        to carry out its servicing and administrative duties under this
        Agreement.

      

      
        
          
          

        

        
          37

          
            

          

        

        
          
          

        

      

      The
        Company is authorized and empowered by the Purchaser, in its own name, when
        the
        Company believes it appropriate in its reasonable judgment to register any
        Mortgage Loan on the MERS System, or cause the removal from MERS registration
        of
        any Mortgage Loan on the MERS System, to execute and deliver, on behalf of
        the
        Purchaser, 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 Purchaser and its successors and
        assigns. The Company shall notify MERS of the ownership interest of the
        Purchaser in each MOM Loan through the MORNET system or MIDANET system, as
        applicable, or any other comparable system acceptable to MERS. 

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        procedures (including collection procedures) and exercise the same care that
        it
        customarily employs and exercises in servicing and administering mortgage
        loans
        for its own account, giving due consideration to Accepted Servicing Practices
        where such practices do not conflict with the requirements of this Agreement,
        and the Purchaser's reliance on the Company. In addition, with respect to
        any
        Mortgage Loan that is not subject to an assignable life of loan Flood Zone
        Service Contract or Tax Service Contract as of the Closing Date, the Company
        agrees to purchase such Flood Zone Service Contract or Tax Service
        Contract.

      

      Section
        4.02 Liquidation
        of Mortgage Loans.

      

      (a) In
        the
        event that any payment due under any Mortgage Loan and not postponed pursuant
        to
        Section 4.01 is not paid when the same becomes due and payable, or in the
        event
        the Mortgagor fails to perform any other covenant or obligation under the
        Mortgage Loan and such failure continues beyond any applicable grace period,
        the
        Company shall take such action as (1) the Company would take under similar
        circumstances with respect to a similar mortgage loan held for its own account
        for investment, (2) shall be consistent with Accepted Servicing Practices,
        (3)
        the Company shall determine prudently to be in the best interest of Purchaser,
        and (4) is consistent with any related PMI Policy. In the event that any
        payment
        due under any Mortgage Loan is not postponed pursuant to Section 4.01 and
        remains delinquent for a period of ninety (90) days or any other default
        continues for a period of ninety (90) days beyond the expiration of any grace
        or
        cure period, the Company shall commence foreclosure proceedings. The Company
        shall notify the Purchaser in writing of the commencement of foreclosure
        proceedings. The Company shall use its best efforts to realize upon defaulted
        Mortgage Loans in such a manner as will maximize the receipt of principal
        and
        interest by the Purchaser, taking into account, among other things, the timing
        of foreclosure proceedings. In the event the Purchaser objects to such
        foreclosure action, the Company shall not be required to make Monthly Advances
        with respect to such Mortgage Loan, pursuant to Section 5.03, and the Company's
        obligation to make such Monthly Advances shall terminate on the 90th day
        referred to above. In such connection, the Company shall from its own funds
        make
        all necessary and proper Servicing Advances, provided, however, that the
        Company
        shall not be required to expend its own funds in connection with any foreclosure
        or towards the restoration or preservation of any Mortgaged Property, unless
        it
        shall determine (a) that such preservation, restoration and/or foreclosure
        will
        increase the proceeds of liquidation of the Mortgage Loan to Purchaser after
        reimbursement to itself for such expenses and (b) that such expenses will
        be
        recoverable by it either through Liquidation Proceeds (respecting which it
        shall
        have priority for purposes of withdrawals from the Custodial Account pursuant
        to
        Section 4.05) or through Insurance Proceeds (respecting which it shall have
        similar priority). The foregoing is subject to the provisions that, in any
        case
        in which Mortgaged Property shall have suffered damage, the Company shall
        not be
        required to expend its own funds toward the restoration of such property
        in
        excess of $2,000 unless it shall determine in its discretion (i) that such
        restoration will increase the proceeds of liquidation of the related Mortgage
        Loan to Purchaser after reimbursement to itself for such expenses, and (ii)
        that
        such expenses will be recoverable by the Company through Insurance Proceeds
        or
        Liquidation Proceeds from the related Mortgaged Property, as contemplated
        herein. In the event that any payment due under any Mortgage Loan is not
        paid
        when the same becomes due and payable, or in the event the Mortgagor fails
        to
        perform any other covenant or obligation under the Mortgage Loan and such
        failure continues beyond any applicable grace period, the Company shall take
        such action as it shall deem to be in the best interest of the Purchaser.
        

      

      
        
          
          

        

        
          38

          
            

          

        

        
          
          

        

      

      Notwithstanding
        anything to the contrary contained herein, in connection with a foreclosure
        or
        acceptance of a deed in lieu of foreclosure, in the event the Company has
        reasonable cause to believe that a Mortgaged Property is contaminated by
        hazardous or toxic substances or wastes, or if the Purchaser otherwise requests
        an environmental inspection or review of such Mortgaged Property, such an
        inspection or review is to be conducted by a qualified inspector. The cost
        for
        such inspection or review shall be borne by the Purchaser. Upon completion
        of
        the inspection or review, the Company shall promptly provide the Purchaser
        with
        a written report of the environmental inspection.

      

      (b) Notwithstanding
        the foregoing provisions of this Section 4.02, with respect to any Mortgage
        Loan
        as to which the Company has received actual notice of, or has actual knowledge
        of, the presence of any toxic or hazardous substance on the related Mortgaged
        Property the Company shall not 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 Purchaser 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 Company has
        also
        previously determined, based on its reasonable judgment and a prudent report
        prepared by a Person who regularly conducts environmental audits using customary
        industry standards, that:

      

      
        
          
          

        

        
          39

          
            

          

        

        
          
          

        

      

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

      

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

      

      The
        cost
        of the environmental audit report contemplated by this Section 4.02 shall
        be
        advanced by the Company, subject to the Company's right to be reimbursed
        therefor from the Custodial Account.

      

      If
        the
        Company determines, as described above, that it is in the best economic interest
        of the Purchaser 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 Company shall take
        such action as it deems to be in the best economic interest of the Purchaser.
        The cost of any such compliance, containment, cleanup or remediation shall
        be
        advanced by the Company, subject to the Company's right to be reimbursed
        therefor from the Custodial Account.

      

      (c) Proceeds
        received in connection with any Final Recovery Determination, as well as
        any
        recovery resulting from a partial collection of Insurance Proceeds or
        Liquidation Proceeds in respect of any Mortgage Loan, will be applied in
        the
        following order of priority: first, to reimburse the Company for any related
        unreimbursed Servicing Advances; second, 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 Remittance Date on which such amounts are to be distributed
        if
        not in connection with a Final Recovery Determination; and third, as a recovery
        of principal of the Mortgage Loan. If the amount of the recovery so allocated
        to
        interest is less than the full amount of accrued and unpaid interest due
        on such
        Mortgage Loan, the amount of such recovery will be allocated by the Company
        as
        follows: first, to unpaid Servicing Fees; and second, to the balance of the
        interest then due and owing. The portion of the recovery so allocated to
        unpaid
        Servicing Fees shall be reimbursed to the Company pursuant to the terms of
        this
        Agreement.

      

      Section
        4.03 Collection
        of Mortgage Loan Payments.

      

      
        
          
          

        

        
          40

          
            

          

        

        
          
          

        

      

      Continuously
        from the date hereof until the principal and interest on all Mortgage Loans
        are
        paid in full, the Company shall proceed diligently to collect all payments
        due
        under each of the Mortgage Loans when the same shall become due and payable
        and
        shall take special care in ascertaining and estimating Escrow Payments and
        all
        other charges that will become due and payable with respect to the Mortgage
        Loan
        and the Mortgaged Property, to the end that the installments payable by the
        Mortgagors will be sufficient to pay such charges as and when they become
        due
        and payable.

      

      The
        Company shall not waive any Prepayment Penalty with respect to any Mortgage
        Loan
        which contains a Prepayment Penalty which prepays during the term of the
        charge.
        If the Company fails to collect the Prepayment Penalty upon any prepayment
        of
        any Mortgage Loan which contains a Prepayment Penalty, the Company shall
        pay the
        Purchaser at such time (by deposit to the Custodial Account) an amount equal
        to
        amount of the Prepayment Penalty which was not collected. Notwithstanding
        the
        above, the Company may waive (and shall waive, in the case of (v) below)
        a
        Prepayment Penalty without paying the Purchaser the amount of the Prepayment
        Penalty (i) if the Mortgage Loan is in default (defined as 61 days or more
        delinquent) and such waiver would maximize recovery of total proceeds taking
        into account the value of such Prepayment Penalty and the related Mortgage
        Loan,
        (ii) if the prepayment is not a result of a refinancing by the Company or
        any of
        its affiliates and the Mortgage Loan is foreseen to be in default and such
        waiver would maximize recovery of total proceeds taking into account the
        value
        of such Prepayment Penalty and the related Mortgage Loan, (iii) if the
        collection of the Prepayment Penalty would be in violation of applicable
        laws,
        (iv) if the collection of such Prepayment Penalty would be considered
“predatory” pursuant to written guidance published or issued by any applicable
        federal, state or local regulatory authority acting in its official capacity
        and
        having jurisdiction over such matters and (v) notwithstanding any state or
        federal law to the contrary, any instance when a Mortgage Loan is in
        foreclosure. 

      

      Section
        4.04 Establishment
        of and Deposits to Custodial Account.

      

      The
        Company shall segregate and hold all funds collected and received in
        connection with
        a
        Mortgage Loan separate and apart from any of its own funds and general assets
        and shall establish and maintain one or more Custodial Accounts, in the form
        of
        time deposit or demand accounts, titled "Wells Fargo Bank, N.A., in trust
        for
        the Purchaser and/or subsequent purchasers of Mortgage Loans - P & I." The
        Custodial Account shall be established with a Qualified Depository. The creation
        of any Custodial Account shall be evidenced by a certification in the form
        of
        Exhibit L hereto. A copy of such certification shall be furnished to the
        Purchaser or to any subsequent owner of the Mortgage Loans upon request.
        The
        Custodial Account shall at all times be insured to the fullest extent allowed
        by
        applicable law. Funds deposited in the Custodial Account may be drawn on
        by the
        Company in accordance with Section 4.05. 

      

      The
        Company shall deposit in the Custodial Account within two (2) Business Days
        of
        Company’s receipt, and retain therein, the following collections received by the
        Company and payments made by the Company after the Cut-off Date, other than
        payments of principal and interest due on or before the Cut-off Date, or
        received by the Company prior to the Cut-off Date but allocable to a period
        subsequent thereto:

      

      
        
          
          

        

        
          41

          
            

          

        

        
          
          

        

      

      
        	 	
                (i)

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

              

      

      

      
        	 	
                (ii)

              	
                all
                  payments on account of interest on the Mortgage Loans adjusted
                  to the
                  Mortgage Loan Remittance Rate;

              

      

      

      
        	 	
                (iii)

              	
                all
                  Liquidation Proceeds;

              

      

      

      
        	 	
                (iv)

              	
                all
                  Insurance Proceeds including amounts required to be deposited pursuant
                  to
                  Section 4.10 (other than proceeds to be held in the Escrow Account
                  and
                  applied to the restoration or repair of the Mortgaged Property
                  or released
                  to the Mortgagor in accordance with Section 4.14), Section 4.11,
                  Section
                  4.15, the Company's normal servicing procedures, the loan documents
                  or
                  applicable law;

              

      

      

      
        	 	
                (v)

              	
                all
                  Condemnation Proceeds which are not applied to the restoration
                  or repair
                  of any Mortgaged Property or released to the Mortgagor in accordance
                  with
                  Section 4.14, Company's normal servicing procedures, the loan documents
                  or
                  applicable law;

              

      

      

      
        	 	
                (vi)

              	
                any
                  amount required to be deposited in the Custodial Account pursuant
                  to
                  Section 4.01, 5.03, 6.01 or 6.02;

              

      

      

      
        	 	
                (vii)

              	
                any
                  amounts payable in connection with the repurchase of any Mortgage
                  Loan
                  pursuant to Section 3.03;

              

      

      

      
        	 	
                (viii)

              	
                with
                  respect to each Principal Prepayment, an amount which, when added
                  to all
                  amounts allocable to interest received in connection with such
                  Principal
                  Prepayment, equals one (1) month’s interest on the amount of principal so
                  prepaid at the Mortgage Loan Remittance Rate provided, however,
                  that in no
                  event shall the aggregate of deposits made by the Company pursuant
                  to this
                  clause (viii) exceed the aggregate amount of the Service Fee for
                  the
                  related Due Period;

              

      

      

      
        	 	
                (ix)

              	
                any
                  amounts required to be deposited by the Company pursuant to Section
                  4.11
                  in connection with the deductible clause in any blanket hazard
                  insurance
                  policy; and

              

      

      

      
        	 	
                (x)

              	
                any
                  amounts received with respect to or related to any REO Property
                  and all
                  REO Disposition Proceeds pursuant to Section
                  4.16.

              

      

      

      The
        foregoing requirements for deposit into the Custodial Account shall be
        exclusive, it being understood and agreed that, without limiting the generality
        of the foregoing, payments in the nature of late payment charges and assumption
        fees, to the extent permitted by Section 6.01, need not be deposited by the
        Company into the Custodial Account. Such Custodial Account shall be an Eligible
        Account. Any interest or earnings on funds deposited in the Custodial Account
        by
        the depository institution shall accrue to the benefit of the Company and
        the
        Company shall be entitled to retain and withdraw such interest from the
        Custodial Account pursuant to Section 4.05. 

      

      
        
          
          

        

        
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      If
        the
        balance on deposit in the Custodial Account exceeds $75,000 as of the
        commencement of business on any Business Day and the Custodial Account
        constitutes an Eligible Account solely pursuant to clause (ii) of the definition
        of Eligible Account, the Company shall, on or before twelve o'clock noon
        Eastern
        time on such Business Day, withdraw from the Custodial Account any and all
        amounts payable to the Purchaser and remit such amounts to the Purchaser
        by wire
        transfer of immediately available funds.

      

      Section
        4.05 Permitted
        Withdrawals From Custodial Account.

      

      The
        Company shall, from time to time, withdraw funds from the Custodial Account
        for
        the following purposes:

      

        
          	 	
                  (i)

                	
                  to
                    make payments to the Purchaser in the amounts and in the manner
                    provided
                    for in Section 5.01;

                

        

        

        
          	 	
                  (ii)

                	
                  to
                    reimburse itself for Monthly Advances of the Company's funds
                    made pursuant
                    to Section 5.03, the Company's right to reimburse itself pursuant
                    to this
                    sub clause (ii) being limited to amounts received on the related
                    Mortgage
                    Loan which represent late Monthly Payments, Liquidation Proceeds,
                    Condemnation Proceeds, Insurance Proceeds and such other amounts
                    as may be
                    collected by the Company respecting which any such advance was
                    made, it
                    being understood that, in the case of any such reimbursement,
                    the
                    Company's right thereto shall be prior to the rights of Purchaser,
                    except
                    that, where the Company is required to repurchase a Mortgage
                    Loan pursuant
                    to Section 3.03 or 6.02, the Company's right to such reimbursement
                    shall
                    be subsequent to the payment to the Purchaser of the Repurchase
                    Price
                    pursuant to such sections and all other amounts required to be
                    paid to the
                    Purchaser with respect to such Mortgage
                    Loan;

                

        

        

        
          	 	
                  (iii)

                	
                  to
                    reimburse itself for unreimbursed Servicing Advances, and for
                    any unpaid
                    Servicing Fees, the Company's right to reimburse itself pursuant
                    to this
                    sub clause (iii) with respect to any Mortgage Loan being limited
                    to
                    related Liquidation Proceeds, Condemnation Proceeds, Insurance
                    Proceeds
                    and such other amounts as may be collected by the Company from
                    the
                    Mortgagor or otherwise relating to the Mortgage Loan, it being
                    understood
                    that, in the case of any such reimbursement, the Company's right
                    thereto
                    shall be prior to the rights of Purchaser, except that where
                    the Company
                    is required to repurchase a Mortgage Loan pursuant to Section
                    3.03 or
                    6.02, in which case the Company's right to such reimbursement
                    shall be
                    subsequent to the payment to the Purchaser of the Repurchase
                    Price
                    pursuant to such sections and all other amounts required to be
                    paid to the
                    Purchaser with respect to such Mortgage
                    Loan;

                

        

        

        
          	 	
                  (iv)

                	
                  to
                    pay itself interest on funds deposited in the Custodial Account
                    (all such
                    interest to be withdrawn monthly not later than each Remittance
                    Date);

                

        

        

        
          	 	
                  (v)

                	
                  to
                    reimburse itself for expenses incurred and reimbursable to it
                    pursuant to
                    Section 8.01;

                

        

        

        
          
            
            

          

          
            43

            
              

            

          

          
            
            

          

        

        
          	 	
                  (vi)

                	
                  to
                    pay any amount required to be paid pursuant to Section 4.16 related
                    to any
                    REO Property, it being understood that, in the case of any such
                    expenditure or withdrawal related to a particular REO Property,
                    the amount
                    of such expenditure or withdrawal from the Custodial Account
                    shall be
                    limited to amounts on deposit in the Custodial Account with respect
                    to the
                    related REO Property;

                

        

        

        
          	 	
                  (vii)

                	
                  to
                    reimburse itself for any Servicing Advances or REO expenses after
                    liquidation of the Mortgaged Property not otherwise reimbursed
                    above;

                

        

        

        
          	 	
                  (viii)

                	
                  to
                    remove funds inadvertently placed in the Custodial Account by
                    the Company;
                    and

                

        

        

        
          	 	
                  (ix)

                	
                  to
                    clear and terminate the Custodial Account upon the termination
                    of this
                    Agreement

                

        

         

      

      In
        the
        event that the Custodial Account is interest bearing, on each Remittance
        Date,
        the Company shall withdraw all funds from the Custodial Account except for
        those
        amounts which, pursuant to Section 5.01, the Company is not obligated to
        remit
        on such Remittance Date. The Company may use such withdrawn funds only for
        the
        purposes described in this Section 4.05.

      

      The
        Company shall keep and maintain separate accounting, on a Mortgage Loan by
        Mortgage Loan basis, for the purpose of justifying any withdrawal from the
        Custodial Account pursuant to subclauses (i), (ii), (iii), (v) and (vii)
        above.
        The Company shall provide written notification in the form of a Servicing
        Officers’ certification to the Purchaser, on or prior to the next succeeding
        Remittance Date, upon making any withdrawals from the Custodial Account pursuant
        to subclause (vii) above. 

      

      Section
        4.06 Establishment
        of and Deposits to Escrow Account.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to a
        Mortgage Loan constituting Escrow Payments separate and apart from any of
        its
        own funds and general assets and shall establish and maintain one or more
        Escrow
        Accounts, in the form of time deposit or demand accounts, titled, "Wells
        Fargo
        Bank, N.A., in trust for the Purchaser and/or subsequent purchasers of
        Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow
        Accounts shall be established with a Qualified Depository, in a manner which
        shall provide maximum available insurance thereunder. The creation of any
        Escrow
        Account shall be evidenced by a certification in the form of Exhibit K hereto.
        A
        copy of such certification shall be furnished to the Purchaser or to any
        subsequent owner of the Mortgage Loans upon request. Funds deposited in the
        Escrow Account may be drawn on by the Company in accordance with Section
        4.07.

      

      The
        Company shall deposit in the Escrow Account or Accounts within two (2) Business
        Days of Company’s receipt, and retain therein:

      

      
        	 	
                (i)

              	
                all
                  Escrow Payments collected on account of the Mortgage Loans, for
                  the
                  purpose of effecting timely payment of any such items as required
                  under
                  the terms of this Agreement;

              

      

      

      
        
          
          

        

        
          44

          
            

          

        

        
          
          

        

      

      
        	 	
                (ii)

              	
                all
                  amounts representing Insurance Proceeds or Condemnation Proceeds
                  which are
                  to be applied to the restoration or repair of any Mortgaged Property;
                  

              

      

      

      
        	 	
                (iii)

              	
                all
                  payments on account of Buydown Funds;
                  and

              

      

      

      
        	 	
                (iv)

              	
                all
                  Servicing Advances for Mortgagors whose Escrow Payments are insufficient
                  to cover escrow disbursements.

              

      

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, as set forth in Section 4.07.
        The
        Company shall be entitled to retain any interest paid on funds deposited
        in the
        Escrow Account by the depository institution, other than interest on escrowed
        funds required by law to be paid to the Mortgagor. To the extent required
        by
        law, the Company shall pay interest on escrowed funds to the Mortgagor
        notwithstanding that the Escrow Account may be non-interest bearing or that
        interest paid thereon is insufficient for such purposes.

      

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account or Accounts may be made by the Company
        only:

      

      
        	 	
                (i)

              	
                to
                  effect timely payments of ground rents, taxes, assessments, water
                  rates,
                  mortgage insurance premiums, condominium charges, fire and hazard
                  insurance premiums, PMI Policy premiums, if applicable, or other
                  items
                  constituting Escrow Payments for the related
                  Mortgage;

              

      

      

      
        	 	
                (ii)

              	
                to
                  reimburse the Company for any Servicing Advances made by the Company
                  pursuant to Section 4.08 with respect to a related Mortgage Loan,
                  but only
                  from amounts received on the related Mortgage Loan which represent
                  late
                  payments or collections of Escrow Payments
                  thereunder;

              

      

      

      
        	 	
                (iii)

              	
                to
                  refund to any Mortgagor any funds found to be in excess of the
                  amounts
                  required under the terms of the related Mortgage
                  Loan;

              

      

      

      
        	 	
                (iv)

              	
                for
                  transfer to the Custodial Account and application to reduce the
                  principal
                  balance of the Mortgage Loan in accordance with the terms of the
                  related
                  Mortgage, Mortgage Note and this
                  Agreement;

              

      

      

      
        	 	
                (v)

              	
                for
                  application to the restoration or repair of the Mortgaged Property
                  in
                  accordance with the procedures outlined in Section
                  4.14;

              

      

      

      
        	 	
                (vi)

              	
                to
                  pay to the Company, or any Mortgagor to the extent required by
                  law, any
                  interest paid on the funds deposited in the Escrow
                  Account;

              

      

      

      
        	 	
                (vii)

              	
                to
                  remove funds inadvertently placed in the Escrow Account by the
                  Company;
                  and

              

      

      

      
        	 	
                (viii)

              	
                to
                  clear and terminate the Escrow Account on the termination of this
                  Agreement.

              

      

      

      
        
          
          

        

        
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      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges.

      

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates, sewer
        rents, and other charges which are or may become a lien upon the Mortgaged
        Property and the status of PMI Policy premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges (including insurance renewal premiums) and shall effect payment thereof
        prior to the applicable penalty or termination date and at a time appropriate
        for securing maximum discounts allowable, employing for such purpose deposits
        of
        the Mortgagor in the Escrow Account which shall have been estimated and
        accumulated by the Company in amounts sufficient for such purposes, as allowed
        under the terms of the Mortgage and applicable law. To the extent that the
        Mortgage does not provide for Escrow Payments, the Company shall determine
        that
        any such payments are made by the Mortgagor in a timely fashion. The Company
        assumes full responsibility for the timely payment of all such bills and
        shall
        effect timely payment of all such charges irrespective of each Mortgagor's
        faithful performance in the payment of same or the making of the Escrow
        Payments, and the Company shall make advances from its own funds to effect
        such
        payments.

      

      Section
        4.09 Protection
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Qualified Depository from time to time so long as such accounts remain Eligible
        Accounts. The Company shall promptly notify the Purchaser of such transfer.
        

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage such that all buildings upon the Mortgaged
        Property are insured by a Qualified Insurer acceptable to Fannie Mae or Freddie
        Mac against loss by fire, hazards of extended coverage and such other hazards
        as
        are customary in the area where the Mortgaged Property is located, in an
        amount
        which is at least equal to the lesser of (i) 100% of the insurable value,
        on a
        replacement cost basis, of the improvements on the related Mortgaged Property
        and (ii) the greater of (a) the outstanding principal balance of the Mortgage
        Loan and (b) an amount such that the proceeds of such insurance shall be
        sufficient to prevent the application to the Mortgagor or the loss payee
        of any
        coinsurance clause under the policy. In the event a hazard insurance policy
        shall be in danger of being terminated, or in the event the insurer shall
        cease
        to be acceptable to Fannie Mae or Freddie Mac, the Company shall notify the
        Purchaser and the related Mortgagor, and shall use its best efforts, as
        permitted by applicable law, to obtain from another qualified insurer a
        replacement hazard insurance policy substantially and materially similar
        in all
        respects to the original policy. In no event, however, shall a Mortgage Loan
        be
        without a hazard insurance policy at any time, subject only to Section 4.11
        hereof.

      

      If
        the
        related Mortgaged Property is located in an area identified by the Flood
        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 with a generally acceptable insurance carrier acceptable to
        Fannie
        Mae or Freddie Mac in an amount representing coverage equal to the lesser
        of (i)
        the minimum amount required, under the terms of coverage, to compensate for
        any
        damage or loss on a replacement cost basis (or the unpaid balance of the
        mortgage if replacement cost coverage is not available for the type of building
        insured) and (ii) the maximum amount of insurance which is available under
        the
        Flood Disaster Protection Act of 1973, as amended. If at any time during
        the
        term of the Mortgage Loan, the Company determines in accordance with the
        applicable law and pursuant to the Fannie Mae Guide, that the Mortgaged Property
        is located in a special flood hazard area and is not covered by flood insurance
        or is covered in an amount less than the amount required by the Flood Disaster
        Protection Act of 1973, as amended, the Company shall notify the related
        Mortgagor that they must obtain such flood insurance coverage and if the
        Mortgagor fails to provide proof of such coverage within forty-five (45)
        days of
        such notice, the Company shall force place the required flood insurance on
        the
        Mortgagor's behalf.

      

      
        
          
          

        

        
          46

          
            

          

        

        
          
          

        

      

      If
        a
        Mortgage is secured by a unit in a condominium project, the Company shall
        verify
        that the coverage required of the owner's association, including hazard,
        flood,
        liability, and fidelity coverage, is being maintained in accordance with
        then
        current Fannie Mae requirements, and secure from the owner's association
        its
        agreement to notify the Company promptly of any change in the insurance coverage
        or of any condemnation or casualty loss that may have a material effect on
        the
        value of the Mortgaged Property as security.

      

      In
        the
        event that any Purchaser or the Company shall determine that the Mortgaged
        Property should be insured against loss or damage by hazards and risks not
        covered by the insurance required to be maintained by the Mortgagor pursuant
        to
        the terms of the Mortgage, the Company shall communicate and consult with
        the
        Mortgagor with respect to the need for such insurance and bring to the
        Mortgagor's attention the required amount of coverage for the Mortgaged Property
        and if the Mortgagor does not obtain such coverage, the Company shall
        immediately force place the required coverage on the Mortgagor’s
        behalf.

      

      All
        policies required hereunder shall name the Company as loss payee and shall
        be
        endorsed with standard or union mortgagee clauses, without contribution which
        shall provide for at least thirty (30) days prior written notice of any
        cancellation, reduction in amount or material change in coverage.

      

      The
        Company shall not interfere with the Mortgagor's freedom of choice in selecting
        either his insurance carrier or agent, provided, however, that the Company
        shall
        not accept any such insurance policies from insurance companies unless such
        companies are acceptable to Fannie Mae and Freddie Mac, and are licensed
        to do
        business in the jurisdiction in which the Mortgaged Property is located.
        The
        Company shall determine that such policies provide sufficient risk coverage
        and
        amounts, that they insure the property owner, and that they properly describe
        the property address.

      

      Pursuant
        to Section 4.04, any amounts collected by the Company under any such policies
        (other than amounts to be deposited in the Escrow Account and applied to
        the
        restoration or repair of the related Mortgaged Property, or property acquired
        in
        liquidation of the Mortgage Loan, or to be released to the Mortgagor, in
        accordance with the Company's normal servicing procedures as specified in
        Section 4.14) shall be deposited in the Custodial Account subject to withdrawal
        pursuant to Section 4.05.

      

      
        
          
          

        

        
          47

          
            

          

        

        
          
          

        

      

      Any
        cost
        incurred by the Company in maintaining any such insurance shall not, for
        the
        purpose of calculating distributions to the Purchaser, 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 need be required by the Company of the Mortgagor
        or maintained on property acquired in respect of the Mortgage Loan, other
        than
        pursuant to such applicable laws and regulations as shall at any time be
        in
        force and as shall require such additional insurance.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy insuring
        against losses arising from fire and hazards covered under extended coverage
        on
        all of the Mortgage Properties securing the Mortgage Loans, then, to the
        extent
        such policy provides coverage in an amount equal to the amount required pursuant
        to Section 4.10 and otherwise complies with all other requirements of Section
        4.10, it shall conclusively be deemed to have satisfied its obligations as
        set
        forth in Section 4.10. The Company shall prepare and make any claims on the
        blanket policy as deemed necessary by the Company in accordance with Accepted
        Servicing Practices and the terms of such policy. Any amounts collected by
        the
        Company under any such policy relating to a Mortgage Loan shall be deposited
        in
        the Custodial Account subject to withdrawal pursuant to Section 4.05. Such
        policy may contain a deductible clause, in which case, in the event that
        there
        shall not have been maintained on the related Mortgaged Property or REO Property
        a policy complying with Section 4.10, and there shall have been one or more
        losses which would have been covered by such policy, the Company shall deposit
        in the Custodial Account at the time of such loss the amount not otherwise
        payable under the blanket policy because of such deductible clause, such
        amount
        to be deposited from the Company's funds, without reimbursement therefor.
        Upon
        request of the Purchaser, the Company shall cause to be delivered to such
        Purchaser a certificate of insurance and a statement from the insurer thereunder
        that such policy shall in no event be terminated or materially modified without
        thirty 30 days prior written notice to such Purchaser.

      

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

      

      The
        Company shall maintain with responsible companies, at its own expense, a
        blanket
        Fidelity Bond and an Errors and Omissions Insurance Policy, with broad coverage
        on all officers, employees or other Persons acting in any capacity requiring
        such Persons to handle funds, money, documents or papers relating to the
        Mortgage Loans ("Company Employees"). Any such Fidelity Bond and Errors and
        Omissions Insurance Policy shall be in the form of the Mortgage Banker's
        Blanket
        Bond and shall protect and insure the Company against losses, including forgery,
        theft, embezzlement, fraud, errors and omissions and negligent acts of such
        Company Employees. Such Fidelity Bond and Errors and Omissions Insurance
        Policy
        also shall protect and insure the Company against losses in connection with
        the
        failure to maintain any insurance policies required pursuant to this Agreement
        and the release or satisfaction of a Mortgage Loan without having obtained
        payment in full of the indebtedness secured thereby. No provision of this
        Section 4.12 requiring such Fidelity Bond and Errors and Omissions Insurance
        Policy shall diminish or relieve the Company from its duties and obligations
        as
        set forth in this Agreement. The minimum coverage under any such Fidelity
        Bond
        and Errors and Omissions Insurance Policy shall be acceptable to Fannie Mae
        or
        Freddie Mac. Upon the request of any Purchaser, the Company shall cause to
        be
        delivered to such Purchaser a certificate of insurance for such Fidelity
        Bond
        and Errors and Omissions Insurance Policy and a statement from the surety
        and
        the insurer that such Fidelity Bond and Errors and Omissions Insurance Policy
        shall in no event be terminated or materially modified without thirty (30)
        days
        prior written notice to the Purchaser.

      

      
        
          
          

        

        
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      Section
        4.13 Inspections.

      

      If
        any
        Mortgage Loan is more than sixty (60) days delinquent, the Company immediately
        shall inspect the Mortgaged Property and shall conduct subsequent inspections
        in
        accordance with Accepted Servicing Practices or as may be required by the
        primary mortgage guaranty insurer. The Company shall keep a record of each
        such
        inspection and, upon request, shall provide the Purchaser with such
        information.

      

      Section
        4.14 Restoration
        of Mortgaged Property.

      

      The
        Company need not obtain the approval of the Purchaser prior to releasing
        any
        Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied
        to
        the restoration or repair of the Mortgaged Property if such release is in
        accordance with Accepted Servicing Practices. For claims greater than $15,000,
        at a minimum the Company shall comply with the following conditions in
        connection with any such release of Insurance Proceeds or Condemnation
        Proceeds:

      

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

      

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

      

      (iii)
        the
        Company shall verify that the Mortgage Loan is not in default; and

      

      (iv)
        pending repairs or restoration, the Company shall place the Insurance Proceeds
        or Condemnation Proceeds in the Escrow Account.

      

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

      

      Section
        4.15 Maintenance
        of PMI Policy; Claims.

      

      Except
        for the Pledged Asset Mortgage Loans or as indicated on the related Data
        File,
        for each Mortgage Loan with an LTV in excess of 80% at the time of origination,
        the Company shall, without any cost to the Purchaser, maintain or cause the
        Mortgagor to maintain, in full force and effect, a PMI Policy insuring the
        portion of the unpaid principal balance of the Mortgage Loan as to payment
        defaults. If the Mortgage Loan is insured by a PMI Policy for which the
        Mortgagor pays all premiums, the coverage will remain in place until (i)
        the LTV
        decreases to 78% or (ii) the PMI Policy is otherwise terminated pursuant
        to the
        Homeowners Protection Act of 1998, 12 USC §4901, et seq. In the event that such
        PMI Policy shall be terminated other than as required by law, the Company
        shall
        obtain from another Qualified Insurer a comparable replacement policy, with
        a
        total coverage equal to the remaining coverage of such terminated PMI Policy.
        If
        the insurer shall cease to be a Qualified Insurer, the Company shall determine
        whether recoveries under the PMI Policy are jeopardized for reasons related
        to
        the financial condition of such insurer, it being understood that the Company
        shall in no event have any responsibility or liability for any failure to
        recover under the PMI Policy for such reason. If the Company determines that
        recoveries are so jeopardized, it shall notify the Purchaser and the Mortgagor,
        if required, and obtain from another Qualified Insurer a replacement insurance
        policy. The Company shall not take any action which would result in noncoverage
        under any applicable PMI Policy of any loss which, but for the actions of
        the
        Company would have been covered thereunder. In connection with any assumption
        or
        substitution agreement entered into or to be entered into pursuant to Section
        6.01, the Company shall promptly notify the insurer under the related PMI
        Policy, if any, of such assumption or substitution of liability in accordance
        with the terms of such PMI Policy and shall take all actions which may be
        required by such insurer as a condition to the continuation of coverage under
        such PMI Policy. If such PMI Policy is terminated as a result of such assumption
        or substitution of liability, the Company shall obtain a replacement PMI
        Policy
        as provided above.

      

      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        PMI Policy in a timely fashion in accordance with the terms of such PMI Policy
        and, in this regard, to take such action as shall be necessary to permit
        recovery under any PMI Policy respecting a defaulted Mortgage Loan. Pursuant
        to
        Section 4.04, any amounts collected by the Company under any PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      Section
        4.16 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to any Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or the Purchaser's designee, or in the event that such
        person is not authorized or permitted to hold title to real property in the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an Opinion of Counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. The Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser. 

      

      The
        Company shall manage, conserve, protect and operate each REO Property for
        the
        Purchaser solely for the purpose of its prompt disposition and sale. The
        Company, either itself or through an agent selected by the Company, shall
        manage, conserve, protect and operate the REO Property in the same manner
        that
        it manages, conserves, protects and operates other foreclosed property for
        its
        own account, and in the same manner that similar property in the same locality
        as the REO Property is managed and 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
        such REMIC 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"
        within the meaning of Section 860G(c)(2) of the Code. The Servicer shall
        cause
        each REO Property to be inspected promptly upon the acquisition of title
        thereto
        and shall cause each REO Property to be inspected at least annually thereafter.
        The Servicer shall make or cause to be made an electronic report of each
        such
        inspection. Such reports shall be retained in the Mortgage File and copies
        thereof shall be forwarded by the Servicer to the Owner upon receipt.
        The
        Company shall attempt to sell the same (and may temporarily rent the same
        for a
        period not greater than one (1) year, except as otherwise provided below)
        on
        such terms and conditions as the Company deems to be in the best interest
        of the
        Purchaser.

      

      
        
          
          

        

        
          50

          
            

          

        

        
          
          

        

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one (1) year
        after
        title has been taken to such REO Property, unless the Company determines,
        and
        gives appropriate notice to the Purchaser, that a longer period is necessary
        for
        the orderly liquidation of such REO Property. If a period longer than one
        (1)
        year is necessary to sell any REO property, (i) the Company shall report
        monthly
        to the Purchaser as to the progress being made in selling such REO Property
        and
        (ii) if, with the written consent of the Purchaser, a purchase money mortgage
        is
        taken in connection with such sale, such purchase money mortgage shall name
        the
        Company as mortgagee, and a separate servicing agreement between the Company
        and
        the Purchaser shall be entered into with respect to such purchase money
        mortgage. Notwithstanding the foregoing, if a REMIC election is made with
        respect to the arrangement under which the Mortgage Loans and the REO Property
        are held, such REO Property shall be disposed of before the close of the
        third
        taxable year following the taxable year in which the Mortgage Loan became
        an REO
        Property, unless the Company provides to the trustee under such REMIC an
        opinion
        of counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. 

      

      The
        Company shall also maintain on each REO Property fire and hazard insurance
        with
        extended coverage in amount which is at least equal to the maximum insurable
        value of the improvements which are a part of such property, liability insurance
        and, to the extent required and available under the Flood Disaster Protection
        Act of 1973, as amended, flood insurance in the amount required
        above.

      

      The
        proceeds of sale of the REO Property shall be promptly deposited in the
        Custodial Account only with the prior written consent of the Purchaser. As
        soon
        as practical thereafter the expenses of such sale shall be paid and the Company
        shall reimburse itself for any related unreimbursed Servicing Advances, unpaid
        Servicing Fees and unreimbursed advances made pursuant to Section 5.03. On
        the
        Remittance Date immediately following the Principal Prepayment Period in
        which
        such sale proceeds are received the net cash proceeds of such sale remaining
        in
        the Custodial Account shall be distributed to the Purchaser.

      

      
        
          
          

        

        
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      With
        respect to each REO Property, the Company shall segregate and hold all funds
        collected and received in connection with the operation of the REO Property
        separate and apart from its own funds or general assets and shall establish
        and
        maintain a separate REO Account. Notwithstanding anything to the contrary
        elsewhere in this Agreement, the Company may employ the Custodial Account
        as the
        REO Account to the extent that the Company can separately identify any REO
        funds
        deposited herein. The creation of any REO Account shall be evidenced by a
        certification in the form of Exhibit L hereto. A copy of such certification
        shall be furnished to the Purchaser or to any subsequent owner of the Mortgage
        Loans upon request. 

      

      The
        Company shall deposit or cause to be deposited, in a clearing account on
        a daily
        basis and in each REO Account with two (2) Business Days of receipt all revenues
        received with respect to the related REO Property and shall withdraw therefrom
        funds necessary for the proper operation, management and maintenance of the
        REO
        Property, including the cost of maintaining any hazard insurance pursuant
        to
        Section 11.10 hereof and the fees of any managing agent acting on behalf
        of the
        Company. The Company shall not be entitled to retain interest paid or other
        earnings, if any, on funds deposited in such REO Account. 

      

      Each
        REO
        Disposition shall be carried out by the Company at such price and upon such
        terms and conditions as the Company deems to be in the best interest of
        thePurchaser only with the prior written consent of the Purchaser. If as
        of the
        date title to any REO Property was acquired by the Company there were
        outstanding unreimbursed Servicing Advances with respect to the REO Property,
        the Company, upon an REO Disposition of such REO Property, shall be entitled
        to
        reimbursement for any related unreimbursed Servicing Advances from proceeds
        received in connection with such REO Disposition.

      

      Section
        4.17 Real
        Estate Owned Reports.

      

      Together
        with the statement furnished pursuant to Section 5.02, the Company shall
        furnish
        to the Purchaser on or before the Remittance Date each month a statement
        with
        respect to any REO Property covering the operation of such REO Property for
        the
        previous month and the Company's efforts in connection with the sale of such
        REO
        Property and any rental of such REO Property incidental to the sale thereof
        for
        the previous month. That statement shall be accompanied by such other
        information available to the Company as the Purchaser shall reasonably
        request.

      

      Section
        4.18 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed in lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged
        Property.

      

      Section
        4.19 Reports
        of Foreclosures and Abandonments of Mortgaged Property.

      

      
        
          
          

        

        
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      Following
        the foreclosure sale or abandonment of any Mortgaged Property, the Company
        shall
        file such foreclosure or abandonment as required pursuant to Section 6050J
        of
        the Code. The Company shall file information reports with respect to the
        receipt
        of mortgage interest received in a trade or business and information returns
        relating to 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 imposed by the Code.

      

      Section
        4.20 Notification
        of Adjustments.

      

      With
        respect to each Adjustable Rate Mortgage Loan, the Company shall adjust the
        Mortgage Interest Rate on the related Adjustment Date in compliance with
        the
        requirements of applicable law and the related Mortgage and Mortgage Note.
        The
        Company shall execute and deliver any and all necessary notices required
        under
        applicable law and the terms of the related Mortgage Note and Mortgage regarding
        the Mortgage Interest Rate adjustments. Upon the discovery by the Company
        or the
        receipt of notice from the Purchaser that the Company has failed to adjust
        a
        Mortgage Interest Rate in accordance with the terms of the related Mortgage
        Note, the Company shall immediately deposit in the Custodial Account from
        its
        own funds the amount of any interest loss or deferral caused the Purchaser
        thereby without any reimbursement therefor.

      

      Section
        4.21 Confidentiality/Protection
        of Customer Information.

      

      The
        Company shall keep confidential and shall not divulge to any party, without
        the
        Purchaser's prior written consent, the price paid by the Purchaser for the
        Mortgage Loans, except to the extent that it is reasonable and necessary
        for the
        Company to do so in working with legal counsel, auditors, taxing authorities
        or
        other governmental agencies. Each party agrees that it shall comply with
        all
        applicable laws and regulations regarding the privacy or security of Customer
        Information and shall maintain appropriate administrative, technical and
        physical safeguards to protect the security, confidentiality and integrity
        of
        Customer Information, including maintaining security measures designed to
        meet
        the objectives of the Interagency Guidelines Establishing Standards for
        Safeguarding Customer Information, 66 Fed. Reg. 8616 (the “Interagency
        Guidelines”). For purposes of this Section, the term “Customer Information”
shall have the meaning assigned to it in the Interagency
        Guidelines.

      

      Section
        4.22 Fair
        Credit Reporting Act

      

      The
        Company, in its capacity as servicer for each Mortgage Loan, agrees to fully
        furnish, in accordance with the Fair Credit Reporting Act and its implementing
        regulations, accurate and complete information (e.g., favorable and unfavorable)
        on its borrower credit files to Equifax, Experian and Trans Union Credit
        Information Company (three of the credit repositories), on a monthly
        basis.

      

      Section
        4.23 Use
        of
        Subservicers and Subcontractors.

      

      The
        Company shall not hire or otherwise utilize the services of any Subservicer
        to
        fulfill any of the obligations of the Company as servicer under this Agreement
        or any Reconstitution Agreement unless the Company complies with the provisions
        of paragraph (a) of this Section 4.23. The Company shall not hire or otherwise
        utilize the services of any Subcontractor, and shall not permit any Subservicer
        to hire or otherwise utilize the services of any Subcontractor, to fulfill
        any
        of the obligations of the Company as servicer under this Agreement or any
        Reconstitution Agreement unless the Company complies with the provisions
        of
        paragraph (b) of this Section 4.23.

      

      
        
          
          

        

        
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      (a) It
        shall
        not be necessary for the Company to seek the consent of the Purchaser, any
        Master Servicer or any Depositor to the utilization of any Subservicer. The
        Company shall cause any Subservicer used by the Company (or by any Subservicer)
        for the benefit of the Purchaser and any Depositor to comply with the provisions
        of this Section 4.23 and with Sections 6.04, 6.06, 9.01(e)(iii), 9.01(e)(v)
        and
        9.01(f) of this Agreement to the same extent as if such Subservicer were
        the
        Company, and to provide the information required with respect to such
        Subservicer under Section 9.01(l)(iv) of this Agreement. The Company shall
        be
        responsible for obtaining from each Subservicer and delivering to the Purchaser
        and any Depositor any servicer compliance statement required to be delivered
        by
        such Subservicer under Section 6.04 and any assessment of compliance and
        attestation required to be delivered by such Subservicer under Section 6.06
        and
        any certification required to be delivered to the Person that will be
        responsible for signing the Sarbanes Certification under Section 6.06 as
        and
        when required to be delivered.

      

      (b) It
        shall
        not be necessary for the Company to seek the consent of the Purchaser, any
        Master Servicer or any Depositor to the utilization of any Subcontractor.
        The
        Company shall promptly upon request provide to the Purchaser, any Master
        Servicer and any Depositor (or any designee of the Depositor, such as an
        administrator) a written description (in form and substance satisfactory
        to the
        Purchaser, such Master Servicer and such Depositor) of the role and function
        of
        each Subcontractor utilized by the Company or any Subservicer, specifying
        (i)
        the identity of each such Subcontractor, (ii) which (if any) of such
        Subcontractors are “participating in the servicing function” within the meaning
        of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
        Criteria will be addressed in assessments of compliance provided by each
        Subcontractor identified pursuant to clause (ii) of this paragraph.

      

      Any
        subservicing arrangement and the terms of the related subservicing agreement
        must provide for the servicing of such Mortgage Loans in a manner consistent
        with the servicing arrangements contemplated hereunder. Each Subservicer
        shall
        be 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 Subservicer to perform its obligations
        hereunder and under the subservicing agreement. Notwithstanding the provisions
        of any subservicing agreement, any of the provisions of this Agreement relating
        to agreements or arrangements between the Company or a Subservicer or reference
        to actions taken through the Company or otherwise, the Company shall remain
        obligated and liable to the Purchaser and its successors and assigns for
        the
        servicing and administration of the Mortgage Loans in accordance with the
        provisions of this Agreement without diminution of such obligation or liability
        by virtue of such subservicing agreements or arrangements or by virtue of
        indemnification from the Subservicer and to the same extent and under the
        same
        terms and conditions as if the Company alone were servicing and administering
        the Mortgage Loans. Every subservicing agreement entered into by the Company
        shall contain a provision giving the successor servicer the option to terminate
        such agreement, without fee, in the event a successor servicer is appointed.
        All
        actions of each Subservicer performed pursuant to the related subservicing
        agreement shall be performed as an agent of the Company with the same force
        and
        effect as if performed directly by the Company.

      

      
        
          
          

        

        
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      For
        purposes of this Agreement, the Company shall be deemed to have received
        any
        collections, recoveries or payments with respect to the Mortgage Loans that
        are
        received by a Subservicer regardless of whether such payments are remitted
        by
        the Subservicer to the Company. For purposes of this Agreement, the Assignment
        Agreements shall not be deemed to be subservicing agreements.

      

      As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Company shall cause any such Subcontractor used by the
        Company (or by any Subservicer) for the benefit of the Purchaser and any
        Depositor to comply with the provisions of Sections 6.06 and 9.01(f) of this
        Agreement to the same extent as if such Subcontractor were the Company. The
        Company shall be responsible for obtaining from each Subcontractor and
        delivering to the Purchaser and any Depositor any assessment of compliance
        and
        attestation and other certifications required to be delivered by such
        Subservicer and such Subcontractor under Section 6.06, in each case as and
        when
        required to be delivered.

      

      Any
        subservicing agreement and any other transactions or services relating to
        the
        Mortgage Loans involving a Subservicer shall be deemed to be between the
        Subservicer and the Company alone and the Purchaser shall not be deemed a
        party
        thereto and shall have no claims, rights, obligations, duties or liabilities
        with respect to any Subservicer.

      

      In
        connection with the assumption of the responsibilities, duties and liabilities
        and of the authority, power and rights of the Company hereunder by a successor
        servicer pursuant to Section 12.01 of this Agreement, it is understood and
        agreed that the Company’s rights and obligations under any subservicing
        agreement then in force between the Company and a Subservicer shall be assumed
        simultaneously by such successor servicer without act or deed on the part
        of
        such successor servicer; provided, however, that any successor servicer may
        terminate the Subservicer.

      

      The
        Company shall, upon the reasonable request of the Purchaser, but at its own
        expense, deliver to the assuming party documents and records relating to
        each
        subservicing agreement and an accounting of amounts collected and held by
        it and
        otherwise use its best efforts to effect the orderly and efficient transfer
        of
        the subservicing agreements to the assuming party.

      

      ARTICLE
        V

      

      PAYMENTS
        TO PURCHASER

      

      
        
          
          

        

        
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      Section
        5.01 Remittances.

      

      On
        each
        Remittance Date the Company shall remit by wire transfer of immediately
        available funds to the Purchaser (a) all amounts deposited in the Custodial
        Account as of the close of business on the Determination Date (net of charges
        against or withdrawals from the Custodial Account pursuant to Section 4.05),
        plus (b) all amounts, if any, which the Company is obligated to distribute
        pursuant to Section 5.03, minus (c) any amounts attributable to Principal
        Prepayments received after the applicable Principal Prepayment Period which
        amounts shall be remitted on the following Remittance Date, together with
        any
        additional interest required to be deposited in the Custodial Account in
        connection with such Principal Prepayment in accordance with Section 4.04(viii);
        minus (d) any amounts attributable to Monthly Payments collected but due
        on a
        Due Date or Dates subsequent to the first day of the month of the Remittance
        Date, and minus (e) any amounts attributable to Buydown Funds being held
        in the
        Custodial Account, which amounts shall be remitted on the Remittance Date
        next
        succeeding the Due Period for such amounts.

      

      With
        respect to any remittance received by the Purchaser after the first Business
        Day
        following the Business Day on which such payment was due, the Company shall
        pay
        to the Purchaser interest on any such late payment at an annual rate equal to
        the Prime Rate adjusted as of the date of each change, plus three percentage
        points, but in no event greater than the maximum amount permitted by applicable
        law. Such interest shall be deposited in the Custodial Account by the Company
        on
        the date such late payment is made and shall cover the period commencing
        with
        the day following such second Business Day and ending with the Business Day
        on
        which such payment is made, both inclusive. Such interest shall be paid by
        the
        Company to the Purchaser on the date such late payment is made and shall
        cover
        the period commencing with the day following such first Business Day and
        ending
        with the Business Day on which such payment is made, both inclusive. Such
        interest shall be remitted along with such late payment. The payment by the
        Company of any such interest shall not be deemed an extension of time for
        payment or a waiver by the Purchaser of any Event of Default by the
        Company.

      

      Section
        5.02 Remittance
        Reports; Statements to Purchaser.

      

      Not
        later
        than the Remittance Date, the Company shall furnish to the Purchaser, a monthly
        remittance advice, with a trial balance report attached thereto, as to the
        remittance period ending on the last day of the preceding month in an electronic
        format mutually agreed upon between the Purchaser and the Company. In addition,
        the Company shall provide the Purchaser with such information as the Purchaser
        may reasonably request from time to time concerning the Mortgage Loans as
        is
        necessary for the Purchaser to prepare its federal income tax return and
        any and
        all other tax returns, information statements or other filings required to
        be
        delivered to any governmental authority or to the Purchaser pursuant to any
        applicable law with respect to the Mortgage Loans and the transactions
        contemplated hereby.

      

      Section
        5.03 Monthly
        Advances by Company.

      

      
        
          
          

        

        
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      Not
        later
        than the close of business on the Business Day immediately preceding each
        Remittance Date, the Company shall deposit in the Custodial Account from
        its own
        funds or from amounts held for future distribution an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, at the Mortgage Loan
        Remittance Rate which were due on the Mortgage Loans during the applicable
        Due
        Period and which were delinquent at the close of business on the immediately
        preceding Determination Date or which were deferred pursuant to Section 4.01.
        Any amounts held for future distribution and so used shall be replaced by
        the
        Company by deposit in the Custodial Account on or before any future Remittance
        Date if funds in the Custodial Account on such Remittance Date shall be less
        than payments to the Purchaser required to be made on such Remittance Date.
        The
        Company's obligation to make such Monthly Advances is mandatory, notwithstanding
        any other provision of this Agreement, and, with respect to any Mortgage
        Loan or
        REO Property, will continue until a Final Recovery Determination in connection
        therewith, or through the last Remittance Date prior to the Remittance Date
        for
        the distribution of all Liquidation Proceeds and other payments or recoveries
        (including REO Disposition Proceeds, Insurance Proceeds and Condemnation
        Proceeds) with respect to the Mortgage Loan; provided, however, that such
        obligation shall cease if the Company determines, in its sole reasonable
        opinion, that advances with respect to such Mortgage Loan are Nonrecoverable
        Monthly Advances. In the event that the Company determines that any such
        advances is a Nonrecoverable Monthly Advance, the Company shall provide the
        Purchaser with a Servicing Officer’s certification signed by two officers of the
        Company evidencing such determination. The Company shall not have an obligation
        to make such Monthly Advances as to any Mortgage Loan with respect to shortfalls
        relating to the Servicemembers Civil Relief Act or similar state and local
        laws.

      

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Transfers
        of Mortgaged Property.

      

      The
        Company shall use its best efforts to enforce any "due-on-sale" provision
        contained in any Mortgage or Mortgage Note and to deny assumption by the
        Person
        to whom the Mortgaged Property has been or is about to be sold whether by
        absolute conveyance or by contract of sale, and whether or not the Mortgagor
        remains liable on the Mortgage and the Mortgage Note. When the Mortgaged
        Property has been conveyed by the Mortgagor, the Company shall, to the extent
        it
        has knowledge of such conveyance, exercise its rights to accelerate the maturity
        of such Mortgage Loan under the "due-on-sale" clause applicable thereto,
        provided, however, that the Company shall not exercise such rights if prohibited
        by law from doing so or if the exercise of such rights would impair or threaten
        to impair any recovery under the related PMI Policy, if any.

      

      If
        the
        Company reasonably believes it is unable under applicable law to enforce
        such
        "due-on-sale" clause, the Company shall enter into (i) an assumption and
        modification agreement with the Person to whom such property has been conveyed,
        pursuant to which such Person becomes liable under the Mortgage Note and
        the
        original Mortgagor remains liable thereon or (ii) in the event the Company
        is
        unable under applicable law to require that the original Mortgagor remain
        liable
        under the Mortgage Note and the Company has the prior consent of the primary
        mortgage guaranty insurer, a substitution of liability agreement with the
        purchaser of the Mortgaged Property pursuant to which the original Mortgagor
        is
        released from liability and the purchaser of the Mortgaged Property is
        substituted as Mortgagor and becomes liable under the Mortgage Note. If an
        assumption fee is collected by the Company for entering into an assumption
        agreement the fee will be retained by the Company as additional servicing
        compensation. In connection with any such assumption or substitution of
        liability, the Company shall follow the underwriting practices and procedures
        of
        prudent mortgage lenders in the state in which the related Mortgaged Property
        is
        located. With respect to an assumption or substitution of liability, Mortgage
        Interest Rate, the amount of the Monthly Payment, and the final maturity
        date of
        such Mortgage Note may not be changed without the Purchaser’s consent. The
        Company shall notify the Purchaser that any such substitution of liability
        or
        assumption agreement has been completed by forwarding to the Purchaser the
        original of any such substitution of liability 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. 

      

      
        
          
          

        

        
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      To
        the
        extent that any Mortgage Loan is assumable, the Company shall inquire diligently
        into the credit worthiness of the proposed transferee, and shall use the
        underwriting criteria for approving the credit of the proposed transferee
        which
        are used with respect to underwriting mortgage loans of the same type as
        the
        Mortgage Loan. If the credit worthiness of the proposed transferee does not
        meet
        such underwriting criteria, the Company diligently shall, to the extent
        permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate
        the maturity of the Mortgage Loan.

      

      Notwithstanding
        the foregoing paragraphs of this Section 6.01 or any other provision of this
        Agreement, the Company 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 any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, the term “assumption” is deemed to also include a sale of a Mortgaged
        Property that is not accompanied by an assumption or substitution of liability
        agreement.

      

      Section
        6.02 Satisfaction
        of Mortgages and Release of Custodial Mortgage Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company shall notify the Purchaser in the monthly remittance
        advice as provided in Section 5.02, and may request the release of any Mortgage
        Loan Documents.

      

      If
        the
        Company satisfies or releases the lien of the Mortgage without first having
        obtained payment in full of the indebtedness secured by the Mortgage
(other
        than as a result of a modification of the Mortgage pursuant to the terms
        of this
        Agreement or liquidation of the Mortgaged Property pursuant to the terms
        of this
        Agreement) or
        should
        the Company otherwise prejudice any rights the Purchaser may have under the
        mortgage instruments, upon written demand of the Purchaser, the Company shall
        repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof
        in the Custodial Account within two (2) Business Days of receipt of such
        demand
        by the Purchaser. The Company shall maintain the Fidelity Bond and Errors
        and
        Omissions Insurance Policy as provided for in Section 4.12 insuring the Company
        against any loss it may sustain with respect to any Mortgage Loan not satisfied
        in accordance with the procedures set forth herein.

      

      
        
          
          

        

        
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      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account the amount of its Servicing Fee. The
        Servicing Fee shall be payable monthly and shall be computed on the basis
        of the
        unpaid principal balance and for the period respecting which any related
        interest payment on a Mortgage Loan is received. The obligation of the Purchaser
        to pay the Servicing Fee is limited to, and payable solely from, the interest
        portion (including recoveries with respect to interest from Liquidation
        Proceeds, to the extent permitted by Section 4.05) of such Monthly
        Payments.

      

      Additional
        servicing compensation in the form of assumption fees, to the extent provided
        in
        Section 6.01, and late payment charges shall be retained by the Company to
        the
        extent not required to be deposited in the Custodial Account. The Company
        shall
        not be permitted to retain any portion of the Prepayment Penalties collected
        on
        the Mortgage Loans. The Company shall be required to pay all expenses incurred
        by it in connection with its servicing activities hereunder and shall not
        be
        entitled to reimbursement thereof except as specifically provided for
        herein.

      

      Section
        6.04 Annual
        Statements as to Compliance.

      

      On
        or
        before March 1 of each calendar year, the Company shall deliver to the
        Purchaser, any Master Servicer or any Depositor, as directed by the Depositor,
        a
        statement of compliance addressed to the Purchaser, such Master Servicer
        or such
        Depositor and signed by an authorized officer of the Company, to the effect
        that
        (a) a review of the Company’s activities during the immediately preceding
        calendar year (or applicable portion thereof) and of its performance under
        this
        Agreement and any applicable Reconstitution Agreement during such period
        has
        been made under such officer’s supervision, and (b) to the best of such
        officers’ knowledge, based on such review, the Company has fulfilled all of its
        obligations under this Agreement and any applicable Reconstitution Agreement
        in
        all material respects throughout such calendar year (or applicable portion
        thereof) or, if there has been a failure to fulfill any such obligation in
        any
        material respect, specifically identifying each such failure known to such
        officer and the nature and the status thereof. Copies of such statement shall
        be
        provided by the Purchaser to any Person identified as a prospective purchaser
        of
        the Mortgage Loans.

      

      Section
        6.05 [Reserved]

      

      Section
        6.06 Report
        on Assessment of Compliance and Attestation.

      

      On
        or
        before March 1 of each calendar year, the Company shall:

      

      
        
          
          

        

        
          59

          
            

          

        

        
          
          

        

      

      
        	 	
                (i)

              	
                deliver
                  to the Purchaser, any Master Servicer or any Depositor, as directed
                  by the
                  Depositor, a report (in form and substance reasonably satisfactory
                  to the
                  Purchaser, such Master Servicer and such Depositor) regarding the
                  Company’s assessment of compliance with the Servicing Criteria during the
                  immediately preceding calendar year, as required under Rules 13a-18
                  and
                  15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such
                  report
                  shall be addressed to the Purchaser, such Master Servicer or such
                  Depositor and signed by an authorized officer of the Company and
                  shall
                  address each of the “Applicable Servicing Criteria” specified on Exhibit G
                  hereto (or those Servicing Criteria otherwise mutually agreed to
                  by the
                  Purchaser, the Company and any Person that will be responsible
                  for signing
                  any Sarbanes Certification with respect to a Securitization Transaction
                  in
                  response to evolving interpretations of Regulation AB);
                  

              

      

      

      
        	 	
                (ii)

              	
                deliver
                  to the Purchaser, any Master Servicer or any Depositor, as directed
                  by the
                  Depositor, a report of a registered public accounting firm reasonably
                  acceptable to the Purchaser, such Master Servicer and such Depositor
                  that
                  attests to, and reports on, the assessment of compliance made by
                  the
                  Company and delivered pursuant to the preceding paragraph. Such
                  attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g)
                  of
                  Regulation S-X under the Securities Act and the Exchange Act;
                  

              

      

      

      
        	 	
                (iii)

              	
                cause
                  each Subservicer and each Subcontractor, determined by the Company
                  pursuant to Section 4.29(b) to be “participating in the servicing
                  function” within the meaning of Item 1122 of Regulation AB, to deliver to
                  the Purchaser and any Depositor an assessment of compliance and
                  accountants’ attestation as and when provided in this Section 6.06; and
                  

              

      

      

      
        	 	
                (iv)

              	
                deliver,
                  and cause each Subservicer and each Subcontractor described in
                  clause
                  (iii) to deliver, to the Purchaser, any Master Servicer any Depositor
                  or
                  any other Person, as directed by the Depositor, that will be responsible
                  for signing the certification (a “Sarbanes Certification”) required by
                  Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant
                  to Section
                  302 of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed
                  issuer
                  with respect to a Securitization Transaction a certification, signed
                  by
                  the appropriate officer of the Company, in the form attached hereto
                  as
                  Exhibit H.

              

      

      

      The
        Company acknowledges that the parties identified in clause (iv) above may
        rely
        on the certification provided by the Company pursuant to such clause in signing
        a Sarbanes Certification and filing such with the Commission. Neither the
        Purchaser, any Master Servicer nor any Depositor will request delivery of
        a
        certification under clause (iv) above unless a Depositor is required under
        the
        Exchange Act to file an annual report on Form 10-K with respect to an issuing
        entity whose asset pool includes Mortgage Loans.

      

      Each
        assessment of compliance provided by a Subservicer pursuant to Section 6.06(i)
        shall address each of the Servicing Criteria specified substantially in the
        form
        of Exhibit G hereto delivered to the Purchaser at the time of any Securitization
        Transaction or, in the case of a Subservicer subsequently appointed as such,
        on
        or prior to the date of such appointment. An assessment of compliance provided
        by a Subcontractor pursuant to Section 6.06(iii) need not address any elements
        of the Servicing Criteria other than those specified by the Company pursuant
        to
        Section 4.23.

      

      
        
          
          

        

        
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      Section
        6.07 Remedies.

      

      (i) Any
        failure by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under Article IX, Section
        4.23,
        Section 6.04 or Section 6.06, or any breach by the Company of a representation
        or warranty set forth in Section 9.01(l)(vi)(A), or in a writing furnished
        pursuant to Section 9.01(l)(vi)(B) and made as of a date prior to the closing
        date of the related Securitization Transaction, to the extent that such breach
        is not cured by such closing date, or any breach by the Company of a
        representation or warranty in a writing furnished pursuant to Section
        9.01(l)(vi)(B) to the extent made as of a date subsequent to such closing
        date,
        shall, except as provided in sub-clause (ii) of this Section, immediately
        and
        automatically, without notice or grace period, constitute an Event of Default
        with respect to the Company under this Agreement and any applicable
        Reconstitution Agreement, and shall entitle the Purchaser, any Master Servicer
        or any Depositor, as applicable, in its sole discretion to terminate the
        rights
        and obligations of the Company as servicer under this Agreement and/or any
        applicable Reconstitution Agreement without payment (notwithstanding anything
        in
        this Agreement or any applicable Reconstitution Agreement to the contrary)
        of
        any compensation to the Company (and, if the Company is servicing any of
        the
        Mortgage Loans in a Securitization Transaction, appoint a successor servicer
        reasonably acceptable to any Master Servicer for such Securitization
        Transaction); provided that to the extent that any provision of this Agreement
        and/or any applicable Reconstitution Agreement expressly provides for the
        survival of certain rights or obligations following termination of the Company
        as servicer, such provision shall be given effect. 

      

      (ii) Any
        failure by the Company, any Subservicer or any Subcontractor to deliver any
        information, report, certification or accountants’ letter when and as required
        under Section 6.04 or Section 6.06, including (except as provided below)
        any
        failure by the Company to identify any Subcontractor “participating in the
        servicing function” within the meaning of Item 1122 of Regulation AB, which
        continues unremedied for ten (10) calendar days after the date on which such
        information, report, certification or accountants’ letter was required to be
        delivered shall constitute an Event of Default with respect to the Company
        under
        this Agreement and any applicable Reconstitution Agreement, and shall entitle
        the Purchaser, any Master Servicer or any Depositor, as applicable, in its
        sole
        discretion to terminate the rights and obligations of the Company under this
        Agreement and/or any applicable Reconstitution Agreement without payment
        (notwithstanding anything in this Agreement to the contrary) of any compensation
        to the Company; provided that to the extent that any provision of this Agreement
        and/or any applicable Reconstitution Agreement expressly provides for the
        survival of certain rights or obligations following termination of the Company
        as servicer, such provision shall be given effect. 

      

      
        
          
          

        

        
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      Neither
        the Purchaser nor any Depositor shall be entitled to terminate the rights
        and
        obligations of the Company pursuant to this Section 6.07(ii) if a failure
        of the
        Company to identify a Subcontractor “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB was attributable solely
        to the
        role or function of such Subcontractor with respect to mortgage loans other
        than
        the Mortgage Loans.

      

      (iii) The
        Company shall promptly reimburse the Purchaser (or any designee of the
        Purchaser), any Master Servicer and any Depositor, as applicable, for all
        reasonable expenses incurred by the Purchaser (or such designee) or such
        Depositor, as such are incurred, in connection with the termination of the
        Company as servicer and the transfer of servicing of the Mortgage Loans to
        a
        successor servicer. The provisions of this paragraph shall not limit whatever
        rights the Purchaser or any Depositor may have under other provisions of
        this
Agreement
        and/or any applicable Reconstitution Agreement or otherwise, whether in equity
        or at law, such as an action for damages, specific performance or injunctive
        relief. 

      

      Section
        6.08 Right
        to Examine Company Records.

      

      The
        Purchaser, or its designee, shall have the right to examine and audit any
        and
        all of the books, records, or other information of the Company, whether held
        by
        the Company or by another on its behalf, with respect to or concerning this
        Agreement or the Mortgage Loans, during business hours or at such other times
        as
        may be reasonable under applicable circumstances, upon reasonable advance
        notice. The Purchaser shall pay its own expenses associated with such
        examination.

      

      Section
        6.09 Compliance
        with REMIC Provisions.

      

      If
        a
        REMIC election has been made with respect to the arrangement under which
        the
        Mortgage Loans and REO Property are held, the Company shall not take any
        action,
        cause the REMIC to take any action or fail to take any action that, under
        the
        REMIC Provisions, if taken or not taken, as the case may be, could (i) endanger
        the status of the REMIC as a REMIC or (ii) result in the imposition of a
        tax
        upon the REMIC (including but not limited to the tax on “prohibited
        transactions” as defined in Section 860F(a)(2) of the Code and the tax on
“contributions” to a REMIC set forth in Section 860G(d) of the Code) unless the
        Company has received an Opinion of Counsel (at the expense of the party seeking
        to take such action) to the effect that the contemplated action will not
        endanger such REMIC status or result in the imposition of any such
        tax.

      

      ARTICLE
        VII

      

      COMPANY
        TO COOPERATE

      

      Section
        7.01 Provision
        of Information.

      

      During
        the term of this Agreement, the Company shall furnish to the Purchaser such
        periodic, special, or other reports or information, and copies or originals
        of
        any documents contained in the Servicing File for each Mortgage Loan provided
        for herein. All other special reports or information not provided for herein
        as
        shall be necessary, reasonable, or appropriate with respect to the Purchaser
        or
        any regulatory agency will be provided at the Purchaser’s expense. All such
        reports, documents or information shall be provided by and in accordance
        with
        all reasonable instructions and directions which the Purchaser may
        give.

      

      
        
          
          

        

        
          62

          
            

          

        

        
          
          

        

      

      The
        Company shall execute and deliver all such instruments and take all such
        action
        as the Purchaser may reasonably request from time to time, in order to
        effectuate the purposes and to carry out the terms of this
        Agreement.

      

      Section
        7.02 Financial
        Statements; Servicing Facility.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser a Consolidated Statement of Operations of the
        Company
        for the most recently completed two (2) fiscal years for which such a statement
        is available, as well as a Consolidated Statement of Condition at the end
        of the
        last two (2) fiscal years covered by such Consolidated Statement of Operations.
        The Company, upon request, shall also make available any comparable interim
        statements to the extent any such statements have been prepared by or on
        behalf
        of the Company (and are available upon request to members or stockholders
        of the
        Company or to the public at large). The Company, if it has not already done
        so,
        agrees to furnish promptly to the Purchaser copies of the statements specified
        above. 

      

      The
        Company also shall make available to Purchaser or prospective purchasers
        knowledgeable financial, accounting, origination and servicing officers for
        the
        purpose of answering questions respecting recent developments affecting the
        Company its loan origination or servicing practices or the financial statements
        of the Company, and to permit any prospective purchaser to inspect the Company's
        servicing facilities for the purpose of satisfying such prospective purchaser
        that the Company has the ability to service the Mortgage Loans as provided
        in
        this Agreement.

      

      ARTICLE
        VIII

      

      THE
        COMPANY

      

      Section
        8.01 Additional
        Indemnification; Third Party Claims.

      

      In
        addition to any indemnification provided elsewhere in this Agreement, the
        Company shall indemnify the Purchaser and hold it harmless against any and
        all
        claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way related to the failure of the Company
        to perform its duties and service the Mortgage Loans in strict compliance
        with
        the terms of this Agreement. The Company immediately shall notify the Purchaser
        if a claim is made by a third party with respect to this Agreement or the
        Mortgage Loans, assume (with the prior written consent of the Purchaser)
        the
        defense of any such claim and pay all expenses in connection therewith,
        including counsel fees, and promptly pay, discharge and satisfy any judgment
        or
        decree which may be entered against it or the Purchaser in respect of such
        claim. The Company shall follow any written instructions received from the
        Purchaser in connection with such claim. The Purchaser promptly shall reimburse
        the Company for all amounts advanced by it pursuant to the preceding sentence
        except when the claim is in any way related to the Company's indemnification
        pursuant to Section 3.03, or the failure of the Company to service and
        administer the Mortgage Loans in strict compliance with the terms of this
        Agreement. The indemnification obligation of the Company set forth herein
        shall
        survive the termination of this Agreement.

      

      
        
          
          

        

        
          63

          
            

          

        

        
          
          

        

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company shall keep in full force and effect its existence, rights and franchises
        as a national banking association duly organized, validly existing and in
        good
        standing under the laws of the United States except as permitted herein,
        and
        shall obtain and preserve its qualification to do business in each jurisdiction
        in which such qualification is or shall be necessary to protect the validity
        and
        enforceability of this Agreement or any of the Mortgage Loans and to perform
        its
        duties under this Agreement.

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company,
        shall
        be the successor of the Company hereunder, without the execution or filing
        of
        any paper or any further act on the part of any of the parties hereto, anything
        herein to the contrary notwithstanding, provided, however, that the successor
        or
        surviving Person shall (i) be an institution whose deposits are insured by
        FDIC
        or a company whose business is the servicing of mortgage loans, (ii) have
        a GAAP
        net worth of not less than $25,000,000, and (iii) be a Fannie Mae or Freddie
        Mac
        approved seller/servicer in good standing and shall satisfy any requirements
        of
        Section 12.01 with respect to the qualifications of a successor to the Company.
        Furthermore, in the event the Company transfers or otherwise disposes of
        all or
        substantially all of its assets to an affiliate of the Company, such affiliate
        shall satisfy the condition above, and shall also be fully liable to the
        Purchaser for all of the Company's obligations and liabilities
        hereunder.

      

      Section
        8.03 Limitation
        on Liability of Company and Others.

      

      Neither
        the Company nor any of the directors, officers, employees or agents of the
        Company shall be under any liability to the Purchaser for any action taken
        or
        for refraining from the taking of any action in good faith pursuant to this
        Agreement, or for errors in judgment, provided, however, that this provision
        shall not protect the Company or any such Person against any breach of
        warranties or representations made herein, or failure to perform its obligations
        in strict compliance with any standard of care set forth in this Agreement
        or
        any other liability which would otherwise be imposed under this Agreement.
        The
        Company and any director, officer, employee or agent of the Company 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 Company
        shall not be under any obligation to appear in, prosecute or defend any legal
        action which is not incidental to its duties to service the Mortgage Loans
        in
        accordance with this Agreement and which in its opinion may involve it in
        any
        expense or liability, provided, however, that the Company may, with the consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the Company shall be entitled to reimbursement from
        the
        Purchaser of the reasonable legal expenses and costs of such
        action.

      

      
        
          
          

        

        
          64

          
            

          

        

        
          
          

        

      

      Section
        8.04 Limitation
        on Resignation and Assignment by Company.

      

      The
        Purchaser has entered into this Agreement with the Company and subsequent
        purchasers will purchase the Mortgage Loans in reliance upon the independent
        status of the Company, and the representations as to the adequacy of its
        servicing facilities, personnel, records and procedures, its integrity,
        reputation and financial standing, and the continuance thereof. Therefore,
        the
        Company shall neither assign this Agreement or the servicing rights hereunder
        or
        delegate its rights or duties hereunder (other than pursuant to Section 4.01)
        or
        any portion hereof or sell or otherwise dispose of all of its property or
        assets
        without the prior written consent of the Purchaser, which consent shall not
        be
        unreasonably withheld.

      

      The
        Company shall not resign from the obligations and duties hereby imposed on
        it
        except by mutual consent of the Company and the Purchaser or upon the
        determination that its duties hereunder are no longer permissible under
        applicable law and such incapacity cannot be cured by the Company. Any such
        determination permitting the resignation of the Company shall be evidenced
        by an
        Opinion of Counsel to such effect delivered to the Purchaser which Opinion
        of
        Counsel shall be in form and substance acceptable to the Purchaser. No such
        resignation shall become effective until a successor shall have assumed the
        Company's responsibilities and obligations hereunder in the manner provided
        in
        Section 12.01.

      

      Without
        in any way limiting the generality of this Section, in the event that the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its rights or duties hereunder (other than pursuant
        to
        Section 4.01) or any portion hereof, or sell or otherwise dispose of all
        or
        substantially all of its property or assets, without the prior written consent
        of the Purchaser, then the Purchaser shall have the right to terminate this
        Agreement upon notice given as set forth in Section 10.01, without any payment
        of any penalty or damages and without any liability whatsoever to the Purchaser
        or any third party.

      

      ARTICLE
        IX

      

      AGENCY
        TRANSFERS, SECURITIZATION TRANSACTIONS AND WHOLE LOAN
        TRANSFERS

      

      Section
        9.01 Agency
        Transfers, Securitization Transactions and Whole Loan Transfers

      

      The
        Purchaser and the Company agree that with respect to some or all of the Mortgage
        Loans, the Purchaser, at its sole option, may effect Whole Loan Transfers,
        Agency Transfers or Securitization Transactions, retaining the Company as
        the
        servicer thereof or subservicer if a master servicer is employed, or as
        applicable the "seller/servicer." On the Reconstitution Date, the Mortgage
        Loans
        transferred may cease to be covered by this Agreement; provided, however,
        that,
        in the event that any Mortgage Loan transferred pursuant to this Section
        9.01 is
        rejected by the transferee, the Company shall continue to service such rejected
        Mortgage Loan on behalf of the Purchaser in accordance with the terms and
        provisions of this Agreement.

      

      
        
          
          

        

        
          65

          
            

          

        

        
          
          

        

      

      The
        Company shall cooperate with the Purchaser in connection with each Whole
        Loan
        Transfer, Agency Transfer or Securitization Transaction in accordance with
        this
        Section 9.01, provided such participation creates no greater obligation on
        the
        part of the Company than otherwise set forth in this Agreement. The Purchaser
        shall be responsible for reasonable out-of-pocket costs of the Company that
        are
        not contemplated by this Agreement. All Mortgage Loans not sold or transferred
        pursuant to a Reconstitution shall remain subject to this Agreement and shall
        continue to be serviced in accordance with the terms hereof. Under this
        Agreement, the Company shall retain a Servicing Fee for each Mortgage Loan
        at
        the Servicing Fee Rate. In connection with a Reconstitution:

      

      
        	 	
                (a)

              	
                The
                  Company shall make all representations and warranties made herein
                  with
                  respect to the Mortgage Loans as of the Closing Date and all
                  representations and warranties made herein with respect to the
                  Company
                  itself as of the closing date of each Whole Loan Transfer, Agency
                  Transfer
                  or Securitization Transaction. In the event of a Securitization
                  Transaction or Agency Sale for which Freddie Mac representations
                  and
                  warranties are required, the Company agrees to make the representations
                  and warranties listed on Exhibit M, as of the related Closing Date,
                  at the
                  time of such Securitization Transaction or Agency Sale, with respect
                  to
                  the Mortgage Loans included
                  therein;

              

      

      

      
        	 	
                (b)

              	
                The
                  Company shall deliver to the Purchaser, and to any Person designated
                  by
                  the Purchaser, such legal documents and in-house Opinions of Counsel
                  as
                  are customarily delivered by originators or servicers, as the case
                  may be,
                  and reasonably determined by the Purchaser to be necessary in connection
                  with an Reconstitution, as the case may be, such in-house Opinions
                  of
                  Counsel for a Securitization Transaction to be in the form reasonably
                  acceptable to the Purchaser, it being understood that the cost
                  of any
                  opinions of outside special counsel that may be required for a
                  Reconstitution, as the case may be, shall be the responsibility
                  of the
                  Purchaser;

              

      

      

      
        	 	
                (c)

              	
                The
                  Company shall negotiate and execute one or more servicing agreements
                  between the Company and any master servicer which is generally
                  considered
                  to be a prudent master servicer in the secondary mortgage market,
                  designated by the Purchaser in its sole discretion after consultation
                  with
                  the Company, an assignment, assumption and recognition agreement,
                  in the
                  form attached hereto as Exhibit I, an indemnification agreement,
                  a pooling
                  and servicing agreement and/or one or more custodial and servicing
                  agreements among the Purchaser, the Company and a third party
                  custodian/trustee which is generally considered to be a prudent
                  custodian/trustee in the secondary mortgage market designated by
                  the
                  Purchaser in its sole discretion after consultation with the Company,
                  in
                  either case for the purpose of pooling the Mortgage Loans with
                  other
                  Mortgage Loans for resale or securitization, which subservicing
                  agreements
                  or servicing agreements in the case of a securitization shall contain
                  contractual provisions including, but not limited to, servicer
                  advances of
                  delinquent scheduled payments of principal and interest through
                  liquidation (unless deemed non-recoverable) and prepayment interest
                  shortfalls (to the extent of the monthly servicing fee payable
                  thereto);

              

      

      

      
        
          
          

        

        
          66

          
            

          

        

        
          
          

        

      

      
        	 	
                (d)

              	
                In
                  the event that the Purchaser appoints a credit risk manager in
                  connection
                  with a Securitization Transaction, the Company shall execute a
                  credit risk
                  management agreement and provide reports and information reasonably
                  required by the credit risk
                  manager.

              

      

      

      
        	 	
                (e)

              	
                In
                  connection with any Securitization Transaction, the Company shall
                  (1)
                  within five (5) Business Days following request by the Purchaser
                  or any
                  Depositor, provide to the Purchaser and such Depositor (or, as
                  applicable,
                  cause each Third-Party Originator and each Subservicer to provide),
                  in
                  writing and in form and substance reasonably satisfactory to the
                  Purchaser
                  and such Depositor, the information and materials specified in
                  paragraphs
                  (i), (ii), (iii) and (vii) of this subsection (d), and (2) as promptly
                  as
                  practicable following notice to or discovery by the Company, provide
                  to
                  the Purchaser and any Depositor (in writing and in form and substance
                  reasonably satisfactory to the Purchaser and such Depositor) the
                  information specified in paragraph (iv) of this subsection (e).
                  

              

      

      

      (i) If
        so requested by the Purchaser or any Depositor, the Company shall provide
        such
        information regarding (1) the Company, as originator of the Mortgage Loans
        (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
        or
        (2) each Third-Party Originator, and (3) as applicable, each Subservicer,
        as is
        requested for the purpose of compliance with Items 1103(a)(1), 1105, 1110,
        1117
        and 1119 of Regulation AB. Such information shall include, at a minimum:
        

      

      (A)         
        the
        originator’s form of organization; 

      

      
        	 	
                (B)

              	
                a
                  description of the originator’s origination program and how long the
                  originator has been engaged in originating residential mortgage
                  loans,
                  which description shall include a discussion of the originator’s
                  experience in originating mortgage loans of a similar type as the
                  Mortgage
                  Loans; information regarding the size and composition of the originator’s
                  origination portfolio; and information that may be material, in
                  the good
                  faith judgment of the Purchaser or any Depositor, to an analysis
                  of the
                  performance of the Mortgage Loans, including the originators’
                  credit-granting or underwriting criteria for mortgage loans of
                  similar
                  type(s) as the Mortgage Loans and such other information as the
                  Purchaser
                  or any Depositor may reasonably request for the purpose of compliance
                  with
                  Item 1110(b)(2) of Regulation AB; 

              

      

      

      
        	 	
                (C)

              	
                a
                  description of any material legal or governmental proceedings pending
                  (or
                  known to be contemplated) against the Company, each Third-Party
                  Originator
                  and each Subservicer; and 

              

      

      

      
        	 	
                (D)

              	
                a
                  description of any affiliation or relationship (of a type described
                  in
                  Item 1119 of Regulation AB) between the Company, each Third-Party
                  Originator, each Subservicer and any of the following parties to
                  a
                  Securitization Transaction, as such parties are identified to the
                  Company
                  by the Purchaser or any Depositor in writing in advance of a
                  Securitization Transaction: 

              

      

      

      
        
          
          

        

        
          67

          
            

          

        

        
          
          

        

      

      
        
          

            
              	 	
                      (1)

                    	
                      the
                        sponsor; 

                    

            

            
              	 	
                      (2)

                    	
                      the
                        depositor; 

                    

            

            
              	 	
                      (3)

                    	
                      the
                        issuing entity; 

                    

            

            
              	 	
                      (4)

                    	
                      any
                        servicer; 

                    

            

            
              	 	
                      (5)

                    	
                      any
                        trustee; 

                    

            

            
              	 	
                      (6)

                    	
                      any
                        originator; 

                    

            

            
              	 	
                      (7)

                    	
                      any
                        significant obligor; 

                    

            

            
              	 	
                      (8)

                    	
                      any
                        enhancement or support provider; and

                    

            

            
              	 	
                      (9)

                    	
                      any
                        other material transaction party.

                    

            

          

           

        

      

      
        	 	
                (ii)

              	
                If
                  so requested by the Purchaser or any Depositor, the Company shall
                  provide
                  (or, as applicable, cause each Third-Party Originator to provide)
                  Static
                  Pool Information with respect to the mortgage loans (of a similar
                  type as
                  the Mortgage Loans, as reasonably identified by the Purchaser as
                  provided
                  below) originated by (1) the Company, if the Company is an originator
                  of
                  Mortgage Loans (including as an acquirer of Mortgage Loans from
                  a
                  Qualified Correspondent), and/or (2) each Third-Party Originator.
                  Such
                  Static Pool Information shall be prepared by the Company (or Third-Party
                  Originator) on the basis of its reasonable, good faith interpretation
                  of
                  the requirements of Item 1105(a)(1)-(3) of Regulation AB. To the
                  extent
                  that there is reasonably available to the Company (or Third-Party
                  Originator) Static Pool Information with respect to more than one
                  mortgage
                  loan type, the Purchaser or any Depositor shall be entitled to
                  specify
                  whether some or all of such information shall be provided pursuant
                  to this
                  paragraph. The content of such Static Pool Information may be in
                  the form
                  customarily provided by the Company, and need not be customized
                  for the
                  Purchaser or any Depositor. Such Static Pool Information for each
                  vintage
                  origination year or prior securitized pool, as applicable, shall
                  be
                  presented in increments no less frequently than quarterly over
                  the life of
                  the mortgage loans included in the vintage origination year or
                  prior
                  securitized pool. The most recent periodic increment must be as
                  of a date
                  no later than 135 days prior to the date of the prospectus or other
                  offering document in which the Static Pool Information is to be
                  included
                  or incorporated by reference. The Static Pool Information shall
                  be
                  provided in an electronic format that provides a permanent record
                  of the
                  information provided, such as a portable document format (pdf)
                  file, or
                  other such electronic format reasonably required by the Purchaser
                  or the
                  Depositor, as applicable. 

              

      

      

      Promptly
        following notice or discovery of a material error in Static Pool Information
        provided pursuant to the immediately preceding paragraph (including an omission
        to include therein information required to be provided pursuant to such
        paragraph), the Company shall provide corrected Static Pool Information to
        the
        Purchaser or any Depositor, as applicable, in the same format in which Static
        Pool Information was previously provided to such party by the
        Company.

      

      
        
          
          

        

        
          68

          
            

          

        

        
          
          

        

      

      If
        so requested by the Purchaser or any Depositor, the Company shall provide
        (or,
        as applicable, cause each Third-Party Originator to provide), at the expense
        of
        the requesting party (to the extent of any additional incremental expense
        associated with delivery pursuant to this Agreement), such agreed-upon
        procedures letters of certified public accountants reasonably acceptable
        to the
        Purchaser or Depositor, as applicable, pertaining to Static Pool Information
        relating to prior securitized pools for securitizations closed on or after
        January 1, 2006 or, in the case of Static Pool Information with respect to
        the
        Company’s or Third-Party Originator’s originations or purchases, to calendar
        months commencing January 1, 2006, as the Purchaser or such Depositor shall
        reasonably request. Such letters shall be addressed to and be for the benefit
        of
        such parties as the Purchaser or such Depositor shall designate, which may
        include, by way of example, any sponsor, any Depositor and any broker dealer
        acting as underwriter, placement agent or initial purchaser with respect
        to a
        Securitization Transaction. Any such statement or letter may take the form
        of a
        standard, generally applicable document accompanied by a reliance letter
        authorizing reliance by the addressees designated by the Purchaser or such
        Depositor. 

      

      
        	 	
                (iii)

              	
                If
                  so requested by the Purchaser or any Depositor, the Company shall
                  provide
                  such information regarding the Company, as servicer of the Mortgage
                  Loans,
                  and each Subservicer (each of the Company and each Subservicer,
                  for
                  purposes of this paragraph, a “Servicer”), as is requested for the purpose
                  of compliance with Items 1108, 1117 and 1119 of Regulation AB.
                  Such
                  information shall include, at a minimum:

              

      

      

      
        	 	
                (A)

              	
                the
                  Servicer’s form of organization; 

              

      

      

      
        	 	
                (B)

              	
                a
                  description of how long the Servicer has been servicing residential
                  mortgage loans; a general discussion of the Servicer’s experience in
                  servicing assets of any type as well as a more detailed discussion
                  of the
                  Servicer’s experience in, and procedures for, the servicing function it
                  will perform under this Agreement and any Reconstitution Agreements;
                  information regarding the size, composition and growth of the Servicer’s
                  portfolio of residential mortgage loans of a type similar to the
                  Mortgage
                  Loans and information on factors related to the Servicer that may
                  be
                  material, in the good faith judgment of the Purchaser or any Depositor,
                  to
                  any analysis of the servicing of the Mortgage Loans or the related
                  asset-backed securities, as applicable, including, without limitation:
                  

              

      

      

      
        
          
          

        

        
          69

          
            

          

        

        
          
          

        

      

      
        	 	
                (1)

              	
                whether
                  any prior securitizations of mortgage loans of a type similar to
                  the
                  Mortgage Loans involving the Servicer have defaulted or experienced
                  an
                  early amortization or other performance triggering event because
                  of
                  servicing during the three-year period immediately preceding the
                  related
                  Securitization Transaction; 

              

      

      

      
        	 	
                (2)

              	
                the
                  extent of outsourcing the Servicer utilizes;

              

      

      

      
        	 	
                (3)

              	
                whether
                  there has been previous disclosure of material noncompliance with
                  the
                  applicable Servicing Criteria with respect to other securitizations
                  of
                  residential mortgage loans involving the Servicer as a servicer
                  during the
                  three-year period immediately preceding the related Securitization
                  Transaction; 

              

      

      

      
        	 	
                (4)

              	
                whether
                  the Servicer has been terminated as servicer in a residential mortgage
                  loan securitization, either due to a servicing default or to application
                  of a servicing performance test or trigger; and

              

      

      

      
        	 	
                (5)

              	
                such
                  other information as the Purchaser or any Depositor may reasonably
                  request
                  for the purpose of compliance with Item 1108(b)(2) of Regulation
                  AB;
                  

              

      

      

      
        	 	
                (C)

              	
                a
                  description of any material changes during the three-year period
                  immediately preceding the related Securitization Transaction to
                  the
                  Servicer’s policies or procedures with respect to the servicing function
                  it will perform under this Agreement and any Reconstitution Agreements
                  for
                  mortgage loans of a type similar to the Mortgage Loans;
                  

              

      

      

      
        	 	
                (D)

              	
                information
                  regarding the Servicer’s financial condition, to the extent that there is
                  a material risk that an adverse financial event or circumstance
                  involving
                  the Servicer could have a material adverse effect on the performance
                  by
                  the Company of its servicing obligations under this Agreement or
                  any
                  Reconstitution Agreement; 

              

      

      

      
        	 	
                (E)

              	
                information
                  regarding advances made by the Servicer on the Mortgage Loans and
                  the
                  Servicer’s overall servicing portfolio of residential mortgage loans for
                  the three-year period immediately preceding the related Securitization
                  Transaction, which may be limited to a statement by an authorized
                  officer
                  of the Servicer to the effect that the Servicer has made all advances
                  required to be made on residential mortgage loans serviced by it
                  during
                  such period, or, if such statement would not be accurate, information
                  regarding the percentage and type of advances not made as required,
                  and
                  the reasons for such failure to advance;

              

      

      

      
        
          
          

        

        
          70

          
            

          

        

        
          
          

        

      

      
        	 	
                (F)

              	
                a
                  description of the Servicer’s processes and procedures designed to address
                  any special or unique factors involved in servicing loans of a
                  similar
                  type as the Mortgage Loans; 

              

      

      

      
        	 	
                (G)

              	
                a
                  description of the Servicer’s processes for handling delinquencies,
                  losses, bankruptcies and recoveries, such as through liquidation
                  of
                  mortgaged properties, sale of defaulted mortgage loans or workouts;
                  

              

      

      

      
        	 	
                (H)

              	
                information
                  as to how the Servicer defines or determines delinquencies and
                  charge-offs, including the effect of any grace period, re-aging,
                  restructuring, partial payments considered current or other practices
                  with
                  respect to delinquency and loss
                  experience;

              

      

      

      
        	 	
                (I)

              	
                a
                  description of any material legal or governmental proceedings pending
                  (or
                  known to be contemplated) against the Servicer;
                  and

              

      

      

      
        	 	
                (J)

              	
                a
                  description of any affiliation or relationship between the Servicer
                  and
                  any of the following parties to a Securitization Transaction, as
                  such
                  parties are identified to the Servicer by the Purchaser or any
                  Depositor
                  in writing in advance of such Securitization
                  Transaction:

              

      

      

      
        	 	
                (1)

              	
                the
                  sponsor;

              

      

      
        	 	
                (2)

              	
                the
                  depositor;

              

      

      
        	 	
                (3)

              	
                the
                  issuing entity;

              

      

      
        	 	
                (4)

              	
                any
                  servicer;

              

      

      
        	 	
                (5)

              	
                any
                  trustee;

              

      

      
        	 	
                (6)

              	
                any
                  originator;

              

      

      
        	 	
                (7)

              	
                any
                  significant obligor;

              

      

      
        	 	
                (8)

              	
                any
                  enhancement or support provider;
                  and

              

      

      
        	 	
                (9)

              	
                any
                  other material transaction party.

              

      

      

      
        	 	
                (iv)

              	
                For
                  the purpose of satisfying the reporting obligation under the Exchange
                  Act
                  with respect to any class of asset-backed securities, the Company
                  shall
                  (or shall cause each Subservicer and Third-Party Originator to)
                  (1)
                  provide prompt notice to the Purchaser,
                  any Master Servicer or
                  any Depositor, as directed by the Depositor, in writing of (A)
                  any
                  material litigation or governmental proceedings involving the Company,
                  any
                  Subservicer or any Third-Party Originator, (B) any affiliations
                  or
                  relationships that develop following the closing date of a Securitization
                  Transaction between the Company, any Subservicer or any Third-Party
                  Originator and any of the parties specified in Section 9.01(l)(i)(D)
                  (and
                  any other parties identified in writing by the requesting party)
                  with
                  respect to such Securitization Transaction, (C)
                  any Event of Default under the terms of this Agreement or any
                  Reconstitution Agreement, (D) any merger, consolidation or sale
                  of
                  substantially all of the assets of the Company, and (E) the Company’s
                  entry into an agreement with a Subservicer to perform or assist
                  in the
                  performance of any of the Company’s obligations under this Agreement or
                  any Reconstitution Agreement
                  and (2) provide to the Purchaser and any Depositor a description
                  of such
                  proceedings, affiliations or relationships.

              

      

      

      
        
          
          

        

        
          71

          
            

          

        

        
          
          

        

      

      
        	 	
                (v)

              	
                As
                  a condition to the succession to the Company or any Subservicer
                  as
                  servicer or Subservicer under this Agreement or any Reconstitution
                  Agreement by any Person (i) into which the Company or such Subservicer
                  may
                  be merged or consolidated, or (ii) which may be appointed as a
                  successor
                  to the Company or any Subservicer, the Company shall provide to
                  the
                  Purchaser and any Depositor, at least fifteen (15) calendar days
                  prior to
                  the effective date of such succession or appointment, (x) written
                  notice
                  to the Purchaser and any Depositor of such succession or appointment
                  and
                  (y) in writing and in form and substance reasonably satisfactory
                  to the
                  Purchaser and such Depositor, all information reasonably requested
                  by the
                  Purchaser or any Depositor in order to comply with is reporting
                  obligation
                  under Item 6.02 of Form 8-K with respect to any class of asset-backed
                  securities. 

              

      

      

      (vi)         
        (A)
        The
        Company shall be deemed to represent to the Purchaser,
        to any
        Master Servicer and
        to any Depositor, as of the date on which information is first provided to
        the
        Purchaser,
        any
        Master Servicer or
        any Depositor under this Section 9.01(e) that, except as disclosed in writing
        to
        the Purchaser,
        any
        Master Servicer or
        such Depositor prior to such date: (1) the Company is not aware and has not
        received notice that any default, early amortization or other performance
        triggering event has occurred as to any other securitization due to any act
        or
        failure to act of the Company; (2) the Company has not been terminated as
        servicer in a residential mortgage loan securitization, either due to a
        servicing default or to application of a servicing performance test or trigger;
        (3) no material noncompliance with the applicable Servicing Criteria with
        respect to other securitizations of residential mortgage loans involving
        the
        Company as servicer has been disclosed or reported by the Company; (4) no
        material changes to the Company’s policies or procedures with respect to the
        servicing function it will perform under this Agreement and any Reconstitution
        Agreement for mortgage loans of a type similar to the Mortgage Loans have
        occurred during the three-year period immediately preceding the related
        Securitization Transaction; (5) there are no aspects of the Company’s financial
        condition that could have a material adverse effect on the performance by
        the
        Company of its servicing obligations under this Agreement or any Reconstitution
        Agreement; (6) there are no material legal or governmental proceedings pending
        (or known to be contemplated) against the Company, any Subservicer or any
        Third-Party Originator; and (7) there are no affiliations, relationships
        or
        transactions relating to the Company, any Subservicer or any Third-Party
        Originator with respect to any Securitization Transaction and any party thereto
        identified by the related Depositor of a type described in Item 1119 of
        Regulation AB. 

      

      
        
          
          

        

        
          72

          
            

          

        

        
          
          

        

      

      (B) If
        so requested by the Purchaser,
        any
        Master Servicer or
        any Depositor on any date following the date on which information is first
        provided to the Purchaser,
        any
        Master Servicer or
        any Depositor under this Section 9.01(l), the Company shall, within five
        (5)
        Business Days following such request, confirm in writing the accuracy of
        the
        representations and warranties set forth in sub clause (A) above or, if any
        such
        representation and warranty is not accurate as of the date of such request,
        provide reasonably adequate disclosure of the pertinent facts, in writing,
        to
        the requesting party. 

      

      
        	 	
                (vii)

              	
                In
                  addition to such information as the Company, as servicer, is obligated
                  to
                  provide pursuant to other provisions of this Agreement, not later
                  than ten
                  (10) days prior to the deadline for the filing of any distribution
                  report
                  on Form 10-D in respect of any Securitization Transaction that
                  includes
                  any of the Mortgage Loans serviced by the Company or any Subservicer,
                  the
                  Company or such Subservicer, as applicable, shall, to the extent
                  the
                  Company or such Subservicer has knowledge thereof, provide to the
                  party
                  responsible for filing such report (including, if applicable, the
                  Master
                  Servicer) notice of the occurrence of any of the following events
                  along
                  with all information, data, and materials related thereto as may
                  be
                  required to be included in the related distribution report on Form
                  10-D
                  (as specified in the provisions of Regulation AB referenced
                  below):

              

      

      

      
        	 	
                (i)

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

              

      

      

      
        	 	
                (ii)

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

              

      

      

      
        	 	
                (iii)

              	
                information
                  regarding new asset-backed securities issuances backed by the same
                  pool
                  assets, any pool asset changes (such as, additions, substitutions
                  or
                  repurchases), and any material changes in origination, underwriting
                  or
                  other criteria for acquisition or selection of pool assets (Item
                  1121(a)(14) of Regulation AB). 

              

      

      

      
        
          
          

        

        
          73

          
            

          

        

        
          
          

        

      

      
        	 	
                (viii)

              	
                The
                  Company shall provide to the Purchaser, any Master Servicer or
                  any
                  Depositor, as directed by the Depositor, evidence of the authorization
                  of
                  the person signing any certification or statement, copies or other
                  evidence of Fidelity Bond Insurance and Errors and Omission Insurance
                  policy, financial information and reports, and such other information
                  related to the Company or any Subservicer or the Company or such
                  Subservicer’s performance
                  hereunder.

              

      

      

      
        	 	
                (f)

              	
                The
                  Company shall indemnify the Purchaser, each affiliate of the Purchaser
                  and
                  each of the following parties participating in a Securitization
                  Transaction: each sponsor and issuing entity; each Person (including,
                  but
                  not limited to, any Master Servicer responsible for the preparation,
                  execution or filing of any report required to be filed with the
                  Commission
                  with respect to such Securitization Transaction, or for execution
                  of a
                  certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under
                  the
                  Exchange Act with respect to such Securitization Transaction; each
                  broker
                  dealer acting as underwriter, placement agent or initial purchaser,
                  each
                  Person who controls any of such parties or the Depositor (within
                  the
                  meaning of Section 15 of the Securities Act and Section 20 of the
                  Exchange
                  Act); and the respective present and former directors, officers,
                  employees, affiliates and agents of each of the foregoing and of
                  the
                  Depositor (each, an “Indemnified Party”), and shall hold each of them
                  harmless from and against any claims, losses, damages, penalties,
                  fines,
                  forfeitures, legal fees and expenses and related costs, judgments,
                  and any
                  other costs, fees and expenses that any of them may sustain arising
                  out of
                  or based upon: 

              

      

      

      (i)           
        (A)
        any
        untrue statement of a material fact contained or alleged to be contained
        in any
        information, report, certification, data, accountants’ letter or other material
        provided in written or electronic form under Sections 4.23, 6.04, 6.06, 9.01(e)
        and (f) by or on behalf of the Company, or provided under Sections 4.23,
        6.04,
        6.06, 9.01(e) and (f) by or on behalf of any Subservicer, Subcontractor or
        Third-Party Originator (collectively, the “Company Information”), or (B) the
        omission or alleged omission to state in the Company Information a material
        fact
        required to be stated in the Company Information or necessary in order to
        make
        the statements therein, in the light of the circumstances under which they
        were
        made, not misleading; provided,
        by way of clarification, that
        clause (B) of this paragraph shall be construed solely by reference to the
        Company Information and not to any other information communicated in connection
        with a sale or purchase of securities, without regard to whether the Company
        Information or any portion thereof is presented together with or separately
        from
        such other information; 

      

      
        	 	
                (ii)

              	
                any
                  breach by the Company of its obligations under Sections 4.23, 6.04,
                  6.06,
                  6.07 and 9.01, including particularly any failure by the Company,
                  any
                  Subservicer, any Subcontractor or any Third-Party Originator to
                  deliver
                  any information, report, certification, accountants’ letter or other
                  material when and as required under Sections 4.23, 6.04, 6.06,
                  9.01(e) and
                  (f), including any failure by the Company to identify any Subcontractor
                  “participating in the servicing function” within the meaning of Item 1122
                  of Regulation AB; or

              

      

      

      
        
          
          

        

        
          74

          
            

          

        

        
          
          

        

      

      
        	 	
                (iii)

              	
                any
                  breach by the Company of a representation or warranty set forth
                  in Section
                  9.01(l)(vi)(A) or in a writing furnished pursuant to Section
                  9.01(l)(vi)(B) and made as of a date prior to the closing date
                  of the
                  related Securitization Transaction, to the extent that such breach
                  is not
                  cured by such closing date, or any breach by the Company of a
                  representation or warranty in a writing furnished pursuant to Section
                  9.01(l)(vi)(B) to the extent made as of a date subsequent to such
                  closing
                  date; or

              

      

      

      
        	 	
                (iv)

              	
                the
                  negligence, bad faith or willful misconduct of the Company in connection
                  with its performance under Sections 4.23, 6.04, 6.06, 6.07 or
                  9.01.

              

      

      

      If
        the indemnification provided for herein is unavailable or insufficient to
        hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other.

      

      In
        the case of any failure of performance described in sub-clause (ii) of this
        Section 9.01(f), the Company shall promptly reimburse the Purchaser, any
        Depositor, as applicable, and each Person responsible for the preparation,
        execution or filing of any report required to be filed with the Commission
        with
        respect to such Securitization Transaction, or for execution of a certification
        pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with
        respect
        to such Securitization Transaction, for all costs reasonably incurred by
        each
        such party in order to obtain the information, report, certification,
        accountants’ letter or other material not delivered as required by the Company,
        any Subservicer, any Subcontractor or any Third-Party Originator. 

      

      This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

      

      
        	 	
                (g)

              	
                The
                  Purchaser shall indemnify the Company, each affiliate of the Company,
                  each
                  Person who controls any of such parties or the Company (within
                  the meaning
                  of Section 15 of the Securities Act and Section 20 of the Exchange
                  Act)
                  and the respective present and former directors, officers, employees
                  and
                  agents of each of the foregoing and of the Company, and shall hold
                  each of
                  them harmless from and against any losses, damages, penalties,
                  fines,
                  forfeitures, legal fees and expenses and related costs, judgments,
                  and any
                  other costs, fees and expenses that any of them may sustain arising
                  out of
                  or based upon: 

              

      

      

      
        
          
          

        

        
          75

          
            

          

        

        
          
          

        

      

      (i) any
        untrue statement of a material fact contained or alleged to be contained
        in any
        offering materials related to a Securitization Transaction, including without
        limitation the registration statement, prospectus, prospectus supplement,
        any
        private placement memorandum, any free writing prospectuses, any ABS
        informational and computational material, and any amendments or supplements
        to
        the foregoing (collectively, the “Securitization Materials”) or 

      

      (ii) the
        omission or alleged omission to state in the Securitization Materials a material
        fact required to be stated in the Securitization Materials or necessary in
        order
        to make the statements therein, in the light of the circumstances under which
        they were made, not misleading, 

      

      but
        only
        to the extent that such untrue statement or alleged untrue statement or omission
        or alleged omission is other than a statement or omission arising out of,
        resulting from, or based upon the Company Information; provided
        however,
        that
        notwithstanding the forgoing, in the event that HSBC Bank USA, National
        Association or any of its Affiliates enters into a Securitization Transaction,
        HSBC Bank USA, National Association shall remain obligated to indemnify the
        Company pursuant to this Section 9.01(g). 

      

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Purchaser agrees that it shall
        contribute to the amount paid or payable by such Indemnified Party as a result
        of any claims, losses, damages or liabilities incurred by such Indemnified
        Party
        in such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Purchaser on the other.

      

      This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

      

      The
        Purchaser and the Company acknowledge and agree that the purpose of Section
        9.01(e) is to facilitate compliance by the Purchaser and any Depositor with
        the
        provisions of Regulation AB and related rules and regulations of the Commission.
        Although Regulation AB is applicable by its terms only to offerings of
        asset-backed securities that are registered under the Securities Act, the
        Company acknowledges that investors in privately offered securities may require
        that the Purchaser or any Depositor provide comparable disclosure in
        unregistered offerings. References in this Agreement to compliance with
        Regulation AB include provisions of comparable disclosure in private
        offerings.

      

      Neither
        the Purchaser nor any Depositor shall exercise its right to request delivery
        of
        information or other performance under these provisions other than in good
        faith, or for purposes other than compliance with the Securities Act, the
        Exchange Act and the rules and regulations of the Commission thereunder (or
        the
        provision in a private offering of disclosure comparable to that required
        under
        the Securities Act) and the Sarbanes-Oxley Act. The Company acknowledges
        that
        interpretations of the requirements of Regulation AB may change over time,
        whether due to interpretive guidance provided by the Commission or its staff,
        consensus among participants in the asset-backed securities markets, advice
        of
        counsel, or otherwise, and agrees to comply with requests made by the Purchaser
        or any Depositor in good faith for delivery of information under these
        provisions on the basis of established and evolving interpretations of
        Regulation AB. In connection with any Securitization Transaction, the Company
        shall cooperate fully with the Purchaser to deliver to the Purchaser (including
        any of its assignees or designees) and any Depositor, any and all statements,
        reports, certifications, records and any other information necessary in the
        good
        faith determination of the Purchaser or any Depositor to permit the Purchaser
        or
        such Depositor to comply with the provisions of Regulation AB, together with
        such disclosures relating to the Company, any Subservicer, any Third-Party
        Originator and the Mortgage Loans, or the servicing of the Mortgage Loans,
        reasonably believed by the Purchaser or any Depositor to be necessary in
        order
        to effect such compliance. 

      

      
        
          
          

        

        
          76

          
            

          

        

        
          
          

        

      

      The
        Purchaser (including any of its assignees or designees) shall cooperate with
        the
        Company by providing timely notice of requests for information under these
        provisions and by reasonably limiting such requests to information required,
        in
        the Purchaser’s reasonable judgment, to comply with Regulation AB.

      

      In
        the
        event the Purchaser has elected to have the Company hold record title to
        the
        Mortgages, prior to the Reconstitution Date the Company shall prepare an
        Assignment of Mortgage in blank or to the trustee from the Company acceptable
        to
        the trustee for each Mortgage Loan that is part of the Whole Loan Transfers,
        Agency Transfers or Securitization Transactions. The Purchaser shall pay
        all
        preparation and recording costs associated therewith, if such Assignments
        of
        Mortgage have been previously prepared and recorded in the name of the Purchaser
        or its designee. The Company shall execute each Assignment of Mortgage, track
        such Assignments of Mortgage to ensure they have been recorded and deliver
        them
        as required by the trustee upon the Company's receipt thereof. Additionally,
        the
        Company shall prepare and execute, at the direction of the Purchaser, any
        note
        endorsements in connection with any and all seller/servicer
        agreements.

      

      All
        Mortgage Loans (i) not sold or transferred pursuant to Whole Loan Transfers,
        Agency Transfers or Securitization Transactions or (ii) that are subject
        to a
        Securitization Transaction for which the related trust is terminated for
        any
        reason, shall remain subject to this Agreement and shall continue to be serviced
        in accordance with the terms of this Agreement and with respect thereto this
        Agreement shall remain in full force and effect.

      

      ARTICLE
        X

      

      DEFAULT

      

      Section
        10.01 Events
        of Default.

      

      Each
        of
        the following shall constitute an Event of Default on the part of the
        Company:

      

      
        	 	
                (i)

              	
                any
                  failure by the Company to remit to the Purchaser any payment required
                  to
                  be made under the terms of this Agreement which continues unremedied
                  for a
                  period of two (2) Business Days after the date upon which written
                  notice
                  of such failure, requiring the same to be remedied, shall have
                  been given
                  to the Company by the Purchaser; or

              

      

      

      
        
          
          

        

        
          77

          
            

          

        

        
          
          

        

      

      
        	 	
                (ii)

              	
                failure
                  by the Company duly to observe or perform in any material respect
                  any
                  other of the covenants or agreements on the part of the Company
                  set forth
                  in this Agreement or in the Custodial Agreement which continues
                  unremedied
                  for a period of sixty (60) days (except that such number of days
                  shall be
                  fifteen (15) in the case of a failure to pay any premium for any
                  insurance
                  policy required to be maintained to be maintained under this Agreement)
                  after the date on which written notice of such failure, requiring
                  the same
                  to be remedied, shall have been given to the Company by the Purchaser
                  or
                  by the Custodian; or

              

      

      

      
        	 	
                (iii)

              	
                failure
                  by the Company to maintain its license to do business in any jurisdiction
                  where the Mortgaged Property is located if such license is required;
                  or

              

      

      

      
        	 	
                (iv)

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

              

      

      

      
        	 	
                (v)

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

              

      

      

      
        	 	
                (vi)

              	
                the
                  Company 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, bankruptcy or reorganization statute, make an assignment
                  for
                  the benefit of its creditors, voluntarily suspend payment of its
                  obligations or cease its normal business operations for three (3)
                  Business
                  Days; or 

              

      

      

      
        	 	
                (vii)

              	
                the
                  Company ceases to meet the qualifications of a Fannie Mae or Freddie
                  Mac
                  seller/servicer; or

              

      

      

      
        	 	
                (viii)

              	
                the
                  Company attempts to assign its right to servicing compensation
                  hereunder
                  or to assign this Agreement or the servicing responsibilities hereunder
                  or
                  to delegate its duties hereunder or any portion thereof in violation
                  of
                  Section 8.04; or

              

      

      

      
        	 	
                (ix)

              	
                an
                  Event of Default as set forth in Section
                  6.07.

              

      

      

      In
        each
        and every such case, so long as an Event of Default shall not have been
        remedied, in addition to whatever rights the Purchaser may have at law or
        equity
        to damages, including injunctive relief and specific performance, the Purchaser,
        by notice in writing to the Company, may terminate all the rights and
        obligations of the Company as servicer under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof.

      

      
        
          
          

        

        
          78

          
            

          

        

        
          
          

        

      

      Upon
        receipt by the Company of such written notice, all authority and power of
        the
        Company under this Agreement, whether with respect to the Mortgage Loans
        or
        otherwise, shall pass to and be vested in the successor appointed pursuant
        to
        Section 12.01. Upon written request from any Purchaser, the Company shall
        prepare, execute and deliver to the successor entity designated by the Purchaser
        any and all documents and other instruments, and do or cause to be done all
        other acts or things necessary or appropriate to effect the purposes of such
        notice of termination, including but not limited to the transfer and endorsement
        or assignment of the Mortgage Loans and related documents, at the Company's
        sole
        expense. The Company shall cooperate with the Purchaser and such successor
        in
        effecting the termination of the Company's responsibilities and rights
        hereunder, including without limitation, the transfer to such successor for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans. 

      

      Section
        10.02 Waiver
        of Defaults.

      

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

      

      ARTICLE
        XI

      

      TERMINATION

      

      Section
        11.01 Termination.

      

      This
        Agreement shall terminate upon either: (i) the later of the final payment
        or
        other liquidation (or any advance with respect thereto) of the last Mortgage
        Loan or the disposition of any REO Property with respect to the last Mortgage
        Loan and the remittance of all funds due hereunder, or (ii) mutual consent
        of
        the Company and the Purchaser in writing.

      

      Section
        11.02 Termination
        Without Cause.

      

      The
        Purchaser may terminate, at its sole option, any rights the Company may have
        hereunder, without cause as provided in this Section 11.02. Any such notice
        of
        termination shall be in writing and delivered to the Company by registered
        mail
        as provided in Section 12.05.

      

      The
        Company shall be entitled to receive, as such liquidated damages, upon the
        transfer of the servicing rights, an amount equal to: (i) 2.75% of the aggregate
        outstanding principal amount of the Mortgage Loans as of the termination
        date
        paid by the Purchaser to the Company with respect to all of the Mortgage
        Loans
        for which a servicing fee rate of .25% is paid per annum, (ii) 3.25% of the
        aggregate outstanding principal amount of the Mortgage Loans as of the
        termination date paid by the Purchaser to the Company with respect to all
        of the
        Mortgage Loans for which a servicing fee rate of .375% is paid per annum,
        and
        (iii) 3.75% of the aggregate outstanding principal amount of the Mortgage
        Loans
        as of the termination date paid by the Purchaser to the Company with respect
        to
        all of the Mortgage Loans for which a servicing fee rate of .44% or greater
        is
        paid per annum.

      

      
        
          
          

        

        
          79

          
            

          

        

        
          
          

        

      

      ARTICLE
        XII

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        12.01 Successor
        to Company.

      

      Prior
        to
        termination of the Company's responsibilities and duties under this Agreement
        pursuant to Sections 8.04, 10.01, 11.01 (ii) or pursuant to Section 11.02
        the
        Purchaser shall, (i) succeed to and assume all of the Company's
        responsibilities, rights, duties and obligations under this Agreement, or
        (ii)
        appoint a successor having the characteristics set forth in Section 8.02
        and
        which shall succeed to all rights and assume all of the responsibilities,
        duties
        and liabilities of the Company under this Agreement prior to the termination
        of
        Company's responsibilities, duties and liabilities under this Agreement.
        In
        connection with such appointment and assumption, the Purchaser may make such
        arrangements for the compensation of such successor out of payments on Mortgage
        Loans as it and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of the Purchaser or such successor. The
        resignation or removal of the Company as servicer pursuant to the aforementioned
        sections shall not become effective until a successor shall be appointed
        pursuant to this Section 12.01 and shall in no event relieve the Company
        of the
        representations and warranties made pursuant to Sections 3.01 and 3.02 and
        the
        remedies available to the Purchaser under Sections 3.03 and 8.01, it being
        understood and agreed that the provisions of such Sections 3.01, 3.02, 3.03
        and
        8.01 shall be applicable to the Company notwithstanding any such sale,
        assignment, resignation or termination of the Company, or the termination
        of
        this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        wherein the successor shall make the representations and warranties set forth
        in
        Section 3.01, except for subsection (h) with respect to the sale of the Mortgage
        Loans and subsections (i) and (k) thereof, whereupon such successor shall
        become
        fully vested with all the rights, powers, duties, responsibilities, obligations
        and liabilities of the Company, with like effect as if originally named as
        a
        party to this Agreement. Any termination or resignation of the Company as
        servicer or termination of this Agreement pursuant to Section 8.04, 10.01,
        11.01
        or 11.02 shall not affect any claims that any Purchaser may have against
        the
        Company arising out of the Company's actions or failure to act prior to any
        such
        termination or resignation.

      

      
        
          
          

        

        
          80

          
            

          

        

        
          
          

        

      

      The
        Company shall deliver promptly to the successor servicer the funds in the
        Custodial Account, REO Account and Escrow Account and the Servicing Files
        and
        related documents and statements held by it hereunder and the Company shall
        account for all funds and shall execute and deliver such instruments and
        do such
        other things as may reasonably be required to more fully and definitively
        vest
        in the successor all such rights, powers, duties, responsibilities, obligations
        and liabilities of the Company as servicer, including making any transfers
        on
        the MERS System. The successor shall make arrangements as it may deem
        appropriate to reimburse the Company for amounts the Company actually expended
        as servicer pursuant to this Agreement which the successor is entitled to
        retain
        hereunder and which would otherwise have been recovered by the Company pursuant
        to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the Company shall notify by
        mail
        the Purchaser of such appointment in accordance with the procedures set forth
        in
        Section 12.05.

      

      Section
        12.02 Amendment.

      

      This
        Agreement may be amended from time to time by written agreement signed by
        the
        Company and the Purchaser.

      

      Section
        12.03 Governing
        Law.

      

      This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York without regard to any conflicts of law provisions and the obligations,
        rights and remedies of the parties hereunder shall be determined in accordance
        with the laws of the State of New York, except to the extent preempted by
        Federal law.

      

      Each
        of
        the Company and the Purchaser hereby knowingly, voluntarily and intentionally
        waives any and all rights it may have to a trial by jury in respect or any
        litigation based on, or arising out of, under, or in connection with, this
        Agreement, or any other documents and instruments executed in connection
        herewith, or any course of conduct, course of dealing, statements (whether
        oral
        or written), or actions of the Company or the Purchaser. This provision is
        a
        material inducement for the Purchaser to enter into this Agreement.

      

      Section
        12.04 Duration
        of Agreement.

      

      This
        Agreement shall continue in existence and effect until terminated as herein
        provided. This Agreement shall continue notwithstanding transfers of the
        Mortgage Loans by the Purchaser.

      

      Section
        12.05 Notices.

      

      All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered at or mailed by
        registered mail, postage prepaid, addressed as follows:

      

      
        	 	
                (i)

              	
                if
                  to the Company with respect to servicing
                  issues:

              

      

      

      
        
          
          

        

        
          81

          
            

          

        

        
          
          

        

      

      Wells
        Fargo Bank, N.A.

      1
        Home
        Campus

      Des
        Moines, IA 50328-0001

      Attention:
        John B. Brown, MAC X2302-033

      Fax:
        515/324-3118 

      

      
        	 	
                (ii)

              	
                if
                  to the Company with respect to all other
                  issues:

              

      

      

      Wells
        Fargo Bank, N.A.

      7430
        New
        Technology Way

      Frederick,
        MD 21703

      Attention:
        Structured Finance Manager, MAC X3906-012

      Fax:
        301/846-8152

      

      In
        each
        instance, with a copy to:

      

      Wells
        Fargo Bank, N.A.

      1
        Home
        Campus

      Des
        Moines, Iowa 50328-0001

      Attention:
        General Counsel MAC X2401-06T

      

      or
        such
        other address as may hereafter be furnished to the Purchaser in writing by
        the
        Company;

      

      
        	 	
                (ii)

              	
                HSBC
                  if to Purchaser:

              

      

      

      HSBC
        Bank
        USA, National Association.

      250
        North
        Avenue

      New
        Rochelle, New York 10801

      Attn:
        Jiwun Kim

      

      or
        such
        other address as may hereafter be furnished to the Company in writing by
        the
        Purchaser;

      

      Section
        12.06 Severability
        of Provisions.

      

      If
        any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be held invalid for any reason whatsoever, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this Agreement.
        To the extent permitted by applicable law, the parties hereto waive any
        provision of law which prohibits or renders void or unenforceable any provision
        hereof. If the invalidity of any part, provision, representation or warranty
        of
        this Agreement shall deprive any party of the economic benefit intended to
        be
        conferred by this Agreement, the parties shall negotiate, in good-faith,
        to
        develop a structure the economic effect of which is nearly as possible the
        same
        as the economic effect of this Agreement without regard to such
        invalidity.

      

      
        
          
          

        

        
          82

          
            

          

        

        
          
          

        

      

      Section
        12.07 Relationship
        of Parties.

      

      Nothing
        herein contained shall be deemed or construed to create a partnership or
        joint
        venture between the parties hereto and the services of the Company shall
        be
        rendered as an independent contractor and not as agent for the
        Purchaser.

      

      Section
        12.08 Execution;
        Successors and Assigns.

      

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. Subject to Section 8.04, this Agreement shall inure
        to
        the benefit of and be binding upon the Company and the Purchaser and their
        respective successors and assigns. The parties agree that this Agreement
        and
        signature pages thereof may be transmitted between them by facsimile and
        that
        faxed signatures may constitute original signatures and that a faxed signature
        page containing the signature (faxed or original) is binding on the
        parties.

      

      Section
        12.09 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments of Mortgage is
        subject to recordation in all appropriate public offices for real property
        records in all the counties or other comparable jurisdictions in which any
        or
        all of the Mortgaged Properties are situated, and in any other appropriate
        public recording office or elsewhere, such recordation to be effected at
        the
        Company's expense in the event recordation is either necessary under applicable
        law or requested by the Purchaser at its sole option.

      

      Section
        12.10 Assignment
        by Purchaser.

      

      The
        Purchaser shall have the right, without the consent of the Company to assign,
        in
        whole or in part, its interest under this Agreement with respect to some
        or all
        of the Mortgage Loans, and designate any Person to exercise any rights of
        the
        Purchaser hereunder, by executing an assignment, assumption and recognition
        agreement substantially in the form attached as Exhibit I, and the assignee
        or
        designee shall accede to the rights and obligations hereunder of the Purchaser
        with respect to such Mortgage Loans. Upon any such assignment, the Person
        to
        whom such assignment is made shall succeed to all rights and obligations
        of the
        Purchaser under this Agreement to the extent of the related Mortgage Loan
        or
        Mortgage Loans and this Agreement, to the extent of the related Mortgage
        Loan or
        Loans, shall be deemed to be a separate and distinct Agreement between the
        Company and such Purchaser, and a separate and distinct Agreement between
        the
        Company and each other Purchaser to the extent of the other related Mortgage
        Loan or Loans. In the event that this Agreement is assigned to any Person
        to
        whom the servicing or master servicing of any Mortgage Loan is sold or
        transferred, the rights and benefits under this agreement which inure to
        the
        Purchaser shall inure to the benefit of both the Person to whom such Mortgage
        Loan is transferred and the Person to whom the servicing or master servicing
        of
        the Mortgage Loan has been transferred; provided that, the right to require
        a
        Mortgage Loan to be repurchased by the Company pursuant to this Agreement
        shall
        be retained solely by the Purchaser. All references to the Purchaser in this
        Agreement shall be deemed to include its assignee or designee. 

      

      
        
          
          

        

        
          83

          
            

          

        

        
          
          

        

      

      Section
        12.11 Solicitation
        of Mortgagor.

      

      Neither
        party shall, after the Closing Date, take any action to solicit the refinancing
        of any Mortgage Loan. It is understood and agreed that neither (i) promotions
        undertaken by either party or any affiliate of either party which are directed
        to the general public at large, including, without limitation, mass mailings
        based upon commercially acquired mailing lists, newspaper, radio, television
        advertisements nor (ii) serving the refinancing needs of a Mortgagor who,
        without solicitation, contacts either party in connection with the refinance
        of
        such Mortgage or Mortgage Loan, shall constitute solicitation under this
        Section. The provisions of this Section 12.11 shall survive the termination
        of
        this Agreement

      

      Section
        12.12 Further
        Agreements.

      

      The
        Purchaser and the Company each agree to execute and deliver to the other
        such
        additional documents, instruments or agreements as may be necessary or
        appropriate to effectuate the purposes of this Agreement.

      

      Section
        12.13 General
        Interpretive Principles. 

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i) the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii) accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

      

      (iii) references
        herein to "Articles", "Sections", "Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv) a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v) the
        words
        "herein", "hereof", "hereunder" and other words of similar import refer to
        this
        Agreement as a whole and not to any particular provision; and

      

      (vi) the
        term
        "include" or "including" shall mean without limitation by reason of
        enumeration.

      

      
        
          
          

        

        
          84

          
            

          

        

        
          
          

        

      

      Section
        12.14 Waivers.
        

      

      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.

      

      Section
        12.15 Exhibits.
        

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        12.16 Reproduction
        of Documents.
        

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (a)
        consents, waivers and modifications which may hereafter be executed, (b)
        documents received by any party at the closing, and (c) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        12.17 Third
        Party Beneficiary.
        

      

      For
        purposes of this Agreement, any Master Servicer shall be considered a third
        party beneficiary to this Agreement entitled to all the rights and benefits
        accruing to any Master Servicer herein as if it were a direct party to this
        Agreement.

      

      Section
        12.18 Intention
        of the Parties.
        

      

      
        
          
          

        

        
          85

          
            

          

        

        
          
          

        

      

      It
        is the
        intention of the parties that the Purchaser is purchasing, and the Company
        is
        selling, the Mortgage Loans and not a debt instrument of the Company or another
        security. Accordingly, the parties hereto each intend to treat the transaction
        for Federal income tax purposes as a sale by the Company, and a purchase
        by the
        Purchaser, of the Mortgage Loans. The Purchaser shall have the right to review
        the Mortgage Loans and the related Mortgage Loan Files to determine the
        characteristics of the Mortgage Loans which shall affect the Federal income
        tax
        consequences of owning the Mortgage Loans and the Company shall cooperate
        with
        all reasonable requests made by the Purchaser in the course of such review.
        In
        the event, for any reason, any transaction contemplated herein is construed
        by
        any court or regulatory authority as a borrowing rather than as a sale, the
        Company and the Purchaser intend that the Purchaser or its assignee, as the
        case
        may be, shall have a perfected first priority security interest in the Mortgage
        Loans, the Custodial Account and the proceeds of any and all of the foregoing
        (collectively, the “Collateral”), free and clear of adverse claims. In such
        case, the Company shall be deemed to have hereby granted to the Purchaser
        or its
        assignee, as the case may be, a first priority security interest in and lien
        upon the Collateral, free and clear of adverse claims. In such event, the
        related Commitment Letter and this Agreement shall constitute a security
        agreement, the Custodian shall be deemed to be an independent custodian for
        purposes of perfection of the security interest granted to the Purchaser
        or its
        assignee, as the case may be, and the Purchaser or its assignee, as the case
        may
        be, shall have all of the rights of a secured party under applicable
        law.

      

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            86

            
              

            

          

          
            
            

          

        

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      
        	
                HSBC
                  BANK USA, NATIONAL.

              	
                WELLS
                  FARGO BANK, N.A.

              
	
                ASSOCIATION

              	 
	
                Purchaser

              	
                Company

              
	 	 
	
                By:
                  _______________________________

              	
                By:
                  _______________________________

              
	 	 
	
                Name:
                  _____________________________

              	
                Name:
                  _____________________________

              
	 	 
	
                Title:
                  ______________________________

              	
                Title:
                  ______________________________

              

      

      

      
        
          
          

        

        
          87

          
            

          

        

        
          
          

        

      

      

      

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )   ss:

              
	
                COUNTY
                  OF ___________

              	
                )

              

      

      

      On
        the
        _____ day of _______________, 20___ before me, a Notary Public in and for
        said
        State, personally appeared ______, known to me to be _________ of Wells Fargo
        Bank, N.A., the national banking association that executed the within instrument
        and also known to me to be the person who executed it on behalf of said bank,
        and acknowledged to me that such bank executed the within
        instrument.

      

      IN
        WITNESS WHEREOF, I have hereunto set my hand affixed my office seal the day
        and
        year in this certificate first above written.

      

      

      

        ____________________________________

        Notary
          Public

        

        My
          Commission expires __________________  

      

      
        
          
          

        

        
          88

          
            

          

        

        
          
          

        

      

      

      

      
        	
                STATE
                  OF 

              	
                )

              
	 	
                )           ss:

              
	
                COUNTY
                  OF 

              	
                )

              

      

      

      On
        the
        _____ day of _______________, 20___ before me, a Notary Public in and for
        said
        State, personally appeared _______________________________, known to me to
        be
        the _____________________ of _____________________, the 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 affixed my office seal the day
        and
        year in this certificate first above written.

      

      

      

        ____________________________________

        Notary
          Public

        

        My
          Commission expires __________________ 

      

         

      

      
        
          
          

        

        
          89

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-1

      

      MORTGAGE
        LOAN SCHEDULE

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-2

      

      MORTGAGE
        LOAN SCHEDULE

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      CONTENTS
        OF EACH CUSTODIAL

      MORTGAGE
        FILE AND SERVICING FILE

       

      With
        respect to each Mortgage Loan, the Custodial Mortgage File shall include
        each of
        the following items, which shall be available for inspection by the Purchaser
        and any prospective Purchaser, and which shall be retained by the Company
        in the
        Servicing File or delivered to the Custodian pursuant to Sections 2.01 and
        2.03
        of the Seller’s Warranties and Servicing Agreement to which this Exhibit is
        attached (the "Agreement"):

       

      With
        respect to each Custodial Mortgage File:

      

      
        	 	
                1.

              	
                The
                  original Mortgage Note bearing all intervening endorsements, endorsed
                  "Pay
                  to the order of __________ without recourse" and signed in the
                  name of the
                  Company by an authorized officer (in the event that the Mortgage
                  Loan was
                  acquired by the Company in a merger, the signature must be in the
                  following form: "[Company], successor by merger to [name of predecessor]";
                  and in the event that the Mortgage Loan was acquired or originated
                  by the
                  Company while doing business under another name, the signature
                  must be in
                  the following form: "[Company], formerly known as [previous
                  name]").

              

      

      

      
        	 	
                2.

              	
                The
                  originals or certified true copies of any document sent for recordation
                  of
                  all assumption, modification, consolidation or extension agreements,
                  with
                  evidence of recording thereon.

              

      

      

      
        	 	
                3.

              	
                Except
                  in the case of MERS Mortgage Loans, the original Assignment of
                  Mortgage
                  for each Mortgage Loan, in form and substance acceptable for recording
                  (except for the insertion of the name of the assignee and recording
                  information). The Assignment of Mortgage must be duly recorded
                  only if
                  recordation is either necessary under applicable law or commonly
                  required
                  by private institutional mortgage investors in the area where the
                  Mortgaged Property is located or on direction of the Purchaser.
                  If the
                  Assignment of Mortgage is to be recorded, the Mortgage shall be
                  assigned
                  to the Purchaser. If the Assignment of Mortgage is not to be recorded,
                  the
                  Assignment of Mortgage shall be delivered in blank. If the Mortgage
                  Loan
                  was acquired by the Company in a merger, the Assignment of Mortgage
                  must
                  be made by "[Company], successor by merger to [name of predecessor]."
                  If
                  the Mortgage Loan was acquired or originated by the Company while
                  doing
                  business under another name, the Assignment of Mortgage must be
                  by
                  "[Company], formerly know as [previous name]."

              

      

      

      
        	 	
                4.

              	
                The
                  original of any guarantee executed in connection with the Mortgage
                  Note.

              

      

      

      
        	 	
                5.

              	
                Original
                  or certified copy of power of attorney, if
                  applicable.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	 	
                6.

              	
                The
                  original Mortgage, with evidence of recording thereon or a certified
                  true
                  and correct copy of the Mortgage sent for recordation. If in connection
                  with any Mortgage Loan, the Company cannot deliver or cause to
                  be
                  delivered the original Mortgage with evidence of recording thereon
                  on or
                  prior to the Closing Date because of a delay caused by the public
                  recording office where such Mortgage has been delivered for recordation
                  or
                  because such Mortgage has been lost or because such public recording
                  office retains the original recorded Mortgage, the Company shall
                  deliver
                  or cause to be delivered to the Custodian, a photocopy of such
                  Mortgage,
                  together with (i) in the case of a delay caused by the public recording
                  office, an Officer's Certificate of the Company stating that such
                  Mortgage
                  has been dispatched to the appropriate public recording office
                  for
                  recordation and that the original recorded Mortgage or a copy of
                  such
                  Mortgage certified by such public recording office to be a true
                  and
                  complete copy of the original recorded Mortgage will be promptly
                  delivered
                  to the Custodian upon receipt thereof by the Company; or (ii) in
                  the case
                  of a Mortgage where a public recording office retains the original
                  recorded Mortgage or in the case where a Mortgage is lost after
                  recordation in a public recording office, a copy of such Mortgage
                  certified by such public recording office [or by the title insurance
                  company that issued the title policy] to be a true and complete
                  copy of
                  the original recorded Mortgage.

              

      

      

      For
        each
        MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN
        for
        that Mortgage Loan and either language indicating that the Mortgage Loan
        was
        originated in the name of MERS, or if the Mortgage Loan was not originated
        in
        the name of MERS, the original Mortgage and the assignment to MERS, with
        evidence of recording thereon. Further, with respect to MERS Mortgage Loans,
        (a)
        the Mortgage names MERS as the Mortgagee and (b) the requirements set forth
        in
        the Electronic Tracking Agreement have been satisfied, with a conformed recorded
        copy to follow as soon as the same is received by the Company.

      

      
        	 	
                7.

              	
                Except
                  in the case of MERS Mortgage Loans, originals or certified true
                  copies of
                  documents sent for recordation of all intervening assignments of
                  the
                  Mortgage with evidence of recording thereon, or if any such intervening
                  assignment has not been returned from the applicable recording
                  office or
                  has been lost or if such public recording office retains the original
                  recorded assignments of mortgage, the Company shall deliver or
                  cause to be
                  delivered to the Custodian, a photocopy of such intervening assignment,
                  together with (i) in the case of a delay caused by the public recording
                  office, an Officer's Certificate of the Company stating that such
                  intervening assignment of mortgage has been dispatched to the appropriate
                  public recording office for recordation and that such original
                  recorded
                  intervening assignment of mortgage or a copy of such intervening
                  assignment of mortgage certified by the appropriate public recording
                  office or by the title insurance company that issued the title
                  policy to
                  be a true and complete copy of the original recorded intervening
                  assignment of mortgage will be promptly delivered to the Custodian
                  upon
                  receipt thereof by the Company; or (ii) in the case of an intervening
                  assignment where a public recording office retains the original
                  recorded
                  intervening assignment or in the case where an intervening assignment
                  is
                  lost after recordation in a public recording office, a copy of
                  such
                  intervening assignment certified by such public recording office
                  to be a
                  true and complete copy of the original recorded intervening
                  assignment.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	 	
                8.

              	
                The
                  electronic form of PMI Policy as identified by certificate
                  number.

              

      

      

      
        	 	
                9.

              	
                The
                  original mortgagee policy of title insurance or other evidence
                  of title
                  such as a copy of the title commitment or copy of the preliminary
                  title
                  commitment.

              

      

      

      
        	 	
                10.

              	
                Any
                  security agreement, chattel mortgage or equivalent executed in
                  connection
                  with the Mortgage.

              

      

      

      

      With
        respect to each Mortgage Loan, the Servicing File shall include each of the
        following items to the extent in the possession of the Company or in the
        possession of the Company’s agent(s):

      

      
        	 	
                13.

              	
                The
                  original hazard insurance policy and, if required by law, flood
                  insurance
                  policy, in accordance with Section 4.10 of the
                  Agreement.

              

      

      

      
        	 	
                14.

              	
                Residential
                  loan application.

              

      

      

      
        	 	
                15.

              	
                Mortgage
                  Loan closing statement.

              

      

      

      
        	 	
                16.

              	
                Verification
                  of employment and income, unless originated under the Company's
                  Limited
                  Documentation program, Fannie Mae Timesaver
                  Plus.

              

      

      

      
        	 	
                17.

              	
                Verification
                  of acceptable evidence of source and amount of down payment, including
                  any
                  related asset verification, if
                  applicable.

              

      

      

      
        	 	
                18.

              	
                Credit
                  report on the Mortgagor.

              

      

      

      
        	 	
                19.

              	
                Residential
                  appraisal report, including the related completion certificate,
                  if
                  applicable.

              

      

      

      
        	 	
                20.

              	
                Photograph
                  of the Mortgaged Property.

              

      

      

      
        	 	
                21.

              	
                Survey
                  of the Mortgage property, if required by the title company or applicable
                  law.

              

      

      

      
        	 	
                22.

              	
                Copy
                  of each instrument necessary to complete identification of any
                  exception
                  set forth in the exception schedule in the title policy, i.e. map
                  or plat,
                  restrictions, easements, sewer agreements, home association declarations,
                  etc.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	 	
                23.

              	
                All
                  required disclosure statements.

              

      

      

      
        	 	
                24.

              	
                If
                  available, termite report, structural engineer's report, water
                  potability
                  and septic certification.

              

      

      

      
        	 	
                25.

              	
                Sales
                  contract, if applicable.

              

      

      

      
        	 	
                26.

              	
                Evidence
                  of payment of taxes and insurance premiums, insurance claim files,
                  correspondence, current and historical computerized data files,
                  and all
                  other processing, underwriting and closing papers and records which
                  are
                  customarily contained in a mortgage loan file and which are required
                  to
                  document the Mortgage Loan or to service the Mortgage
                  Loan.

              

      

      

      
        	 	
                27.

              	
                Amortization
                  schedule, if available.

              

      

      

      
        	 	
                28.

              	
                Payment
                  history for any Mortgage Loan that has been closed for more than
                  90
                  days.

              

      

      

      In
        the
        event an Officer's Certificate of the Company is delivered to the Custodian
        because of a delay caused by the public recording office in returning any
        recorded document, the Company shall deliver to the Custodian, within 240
        days
        of the Closing Date, an Officer's Certificate which shall (i) identify the
        recorded document, (ii) state that the recorded document has not been delivered
        to the Custodian due solely to a delay caused by the public recording office,
        (iii) state the amount of time generally required by the applicable recording
        office to record and return a document submitted for recordation, and (iv)
        specify the date the applicable recorded document will be delivered to the
        Custodian. The Company shall be required to deliver to the Custodian the
        applicable recorded document by the date specified in (iv) above. An extension
        of the date specified in (iv) above may be requested from the Purchaser,
        which
        consent shall not be unreasonably withheld.

       

      Notwithstanding
        Paragraphs 1 and 3 above, the Purchaser acknowledges that the Company may
        deliver (i) a Mortgage Note for which the chain of endorsements is not identical
        to that of the intervening Assignments with respect to such Mortgage Note,
        which
        shall not affect the enforceability of such Mortgage Note, and/or (ii)
        intervening Assignments which are not identical to the chain of endorsements
        with respect to such Mortgage Note, which shall not affect the validity of
        such
        intervening Assignments; provided, however, that such acknowledgment shall
        in no
        way operate to negate the Purchaser's remedies for the Company’s breach of the
        representations and warranties under this Agreement.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

      

      DATA
        FILE ELEMENTS

      

      
        	 	
                (1)

              	
                the
                  street address of the Mortgaged Property including the city, state,
                  county
                  and zip code;

              

      

      

      
        	 	
                (2)

              	
                a
                  code indicating whether the Mortgaged Property is a single family
                  residence, a 2-4 family dwelling, a PUD, a cooperative, a townhouse,
                  manufactured housing or a unit in a condominium
                  project;

              

      

      

      
        	 	
                (3)

              	
                the
                  Mortgage Interest Rate as of the Cut-off
                  Date;

              

      

      

      
        	 	
                (4)

              	
                the
                  current Monthly Payment;

              

      

      

      
        	 	
                (5)

              	
                original
                  loan term, number of months;

              

      

      

      
        	 	
                (6)

              	
                the
                  stated maturity date;

              

      

      

      
        	 	
                (7)

              	
                the
                  Stated Principal Balance of the Mortgage Loan as of the close of
                  business
                  on the Cut-off Date, after deduction of payments of principal due
                  on or
                  before the Cut-off Date;

              

      

      

      
        	 	
                (8)

              	
                the
                  Loan-to-Value Ratio;

              

      

      

      
        	 	
                (9)

              	
                a
                  code indicating whether the Mortgage Loan is an Interest Only Mortgage
                  Loan and the term of such Interest Only Mortgage
                  Loan;

              

      

      

      
        	 	
                (10)

              	
                a
                  code indicating whether the Mortgage Loan is a temporary buydown
                  (Y or
                  N);

              

      

      

      
        	 	
                (11)

              	
                the
                  Servicing Fee Rate;

              

      

      

      
        	 	
                (12)

              	
                a
                  code indicating whether the Mortgage Loan is covered by lender-paid
                  mortgage insurance (Y or N);

              

      

      

      
        	 	
                (13)

              	
                a
                  code indicating whether the Mortgage Loan is a Time$aver® Mortgage Loan (Y
                  or N);

              

      

      

      
        	 	
                (14)

              	
                the
                  Mortgagor's first and last name;

              

      

      

      
        	 	
                (15)

              	
                a
                  code indicating whether the Mortgaged Property is owner-occupied,
                  a second
                  home or an investment property;

              

      

      
        	 	
                (16)

              	
                the
                  remaining months to maturity from the Cut-off Date, based on the
                  original
                  amortization schedule; 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (17)

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

              

      

      

      
        	 	
                (18)

              	
                the
                  last Due Date on which a Monthly Payment was actually applied to
                  the
                  actual principal balance; 

              

      

      

      
        	 	
                (19)

              	
                the
                  original principal amount of the Mortgage Loan;

              

      

      

      
        	 	
                (20)

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

              

      

      

      
        	 	
                (21)

              	
                the
                  Mortgage Interest Rate at origination;

              

      

      

      
        	 	
                (22)

              	
                a
                  code indicating the documentation style (i.e., full (providing
                  two (2)
                  years employment verification - two (2) years W-2’s and current pay stub
                  or two (2) years 1040’s for self employed borrowers), alternative or
                  reduced);

              

      

      

      
        	 	
                (23)

              	
                a
                  code indicating if the Mortgage Loan is subject to a PMI
                  Policy;

              

      

      

      
        	 	
                (24)

              	
                the
                  Appraised Value of the Mortgage
                  Property;

              

      

      

      
        	 	
                (25)

              	
                the
                  sale price of the Mortgaged Property, if
                  applicable;

              

      

      

      
        	 	
                (26)

              	
                the
                  Mortgagor’s FICO Score;

              

      

      

      
        	 	
                (27)

              	
                term
                  of Prepayment Penalty in years;

              

      

      

      
        	 	
                (28)

              	
                a
                  code indicating the product type;

              

      

      

      
        	 	
                (29)

              	
                a
                  code indicating the credit grade of the Mortgage
                  Loan;

              

      

      

      
        	 	
                (30)

              	
                the
                  unpaid balance of the Mortgage Loan as of the close of business
                  on the
                  Cut-off Date, after deduction of all payments of
                  principal;

              

      

      

      
        	 	
                (31)

              	
                the
                  Mortgage Note date of the Mortgage
                  Loan;

              

      

      

      
        	 	
                (32)

              	
                the
                  mortgage insurance certificate number and percentage of coverage,
                  if
                  applicable;

              

      

      

      
        	 	
                (33)

              	
                the
                  Mortgagor’s date of birth;

              

      

      

      
        	 	
                (34)

              	
                if
                  the Mortgage Loan is a MERS Mortgage Loan, the MIN Number for each
                  MERS
                  Mortgage Loan;

              

      

      

      
        	 	
                (35)

              	
                employer
                  name;

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (36)

              	
                subsidy
                  program code;

              

      

      
        	 	
                (37)

              	
                servicer
                  name;

              

      

      

      
        	 	
                (38)

              	
                the
                  combined Loan-to-Value Ratio;

              

      

      

      
        	 	
                (39)

              	
                the
                  total Loan-to-Value Ratio;

              

      

      

      
        	 	
                (40)

              	
                whether
                  the Mortgage Loan is convertible (Y or
                  N);

              

      

      

      
        	 	
                (41)

              	
                a
                  code indicating whether the Mortgage Loan is a relocation loan
                  (Y or
                  N);

              

      

      

      
        	 	
                (42)

              	
                a
                  code indicating whether the Mortgage Loan is a leasehold loan (Y
                  or
                  N);

              

      

      

      
        	 	
                (43)

              	
                a
                  code indicating whether the Mortgage Loan is an Alt A loan (Y or
                  N);

              

      

      

      
        	 	
                (44)

              	
                a
                  code indicating whether the Mortgage Loan is a no ratio loan (Y
                  or N);
                  

              

      

      

      
        	 	
                (45)

              	
                a
                  code indicating whether the Mortgage Loan is a Pledged Asset Mortgage
                  Loan
                  (Y or N);

              

      

      

      
        	 	
                (46)

              	
                effective
                  LTV percentage for pledged asset mortgage
                  loan;

              

      

      

      
        	 	
                (47)

              	
                citizenship
                  type code;

              

      

      

      
        	 	
                (48)

              	
                a
                  code indicating whether the Mortgage Loan is a conforming or
                  non-conforming loan, based on the original loan
                  balance;

              

      

      

      
        	 	
                (49)

              	
                the
                  name of the client for which the Mortgage Loan was
                  originated;

              

      

      

      
        	 	
                (50)

              	
                the
                  program code;

              

      

      

      
        	 	
                (51)

              	
                the
                  loan sub doc code;

              

      

      

      
        	 	
                (52)

              	
                a
                  code indicating whether the Mortgage Loan is secured by a first
                  or second
                  lien;

              

      

      

      
        	 	
                (53)

              	
                a
                  code indicating amortization type (1 or
                  2);

              

      

      

      
        	 	
                (54)

              	
                interest-only
                  note payment;

              

      

      

      
        	 	
                (55)

              	
                first
                  full amortization payment date;

              

      

      

      
        	 	
                (56)

              	
                interest-only
                  term, number of months;

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (57)

              	
                remaining
                  interest-only term for Interest-Only Mortgage Loans, number of
                  months;

              

      

      
        	 	
                (58)

              	
                a
                  code indicating whether the Mortgage Loan is a 2nd
                  lien (Y or N);

              

      

      

      
        	 	
                (59)

              	
                a
                  code indicating borrower verification of assets or lender verification
                  of
                  assets (L or B);

              

      

      

      
        	 	
                (60)

              	
                combined
                  current loan balance;

              

      

      

      The
        Company shall provide the following

      For
        the Home Mortgage Disclosure Act (HMDA):

      

      
        	 	
                (61)

              	
                the
                  Mortgagor’s and co-Mortgagor’s (if applicable)
                  ethnicity;

              

      

      

      
        	 	
                (62)

              	
                the
                  Mortgagor’s and co-Mortgagor’s (if applicable)
                  race;

              

      

      

      
        	 	
                (63)

              	
                lien
                  status;

              

      

      

      
        	 	
                (64)

              	
                for
                  cash-out refinance loans, the cash
                  purpose;

              

      

      

      
        	 	
                (65)

              	
                the
                  Mortgagor’s and co-Mortgagor’s (if applicable)
                  gender;

              

      

      

      
        	 	
                (66)

              	
                the
                  Mortgagor’s and co-Mortgagor’s (if applicable) social security
                  numbers;

              

      

      

      
        	 	
                (67)

              	
                the
                  number of units for the property;

              

      

      

      
        	 	
                (68)

              	
                the
                  year in which the property was
                  built;

              

      

      

      
        	 	
                (69)

              	
                the
                  qualifying monthly income of the
                  Mortgagor;

              

      

      

      
        	 	
                (70)

              	
                the
                  number of bedrooms contained in the
                  property;

              

      

      

      
        	 	
                (71)

              	
                a
                  code indicating first time buyer (Y or
                  N);

              

      

      

      
        	 	
                (72)

              	
                the
                  total rental income, if any;

              

      

      

      The
        Company shall provide the following

      for
        the Adjustable Rate Mortgage Loans (if applicable):

      

      
        	 	
                (73)

              	
                the
                  maximum Mortgage Interest Rate under the terms of the Mortgage
                  Note;

              

      

      

      
        	 	
                (74)

              	
                the
                  Periodic Interest Rate Cap;

              

      

      

      
        	 	
                (75)

              	
                the
                  Index;

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	 	
                (76)

              	
                the
                  next Adjustment Date;

              

      

      

      
        	 	
                (77)

              	
                the
                  Gross Margin; and

              

      

      

      
        	 	
                (78)

              	
                the
                  lifetime interest rate cap.

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      DOCUMENT
        CODING

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

      

      FORM
        OF OPINION OF COUNSEL

      

      
 

      @

      @

      @

      @

      

      
        	
                Re:

              	
                Wells
                  Fargo Bank, N.A.

              

      

      
        	 	
                Mortgage
                  Loan Series @

              

      

      

      Dear
        Sir/Madam:

      

      I
        am @ of
        Wells Fargo Bank, N.A. and have acted as counsel to Wells Fargo Bank, N.A.
        (the
“Company”), with respect to certain matters in connection with the sale by the
        Company of the mortgage loans designated as Mortgage Loan Series @ (the
“Mortgage Loans”) pursuant to that certain Seller’s Warranties and Servicing
        Agreement by and between the Company and @ (the “Purchaser”), dated as of @,
        20__, (the “Agreement”), which sale is in the form of whole Mortgage Loans.
        Capitalized terms not otherwise defined herein have the meanings set forth
        in
        the Agreement.

      

      I
        have
        examined the following documents:

      

      
        	
                1.

              	
                the
                  Seller’s Warranties and Servicing
                  Agreement;

              

      

      

      
        	
                2.

              	
                the
                  Custodial Agreement;

              

      

      

      
        	
                3.

              	
                the
                  form of endorsement of the Mortgage Notes;
                  and

              

      

      

      
        	
                4.

              	
                such
                  other documents, records and papers as I have deemed necessary
                  and
                  relevant as a basis for this
                  opinion.

              

      

      

      To
        the
        extent I have deemed necessary and proper, I have relied upon the
        representations and warranties of the Company contained in the Agreement.
        I have
        assumed the authenticity of all documents submitted to me as originals, the
        genuineness of all signatures, the legal capacity of natural persons and
        the
        conformity to the originals of all documents.

      

      Based
        upon the foregoing, it is my opinion that;

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                1.

              	
                The
                  Company is a national banking association duly organized, validly
                  existing
                  and in good standing under the laws of the United States.
                  

              

      

      

      
        	
                2.

              	
                The
                  Company has the power to engage in the transactions contemplated
                  by the
                  Agreement, the Custodial Agreement and all requisite power, authority
                  and
                  legal right to execute and deliver the Agreement, the Custodial
                  Agreement
                  and the Mortgage Loans, and to perform and observe the terms and
                  conditions of such instruments.

              

      

      

      
        	
                3.

              	
                Each
                  person who, as an officer or attorney-in-fact of the Company, signed
                  (a)
                  the Agreements, each dated as of @, 20__, by and between the Company
                  and
                  the Purchaser, and (b) any other document delivered prior hereto
                  or on the
                  date hereof in connection with the sale and servicing of the Mortgage
                  Loans in accordance with the Agreements was, at the respective
                  times of
                  such signing and delivery, and is, as of the date hereof, duly
                  elected or
                  appointed, qualified and acting as such officer or attorney-in-fact,
                  and
                  the signatures of such persons appearing on such documents are
                  their
                  genuine signatures.

              

      

      

      
        	
                4.

              	
                Each
                  of the Agreement, the Custodial Agreement, and the Mortgage Loans,
                  has
                  been duly authorized, executed and delivered by the Company and
                  is a
                  legal, valid and binding agreement enforceable in accordance with
                  its
                  terms, subject to the effect of insolvency, liquidation, conservatorship
                  and other similar laws administered by the Federal Deposit Insurance
                  Corporation affecting the enforcement of contract obligations of
                  insured
                  banks and subject to the application of the rules of equity, including
                  those respecting the availability of specific performance, none
                  of which
                  will materially interfere with the realization of the benefits
                  provided
                  thereunder or with the Purchaser’s ownership of the Mortgage
                  Loans.

              

      

      

      
        	
                5.

              	
                The
                  Company has been duly authorized to allow any of its officers to
                  execute
                  any and all documents by original or facsimile signature in order
                  to
                  complete the transactions contemplated by the Agreement and the
                  Custodial
                  Agreement and in order to execute the endorsements to the Mortgage
                  Notes
                  and the assignments of the Mortgages, and the original or facsimile
                  signature of the officer at the Company executing the Agreement,
                  the
                  Custodial Agreement, the endorsements to the Mortgage Notes and
                  the
                  assignments of the Mortgages represents the legal and valid signature
                  of
                  said officer of the Company.

              

      

      

      
        	
                6.

              	
                Either
                  (i) 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
                  the
                  Agreement, the Custodial Agreement or the sale and delivery of
                  the
                  Mortgage Loans or the consummation of the transactions contemplated
                  by the
                  Agreement and the Custodial Agreement; or (ii) any required consent,
                  approval, authorization or order has been obtained by the Company.
                  

              

      

      

      
        	
                7.

              	
                Neither
                  the consummation of the transactions contemplated by, nor the fulfillment
                  of the terms of the Agreement and the Custodial Agreement, will
                  conflict
                  with or results in or will result in a breach of or constitutes
                  or will
                  constitute a default under the charter or by-laws of the Company,
                  the
                  terms of any indenture or other agreement or instrument to which
                  the
                  Company is a party or by which it is bound or to which it is subject,
                  or
                  violates any statute or order, rule, regulations, writ, injunction
                  or
                  decree of any court, governmental authority or regulatory body
                  to which
                  the Company is subject or by which it is
                  bound.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                8.

              	
                There
                  is no action, suit, proceeding or investigation pending or, to
                  the best of
                  my knowledge, threatened against the Company which, in my opinion,
                  either
                  in any one instance or in the aggregate, may result in any material
                  adverse change in the business, operations, financial condition,
                  properties or assets of the Company or in any material impairment
                  of the
                  right or ability of the Company to carry on its business substantially
                  as
                  now conducted or in any material liability on the part of the Company
                  or
                  which would draw into question the validity of the Agreement, and
                  the
                  Custodial Agreement, or of any action taken or to be taken in connection
                  with the transactions contemplated thereby, or which would be likely
                  to
                  impair materially the ability of the Company to perform under the
                  terms of
                  the Agreement and the Custodial
                  Agreement.

              

      

      

      
        	
                9.

              	
                For
                  purposes of the foregoing, I have not regarded any legal or governmental
                  actions, investigations or proceedings to be "threatened" unless
                  the
                  potential litigant or governmental authority has manifested to
                  the legal
                  department of the Company or an employee of the Company responsible
                  for
                  the receipt of process a present intention to initiate such proceedings;
                  nor have I regarded any legal or governmental actions, investigations
                  or
                  proceedings as including those that are conducted by state or federal
                  authorities in connection with their routine regulatory activities.
                  The
                  sale of each Mortgage Note and Mortgage as and in the manner contemplated
                  by the Agreements is sufficient fully to transfer all right, title
                  and
                  interest of the Company thereto as noteholder and mortgagee, apart
                  from
                  the rights to service the Mortgage Loans pursuant to the
                  Agreement.

              

      

      

      
        	
                10.

              	
                The
                  form of endorsement that is to be used with respect to the Mortgage
                  Loans
                  is legally valid and sufficient to duly endorse the Mortgage Notes
                  to the
                  Purchaser. Upon the completion of the endorsement of the Mortgage
                  Notes
                  and the completion of the assignments of the Mortgages, and the
                  recording
                  thereof, the endorsement of the Mortgage Notes, the delivery to
                  the
                  Custodian of the completed assignments of the Mortgages, and the
                  delivery
                  of the original endorsed Mortgage Notes to the Custodian would
                  be
                  sufficient to permit the entity to which such Mortgage Note is
                  initially
                  endorsed at the Purchaser’s direction, and to whom such assignment of
                  Mortgages is initially assigned at the Purchaser’s direction, to avail
                  itself of all protection available under applicable law against
                  the claims
                  of any present or future creditors of the Company, and would be
                  sufficient
                  to prevent any other sale, transfer, assignment, pledge or hypothecation
                  of the Mortgages and the Mortgage Notes by the Company from being
                  enforceable.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      This
        opinion is given to you for your sole benefit, and no other person or entity
        is
        entitled to rely hereon except that the purchaser or purchasers to which
        you
        initially and directly resell the Mortgage Loans may rely on this opinion
        as if
        it were addressed to them as of its date.

      

      Sincerely,

      

      

      

      

      @

      @

      

      @/@

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        G

      

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by [the Company][Name of Subservicer]
        shall address, as a minimum, the criteria identified below as “Applicable
        Servicing Criteria”

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Applicable
                  Servicing Criteria

              	
                Inapplicable
                  Servicing Criteria

              
	 	
                General
                  Servicing Considerations

              	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained. 

              	 	
                X

              
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              	 
	 	
                Cash
                  Collection and Administration

              	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	
                X

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Applicable
                  Servicing Criteria

              	
                Inapplicable
                  Servicing Criteria

              
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 
	 	
                Investor
                  Remittances and Reporting

              	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the Servicer.
                  

              	
                X

              	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	 
	 	
                Pool
                  Asset Administration

              	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents. 

              	
                X

              	 
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements 

              	
                X

              	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents. 

              	
                X

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Applicable
                  Servicing Criteria

              	
                Inapplicable
                  Servicing Criteria

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan documents.
                  

              	
                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 mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction agreements.
                  

              	
                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

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Applicable
                  Servicing Criteria

              	
                Inapplicable
                  Servicing Criteria

              
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	
                X

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

      SARBANES
        CERTIFICATION

      

      
        	 	
                Re:

              	
                The
                  [ ] agreement dated as of [ ], 200[ ] (the “Agreement”), among [IDENTIFY
                  PARTIES]

              

      

      

      I,
        ________________________________, the _______________________ of [Name of
        Servicer] (the “Servicer”), certify to [the Purchaser], [the Depositor], and the
        [Master Servicer] [Securities Administrator] [Trustee], and their officers,
        with
        the knowledge and intent that they will rely upon this certification,
        that:

      

      (1) I
        have
        reviewed the servicer compliance statement of the Servicer provided in
        accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
        report on assessment of the Servicer’s compliance with the servicing criteria
        set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided
        in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act
        of
        1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
        report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
        Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
        servicing reports, officer’s certificates and other information relating to the
        servicing of the Mortgage Loans by the Servicer during 200[ ] that were
        delivered by the Servicer to the [Depositor] [Master Servicer] [Securities
        Administrator] [Trustee] pursuant to the Agreement (collectively, the “Servicer
        Servicing Information”);

      

      (2) Based
        on
        my knowledge, the Servicer Servicing Information, taken as a whole, does
        not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Servicer Servicing Information; 

      

      (3) Based
        on
        my knowledge, all of the Servicer Servicing Information required to be provided
        by the Servicer under the Agreement has been provided to the [Depositor]
        [Master
        Servicer] [Securities Administrator] [Trustee];

      

      (4) I
        am
        responsible for reviewing the activities performed by the Servicer under
        the
        Agreement, and based on my knowledge and the compliance review conducted
        in
        preparing the Compliance Statement and except as disclosed in the Compliance
        Statement, the Servicing Assessment or the Attestation Report, the Servicer
        has
        fulfilled its obligations under the Agreement in all material respects;
        and

      

      (5) The
        Compliance Statement required to be delivered by the Servicer pursuant to
        the
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Servicer and by any Subservicer or Subcontractor pursuant
        to the
        Agreement have been provided to the [Depositor] [Master Servicer]. Any material
        instances of noncompliance described in such reports have been disclosed
        to the
        [Depositor] [Master Servicer]. Any material instance of noncompliance with
        the
        Servicing Criteria has been disclosed in such reports.

      

      Date:     

      

      By:
        ________________________

      Name:
        ______________________

      Title:
        _______________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

      

      

      ____________,
        20__

      

      

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT, dated _____________, 20__ between
        _________________, a _________________ corporation having an office at
        _________________ ("Assignor") and _____________, having an office at
        ____________ ("Assignee"):

      

      For
        and
        in consideration of the sum of one dollar ($1.00) and other valuable
        consideration the receipt and sufficiency of which are hereby acknowledge,
        and
        of the mutual covenants herein contained, the parties hereto hereby agree
        as
        follows:

      

      1. The
        Assignor hereby grants, transfers and assigns to Assignee all of the right,
        title and interest of Assignor, as Purchaser, in, to and under that certain
        Seller’s Warranties and Servicing Agreement, (the "Seller’s Warranties and
        Servicing Agreement"), dated as of _________________, by and between
        _________________ (the "Purchaser"), and _________________ (the "Company"),
        and
        the Mortgage Loans delivered thereunder by the Company to the Assignor, and
        that
        certain Custodial Agreement, (the "Custodial Agreement"), dated as of
        _________________, by and among the Company, the Purchaser and _________________
        (the "Custodian").

      

      2. The
        Assignor warrants and represents to, and covenants with, the Assignee
        that:

      

      a. The
        Assignor is the lawful owner of the Mortgage Loans with the full right to
        transfer the Mortgage Loans free from any and all claims and encumbrances
        whatsoever;

      

      b. The
        Assignor has not received notice of, and has no knowledge of, any offsets,
        counterclaims or other defenses available to the Seller with respect to the
        Seller’s Warranties and Servicing Agreement or the Mortgage Loans;

      

      c. The
        Assignor has not waived or agreed to any waiver under, or agreed to any
        amendment or other modification of, the Seller’s Warranties and Servicing
        Agreement, the Custodial Agreement or the Mortgage Loans, including without
        limitation the transfer of the servicing obligations under the Seller’s
        Warranties and Servicing Agreement. The Assignor has no knowledge of, and
        has
        not received notice of, any waivers under or amendments or other modifications
        of, or assignments of rights or obligations under, the Seller’s Warranties and
        Servicing Agreement or the Mortgage Loans; and

      

      d. Neither
        the Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
        Loans or any other similar security to, or solicited any offer to buy or
        accept
        a transfer, pledge or other disposition of the Mortgage Loans, any interest
        in
        the Mortgage Loans or any other similar security from, or otherwise approached
        or negotiated with respect to the Mortgage Loans, any interest in the Mortgage
        Loans or any other similar security with, any person in any manner, or made
        any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Mortgage
        Loans under the Securities Act of 1933 (the "33 Act") or which would render
        the
        disposition of the Mortgage Loans a violation of Section 5 of the 33 Act
        or
        require registration pursuant thereto.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      3. That
        Assignee warrants and represent to, and covenants with, the Assignor and
        the
        Company pursuant to Section 12.10 of the Seller’s Warranties and Servicing
        Agreement that:

      

      a. The
        Assignee agrees to be bound, as Purchaser, by all of the terms, covenants
        and
        conditions of the Seller’s Warranties and Servicing Agreement, the Mortgage
        Loans and the Custodial Agreement, and from and after the date hereof, the
        Assignee assumes for the benefit of each of the Company and the Assignor
        all of
        the Assignor's obligations as purchaser thereunder;

      

      b. The
        Assignee understands that the Mortgage Loans have not been registered under
        the
        33 Act or the securities laws of any state;

      

      c. The
        purchase price being paid by the Assignee for the Mortgage Loans are in excess
        of $250,000.00 and will be paid by cash remittance of the full purchase price
        within 60 days of the sale;

      

      d. The
        Assignee is acquiring the Mortgage Loans for investment for its own account
        only
        and not for any other person. In this connection, neither the Assignee nor
        any
        person authorized to act therefor has offered to sell the Mortgage Loans
        by
        means of any general advertising or general solicitation within the meaning
        of
        Rule 502(c) of US Securities and Exchange Commission Regulation D, promulgated
        under the 1933 Act;

      

      e. The
        Assignee considers itself a substantial sophisticated institutional investor
        having such knowledge and experience in financial and business matters that
        it
        is capable of evaluating the merits and risks of investment in the Mortgage
        Loans;

      

      f. The
        Assignee has been furnished with all information regarding the Mortgage Loans
        that it has requested from the Assignor or the Company;

      

      g. Neither
        the Assignee nor anyone acting on its behalf has offered, transferred, pledged,
        sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
        Loans or any other similar security to, or solicited any offer to buy or
        accepted a transfer, pledge or other disposition of the Mortgage Loans, any
        interest in the Mortgage Loans or any other similar security from, or otherwise
        approached or negotiated with respect to the Mortgage Loans, any interest
        in the
        Mortgage Loans or any other similar security with, any person in any manner
        which would constitute a distribution of the Mortgage Loans under the 33
        Act or
        which would render the disposition of the Mortgage Loans a violation of Section
        5 of the 33 Act or require registration pursuant thereto, nor will it act,
        nor
        has it authorized or will it authorize any person to act, in such manner
        with
        respect to the Mortgage Loans; and

      

      h. Either
        (1) the Assignee is not an employee benefit plan ("Plan") within the meaning
        of
        section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
        ("ERISA") or a plan (also "Plan") within the meaning of section 4975(e)(1)
        of
        the Internal Revenue Code of 1986 ("Code"), and the Assignee is not directly
        or
        indirectly purchasing the Mortgage Loans on behalf of, investment manager
        of, as
        named fiduciary of, as Trustee of, or with assets of, a Plan; or (2) the
        Assignee's purchase of the Mortgage Loans will not result in a prohibited
        transaction under section 406 of ERISA or section 4975 of the Code.

      

      i. The
        Assignee's address for purposes of all notices and correspondence related
        to the
        Mortgage Loans and the Seller’s Warranties and Servicing Agreements
        is:

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      __________________________________

       

      __________________________________

       

      __________________________________

       

      Attention:
        _________________

      

      The
        Assignee's wire transfer instructions for purposes of all remittances and
        payments related to the Mortgage Loans and the Seller’s Warranties and Servicing
        Agreement is:

      
         

        __________________________________

         

        __________________________________

         

        __________________________________

         

        Attention:
          _________________

      

      

      4. From
        and
        after the date hereof, the Company shall note the transfer of the Mortgage
        Loans
        to the Assignee in its books and records, the Company shall recognize the
        Assignee as the owner of the Mortgage Loans and the Company shall service
        the
        Mortgage Loans for the benefit of the Assignee pursuant to the Seller’s
        Warranties and Servicing Agreement, the terms of which are incorporated herein
        by reference. It is the intention of the Assignor, the Company and the Assignee
        that the Seller’s Warranties and Servicing Agreement shall be binding upon and
        inure to the benefit of the Company and the Assignee and their respective
        successors and assigns.

      

      [Signatures
        Follow]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      IN
        WITNESS WHEREOF, the parties have caused this Assignment and Assumption to
        be
        executed by their duly authorized officers as of the date first above
        written.

       

      

      
        	
                ________________________________

              	
                _________________________________

              
	
                Assignor

              	
                Assignee

              
	 	 
	
                By:
                  ______________________________

              	
                By:
                  ______________________________

              
	 	 
	
                Name:
                  ____________________________

              	
                Name:
                  ____________________________

              
	 	 
	
                Its:
                  _______________________________

              	
                Its:
                  _______________________________

              
	 	 
	
                Tax
                  Payer Identification No.:

              	
                Tax
                  Payer Identification No.:

              
	
                ________________________________

              	
                _________________________________

              

      

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

       

      COMPANY'S
        OFFICER'S CERTIFICATE

       

      I,
        _______________________, hereby certify that I am the duly elected ___________
        of Wells Fargo Bank, N.A., (the "Company") and state as follows:

      

      
        	
                1.

              	
                The
                  Company is a national banking association duly organized, validly
                  existing
                  and in good standing under the laws of the United
                  States.

              

      

      

      
        	
                2.

              	
                Attached
                  hereto as Exhibit A is a true, correct and complete copy of the
                  articles
                  of association of the Company which are in full force and effect
                  on the
                  date hereof and which have been in effect without amendment, waiver,
                  rescission or modification.

              

      

      

      
        	
                3.

              	
                Attached
                  hereto as Exhibit B is a true, correct and complete copy of the
                  by-laws of
                  the Company which are in effect on the date hereof and which have
                  been in
                  effect without amendment, waiver, rescission or
                  modification.

              

      

      

      
        	
                4.

              	
                Attached
                  hereto as Exhibit C is a certified true, correct and complete copy
                  of the
                  resolutions of the Mortgage Banking Committee of the Board of Directors
                  of
                  the Company authorizing the Company to execute and deliver the
                  Seller’s
                  Warranties and Servicing Agreement, dated as of ___________, 2006
                  by and
                  between the Company and the Purchaser (the “Seller’s Warranties and
                  Servicing Agreement”), by original or facsimile signature, and to endorse
                  the Mortgage Notes and execute the Assignments of Mortgages by
                  original or
                  facsimile signature, and each such resolutions are in effect on
                  the date
                  hereof and have been in effect without amendment, waiver rescission
                  or
                  modification. 

              

      

      

      
        	
                5.

              	
                Either
                  (i) 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
                  the
                  Agreement or the sale of the Mortgage Loans or the consummation
                  of the
                  transactions contemplated by the Agreement; or (ii) any required
                  consent,
                  approval, authorization or order has been obtained by the
                  Company.

              

      

      

      
        	
                6.

              	
                To
                  the best of my knowledge, neither the consummation of the transactions
                  contemplated by, nor the fulfillment of the terms of the Agreement,
                  conflicts or will conflict with or results or will result in a
                  breach of,
                  or constitutes or will constitute a default under, the charter
                  or by-laws
                  of the Company, the terms of any indenture or other agreement or
                  instrument to which the Company is a party or by which it is bound
                  or to
                  which it is subject, or any statute or order, rule, regulation,
                  writ,
                  injunction or decree of any court, governmental authority or regulatory
                  body to which the Company is subject or by which it is
                  bound.

              

      

      

      
        	
                7.

              	
                There
                  are no actions, suits or proceedings pending or, to the best of
                  my
                  knowledge, threatened against or affecting the Company that would
                  materially and adversely affect the Company's ability to perform
                  its
                  obligations under the Agreement. No proceedings looking toward
                  merger,
                  consolidation or liquidation, dissolution or bankruptcy of the
                  Company are
                  pending or contemplated.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                8.

              	
                The
                  Company is duly authorized to engage in the transactions described
                  and
                  contemplated by the Agreement.

              

      

       

      
        	
                9.

              	
                Capitalized
                  terms used but not defined herein shall have the meanings assigned
                  in the
                  Seller’s Warranties and Servicing
                  Agreement.

              

      

       

      

       

      IN
        WITNESS WHEREOF, I have hereunto signed by name and affixed the seal of the
        Company.

       

       

      
        	
                Dated:
                  

              	
                By:
                  _______________________________

              
	 	 
	 	
                Name:
                  _____________________________

              
	 	 
	
                [Seal]

              	
                Title:
                  ______________________________

              

      

      

       

      

       

      

       

      I,
        ________________, __________________of Wells Fargo Bank, N.A., hereby certify
        that _________________ is the duly elected, qualified and acting
        _______________of the Company and that the signature appearing above is his/her
        genuine signature.

       

      IN
        WITNESS WHEREOF, I have hereunto signed my name.

      
         

         

        
          	
                  Dated:
                    

                	
                  By:
                    _______________________________

                
	 	 
	 	
                  Name:
                    _____________________________

                
	 	 
	
                   

                	
                  Title:
                    ______________________________

                

        

        
 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      ESCROW
        ACCOUNT LETTER AGREEMENT

       

      

      

      ________________,
        2006

      

      

      Wells
        Fargo Bank, N.A. hereby certifies that it has established the account described
        below as an Escrow Account pursuant to Section 4.06 of the Seller's Warranties
        and Servicing Agreement, dated as of ___________________, 2006.

      

      Title
        of
        Account: Wells
        Fargo Bank, N.A. in trust for the Purchaser and/or subsequent purchasers
        of
        Mortgage Loans, and various Mortgagors - T & I

      

      
        	
                Address
                  of office or branch 

              	 
	
                of
                  the Company at which 

              	 
	
                Account
                  is maintained:

              	_______________________________
	 	 
	 	_______________________________
	 	 
	 	_______________________________
	 	 
	 	_______________________________
	 	 
	 	
                Account
                  No.:_________________________

              
	 	 
	 	
                WELLS
                  FARGO BANK, N.A.

                Company

              
	 	 
	 	 
	 	By:
                _________________________________
	 	Name:
                _______________________________
	 	Title:
                ________________________________

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

       

      CUSTODIAL
        ACCOUNT CERTIFICATION

      

      

      

      _________________,
        2006

      

      

       

      Wells
        Fargo Bank, N.A. hereby certifies that it has established the account described
        below as a Custodial Account pursuant to Section 4.04 of the Seller's Warranties
        and Servicing Agreement, dated as of _________________________,
        2006.

      

      Title
        of
        Account: Wells
        Fargo Bank, N.A. in trust for the Purchaser and/or subsequent purchasers
        of
        Mortgage Loans - P & I

      
        

        
          	
                  Address
                    of office or branch 

                	 
	
                  of
                    the Company at which 

                	 
	
                  Account
                    is maintained:

                	_______________________________
	 	 
	 	_______________________________
	 	 
	 	_______________________________
	 	 
	 	_______________________________
	 	 
	 	
                  Account
                    No.:_________________________

                
	 	 
	 	
                  WELLS
                    FARGO BANK, N.A.

                  Company

                
	 	 
	 	 
	 	By:
                  _________________________________
	 	Name:
                  _______________________________
	 	Title:
                  ________________________________

        

        
 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

      

      EXHIBIT
        L

       

      FREDDIE
        MAC REPRESENTATIONS AND WARRANTIES

      

      

      
        	
                1.

              	
                Eligible
                  Products.

              

      

      

      With
        respect to each Mortgage Loan, 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 borrower’s credit history, income,
        assets and liabilities.
        For a
        borrower who seeks
        financing through a
        Mortgage Loan originator’s higher-priced subprime lending channel, the borrower
        should be directed towards or offered the Mortgage Loan originator’s standard
        mortgage line if the borrower is able to qualify for one of the standard
        products.

      

      

      2. Borrower’s
        Ability to Repay. 

      

      The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        in the trust did not rely 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 objective criteria that related such
        facts as, without limitation, the borrower’s credit history, income, assets
        or
        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. 

      

      

      
        	
                3.

              	
                Mortgage
                  Premise Located in Georgia.

              

      

      

      There
        is
        no Mortgage Loan that was originated on or after October 1, 2002 and before
        March 7, 2003, that is secured by property located in the State of Georgia.
        There is no Mortgage Loan that was originated on or after March 7, 2003,
        that is
        a “high cost home loan” as defined under the Georgia Fair Lending
        Act.

      

      

      
        	
                4.

              	
                Prepayment
                  Penalties.

              

      

      

      With
        respect to any Mortgage Loan that contains a Prepayment Penalty: (a) the
        Mortgage Loan provides some benefit to the Mortgagor (e.g.,
        a rate
        or fee reduction) in exchange for accepting such Prepayment Penalty; (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 Penalty;
        (c) the
        Prepayment Penalty was adequately disclosed to the Mortgagor pursuant to
        applicable state and federal law; (d) no subprime
        Mortgagor Loan
        originated on or after October 1, 2002 will provide for Prepayment Penalties
        for
        a term in
        excess of three years
        and any
        Mortgage Loans originated prior to such date, and any non-subprime
        loans,
        will
        not provide for Prepayment Penalties for a term in
        excess of five years;
        in each
        case unless the Mortgage Loan was modified to reduce the prepayment period
        to no
        more than three years from the date of the note and the Mortgagor was notified
        in writing of such reduction in prepayment period; and (e) such Prepayment
        Penalty shall not be imposed in any instance when the Mortgage Loan is
        accelerated or paid off in connection with the workout of a delinquent Mortgage
        Loan 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 Penalty. 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      NOTE:
        At
        the time of a Securitization Transaction, this representation and warranty
        replaces Section 3.02(xx).

      

      

      
        	
                5.

              	
                Manufactured
                  Housing.

              

      

      

      No
        Mortgage Loan is secured by manufactured housing.

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

    

     

    EXHIBIT
      R

    

    [RESERVED]

    

    
      
        
        

      

      
        EXHIBIT
          R-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      S

    

    SERVICING
      CRITERIA MATRIX

    

    The
      assessment of compliance to be delivered by each of the parties listed below,
      shall address, at a minimum, the criteria identified as below as “Applicable
      Servicing Criteria:”

     

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements. Capitalized terms used herein but not defined herein shall have
      the
      meanings assigned to them in the Pooling and Servicing Agreement dated as of
      January 1, 2007 (the “Pooling
      and Servicing Agreement”),
      by
      and among HSI Asset Securitization Corporation, as depositor, Wells Fargo Bank,
      N.A., as servicer, originator and custodian, CitiMortgage, Inc., as master
      servicer, Citibank, N.A., as securities administrator, OfficeTiger Global Real
      Estate Services Inc., as Credit Risk Manager, and Deutsche Bank National Trust
      Company, as trustee.

     

    
      	 	 	 	 	 	 
	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Master
                Servicer

            	
              Securities
                Administrator

            	
              Servicer

            	
              Custodian

            
	 	
              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

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 	 	
              X

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the pool assets are maintained. 

            	
              X

            	 	 	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements. 

            	
              X

            	 	
              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

            	 

    

     

    
      
        
        

      

      
        EXHIBIT
          S-1

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 	 	 	 
	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Master
                Servicer

            	
              Securities
                Administrator

            	
              Servicer

            	
              Custodian

            
	
              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.
                

            	
              X

            	
              X

            	
              X

            	 
	
              1122(d)(2)(vii)
                

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	
              X

            	
              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

            	 

    

     

    
      
        
        

      

      
        EXHIBIT
          S-2

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 	 	 	 
	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Master
                Servicer

            	
              Securities
                Administrator

            	
              Servicer

            	
              Custodian

            
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	 	
              X

            	
              X

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	 	
              X

            	
              X

            	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	 	
              X

            	
              X

            	 
	 	
              Pool
                Asset Administration

            	 	 	 	 
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	 	 	
              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

            	 
	
              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

            	 

    

     

    
      
        
        

      

      
        EXHIBIT
          S-3

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 	 	 	 
	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Master
                Servicer

            	
              Securities
                Administrator

            	
              Servicer

            	
              Custodian

            
	
              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

            	 
	
              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

            	 

    

     

    
      
        
        

      

      
        EXHIBIT
          S-4

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 	 	 	 
	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Master
                Servicer

            	
              Securities
                Administrator

            	
              Servicer

            	
              Custodian

            
	
              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*

            	 	 

    

    ____________

    *
      Solely
      with respect to premiums paid on certificate insurance policies, if
      any.

    

    
      
        
        

      

      
        EXHIBIT
          S-5

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      T

    

    

    Trustee:
      Deutsche Bank National Trust Company

    

    Securities
      Administrator:
      Citibank, N.A.

    

    Master
      Servicer:
      CitiMortgage, Inc. 

    

    Cap
      Counterparty:
      Bear
      Stearns Financial Products Inc.

    

    Servicer:
      Wells
      Fargo Bank, N.A.

    

    Originator:
      Wells
      Fargo Bank, N.A.

    

    Custodian:
      Wells
      Fargo Bank, N.A.

    

    Sponsor:
      HSBC
      Bank USA, National Association

    

    Credit
      Risk Manager:
      OfficeTiger Global Real Estate Services Inc.

    

    
      
        
        

      

      
        EXHIBIT
          T-1

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      U

    

    FORM
      OF ANNUAL COMPLIANCE CERTIFICATE

    

    Via
      Overnight Delivery

    

    [DATE]

    

    HSI
      Asset
      Securitization Corporation,

    452
      Fifth
      Avenue

    New
      York,
      New York 10018

    Attention:
      Head MBS Principal Finance

    

    Citibank,
      N.A.,

    388
      Greenwich, 14th
      Floor

    New
      York,
      New York 10013

    Attention:
      Structured Finance Agency and Trust - HSI Asset Securitization
      2007-WF1

    

    
      	
              RE:

            	
              Annual
                officer’s certificate delivered pursuant to Section 3.24 of that certain
                Pooling Servicing Agreement, dated as of January 1, 2007 (the
                “Pooling
                and Servicing Agreement”),
                among HSI Asset Securitization Corporation, as depositor (the
                “Depositor”),
                Wells Fargo Bank, N.A., as servicer (in such capacity, the “Servicer”),
                originator and custodian, CitiMortgage, Inc., as master servicer
                (the
                “Master
                Servicer”),
                Citibank, N.A., as securities administrator (the “Securities
                Administrator”),
                OfficeTiger Global Real Estate Services Inc., as credit risk manager,
                and
                Deutsche Bank National Trust Company, as trustee (the “Trustee”)

            

    

    

    [_______],
      the undersigned, a duly authorized [_______] of [Servicer] [Master Servicer]
      [Subservicer], does hereby certify the following for the [calendar
      year][identify other period] ending on December 31, 20[__]:

    

    
      	
              1.

            	
              A
                review of the activities of the [Servicer] [Master Servicer] [Subservicer]
                during the preceding calendar year (or portion thereof) and of its
                performance under the Agreement for such period has been made under
                my
                supervision.

            

    

    

    
      	
              2.

            	
              To
                the best of my knowledge, based on such review, the [Servicer] [Master
                Servicer] [Subservicer] has fulfilled all of its obligations under
                the
                Agreement in all material respects throughout such year (or applicable
                portion thereof), or, if there has been a failure to fulfill any
                such
                obligation in any material respect, I have specifically identified
                to the
                Depositor, Master Servicer and the Securities Administrator each
                such
                failure known to me and the nature and status thereof, including
                the steps
                being taken by the [Servicer] [Master Servicer] [Subservicer] to
                remedy
                such default.

            

    

    

    

    
      
        
          
          

        

        
          EXHIBIT
            U-1

          
            

          

        

        
          
          

        

      

    

    

    Certified
      By:

    

    

    

    ______________________________

    Name:

    Title:
      

     

    
      
        
        

      

      
        EXHIBIT
          U-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      V

     

    ADDITIONAL
      FORM 10-D DISCLOSURE

     

    
      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  1: Distribution and Pool Performance Information

              	 
	
                Information
                  included in the [Monthly Statement]

              	
                Master
                  Servicer, Servicer

                Securities
                  Administrator

              
	
                Any
                  information required by 1121 which is NOT included on the [Monthly
                  Statement]

              	
                Depositor

              
	
                Item
                  2: Legal Proceedings

                 

                Any
                  legal proceeding pending against the following entities or their
                  respective property, that is material to Certificateholders, including
                  any
                  proceeding known to be contemplated by governmental
                  authorities:

              	 
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Servicer
                  and Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Seller
                  (if a party to the Pooling and Servicing Agreement) or
                  Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Servicer

              	
                Servicer

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

              
	
                ▪
                  Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                  Administrator)

              	
                Servicer

              
	
                ▪
                  Any other party contemplated by 1100(d)(1)

              	
                Depositor

              
	
                Item
                  3: Sale of Securities and Use of Proceeds

                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	
                Depositor

              

      

       

      
        
          
          

        

        
          EXHIBIT
            V-1

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                 

                Item
                  4: Defaults Upon Senior Securities

                 

                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                 

                Securities
                  Administrator

              
	
                Item
                  5: Submission of Matters to a Vote of Security
                  Holders

                 

                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Securities
                  Administrator

              
	
                Item
                  6: Significant Obligors of Pool Assets

                 

                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                Item
                  7: Significant Enhancement Provider Information

                 

                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

              	 
	
                ▪
                  Determining applicable disclosure threshold

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                Item
                  1115(b) - Cap Counterparty Financial Information*

              	 
	
                ▪
                  Determining current maximum probable exposure

              	
                Depositor

              
	
                ▪
                  Determining current significance percentage

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 

      

       

      
        
          
          

        

        
          EXHIBIT
            V-2

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  8: Other Information

                 

                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                 

                 

                 

                Any
                  party responsible for the applicable Form 8-K Disclosure
                  item

              
	
                Item
                  9: Exhibits

                Monthly
                  Statement to Certificateholders

              	
                 

                Securities
                  Administrator

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              
	 	 

      

    

     

    
      
        
        

      

      
        EXHIBIT
          V-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      W

    

    ADDITIONAL
      FORM 10-K DISCLOSURE

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              Item
                1B: Unresolved Staff Comments

            	
              Depositor

            
	
              Item
                9B: Other Information

              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                15: Exhibits, Financial Statement Schedules

            	
              Depositor

            
	
              Reg
                AB Item 1112(b): Significant Obligors of Pool
                Assets

            	 
	
              Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-K if updated information
                is required pursuant to the Item.

            	 
	
              Reg
                AB Item 1114(b)(2): Credit Enhancement Provider Financial
                Information

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-K if updated information
                is required pursuant to the Item.

            	 
	
              Reg
                AB Item 1115(b): Cap Counterparty Financial
                Information

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-K if updated information
                is required pursuant to the Item.

            	 
	
              Reg
                AB Item 1117: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceeding known to be contemplated by governmental
                authorities:

            	 

    

     

    
      
        
        

      

      
        EXHIBIT
          W-1

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Servicer 
                and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Servicer

            	
              Servicer

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Servicer, Master Servicer
                or
                Securities Administrator)

            	
              Servicer

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              Reg
                AB Item 1119: Affiliations and Relationships

            	 
	
              Whether
                (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                of
                the following parties, and (b) to the extent known and material,
                any of
                     the following parties are affiliated with one another:

            	
              Depositor
                as to (a) 

              Sponsor/Seller
                as to (a)

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Servicer

            	
              Servicer

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Cap Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            
	
              Whether
                there are any “outside the ordinary course business arrangements” other
                than would be obtained in an arm’s length transaction between (a) the
                Sponsor (Seller), Depositor or Issuing Entity on the one hand, and
                (b) any
                of the following parties (or their affiliates) on the other hand,
                that
                exist currently or within the past two years and that are material
                to a
                Certificateholder’s understanding of the Certificates:

            	
              Depositor
                as to (a) 

              Sponsor/Seller
                as to (a)

            

    

     

    
      
        
        

      

      
        EXHIBIT
          W-2

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Servicer

            	
              Servicer

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Cap Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            
	
              Whether
                there are any specific relationships involving the transaction or
                the pool
                assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                on
                the one hand, and (b) any of the following parties (or their affiliates)
                on the other hand, that exist currently or within the past two years
                and
                that are material:

            	
              Depositor
                as to (a) 

              Sponsor/Seller
                as to (a)

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Servicer

            	
              Servicer

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            

    

    

    
      
        
        

      

      
        EXHIBIT
          W-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      X

    

    FORM
      8-K DISCLOSURE INFORMATION

    

    

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

               

              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

               

              Examples:
                servicing agreement, custodial agreement.

               

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              All
                parties other than the Trustee

            
	
              Item
                1.02- Termination of a Material Definitive Agreement

               

              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

               

              Examples:
                servicing agreement, custodial agreement.

            	
              All
                parties other than the Trustee

            
	
              Item
                1.03- Bankruptcy or Receivership

               

              Disclosure
                is required regarding the bankruptcy or receivership, with respect
                to any
                of the following: 

            	
              Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Depositor/Sponsor
                (Seller)

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Affiliated Servicer

            	
              Servicer

            
	
              ▪
                Other Servicer servicing 20% or more of the pool assets at the time
                of the
                report

            	
              Servicer

            
	
              ▪
                Other material servicers

            	
              Servicer

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            

    

     

    
      
        
        

      

      
        EXHIBIT
          X-1

        
          

        

      

      
        
        

      

    

     

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              ▪
                Significant Obligor

            	
              Depositor

            
	
              ▪
                Credit Enhancer (10% or more)

            	
              Depositor

            
	
              ▪
                Cap Counterparty

            	
              Depositor

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              Item
                2.04- Triggering Events that Accelerate or Increase a Direct Financial
                Obligation or an Obligation under an Off-Balance Sheet
                Arrangement

               

              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

               

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the monthly statements to the certificateholders.

            	
              Depositor

            
	
              Item
                3.03- Material Modification to Rights of Security
                Holders

               

              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Pooling and Servicing
                Agreement.

            	
              Depositor

            
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”.

            	
              Depositor

            
	
              Item
                6.01- ABS Informational and Computational
                Material

            	
              Depositor

            
	
              Item
                6.02- Change of Servicer or Securities Administrator

               

              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers or
                trustee.

            	
              Master
                Servicer/Depositor/

              Servicer

            
	
              Reg
                AB disclosure about any new servicer or master servicer is also
                required.

            	
              Servicer/new
                Master Servicer/Depositor

            
	
              Reg
                AB disclosure about any new Trustee is also required.

            	
              Trustee

            

    

     

    
      
        
        

      

      
        EXHIBIT
          X-2

        
          

        

      

      
        
        

      

    

     

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Item
                6.03- Change in Credit Enhancement or External
                Support

              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                

            	
              Depositor

            
	
              Reg
                AB disclosure about any new enhancement provider is also
                required.

            	
              Depositor

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Securities
                Administrator

            
	
              Item
                6.05- Securities Act Updating Disclosure

               

              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	
              Depositor

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	
              Depositor

            
	
              Item
                7.01- Reg FD Disclosure

            	
              All
                parties other than the Trustee

            
	
              Item
                8.01- Other Events

               

              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to
                certificateholders.

            	
              Depositor

            
	
              Item
                9.01- Financial Statements and Exhibits

            	
              Responsible
                party for reporting/disclosing the financial statement or
                exhibit

            

    

    (1)
      This
      information is provided pursuant to the applicable Servicing
      Agreement.

     

    
      
        
        

      

      
        EXHIBIT
          X-3

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      Y

    

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    **SEND
      TO CITIBANK VIA FAX TO (212) 816-5527 AND VIA EMAIL TO JENNIFER.MCCOURT@CITIGROUP.COM
      AND VIA OVERNIGHT MAIL TO THE ADDRESS
      IMMEDIATELY BELOW. SEND TO THE DEPOSITOR AT THE ADDRESS
      BELOW**

    

     

    Citibank,
      N.A.,

    as
      Securities Administrator

    388
      Greenwich, 14th
      Floor

    New
      York,
      New York 10013

    Attention:
      Structured Finance Agency and Trust - HSI Asset Securitization
      2007-WF1

    Fax:
      (212) 816-5527

    E-mail:
      jennifer.mccourt@citigroup.com

     

    HSI
      Asset
      Securitization Corporation

    452
      Fifth
      Avenue

    New
      York,
      New York 10018

    Attention:
      Head MBS Principal Finance

    

    Attn:
      Corporate Trust Services - [DEAL NAME]-SEC REPORT PROCESSING

     

    RE:
      **Additional Form [  ] Disclosure**Required

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [ ] of the Pooling and Servicing Agreement, dated as
      of
      [  ] [  ], 2007, among [  ], as [  ], [  ], as [
 ], [  ], as [  ] and [  ], as [  ]. The Undersigned,
      as [  ], hereby notifies you that certain events have come to our attention
      that [will][may] need to be disclosed on Form [  ].

     

    Description
      of Additional Form [  ] Disclosure:

     

    List
      of
      Any Attachments hereto to be included in the Additional Form [   ]
      Disclosure:

     

    Any
      inquiries related to this notification should be directed to [  ], phone
      number: [  ]; email address: [  ].

     

     

     

    

    
      
        
          
          

        

        
          EXHIBIT
            Y-1

          
            

          

        

        
          
          

        

      

    

    

    

     

    

     

    [NAME
      OF
      PARTY]

    as
      [role]

     

    By:
      __________________________

          
      Name:

          
      Title: 

     

    
      
        
        

      

      
        EXHIBIT
          Y-2

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