Document:

EXHIBIT
      10.8(f)

     

    AMENDMENT
      NO. 5

     

    AMENDMENT
      NO. 5, dated as of June 20, 2007 (this “Amendment”),
      to
      the Third Amended and Restated Credit Agreement, dated as of May 19, 2005 (as
      amended by the Amendment, dated as of April 7, 2006, the Amendment dated as
      of
      April 24, 2006, the Amendment No. 3 dated as of November 30, 2006, the Amendment
      No. 4 dated as of December 27, 2006, the “Credit
      Agreement”),
      among
      FINLAY FINE JEWELRY CORPORATION, a Delaware corporation (“Finlay”
or
      the
“Borrower
      Representative”)
      and
      CARLYLE & CO. JEWELERS, a Delaware corporation (“Carlyle”)
      (Finlay and Carlyle are collectively referred to herein as the “Borrowers”
and
      individually as a “Borrower”),
      FINLAY ENTERPRISES, INC., a Delaware corporation (the “Parent”),
      and
      GENERAL ELECTRIC CAPITAL CORPORATION (“GE
      Capital”),
      individually and as administrative agent for each of the Lenders thereunder
      (GE
      Capital, in such capacity, the “Agent”),
      and
      the other banks and other financial institutions party thereto. Capitalized
      terms used herein without definition shall have the respective meanings ascribed
      to those terms in the Credit Agreement.

     

    WITNESSETH:

     

    WHEREAS,
      pursuant to Section 2.2(c) of the Credit Agreement, the Borrowers have requested
      a facilities increase in an aggregate principal amount of $75,000,000; and
      

     

    WHEREAS,
      the Lenders party hereto are willing to provide additional commitments pursuant
      to Section 2.2(c) of the Credit Agreement; and 

     

    WHEREAS,
      the Borrowers, the Agent and the Lenders party hereto have agreed to amend
      the
      Credit Agreement on the terms and subject to the conditions herein provided;
      and

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the parties hereto agree as follows:

     

    Section
      1. Amendment
      to the Credit Agreement.
      (a)
Section
      8.8(a) of the Credit Agreement.
      Section
      8.8(a) of the Credit Agreement is hereby deleted in its entirety and replaced
      as
      follows:

     

    “(a)
      Borrowers shall make full and timely payment of all payments required to be
      made
      by the Borrowers in respect of the Obligations, including without limitation,
      the Loan, whether now existing or hereafter arising. Borrowers acknowledge
      that
      the Obligations of Borrowers under the Credit Agreement are joint and
      several.”

     

    (b)
      Section
      12.19 of the Credit Agreement.
      A new
      Section 12.19 shall be inserted in the Credit Agreement as follows:

     

    “§
      12.19. ROLEX
      INTERCREDITOR AGREEMENT. With respect to that certain Intercreditor Agreement,
      dated as of May 19, 2005, by and among Rolex Watch U.S.A., Inc., GE Capital,
      Finlay and Carlyle (the “Rolex
      Intercreditor Agreement”),
      GE
      Capital hereby acknowledges that it entered into the Rolex Intercreditor
      Agreement individually and in its capacity as agent for the Senior Creditors
      (as
      such term is defined in the Rolex Intercreditor Agreement).”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c)
      Exhibit
      A to the Credit Agreement.
      Exhibit
      A to the Credit Agreement is hereby deleted in its entirety and replaced by
      Exhibit A attached hereto.

     

    Section
      2. Conditions
      to Effectiveness.
      This
      Amendment shall become effective as of the date hereof (the “Effective
      Date”)
      upon
      receipt by the Agent of the following:

     

    (a) Counterparts
      of this Amendment duly executed by the Agent, each Lender party hereto and
      each
      Borrower; 

     

    (b) Duly
      executed favorable opinions of counsel to the Borrowers in form and substance
      satisfactory to the Agent;

     

    (c) Certified
      copies of each Borrower’s board of directors or other appropriate governing body
      approving and authorizing the execution, delivery and performance of each
      document executed as part of the Facilities Increase to which such Borrower
      is a
      party; and

     

    (d) Such
      other document as the Agent may reasonably request or as any Lender
      participating in the Facilities Increase may require as a condition to its
      commitment in the Facilities Increase.

     

    Section
      3. Representations
      and Warranties.
      Each of
      the Borrowers represents and warrants as follows (which representations and
      warranties shall survive the execution and delivery of this
      Amendment):

     

    (a) Each
      of
      the Borrowers has taken all necessary action to authorize the execution,
      delivery and performance of this Amendment.

     

    (b) This
      Amendment has been duly executed and delivered by the Borrowers. This Amendment
      and the Credit Agreement as amended hereby constitute the legal, valid and
      binding obligation of the Borrowers, enforceable against them in accordance
      with
      their respective terms, subject to applicable bankruptcy, reorganization,
      insolvency, moratorium and similar laws affecting the enforcement of creditors’
rights generally and by general equity principles.

     

    (c) No
      consent or approval of any person, firm, corporation or entity, and no consent,
      license, approval or authorization of any governmental authority is or will
      be
      required in connection with the execution, delivery, performance, validity
      or
      enforcement of this Amendment other than any such consent, approval, license
      or
      authorization which has been obtained and remains in full force and effect
      or
      where the failure to obtain such consent, license, approval or authorization
      would not result in a Material Adverse Effect.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (d) After
      giving effect to this Amendment, each of the Borrowers is in compliance with
      all
      of the various covenants and agreements set forth in the Credit Agreement and
      each of the other Loan Documents.

     

    (e) After
      giving effect to this Amendment, no event has occurred and is continuing which
      constitutes a Default or an Event of Default.

     

    (f)
       All
      representations and warranties contained in the Credit Agreement and each of
      the
      other Loan Documents are true and correct in all material respects as of the
      date hereof, except to the extent that any representation or warranty relates
      to
      a specified date, in which case such are true and correct in all material
      respects as of the specific date to which such representations and warranties
      relate.

     

    Section
      4. Effective
      Date.
      The
      amendments to the Credit Agreement contained herein shall become effective
      as of
      June 30, 2007 (the “Effective
      Date”)
      only
      at such time as this Amendment has been duly executed by the Borrowers and
      the
      Lenders.

     

    Section
      5. Continued
      Effectiveness.
      The
      term “Agreement”, “hereof”, “herein” and similar terms as used in the Credit
      Agreement, and references in the other Loan Documents to the Credit Agreement,
      shall mean and refer to, from and after the Effective Date, the Credit Agreement
      as amended by this Amendment. Each of the Borrowers hereby agrees that all
      of
      the covenants and agreements contained in the Credit Agreement and the Loan
      Documents are hereby ratified and confirmed in all respects.

     

    Section
      6. Counterparts.
      This
      Amendment may be executed in counterparts, each of which shall be an original,
      and all of which, taken together, shall constitute a single instrument. Delivery
      of an executed counterpart of a signature page to this Amendment by telecopier
      shall be effective as delivery of a manually executed counterpart of this
      Amendment.

     

    Section
      7. Governing
      Law.
      This
      Amendment shall be governed by, and construed in accordance with, the laws
      of
      the State of New York without giving effect to the conflict of laws provisions
      thereof.

     

    [SIGNATURE
      PAGES FOLLOW]

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
      executed by their respective officers as of the date first written
      above.

     

     

    
      	 	 	 
	 	FINLAY
              FINE
              JEWELRY CORPORATION
	 
 	 
 	 
 
	
            	By:  	/s/
              Bruce Zurlnick 
	 	
              
Name:
              Bruce Zurlnick
	 	Title:
              Sr. VP & CFO

    

    
      	 	 	 
	 	CARLYLE
&
CO.
              JEWELERS
	 
 	 
 	 
 
	
            	By:  	/s/
              Bruce Zurlnick 
	 	
              
Name:
              Bruce Zurlnick
	 	Title:
              Sr. VP & CFO

    

    
      	 	 	 
	 	FINLAY
              ENTERPRISES, INC.
	 
 	 
 	 
 
	
            	By:  	/s/
              Bruce Zurlnick 
	 	
              
Name:
              Bruce Zurlnick
	 	Title:
              Sr. VP & CFO

    

    
      	 	 	 
	 	
              GENERAL
                ELECTRIC CAPITAL CORPORATION,

              as Agent

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Charles Chiodo
	 	
              
Name:
              Charles Chiodo
	 	Title:
              Duly Authorized Signatory 

    

    
      	 	 	 
	 	
              WELLS
                FARGO FOOTHILL, LLC,

              as Lender

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Yelena Kravchuk 
	 	
              
Name:
              Yelena Kravchuk
	 	Title:
              AVP 

    

      

    
      
        
        

      

      
        
          [SIGNATURE
            PAGE TO
            AMENDMENT
            NO.
            5]

        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              THE
                CIT
                GROUP/BUSINESS CREDIT, INC.,

              as Lender

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Andrew Loughlin
	 	
              
Name:
              Andrew Loughlin
	 	Title:
              Assistant Vice President 

    

    
      	 	 	 
	 	
              BURDALE
                FINANCIAL LIMITED,

              as Lender

            
	 
 	 
 	 
 
	
            	By:  	/s/
              David Grende
	 	
              
Name:
              David Grende
	 	Title:
              Mg. Dir. 

    

    
      	 	 	 
	 	
              ISRAEL
                DISCOUNT BANK OF NEW YORK,

              as Lender

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Ronald Bongiovanni
	 	
              
Name:
              Ronald Bongiovanni
	 	Title:
              SVP 

    

    
      	 	 	 
	 
 	 
 	 
 
	
            	By:  	/s/
              David Herzog 
	 	
              
Name:
              David Herzog
	 	Title:
              FVP 

    

    
      	 	 	 
	 	
              NORTH
                FORK BUSINESS CAPITAL CORPORATION,

              as Lender

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Michael S. Burns 
	 	
              
Name:
              Michael S. Burns
	 	Title:
              Sr. Vice Pres.

    

    
        

      
        
          
          

        

        
          
            [SIGNATURE
              PAGE TO
              AMENDMENT
              NO.
              5]

          

          
            

          

        

        
          
          

        

      

    

     

    Exhibit
      A
— Lenders,
      Commitments and Initial Eurodollar Offices to Amendment No. 5 to the Third
      Amended and Restated Credit Agreement is omitted pursuant to Item 601(b)(2)
      of
      Regulation S-K. Finlay agrees to furnish supplementally a copy of this exhibit
      to the Securities and Exchange Commission upon request.Unassociated Document

    Exhibit
      10.1

    EXECUTION

    

     

    

     

    SEQUOIA
      RESIDENTIAL FUNDING, INC.

    Depositor

     

     

    WELLS
      FARGO BANK, N.A.

    Master
      Servicer and Securities Administrator

     

     

    and

     

     

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

    Trustee

     

     

    ___________________________

    

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of August 1, 2007

    ___________________________

    
 

    

    

    SEQUOIA
      MORTGAGE TRUST 2007-4

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    Page

    
      	 	 
	
              ARTICLE
                I DEFINITIONS

            	
              7

            
	 	 	 
	
              Section
                1.01.

            	
              Definitions

            	
              7

            
	
              Section
                1.02.

            	
              Calculations
                Respecting Mortgage Loans

            	
              40

            
	 	 
	
              ARTICLE
                II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

            	
              41

            
	 	 	 
	
              Section
                2.01.

            	
              Creation
                and Declaration of Trust Fund; Conveyance of Mortgage
                Loans

            	
              41

            
	
              Section
                2.02.

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

            	
              44

            
	
              Section
                2.03.

            	
              Representations
                and Warranties of the Depositor

            	
              45

            
	
              Section
                2.04.

            	
              Discovery
                of Breach; Repurchase or Substitution of Mortgage Loans

            	
              47

            
	
              Section
                2.05.

            	
              [Reserved]

            	
              50

            
	
              Section
                2.06.

            	
              Grant
                Clause

            	
              50

            
	 	 
	
              ARTICLE
                III THE CERTIFICATES

            	
              51

            
	 	 	 
	
              Section
                3.01.

            	
              The
                Certificates

            	
              51

            
	
              Section
                3.02.

            	
              Registration

            	
              52

            
	
              Section
                3.03.

            	
              Transfer
                and Exchange of Certificates

            	
              52

            
	
              Section
                3.04.

            	
              Cancellation
                of Certificates

            	
              56

            
	
              Section
                3.05.

            	
              Replacement
                of Certificates

            	
              56

            
	
              Section
                3.06.

            	
              Persons
                Deemed Owners

            	
              57

            
	
              Section
                3.07.

            	
              Temporary
                Certificates

            	
              57

            
	
              Section
                3.08.

            	
              Appointment
                of Paying Agent

            	
              58

            
	
              Section
                3.09.

            	
              Book-Entry
                Certificates

            	
              58

            
	 	 
	
              ARTICLE
                IV ADMINISTRATION OF THE TRUST FUND

            	
              60

            
	 	 	 
	
              Section
                4.01.

            	
              Collection
                Accounts; Distribution Account

            	
              60

            
	
              Section
                4.02

            	
              [Reserved]

            	
              61

            
	
              Section
                4.03

            	
              [Reserved]

            	
              61

            
	
              Section
                4.04.

            	
              Reports
                to Trustee and Certificateholders

            	
              61

            
	 	 
	
              ARTICLE
                V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

            	
              64

            
	 	 	 
	
              Section
                5.01.

            	
              Distributions
                Generally

            	
              64

            
	
              Section
                5.02.

            	
              Distributions
                from the Distribution Account

            	
              64

            
	
              Section
                5.03.

            	
              Allocation
                of Losses

            	
              68

            
	
              Section
                5.04.

            	
              Advances
                by Master Servicer

            	
              69

            
	
              Section
                5.05.

            	
              Compensating
                Interest Payments

            	
              70

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                5.06.

            	
              Reserve
                Fund

            	
              70

            
	 	 
	
              ARTICLE
                VI CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS
                OF
                DEFAULT

            	
              71

            
	 	 	 
	
              Section
                6.01.

            	
              Duties
                of Trustee and the Securities Administrator

            	
              71

            
	
              Section
                6.02.

            	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator

            	
              74

            
	
              Section
                6.03.

            	
              Trustee
                and Securities Administrator Not Liable for Certificates

            	
              76

            
	
              Section
                6.04.

            	
              Trustee
                and the Securities Administrator May Own Certificates

            	
              76

            
	
              Section
                6.05.

            	
              Eligibility
                Requirements for Trustee and Securities Administrator

            	
              76

            
	
              Section
                6.06.

            	
              Resignation
                and Removal of Trustee and the Securities Administrator

            	
              77

            
	
              Section
                6.07.

            	
              Successor
                Trustee and Successor Securities Administrator

            	
              78

            
	
              Section
                6.08.

            	
              Merger
                or Consolidation of Trustee or the Securities
                Administrator

            	
              79

            
	
              Section
                6.09.

            	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian

            	
              79

            
	
              Section
                6.10.

            	
              Authenticating
                Agents

            	
              81

            
	
              Section
                6.11.

            	
              Indemnification
                of the Trustee and the Securities Administrator

            	
              81

            
	
              Section
                6.12.

            	
              Fees
                and Expenses of Securities Administrator and the Trustee

            	
              82

            
	
              Section
                6.13.

            	
              Collection
                of Monies

            	
              82

            
	
              Section
                6.14.

            	
              Events
                of Default; Trustee To Act; Appointment of Successor

            	
              83

            
	
              Section
                6.15.

            	
              Additional
                Remedies of Trustee Upon Event of Default

            	
              86

            
	
              Section
                6.16.

            	
              Waiver
                of Defaults

            	
              87

            
	
              Section
                6.17.

            	
              Notification
                to Holders

            	
              87

            
	
              Section
                6.18.

            	
              Directions
                by Certificateholders and Duties of Trustee During Event of
                Default

            	
              87

            
	
              Section
                6.19.

            	
              [Reserved]

            	
              89

            
	
              Section
                6.20.

            	
              Preparation
                of Tax Returns and Other Reports

            	
              89

            
	
              Section
                6.21.

            	
              Reporting
                to the Commission

            	
              89

            
	
              Section
                6.22.

            	
              Annual
                Statements of Compliance

            	
              96

            
	
              Section
                6.23.

            	
              Annual
                Assessments of Compliance

            	
              97

            
	
              Section
                6.24.

            	
              Accountant’s
                Attestation

            	
              98

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

            	
              99

            
	 	 	 
	
              Section
                7.01.

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

            	
              99

            
	
              Section
                7.02.

            	
              Procedure
                Upon Redemption and Termination of Trust Fund.

            	
              100

            
	
              Section
                7.03.

            	
              Additional
                Trust Fund Termination Requirements

            	
              101

            
	 	 
	
              ARTICLE
                VIII RIGHTS OF CERTIFICATEHOLDERS

            	
              102

            
	 	 	 
	
              Section
                8.01.

            	
              Limitation
                on Rights of Holders

            	
              102

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                8.02.

            	
              Access
                to List of Holders

            	
              103

            
	
              Section
                8.03.

            	
              Acts
                of Holders of Certificates

            	
              103

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

            	
              104

            
	 	 	 
	
              Section
                9.01.

            	
              Duties
                of the Master Servicer; Enforcement of Servicer's and Master Servicer's
                Obligations

            	
              104

            
	
              Section
                9.02

            	
              Assumption
                of Master Servicing by Trustee

            	
              107

            
	
              Section
                9.03.

            	
              Representations
                and Warranties of the Master Servicer

            	
              108

            
	
              Section
                9.04.

            	
              Compensation
                to the Master Servicer

            	
              109

            
	
              Section
                9.05.

            	
              Merger
                or Consolidation

            	
              110

            
	
              Section
                9.06.

            	
              Resignation
                of Master Servicer

            	
              110

            
	
              Section
                9.07.

            	
              Assignment
                or Delegation of Duties by the Master Servicer

            	
              111

            
	
              Section
                9.08.

            	
              Limitation
                on Liability of the Master Servicer and Others

            	
              111

            
	
              Section
                9.09.

            	
              Indemnification;
                Third-Party Claims

            	
              112

            
	
              Section
                9.10.

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

            	
              112

            
	 	 
	
              ARTICLE
                X REMIC ADMINISTRATION

            	
              112

            
	 	 	 
	
              Section
                10.01.

            	
              REMIC
                Administration

            	
              112

            
	
              Section
                10.02.

            	
              Prohibited
                Transactions and Activities

            	
              115

            
	
              Section
                10.03.

            	
              Indemnification
                with Respect to Prohibited Transactions or Loss of REMIC
                Status

            	
              115

            
	
              Section
                10.04.

            	
              REO
                Property

            	
              116

            
	 	 
	
              ARTICLE
                XI MISCELLANEOUS PROVISIONS

            	
              116

            
	 	 	 
	
              Section
                11.01.

            	
              Binding
                Nature of Agreement; Assignment

            	
              116

            
	
              Section
                11.02.

            	
              Entire
                Agreement

            	
              116

            
	
              Section
                11.03.

            	
              Amendment

            	
              117

            
	
              Section
                11.04.

            	
              Voting
                Rights

            	
              118

            
	
              Section
                11.05.

            	
              Provision
                of Information

            	
              118

            
	
              Section
                11.06.

            	
              Governing
                Law

            	
              119

            
	
              Section
                11.07.

            	
              Notices

            	
              119

            
	
              Section
                11.08.

            	
              Severability
                of Provisions

            	
              119

            
	
              Section
                11.09.

            	
              Indulgences;
                No Waivers

            	
              120

            
	
              Section
                11.10.

            	
              Headings
                Not To Affect Interpretation

            	
              120

            
	
              Section
                11.11.

            	
              Benefits
                of Agreement

            	
              120

            
	
              Section
                11.12.

            	
              Special
                Notices to the Rating Agencies

            	
              120

            
	
              Section
                11.13.

            	
              Conflicts

            	
              121

            
	
              Section
                11.14.

            	
              Counterparts

            	
              121

            
	
              Section
                11.15

            	
              No
                Petitions

            	
              121

            
	
              Section
                11.16

            	
              Intention
                of the Parties and Interpretation; Indemnification

            	
              122

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    ATTACHMENTS

    
      	 	 

      	
              Exhibit
                A

            	
              Forms
                of Certificates

            

    

    
      	
              Exhibit
                B

            	
              Form
                of Residual Certificate Transfer Affidavit
                (Transferee)

            

    

    
      	
              Exhibit
                C

            	
              Form
                of Residual Certificate Transfer Affidavit
                (Transferor)

            

    

    
      	
              Exhibit
                D

            	
              Form
                of Custody Agreement

            

    

    
      	
              Exhibit
                E

            	
              List
                of Servicing Agreements

            

    

    
      	
              Exhibit
                F

            	
              List
                of Purchase Agreements

            

    

    
      	
              Exhibit
                G

            	
              List
                of Limited Purpose Surety Bonds

            

    

    
      	
              Exhibit
                H

            	
              Form
                of Rule 144A Transfer Certificate

            

    

    
      	
              Exhibit
                I

            	
              Form
                of Purchaser’s Letter for Institutional Accredited
                Investors

            

    

    
      	
              Exhibit
                J

            	
              Form
                of ERISA Transfer Affidavit

            

    

    
      	
              Exhibit
                K

            	
              Form
                of Letter of Representations with the Depository Trust
                Company

            

    

    
      	
              Exhibit
                L

            	
              Additional
                Disclosure Notification

            

    

    
      	
              Exhibit
                M

            	
              Form
                of Annual Certification

            

    

    
      	
              Exhibit
                N

            	
              Servicing
                Criteria to Be Addressed in Assessment of
                Compliance

            

    

    
      	
              Exhibit
                O

            	
              Additional
                Form 10-D Disclosure

            

    

    
      	
              Exhibit
                P

            	
              Additional
                Form 10-K Disclosure

            

    

    
      	
              Exhibit
                Q

            	
              Additional
                Form 8-K Disclosure

            

    

    

    
      	
              Schedule
                A

            	
              Mortgage
                Loan Schedule

            

    

    

    

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    This
      POOLING AND SERVICING AGREEMENT, dated as of August 1, 2007 (the “Agreement”),
      by and among SEQUOIA RESIDENTIAL FUNDING, INC., a Delaware corporation, as
      depositor (the “Depositor”), HSBC BANK USA, NATIONAL ASSOCIATION, a national
      banking association, as trustee (the “Trustee”), and WELLS FARGO BANK, N.A., in
      its dual capacities as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”) and acknowledged by RWT HOLDINGS,
      INC., a Delaware corporation, as seller (the “Seller”), for purposes of Sections
      2.04, 7.01(b) and 9.01(d).

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor has acquired the Mortgage Loans from the Seller and at the Closing
      Date is the owner of the Mortgage Loans and related property being conveyed
      by
      the Depositor to the Trustee hereunder for inclusion in the Trust Fund. On
      the
      Closing Date, the Depositor will acquire the Certificates from the Trustee
      as
      consideration for the Depositor’s transfer to the Trust Fund of the Mortgage
      Loans, and the other property constituting the Trust Fund. The Depositor has
      duly authorized the execution and delivery of this Agreement to provide for
      the
      conveyance to the Trustee of the Mortgage Loans and the related property
      constituting the Trust Fund. All covenants and agreements made by the Seller
      in
      the Mortgage Loan Purchase and Sale Agreement and in this Agreement and by
      the
      Depositor, the Master Servicer, the Securities Administrator and the Trustee
      herein, with respect to the Mortgage Loans and the other property constituting
      the Trust Fund, are for the benefit of the Holders from time to time of the
      Certificates. The Depositor, the Trustee, the Master Servicer and the Securities
      Administrator are entering into this Agreement, and the Trustee is accepting
      the
      Trust Fund created hereby, for good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged.

     

    As
      provided herein, the Securities Administrator shall elect that the Trust Fund
      (exclusive of the Additional Collateral and the assets deposited in the Reserve
      Fund (the “Excluded Trust Property”) be treated for federal income tax purposes
      as comprising three real estate mortgage investment conduits (each, a “REMIC”
or, in the alternative, the “Lower-Tier REMIC,” the “Middle-Tier REMIC,” and the
“Upper-Tier REMIC,” respectively). Each Certificate, other than the Class 1-AR
      Certificate and the Class LT-R Certificate, is hereby designated as a regular
      interest in the Upper-Tier REMIC, as described herein. In addition, each of
      the
      LIBOR Certificates represents the right to receive payments in respect of Net
      WAC Shortfalls from the Reserve Fund as provided in Sections 5.02 and 5.06.
      The
      owners of the Interest-Only Certificates beneficially own the Reserve Fund.
      The
      Class 1-AR Certificate represents the sole class of residual interest in each
      of
      the Upper-Tier and Middle-Tier REMICs. 

     

    The
      Class
      LT-R Certificate evidences ownership of the sole class of residual interest
      in
      the Lower-Tier REMIC (the “LT-R Interest”). The Lower-Tier REMIC shall hold as
      its assets all property of the Trust Fund, other than the Excluded Trust
      Property and other than the interests in any REMIC formed hereby. Each
      Lower-Tier Interest other than the LT-R Interest is hereby designated as a
      regular interest in the Lower-Tier REMIC and the LT-R Interest is hereby
      designated as the sole Class of residual interest in the Lower-Tier REMIC.
      The
      Middle-Tier REMIC shall hold as its assets the Lower-Tier Interests other than
      the LT-R Interest. Each
      Middle-Tier Interest other than the MT-R Interest is hereby designated as a
      regular interest in the Middle-Tier REMIC and the MT-R Interest is hereby
      designated as the sole Class of residual interest in the Middle-Tier REMIC.
      The
      Upper-Tier REMIC shall hold as its assets the Middle-Tier Interests other than
      the MT-R Interest.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      Lower-Tier REMIC Interests

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial Class Principal Amount for each Class of Lower-Tier
      Interests:

     

    
      	
              Lower-Tier
                

              REMIC
                Interest

              Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                Class

              Principal
                Amount

            	 	
              Corresponding
                Pool or 

              Corresponding
                Class of 

              Certificates

            
	
              LT-Pool
                1

            	 	
              (1)

            	 	
              (7)

            	 	
              1

            
	
              LT-Pool
                1 PSA

            	 	
              (1)

            	 	
              (8)

            	 	
              1

            
	
              LT-Pool
                2

            	 	
              (2)

            	 	
              (7)

            	 	
              2

            
	
              LT-Pool
                2 PSA

            	 	
              (2)

            	 	
              (8)

            	 	
              2

            
	
              LT-Pool
                3

            	 	
              (3)

            	 	
              (7)

            	 	
              3

            
	
              LT-Pool
                3 PSA

            	 	
              (3)

            	 	
              (8)

            	 	
              3

            
	
              LT-Pool
                4

            	 	
              (4)

            	 	
              (7)

            	 	
              4

            
	
              LT-Pool
                4 PSA

            	 	
              (4)

            	 	
              (8)

            	 	
              4

            
	
              LT-Pool
                5

            	 	
              (5)

            	 	
              (7)

            	 	
              5

            
	
              LT-Pool
                5 PSA

            	 	
              (5)

            	 	
              (8)

            	 	
              5

            
	
              LT-R

            	 	
              (6)

            	 	
              (6)

            	 	
              Class
                LT-R

            

    

    __________________

     

    
      	 	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower-Tier Interests will be a
                per annum
                rate equal to the Pool 1 Net WAC.

            

    

     

    
      	 	
              (2)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower-Tier Interests will be a
                per annum
                rate equal to the Pool 2 Net WAC.

            

    

     

    
      	 	
              (3)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower-Tier Interests will be a
                per annum
                rate equal to the Pool 3 Net WAC.

            

    

     

    
      	 	
              (4)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower-Tier Interests will be a
                per annum
                rate equal to the Pool 4 Net WAC.

            

    

     

    
      	 	
              (5)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower-Tier Interests will be a
                per annum
                rate equal to the Pool 5 Net WAC.

            

    

     

    
      	 	
              (6)

            	
              The
                LT-R Interest is the sole class of residual interest in the Lower-Tier
                REMIC. It does not have a principal balance and does not bear
                interest.

            

    

     

    
      	 	
              (7)

            	
              The
                Class Principal Amount with respect to any Distribution Date (and
                the
                related Accrual Period) for each of these Lower-Tier Interests will
                be an
                amount equal to the excess of (i) the Aggregate Stated Principal
                Balance
                of the Corresponding Pool over (ii) the Class Principal Amount of
                the
                Lower Tier Interest having “PSA” in its designation that corresponds to
                the same Mortgage Pool.

            

    

     

    
      	 	
              (8)

            	
              The
                Class Principal Amount with respect to any Distribution Date (and
                the
                related Accrual Period) for each of these Lower-Tier Interests will
                be an
                amount equal to one percent of the Pool Subordinate Amount of the
                Corresponding Pool.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    On
      each
      Distribution Date, the Available Distribution Amount distributable as interest
      shall be distributed as interest with respect to the Lower-Tier Interests based
      on the interest rates described above. On each Distribution Date, Interest
      Shortfalls shall be allocated among the related Lower-Tier Interests based
      on
      the relative amounts of interest otherwise accrued for the related Accrual
      Period on each such Lower-Tier Interest.

     

    On
      each
      Distribution Date, the remaining Available Distribution Amount shall be
      distributed as principal on the Lower-Tier Interests as follows:

    

    
      	 	
              (1)

            	
              first,
                from the remaining Available Distribution Amount for Pool 1, to
                the LT-Pool 1 PSA Interest until its Class Principal Amount equals
                one
                percent of the Pool Subordinate Amount for Pool 1 after such Distribution
                Date;

            

    

     

    
      	 	
              (2)

            	
              second,
                from the remaining Available Distribution Amount for Pool 2, to
                the LT-Pool 2 PSA Interest until its Class Principal Amount equals
                one
                percent of the Pool Subordinate Amount for Pool 2 after such Distribution
                Date;

            

    

     

    
      	 	
              (3)

            	
              third,
                from
                the remaining Available Distribution Amount for Pool 3, to
                the LT-Pool 3 PSA Interest until its Class Principal Amount equals
                one
                percent of the Pool Subordinate Amount for Pool 3 after such Distribution
                Date;

            

    

     

    
      	 	
              (4)

            	
              fourth,
                from
                the remaining Available Distribution Amount for Pool 4, to
                the LT-Pool 4 PSA Interest until its Class Principal Amount equals
                one
                percent of the Pool Subordinate Amount for Pool 4 after such Distribution
                Date;

            

    

     

    
      	 	
              (5)

            	
              fifth,
                from
                the remaining Available Distribution Amount for Pool 5, to
                the LT-Pool 5 PSA Interest until its Class Principal Amount equals
                one
                percent of the Pool Subordinate Amount for Pool 5 after such Distribution
                Date;

            

    

     

    
      	 	
              (6)

            	
              sixth,
                to the
                LT-Pool 1 PSA, LT-Pool 2 PSA, LT-Pool 3 PSA, LT-Pool 4 PSA or LT-Pool
                5
                PSA Interest, from the remaining Available Distribution Amount, the
                minimum amount necessary to cause the ratio of the Class Principal
                Amount
                of each such Lower-Tier REMIC Interest to the sum of the Class Principal
                Amounts of the other four such Lower-Tier REMIC Interests to equal
                the
                ratio of the Pool Subordinate Amount related to such interest to
                the sum
                of the Pool Subordinate Amounts related to the other four Lower-Tier
                REMIC
                Interests immediately after such Distribution
                Date;

            

    

     

    
      	 	
              (7)

            	
              seventh,
                from the remaining Available Distribution Amount for Pool 1, to the
                LT-Pool 1 Interest, until its Class Principal Amount is reduced to
                zero;

            

    

     

    
      	 	
              (8)

            	
              eighth,
                from the remaining Available Distribution Amount for Pool 2, to the
                LT-Pool 2 Interest, until its Class Principal Amount is reduced to
                zero;
                

            

    

     

    
      	 	
              (9)

            	
              ninth,
                from the remaining Available Distribution Amount for Pool 3, to the
                LT-Pool 3 Interest, until its Class Principal Amount is reduced to
                zero;

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	 	
              (10)

            	
              tenth,
                from the remaining Available Distribution Amount for Pool 4, to the
                LT-Pool 4 Interest, until its Class Principal Amount is reduced to
                zero;

            

    

     

    
      	 	
              (11)

            	
              eleventh,
                from the remaining Available Distribution Amount for Pool 5, to the
                LT-Pool 5 Interest, until its Class Principal Amount is reduced to
                zero;
                and

            

    

     

    
      	 	
              (12)

            	
              finally,
                to
                the Class LT-R Interest, any remaining amounts (including
                any and all remaining amounts representing net gain, if any, from
                the sale
                of any REO Properties at a price in excess of the foreclosed balance
                of
                the related Mortgage Loan or other Liquidation Proceeds
                realized).

            

    

     

    The
      Middle-Tier REMIC Interests

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial Class Principal Amount for each Class of Middle-Tier
      Interests:

     

    
      	
              Middle-Tier
                

              REMIC
                Interest 

              Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                Class

              Principal
                Amount

            	 	
              Corresponding
                Class of 

              Certificate(s)

            
	
              MT-1A1

            	 	
              (1)

            	 	
              (3)

            	 	
              1-A1,
                1-AR, 1-XA

            
	
              MT-1A2

            	 	
              (1)

            	 	
              (3)

            	 	
              1-A2,
                1-XA

            
	
              MT-2A1

            	 	
              (2)

            	 	
              (3)

            	 	
              2-A1

            
	
              MT-2A2

            	 	
              (2)

            	 	
              (3)

            	 	
              2-A2

            
	
              MT-3A1

            	 	
              (2)

            	 	
              (3)

            	 	
              3-A1

            
	
              MT-3A2

            	 	
              (2)

            	 	
              (3)

            	 	
              3-A2

            
	
              MT-4A1

            	 	
              (2)

            	 	
              (3)

            	 	
              4-A1

            
	
              MT-4A2

            	 	
              (2)

            	 	
              (3)

            	 	
              4-A2

            
	
              MT-5A1

            	 	
              (2)

            	 	
              (3)

            	 	
              5-A1

            
	
              MT-5A2

            	 	
              (2)

            	 	
              (3)

            	 	
              5-A2

            
	
              MT-B1

            	 	
              (2)

            	 	
              (3)

            	 	
              1-B1

            
	
              MT-B2

            	 	
              (2)

            	 	
              (3)

            	 	
              1-B2

            
	
              MT-B3

            	 	
              (2)

            	 	
              (3)

            	 	
              1-B3

            
	
              MT-B4

            	 	
              (2)

            	 	
              (3)

            	 	
              1-B4

            
	
              MT-B5

            	 	
              (2)

            	 	
              (3)

            	 	
              1-B5

            
	
              MT-B6

            	 	
              (2)

            	 	
              (3)

            	 	
              1-B6

            
	
              MT-R

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            

    

    __________________

     

    
      	 	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for this Lower-Tier Interest will be a per annum
                rate
                equal to the Pool 1 Net WAC.

            

    

     

    
      	 	
              (2)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for this Middle-Tier Interest will be a per annum
                rate
                equal to the rate on its Corresponding Class of
                Certificates.

            

    

     

    
      	 	
              (3)

            	
              This
                interest shall have an initial class principal amount equal to the
                aggregate Initial Class Principal Amount of its Corresponding Class(es)
                of
                Certificates (other than any interest-only
                certificates).

            

    

     

    
      	 	
              (4)

            	
              The
                MT-R Interest is the sole class of residual interest in the Middle-Tier
                REMIC. It does not have a principal balance and does not bear
                interest.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    On
      each
      Distribution Date, the Available Distribution Amount distributable as interest
      shall be distributed as interest with respect to the Middle-Tier Interests
      based
      on the interest rates described above. On each Distribution Date, Interest
      Shortfalls shall be allocated among the related Middle-Tier Interests based
      on
      the relative amounts of interest otherwise accrued for the related Accrual
      Period on each such Middle-Tier Interest.

     

    On
      each
      Distribution Date, the remaining Available Distribution Amount distributable
      to
      with respect principal shall be distributed to the
      Middle-Tier
      Interests as follows:

    

    
      	 	
              (i)

            	
              first,
                to the Middle-Tier Interests with the letter “A” in their designation, pro
                rata, until their Class Principal Amounts equal the sum of the Class
                Principal Amounts of their Corresponding Class(es) of Certificates
                (other
                than any interest-only
                certificates);

            

    

     

    
      	 	
              (ii)

            	
              second,
                to the MT-1B1
                Interest until its Class Principal Amount equals the Class Principal
                Amount of the Class B1 Certificate;

            

    

     

    
      	 	
              (iii)

            	
              third,
                to the MT-1B2
                Interest until its Class Principal Amount equals the Class Principal
                Amount of the Class B2 Certificate;

            

    

     

    
      	 	
              (iv)

            	
              fourth,
                to the MT-1B3
                Interest until its Class Principal Amount equals the Class Principal
                Amount of the Class B3 Certificate;

            

    

     

    
      	 	
              (v)

            	
              fifth,
                to the
                MT-1B4 Interest until its Class Principal Amount equals the Class
                Principal Amount of the Class B4 Certificate;

            

    

     

    
      	 	
              (vi)

            	
              sixth,
                to
                the MT-1B5
                Interest until its Class Principal Amount equals the Class Principal
                Amount of the Class B5 Certificate;

            

    

     

    
      	 	
              (vii)

            	
              seventh,
                to the MT-1B6
                Interest until its Class Principal Amount equals the Class Principal
                Amount of the Class B6 Certificate; and

            

    

     

    
      	 	
              (viii)

            	
              finally,
                to the
                MTR Interest, any remaining
                amounts.

            

    

     

    The
      Certificates and the Upper-Tier REMIC

     

    The
      following table sets forth (or describes) the Class designation, Certificate
      Interest Rate, initial Class Principal Amount (or initial Class Notional Amount)
      and minimum denomination for each Class of Certificates comprising interests
      in
      the Trust Fund created hereunder.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              Class
                Designation

            	 	
              Certificate

              Interest
                Rate

            	 	
              Initial
                Class

              Class
                Principal 

              Amount

            	 	
              Minimum

              Denominations
                or 

              Percentage
                Interest

            
	
              Class
                1-A1

            	 	
              (1)

            	 	
              $  42,031,000.00

            	 	
              $  25,000.00

            
	
              Class
                1-A2

            	 	
              (2)

            	 	
              $  10,120,000.00

            	 	
              $  25,000.00

            
	
              Class
                1-AR

            	 	
              (3)

            	 	
              $              100.00

            	 	
                         100%

            
	
              Class
                1-XA

            	 	
              (4)

            	 	
              (5)

            	 	
                         100%

            
	
              Class
                2-A1

            	 	
              (6)

            	 	
              $    3,688,000.00

            	 	
              $  25,000.00

            
	
              Class
                2-A2

            	 	
              (6)

            	 	
              $       410,000.00

            	 	
              $  25,000.00

            
	
              Class
                3-A1

            	 	
              (7)

            	 	
              $  49,260,000.00

            	 	
              $  25,000.00

            
	
              Class
                3-A2

            	 	
              (7)

            	 	
              $    5,473,000.00

            	 	
              $  25,000.00

            
	
              Class
                4-A1

            	 	
              (8)

            	 	
              $  25,095,000.00

            	 	
              $  25,000.00

            
	
              Class
                4-A2

            	 	
              (8)

            	 	
              $    2,788,000.00

            	 	
              $  25,000.00

            
	
              Class
                5-A1

            	 	
              (9)

            	 	
              $  14,639,000.00

            	 	
              $  25,000.00

            
	
              Class
                5-A2

            	 	
              (9)

            	 	
              $    1,626,000.00

            	 	
              $  25,000.00

            
	
              Class
                B-1

            	 	
              (10)

            	 	
              $    3,218,000.00

            	 	
              $100,000.00

            
	
              Class
                B-2

            	 	
              (10)

            	 	
              $    2,062,000.00

            	 	
              $100,000.00

            
	
              Class
                B-3

            	 	
              (10)

            	 	
              $    1,402,000.00

            	 	
              $100,000.00

            
	
              Class
                B-4

            	 	
              (10)

            	 	
              $    1,815,000.00

            	 	
              $100,000.00

            
	
              Class
                B-5

            	 	
              (10)

            	 	
              $       660,000.00

            	 	
              $100,000.00

            
	
              Class
                B-6

            	 	
              (10)

            	 	
              $       659,861.00

            	 	
              $100,000.00

            
	
              Class
                LT-R

            	 	
              (11)

            	 	
              (11)

            	 	
                         100%

            

    

     

    
      	 	
              (1)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A1 Certificates is the per
                annum
                rate equal to the least of (i) One-Month LIBOR plus 0.78%, (ii) the
                Pool 1
                Net WAC and (iii) 11.975%; provided,
                however,
                that if the Holder of the Class LT-R Certificate does not exercise
                the
                option to redeem the Certificates on or prior to the Group 1 Step-Up
                Date,
                then the per annum rate calculated pursuant to clause (i) above with
                respect to the Class 1-A1 Certificates will be One-Month LIBOR plus
                1.56%
                on the Distribution Date immediately following the Group 1 Step-Up
                Date
                and for all Distribution Dates
                thereafter.

            

    

     

    
      	 	
              (2)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A2 Certificates is the per
                annum
                rate equal to the least of (i) One-Month LIBOR plus 1.28%, (ii) the
                Pool 1
                Net WAC and (iii) 11.975%; provided,
                however,
                that if the Holder of the Class LT-R Certificate does not exercise
                the
                option to redeem the Certificates on or prior to the Group 1 Step-Up
                Date,
                then the per annum rate calculated pursuant to clause (i) above with
                respect to the Class 1-A2 Certificates will be One-Month LIBOR plus
                2.56%
                on the Distribution Date immediately following the Group 1 Step-Up
                Date
                and for all Distribution Dates
                thereafter.

            

    

     

    
      	 	
              (3)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-AR Certificates will equal
                the
                Pool 1 Net WAC.

            

    

     

    
      	 	
              (4)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-XA Certificates will be a
                per
                annum rate equal to the excess, if any, of the Pool 1 Net WAC over
                the
                weighted average of the Certificate Interest Rates of the Class 1-A1
                and
                Class 1-A2 Certificates (adjusted on the basis of a 360-day year
                consisting of twelve 30-day months), weighted on the basis of their
                respective Class Principal Amounts.

            

    

     

    
      	 	
              (5)

            	
              The
                Class
                1-XA Certificate is an interest only Certificate and for any Distribution
                Date the Class Notional Amount of the Class 1-XA Certificates is
                equal to
                the aggregate of the Class Principal Amounts of the Class
                1-A1 and Class 1-A2 Certificates
                immediately before such Distribution Date. The initial Class Notional
                Amount of the Class 1-XA Certificates is
                $52,151,000.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	 	
              (6)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A1 and Class 2-A2 Certificates
                will equal the Pool 2 Net WAC.

            

    

     

    
      	 	
              (7)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-A1 and Class 3-A2 Certificates
                will equal the Pool 3 Net WAC.

            

    

     

    
      	 	
              (8)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1 and Class 4-A2 Certificates
                will equal the Pool 4 Net WAC.

            

    

     

    
      	 	
              (9)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 5-A1 and Class 5-A2 Certificates
                will equal the Pool 5 Net WAC.

            

    

     

    
      	 	
              (10)

            	
              The
                Certificate Interest Rates with respect to any Distribution Date
                (and the
                related Accrual Period) for the Class B-1, Class B-2, Class B-3,
                Class
                B-4, Class B-5 and Class B-6 Certificates will equal the Subordinate
                Net
                WAC.

            

    

     

    
      	 	
              (11)

            	
              The
                Class LT-R Certificate does not have a Certificate Interest Rate
                or a
                Class Principal Amount.

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an Aggregate Stated Principal Balance
      of
      $164,946,961.00.

     

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

     

    ARTICLE
      I

    

    DEFINITIONS

    

    Section
      1.01  Definitions. 
      The
      following words and phrases, unless the context otherwise requires, shall have
      the following meanings:

    

    10-K
      Filing Deadline:
      As defined in Section 6.21(b)(i) hereof.

    

    Accepted
      Servicing Practices:
      With respect to any Mortgage Loan, those mortgage servicing practices of prudent
      mortgage lending institutions which service mortgage loans of the same type
      as
      such Mortgage Loan in the jurisdiction where the related Mortgaged Property
      is
      located.

    

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

    

    Accountant’s
      Attestation:
      As defined in Section 6.24.

    

    Accrual
      Period:
      With respect to any Distribution Date and any Class of LIBOR Certificates,
      the
      period commencing on the immediately preceding Distribution Date (or, in the
      case of the first Distribution Date, on the Closing Date) and ending on the
      day
      immediately preceding the current Distribution Date. The Accrual Period
      applicable to the remaining Classes of Certificates and to each Lower-Tier
      Interest is the calendar month preceding the month in which the Distribution
      Date occurs. Interest shall accrue on all Classes of Certificates and on all
      Lower-Tier Interests (other than the LIBOR Certificates, the LT-Pool 1 and
      LT-Pool 1 PSA Interests, and the MT-1A1 and MT-1A2 Interests) on the basis
      of a
      360-day year consisting of twelve 30-day months, and interest shall accrue
      on
      the LIBOR Certificates, the LT-Pool 1 and LT-Pool 1 PSA Interests, and the
      MT-1A1 and MT-1A2 Interests) on the basis of a 360-day year and the actual
      number of days elapsed in the related Accrual Period.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Acknowledgements:
      The Assignment, Assumption and Recognition Agreements, each dated August 30,
      2007, assigning rights under the Purchase Agreements and the Servicing
      Agreements from the Seller to the Depositor and from the Depositor to the
      Trustee, for the benefit of the Certificateholders.

    

    Additional
      Collateral:
      With
      respect to any Additional Collateral Mortgage Loan, the marketable securities
      and other acceptable collateral pledged as collateral pursuant to the related
      pledge agreements.

    

    Additional
      Collateral Mortgage Loan:
      Each Mortgage Loan identified as such in the Mortgage Loan
      Schedule.

    

    Additional
      Form 10-D Disclosure:
      As defined in Section 6.21(a)(i).

    

    Additional
      Form 10-K Disclosure:
      As defined in Section 6.21(b)(i).

    

    Additional
      Servicer:
      Each
      affiliate of a Servicer that Services any of the Mortgage Loans and each Person
      who is not an affiliate of the Depositor, who Services 10% or more of the
      Mortgage Loans (measured by aggregate Stated Principal Balance of the Mortgage
      Loans, annually at the commencement of the calendar year prior to the year
      in
      which an Item 1123 Certificate is required to be delivered). For clarification
      purposes, the Master Servicer and the Securities Administrator are Additional
      Servicers.

    

    Adjustment
      Date:
      As to any Mortgage Loan, the date on which the related Mortgage Rate adjusts
      in
      accordance with the terms of the related Mortgage Note.

    

    Advance:
      With
      respect to a Mortgage Loan, the payments required to be made by the Master
      Servicer or the applicable Servicer with respect to any Distribution Date
      pursuant to this Agreement or the Servicing Agreements, as applicable, the
      amount of any such payment being equal to the aggregate of the payments of
      principal and interest (net of the Master Servicing Fee and/or the applicable
      Servicing Fee and net of any net income in the case of any REO Property) on
      the
      Mortgage Loans that were due on the related Due Date and not received as of
      the
      close of business on the related Determination Date, less the aggregate amount
      of any such delinquent payments that the Master Servicer or the Servicers have
      determined would constitute Nonrecoverable Advances if advanced.

    

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

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

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

    

    Aggregate
      Expense Rate:
      With respect to any Mortgage Loan, the sum of the Master Servicing Fee Rate,
      the
      applicable Servicing Fee Rate and the premium rate of any lender-paid Primary
      Mortgage Insurance Policy, expressed as an annual rate.

    

    Aggregate
      Senior Percentage:
      As to any Distribution Date, the percentage equivalent of a fraction, the
      numerator of which is the aggregate of the Class Principal Amounts of the Class
      1-A1, Class 1-A2, Class 1-AR, Class 2-A1, Class 2-A2, Class 3-A1, Class 3-A2,
      Class 4-A1, Class 4-A2, Class 5-A1 and Class 5-A2 Certificates and the
      denominator of which is the Aggregate Stated Principal Balance for such date,
      but in no event greater than 100%.

    

    Aggregate
      Stated Principal Balance:
      As to any Distribution Date, the aggregate of the Stated Principal Balances
      for
      all Mortgage Loans (and when such term is used with respect to a particular
      Mortgage Pool, the aggregate of the Stated Principal Balances of the Mortgage
      Loans in such Mortgage Pool) which were outstanding on the Due Date in the
      month
      preceding the month of such Distribution Date.

    

    Aggregate
      Subordinate Percentage:
      As to any Distribution Date, the excess of 100% over the Aggregate Senior
      Percentage for such Distribution Date, but in no event less than
      zero.

    

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

    

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

    

    Applicable
      Credit Support Percentage:
      As to any Class of Subordinate Certificates and any Distribution Date, the
      sum
      of the Class Subordination Percentage of such Class and the aggregate of the
      Class Subordination Percentages of all other Classes (if any) of Subordinate
      Certificates that rank lower in priority than such Class.

    

    Apportioned
      Principal Balance:
      As to any Distribution Date and each Class of Subordinate Certificates, the
      Class Principal Amount thereof immediately prior to that Distribution Date,
      multiplied by a fraction, the numerator of which is the applicable Pool
      Subordinate Amount (i.e.,
      the Pool 1 Subordinate Amount, the Pool 2 Subordinate Amount, the Pool 3
      Subordinate Amount, the Pool 4 Subordinate Amount or the Pool 5 Subordinate
      Amount, as the case may require), and the denominator of which is the sum of
      the
      Pool Subordinate Amounts, in each case, on such date.

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

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

    

    Assessment
      of Compliance:
      As defined in Section 6.23(a).

    

    Assignment
      of Mortgage:
      An assignment of the Mortgage, notice of transfer or equivalent instrument,
      in
      recordable form, sufficient under the laws of the jurisdiction wherein the
      related Mortgaged Property is located to reflect the sale of the Mortgage to
      the
      Trustee, which assignment, notice of transfer or equivalent instrument may
      be in
      the form of one or more blanket assignments covering the Mortgage Loans secured
      by Mortgaged Properties located in the same jurisdiction, if permitted by law;
      provided,
      however,
      that the Trustee shall not be responsible for determining whether any such
      assignment is in recordable form.

    

    Authenticating
      Agent:
      Any authenticating
      agent appointed by the Trustee pursuant to Section 6.10 until any successor
      authenticating agent for the Certificates is named, and thereafter
“Authenticating Agent” shall mean any such successor. The initial Authenticating
      Agent shall be the Securities Administrator under this Agreement.

    

    Authorized
      Officer:
      Any Person who may execute
      an Officer’s Certificate on behalf of the Depositor.

    

    Available
      Distribution Amount:
      With respect to any Distribution Date and each Mortgage Pool, the total amount
      of all cash, including that
      portion of the Redemption Price (if applicable) received
      by the Master Servicer or the Securities Administrator in respect of the
      Mortgage Loans in such Mortgage Pool from each Servicer or otherwise through
      the
      Distribution Account Deposit Date for deposit into the Distribution Account
      in
      respect of such Distribution Date, including (1) all scheduled installments
      of
      interest (net of the related Servicing Fees and Master Servicing Fees) and
      principal collected on the related Mortgage Loans and due during the Due Period
      related to such Distribution Date, together with any Advances in respect
      thereof, (2) all Insurance Proceeds, Liquidation Proceeds, Subsequent Recoveries
      and the proceeds of any Additional Collateral from the related Mortgage Loans,
      in each case for such Distribution Date, (3) all partial or full Principal
      Prepayments, together with any accrued interest thereon, identified as having
      been received from the related Mortgage Loans during the related Prepayment
      Period, (4) any amounts paid by the Master Servicer and/or received from the
      Servicers in respect of Prepayment Interest Shortfalls with respect to the
      related Mortgage Loans; and (5) the aggregate Purchase Price of all Defective
      Mortgage Loans in such Mortgage Pool purchased from the Trust Fund during the
      related Prepayment Period, minus:

    

    (A) an
      amount equal to the product of (a) the applicable Pool Percentage and (b) the
      sum of (i) all related fees, charges and other amounts (other than the Master
      Servicing Fees) payable or reimbursable to the Master Servicer, the Securities
      Administrator and the Trustee under this Agreement (subject to an aggregate
      maximum amount of $300,000 annually (per year from the Closing Date to the
      first
      anniversary of the Closing Date and each subsequent anniversary year thereafter)
      to be paid to such parties collectively, whether from collections from Pool
      1,
      Pool 2, Pool 3, Pool 4 or Pool 5, in the order claims for payment of such
      amounts are received by the Securities Administrator, provided, however, that
      if
      a claim is presented for an amount that, when combined with the amount of prior
      claims paid during that year, would exceed $300,000, then only a portion of
      such
      claim will be paid that will make the total amount paid during that year equal
      to $300,000 and the excess remaining unpaid, together with any additional claims
      received during that year, will be deferred until the following anniversary
      year
      and if the total amount of such deferred claims exceeds $300,000 then payment
      in
      such following anniversary year (and each subsequent anniversary year as may
      be
      needed until such deferred claims are paid in full) shall be apportioned between
      the Master Servicer and the Securities Administrator, on the one hand, and
      the
      Trustee on the other hand, in proportion to the aggregate amount of deferred
      claims submitted by such group as of the last day of the prior year, and (ii)
      all charges and other amounts payable to the Servicers under the Servicing
      Agreements;

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (B) in
      the case of (2), (3), (4) and (5) above, with respect to the related Mortgage
      Loans, any related unreimbursed expenses incurred by the related Servicers
      in
      connection with a liquidation or foreclosure and any unreimbursed Advances
      or
      Servicer Advances due to the Master Servicer or the related
      Servicers;

    

    (C) with
      respect to the related Mortgage Loans, any related unreimbursed Nonrecoverable
      Advances due to the Master Servicer or the Servicers; and

    

    (D) in
      the case of (1) through (4) above, with respect to the related Mortgage Loans,
      any related amounts collected which are determined to be attributable to a
      subsequent Due Period or Prepayment Period. 

    

    Back-Up
      Certification:
      As defined in Section 6.21(e).

    

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

    

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

    

    BBA:
      The British Banker’s Association.

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    Benefit
      Plan Opinion:
      An Opinion of Counsel satisfactory to the Certificate Registrar to the effect
      that any proposed transfer will not (i) cause the assets
      of the Trust Fund to be regarded as plan assets for purposes of the Plan Asset
      Regulations or (ii) give rise to any fiduciary duty on the part of the Depositor
      or the Trustee.

    

    Book-Entry
      Certificates:
      Beneficial interests in Certificates
      designated as “Book-Entry Certificates” in this Agreement, ownership and
      transfers of which shall be evidenced or made through book entries by a Clearing
      Agency as described in Section 3.09; provided,
      that
      after
      the occurrence of a Book-Entry Termination whereupon book-entry registration
      and
      transfer are no longer permitted and Definitive Certificates are to be issued
      to
      Certificate Owners, such Book-Entry Certificates shall no longer be “Book-Entry
      Certificates.” As of the Closing Date, the following Classes of Certificates
      constitute Book-Entry Certificates: Class 1-A1, Class 1-A2, Class 1-XA, Class
      2-A1, Class 2-A2, Class 3-A1, Class 3-A2, Class 4-A1, Class 4-A2, Class 5-A1,
      Class 5-A2, Class B-1, Class B-2 and Class B-3.

    

    Book-Entry
      Termination:
      As
      defined in Section 3.09(c).

    

    Business
      Day:
      Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking
      institutions in New York, New York or, if other than New York, the city in
      which
      the Corporate Trust Office of the Trustee is located, or the States of Maryland
      or Minnesota, are authorized
      or obligated by law or executive order to be closed.

    

    Certificate:
      Any one of the certificates signed by the Trustee and authenticated by the
      Securities Administrator as Authenticating Agent in substantially the forms
      attached hereto
      as Exhibit A.

    

    Certificate
      Group:
      Each of the Group 1 Certificates, the Group 2 Certificates, the Group 3
      Certificates, the Group 4 Certificates and the Group 5
      Certificates.

    

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

    

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

    

    Certificate
      Principal Amount:
      With
      respect to any Certificate (other than an Interest-Only Certificate), at the
      time of determination, the maximum specified dollar amount of principal to
      which
      the Holder thereof is then entitled hereunder, such amount being equal to the
      initial principal amount set forth on the face of such Certificate, less
      (i) the amount of all principal distributions previously made with respect
      to such Certificate; (ii) all Realized Losses allocated to such
      Certificate; provided,
      however,
      that on
      any Distribution Date on which a Subsequent Recovery is distributed, the
      Certificate Principal Amount of any Certificate then outstanding to which a
      Realized Loss amount has been applied will be increased sequentially, in order
      of seniority, by an amount equal to the lesser of (A) the Realized Loss amount
      previously allocated to that Certificate and (B) any Subsequent Recovery
      allocable to such Certificate after application (for this purpose) to more
      senior Classes of Certificates pursuant to this Agreement and (iii) in the
      case of a Subordinate Certificate, any Subordinate Certificate Writedown Amount
      allocated to such Certificates. For purposes of Article V hereof, unless
      specifically provided to the contrary, Certificate Principal Amounts shall
      be
      determined as of the close of business of the immediately preceding Distribution
      Date, after giving effect to all distributions made on such date. Interest-Only
      Certificates, if applicable, are issued without Certificate Principal
      Amounts.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Certificate
      Register and Certificate Registrar:
      The register
      maintained and the registrar appointed pursuant to Section 3.02. The Securities
      Administrator will act as the initial Certificate Registrar.

    

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

    

    Certification
      Parties:
      As
      defined in Section 6.21(e).

    

    Certifying
      Person:
      As
      defined in Section 6.21(e).

    

    Civil
      Relief Act:
      The
      Servicemembers Civil Relief Act, as amended, or any similar state or local
      law.

    

    Class:
      Collectively, Certificates bearing the same class designation. In the case
      of
      the Lower-Tier REMIC,
      the
      term “Class” refers to all Lower-Tier Interests having
      the same alphanumeric designation.

    

    Class
      1-AR Certificate:
      The
      Class 1-AR Certificate executed by the Trustee, and authenticated and delivered
      by the Authenticating Agent, substantially in the form annexed hereto as Exhibit
      A, and evidencing the ownership of the sole residual interest in each of the
      Middle-Tier and Upper-Tier REMICs.

    

    Class
      LT-R Certificate:
      The
      Class LT-R Certificate executed by the Trustee and authenticated and delivered
      by the Authenticating Agent, substantially in the form annexed as Exhibit A
      and
      evidencing ownership of the LT-R Interest.

    

    Class
      Notional Amount:
      With
      respect to any Class of Interest-Only Certificates, the applicable class
      notional amount calculated as provided in the Preliminary Statement to this
      Agreement. 

    

    Class
      Principal Amount:
      With
      respect to each Class of Certificates (other than an Interest-Only Certificate),
      the aggregate of the Certificate Principal Amounts of all Certificates of such
      Class at the date of determination. With respect to any
      Lower-Tier
      Interest,
      the
      initial Class Principal Amount as shown or described in the table set forth
      in
      the Preliminary Statement to this Agreement for the issuing REMIC, as reduced
      by
      principal distributed with respect to such Lower-Tier Interest and
      Realized Losses allocated to such Lower-Tier
      Interest at
      the
      date of determination.

    

    Class
      Subordination Percentage:
      With
      respect to each Class of Subordinate Certificates, for each Distribution Date,
      the percentage obtained by dividing the Class Principal Amount of such Class
      immediately prior to such Distribution Date by the aggregate of the Class
      Principal Amounts of all Classes of Certificates immediately prior to such
      Distribution Date.

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

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

    

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

    

    Closing
      Date:
      August
      30,
      2007.

    

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

    

    Collection
      Accounts:
      Each
      collection account (other than an Escrow Account) established and maintained
      by
      a Servicer pursuant to a Servicing Agreement.

    

    Commission:
      U.S.
      Securities and Exchange Commission.

    

    Compensating
      Interest Payment:
      As to
      any Distribution Date, the lesser of (1) the Master Servicing Fee for such
      date
      and (2) any Prepayment Interest Shortfall for such date.

    

    Component:
      Not
      applicable. 

    

    Component
      Interest Rate:
      Not
      applicable. 

    

    Component
      Notional Amount:
      Not
      applicable.

    

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

    

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

    

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

    

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

    

    Corporate
      Trust Office:
      With
      respect to the Trustee, the principal corporate trust office of the Trustee
      located at 452 Fifth Avenue, New York, New York 10018, Attention: Trustee
      Sequoia Mortgage Trust 2007-4, or at such other address as the Trustee may
      designate from time to time by notice to the Certificateholders, the Depositor,
      the Master Servicer and the Securities Administrator or the principal corporate
      trust office of any successor Trustee. With respect to the Certificate Registrar
      and presentment of Certificates for registration of transfer, exchange or final
      payment, Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue, Minneapolis,
      Minnesota 55479, Attention: Sequoia Mortgage Trust 2007-4.

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    Corresponding
      Class of Certificates:
      With
      respect to each Lower-Tier Interest or Middle-Tier Interest, the Class or
      Classes of Certificates appearing opposite such Lower-Tier Interest or
      Middle-Tier Interest, respectively, as described in the Preliminary Statement
      to
      this Agreement.

    

    Credit
      Support Depletion Date:
      The
      first Distribution Date, if any, on which the aggregate of the Class Principal
      Amounts of the Subordinate Certificates has been reduced to zero.

    

    Current
      Interest:
      With
      respect to each Class of Certificates and any Distribution Date, the aggregate
      amount of interest accrued at the applicable Certificate Interest Rate during
      the related Accrual Period on the Class Principal Amount or Class Notional
      Amount, as applicable, of such Class immediately prior to such Distribution
      Date. 

    

    Custodian:
      A
      Person who is at anytime appointed by the Trustee and the Depositor as a
      custodian of all or a portion of the Mortgage Documents and the related Trustee
      Mortgage Files and listed on the Mortgage Loan Schedule as the Custodian of
      such
      Mortgage Documents and related Trustee Mortgage Files. The initial Custodian
      is
      Wells Fargo Bank, N.A.

    

    Custody
      Agreement:
      The
      Custody Agreement, dated as of August 1, 2007, among the Depositor, the Seller,
      the Trustee and Wells Fargo Bank, N.A., as Custodian. A copy of the Custody
      Agreement is attached hereto as Exhibit D.

    

    Cut-off
      Date:
      August
      1, 2007.

    

    Debt
      Service Reduction:
      With
      respect to any Mortgage Loan, a reduction by a court of competent jurisdiction
      in a proceeding under the 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. 

    

    Defective
      Mortgage Loan:
      The
      meaning specified in Section 2.04.

    

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, a valuation of the related Mortgaged Property
      by a
      court of competent jurisdiction in an amount less than the then outstanding
      indebtedness under the Mortgage Loan, or any reduction in the amount of
      principal to be paid in connection with any Scheduled Payment that results
      in a
      permanent forgiveness of principal, which valuation or reduction results from
      an
      order of such court which is final and non-appealable in a proceeding under
      the
      Bankruptcy Code.

    

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

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    Deleted
      Mortgage Loan:
      As
      defined in the applicable Purchase Agreement.

    

    Delinquent:
      Any
      Mortgage Loan with respect to which the Scheduled Payment due on a Due Date
      is
      not received, based on the MBA method of calculating delinquency.

    

    Depositor:
      Sequoia
      Residential Funding, Inc., a Delaware corporation having its principal place
      of
      business in California, or its successors in interest.

    

    Determination
      Date:
      With
      respect to each Distribution Date, the 18th day of the month in which such
      Distribution Date occurs, or, if such 18th day is not a Business Day, the next
      succeeding Business Day; provided,
      however,
      that
      with respect to a Servicer, the Determination Date is the date set forth in
      the
      related Servicing Agreement.

    

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

    

    Distribution
      Account:
      The
      separate Eligible Account created and maintained by the Securities
      Administrator, on behalf of the Trustee, pursuant to Section 4.01. Funds in
      the
      Distribution Account (exclusive of any earnings on investments made with funds
      deposited in the Distribution Account) shall be held in trust for the Trustee
      and the Certificateholders for the uses and purposes set forth in this
      Agreement.

    

    Distribution
      Account Deposit Date:
      The
      18th day of each calendar month after the initial issuance of the Certificates
      or, if such 18th day is not a Business Day, the immediately preceding Business
      Day, commencing in September 2007. 

    

    Distribution
      Date:
      The
      20th day of each month or, if such 20th day is not a Business Day, the next
      succeeding Business Day, commencing in September 2007.

    

    Distribution
      Date Statement:
      As
      defined in Section 4.04.

    

    Document
      Transfer Event:
      The day
      on which (i) Wells Fargo Bank, N.A. or any successor thereto is no longer a
      Servicer of any of the Mortgage Loans, (ii) the senior, unsecured long-term
      debt
      rating of Wells Fargo & Company is less than “BBB-” by Fitch or (iii) any
      Rating Agency requires such Servicer to deliver the Retained Mortgage Files
      to
      the Custodian.

    

    Due
      Date:
      With
      respect to any Mortgage Loan, the date on which a Scheduled Payment is due
      under
      the related Mortgage Note as indicated in the applicable Servicing
      Agreement.

    

    Due
      Period:
      As to
      any Distribution Date, the period beginning on the second day of the month
      preceding the month of such Distribution Date, and ending on the first day
      of
      the month of such Distribution Date.

    

    Effective
      Loan-to-Value Ratio:
      A
      fraction, expressed as a percentage, the numerator of which is the original
      Stated Principal Balance of the Mortgage Loan, less the amount of Additional
      Collateral required to secure such Mortgage Loan at the time of origination,
      if
      any, and the denominator of which is the Appraised Value of the related Mortgage
      Property at such date.

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    Eligible
      Account:
      Any of
      (i) an account or accounts maintained with a federal or state chartered
      depository institution or trust company the short-term unsecured debt
      obligations of which (or, in the case of a depository institution or trust
      company that is the principal subsidiary of a holding company, the debt
      obligations of such holding company) have the highest short-term ratings of
      each
      Rating Agency at the time any amounts are held on deposit therein, or (ii)
      a
      trust account or accounts maintained with the trust department of a federal
      or
      state chartered depository institution or trust company, 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 Trustee, the Paying Agent, the
      Securities Administrator or the Master Servicer. If the depository institution
      or trust company that maintains the account or accounts receives a downgrade
      in
      its rating such that it is no longer acceptable to the Rating Agencies, the
      funds on deposit therewith in connection with this transaction shall be
      transferred to an Eligible Account within 30 days of such
      downgrade.

    

    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 an Underwriter’s Exemption.

    

    ERISA-Restricted
      Certificate:
      The
      Class 1-AR, Class LT-R, Class B-4, Class B-5 or Class B-6 Certificates, any
      Retained Certificates until such Retained Certificates have been subject to an
      ERISA-Qualifying Underwriting and any Certificate that does not satisfy the
      applicable rating requirement under the Underwriter’s Exemption.

    

    ERISA-Restricted
      Purchase Option Certificate:
      Any
      Certificate other than an ERISA-Restricted Certificate.

    

    Escrow
      Account:
      As
      defined in Section 1 of each Servicing Agreement.

    

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

    

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

    

    Excluded
      Trust Property:
      As defined in the Preliminary Statement.

    

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

    

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

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

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

    

    Fitch:
      Fitch,
      Inc., or any successor in interest.

    

    Form
      8-K Disclosure Information:
      As
      defined in Section 6.21(c)(i).

    

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

    

    Group
      1:
      All of
      the Group 1 Certificates.

    

    Group
      1 Certificate:
      Any
      Class 1-A1, Class 1-A2, Class 1-XA or Class 1-AR Certificate.

    

    Group
      1 Step-Up Date:
      The
      Distribution Date on which the then Aggregate Stated Principal Balance of the
      Mortgage Loans is equal to or less than 5% of the Aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

    

    Group
      2:
      All of
      the Group 2 Certificates.

    

    Group
      2 Certificate:
      Any
      Class 2-A1 or Class 2-A2 Certificate.

    

    Group
      3:
      All of
      the Group 3 Certificates.

    

    Group
      3 Certificate:
      Any
      Class 3-A1 or Class 3-A2 Certificate.

    

    Group
      4:
      All of
      the Group 4 Certificates.

    

    Group
      4 Certificate:
      Any
      Class 4-A1 or Class 4-A2 Certificate.

    

    Group
      5:
      All of
      the Group 5 Certificates.

    

    Group
      5 Certificate:
      Any
      Class 5-A1 or Class 5-A2 Certificate.

    

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

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

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

    

    Independent:
      When
      used with respect to any Accountants, a Person who is “independent” within the
      meaning of Rule 2-01(b) of the Securities and Exchange Commission’s Regulation
      S-X. When used with respect to any other Person, a Person who (a) is in fact
      independent of another specified Person and any Affiliate of such other Person,
      (b) does not have any material direct financial interest in such other Person
      or
      any Affiliate of such other Person, and (c) is not connected with such other
      Person or any Affiliate of such other Person as an officer, employee, promoter,
      underwriter, trustee, partner, director or Person performing similar
      functions.

    

    Index:
      As to
      each Mortgage Loan, the index from time to time in effect for adjustment of
      the
      Mortgage Rate as set forth as such on the related Mortgage Note.

    

    Initial
      One-Month LIBOR Rate:
      5.589%.

    

    Initial
      Trust Receipt.
      With
      respect to any Mortgage Loan, as defined in the Custody Agreement.

    

    Insurance
      Policy:
      With
      respect to any Mortgage Loan, any insurance policy, including all names and
      endorsements thereto in effect, including any replacement policy or policies
      for
      any Insurance Policies.

    

    Insurance
      Proceeds:
      Proceeds paid by any Insurance Policy (excluding proceeds required to be applied
      to the restoration and repair of the related Mortgaged Property or released
      to
      the Mortgagor), in each case other than any amount included in such Insurance
      Proceeds in respect of Insured Expenses and (i) the proceeds from any Limited
      Purpose Surety Bond.

    

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

    

    Interest
      Distribution Amount:
      For
      each Class of Certificates on any Distribution Date, the Current Interest for
      such Class as reduced by such Class’s share of Net Prepayment Interest
      Shortfalls and Relief Act Shortfalls. Any such shortfalls and reductions shall
      be allocated among (i) the Senior Certificates of a Certificate Group,
      proportionately based on the amount of Net Prepayment Interest Shortfalls and
      Relief Act Shortfalls experienced by the related Mortgage Pool and related
      Current Interest otherwise distributable thereon on such Distribution Date
      and
      (ii) the Subordinate Certificates, the amount of Net Prepayment Interest
      Shortfalls and Relief Act Shortfalls experienced by all the Mortgage Loans
      and
      interest accrued on their Apportioned Principal Balances before taking into
      account any reductions in such amounts from shortfalls for that Distribution
      Date. 

    

    Interest-Only
      Certificates:
      The
      Class 1-XA Certificates.

    

    Interest
      Shortfall:
      As to
      any Class of Certificates and any Distribution Date, (i) the amount by which
      the
      Interest Distribution Amount for such Class on such Distribution Date and all
      prior Distribution Dates exceeds (ii) amounts distributed in respect thereof
      to
      such Class on prior Distribution Dates.

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    Interest
      Transfer Amount:
      With
      respect to any Distribution Date and for any Undercollateralized Group, an
      amount equal to one month’s interest on the applicable Principal Transfer Amount
      at the Pool 1 Net WAC (if Pool 1 is an Undercollateralized Group), the Pool
      2
      Net WAC (if Pool 2 is an Undercollateralized Group), the Pool 3 Net WAC (if
      Pool
      3 is an Undercollateralized Group), the Pool 4 Net WAC (if Pool 4 is an
      Undercollateralized Group) or the Pool 5 Net WAC (if Pool 5 is an
      Undercollateralized Group), plus any interest accrued on such
      Undercollateralized Group remaining unpaid from prior Distribution
      Dates.

    

    Intervening
      Assignments:
      The
      original intervening assignments of the Mortgage, notices of transfer or
      equivalent instrument.

    

    Item
      1123 Certificate:
      As
      defined in Section 6.22.

    

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

    

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

    

    LIBOR
      Certificate:
      Any
      Class 1-A1 or Class 1-A2 Certificate.

    

    LIBOR
      Determination Date:
      With
      respect to each Class of LIBOR Certificates and any Distribution Date, the
      second LIBOR Business Day immediately preceding the commencement of the Accrual
      Period related to such Distribution Date.

    

    Limited
      Purpose Surety Bond:
      Any
      Limited Purpose Surety Bond listed in Exhibit G.

    

    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 related Servicer has certified (in
      accordance with its Servicing Agreement) 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.

    

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

    

    Loan-To-Value
      Ratio:
      With
      respect to any Mortgage Loan and as to any date of determination, the fraction
      (expressed as a percentage) the numerator of which is the principal balance
      of
      the related Mortgage Loan at such date of determination and the denominator
      of
      which is the Appraised Value of the related Mortgaged Property. 

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    Lower-Tier
      Interest:
      Any one
      of the interests in the Lower-Tier REMIC as described in the Preliminary
      Statement to this Agreement.

    

    Lower-Tier
      REMIC:
      As
      described in the Preliminary Statement to this Agreement.

    

    LT-R
      Interest:
      The
      residual interest in the Lower-Tier REMIC, as described in the Preliminary
      Statement to this Agreement.

    

    Margin:
      As to
      each Mortgage Loan, the percentage amount set forth on the related Mortgage
      Note
      added to the Index in calculating the Mortgage Rate thereon.

    

    Master
      Servicer:
      Wells
      Fargo Bank, N.A., a national banking association organized under the laws of
      the
      United States in its capacity as Master Servicer and any Person succeeding
      as
      Master Servicer hereunder or any successor in interest, or if any successor
      master servicer shall be appointed as herein provided, then such successor
      master servicer.

    

    Master
      Servicing Fee:
      With
      respect to any Distribution Date, an amount equal to the product of one-twelfth
      of the Master Servicing Fee Rate and the Stated Principal Balance of each
      Mortgage Loan as of the first day of the related Due Period.

    

    Master
      Servicing Fee Rate:
      0.025%
      per annum.

    

    Maximum
      Rate:
      As to
      any Mortgage Loan, the maximum rate set forth on the related Mortgage Note
      at
      which interest can accrue on such Mortgage Loan.

    

    MERS:
      Mortgage Electronic Registration Systems, Inc., or its successors or
      assigns.

    

    MERS
      Designated Mortgage Loan:
      Each
      Mortgage Loan that has been originated in the name of, or assigned to, MERS
      and
      registered under the MERS System.

    

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

    

    Middle-Tier
      Interest:
      Any one
      of the interests in the Middle-Tier REMIC as described in the Preliminary
      Statement to this Agreement.

    

    Middle-Tier
      REMIC:
      As
      described in the Preliminary Statement to this Agreement.

    

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

    

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

    

    Mortgage
      Documents:
      With
      respect to each Mortgage Loan, the mortgage documents required to be delivered
      to the Custodian pursuant to the Custody Agreement.

    

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

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    Mortgage
      Loan Purchase and Sale Agreement:
      The
      mortgage loan purchase and sale agreement, dated as of August 1, 2007, between
      the Seller and the Depositor.

    

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended by the Depositor or the Servicer from time
      to
      time to reflect the addition of Replacement Mortgage Loans to, or the deletion
      of Deleted Mortgage Loans from, the Trust Fund. Such schedule shall, among
      other
      things (i) designate the Servicer servicing such Mortgage Loan and the
      applicable Servicing Fee Rate (and the rate of any subservicing fee, if
      applicable); (ii) identify the designated Mortgage Pool in which such
      Mortgage Loan is included; (iii) separately identify the Mortgage Loans with
      Mortgage Rates that adjust based on the one-month LIBOR index, six-month LIBOR
      index, one-year LIBOR index and one-year CMT index;
      (iv) separately identify Additional Collateral Mortgage Loans; and (v)
      designate the rate of any lender-paid Primary Mortgage Insurance
      Policy.

    

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

    

    Mortgage
      Pool:
      Each of
      Pool 1, Pool 2, Pool 3, Pool 4 and Pool 5.

    

    Mortgaged
      Property:
      The
      underlying property, including any Additional Collateral, securing a Mortgage
      Loan which, with respect to a Cooperative Loan, is the related Cooperative
      Shares and Property Lease. 

    

    Mortgage
      Rate:
      As to
      any Mortgage Loan and any Distribution Date, the annual rate of interest borne
      by the related Mortgage Note as of the related Due Date.

    

    Mortgagor:
      The
      obligor on a Mortgage Note.

    

    MT-R
      Interest:
      The
      residual interest in the Middle-Tier REMIC, as described in the Preliminary
      Statement to this Agreement.

    

    Net
      Liquidation Proceeds:
      With
      respect to any Liquidated Mortgage Loan or any other disposition of related
      Mortgaged Property, the related Liquidation Proceeds net of Advances, Servicer
      Advances, related Servicing Fees and/or Master Servicing Fees and any other
      accrued and unpaid servicing fees received and retained in connection with
      the
      liquidation of such Mortgage Loan or Mortgaged Property.

    

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan and any Distribution Date, the related Mortgage
      Rate as of the Due Date in the month preceding the month of such Distribution
      Date reduced by the Aggregate Expense Rate for such Mortgage Loan.

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    Net
      Prepayment Interest Shortfall:
      With
      respect to any Mortgage Loan and any Distribution Date, the amount by which
      any
      Prepayment Interest Shortfall for the related Due Period exceeds the amount
      of
      Compensating Interest Payment paid by the Master Servicer and related amounts
      paid by the applicable Servicer in respect of such shortfall for such Due
      Period.

    

    Net
      WAC Shortfall:
      For any
      Class of LIBOR Certificates and any Distribution Date, the sum of:

    

    
      	 	
              (i)

            	
              the
                excess, if any, of the amount that would have been the Current Interest
                for such Class if the Certificate Interest Rate for such Class were
                calculated without regard to clause (ii) in the definition thereof,
                over
                the actual Current Interest for such Class for such Distribution
                Date;

            

    

    

    
      	 	
              (ii)

            	
              any
                excess described in clause (i) above remaining unpaid from prior
                Distribution Dates; and

            

    

    

    
      	 	
              (iii)

            	
              interest
                for the applicable Accrual Period on the amount described in clause
                (ii)
                above based on the applicable Certificate Interest Rate (determined
                without regard to clause (ii) in the definition
                thereof).

            

    

    

    Non-Book-Entry
      Certificate:
      Any
      Certificate other than a Book-Entry Certificate.

    

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

    

    Nonrecoverable
      Advance:
      Any
      portion of an Advance or Servicer Advance previously made or proposed to be
      made
      by the Master Servicer and/or a Servicer (as certified in an Officer’s
      Certificate of the Servicer), which in the good faith judgment of such party,
      shall not be ultimately recoverable by such party from the related Mortgagor,
      related Liquidation Proceeds or otherwise.

    

    Non-Upper-Tier
      REMIC:
      As defined in Section 10.01(d).

    

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

    

    Notional
      Amount:
      With
      respect to an Interest-Only Certificate and any Distribution Date, such
      Certificate’s Percentage Interest of the Class Notional Amount of such Class of
      Certificates for such Distribution Date.

    

    Officer’s
      Certificate:
      A
      certificate signed by two Authorized Officers of the Depositor or the Chairman
      of the Board, any Vice Chairman, the President, any Vice President or any
      Assistant Vice President of the Master Servicer or the Securities Administrator,
      and in each case delivered to the Trustee or the Securities Administrator,
      as
      provided in this Agreement.

    

    Officer’s
      Certificate of the Servicer:
      A
      certificate (i) signed by the Chairman of the Board, the Vice Chairman of the
      Board, the President, a Managing Director, a Vice President (however
      denominated), an Assistant Vice President, the Treasurer, the Secretary, or
      one
      of the Assistant Treasurers or Assistant Secretaries of a Servicer, or (ii)
      if
      provided for herein, signed by a Servicing Officer, as the case may be, and
      delivered to the Trustee, the Securities Administrator or the Master Servicer,
      as required hereby. 

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    One-Month
      LIBOR:
      With
      respect to the first Accrual Period, the Initial One-Month LIBOR Rate. With
      respect to each subsequent Accrual Period, a per annum rate determined on the
      LIBOR Determination Date for the LIBOR Certificates in the following manner
      by
      the Securities Administrator on the basis of the “Interest Settlement Rate” set
      by the BBA for one-month United States dollar deposits (1) as such rates appear
      on the Reuters screen “LIBOR01” as of 11:00 a.m. (London time) on such LIBOR
      Determination Date or (2) if such rate does not appear on the Reuters screen
      “LIBOR01” as of 11:00 a.m. (London time), the Securities Administrator will
      obtain such rate from the Bloomberg L.P. page “US0001M.”

    

    (a) If
      neither such offered rate is published for such LIBOR Determination Date,
      One-Month 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, that the selection of such index will not cause
      any of the REMICs to lose their classification as REMICs for federal income
      tax
      purposes.

    

    (b) The
      establishment of One-Month 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 Accrual Period,
      in
      the absence of manifest error, will be final and binding.

    

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

    

    Original
      Applicable Credit Support Percentage:
      With
      respect to each Class of Subordinate Certificates, the related Applicable Credit
      Support Percentage as of the Closing Date, which shall be equal to the
      corresponding approximate percentage set forth in the table below opposite
      its
      Class designation: 

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

    
      	
              Class
                B-1

            	
              5.95%

            
	
              Class
                B-2

            	
              4.00%

            
	
              Class
                B-3

            	
              2.75%

            
	
              Class
                B-4

            	
              1.90%

            
	
              Class
                B-5

            	
              0.80%

            
	
              Class
                B-6

            	
              0.40%

            

    

     

    Original
      Subordinate Class Principal Amount:
      The
      aggregate of the initial Class Principal Amounts of the Classes of Subordinate
      Certificates.

    

    Overcollateralized
      Group:
      On any
      Distribution Date, the Certificate Group which is not an Undercollateralized
      Group. 

    

    Paying
      Agent:
      Any
      paying agent appointed pursuant to Section 3.08. The initial Paying Agent shall
      be the Securities Administrator under this Agreement.

    

    Percentage
      Interest:
      With
      respect to any Certificate, its percentage interest in the undivided beneficial
      ownership interest in the Trust Fund evidenced by all Certificates of the same
      Class as such Certificate. With respect to any Certificate, other than an
      Interest-Only Certificate, if applicable, or the Class 1-AR and Class LT-R
      Certificates, the Percentage Interest evidenced thereby shall equal the initial
      Certificate Principal Amount thereof divided by the initial Class Principal
      Amount of all Certificates of the same Class. With respect to each of the Class
      1-AR and the Class LT-R Certificates, the Percentage Interest evidenced thereby
      shall be as specified on the face thereof, or otherwise, be equal to 100%.
      With
      respect to an Interest-Only Certificate, the Percentage Interest evidenced
      thereby shall equal its initial Notional Amount as set forth on the face thereof
      divided by the initial Class Notional Amount of such Class.

    

    Permitted
      Investments:
      At any
      time, any one or more of the following obligations and securities:

    

    (i) obligations
      of the United States or any agency thereof, provided that such obligations
      are
      backed by the full faith and credit of the United States;

    

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

    

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

    

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

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

    (viii) securities
      (other than stripped bonds, stripped coupons or instruments sold at a purchase
      price in excess of 115% of the face amount thereof) bearing interest or sold
      at
      a discount issued by any corporation incorporated under the laws of the United
      States or any state thereof which, at the time of such investment, have one
      of
      the two highest long-term ratings of each Rating Agency (except if the Rating
      Agency is Moody’s, such rating shall be the highest commercial paper rating of
      Moody’s for any such series), or such lower rating as shall not result in the
      downgrading or withdrawal of the ratings then assigned to the Certificates
      by
      the Rating Agencies, as evidenced by a signed writing delivered by each Rating
      Agency; 

    

    (ix) interests
      in any money market fund which at the date of acquisition of the interests
      in
      such fund and throughout the time such interests are held in such fund has
      the
      highest applicable rating by each Rating Agency rating such fund or such lower
      rating as shall not result in a change in the rating then assigned to the
      Certificates by each Rating Agency as evidenced by a signed writing delivered
      by
      each Rating Agency, including funds for which the Trustee, the Master Servicer,
      the Securities Administrator or any of its Affiliates is investment manager
      or
      adviser; 

    

    (x) short-term
      investment funds sponsored by any trust company or national banking association
      incorporated under the laws of the United States or any state thereof which
      on
      the date of acquisition has been rated by each applicable Rating Agency in
      their
      respective highest applicable rating category or such lower rating as shall
      not
      result in a change in the rating then specified stated maturity and bearing
      interest or sold at a discount acceptable to each Rating Agency as shall not
      result in the downgrading or withdrawal of the ratings then assigned to the
      Certificates by the Rating Agencies as evidenced by a signed writing delivered
      by each Rating Agency; and 

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    (xi) such
      other investments having a specified stated maturity and bearing interest or
      sold at a discount acceptable to the Rating Agencies as shall not result in
      the
      downgrading or withdrawal of the ratings then assigned to the Certificates
      by
      the Rating Agencies as evidenced by a signed writing delivered by each Rating
      Agency; 

    

    provided,
      that no such instrument shall be a Permitted Investment if (i) such instrument
      evidences the right to receive interest only payments with respect to the
      obligations underlying such instrument, (ii) such instrument would require
      the
      Depositor to register as an investment company under the Investment Company
      Act
      of 1940, as amended or (iii) the rating of such instrument contains a “t” or “r”
notation therein; provided further, that for all Eligible Investments rated
      at
      least “A1/A+” (short/long) by S&P that have terms greater than 60 days, in
      the event of a downgrade of such Eligible Investment below “A1” (or “A+” if no
      short term rating) such Eligible Investment shall be removed and transferred
      to
      another Eligible Investment within 60 days of such downgrade.

    

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

    

    Plan:
      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.

    

    Plan
      Asset Regulations:
      The
      Department of Labor regulations set forth in 29 C.F.R. 2510.3-101.

    

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

    

    Pool
      1
      Mortgage Loan:
      Any
      Mortgage Loan in Pool 1.

    

    Pool
      1
      Net WAC:
      With
      respect to any Distribution Date, the weighted average of the Net Mortgage
      Rates
      of the Pool 1 Mortgage Loans as of the first day of the calendar month
      immediately preceding the calendar month of such Distribution Date, weighted
      on
      the basis of their Stated Principal Balances.

    

    Pool
      1
      Subordinate Amount:
      For any
      Distribution Date, the excess of the Aggregate Stated Principal Balance of
      the
      Pool 1 Mortgage Loans over
      the
      aggregate of the Class Principal Amounts of the Class 1-A1, Class 1-A2 and
      Class
      1-AR Certificates immediately before such Distribution Date.

    

    
      
        
        

      

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

    

    Pool
      2
      Mortgage Loan:
      Any
      Mortgage Loan in Pool 2.

    

    Pool
      2
      Net WAC:
      With
      respect to any Distribution Date, the weighted average of the Net Mortgage
      Rates
      of the Pool 2 Mortgage Loans as of the first day of the calendar month
      immediately preceding the calendar month of such Distribution Date, weighted
      on
      the basis of their Stated Principal Balances.

    

    Pool
      2
      Subordinate Amount:
      For any
      Distribution Date, the excess of the Aggregate Stated Principal Balance of
      the
      Pool 2 Mortgage Loans over
      the
      aggregate of the Class Principal Amounts of the Class 2-A1 and Class 2-A2
      Certificates immediately before such Distribution Date.

    

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

    

    Pool
      3
      Mortgage Loan:
      Any
      Mortgage Loan in Pool 3.

    

    Pool
      3
      Net WAC:
      With
      respect to any Distribution Date, the weighted average of the Net Mortgage
      Rates
      of the Pool 3 Mortgage Loans as of the first day of the calendar month
      immediately preceding the calendar month of such Distribution Date, weighted
      on
      the basis of their Stated Principal Balances.

    

    Pool
      3
      Subordinate Amount:
      For any
      Distribution Date, the excess of the Aggregate Stated Principal Balance of
      the
      Pool 3 Mortgage Loans over
      the
      aggregate of the Class Principal Amounts of the Class 3-A1 and Class 3-A2
      Certificates immediately before such Distribution Date.

    

    Pool
      4:
      The
      aggregate of Mortgage Loans identified on the Mortgage Loan Schedule as being
      included in Pool 4.

    

    Pool
      4
      Mortgage Loan:
      Any
      Mortgage Loan in Pool 4.

    

    Pool
      4
      Net WAC:
      With
      respect to any Distribution Date, the weighted average of the Net Mortgage
      Rates
      of the Pool 4 Mortgage Loans as of the first day of the calendar month
      immediately preceding the calendar month of such Distribution Date, weighted
      on
      the basis of their Stated Principal Balances.

    

    Pool
      4
      Subordinate Amount:
      For any
      Distribution Date, the excess of the Aggregate Stated Principal Balance of
      the
      Pool 4 Mortgage Loans over
      the
      aggregate of the Class Principal Amounts of the Class 4-A1 and Class 4-A2
      Certificates immediately before such Distribution Date.

    

    Pool
      5:
      The
      aggregate of Mortgage Loans identified on the Mortgage Loan Schedule as being
      included in Pool 5.

    

    
      
        
        

      

      
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    Pool
      5
      Mortgage Loan:
      Any
      Mortgage Loan in Pool 5.

    

    Pool
      5
      Net WAC:
      With
      respect to any Distribution Date, the weighted average of the Net Mortgage
      Rates
      of the Pool 5 Mortgage Loans as of the first day of the calendar month
      immediately preceding the calendar month of such Distribution Date, weighted
      on
      the basis of their Stated Principal Balances.

    

    Pool
      5
      Subordinate Amount:
      For any
      Distribution Date, the excess of the Aggregate Stated Principal Balance of
      the
      Pool 5 Mortgage Loans over
      the
      aggregate of the Class Principal Amounts of the Class 5-A1 and Class 5-A2
      Certificates immediately before such Distribution Date.

    

    Pool
      Percentage:
      With
      respect to each Mortgage Pool and any Distribution Date, a fraction, expressed
      as a percentage, the numerator of which is the Aggregate Stated Principal
      Balance of such Mortgage Pool, and the denominator of which is the sum of the
      Aggregate Stated Principal Balances of all of the Mortgage Pools as of such
      Due
      Date.

    

    Pool
      Subordinate Amount:
      Any of
      the Pool 1 Subordinate Amount, the Pool 2 Subordinate Amount, the Pool 3
      Subordinate Amount, the Pool 4 Subordinate Amount or the Pool 5 Subordinate
      Amount.

    

    Prepayment
      Interest Shortfall:
      With
      respect to any full or partial Principal Prepayment of a Mortgage Loan, the
      excess, if any, of (i) one full month’s interest at the applicable Mortgage Rate
      on the Stated Principal Balance of such Mortgage Loan immediately prior to
      such
      Principal Prepayment over (ii) the amount of interest actually received with
      respect to such Mortgage Loan in connection with such Principal
      Prepayment.

    

    Prepayment
      Period:
      With
      respect to each Distribution Date, the calendar month immediately preceding
      the
      month in which the Distribution Date occurs.

    

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

    

    Principal
      Distribution Amount:
      With
      respect to any Mortgage Pool and any Distribution Date, the sum of (a) each
      Scheduled Payment of principal collected or advanced on the related Mortgage
      Loans (before taking into account any Deficient Valuations or Debt Service
      Reductions) and due during the related Due Period, (b) that portion of the
      Purchase Price representing principal of any Mortgage Loans in such Mortgage
      Pool purchased in accordance with Section 2.04 hereof and received during the
      related Prepayment Period, (c) the principal portion of any related Substitution
      Amount received during the related Prepayment Period, (d) any Subsequent
      Recoveries and the principal portion of all Insurance Proceeds received during
      the related Prepayment Period with respect to Mortgage Loans in such Mortgage
      Pool that are not yet Liquidated Mortgage Loans, (e) the principal portion
      of
      all Net Liquidation Proceeds received during the related Prepayment Period
      with
      respect to Liquidated Mortgage Loans in such Mortgage Pool, (f) the principal
      portion of the proceeds of any Additional Collateral with respect to the
      Mortgage Loans in such Mortgage Pool, (g) the principal portion of all partial
      and full principal prepayments of Mortgage Loans in such Mortgage Pool applied
      by the Servicers during the related Prepayment Period and (h) on the
      Distribution Date on which the Trust Fund is to be terminated pursuant to
      Article X hereof, that portion of the Redemption Price in respect of principal
      for such Mortgage Pool.

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

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

    

    Principal
      Prepayment In Full:
      Any
      Principal Prepayment of the entire principal balance of the Mortgage
      Loans.

    

    Principal
      Transfer Amount:
      For any
      Distribution Date and for any Undercollateralized Group, the excess, if any,
      of
      the aggregate of the Class Principal Amounts of the Senior Certificates related
      to such Undercollateralized Group immediately prior to such Distribution Date,
      over the Aggregate Stated Principal Balance of the Mortgage Pool related to
      such
      Undercollateralized Group immediately prior to such Distribution
      Date.

    

    Proceeding:
      Any
      suit in equity, action at law or other judicial or administrative
      proceeding.

    

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

    

    Prospectus:
      The
      prospectus supplement dated August
      28,
      2007
      and the accompanying prospectus dated July 26, 2006, relating to the Class
      1-A1,
      Class 1-A2, Class 1-XA, Class 1-AR, Class 2-A1, Class 2-A2, Class 3-A1, Class
      3-A2, Class 4-A1, Class 4-A2, Class 5-A1, Class 5-A2, Class B-1, Class B-2
      and
      Class B-3 Certificates, together with any supplement thereto.

    

    Purchase
      Agreement:
      Each
      mortgage purchase agreement listed in Exhibit F hereto, as each such agreement
      has been modified by the related Acknowledgement.

    

    Purchase
      Price:
      With
      respect to any Mortgage Loan required or permitted to be purchased by the Seller
      or Depositor pursuant to this Agreement, by the Servicers pursuant to the
      Servicing Agreements, or by the Seller pursuant to the Purchase Agreements,
      an
      amount equal to the sum of (i) 100% of the unpaid principal balance of the
      Mortgage Loan on the date of such purchase, (ii) accrued interest thereon at
      the
      applicable Net Mortgage Rate from the date through which interest was last
      paid
      by the Mortgagor to the Due Date in the month in which the Purchase Price is
      to
      be distributed to Certificateholders, or such other amount as may be specified
      in the related Servicing Agreement or Purchase Agreement and (iii) 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.

    

    Rapid
      Prepayment Conditions:
      As to
      any Distribution Date, if (1) the Aggregate Subordinate Percentage on such
      date
      is less than 200% of the Aggregate Subordinate Percentage on the Closing Date;
      or (2) the outstanding Stated Principal Balance of the Mortgage Loans in any
      Mortgage Pool that are 60 days or more Delinquent (including such Mortgage
      Loans
      in REO, foreclosure and bankruptcy status) (averaged over the preceding six
      month period), as a percentage of the Pool Subordinate Amount of such Mortgage
      Pool, is greater than or equal to 50%.

    

    
      
        
        

      

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

    

    Realized
      Loss:
      With
      respect to each Liquidated Mortgage Loan, an amount (not less than zero or
      more
      than the Stated Principal Balance of the Mortgage Loan) as of the date of such
      liquidation, equal to (i) the Stated Principal Balance of the Liquidated
      Mortgage Loan as of the date of such liquidation, plus (ii) interest at the
      Net
      Mortgage Rate from the Due Date as to which interest was last paid or advanced
      (and not reimbursed) to Certificateholders up to the Due Date in the month
      in
      which Liquidation Proceeds are required to be distributed on the Stated
      Principal Balance of such Liquidated Mortgage Loan from time to time, minus
      (iii) the Liquidation Proceeds and the proceeds of any Additional Collateral,
      if
      any, received during the month in which such liquidation occurred, to the extent
      applied as recoveries of interest at the Net Mortgage Rate and to principal
      of
      the Liquidated Mortgage Loan. With respect to each Mortgage Loan which has
      become the subject of a Deficient Valuation, if the principal amount due under
      the related Mortgage Note has been reduced, the difference between the principal
      balance of the Mortgage Loan outstanding immediately prior to such Deficient
      Valuation and the principal balance of the Mortgage Loan as reduced by the
      Deficient Valuation. 

    

    Record
      Date:
      As to
      any Distribution Date (i) with respect to the LIBOR Certificates, the last
      Business Day preceding such Distribution Date unless such Certificates shall
      no
      longer be Book-Entry Certificates, in which case the Record Date shall be the
      last Business Day of the month preceding the month of such Distribution Date
      and
      (ii) in the case of all other Certificates (including LIBOR Certificates that
      are subsequently reissued as Definitive Certificates), the last Business Day
      of
      the month preceding the month of each Distribution Date (or the Closing Date,
      in
      the case of the first Distribution Date).

    

    Redemption
      Price:
      With
      respect to each Class of Certificates, an amount equal to 100% of the related
      Class Principal Amount of such Certificates, together with interest on such
      amount at the applicable Certificate Interest Rate through the related Accrual
      Period (excluding the amount of any unpaid Net WAC Shortfalls with respect
      to
      the LIBOR Certificates), and including, the payment of all amounts (including,
      without limitation, all previously unreimbursed Advances and Servicer Advances
      and accrued and unpaid Servicing Fees) payable or reimbursable to the Trustee,
      the Securities Administrator, the Master Servicer and the Servicers pursuant
      to
      this Agreement and the Servicing Agreements, or to the Custodian under the
      Custody Agreement (to the extent such amounts are not paid to the Custodian
      by
      the Seller), as applicable. 

    

    Refinancing
      Mortgage Loan:
      Any
      Mortgage Loan originated in connection with the refinancing of an existing
      mortgage loan. 

    

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

    

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    Relevant
      Servicing Criteria:
      The
      Servicing Criteria applicable to each party, as set forth on Exhibit N attached
      hereto. Multiple parties can have responsibility for the same Relevant Servicing
      Criteria. With respect to a Servicing Function Participant engaged by the Master
      Servicer, the Securities Administrator or any Servicer, the term “Relevant
      Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria
      applicable to such parties.

    

    Related
      Certificate Group:
      The
      Certificate Group related to a particular Mortgage Pool as indicated by the
      same
      numerical designation (i.e., Group 1 Certificates are related to Pool 1, the
      Group 2 Certificates are related to Pool 2, the Group 3 Certificates are related
      to Pool 3, the Group 4 Certificates are related to Pool 4 and the Group 5
      Certificates are related to Pool 5). 

    

    Relief
      Act Shortfalls:
      With
      respect to any Distribution Date and any Mortgage Loan as to which there has
      been a reduction in the amount of interest collectible thereon for the most
      recently ended calendar month as a result of the application of the Civil Relief
      Act, the amount, if any, by which (i) interest collectible on such Mortgage
      Loan
      for the most recently ended calendar month is less than (ii) interest accrued
      thereon for such month pursuant to the Mortgage Note. 

    

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

    

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

    

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

    

    Replacement
      Mortgage Loan:
      A
      mortgage loan substituted by the Seller for a Deleted Mortgage Loan which must,
      on the date of such substitution, as confirmed in a Request for Release,
      substantially in the form attached to the Custody Agreement, (i) have a Stated
      Principal Balance, after deduction of the principal portion of the Scheduled
      Payment due in the month of substitution, not in excess of, and not more than
      10% less than, the Stated Principal Balance of the Deleted Mortgage Loan; (ii)
      have a Maximum Rate not less than (and not more than two percentage points
      greater than) the Maximum Rate of the Deleted Mortgage Loan; (iii) have a gross
      margin not less than that of the Deleted Mortgage Loan and, if Mortgage Loans
      equal to 1% or more of the balance of the related Mortgage Pool as of the
      Cut-off Date have become Deleted Mortgage Loans, not more than two percentage
      points more than that of the Deleted Mortgage Loan; (iv) have an Effective
      Loan-to-Value Ratio or Loan-to-Value Ratio, as applicable, no higher than that
      of the Deleted Mortgage Loan; (v) have Adjustment Dates that are no more or
      less
      frequent than the Deleted Mortgage Loan; (vi) have a remaining term to maturity
      no greater than (and not more than one year less than that of) the Deleted
      Mortgage Loan; (vii) not permit conversion of the related Mortgage Rate to
      a
      permanent fixed Mortgage Rate; (viii) not be a Cooperative Loan unless the
      Deleted Mortgage Loan was a Cooperative Loan; (ix) have the same or better
      Fair,
      Isaac & Company (FICO) credit score; (x) have an initial interest adjustment
      date no earlier than five months before (and no later than five months after)
      the initial adjustment date of the Deleted Mortgage Loan, (xi) comply with
      each
      representation and warranty set forth in Article III of each Purchase Agreement;
      and (xii) shall be accompanied by an Opinion of Counsel that such Replacement
      Mortgage Loan would not adversely affect the REMIC status of the Trust Fund
      or
      would not otherwise be prohibited by this Agreement. 

    

    
      
        
        

      

      
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    Reportable
      Event:
      As defined in Section 6.21(c)(i).

    

    Reporting
      Servicer:
      As defined in Section 6.21(b)(i).

    

    Required
      Reserve Fund Deposit:
      For any
      Distribution Date, an amount equal to the lesser of (i) the Current Interest
      for
      the Class 1-XA Certificates for such Distribution Date and (ii) the amount
      needed to increase the amount on deposit in the Reserve Fund to the sum of
      (a)
      Net WAC Shortfalls for such Distribution Date with respect to the Class 1-A1
      and
      Class 1-A2 Certificates and (b) $10,000.
      

    

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

    

    Residual
      Certificate:
      Each of
      the Class 1-AR and Class LT-R Certificates.

    

    Responsible
      Officer:
      With
      respect to the Trustee, any officer in the corporate trust department or similar
      group of the Trustee with direct responsibility for the administration of this
      Agreement and also, with respect to a particular corporate trust matter, any
      other officer to whom such matter is referred because of his or her knowledge
      of
      and familiarity with the particular subject. 

    

    Restricted
      Certificate:
      Any
      Class B-4, Class B-5, Class B-6 or Class LT-R Certificate.

    

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

    

    Restricted
      Holder:
      As defined in Section 3.03(d).

    

    Retained
      Certificates:
      Not
      applicable.

    

    Retained
      Mortgage File:
      Any
      file of mortgage loan documents maintained by Wells Fargo Bank, N.A., in its
      capacity as Servicer, pursuant to the related Servicing Agreement, prior to
      any
      Document Transfer Event.

    

    
      
        
        

      

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

    

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

    

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

    

    Sarbanes-Oxley
      Certification:
      As
      defined in Section 6.21(e).

    

    Schedule
      of Exceptions:
      With
      respect to any Mortgage Loan, as defined in the Custody Agreement.

    

    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 in the Servicing Agreements, 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
      Administrator:
      Wells
      Fargo Bank, N.A., not in its individual capacity but solely as Securities
      Administrator, or any successor in interest, or if any successor Securities
      Administrator shall be appointed as herein provided, then such successor
      Securities Administrator. Wells Fargo Bank, N.A. shall act as Securities
      Administrator for so long as it is Master Servicer under this
      Agreement.

    

    Seller:
      RWT
      Holdings, Inc., a Delaware corporation.

    

    Senior
      Certificate:
      Any one
      of the Class 1-A1, Class 1-A2 , Class 1-XA, Class 1-AR, Class LT-R, Class 2-A1,
      Class 2-A2, Class 3-A1, Class 3-A2, Class 4-A1, Class 4-A2, Class 5-A1 or Class
      5-A2 Certificates, as applicable.

    

    Senior
      Percentage:
      With
      respect to each Distribution Date and each Mortgage Pool, the percentage
      equivalent of a fraction, the numerator of which is the aggregate Class
      Principal Amounts of the Class or Classes of Senior Certificates of the Related
      Certificate Group immediately prior to such Distribution Date, and the
      denominator of which is the Aggregate Stated Principal Balance of the related
      Mortgage Pool for such Distribution Date.

    

    Senior
      Prepayment Percentage:
      With
      respect to any Distribution Date occurring before the Distribution Date in
      September 2014 and any Mortgage Pool, 100%. Except as provided herein, the
      Senior Prepayment Percentage for each Mortgage Pool and any Distribution Date
      occurring in or after September 2014 shall be as follows: (i) from
      September 2014 through August 2015, the related Senior Percentage plus 70%
      of
      the related Subordinate Percentage for that Distribution Date; (ii) from
      September 2015 through August 2016, the related Senior Percentage plus 60%
      of
      the related Subordinate Percentage for that Distribution Date; (iii) from
      September 2016 through August 2017, the related Senior Percentage plus 40%
      of
      the related Subordinate Percentage for that Distribution Date; (iv) from
      September 2017 through August 2018, the related Senior Percentage plus 20%
      of
      the related Subordinate Percentage for that Distribution Date; and (v) from
      and after September 2018, the related Senior Percentage for that Distribution
      Date; provided,
      however,
      that
      there shall be no reduction in the Senior Prepayment Percentage for the related
      Certificate Group unless both Step-Down Conditions are satisfied; and
provided,
      further,
      that if
      on any such Distribution Date on or after the Distribution Date in September
      2014, the related Senior Percentage for any Mortgage Pool exceeds the initial
      related Senior Percentage, the Senior Prepayment Percentage for all Mortgage
      Pools for that Distribution Date shall again equal 100%.

    

    
      
        
        

      

      
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    Notwithstanding
      the above, if on any Distribution Date the Two Times Test is satisfied on any
      Distribution Date (i) before the Distribution Date in September 2010, the Senior
      Prepayment Percentage for each Mortgage Pool shall equal the related Senior
      Percentage for such Distribution Date plus 50% of an amount equal to the 100%
      minus the related Senior Percentage for such Distribution Date and (ii) on
      or
      after the Distribution Date in September 2010, the Senior Prepayment Percentage
      for each Mortgage Pool shall equal the related Senior Percentage for such
      Distribution Date. In addition, if on any Distribution Date the allocation
      to
      the Senior Certificates then entitled to distributions of principal of full
      and
      partial principal prepayments and other amounts in the percentage required
      above
      would reduce the aggregate of the Class Principal Amounts of those Certificates
      to below zero, the related Senior Prepayment Percentage for such Distribution
      Date shall be limited to the percentage necessary to reduce that Class Principal
      Amount to zero.

    

    Senior
      Principal Distribution Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, the sum of:

    

    (1) the
      related Senior Percentage of all amounts described in clause (a) of the
      definition of “Principal Distribution Amount” for that Distribution
      Date;

    

    (2) with
      respect to each related Mortgage Loan which became a Liquidated Mortgage Loan
      during the related Prepayment Period, the lesser of:

    

    (x) the
      related Senior Prepayment Percentage of the Stated Principal Balance of that
      Mortgage Loan; and

    

    (y) Net
      Liquidation Proceeds allocable to principal received with respect to that
      Mortgage Loan;

    

    (3) the
      related Senior Prepayment Percentage of the amounts described in clauses (b),
      (c), (d) and (g) of the definition of “Principal Distribution Amount” for that
      Mortgage Pool; and

    

    (4) any
      amounts described in clauses (1) through (3) that remain unpaid with respect
      to
      the related Senior Certificates from prior Distribution Dates.

    

    
      
        
        

      

      
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    Senior
      Termination Date:
      With
      respect to each Mortgage Pool, the date on which the aggregate of the Class
      Principal Amounts of the Senior Certificates related to such Mortgage Pool
      is
      reduced to zero.

    

    Servicers:
      Each
      Servicer under a Servicing Agreement.

    

    Servicer
      Advance:
      A
“Servicing Advance” as defined in the applicable Servicing
      Agreement.

    

    Servicer
      Remittance Date:
      The
      18th day of each calendar month after the initial issuance of the Certificates
      or, if such 18th day is not a Business Day, the immediately preceding Business
      Day, commencing in September 2007. 

    

    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. Any
      uncapitalized occurrence of this term shall have the meaning commonly understood
      by participants in the residential mortgage-backed securitization
      market.

    

    Servicing
      Agreement:
      Each
      agreement listed in Exhibit E, as such agreement has been modified by the
      related Acknowledgement and as it may be amended or supplemented from time
      to
      time as permitted hereunder. 

    

    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:
      As to
      any Distribution Date and each Mortgage Loan, an amount equal to the product
      of
      (a) one-twelfth of the Servicing Fee Rate and (b) the Stated Principal Balance
      of such Mortgage Loan as of the first day of the related Due
      Period.

    

    Servicing
      Fee Rate:
      With
      respect to each Mortgage Loan and any Distribution Date, the rate specified
      in
      the related Servicing Agreement.

    

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

    

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

    

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

    

    
      
        
        

      

      
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    Stated
      Principal Balance:
      As to
      any Mortgage Loan and Due Date, the unpaid principal balance of such Mortgage
      Loan as of such Due Date as specified in the amortization schedule at the time
      relating thereto (before any adjustment to such amortization schedule by reason
      of any moratorium or similar waiver or grace period) after giving effect to
      any
      previous partial Principal Prepayments and Liquidation Proceeds allocable to
      principal (other than with respect to any Liquidated Mortgage Loan) and to
      the
      payment of principal due on such Due Date and irrespective of any delinquency
      in
      payment by the related Mortgagor.

    

    Step-Down
      Conditions:
      As of
      the first Distribution Date as to which any decrease in any Senior Prepayment
      Percentage applies, (i) the aggregate outstanding Stated Principal Balance
      of
      all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in
      REO,
      foreclosure or bankruptcy status) (averaged over the preceding six month
      period), as a percentage of the aggregate of the Class Principal Amounts of
      the
      Classes of Subordinate Certificates on such Distribution Date, does not equal
      or
      exceed 50% and (ii) cumulative Realized Losses with respect to the Mortgage
      Loans do not exceed (a) with respect to each Distribution Date from September
      2014 through August 2015, 30% of the Original Subordinate Class Principal
      Amount, (b) with respect to each Distribution Date from September 2015 through
      August 2016, 35% of the Original Subordinate Class Principal Amount, (c) with
      respect to each Distribution Date from September 2016 through August 2017,
      40%
      of the Original Subordinate Class Principal Amount, (d) with respect to each
      Distribution Date from September 2017 through August 2018, 45% of the Original
      Subordinate Class Principal Amount and (e) with respect to each
      Distribution Date from and after September 2018, 50% of the Original Subordinate
      Class Principal Amount.

    

    Sub
      Account:
      Not
      applicable.

    

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

    

    Subordinate
      Certificate:
      Any of
      the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 or Class B-6
      Certificates.

    

    Subordinate
      Certificate Writedown Amount:
      The
      amount described in Section 5.03(c).

    

    Subordinate
      Class Percentage:
      As to
      any Distribution Date and any Class of Subordinate Certificates, a fraction,
      expressed as a percentage, the numerator of which is the Class Principal Amount
      of such Class on such date, and the denominator of which is the aggregate of
      the
      Class Principal Amounts of all Classes of Subordinate Certificates on such
      date.

    

    Subordinate
      Net WAC:
      For any
      Distribution Date, the weighted average of the Pool 1 Net WAC, the Pool 2 Net
      WAC, the Pool 3 Net WAC, the Pool 4 Net WAC and the Pool 5 Net WAC, in each
      case
      weighted on the basis of the relative Pool Subordinate Amounts for Pool 1,
      Pool
      2, Pool 3, Pool 4 and Pool 5, respectively, immediately prior to such
      Distribution Date.

    

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    Subordinate
      Percentage:
      With
      respect to each Mortgage Pool and any Distribution Date, the difference between
      100% and the related Senior Percentage for such Mortgage Pool for such
      Distribution Date.

    

    Subordinate
      Prepayment Percentage:
      With
      respect to any Distribution Date and for each Mortgage Pool, the difference
      between 100% and the related Senior Prepayment Percentage for such Mortgage
      Pool
      for that Distribution Date.

    

    Subordinate
      Principal Distribution Amount:
      With
      respect to any Distribution Date and each Mortgage Pool, an amount equal to
      the
      sum of:

    

    (1) the
      related Subordinate Percentage of all amounts described in clause (a) of the
      definition of “Principal Distribution Amount” for that Distribution
      Date;

    

    (2) with
      respect to each Mortgage Loan that became a Liquidated Mortgage Loan during
      the
      related Prepayment Period the amount of the Net Liquidation Proceeds allocated
      to principal received with respect thereto remaining after application thereof
      pursuant to clause (2) of the definition of “Senior Principal Distribution
      Amount” for that Distribution Date, up to the related Subordinate Percentage of
      the Stated Principal Balance of such Mortgage Loan; 

    

    (3) the
      related Subordinate Prepayment Percentage of all amounts described in clauses
      (b), (c), (d) and (g) of the definition of “Principal Distribution Amount” for
      that Mortgage Pool and that Distribution Date; and

    

    (4) any
      amounts described in clauses (1) through (3) for any previous Distribution
      Date
      that remain unpaid,

    

    minus
      the sum of:

    

    (a)
      any
      Principal Transfer Amount paid from the Available Distribution Amount of such
      Mortgage Pool to the Undercollateralized Group; and

    

    (b)
      the
      amount of principal distributions made to the Senior Certificates pursuant
      to
      Section 5.02(l).

    

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

    

    Subservicer:
      Any
      Person that (i) services Mortgage Loans on behalf of any Servicer, and (ii)
      is
      responsible for the performance (whether directly or through sub-servicers
      or
      Subcontractors) of Servicing functions required to be performed under this
      Agreement, any related Servicing Agreement or any sub-servicing agreement that
      are identified in Item 1122(d) of Regulation AB.

    

    
      
        
        

      

      
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    Substitution
      Amount:
      As
      defined in the second paragraph of Section 2.04(b).

    

    Tax
      Matters Person:
      The
“tax matters person” as specified in the REMIC Provisions which shall initially
      be the Holder of the Class LT-R Certificate, as described under Section
      10.01(l).

    

    Trust
      Fund:
      The
      corpus of the trust created pursuant to this Agreement, consisting of the
      Mortgage Loans and all interest and principal received thereon after the Cut-off
      Date (other than Scheduled Payments due on or prior to the Cut-off Date), the
      Depositor’s rights assigned to the Trustee under the Purchase Agreements and the
      Servicing Agreements and the Mortgage Loan Purchase and Sale Agreement, the
      Insurance Policies relating to the Mortgage Loans, all cash, instruments or
      property held or required to be held in the Collection Accounts, the
      Distribution Account, property that secured a Mortgage Loan, the pledge, control
      and guaranty agreements and any Limited Purpose Surety Bond relating to the
      Additional Collateral Mortgage Loans and the Reserve Fund.

    

    Trustee:
      HSBC
      Bank USA, National Association, a national banking association organized and
      existing under the laws of the United States of America and any Person
      succeeding the Trustee hereunder, or if any successor trustee or any co-trustee
      shall be appointed as herein provided, then such successor trustee and such
      co-trustee, as the case may be.

    

    Trustee
      Mortgage Files:
      With
      respect to each Mortgage Loan, the Mortgage Documents to be retained in the
      custody and possession of the Trustee or the Custodian on behalf of the Trustee
      and any Retained Mortgage File that is delivered to the Custodian or the Trustee
      pursuant to Section 2.01(a) of this Agreement.

    

    Two
      Times Test:
      As to
      any Distribution Date, (i) the Aggregate Subordinate Percentage is at least
      two
      times the Aggregate Subordinate Percentage as of the Closing Date; (ii) the
      aggregate outstanding Stated Principal Balances of all Mortgage Loans 60 days
      or
      more Delinquent (including Mortgage Loans in REO, foreclosure or bankruptcy
      status) (averaged over the preceding six month period), as a percentage of
      the
      aggregate of the Class Principal Amounts of the Classes of Subordinate
      Certificates on such Distribution Date, does not equal or exceed 50%; and (iii)
      on or prior to the Distribution Date in August 2010, cumulative Realized Losses
      with respect to the Mortgage Loans do not exceed 20% of the aggregate Original
      Subordinate Class Principal Amount, and thereafter, cumulative Realized Losses
      with respect to the Mortgage Loans do not exceed 30% of the Original Subordinate
      Class Principal Amount.

    

    UCC:
      The
      Uniform Commercial Code as enacted in the relevant jurisdiction.

    

    Undercollateralized
      Group:
      With
      respect to any Distribution Date, any Certificate Group with respect to which
      the aggregate Class Principal Amount of such Certificate Group is greater than
      the aggregate Stated Principal Balance of the Mortgage Loans in the related
      Mortgage Pool immediately prior to such Distribution Date.

    

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    Underwriter(s):
      Banc of
      America Securities LLC.

    

    Underwriter’s
      Exemption:
      Prohibited Transaction Exemption (“PTE”) 93-31 (58 Fed. Reg. 28620 (1993)), as
      most recently amended and restated by PTE 2007-5 (72 Fed. Reg. 13130 (March
      20,
      2007)) or any substantially similar administrative exemption granted by the
      U.S.
      Department of Labor to the Underwriter(s).

    

    Underwriting
      Agreement:
      The
      Underwriting Agreement, dated August
      28,
      2007,
      among the Seller, the Depositor and the Underwriter(s).

    

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

    

    Upper-Tier
      REMIC:
      As
      described in the Preliminary Statement to this Agreement.

    

    Voting
      Interests:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions of this Agreement. At all
      times during the term of this Agreement, 98.00% of all Voting Interests shall
      be
      allocated to the Class 1-A1, Class 1-A2, Class 2-A1, Class 2-A2, Class 3-A1,
      Class 3-A2, Class 4-A1, Class 4-A2, Class 5-A1, Class 5-A2, Class B-1, Class
      B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates. Voting
      Interests shall be allocated among such Certificates based on the product of
      (i)
      98.00% and (ii) the fraction, expressed as a percentage, the numerator of which
      is the aggregate of the Class Principal Amounts of all Classes then outstanding
      and the denominator of which is the
      sum
      of the then-outstanding
      Aggregate Stated Principal Balances of all Mortgage Pools. At all times during
      the term of this Agreement, 2.00% of all Voting Interests shall be allocated
      to
      each of the Class 1-AR and Class 1-XA Certificates. Voting Interests shall
      be
      allocated among such Certificates based on the product of (i) 1% and (ii) the
      fraction, expressed as a percentage, the numerator of which is the aggregate
      of
      the Class Principal Amounts Class then outstanding and the denominator of which
      is the sum of the then-outstanding Aggregate Stated Principal Balances of all
      Mortgage Pools. The Class LT-R Certificate shall not have any voting
      rights.

    

    Section
      1.02  Calculations
      Respecting Mortgage Loans. 

    

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

    

    
      
        
        

      

      
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    ARTICLE
      II

    

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

    

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

    

    (a) Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      transfer, assign, set over, deposit with and otherwise convey to the Trustee,
      without recourse, subject to Sections 2.02 and 2.04, in trust, all the right,
      title and interest of the Depositor in and to the Trust Fund. Such conveyance
      includes, without limitation, (i) the Mortgage Loans, including the right
      to all payments of principal and interest received on or with respect to the
      Mortgage Loans after the Cut-off Date (other than Scheduled Payments due on
      or
      before such date), and all such payments due after such date but received on
      or
      prior to such date and intended by the related Mortgagors to be applied after
      such date; (ii) all of the Depositor’s right, title and interest in and to all
      amounts from time to time credited to and the proceeds of the Distribution
      Account, any Collection Accounts or any Escrow Account established with respect
      to the Mortgage Loans; (iii) with respect to the Mortgage Loans, to the
      extent set forth in the related Acknowledgements, the Depositor’s rights under
      the Purchase Agreements and the Servicing Agreements and all of the Depositor’s
      rights under Mortgage Loan Purchase and Sale Agreement; (iv) all of the
      Depositor’s right, title or interest in REO Property and the proceeds thereof;
      (v) all of the Depositor’s rights under any Insurance Policies related to
      the Mortgage Loans; and (vi) the Depositor’s security interest in any collateral
      pledged to secure the Mortgage Loans, including the Mortgaged Properties and
      any
      Additional Collateral relating to the Additional Collateral Mortgage Loans,
      including, but not limited to, the pledge, control and guaranty agreements
      and
      any related Limited Purpose Surety Bond to have and to hold, in trust; and
      the
      Trustee declares that, subject to the review provided for in Section 2.02,
      it
      has received and shall hold the Trust Fund, as trustee, in trust, for the
      benefit and use of the Holders of the Certificates and for the purposes and
      subject to the terms and conditions set forth in this Agreement, and,
      concurrently with such receipt, has caused to be executed, authenticated and
      delivered to or upon the order of the Depositor, in exchange for the Trust
      Fund,
      Certificates in the authorized denominations evidencing the entire ownership
      of
      the Trust Fund.

    

    The
      foregoing sale, transfer, assignment, set-over, deposit and conveyance does
      not
      and is not intended to result in the creation or assumption by the Trustee
      of
      any obligation of the Depositor, the Seller or any other Person in connection
      with the Mortgage Loans or any other agreement or instrument relating thereto
      except as specifically set forth therein.

    

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

    

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

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

    

    (i)
       with
      respect to each Mortgage Loan, the original Mortgage Note endorsed without
      recourse in proper form to the order of the Trustee, or in blank (in each case,
      with all necessary intervening endorsements, as applicable); provided that
      any
      such endorsement may be stamped or generated electronically, if acceptable
      under
      all applicable laws and regulations and the endorsing entity had adopted
      appropriate authorizing resolutions prior to such stamped or electronic
      endorsement.

    

    (ii)
       with
      respect to each Mortgage Loan (other than a Cooperative Loan), the original
      mortgage, deed of trust or other instrument creating a first lien on the
      underlying property securing the Mortgage Loan and bearing evidence that such
      instrument has been recorded in the appropriate jurisdiction where the Mortgaged
      Property is located (or, in lieu of the original of the Mortgage, a true copy
      of
      the Mortgage certified by the originator, or a duplicate or conformed copy
      of
      the Mortgage, together with a certificate of either the closing attorney or
      an
      officer of the title insurer that issued the related title insurance policy,
      certifying that such copy represents a true and correct copy of the original
      and
      that such original has been or is currently submitted to be recorded in the
      appropriate governmental recording office of the jurisdiction where the
      Mortgaged Property is located);

    

    (iii)
       with
      respect to each Mortgage Loan (other than a Cooperative Loan), the Assignment
      of
      Mortgage in form and substance acceptable for recording in the relevant
      jurisdiction, such assignment being either (A) in blank, without recourse,
      or
      (B) or endorsed to “HSBC Bank USA, National Association, as Trustee of the
      Sequoia Mortgage Trust 2007-4, Mortgage Pass-Through Certificates, without
      recourse;” provided, that if the Mortgage Loan is a MERS Designated Mortgage
      Loan, no Assignment of Mortgage shall be required;

    

    (iv)
       with
      respect to each Mortgage Loan (other than a Cooperative Loan), the originals
      or
      certified copies of all Intervening Assignments of the Mortgage, if any, with
      evidence of recording thereon, showing a complete chain of title to the last
      endorsee, including any warehousing assignment;

    

    (v)
       with
      respect to each Mortgage Loan (other than a Cooperative Loan), any assumption,
      modification, written assurance, substitution, consolidation, extension or
      guaranty agreement, if applicable;

    

    (vi)
       with
      respect to each Mortgage Loan (other than a Cooperative Loan), the original
      policy of title insurance (or a true copy thereof) with respect to any such
      Mortgage Loan, or, if such policy has not yet been delivered by the insurer,
      the
      title commitment or title binder to issue same; 

    

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    (vii)
       if
      the
      Mortgage Note or Mortgage or any other material document or instrument relating
      to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
      the
      original power of attorney or other instrument that authorized and empowered
      such person to sign bearing evidence that such instrument has been recorded,
      if
      so required, in the appropriate jurisdiction where the Mortgaged Property is
      located (or, in lieu thereof, a duplicate or conformed copy of such instrument,
      together with a certificate of receipt from the recording office, certifying
      that such copy represents a true and complete copy of the original and that
      such
      original has been or is currently submitted to be recorded in the appropriate
      governmental recording office of the jurisdiction where the Mortgaged Property
      is located); and

    

    (viii)
       with
      respect to each Mortgage Loan which constitutes a Cooperative Mortgage
      Loan:

    

    (a) the
      original loan and security agreement;

    

    (b) the
      original Cooperative Shares;

    

    (c) a
      stock
      power executed in blank by the person in whose name the Cooperative Shares
      are
      issued;

    

    (d) the
      Proprietary Lease or occupancy agreement accompanied by an assignment in blank
      of such proprietary lease;

    

    (e) the
      recognition agreement executed by the Cooperative Corporation, which requires
      the Cooperative Corporation to recognize the rights of the lender and its
      successors in interest and assigns, under the cooperative;

    

    (f) UCC1
      financing statements with recording information thereon from the appropriate
      governmental recording offices if necessary to perfect the security interest
      of
      the Cooperative Mortgage Loan under the Uniform Commercial Code in the
      jurisdiction in which the cooperative project is located, accompanied by UCC3
      financing statements executed in blank for recordation of the change in the
      secured party thereunder;

    

    (g) the
      original policy of title insurance or with respect to any such Cooperative
      Mortgage Loan, if such policy has not yet been delivered by the insurer, the
      title commitment or title binder to issue same; and 

    

    (h) Any
      guarantees, if applicable.

    

    Notwithstanding
      the foregoing, with respect to Mortgage Loans serviced by Wells Fargo Bank,
      N.A., such Servicer shall hold the Retained Mortgage Files in trust for the
      benefit of the Trustee pursuant to the related Servicing Agreement. The
      possession of each Retained Mortgage File held by such Servicer is in a
      custodial capacity only. Within 60 days of the occurrence of a Document Transfer
      Event, such Servicer shall, pursuant to the related Servicing Agreement, deliver
      or cause to be delivered to and deposited with the Trustee or to the corporate
      trust services division of the Custodian the Retained Mortgage Files consisting
      of the following additional items, as applicable: (i) the original mortgage
      with
      evidence of recording indicated thereon (or, if such original recorded mortgage
      has not yet been returned by the recording office, a copy thereof certified
      to
      be a true and complete copy of such mortgage sent for recording) and (ii) the
      policies of title insurance issued with respect to each applicable Mortgage
      Loan.

    

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    (b) The
      Depositor shall cause Assignments of Mortgage with respect to each Mortgage
      Loan
      other than a Cooperative Mortgage Loan to be completed in the form specified
      in
      Section 2.01(a)(iii) above within 30 days of the Closing Date for purpose of
      their recording; provided,
      however,
      that
      such Assignments of Mortgage need not be recorded if, on or prior to the Closing
      Date, the Depositor delivers, at its own expense, an Opinion of Counsel (which
      must be Independent counsel) acceptable to the Trustee, the Securities
      Administrator and the Rating Agencies, to the effect that recording in such
      states is not required to protect the Trustee’s interest in the related Mortgage
      Loans. Subject to the preceding sentence, as soon as practicable after the
      Closing Date (but in no event more than 270 days thereafter except to the extent
      delays are caused by the applicable recording office), the Depositor at its
      own
      expense and with the cooperation of the applicable Servicer, shall cause to
      be
      properly recorded by each Servicer in each public recording office where the
      related Mortgages are recorded each Assignment of Mortgage endorsed in the
      form
      described in Section 2.01(a)(iii) above with respect to each such Mortgage
      Loan.

    

    (c) In
      instances where a title insurance policy is required to be delivered to the
      Trustee or the Custodian on behalf of the Trustee under Sections 2.01(a)(vi)
      or
      2.01(a)(viii)(g) above and is not so delivered, the Depositor will provide
      a
      copy of such title insurance policy to the Trustee, or to the Custodian on
      behalf of the Trustee, as promptly as practicable after the execution and
      delivery hereof, but in any case within 180 days of the Closing
      Date.

    

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

    

    
      	 	
              Section
                2.02 

            	
              Acceptance
                of Trust Fund by Trustee; Review of Documentation for Trust
                Fund.  

            

    

    

    (a) The
      Trustee, by execution and delivery hereof, acknowledges receipt by it or by
      the
      Custodian on its behalf of the Trustee Mortgage Files pertaining to the Mortgage
      Loans listed on the Mortgage Loan Schedule, subject to review thereof by the
      Custodian on behalf of the Trustee in accordance with Section 4(a) of the
      Custody Agreement (a form of which is attached hereto as Exhibit D). The
      Custodian on behalf of the Trustee, will execute and deliver to the Trustee
      and
      the Depositor an Initial Trust Receipt and Schedule of Exceptions, on the
      Closing Date in the forms required by the Custody Agreement. 

    

    
      
        
        

      

      
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    (b) Within
      270 days after the Closing Date, the Custodian on behalf of the Trustee, will,
      for the benefit of Holders of the Certificates, review each related Trustee
      Mortgage File to ascertain that all required documents set forth in Section
      2.01
      have been received and appear on their face to conform with the requirements
      set
      forth in Section 4A and 4B of the Custody Agreement.

    

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

    

    (d) Each
      of
      the parties hereto acknowledges that the Custodian shall perform the applicable
      review of the related Mortgage Loans and respective certifications as provided
      in the Custody Agreement.

    

    (e) Upon
      execution of this Agreement, the Depositor hereby delivers to the Trustee and
      the Trustee acknowledges receipt of the Acknowledgements, together with the
      related Purchase Agreements, Servicing Agreements and the Mortgage Loan Purchase
      and Sale Agreement. 

    

    Section
      2.03  Representations
      and Warranties of the Depositor.   

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

    (vii)
       This
      Agreement creates a valid and continuing security interest (as defined in the
      applicable Uniform Commercial Code (the “UCC”), in the Mortgage Loans in favor
      of the Trustee, which security interest is prior to all other liens, and is
      enforceable as such against creditors of and purchasers from the
      Depositor;

    

    (viii)
       The
      Mortgage Loans constitute “instruments” within the meaning of the applicable
      UCC;

    

    
      
        
        

      

      
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    (ix)
       Other
      than the security interest granted to the Trustee pursuant to this Agreement,
      the Depositor has not pledged, assigned, sold, granted a security interest
      in,
      or otherwise conveyed any of the Mortgage Loans. The Depositor has not
      authorized the filing of and is not aware of any financing statement against
      the
      Depositor that includes a description of the collateral covering the Mortgage
      Loans other than a financing statement relating to the security interest granted
      to the Trustee hereunder or that has been terminated. The Depositor is not
      aware
      of any judgment or tax lien filings against the Depositor;

    

    (x)
       None
      of
      the Mortgage Loans have any marks or notations indicating that such Mortgage
      Loans have been pledged, assigned or otherwise conveyed to any Person other
      than
      the Trustee; and

    

    (xi)
       The
      Depositor has received all consents and approvals required by the terms of
      the
      Mortgage Loans to convey the Mortgage Loans hereunder to the
      Trustee.

    

    The
      foregoing representations made in this Section 2.03 shall survive the
      termination of this Agreement and shall not be waived by any party
      hereto.

    

    Section
      2.04  Discovery
      of Breach; Repurchase or Substitution of Mortgage Loans. 

    

    (a) Pursuant
      to Sections 2(b) and 2(d) of the Mortgage Loan Purchase and Sale Agreement,
      the
      Seller has made certain representations and warranties as to the characteristics
      of the Mortgage Loans as of the Closing Date, including representations and
      warranties that no Mortgage Loan is a “high-cost home loan” as defined under any
local,
      state, or federal laws,
      and
      each of the Depositor and the Trustee intend that the Mortgage Loans (including
      any Replacement Mortgage Loans) included in the Trust Fund satisfy such
      representations and warranties. The Depositor, for the benefit of the Trustee
      and the Certificateholders hereby assigns any such rights against the Seller
      to
      the Trustee and the Seller acknowledges that it has agreed to comply with the
      provisions of this Section 2.04 in respect of a breach of any of such
      representations and warranties.

    

    It
      is
      understood and agreed that such representations and warranties set forth in
      Section 2(b) and 2(d) of the Mortgage Loan Purchase and Sale Agreement shall
      survive delivery of the Trustee Mortgage Files and the Assignment of Mortgage
      of
      each Mortgage Loan to the Trustee and shall continue throughout the term of
      this
      Agreement. Upon (i) discovery or receipt by the Depositor of written notice
      of any materially defective document in a related Trustee Mortgage File or,
      following the date of delivery to the Trustee of the Custodian’s Final Trust
      Receipt as required under the Custody Agreement, that a document is missing
      from
      a related Trustee Mortgage File, or (ii) discovery by the Depositor or the
      Seller of the breach by the Seller of any representation or warranty under
      the
      Mortgage Loan Purchase and Sale Agreement in respect of any Mortgage Loan,
      which
      materially adversely affects the value of that Mortgage Loan or the interest
      therein of the Certificateholders (a “Defective Mortgage Loan”) (each of such
      parties hereby agreeing to give written notice thereof to the Trustee and the
      other of such parties), the Trustee, or its designee, shall promptly notify
      the
      Depositor in writing of such defective or missing document or breach and request
      that the Depositor deliver such missing document or cure or cause the cure
      of
      such defect or breach within 90 days from the date that the Depositor discovered
      or was notified of such missing document, defect or breach, and if the Depositor
      does not deliver such missing document or cure such defect or breach in all
      material respects during such period, the Trustee shall enforce the Seller’s
      obligation under the Mortgage Loan Purchase and Sale Agreement and cause the
      Seller to repurchase that Mortgage Loan from the Trust Fund at the Purchase
      Price on or prior to the Determination Date following the expiration of such
      90-day period (subject to Section 2.04(b) below); provided,
      however,
      that,
      in connection with any such breach that could not reasonably have been cured
      within such 90-day period, if the Seller shall have commenced to cure such
      breach within such 90-day period, the Seller shall be permitted to proceed
      thereafter diligently and expeditiously to cure the same within an additional
      90-day period. The Purchase Price for the repurchased Mortgage Loan shall be
      deposited in the related Distribution Account, and the Trustee, or its designee,
      upon receipt of written certification from the Securities Administrator of
      such
      deposit, shall release to the Seller, the related Trustee Mortgage File and
      shall execute and deliver such instruments of transfer or assignment, in each
      case without recourse, representation or warranties, as either party shall
      furnish to it and as shall be necessary to vest in such party any Mortgage
      Loan
      released pursuant hereto and the Trustee, or its designee, shall have no further
      responsibility with regard to such Trustee Mortgage File (it being understood
      that the Trustee shall have no responsibility for determining the sufficiency
      of
      such assignment for its intended purpose). In lieu of repurchasing any such
      Mortgage Loan as provided above, either party may cause such Mortgage Loan
      to be
      removed from the Trust Fund (in which case it shall become a Deleted Mortgage
      Loan) and substitute one or more Replacement Mortgage Loans in the manner and
      subject to the limitations set forth in Section 2.04(b) below. It is understood
      and agreed that the obligation of the Seller to cure or to repurchase (or to
      substitute for) any Mortgage Loan as to which a document is missing, a material
      defect in a constituent document exists or as to which such a breach has
      occurred and is continuing shall constitute the sole remedy against the such
      party respecting such omission, defect or breach available to the Trustee on
      behalf of the Certificateholders.

    

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    (b) Any
      substitution of Replacement Mortgage Loans for Deleted Mortgage Loans made
      pursuant to Section 2.04(a) above must be effected prior to the last Business
      Day that is within two years after the Closing Date. As to any Deleted Mortgage
      Loan for which the Seller substitutes a Replacement Mortgage Loan or Loans,
      such
      substitution shall be effected by delivering to the Custodian, on behalf of
      the
      Trustee, for such Replacement Mortgage Loan or Loans, the related Mortgage
      Note,
      the related Mortgage, the related Assignment of Mortgage to the Trustee, and
      such other documents and agreements, with all necessary endorsements thereon,
      together with an Officers’ Certificate stating that each such Replacement
      Mortgage Loan satisfies the definition thereof and specifying the Substitution
      Amount (as described below), if any, in connection with such substitution.
      The
      Custodian shall acknowledge receipt for such Replacement Mortgage Loan and,
      within 45 days thereafter, shall review such Mortgage Documents as specified
      in
      the Custody Agreement and deliver to the Trustee and the Depositor, with respect
      to such Replacement Mortgage Loans, a certification substantially in the form
      of
      a revised Trust Receipt, with any exceptions noted thereon. Within one year
      of
      the date of substitution, the Custodian shall deliver to the Trustee and the
      Depositor a certification substantially in the form of a revised Final Trust
      Receipt, with respect to such Replacement Mortgage Loans, with any exceptions
      noted thereon. Monthly Payments due with respect to Replacement Mortgage Loans
      in the month of substitution shall not be included as part of the Trust Fund
      and
      shall be retained by the Seller. For the month of substitution, distributions
      to
      the Certificateholders shall reflect the collections and recoveries in respect
      of such Deleted Mortgage in the Due Period preceding the month of substitution
      and the Seller shall thereafter be entitled to retain all amounts subsequently
      received in respect of such Deleted Mortgage Loan. Upon such substitution,
      such
      Replacement Mortgage Loan shall constitute part of the Trust Fund and shall
      be
      subject in all respects to the terms of this Agreement and the Mortgage Loan
      Purchase and Sale Agreement, including all representations and warranties
      thereof included in the Mortgage Loan Purchase and Sale Agreement, in each
      case
      as of the date of substitution.

    

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

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

    

    In
      addition, the Seller shall obtain at its own expense and deliver to the Trustee
      and the Securities Administrator an Opinion of Counsel to the effect that such
      substitution (either specifically or as a class of transactions) shall not
      cause
      an Adverse REMIC Event. If such Opinion of Counsel can not be delivered, then
      such substitution may only be effected at such time as the required Opinion
      of
      Counsel can be given.

    

    (c) Upon
      discovery by the Seller, the Depositor or the Trustee that any Mortgage Loan
      does not constitute a “qualified mortgage” within the meaning of Section
      860G(a)(3) of the Code, the party discovering such fact shall within two
      Business Days give written notice thereof to the other parties. In connection
      therewith, the applicable party shall repurchase or, subject to the limitations
      set forth in Section 2.04(b), substitute one or more Replacement Mortgage Loans
      for the affected Mortgage Loan within 90 days of the earlier of discovery or
      receipt of such notice with respect to such affected Mortgage Loan. Any such
      repurchase or substitution shall be made in the same manner as set forth in
      Section 2.04(a) above. The Trustee shall re-convey to the Seller the Mortgage
      Loan to be released pursuant hereto in the same manner, and on the same terms
      and conditions, as it would a Mortgage Loan repurchased for breach of a
      representation or warranty.

    

    (d) The
      Seller indemnifies and holds the Trust Fund, the Master Servicer, the Securities
      Administrator, the Trustee, the Depositor and each Certificateholder harmless
      against any and all taxes, claims, losses, penalties, fines, forfeitures,
      reasonable legal fees and related costs, judgments, and any other costs, fees
      and expenses that the Trust Fund, the Trustee, the Master Servicer, the
      Securities Administrator, the Depositor and any Certificateholder may sustain
      in
      connection with any actions of such party relating to a repurchase of a Mortgage
      Loan other than in compliance with the terms of this Section 2.04 and the
      Mortgage Loan Purchase and Sale Agreement, to the extent that any such action
      causes an Adverse REMIC Event.

    

    
      
        
        

      

      
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    Section
      2.05  [Reserved.]

    

    Section
      2.06  Grant
      Clause.

    

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

    

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

    

    
      
        
        

      

      
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    On
      or
      before March 1 of each calendar year, beginning in 2008, the Depositor shall
      furnish to the Trustee and the Securities Administrator an Opinion of Counsel
      either stating that, in the opinion of such counsel, such action has been taken
      with respect to any 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, or stating that, in the
      opinion of such counsel, no such action is necessary to maintain such lien
      and
      security interest. Such Opinion of Counsel shall also describe the execution
      and
      filing of any financing statements and continuation statements that will, in
      the
      opinion of such counsel, be required to maintain such lien and security interest
      until March 1 in the following calendar year.

    

    ARTICLE
      III

    

    THE
      CERTIFICATES

    

    Section
      3.01  The
      Certificates.  

    

    (a) The
      Certificates shall be issuable in registered form only and shall be securities
      governed by Article 8 of the New York Uniform Commercial Code. The Certificates
      will be evidenced by one or more certificates, beneficial ownership of which
      will be held in the minimum denominations in Certificate Principal Amount or
      Notional Amount specified in the Preliminary Statement to this Agreement and
      in
      integral multiples of $1 in excess thereof, or in the Percentage Interests
      specified in the Preliminary Statement to this Agreement, as applicable.

    

    (b) The
      Certificates shall be executed by manual or facsimile signature on behalf of
      the
      Trustee by an authorized officer of the Securities Administrator. Each
      Certificate shall, on original issue, be authenticated by the Authenticating
      Agent upon the order of the Depositor upon receipt by the Trustee or its
      Custodian of the Trustee Mortgage Files described in Section 2.01. No
      Certificate shall be entitled to any benefit under this Agreement, or be valid
      for any purpose, unless there appears on such Certificate a certificate of
      authentication substantially in the form provided for herein, executed by an
      authorized officer of the Authenticating Agent, by manual signature, and such
      certification upon any Certificate shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their authentication.
      At
      any time and from time to time after the execution and delivery of this
      Agreement, the Depositor may deliver Certificates executed by the Trustee to
      the
      Authenticating Agent for authentication and the Authenticating Agent shall
      authenticate and deliver such Certificates as in this Agreement provided and
      not
      otherwise.

    

    (c) The
      Class
      B-4, Class B-5, Class B-6 and Class LT-R Certificates offered and sold in
      reliance on the exemption from registration under Rule 144A under the Securities
      Act shall be issued initially in definitive, fully registered form without
      interest coupons with the applicable legends set forth in Exhibit A added to
      the
      forms of such Certificates (each, a “Restricted Global Security”).

    

    
      
        
        

      

      
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    Section
      3.02  Registration.  

    

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

    

    Section
      3.03  Transfer
      and Exchange of Certificates.  

    

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

    

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

    

    
      
        
        

      

      
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    (c) By
      acceptance of a Restricted Certificate, whether upon original issuance or
      subsequent transfer, each Holder of such a Certificate acknowledges the
      restrictions on the transfer of such Certificate set forth thereon and agrees
      that it will transfer such a Certificate only as provided herein. 

    

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

    

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

    

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

    

    (d) The
      Certificate Registrar shall not register the transfer of any Class LT-R
      Certificate to RWT Holdings, Inc., Sequoia Residential Funding, Inc., Redwood
      Mortgage Funding, Inc., Redwood Trust, Inc. (each a “Restricted Holder”) or any
      successor in interest thereto.

    

    (e) (i) No
      transfer of an ERISA-Restricted Certificate in the form of a Definitive
      Certificate shall be made to any Person or shall be effective unless the
      Certificate Registrar, on behalf of the Trustee, has received (A) a certificate
      substantially in the form of Exhibit J hereto (or Exhibit B, in the case of
      a
      Residual Certificate) from such transferee or (B) an Opinion of Counsel
      satisfactory to the Certificate Registrar to the effect that the purchase and
      holding of such a Certificate will not constitute or result in prohibited
      transactions under Title I of ERISA or Section 4975 of the Code and will not
      subject the Certificate Registrar, the Trustee, the Master Servicer, the
      Depositor or the Securities Administrator to any obligation in addition to
      those
      undertaken in this Agreement; provided,
      however,
      that the
      Certificate Registrar will not require such certificate or opinion in the event
      that, as a result of a change of law or otherwise, counsel satisfactory to
      the
      Certificate Registrar has rendered an opinion to the effect that the purchase
      and holding of an ERISA-Restricted Certificate by a Plan or a Person that is
      purchasing or holding such a Certificate with the assets of a Plan will not
      constitute or result in a prohibited transaction under Title I of ERISA or
      Section 4975 of the Code. Each Transferee of an ERISA-Restricted Certificate
      that is a Book-Entry Certificate shall be deemed to have made the
      representations set forth in Exhibit J. The preparation and delivery of the
      certificate and opinions referred to above shall not be an expense of the Trust
      Fund, the Certificate Registrar, the Trustee, the Master Servicer, the Depositor
      or the Securities Administrator.

    

    
      
        
        

      

      
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    Notwithstanding
      the foregoing, no opinion or certificate shall be required for the initial
      issuance of the ERISA-Restricted Certificates. The Certificate Registrar shall
      have no obligation to monitor transfers of Book-Entry Certificates that are
      ERISA-Restricted Certificates and shall have no liability for transfers of
      such
      Certificates in violation of the transfer restrictions. The Certificate
      Registrar shall be under no liability to any Person for any registration of
      transfer of any ERISA-Restricted Certificate that is in fact not permitted
      by
      this Section 3.03(e) and none of the Securities Administrator, the Trustee
      or
      the Paying Agent shall have any liability for making any payments due on such
      Certificate to the Holder thereof or taking any other action with respect to
      such Holder under the provisions of this Agreement so long as the transfer
      was
      registered by the Certificate Registrar in accordance with the foregoing
      requirements. The Securities Administrator, on behalf of the Trustee, shall
      be
      entitled, but not obligated, to recover from any Holder of any ERISA-Restricted
      Certificate that was in fact a Plan or a Person acting on behalf of a Plan
      any
      payments made on such ERISA-Restricted Certificate at and after either such
      time. Any such payments so recovered by the Securities Administrator, on behalf
      of the Trustee, shall be paid and delivered by the Securities Administrator,
      on
      behalf of the Trustee, to the last preceding Holder of such Certificate that
      is
      not such a Plan or Person acting on behalf of a Plan. 

    

    (ii)
      No
      transfer of an ERISA-Restricted Purchase Option Certificate shall be made unless
      the Certificate Registrar shall have received a representation letter from
      the
      transferee of such ERISA-Restricted Purchase Option Certificate, substantially
      in the form set forth in Exhibit J hereto, to the effect that either (i) such
      transferee is neither 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 the ERISA-Restricted Purchase Option Certificate
      are
      eligible for exemptive relief under the statutory exemption for nonfiduciary
      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 or PTCE 96-23 or some other applicable exemption.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      an ERISA-Restricted Purchase Option Certificate to or on behalf of a Plan
      without the delivery to the Certificate Registrar of a representation letter
      as
      described above shall be void and of no effect. If the ERISA-Restricted Purchase
      Option 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 Purchase Option 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 ERISA-Restricted Purchase Option Certificate, retroactive to
      the
      date of transfer to the purported beneficial owner. Any purported beneficial
      owner whose acquisition or holding of an ERISA-Restricted Purchase Option
      Certificate, or interest therein, was effected in violation of the provisions
      of
      the preceding paragraph shall indemnify to the extent permitted by law and
      hold
      harmless the Depositor and the Certificate Registrar from and against any and
      all liabilities, claims, costs or expenses incurred by such parties as a result
      of such acquisition or holding.

    

    
      
        
        

      

      
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    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      the Certificate Registrar shall be under no liability to any Person for any
      registration of transfer of any ERISA-Restricted Purchase Option Certificate
      that is in fact not permitted by this Section 3.03(e)(ii) or for making any
      payments due on such ERISA-Restricted Purchase Option Certificate to the Holder
      thereof or taking any other action with respect to such Holder under the
      provisions of this Agreement so long as the transfer was registered by the
      Certificate Registrar in accordance with the foregoing
      requirements.

    

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

    

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

    

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

    

    
      
        
        

      

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

    

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

    

    Section
      3.04  Cancellation
      of Certificates.  

    

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

    

    Section
      3.05  Replacement
      of Certificates.  

    

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

    

    
      
        
        

      

      
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    If
      after
      the delivery of such new Certificate, a protected purchaser of the original
      Certificate in lieu of which such new Certificate was issued presents for
      payment such original Certificate, the Depositor, the Securities Administrator,
      the Certificate Registrar and the Trustee or any agent shall be entitled to
      recover such new Certificate from the Person to whom it was delivered or any
      Person taking therefrom, except a protected purchaser, and shall be entitled
      to
      recover upon the security or indemnity provided therefor to the extent of any
      loss, damage, cost or expenses incurred by the Depositor, the Certificate
      Registrar, the Securities Administrator, the Trustee or any agent in connection
      therewith. 

    

    Section
      3.06  Persons
      Deemed Owners.  

    

    Subject
      to the provisions of Section 3.09 with respect to Book-Entry Certificates,
      the
      Depositor, the Securities Administrator, the Master Servicer, the Trustee,
      the
      Certificate Registrar, the Paying Agent and any agent of any of them shall
      treat
      the Person in whose name any Certificate is registered upon the books of the
      Certificate Registrar as the owner of such Certificate for the purpose of
      receiving distributions pursuant to Sections 5.01 and 5.02 and for all other
      purposes whatsoever, and none of the Depositor, the Master Servicer, the
      Securities Administrator, the Trustee, the Certificate Registrar, the Paying
      Agent or any agent of any of them shall be affected by notice to the
      contrary.

    

    Section
      3.07  Temporary
      Certificates.  

    

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

    

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

    

    
      
        
        

      

      
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    Section
      3.08  Appointment
      of Paying Agent.  

    

    The
      Trustee may appoint a Paying Agent (which may be the Trustee) for the purpose
      of
      making distributions to the Certificateholders hereunder. The Trustee hereby
      appoints the Securities Administrator as the initial Paying Agent. The Trustee
      shall cause any Paying Agent, other than the Securities Administrator, to
      execute and deliver to the Trustee an instrument in which such Paying Agent
      shall agree with the Trustee and the Securities Administrator that such Paying
      Agent will hold all sums held by it for the payment to the Certificateholders
      in
      an Eligible Account (which shall be the Distribution Account) in trust for
      the
      benefit of the Certificateholders entitled thereto until such sums shall be
      paid
      to the Certificateholders. All funds remitted by the Securities Administrator
      to
      any such Paying Agent for the purpose of making distributions shall be paid
      to
      the Certificateholders on each Distribution Date and any amounts not so paid
      shall be returned on such Distribution Date to the Securities Administrator.
      If
      the Paying Agent is not the Securities Administrator, the Securities
      Administrator shall cause to be remitted to the Paying Agent on or before the
      Business Day prior to each Distribution Date, by wire transfer in immediately
      available funds, the funds to be distributed on such Distribution Date. Any
      Paying Agent shall be either a bank or trust company or otherwise authorized
      under law to exercise corporate trust powers.

    

    Section
      3.09  Book-Entry
      Certificates.  

    

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

    

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

    

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

    

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

    

    
      
        
        

      

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

    

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

    

    (c) If
      (i)
      (A) the Clearing Agency or the Depositor advises the Paying Agent in writing
      that the Clearing Agency is no longer willing or able to discharge properly
      its
      responsibilities with respect to the Book-Entry Certificates, and (B) the
      Depositor is unable to locate a qualified successor satisfactory to the
      Depositor and the Paying Agent or (ii) after the occurrence of an Event of
      Default, Certificate Owners representing beneficial interests aggregating not
      less than 50% of the Class Principal Amount of a Class of Book-Entry
      Certificates advise the Paying Agent and the Clearing Agency through the
      Clearing Agency Participants in writing that the continuation of a book-entry
      system through the Clearing Agency is no longer in the best interests of the
      Certificate Owners of a Class of Book-Entry Certificates (each such event,
      a
“Book-Entry Termination”), the Certificate Registrar shall notify the Clearing
      Agency to effect notification to all Certificate Owners, through the Clearing
      Agency, of the occurrence of any such event and of the availability of
      Definitive Certificates to Certificate Owners requesting the same. Upon
      surrender to the Certificate Registrar of the Book-Entry Certificates by the
      Clearing Agency, accompanied by registration instructions from the Clearing
      Agency for registration, the Certificate Registrar shall issue the Definitive
      Certificates. None of the Depositor, the Certificate Registrar, the Securities
      Administrator or the Trustee shall be liable for any delay in delivery of such
      instructions and may conclusively rely on, and shall be protected in relying
      on,
      such instructions. Upon the issuance of Definitive Certificates all references
      herein to obligations imposed upon or to be performed by the Clearing Agency
      shall be deemed to be imposed upon and performed by the Certificate Registrar,
      to the extent applicable, with respect to such Definitive Certificates and
      the
      Certificate Registrar shall recognize the holders of the Definitive Certificates
      as Certificateholders hereunder. Notwithstanding the foregoing, the Certificate
      Registrar, upon the instruction of the Depositor, shall have the right to issue
      Definitive Certificates on the Closing Date in connection with credit
      enhancement programs.

    

    
      
        
        

      

      
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    ARTICLE
      IV

    

    ADMINISTRATION
      OF THE TRUST FUND

    

    Section
      4.01  Collection
      Accounts; Distribution Account.  

    

    (a) On
      or
      prior to the Closing Date, the Master Servicer shall have caused the Servicers
      to establish and maintain one or more Collection Accounts, as provided in the
      related Servicing Agreements, into which all Scheduled Payments and unscheduled
      payments with respect to the Mortgage Loans, net of any deductions or
      reimbursements permitted under the related Servicing Agreement, shall be
      deposited. On each Distribution Account Deposit Date, the Servicers shall remit
      to the Securities Administrator for deposit into the Distribution Account,
      all
      amounts so required to be deposited into such account in accordance with the
      terms of the related Servicing Agreement.

    

    (b) The
      Securities Administrator, as Paying Agent for the Trustee, shall establish
      and
      maintain an Eligible Account entitled “Distribution Account of HSBC Bank, USA,
      National Association, as Trustee for the benefit of Sequoia Mortgage Trust
      2007-4 Holders of Mortgage Pass-Through Certificates.” The Securities
      Administrator shall, promptly upon receipt from the Servicers on each
      Distribution Account Deposit Date, deposit into the Distribution Account and
      retain on deposit until the related Distribution Date the following
      amounts:

    

    (i)
       the
      aggregate of collections with respect to the Mortgage Loans remitted by the
      Servicers from the related Collection Accounts in accordance with the Servicing
      Agreements;

    

    (ii)
       any
      amounts required to be deposited by the Master Servicer with respect to the
      Mortgage Loans for the related Due Period pursuant to this Agreement, including
      the amount of any Advances or Compensation Interest Payments with respect to
      the
      Mortgage Loans not paid by the Servicers; and

    

    (iii)
       any
      other
      amounts so required to be deposited in the Distribution Account in the related
      Due Period pursuant to this Agreement.

    

    (c) In
      the
      event the Master Servicer or a Servicer has remitted in error to the
      Distribution Account any amount not required to be remitted in accordance with
      the definition of Available Distribution Amount, it may at any time direct
      the
      Securities Administrator to withdraw such amount from the Distribution Account
      for repayment to the Master Servicer or Servicer, as applicable, by delivery
      of
      an Officer’s Certificate to the Securities Administrator which describes the
      amount deposited in error. 

    

    (d) On
      each
      Distribution Date and final Distribution Date of the Certificates in accordance
      with Section 7.01, the Securities Administrator, as Paying Agent, shall
      distribute the Available Distribution Amount to the Certificateholders and
      any
      other parties entitled thereto in the amounts and priorities set forth in
      Section 5.02. The Securities Administrator may from time to time withdraw from
      the Distribution Account and pay the Master Servicer, the Trustee, the
      Securities Administrator or any Servicer any amounts permitted to be paid or
      reimbursed to such Person from funds in the Distribution Account pursuant to
      the
      clauses (A) through (D) of the definition of Available Distribution
      Amount.

    

    
      
        
        

      

      
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    (e) Funds
      in
      the Distribution Account may be invested in Permitted Investments selected
      by
      and at the written direction of the Securities Administrator, which shall mature
      not later than one Business Day prior to the Distribution Date (except that
      if
      such Permitted Investment is an obligation of the Securities Administrator,
      then
      such Permitted Investment shall mature not later than such applicable
      Distribution Date) and any such Permitted Investment shall not be sold or
      disposed of prior to its maturity. All such Permitted Investments shall be
      made
      in the name of the Trustee (in its capacity as such) or its nominee. All income
      and gain realized from any Permitted Investment shall be for the benefit of
      the
      Securities Administrator, as additional compensation for its duties
      hereunder, and
      shall
      be subject to its withdrawal or order from time to time, and shall not be part
      of the Trust Fund. The amount of any losses incurred in respect of any such
      investments shall be deposited in such Distribution Account by the Securities
      Administrator out of its own funds, without any right of reimbursement therefor,
      immediately as realized. 

    

    Section
      4.02  [Reserved].

    

    Section
      4.03  [Reserved].

    

    Section
      4.04  Reports
      to Trustee and Certificateholders.  

    

    On
      each
      Distribution Date, the Securities Administrator shall have prepared and shall
      make available to the Trustee and each Certificateholder a written report
      setting forth the following information (on the basis of Mortgage Loan level
      information obtained from the Master Servicer and the Servicers) (the
“Distribution Date Statement”):

    

    (a) the
      amount of the distributions, separately identified, with respect to each Class
      of Certificates; 

    

    (b) the
      amount of the distributions set forth in the clause (a) allocable to principal,
      separately identifying the aggregate amount of any Principal Prepayments or
      other unscheduled recoveries of principal included in that amount; 

    

    (c) the
      amount of the distributions set forth in the clause (a) allocable to interest
      and how it was calculated;

    

    (d) the
      amount of any unpaid Interest Shortfall, Net Prepayment Interest Shortfalls,
      Relief Act Shortfalls, Net WAC Shortfall or unpaid Net WAC Shortfall (if
      applicable) and the related accrued interest thereon, with respect to each
      Class
      of Certificates;

    

    (e) the
      Class
      Principal Amount of each Class of Certificates after giving effect to the
      distribution of principal on that Distribution Date;

    

    (f) the
      Aggregate Stated Principal Balance of each Mortgage Pool (separately and in
      the
      aggregate), the Mortgage Rates (in incremental ranges), the Pool 1 Net WAC,
      the
      Pool 2 Net WAC, the Pool 3 Net WAC, the Pool 4 Net WAC, the Pool 5 Net WAC
      and
      the Subordinate Net WAC, the weighted average life and the weighted average
      remaining term of the Mortgage Loans, at the beginning and at the end of the
      related Prepayment Period;

    

    
      
        
        

      

      
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    (g) the
      Stated Principal Balance of the Mortgage Loans with Mortgage Rates that adjust
      based on the one-month LIBOR index, six-month LIBOR index, one-year LIBOR index
      and one-year CMT index at the end of the related Prepayment Period;

    

    (h) the
      Senior Percentage and the Subordinate Percentage for each Mortgage Pool for
      the
      following Distribution Date;

    

    (i) the
      Senior Prepayment Percentage and the Subordinate Prepayment Percentage for
      each
      Mortgage Pool for the following Distribution Date;

    

    (j) in
      the
      aggregate and with respect to each Mortgage Pool, the amount of the Master
      Servicing Fee and the Servicing Fee paid to or retained by the Master Servicer
      and by each Servicer, respectively, and the amount of any fees paid to the
      Securities Administrator and the Custodian; 

    

    (k) in
      the
      aggregate and with respect to each Mortgage Pool, the amount of Monthly Advances
      for the related Due Period;

    

    (l) the
      number and Stated Principal Balance of the Mortgage Loans that were (A)
      Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 30 to 59 days,
      (2)
      60 to 89 days and (3) 90 or more days, (B) in foreclosure and Delinquent (1)
      30
      to 59 days, (2) 60 to 89 days and (3) 90 or more days and (C) in bankruptcy
      as
      of the close of business on the last day of the calendar month preceding that
      Distribution Date;

    

    (m) the
      amount of cash flow received for such Distribution Date, and the sources
      thereof;

    

    (n) in
      the
      aggregate and with respect to each Mortgage Pool, for any Mortgage Loan as
      to
      which the related Mortgaged Property was an REO Property during the preceding
      calendar month, the principal balance of such Mortgage Loan as of the close
      of
      business on the last day of the related Due Period;

    

    (o) in
      the
      aggregate and with respect to each Mortgage Pool, the aggregate number and
      principal balance of any REO Properties as of the close of business on the
      last
      day of the preceding Due Period;

    

    (p) in
      the
      aggregate and with respect to each Mortgage Pool, the amount of Realized Losses
      incurred during the preceding calendar month; 

    

    (q) in
      the
      aggregate and with respect to each Mortgage Pool, the cumulative amount of
      Realized Losses incurred since the Closing Date;

    

    (r) the
      Realized Losses, if any, allocated to each Class of Certificates on that
      Distribution Date; 

    

    
      
        
        

      

      
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    (s) the
      Certificate Interest Rate for each Class of Certificates for that Distribution
      Date; 

    

    (t) the
      amount of any Principal Transfer Amounts or Interest Transfer Amounts paid
      to an
      Undercollateralized Group;

    

    (u) the
      applicable Record Date, Accrual Period and calculation date for each Class
      of
      Certificates and such Distribution Date; and

    

    (v) the
      amount on deposit in the Distribution Account as of such Distribution Date
      (after giving effect to distributions on such date) and as of the prior
      Distribution Date.

    

    On
      each
      Distribution Date, the Securities Administrator shall provide Bloomberg
      Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of
      Offered Certificates as of such Distribution Date, using a format and media
      mutually acceptable to the Securities Administrator and Bloomberg. 

    

    In
      addition to the information listed above, such Distribution Date Statement
      shall
      also include such other information as is required by Form 10-D, including,
      but
      not limited to, the information required by Item 1121 (§229.1121) of Regulation
      AB.

    

    The
      Securities Administrator shall make such reports available each month via the
      Master Servicer’s website at http://www.ctslink.com. Assistance in using the
      website may be obtained by calling the Master Servicer’s customer service desk
      at 1-866-846-4526. Certificateholders and other parties that are unable to
      use
      the website are entitled to have a paper copy mailed to them via first class
      mail by contacting the Securities Administrator and indicating such. In
      preparing or furnishing the foregoing information to the Trustee, the Securities
      Administrator shall be entitled to rely conclusively on the accuracy of the
      information or data regarding the Mortgage Loans and the related REO Properties
      that has been provided to the Securities Administrator by the Master Servicer
      and the Servicers, and the Securities Administrator shall not be obligated
      to
      verify, recompute, reconcile or recalculate any such information or
      data.

    

    Upon
      request, within a reasonable period of time after the end of each calendar
      year,
      the Securities Administrator shall cause to be furnished to each Person who
      at
      any time during the calendar year was a Certificateholder, a statement
      containing the information listed above aggregated for such calendar year or
      applicable portion thereof during which such Person was a Certificateholder.
      Such obligation of the Securities Administrator shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      provided by the Securities Administrator pursuant to any requirements of the
      Code as from time to time in effect.

    

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

    

    
      
        
        

      

      
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    ARTICLE
      V

    

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

    

    Section
      5.01  Distributions
      Generally.  

    

    (a) Subject
      to Section 7.01 respecting the final distribution on the Certificates, on each
      Distribution Date the Paying Agent on behalf of the Trustee shall make
      distributions in accordance with this Article V. Such distributions shall be
      made by check mailed to each Certificateholder’s address as it appears on the
      Certificate Register of the Certificate Registrar or, upon written request
      made
      to the Securities Administrator at least five Business Days prior to the related
      Record Date by any Certificateholder owning an aggregate initial Certificate
      Principal Amount of at least $1,000,000, or in the case of any Class of
      Interest-Only Certificates or Residual Certificate, a Percentage Interest of
      not
      less than 100%, by wire transfer in immediately available funds to an account
      specified in the request and at the expense of such Certificateholder;
provided,
      however,
      that the
      final distribution in respect of any Certificate shall be made only upon
      presentation and surrender of such Certificate at the Certificate Registrar’s
      Corporate Trust Office; provided,
      further,
      that
      the foregoing provisions shall not apply to any Class of Certificates as long
      as
      such Certificate remains a Book-Entry Certificate in which case all payments
      made shall be made through the Clearing Agency and its Clearing Agency
      Participants. Wire transfers will be made at the expense of the Holder
      requesting such wire transfer by deducting a wire transfer fee from the related
      distribution. Notwithstanding such final payment of principal of any of the
      Certificates, each Residual Certificate will remain outstanding until the
      termination of each REMIC and the payment in full of all other amounts due
      with
      respect to the Residual Certificates and at such time such final payment in
      retirement of any Residual Certificate will be made only upon presentation
      and
      surrender of such Certificate at the Certificate Registrar’s Corporate Trust
      Office. If any payment required to be made on the Certificates is to be made
      on
      a day that is not a Business Day, then such payment will be made on the next
      succeeding Business Day.

    

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

    

    Section
      5.02  Distributions
      from the Distribution Account. 

    

    (a) Subject
      to Sections 5.02(b), (c), (l) and (m), on each Distribution Date, the Available
      Distribution Amount for the related Mortgage Pool (in the case of the Senior
      Certificates) and the Mortgage Pools in the aggregate (in the case of the
      Subordinate Certificates) shall be withdrawn by the Securities Administrator
      from the Distribution Account and allocated among the Classes of Senior
      Certificates and Subordinate Certificates in the following order of priority:
      

    

    
      
        
        

      

      
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    (i)
       Concurrently,
      from the related Available Distribution Amount, to the payment of the Interest
      Distribution Amount and any accrued but unpaid Interest Shortfalls on each
      Class
      of Senior Certificates of the Related Certificate Group; provided,
      however,
      that on
      each Distribution Date, the amount of interest that would otherwise be
      distributable to the Class 1-XA Certificates, will be deposited in the Reserve
      Fund to the extent of the Required Reserve Fund Deposit for such Distribution
      Date;

    

    (ii)
       Concurrently,
      to the Senior Certificates of the Related Certificate Group, from the Available
      Distribution Amount remaining in the related Mortgage Pool after application
      of
      amounts pursuant to clause (i) above, as follows:

    

    (A) first,
      to the
      Class 1-AR Certificates, the Senior Principal Distribution Amount for Pool
      1,
      until their Class Principal Amount has been reduced to zero, and second,
      pro
      rata, to
      the
      Class 1-A1 and Class 1-A2 Certificates, the Senior Principal Distribution Amount
      for Pool 1, until their respective Class Principal Amounts have been reduced
      to
      zero;

    

    (B) pro
      rata,
      to the
      Class 2-A1 and Class 2-A2 Certificates, the Senior Principal Distribution Amount
      for Pool 2, until their respective Class Principal Amounts have been reduced
      to
      zero;

    

    (C) pro
      rata,
      to the
      Class 3-A1 and Class 3-A2 Certificates, the Senior Principal Distribution Amount
      for Pool 3, until their respective Class Principal Amounts have been reduced
      to
      zero;

    

    (D) pro
      rata,
      to the
      Class 4-A1 and Class 4-A2 Certificates, the Senior Principal Distribution Amount
      for Pool 4, until their respective Class Principal Amounts have been reduced
      to
      zero;

    

    (E) pro
      rata,
      to the
      Class 5-A1 and Class 5-A2 Certificates, the Senior Principal Distribution Amount
      for Pool 5, until their respective Class Principal Amounts have been reduced
      to
      zero;

    

    (iii)
       to
      the
      Subordinate Certificates, sequentially in the following order of
      priority:

    

    (A) to
      the
      Class B-1 Certificates, the Interest Distribution Amount and any Interest
      Shortfalls, in each case, for such Class on such date; 

    

    (B) to
      the
      Class B-1 Certificates, such Class’ Subordinate Class Percentage of the
      aggregate Subordinate Principal Distribution Amount for each Mortgage Pool,
      until its Class Principal Amount has been reduced to zero;

    

    
      
        
        

      

      
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    (C) to
      the
      Class B-2 Certificates, the Interest Distribution Amount and any Interest
      Shortfalls, in each case, for such Class on such date; 

    

    (D) to
      the
      Class B-2 Certificates, such Class’ Subordinate Class Percentage of the
      aggregate Subordinate Principal Distribution Amount for each Mortgage Pool,
      until its Class Principal Amount has been reduced to zero;

    

    (E) to
      the
      Class B-3 Certificates, the Interest Distribution Amount and any Interest
      Shortfalls, in each case, for such Class on such date; 

    

    (F) to
      the
      Class B-3 Certificates, such Class’ Subordinate Class Percentage of the
      aggregate Subordinate Principal Distribution Amount for each Mortgage Pool,
      until its Class Principal Amount has been reduced to zero;

    

    (G) to
      the
      Class B-4 Certificates, the Interest Distribution Amount and any Interest
      Shortfalls, in each case, for such Class on such date; 

    

    (H) to
      the
      Class B-4 Certificates, such Class’ Subordinate Class Percentage of the
      aggregate Subordinate Principal Distribution Amount for each Mortgage Pool,
      until its Class Principal Amount has been reduced to zero;

    

    (I) to
      the
      Class B-5 Certificates, the Interest Distribution Amount and any Interest
      Shortfalls, in each case, for such Class on such date; 

    

    (J) to
      the
      Class B-5 Certificates, such Class’ Subordinate Class Percentage of the
      aggregate Subordinate Principal Distribution Amount for each Mortgage Pool,
      until its Class Principal Amount has been reduced to zero;

    

    (K) to
      the
      Class B-6 Certificates, the Interest Distribution Amount and any Interest
      Shortfalls, in each case, for such Class on such date; 

    

    (L) to
      the
      Class B-6 Certificates, such Class’ Subordinate Class Percentage of the
      aggregate Subordinate Principal Distribution Amount for each Mortgage Pool,
      until its Class Principal Amount has been reduced to zero; and

    

    (iv)
       To
      the
      Class 1-AR and LT-R Certificates, any remaining amount of the Available
      Distribution Amount from the Mortgage Pools in the aggregate allocated as
      provided in Section 5.02(d); 

    

    On
      each
      Distribution Date, the Securities Administrator shall distribute from the
      Reserve Fund, pro
      rata (on
      the
      basis of the amount of Net WAC Shortfalls experienced by each such Class of
      LIBOR Certificates and the aggregate amount of Net WAC Shortfalls experienced
      by
      all of the Class 1-A1 and Class 1-A2 Certificates (as a group)), to the Class
      1-A1 and Class 1-A2 Certificates, any related Net WAC Shortfalls or related
      unpaid Net WAC Shortfalls for such date.

    

    
      
        
        

      

      
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    (b) On
      each
      Distribution Date on and after the Credit Support Depletion Date, the Available
      Distribution Amount for the Mortgage Pools shall be combined and distributed
      to
      the remaining Senior Certificates, first,
      to pay
      the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls;
      second,
      to pay
      principal on a pro
      rata
      basis;
      and third,
      to the
      Class 1-AR and Class LT-R Certificates, any remaining Available Distribution
      Amount from such Mortgage Pool or Mortgage Pools. 

    

    (c) Notwithstanding
      the priority and allocation set forth in Section 5.02(a), if with respect to
      any
      Class of Subordinate Certificates on any Distribution Date the aggregate of
      the
      related Class Subordination Percentages of such Class and of all other Classes
      of Subordinate Certificates which have a higher numerical Class designation
      than
      such Class is less than the Original Applicable Credit Support Percentage for
      such Class, no distribution of Principal Prepayments shall be made to any such
      Classes and the amount of such Principal Prepayment otherwise distributable
      to
      such Classes shall be distributed to any Classes of Subordinate Certificates
      having lower numerical Class designations than such Class, pro
      rata,
      based
      on the Class Principal Amounts of the respective Classes immediately prior
      to
      such Distribution Date and shall be distributed in the sequential order provided
      in Section 5.02(a) above.

    

    (d) Amounts
      distributed to the Residual Certificates pursuant to Section 5.02(a)(iv) on
      any
      Distribution Date shall be allocated among the REMIC residual interests
      represented thereby such that each such interest is allocated the excess of
      funds available to the related REMIC over required distributions to the regular
      interests in such REMIC on such Distribution Date; provided,
      however,
      that the
      Class LT-R Certificate shall be entitled to any amounts representing net gain
      resulting from the sale of any REO Properties or other Liquidation Proceeds
      due
      to the Residual Certificates with respect to the Mortgage Loans.

    

    (e) For
      purposes of distributions provided in Section 5.02(a), each Mortgage Pool shall
      “relate” to the Senior Class or Classes of the applicable Related Certificate
      Group.

    

    (f) [Reserved].

    

    (g) On
      any
      Distribution Date for which a Net WAC Shortfall exists with respect to the
      Class
      1-A1 or Class 1-A2 Certificates, the Securities Administrator shall withdraw
      from the Reserve Fund, the amount for distribution to such Class equal to the
      lesser of (1) the amount of such Net WAC Shortfall and (2) the amounts
      credited to the Reserve Fund with respect to the Class 1-XA Certificates as
      provided in Section 5.02(a).

    

    (h) [Reserved].

    

    (i) [Reserved].

    

    (j) For
      purposes of distributions of interest in Section 5.02(a) such distributions
      to a
      Class of Certificates on any Distribution Date shall be made first, in respect
      of Current Interest; and second, in respect of Interest Shortfalls.

    

    (k) [Reserved].

    

    
      
        
        

      

      
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    (l) Notwithstanding
      the priority of distributions set forth in Section 5.02(a), if on any
      Distribution Date prior to the Credit Support Depletion (1) either one of the
      Rapid Prepayment Conditions is satisfied on such date and (2) the aggregate
      of
      the Class Principal Amounts of the Senior Certificates relating to one of the
      Mortgage Pools has been reduced to zero, then that portion of the Available
      Distribution Amount for each Mortgage Pool described in Section 5.02(a)(ii)
      that
      represents principal collections on the Mortgage Loans shall be applied as
      an
      additional distribution to the remaining Classes of Senior Certificates in
      the
      other Certificate Group, in reduction of, and in proportion to, the Class
      Principal Amounts thereof; provided,
      however, that
      any
      such amounts distributable to the Class 1-AR, Class 1-A1 and Class 1-A2
      Certificates shall be distributed first,
      to the
      Class 1-AR Certificates and, second,
      pro rata,
      to the
      Class 1-A1 and Class 1-A2 Certificates.

    

    (m) If,
      on
      any Distribution Date, any Certificate Group would constitute an
      Undercollateralized Group and the other Certificate Group or Certificate Groups
      would constitute an Overcollateralized Group, then notwithstanding Section
      5.02(a)(ii), the Available Distribution Amount for an Overcollateralized Group,
      to the extent remaining following distributions of interest and principal to
      the
      related Senior Certificates of that Certificate Group shall be distributed,
      up
      to the sum of the Interest Transfer Amount and the Principal Transfer Amount
      for
      the Undercollateralized Group or Undercollateralized Groups, to the Senior
      Certificates related to the Undercollateralized Group or Undercollateralized
      Groups, in payment of accrued but unpaid interest, if any, and then to such
      Senior Certificates as principal, in the same order and priority as such
      Certificates would receive other distributions of principal.

    

    Section
      5.03  Allocation
      of Losses.  

    

    (a) On
      or
      prior to each Distribution Date, the Master Servicer shall aggregate the
      information provided by each Servicer with respect to the total amount of
      Realized Losses experienced on the Mortgage Loans for the related Distribution
      Date.

    

    (b) On
      each
      Distribution Date, the principal portion of Realized Losses shall be allocated
      as follows:

    

    first,
      to the
      Classes of Subordinate Certificates in reverse order of their respective
      numerical Class designations (beginning with the Class B-6 Certificates and
      ending with the Class B-1 Certificates) until the Class Principal Amount of
      each
      such Class is reduced to zero; and

    

    second,
      to each
      Class of Senior Certificates relating to the Mortgage Pool which sustained
      such
      loss (allocated among the related Senior Certificates on a pro rata basis),
      in
      each case, until the Class Principal Amount of such Class of Senior Certificates
      is reduced to zero; provided,
      however,
      that
      the amount of Realized Losses calculated above that would otherwise reduce
      the
      Class Principal Amount of the Class 1-A1 Certificates will be allocated to
      the
      Class 1-A2 Certificates, in reduction of the Class Principal Amount thereof,
      until the Class Principal Amount of the Class 1-A2 Certificates has been reduced
      to zero, before reducing the Class Principal Amount of the Class 1-A1
      Certificates; provided,
      further,
      that
      the amount of Realized Losses calculated above that would otherwise reduce
      the
      Class Principal Amount of the Class 2-A1 Certificates will first reduce the
      Class Principal Amount of the Class 2-A2 Certificates until the Class Principal
      Amount of the Class 2-A2 Certificates has been reduced to zero, before reducing
      the Class Principal Amount of the Class 2-A1 Certificates; provided,
      further,
      that
      the amount of Realized Losses calculated above that would otherwise reduce
      the
      Class Principal Amount of the Class 3-A1 Certificates will first reduce the
      Class Principal Amount of the Class 3-A2 Certificates until the Class Principal
      Amount of the Class 3-A2 Certificates has been reduced to zero, before reducing
      the Class Principal Amount of the Class 3-A1 Certificates; provided,
      further,
      that
      the amount of Realized Losses calculated above that would otherwise reduce
      the
      Class Principal Amount of the Class 4-A1 Certificates will first reduce the
      Class Principal Amount of the Class 4-A2 Certificates until the Class Principal
      Amount of the Class 4-A2 Certificates has been reduced to zero, before reducing
      the Class Principal Amount of the Class 4-A1 Certificates and provided,
      further,
      that
      the amount of Realized Losses calculated above that would otherwise reduce
      the
      Class Principal Amount of the Class 5-A1 Certificates will first reduce the
      Class Principal Amount of the Class 5-A2 Certificates until the Class Principal
      Amount of the Class 5-A2 Certificates has been reduced to zero, before reducing
      the Class Principal Amount of the Class 5-A1 Certificates.

    

    
      
        
        

      

      
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    (c) On
      each
      Distribution Date, the Class Principal Amount of the Class of Subordinate
      Certificates then outstanding with the highest numerical Class designation
      shall
      be reduced on each Distribution Date by the amount (a “Subordinate Certificate
      Writedown Amount”), if any, by which the aggregate of the Class Principal
      Amounts of all outstanding Classes of Certificates (after giving effect to
      the
      distribution of principal on such Distribution Date) exceeds the Aggregate
      Stated Principal Balance for the following Distribution Date.

    

    (d) Any
      allocation of a loss pursuant to this section to a Class of Certificates shall
      be achieved by reducing the Class Principal Amount thereof by the amount of
      such
      loss. 

    

    (e) Subsequent
      Recoveries in respect of the Mortgage Loans shall be distributed
      to the Certificates still outstanding, in accordance with Section 5.02, and
      the
      Class Principal Amount of each Class of Certificates then outstanding that
      has
      been reduced due to application of a Realized Loss will be increased, in order
      of seniority, by the amount of such Subsequent Recovery.

    

    Section
      5.04  Advances
      by Master Servicer.  

    

    If
      any
      Servicer fails to remit any Advance required to be made under the applicable
      Servicing Agreement after the expiration of any applicable grace period, such
      event shall constitute a default under the Servicing Agreement, and upon
      termination of the defaulting Servicer as set forth in Section 9.01, the Master
      Servicer (in its capacity as successor Servicer) shall make, or the Master
      Servicer (if it is not the successor Servicer) shall cause the successor
      Servicer, to make, such Advance in accordance with Section 9.01. The Master
      Servicer and each Servicer shall be entitled to be reimbursed for all Advances
      made by it. Notwithstanding anything to the contrary herein, in the event the
      Master Servicer determines in its reasonable judgment that an Advance is
      non-recoverable, the Master Servicer shall be under no obligation to make such
      Advance. If the Master Servicer determines that an Advance is non-recoverable,
      it shall, on or prior to the related Distribution Date, deliver an Officer’s
      Certificate to the Trustee to such effect.

    

    
      
        
        

      

      
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    Section
      5.05  Compensating
      Interest Payments.  

    

    The
      amount of the aggregate Master Servicing Fees payable to the Master Servicer
      in
      respect of any Distribution Date shall be reduced (but not below zero) by the
      amount of any Compensating Interest Payment for such Distribution Date, but
      only
      to the extent that Prepayment Interest Shortfalls relating to such Distribution
      Date are required to be paid but not actually paid by the Servicers. Such amount
      shall not be treated as an Advance and shall not be reimbursable to the Master
      Servicer.

    

    Section
      5.06  Reserve
      Fund  

    

    (a) On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      the
      Trustee’s name, in trust for the benefit of the holders of the LIBOR
      Certificates and the Interest-Only Certificates, a Reserve Fund, into which
      the
      Depositor shall, on such date, deposit $10,000.00. The Reserve Fund shall be
      an
      Eligible Account, and funds on deposit therein shall be held separate and apart
      from, and shall not be commingled with, any other moneys, including, without
      limitation, other moneys of the Trustee held pursuant to this Agreement. The
      Reserve Fund shall not be an asset of any REMIC established hereby.

    

    (b) On
      each
      Distribution Date, Current Interest that would otherwise be distributable with
      respect to the Class 1-XA Certificates will be deposited to the Reserve Fund,
      to
      the extent of the Required Reserve Fund Deposit.

    

    (c) On
      any
      Distribution Date for which a Net WAC Shortfall exists with respect to the
      Class
      1-A1 or Class 1-A2 Certificates, the Securities Administrator shall withdraw
      from the Reserve Fund, the amount of such Net WAC Shortfall for distribution
      on
      such Distribution Date pursuant to Section 5.02(g).

    

    (d) [Reserved].

    

    (e) [Reserved].

    

    (f) Funds
      on
      deposit in the Reserve Fund shall be invested in the Wells Fargo Advantage
      Prime
      Investment Money Market Fund or any successor fund. Any earnings on amounts
      in
      the Reserve Fund shall be for the benefit of the Interest-Only
      Certificateholders. The Interest-Only Certificates shall evidence ownership
      of
      the Reserve Fund for federal income tax purposes and the Holders thereof shall
      direct the Securities Administrator, in writing, as to investment of amounts
      on
      deposit therein. The Interest-Only Certificateholders shall be liable for any
      losses incurred on such investments. In the absence of written instructions
      from
      the Interest-Only Certificateholder(s) as to investment of funds on deposit
      in
      the Reserve Fund, such funds shall be invested in money market funds as
      described in paragraph (ix) of the definition of Permitted Investments in
      Article I. For federal income tax purposes, amounts transferred by the
      Upper-Tier REMIC to the Reserve Fund shall be treated as amounts distributed
      by
      the Upper-Tier REMIC to the Holders of the Class 1-XA Certificates.

    

    
      
        
        

      

      
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    (g) If,
      immediately after any Distribution Date, the amount credited to the Reserve
      Fund
      exceeds the initial credit thereto, the Securities Administrator will debit
      such
      excess from the Reserve Fund and distribute such excess from the Reserve Fund
      to
      the Interest-Only Certificateholders for which such amounts were credited
      pursuant to Section 5.02(g).

    

    (h) Upon
      termination of the Trust Fund any amounts on deposit in the Reserve Fund shall
      be distributed to the Interest-Only Certificateholders.

    

    ARTICLE
      VI

    

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS OF DEFAULT

    

    Section
      6.01  Duties
      of
      Trustee and the Securities Administrator.  

    

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

    

    (b) Each
      of
      the Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to the Trustee or the Securities Administrator which
      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
      neither the Trustee nor the Securities Administrator shall be responsible for
      the accuracy or content of any such resolution, certificate, statement, opinion,
      report, document, order or other instrument furnished by the Master Servicer
      or
      any Servicer to the Trustee or the Securities Administrator pursuant to this
      Agreement, and shall not be required to recalculate or verify any numerical
      information furnished to the Trustee or the Securities Administrator pursuant
      to
      this Agreement. Subject to the immediately preceding sentence, if any such
      resolution, certificate, statement, opinion, report, document, order or other
      instrument is found not to conform to the form required by this Agreement in
      a
      material manner the Trustee or the Securities Administrator, as applicable,
      shall take such action as it deems appropriate to cause the instrument to be
      corrected, and if the instrument is not corrected to the Trustee’s or the
      Securities Administrator’s satisfaction, the Trustee or the Securities
      Administrator will provide notice thereof to the Certificateholders and will,
      at
      the expense of the Trust Fund, which expense shall be reasonable given the
      scope
      and nature of the required action, take such further action as directed by
      the
      Certificateholders.

    

    
      
        
        

      

      
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    (c) Neither
      the Trustee nor the Securities Administrator shall have any liability arising
      out of or in connection with this Agreement, except for its negligence or
      willful misconduct. Notwithstanding anything in this Agreement to the contrary,
      neither the Trustee nor the Securities Administrator shall be liable for
      special, indirect or consequential losses or damages of any kind whatsoever
      (including, but not limited to, lost profits). No provision of this Agreement
      shall be construed to relieve the Trustee or the Securities Administrator from
      liability for its own negligent action, its own negligent failure to act or
      its
      own willful misconduct; provided,
      however,
      that:

    

    (i)
       Neither
      the Trustee nor the Securities Administrator shall be personally liable with
      respect to any action taken, suffered or omitted to be taken by it in good
      faith
      in accordance with the direction of Holders of Certificates as provided in
      Section 6.18 hereof;

    

    (ii)
       For
      all
      purposes under this Agreement, the Trustee shall not be deemed to have notice
      of
      any Event of Default (other than resulting from a failure by the Master Servicer
      to furnish information to the Trustee when required to do so) unless a
      Responsible Officer of the Trustee has actual knowledge thereof or unless
      written notice of any event which is in fact such a default is received by
      the
      Trustee at the Corporate Trust Office of the Trustee, and such notice references
      the Holders of the Certificates and this Agreement;

    

    (iii)
       For
      all
      purposes under this Agreement, the Securities Administrator shall not be deemed
      to have notice of any Event of Default (other than resulting from a failure
      by
      the Master Servicer to furnish information to the Securities Administrator
      when
      required to do so) unless a Responsible Officer of the Securities Administrator
      has actual knowledge thereof or unless written notice of any event which is
      in
      fact such a default is received by the Securities Administrator at the address
      provided in Section 11.07, and such notice references the Holders of the
      Certificates and this Agreement;

    

    (iv)
       No
      provision of this Agreement shall require the Trustee (regardless of the
      capacity in which it is acting) or the Securities Administrator to expend or
      risk its own funds or otherwise incur any financial liability in the performance
      of any of its duties hereunder, or in the exercise of any of its rights or
      powers, if it shall have reasonable grounds for believing that repayment of
      such
      funds or adequate indemnity against such risk or liability is not reasonably
      assured to it; and none of the provisions contained in this Agreement shall
      in
      any event require the Trustee or the Securities Administrator to perform, or
      be
      responsible for the manner of performance of, any of the obligations of the
      Master Servicer under this Agreement;

    

    (v)
       Neither
      the Trustee nor the Securities Administrator shall be responsible for any act
      or
      omission of the Master Servicer, the Depositor, the Seller or the
      Custodian.

    

    
      
        
        

      

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

    

    (e) Neither
      the Trustee nor the Securities Administrator shall be personally liable with
      respect to any action taken, suffered or omitted to be taken by it in good
      faith
      in accordance with the direction of the Certificateholders of any Class holding
      Certificates which evidence, as to such Class, Percentage Interests aggregating
      not less than 25% as to the time, method and place of conducting any proceeding
      for any remedy available to the Trustee or the Securities Administrator or
      exercising any trust or power conferred upon the Trustee or the Securities
      Administrator, as applicable, under this Agreement.

    

    (f) Neither
      the Trustee nor the Securities Administrator shall be required to perform
      services under this Agreement, or to expend or risk its own funds or otherwise
      incur financial liability for the performance of any of its duties hereunder
      or
      the exercise of any of its rights or powers if there is reasonable ground for
      believing that the timely payment of its fees and expenses or the repayment
      of
      such funds or adequate indemnity against such risk or liability is not
      reasonably assured to it, and none of the provisions contained in this Agreement
      shall in any event require the Trustee or the Securities Administrator, as
      applicable, to perform, or be responsible for the manner of performance of,
      any
      of the obligations of the Master Servicer or any Servicer under this Agreement
      or any Servicing Agreement except during such time, if any, as the Trustee
      shall
      be the successor to, and be vested with the rights, duties, powers and
      privileges of, the Master Servicer in accordance with the terms of this
      Agreement.

    

    (g) The
      Trustee shall not be held liable by reason of any insufficiency in the
      Distribution Account or, if applicable, the Reserve Fund resulting from any
      investment loss on any Permitted Investment included therein (except to the
      extent that the Trustee is the obligor and has defaulted thereon).

    

    (h) Except
      as
      otherwise provided herein, neither the Trustee nor the Securities Administrator
      shall have any duty (A) to see to any recording, filing, or depositing of this
      Agreement or any agreement referred to herein or any financing statement or
      continuation statement evidencing a security interest, or to see to the
      maintenance of any such recording or filing or depositing or to any rerecording,
      refiling or redepositing of any thereof, (B) to see to any insurance, (C) to
      see
      to the payment or discharge of any tax, assessment, or other governmental charge
      or any lien or encumbrance of any kind owing with respect to, assessed or levied
      against, any part of the Trust Fund other than from funds available in the
      Distribution Account, or (D) to confirm or verify the contents of any reports
      or
      certificates of the Master Servicer or any Servicer delivered to the Trustee
      or
      the Securities Administrator pursuant to this Agreement believed by the Trustee
      or the Securities Administrator, as applicable, to be genuine and to have been
      signed or presented by the proper party or parties.

    

    
      
        
        

      

      
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    (i) Neither
      the Securities Administrator nor the Trustee shall be liable in its individual
      capacity for an error of judgment made in good faith by a Responsible Officer
      or
      other officers of the Trustee or the Securities Administrator, as applicable,
      unless it shall be proved that the Trustee or the Securities Administrator,
      as
      applicable, was negligent in ascertaining the pertinent facts.

    

    (j) Notwithstanding
      anything in this Agreement to the contrary, neither the Securities Administrator
      nor the Trustee shall be liable for special, indirect or consequential losses
      or
      damages of any kind whatsoever (including, but not limited to, lost profits),
      even if the Trustee or the Securities Administrator, as applicable, has been
      advised of the likelihood of such loss or damage and regardless of the form
      of
      action.

    

    (k) Neither
      the Securities Administrator nor the Trustee shall be responsible for the acts
      or omissions of the other, it being understood that this Agreement shall not
      be
      construed to render them agents of one another.

    

    Section
      6.02  Certain
      Matters Affecting the Trustee and the Securities Administrator.  

    

    Except
      as
      otherwise provided in Section 6.01:

    

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

    

    (ii)
       Each
      of
      the Trustee and the Securities Administrator may consult with counsel and any
      advice of its counsel or Opinion of Counsel shall be full and complete
      authorization and protection in respect of any action taken or suffered or
      omitted by it hereunder in good faith and in accordance with such advice or
      Opinion of Counsel;

    

    (iii)
       Neither
      the Trustee nor the Securities Administrator shall be personally liable for
      any
      action taken, suffered or omitted by it in good faith and reasonably believed
      by
      it to be authorized or within the discretion or rights or powers conferred
      upon
      it by this Agreement;

    

    (iv)
       Unless
      an
      Event of Default shall have occurred and be continuing, neither the Trustee
      nor
      the Securities Administrator shall be bound to make any investigation into
      the
      facts or matters stated in any resolution, certificate, statement, instrument,
      opinion, report, notice, request, consent, order, approval, bond or other paper
      or document (provided the same appears regular on its face), unless requested
      in
      writing to do so by the Holders of at least a majority in Class Principal Amount
      (or Percentage Interest) of each Class of Certificates; provided,
      however,
      that, if
      the payment within a reasonable time to the Trustee or the Securities
      Administrator, as applicable, of the costs, expenses or liabilities likely
      to be
      incurred by it in the making of such investigation is, in the opinion of the
      Trustee or the Securities Administrator, as applicable, not reasonably assured
      to the Trustee or the Securities Administrator by the security afforded to
      it by
      the terms of this Agreement, the Trustee or the Securities Administrator, as
      applicable, may require reasonable indemnity against such expense or liability
      or payment of such estimated expenses from the Certificateholders as a condition
      to proceeding. The reasonable expense thereof shall be paid by the party
      requesting such investigation and if not reimbursed by the requesting party
      shall be reimbursed by the Trust Fund to the Trustee or the Securities
      Administrator, as applicable;

    

    
      
        
        

      

      
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    (v)
       Each
      of
      the Trustee and the Securities Administrator may execute any of the trusts
      or
      powers hereunder or perform any duties hereunder either directly or by or
      through agents, custodians or attorneys, which agents, custodians or attorneys
      shall have any and all of the rights, powers, duties and obligations of the
      Trustee and the Securities Administrator conferred on them by such appointment,
      provided that each of the Trustee and the Securities Administrator shall
      continue to be responsible for its duties and obligations hereunder to the
      extent provided herein, and provided further that neither the Trustee nor the
      Securities Administrator shall be responsible for any misconduct or negligence
      on the part of any such agent or attorney appointed with due care by the Trustee
      or the Securities Administrator, as applicable;

    

    (vi)
       Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement or to
      institute, conduct or defend any litigation hereunder or in relation hereto,
      in
      each case at the request, order or direction of any of the Certificateholders
      pursuant to the provisions of this Agreement, unless such Certificateholders
      shall have offered to the Trustee or the Securities Administrator, as
      applicable, reasonable security or indemnity against the costs, expenses and
      liabilities which may be incurred therein or thereby;

    

    (vii)
       The
      right
      of the Trustee and the Securities Administrator to perform any discretionary
      act
      enumerated in this Agreement shall not be construed as a duty, and neither
      the
      Trustee nor the Securities Administrator shall be answerable for other than
      its
      negligence or willful misconduct in the performance of such act;

    

    (viii)
       Neither
      the Trustee nor the Securities Administrator shall 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

    

    (ix)
       Neither
      the Trustee nor the Securities Administrator shall have any duty to conduct
      any
      affirmative investigation (including, but not limited to, reviewing any reports
      delivered to the Trustee in connection with the review of the Trustee
      Mortgage Files)
      as to
      the occurrence of any condition requiring the repurchase of any Mortgage Loan
      by
      the Seller pursuant to this Agreement or the Mortgage Loan Purchase Agreement,
      as applicable, or the eligibility of any Mortgage Loan for purposes of this
      Agreement.

    

    In
      the
      event either of the Trustee or the Securities Administrator deem the nature
      of
      any action required on its part to be unclear, the Trustee or the Securities
      Administrator, as applicable, may require prior to such action that it be
      provided by the Depositor with reasonable further instructions. 

    

    
      
        
        

      

      
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    Section
      6.03  Trustee
      and Securities Administrator Not Liable for Certificates.  

    

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

    

    Section
      6.04  Trustee
      and the Securities Administrator May Own Certificates.  

    

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

    

    Section
      6.05  Eligibility
      Requirements for Trustee and Securities Administrator.  

    

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

    

    
      
        
        

      

      
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    The
      Securities Administrator hereunder shall at all times (i) be an institution
      authorized to exercise corporate trust powers under the laws of its jurisdiction
      of organization, (ii) be rated at least “A/F1” by Fitch, or if not rated by
      Fitch, the equivalent rating by S&P or Moody’s and (iii) not be an
      originator of Mortgage Loans, the Master Servicer, a Servicer, the Depositor,
      or
      an Affiliate of the Depositor unless the Securities Administrator is in an
      institutional trust department of the Securities Administrator.

    

    Section
      6.06  Resignation
      and Removal of Trustee and the Securities Administrator.  

    

    (a) Each
      of
      the Trustee and the Securities Administrator may at any time resign and be
      discharged from the trust hereby created by giving 60 days’ written notice
      thereof to the Trustee or the Securities Administrator, as applicable, the
      Depositor and the Master Servicer. Upon receiving such notice of resignation,
      the Depositor will promptly appoint a successor trustee or a successor
      securities administrator, as applicable, by written instrument, one copy of
      which instrument shall be delivered to the resigning Trustee or resigning
      Securities Administrator, as applicable, one copy to the successor trustee
      or
      successor securities administrator, as applicable, and one copy to the Master
      Servicer. If no successor trustee or successor securities administrator shall
      have been so appointed and shall have accepted appointment within 30 days after
      the giving of such notice of resignation, the resigning Trustee or resigning
      Securities Administrator, as applicable, may petition any court of competent
      jurisdiction for the appointment of a successor trustee or successor securities
      administrator, as applicable. The
      Trustee shall notify the Rating Agencies of any change of Securities
      Administrator.

    

    (b) If
      at any
      time any of the following events shall occur: (i) the Trustee or the Securities
      Administrator ceases to be eligible in accordance with the provisions of Section
      6.05 and fails to resign after written request therefor by the Depositor, (ii)
      the Securities Administrator fails to perform its obligations pursuant to
      Section 5.02 to make distributions to Certificateholders, which failure
      continues unremedied for a period of one Business Day after the date upon which
      written notice of such failure shall have been given to the Securities
      Administrator by the Trustee or the Depositor, (iii) the Securities
      Administrator fails to provide an Item 1123 Certificate, Assessment of
      Compliance or an Accountant’s Attestation required under Sections 6.22, 6.23 and
      6.24, respectively, by March 15 of each year in which Exchange Act reports
      are
      required, (iv) the Trustee or the Securities Administrator becomes incapable
      of
      acting, or is adjudged a bankrupt or insolvent, or a receiver of the Trustee
      or
      the Securities Administrator of its property is appointed, or any public officer
      takes charge or control of the Trustee or the Securities Administrator or of
      either of their property or affairs for the purpose of rehabilitation,
      conservation or liquidation, (v) a tax is imposed or threatened with respect
      to
      the Trust Fund by any state in which the Trustee or the Trust Fund held by
      the
      Trustee is located, or (vi) the continued use of the Trustee or Securities
      Administrator would result in a downgrading of the rating by any Rating Agency
      of any Class of Certificates with a rating; then, in each such case, the
      Depositor shall remove the Trustee or the Securities Administrator, as
      applicable, and the Depositor shall appoint a successor trustee or successor
      securities administrator, as applicable, acceptable to the Depositor or the
      Trustee by written instrument, one copy of which instrument shall be delivered
      to the Trustee or Securities Administrator so removed, one copy each to the
      successor trustee or successor securities administrator, as applicable, and
      one
      copy to the Master Servicer.

    

    
      
        
        

      

      
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    (c) The
      Holders of more than 50% of the Class Principal Amount (or Percentage Interest)
      of each Class of Certificates may at any time upon 30 days’ written notice to
      the Trustee or the Securities Administrator, as applicable, and to the Depositor
      remove the Trustee or the Securities Administrator, as applicable, by such
      written instrument, signed by such Holders or their attorney-in-fact duly
      authorized, one copy of which instrument shall be delivered to the Depositor,
      one copy to the Trustee or Securities Administrator, as applicable and one
      copy
      to the Master Servicer; the Depositor shall thereupon appoint a successor
      trustee or successor securities administrator, as applicable, in accordance
      with
      this Section.

    

    (d) Any
      resignation or removal of the Trustee or the Securities Administrator, as
      applicable, and appointment of a successor trustee or successor securities
      administrator pursuant to any of the provisions of this Section shall become
      effective upon acceptance of appointment by the successor trustee or the
      successor securities administrator, as applicable, as provided in Section
      6.07.

    

    Section
      6.07  Successor
      Trustee and Successor Securities Administrator.  

    

    (a) Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 6.06 shall execute, acknowledge and deliver to the Depositor and to
      its
      predecessor trustee or predecessor securities administrator, as applicable,
      (i)
      an instrument accepting such appointment hereunder and (ii) the certification
      required pursuant to the first sentence of Section 6.21(e), and thereupon the
      resignation or removal of the predecessor trustee or predecessor securities
      administrator, as applicable, shall become effective and such successor trustee
      or successor securities administrator, as applicable, 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 or securities administrator, as applicable, herein.
      The predecessor trustee or predecessor securities administrator, as applicable,
      shall deliver to the successor trustee (or assign to the Trustee its interest
      under the Custody Agreement, to the extent permitted thereunder) or successor
      securities administrator, as applicable, all Trustee Mortgage Files and
      documents and statements related to each Trustee Mortgage File held by it
      hereunder, and shall duly assign, transfer, deliver and pay over to the
      successor trustee the entire Trust Fund, together with all necessary instruments
      of transfer and assignment or other documents properly executed necessary to
      effect such transfer and such of the records or copies thereof maintained by
      the
      predecessor trustee in the administration hereof as may be requested by the
      successor trustee and shall thereupon be discharged from all duties and
      responsibilities under this Agreement. In addition, the Depositor and the
      predecessor trustee or predecessor securities administrator, as applicable,
      shall execute and deliver such other instruments and do such other things as
      may
      reasonably be required to more fully and certainly vest and confirm in the
      successor trustee or successor securities administrator, as applicable, all
      such
      rights, powers, duties and obligations.

    

    
      
        
        

      

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

    

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

    

    Section
      6.08  Merger
      or
      Consolidation of Trustee or the Securities Administrator.  

    

    Any
      Person into which the Trustee or Securities Administrator may be merged or
      with
      which it may be consolidated, or any Person resulting from any merger,
      conversion or consolidation to which the Trustee or Securities Administrator
      shall be a party, or any Persons succeeding to the business of the Trustee
      or
      Securities Administrator, shall be the successor to the Trustee or Securities
      Administrator hereunder, without the execution or filing of any paper or any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding, provided that, in the case of the Trustee, such Person
      shall be eligible under the provisions of Section 6.05.

    

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

    

    (a) Notwithstanding
      any other provisions hereof, at any time, the Trustee, the Depositor or the
      Certificateholders evidencing more than 50% of the Class Principal Amount (or
      Percentage Interest) of every Class of Certificates shall
      have the power from time to time to appoint one or more Persons, approved by
      the
      Trustee, to act either as co-trustees jointly with the Trustee, or as separate
      trustees, or as custodians, for the purpose of holding title to, foreclosing
      or
      otherwise taking action with respect to any Mortgage Loan outside the state
      where the Trustee has its principal place of business where such separate
      trustee or co-trustee is necessary or advisable (or the Trustee has been advised
      by the Master Servicer that such separate trustee or co-trustee is necessary
      or
      advisable) under the laws of any state in which a property securing a Mortgage
      Loan is located or for the purpose of otherwise conforming to any legal
      requirement, restriction or condition in any state in which a property securing
      a Mortgage Loan is located or in any state in which any portion of the Trust
      Fund is located. The separate Trustees, co-trustees, or custodians so appointed
      shall be trustees or custodians for the benefit of all the Certificateholders
      and shall have such powers, rights and remedies as shall be specified in the
      instrument of appointment; provided,
      however,
      that no
      such appointment shall, or shall be deemed to, constitute the appointee an
      agent
      of the Trustee. The obligation of the Master Servicer to make Advances pursuant
      to Section 5.04 hereof shall not be affected or assigned by the appointment
      of a
      co-trustee.

    

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

    

    
      
        
        

      

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

    

    (ii)
       all
      other
      rights, powers, duties and obligations conferred or imposed upon the Trustee
      shall be conferred or imposed upon and exercised or performed by the Trustee
      and
      such separate trustee, co-trustee, or custodian jointly, except to the extent
      that under any law of any jurisdiction in which any particular act or acts
      are
      to be performed the Trustee shall be incompetent or unqualified to perform
      such
      act or acts, in which event such rights, powers, duties and obligations,
      including the holding of title to the Trust Fund or any portion thereof in
      any
      such jurisdiction, shall be exercised and performed by such separate trustee,
      co-trustee, or custodian;

    

    (iii)
       no
      trustee or custodian hereunder shall be personally liable by reason of any
      act
      or omission of any other trustee or custodian hereunder; and

    

    (iv)
       the
      Trustee may at any time, by an instrument in writing executed by it, with the
      concurrence of the Depositor, accept the resignation of or remove any separate
      trustee, co-trustee or custodian, so appointed by it or them, if such
      resignation or removal does not violate the other terms of this
      Agreement.

    

    (c) Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee,
      co-trustee or custodian shall refer to this Agreement and the conditions of
      this
      Article VI. Each separate trustee and co-trustee, upon its acceptance of the
      trusts conferred, shall be vested with the estates or property specified in
      its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy given to the Master
      Servicer.

    

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

    

    (e) No
      separate trustee, co-trustee or custodian hereunder shall be required to meet
      the terms of eligibility as a successor trustee under Section 6.05 hereunder
      and
      no notice to the Certificateholders of the appointment shall be required under
      Section 6.07 hereof.

    

    (f) The
      Trustee agrees to instruct the co-trustees, if any, to the extent necessary
      to
      fulfill the Trustee’s obligations hereunder.

    

    
      
        
        

      

      
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    (g) The
      Trust
      shall pay the reasonable compensation of the co-trustees (which compensation
      shall not reduce any compensation payable to the Trustee under such
      Section).

    

    Section
      6.10  Authenticating
      Agents.  

    

    (a) The
      Trustee may appoint one or more Authenticating Agents which shall be authorized
      to act on behalf of the Trustee in authenticating Certificates. The Trustee
      hereby appoints the Securities Administrator as initial Authenticating Agent,
      and the Securities Administrator accepts such appointment. Wherever reference
      is
      made in this Agreement to the authentication of Certificates by the Trustee
      or
      the Trustee’s certificate of authentication, such reference shall be deemed to
      include authentication on behalf of the Trustee by an Authenticating Agent
      and a
      certificate of authentication executed on behalf of the Trustee by an
      Authenticating Agent. Each Authenticating Agent must be a national banking
      association or a corporation organized and doing business under the laws of
      the
      United States of America or of any state, having a combined capital and surplus
      of at least $15,000,000, authorized under such laws to do a trust business
      and
      subject to supervision or examination by federal or state
      authorities.

    

    (b) Any
      Person into which any Authenticating Agent may be merged or converted or with
      which it may be consolidated, or any Person resulting from any merger,
      conversion or consolidation to which any Authenticating Agent shall be a party,
      or any Person succeeding to the corporate agency business of any Authenticating
      Agent, shall continue to be the Authenticating Agent without the execution
      or
      filing of any paper or any further act on the part of the Trustee or the
      Authenticating Agent.

    

    (c) Any
      Authenticating Agent may at any time resign by giving at least 30 days’ advance
      written notice of resignation to the Trustee and the Depositor. The Trustee
      may
      at any time terminate the agency of any Authenticating Agent by giving written
      notice of termination to such Authenticating Agent and the Depositor. Upon
      receiving a notice of resignation or upon such a termination, or in case at
      any
      time any Authenticating Agent shall cease to be eligible in accordance with
      the
      provisions of this Section 6.10, the Trustee may appoint a successor
      authenticating agent, shall give written notice of such appointment to the
      Depositor and shall mail notice of such appointment to all Holders of
      Certificates. Any successor authenticating agent upon acceptance of its
      appointment hereunder shall become vested with all the rights, powers, duties
      and responsibilities of its predecessor hereunder, with like effect as if
      originally named as Authenticating Agent. No successor authenticating agent
      shall be appointed unless eligible under the provisions of this Section 6.10.
      No
      Authenticating Agent shall have responsibility or liability for any action
      taken
      by it as such at the direction of the Trustee or in accordance with the
      provisions of this Agreement. 

    

    
      	 	
              Section
                6.11 

            	
              Indemnification
                of the Trustee and the Securities Administrator.  

            

    

    

    The
      Trustee and the Securities Administrator and their respective directors,
      officers, employees and agents shall be entitled to indemnification from the
      Depositor and the Trust Fund (provided
      that
      the
      Trust Fund’s indemnification under this Section 6.11 is limited by Section
      4.01(d)) for any loss, liability or expense (including, without limitation,
      reasonable attorneys’ fees and disbursements (and, in the case of the Trustee,
      in connection with the Custody Agreement, including the reasonable compensation
      and the expenses and disbursements of its agents or counsel), incurred without
      negligence or willful misconduct on their part, arising out of, or in connection
      with, the acceptance or administration of the trusts created hereunder or in
      connection with the performance of their duties hereunder including the costs
      and expenses of defending themselves against any claim in connection with the
      exercise or performance of any of their powers or duties hereunder, provided
      that:

    

    
      
        
        

      

      
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    (i)
       with
      respect to any such claim, the Trustee or the Securities Administrator, as
      applicable, shall have given the Depositor written notice thereof promptly
      after
      the Trustee, the Securities Administrator, as applicable, shall have knowledge
      thereof;

    

    (ii)
       while
      maintaining control over its own defense, the Trustee or the Securities
      Administrator, as applicable, shall cooperate and consult fully with the
      Depositor in preparing such defense; and

    

    (iii)
       notwithstanding
      anything to the contrary in this Section 6.11, the Trust Fund shall not be
      liable for settlement of any such claim by the Trustee or the Securities
      Administrator, as applicable, entered into without the prior consent of the
      Depositor, which consent shall not be unreasonably withheld.

    

    The
      provisions of this Section 6.11 shall survive any termination of this Agreement
      and the resignation or removal of the Trustee or the Securities Administrator,
      as applicable, and shall be construed to include, but not be limited to any
      loss, liability or expense under any environmental law.

    

    
      	 	
              Section
                6.12 

            	
              Fees
                and Expenses of Securities Administrator and the Trustee.  

            

    

    

    (a) Compensation
      for the services of the Securities Administrator hereunder shall be paid from
      the Master Servicing Fee. The Securities Administrator shall be entitled to
      all
      disbursements and advancements incurred or made by the Securities Administrator
      in accordance with this Agreement (including fees and expenses of its counsel
      and all persons not regularly in its employment), except any such expenses
      arising from its negligence, bad faith or willful misconduct. Wells Fargo Bank,
      N.A. shall act as Securities Administrator for so long as it is Master Servicer
      under this Agreement.

    

    (b) As
      compensation for its services hereunder, the Trustee shall be entitled to
      receive a Trustee fee equal to $3,500 per annum, which shall be paid by the
      Master Servicer pursuant to a separate agreement between the Trustee and the
      Master Servicer. Any expenses incurred by the Trustee shall be reimbursed in
      accordance with Section 6.11.

    

    Section
      6.13  Collection
      of Monies.  

    

    Except
      as
      otherwise expressly provided in this Agreement, the Trustee and the Securities
      Administrator may demand payment or delivery of, and shall receive and collect,
      all money and other property payable to or receivable by the it pursuant to this
      Agreement. The Trustee or the Securities Administrator, as applicable, shall
      hold all such money and property received by it as part of the Trust Fund and
      shall distribute it as provided in this Agreement. 

    

    
      
        
        

      

      
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    Section
      6.14  Events
      of
      Default; Trustee To Act; Appointment of Successor.  

    

    (a) The
      occurrence of any one or more of the following events shall constitute an “Event
      of Default”:

    

    (i)
       Any
      failure by the Master Servicer to furnish the Securities Administrator the
      Mortgage Loan data sufficient to prepare the reports described in Section 4.04
      which continues unremedied for a period of one Business Day after the date
      upon
      which written notice of such failure shall have been given to such Master
      Servicer by the Trustee or the Securities Administrator or to such Master
      Servicer, the Securities Administrator and the Trustee by the Holders of not
      less than 25% of the Class Principal Amount (or Class Notional Amount) of each
      Class of Certificates affected thereby; or 

    

    (ii)
       Any
      failure by the Master Servicer to deliver to the Depositor and the Seller the
      information or reports required pursuant to Section 9.01(e) through (g)
      hereto;

    

    (iii)
       Any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements (other than those
      referred to in (viii) and (ix) below) on the part of the Master Servicer
      contained in this Agreement which continues unremedied for a period of 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 the
      Securities Administrator, or to the Master Servicer, the Securities
      Administrator and the Trustee by the Holders of more than 50% of the Aggregate
      Voting Interests of the Certificates (or in the case of a breach of its
      obligation to provide an Item 1123 Certificate, an Assessment of Compliance
      or
      an Accountant’s Attestation pursuant to Sections 6.22, 6.23 and 6.24,
      immediately without a cure period); 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, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Master Servicer, and such decree or order shall have
      remained in force undischarged or unstayed for a period of 60 days or any Rating
      Agency reduces or withdraws or threatens to reduce or withdraw the rating of
      the
      Certificates because of the financial condition or loan servicing capability
      of
      such Master Servicer; or

    

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

    

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

    

    
      
        
        

      

      
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    (vii)
       The
      Master Servicer shall be dissolved, or shall dispose of all or substantially
      all
      of its assets, or consolidate with or merge into another entity or shall permit
      another entity to consolidate or merge into it, such that the resulting entity
      does not meet the criteria for a successor servicer as specified in Section
      9.05
      hereof; or

    

    (viii)
       If
      a
      representation or warranty set forth in Section 9.03 hereof shall prove to
      be
      incorrect as of the time made in any respect that materially and adversely
      affects the interests of the Certificateholders, and the circumstance or
      condition in respect of which such representation or warranty was incorrect
      shall not have been eliminated or cured within 30 days after the date on which
      written notice of such incorrect representation or warranty shall have been
      given to the Master Servicer by the Trustee or the Securities Administrator,
      or
      to the Master Servicer, the Securities Administrator and the Trustee by the
      Holders of more than 50% of the Aggregate Voting Interests of the Certificates;
      or

    

    (ix)
       A
      sale or
      pledge of any of the rights of the Master Servicer hereunder or an assignment
      of
      this Agreement by the Master Servicer or a delegation of the rights or duties
      of
      the Master Servicer hereunder shall have occurred in any manner not otherwise
      permitted hereunder and without the prior written consent of the Trustee and
      Certificateholders holding more than 50% of the Aggregate Voting Interests
      of
      the Certificates; or

    

    (x)
       After
      receipt of notice from the Trustee, any failure of the Master Servicer to make
      any Advances when such Advances are due, which failure continues unremedied
      for
      a period of one Business Day.

    

    If
      an
      Event of Default described in clauses (i) through (ix) of this Section shall
      occur, then, in each and every case, subject to applicable law, so long as
      any
      such Event of Default shall not have been remedied within any period of time
      prescribed by this Section, the Trustee, by notice in writing to the Master
      Servicer may,
      and, if
      so directed by Certificateholders evidencing more than 50% of the Class
      Principal Amount (or Class Notional Amount) of each Class of Certificates,
      or
      upon the occurrence of an Event of Default described in clause (x) of this
      Section, shall,
      terminate all of the rights and obligations of the Master Servicer hereunder
      and
      in and to the Mortgage Loans and the proceeds thereof. On or after the receipt
      by the Master Servicer of such written notice, all authority and power of the
      Master Servicer, and only in its capacity as Master Servicer under this
      Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass
      to and be vested in the Trustee; and the Trustee is hereby authorized and
      empowered to execute and deliver, on behalf of the defaulting Master Servicer
      as
      attorney-in-fact or otherwise, any and all documents and other instruments,
      and
      to do or accomplish all other acts or things necessary or appropriate to effect
      the purposes of such notice of termination, whether to complete the transfer
      and
      endorsement or assignment of the Mortgage Loans and related documents or
      otherwise. The defaulting Master Servicer agrees to cooperate with the Trustee
      and the Securities Administrator in effecting the termination of the defaulting
      Master Servicer’s responsibilities and rights hereunder as Master Servicer
      including, without limitation, notifying Servicers of the assignment of the
      master servicing function and providing the Trustee or its designee all
      documents and records in electronic or other form reasonably requested by it
      to
      enable the Trustee or its designee to assume the defaulting Master Servicer’s
      functions hereunder and the transfer to the Trustee for administration by it
      of
      all amounts which shall at the time be or should have been deposited by the
      defaulting Master Servicer in the Distribution Account and any other account
      or
      fund maintained with respect to the Certificates or thereafter received with
      respect to the Mortgage Loans. The Master Servicer being terminated shall bear
      all costs of a master servicing transfer, including but not limited to those
      of
      the Trustee or Securities Administrator reasonably allocable to specific
      employees and overhead, legal fees and expenses, accounting and financial
      consulting fees and expenses, and costs of amending this Agreement, if
      necessary. If the terminated Master Servicer fails to pay the costs incurred
      by
      the Trustee in connection with a master servicing transfer, then the Trustee
      shall to be entitled to reimbursement in accordance with the provisions of
      this
      Agreement.

    

    
      
        
        

      

      
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    Notwithstanding
      the termination of its activities as Master Servicer, each terminated Master
      Servicer shall continue to be entitled to reimbursement under this Agreement
      to
      the extent such reimbursement relates to the period prior to such Master
      Servicer’s termination.

    

    If
      any
      Event of Default shall occur, the Trustee, upon becoming aware of the occurrence
      thereof, shall promptly notify the Securities Administrator and each Rating
      Agency of the nature and extent of such Event of Default. The Trustee or the
      Securities Administrator shall immediately give written notice to the Master
      Servicer upon the Master Servicer’s failure to make Advances as required under
      this Agreement.

    

    (b) On
      and
      after the time the Master Servicer receives a notice of termination from the
      Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
      of
      the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
      9.06,
      the Trustee, unless another master servicer shall have been appointed, shall
      be
      the successor in all respects to the Master Servicer in its capacity as such
      under this Agreement and the transactions set forth or provided for herein
      and
      shall have all the rights and powers and be subject to all the responsibilities,
      duties and liabilities relating thereto and arising thereafter placed on the
      Master Servicer hereunder, including (but subject to applicable law) the
      obligation to make Advances in accordance with Section 5.04; provided,
      however,
      that
      any failure to perform such duties or responsibilities caused by the Master
      Servicer’s failure to provide information required by this Agreement shall not
      be considered a default by the Trustee hereunder. In addition, the Trustee
      shall
      have no responsibility for any act or omission of the Master Servicer prior
      to
      the issuance of any notice of termination. The Trustee shall have no liability
      relating to the representations and warranties of the Master Servicer set forth
      in Section 9.03. In the Trustee's capacity as such successor, the Trustee shall
      have the same limitations on liability herein granted to the Master Servicer.
      As
      compensation therefor, the Trustee shall be entitled to receive all compensation
      payable to the Master Servicer under this Agreement, including the Master
      Servicing Fee.

    

    (c) Notwithstanding
      the above, the Trustee may, if it shall be unwilling to continue to so act,
      or
      shall, if it is unable to so act, petition a court of competent jurisdiction
      to
      appoint, or appoint on its own behalf any established housing and home finance
      institution servicer, master servicer, servicing or mortgage servicing
      institution having a net worth of not less than $15,000,000 and meeting such
      other standards for a successor master servicer as are set forth in this
      Agreement, as the successor to such Master Servicer in the assumption of all
      of
      the responsibilities, duties or liabilities of a master servicer, like the
      Master Servicer. Any entity designated by the Trustee as a successor master
      servicer may be an Affiliate of the Trustee; provided,
      however,
      that,
      unless such Affiliate meets the net worth requirements and other standards
      set
      forth herein for a successor master servicer, the Trustee, in its individual
      capacity shall agree, at the time of such designation, to be and remain liable
      to the Trust Fund for such Affiliate’s actions and omissions in performing its
      duties hereunder. In connection with such appointment and assumption, the
      Trustee may make such arrangements for the compensation of such successor out
      of
      payments on Mortgage Loans as it and such successor shall agree; provided,
      however,
      that no
      such compensation shall be in excess of that permitted to the Master Servicer
      hereunder. Notwithstanding anything herein to the contrary, in no event shall
      the Trustee be liable for any Master Servicing Fee or for any differential
      in
      the amount of the Master Servicing Fee paid hereunder and the amount necessary
      to induce any successor master servicer to act as successor master servicer
      under this Agreement and the transactions set forth or provided for herein.
      The
      Trustee and such successor shall take such actions, consistent with this
      Agreement, as shall be necessary to effectuate any such succession and may
      make
      other arrangements with respect to the servicing to be conducted hereunder
      which
      are not inconsistent herewith. The Master Servicer shall cooperate with the
      Trustee and any successor master servicer in effecting the termination of the
      Master Servicer’s responsibilities and rights hereunder including, without
      limitation, notifying Mortgagors of the assignment of the master servicing
      functions and providing the Trustee and successor master servicer, as
      applicable, all documents and records in electronic or other form reasonably
      requested by it to enable it to assume the Master Servicer’s functions hereunder
      and the transfer to the Trustee or such successor master servicer, as
      applicable, all amounts which shall at the time be or should have been deposited
      by the Master Servicer in the Distribution Account and any other account or
      fund
      maintained with respect to the Certificates or thereafter be received with
      respect to the Mortgage Loans. Neither the Trustee nor any other successor
      master servicer shall be deemed to be in default hereunder by reason of any
      failure to make, or any delay in making, any distribution hereunder or any
      portion thereof caused by (i) the failure of the Master Servicer to deliver,
      or
      any delay in delivering, cash, documents or records to it, (ii) the failure
      of
      the Master Servicer to cooperate as required by this Agreement, (iii) the
      failure of the Master Servicer to deliver the Mortgage Loan data to the Trustee
      as required by this Agreement or (iv) restrictions imposed by any regulatory
      authority having jurisdiction over the Master Servicer. No successor master
      servicer shall be deemed to be in default hereunder by reason of any failure
      to
      make, or any delay in making, any distribution hereunder or any portion thereof
      caused by (i) the failure of the Trustee to deliver, or any delay in delivering
      cash, documents or records to it related to such distribution, or (ii) the
      failure of Trustee to cooperate as required by this Agreement.

    

    
      
        
        

      

      
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    Any
      successor master servicer shall execute and deliver to the Depositor, the Seller
      and the predecessor Master Servicer the certification required pursuant to
      the
      first sentence of Section 6.21(e).

    

    Section
      6.15  Additional
      Remedies of Trustee Upon Event of Default.  

    

    During
      the continuance of any Event of Default, so long as such Event of Default shall
      not have been remedied, the Trustee, in addition to the rights specified in
      Section 6.14, shall have the right, in its own name and as trustee of the Trust
      Fund, to take all actions now or hereafter existing at law, in equity or by
      statute to enforce its rights and remedies and to protect the interests, and
      enforce the rights and remedies, of the Certificateholders (including the
      institution and prosecution of all judicial, administrative and other
      proceedings and the filings of proofs of claim and debt in connection
      therewith). Except as otherwise expressly provided in this Agreement, no remedy
      provided for by this Agreement shall be exclusive of any other remedy, and
      each
      and every remedy shall be cumulative and in addition to any other remedy, and
      no
      delay or omission to exercise any right or remedy shall impair any such right
      or
      remedy or shall be deemed to be a waiver of any Event of Default.

    

    
      
        
        

      

      
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    Section
      6.16  Waiver
      of
      Defaults.  

    

    More
      than
      50% of the Aggregate Voting Interests of the Certificateholders may waive any
      default or Event of Default by the Master Servicer in the performance of its
      obligations hereunder, except that a default in the making of any required
      deposit to the Distribution Account that would result in a failure of the Paying
      Agent to make any required payment of principal of or interest on the
      Certificates may only be waived with the consent of 100% of the affected
      Certificateholders. Upon any such waiver of a past default, such default shall
      cease to exist, and any Event of Default arising therefrom shall be deemed
      to
      have been remedied for every purpose of this Agreement. No such waiver shall
      extend to any subsequent or other default or impair any right consequent thereon
      except to the extent expressly so waived.

    

    Section
      6.17  Notification
      to Holders.  

    

    Upon
      termination of the Master Servicer or appointment of a successor to the Master
      Servicer, in each case as provided herein, the Trustee shall promptly mail
      notice thereof by first class mail to the Securities Administrator, and the
      Certificateholders at their respective addresses appearing on the Certificate
      Register. The Trustee shall also, within 45 days after the occurrence of any
      Event of Default known to the Trustee, give written notice thereof to the
      Securities Administrator and the Certificateholders, unless such Event of
      Default shall have been cured or waived prior to the issuance of such notice
      and
      within such 45-day period.

    

    
      
        Section
          6.18 Directions
          by Certificateholders and Duties of Trustee During Event of
          Default.

      

    

    Subject
      to the provisions of Section 8.01 hereof, during the continuance of any Event
      of
      Default, Holders of Certificates evidencing not less than 25% of the Class
      Principal Amount (or Percentage Interest) of each Class of Certificates affected
      thereby may direct the time, method and place of conducting any proceeding
      for
      any remedy available to the Trustee, or exercising any trust or power conferred
      upon the Trustee, under this Agreement; provided,
      however,
      that the
      Trustee shall be under no obligation to pursue any such remedy, or to exercise
      any of the trusts or powers vested in it by this Agreement (including, without
      limitation, (i) the conducting or defending of any administrative action or
      litigation hereunder or in relation hereto and (ii) the terminating of the
      Master Servicer or any successor master servicer from its rights and duties
      as
      master servicer hereunder) at the request, order or direction of any of the
      Certificateholders, unless such Certificateholders shall have offered to the
      Trustee reasonable security or indemnity against the cost, expenses and
      liabilities which may be incurred therein or thereby; and, provided
      further,
      that,
      subject to the provisions of Section 8.01, the Trustee shall have the right
      to
      decline 

    
      
        
        

      

      
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    to
      follow
      any such direction if the Trustee, in accordance with an Opinion of Counsel,
      determines that the action or proceeding so directed may not lawfully be taken
      or if the Trustee in good faith determines that the action or proceeding so
      directed would involve it in personal liability for which it is not indemnified
      to its satisfaction or be unjustly prejudicial to the non-assenting
      Certificateholders.

    

     

     

     

     

     

     

    
 

    
      
        
        

      

      
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        Section
          6.19 [Reserved].

          

      

    

    Section
      6.20  Preparation
      of Tax Returns and Other Reports. 

    

    (a) The
      Securities Administrator shall prepare or cause to be prepared on behalf of
      the
      Trust Fund, based upon information calculated in accordance with this Agreement
      pursuant to instructions given by the Depositor, and the Securities
      Administrator shall file federal tax returns, all in accordance with Article
      X
      hereof. If the Securities Administrator is notified in writing that a state
      tax
      return or other return is required, then, at the sole expense of the Trust
      Fund,
      the Securities Administrator shall prepare and file such state income tax
      returns and such other returns as may be required by applicable law relating
      to
      the Trust Fund, and, if required by state law, and shall file any other
      documents to the extent required by applicable state tax law (to the extent
      such
      documents are in the Securities Administrator’s possession). The Securities
      Administrator shall forward copies to the Depositor of all such returns and
      Form
      1099 supplemental tax information and such other information within the control
      of the Securities Administrator as the Depositor may reasonably request in
      writing, and shall distribute to each Certificateholder such forms and furnish
      such information within the control of the Securities Administrator as are
      required by the Code and the REMIC Provisions to be furnished to them, and
      will
      prepare and distribute to Certificateholders Form 1099 (supplemental tax
      information) (or otherwise furnish information within the control of the
      Securities Administrator and the Trustee) to the extent required by applicable
      law. The Master Servicer will indemnify the Securities Administrator and the
      Trustee for any liability of or assessment against the Securities Administrator
      and the Trustee, as applicable, resulting from any error in any of such tax
      or
      information returns directly resulting from errors in the information provided
      by such Master Servicer.

    

    (b) The
      Securities Administrator shall prepare and file with the Internal Revenue
      Service (“IRS”), on behalf of the Trust Fund and each REMIC created hereunder,
      an application for an employer identification number on IRS Form SS-4 or by
      any
      other acceptable method. The Securities Administrator shall also file a Form
      8811 as required. The Securities Administrator, upon receipt from the IRS of
      the
      Notice of Taxpayer Identification Number Assigned, shall upon request promptly
      forward a copy of such notice to the Trustee and the Depositor. The Securities
      Administrator shall furnish any other information that is required by the Code
      and regulations thereunder to be made available to the Certificateholders.
      The
      Master Servicer shall cause each Servicer to provide the Securities
      Administrator with such information as is necessary for the Securities
      Administrator to prepare such reports.

    

    
      
        Section
          6.21 Reporting
          to the Commission.

      

    

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

    

    
      
        
        

      

      
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    (a) Reports
      Filed on Form 10-D. 

    

    (i) Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Securities Administrator shall prepare and file on behalf
      of
      the Trust Fund 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 Distribution Date Statement attached
      thereto. Any disclosure in addition to the Distribution Date Statement that
      is
      required to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall
      be reported by the parties set forth on Exhibit O hereto to the Depositor and
      the Securities Administrator and reviewed and approved or disapproved by the
      Depositor pursuant to the following paragraph and the Securities Administrator
      will have no duty or liability for any failure hereunder to determine or prepare
      any Additional Form 10-D Disclosure, except as set forth in the next paragraph.
      

    

    (ii) As
      set
      forth on Exhibit O hereto, within 5 calendar days after the related Distribution
      Date, (i) the parties set forth thereon shall be required to provide to the
      Securities Administrator and the Depositor, to the extent known by a Responsible
      Officer, with respect to the Trustee, and to the extent known by a responsible
      officer thereof, with respect to the other parties, in EDGAR-compatible form,
      or
      in such other form as otherwise agreed upon by the Securities Administrator
      and
      such party, the form and substance of any Additional Form 10-D Disclosure,
      if
      applicable together with an additional disclosure notification in the form
      of
      Exhibit L hereto (an “Additional Disclosure Notification”) and (ii) the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. The
      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-D Disclosure on Form 10-D pursuant to this
      paragraph.

    

    (iii) After
      preparing the Form 10-D, the Securities Administrator shall forward
      electronically a copy of the Form 10-D to the Depositor for review. The
      Securities Administrator will provide a copy of the Form 10-D to the Depositor
      by the 11th
      calendar
      day after the related Distribution Date. On the 12th
      calendar
      day after the related Distribution Date, the Depositor will provide any changes
      or approval to the Securities Administrator (which may be furnished
      electronically). In the absence of receipt of any written changes or approval,
      the Securities Administrator shall be entitled to assume that such Form 10-D
      is
      in final form and the Securities Administrator may proceed with the execution
      and filing of the Form 10-D. No later than the 13th
      calendar
      day after the related Distribution Date, a duly authorized representative of
      the
      Master Servicer in charge of the master servicing function shall sign the Form
      10-D and return an electronic or fax copy of such signed Form 10-D (with an
      original executed hard copy to follow by overnight mail) to the Securities
      Administrator. 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 subsection (d)(ii) of this Section 6.21. Promptly (but
      no later than 1 Business Day) after filing with the Commission, the Securities
      Administrator will make available on its internet website a final executed
      copy
      of each Form 10-D prepared and filed by the Securities Administrator. Each
      party
      to this Agreement acknowledges that the performance by the Securities
      Administrator of its duties under this Section 6.21(a) related to the timely
      preparation, execution and filing of Form 10-D is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under this Section 6.21(a). The Securities Administrator shall not have any
      liability for any loss, expense, damage or claim arising out of or with respect
      to any failure to properly prepare, execute and/or timely file such Form 10-D,
      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 needed to prepare, arrange for execution or file such Form 10-D,
      not resulting from its own negligence, bad faith or willful
      misconduct.

    

    
      
        
        

      

      
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    (b) Reports
      Filed on Form 10-K.

    

    (i) On
      or
      prior to the 90th day after the end of each fiscal year of the Trust Fund or
      such earlier date as may be required by the Exchange Act (the “10-K
      Filing Deadline”)
      (it
      being understood that the fiscal year for the Trust Fund ends on December
      31st
      of each
      year), commencing in March 2008, the Securities Administrator shall prepare
      and
      file on behalf of the Trust Fund any Form 10-K required by the Exchange Act,
      in
      form and substance as required by the Exchange Act. Each such Form 10-K shall
      include the following items, in each case to the extent they have been delivered
      to the Securities Administrator within the applicable time frames set forth
      in
      this Agreement, the Custody Agreement and the related Servicing Agreement,
      (i)
      the Item 1123 Certificate for each Servicer, each Additional Servicer, the
      Master Servicer and Securities Administrator as described under Section 6.22,
      (ii)(A) the Assessment of Compliance with servicing criteria for each Servicer,
      each Servicing Function Participant, the Master Servicer, Securities
      Administrator and any Servicing Function Participant engaged by such parties
      (each, a “Reporting
      Servicer”),
      as
      described under Section 6.23, and (B) if any Reporting Servicer’s Assessment of
      Compliance identifies any material instance of noncompliance, disclosure
      identifying such instance of noncompliance, or if any Reporting Servicer’s
      Assessment of Compliance is not included as an exhibit to such Form 10-K,
      disclosure that such report is not included and an explanation why such report
      is not included, (iii)(A) the Accountant’s Attestation for each Reporting
      Servicer, as described under Section 6.24, and (B) if any Accountant’s
      Attestation identifies any material instance of noncompliance, disclosure
      identifying such instance of noncompliance, or if any such Accountant’s
      Attestation 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 6.21(e)
      (provided,
      however,
      that
      the Securities Administrator, at its discretion may omit from the Form 10-K
      any
      annual compliance statement, Assessment of Compliance or Accountant’s
      Attestation that is not required to be filed with such Form 10-K pursuant to
      Regulation AB). Any disclosure or information in addition to (i) through (iv)
      above that is required to be included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall
      be reported by the parties set forth on Exhibit P hereto to the Depositor and
      the Securities Administrator and reviewed and approved or disapproved by the
      Depositor pursuant to the following paragraph and the Securities Administrator
      will have no duty or liability for any failure hereunder to determine or prepare
      any Additional Form 10-K Disclosure, except as set forth in the next
      paragraph..

    

    
      
        
        

      

      
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    (ii) As
      set
      forth on Exhibit P hereto, no later than March 15 following each fiscal year
      that the Trust Fund is subject to the Exchange Act reporting requirements,
      commencing in March 2008, (i) the parties set forth on Exhibit W shall be
      required to provide to the Securities Administrator and the Depositor, to the
      extent known by a Responsible Officer, with respect to the Trustee, and to
      the
      extent known by a responsible officer thereof, with respect to the other
      parties, a notice in the form of Exhibit L hereto, along with, in
      EDGAR-compatible form, or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-K Disclosure, if applicable, together with an Additional
      Disclosure Notification and (ii) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-K Disclosure on Form 10-K. The Depositor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-K Disclosure
      on Form 10-K pursuant to this paragraph.

    

    (iii) After
      preparing the Form 10-K, the Securities Administrator shall forward
      electronically a copy of the Form 10-K to the Depositor for review. Within
      three
      (3) business days of receipt, but in no event later than March 25, 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 any written changes or approval, the Securities Administrator shall be
      entitled to assume that such Form 10-K is in final form. No later than the
      close
      of business on the 4th Business Day prior to the 10-K Filing Deadline, the
      Depositor shall sign the Form 10-K and return an electronic or fax copy of
      such
      signed Form 10-K (with an original executed hard copy to follow by overnight
      mail) to the Securities Administrator. If a Form 10-K cannot be filed on time
      or
      if a previously filed Form 10-K needs to be amended, the Securities
      Administrator will follow the procedures set forth in Section 6.21(d). Promptly
      (but no later than 1 Business Day) after filing with the Commission, the
      Securities Administrator will make available on its internet website a final
      executed copy of each Form 10-K prepared and filed by the Securities
      Administrator. The parties to this Agreement acknowledge that the performance
      by
      the Securities Administrator of its duties under this Section 6.21(b) related
      to
      the timely preparation and filing of Form 10-K is contingent upon such parties
      (and the Custodian, Servicers and any Additional Servicer or Servicing Function
      Participant) strictly observing all applicable deadlines in the performance
      of
      their duties under Sections 6.21, 6.22, 6.23, 6.24 and 11.16. The Securities
      Administrator shall not have any liability for any loss, expense, damage or
      claim arising out of or with respect to any failure to properly prepare and/or
      timely file such Form 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 needed to prepare, arrange for
      execution or file such Form 10-K, not resulting from its own negligence, bad
      faith or willful misconduct.

    

    
      
        
        

      

      
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    (c) Reports
      Filed on Form 8-K.

    

    (i) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable
      Event”),
      and
      if requested by the Depositor, the 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 Q hereto to the Depositor and
      the Securities Administrator and reviewed and approved or disapproved by the
      Depositor pursuant to the following paragraph and the Securities Administrator
      will have no duty or liability for any failure hereunder to determine or prepare
      any Form 8-K Disclosure Information or any Form 8-K, except as set forth in
      the
      next paragraph. 

    

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

    

    (iii) After
      preparing the Form 8-K, the Securities Administrator shall forward
      electronically a copy of the Form 8-K to the Depositor for review. Promptly,
      but
      no later than the close of business on the 3rd 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, the Securities
      Administrator shall be entitled to assume that such Form 8-K is in final form
      and the Securities Administrator may proceed with the execution and filing
      of
      the Form 8-K. No later than noon New York City time on the 4th Business Day
      after the Reportable Event, the Depositor shall sign the Form 8-K and return
      an
      electronic or fax copy of such signed Form 8-K (with an original executed hard
      copy to follow by overnight mail) to the Securities Administrator. If a Form
      8-K
      cannot be filed on time or if a previously filed Form 8-K needs to be amended,
      the Securities Administrator will follow the procedures set forth in Section
      6.21(d). Promptly (but no later than 1 Business Day) after filing with the
      Commission, the Securities Administrator will make available on its internet
      website a final executed copy of each Form 8-K prepared and filed by the
      Securities Administrator. The parties to this Agreement acknowledge that the
      performance by the Securities Administrator of its duties under this Section
      6.21(c) related to the timely preparation and filing of Form 8-K is contingent
      upon such parties strictly observing all applicable deadlines in the performance
      of their duties under this Section 6.21(c)(ii). The Securities Administrator
      shall not have any liability for any loss, expense, damage or claim arising
      out
      of or with respect to any failure to properly prepare and/or timely file such
      Form 8-K, where such failure results from the Securities Administrator’s
      inability or failure to obtain or receive, on a timely basis, any information
      from any other party hereto needed to prepare, arrange for execution or file
      such Form 8-K, not resulting from its own negligence, bad faith or willful
      misconduct.

    

    
      
        
        

      

      
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    (d) Delisting;
      Amendments; Late Filings.

    

    (i) If
      directed to do so by the Depositor, on or before
      January 30, 2008, the Securities Administrator shall, in accordance with
      industry standards, file a Form 15 Suspension Notification with respect to
      the
      Trust Fund under the Exchange Act (a “Form 15”). Subsequent to the filing of a
      Form 15, if the Depositor determines that the Trust Fund has once again become
      subject to the Exchange Act reporting requirements, then, at that time and,
      thereafter, prior to January 30 of the following calendar year, the Securities
      Administrator shall, if directed to do so by the Depositor, in accordance with
      industry standards, file a Form 15. 

    

    In
      connection with any direct offering of Certificates by the Depositor, in an
      offering registered with the Commission, subsequent to the filing of a Form
      15
      pursuant to the preceding paragraph: (i) the Depositor shall notify the
      Securities Administrator in writing not less than 10 days prior to the date
      on
      which such offering will be made; (ii) the Depositor shall cause to be prepared
      and filed the initial current report on Form 8-K required to be filed in
      connection with such offering; (iii) the Securities Administrator, as directed
      by the Depositor, shall file a report on Form 10-D for the Distribution Date
      following the month in which such offering occurs and, thereafter, any reports
      on forms 8-K, 10-K and 10-D in respect of the Trust Fund as and to the extent
      required under the Exchange Act, as set forth in this Section (other than the
      report referred to in clause (ii) above); (iv) the Depositor shall be
      responsible for notifying the other parties to the transaction of such offering
      and that the obligations of such parties to provide information in connection
      with the Depositor’s Exchange Act reporting requirements have been reinstated;
      and (v) the Depositor shall be responsible for all reasonable fees and expenses
      incurred by the Securities Administrator in connection with such offering,
      including its review and approval of any offering document and any amendment
      to
      any transaction document made in connection with such offering.

    

    
      
        
        

      

      
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    (ii) In
      the
      event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly, but no later than within one Business Day, 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-D/A or 10-K/A, 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 to include
      additional disclosure in connection with any additional Form 10-D disclosure
      (other than for the purpose of restating any Distribution Date Statement),
      additional Form 10-K or Form 8-K disclosure information, the Securities
      Administrator will electronically notify the Depositor and the affected parties
      and the Securities Administrator shall prepare and file, and such parties will
      cooperate in the preparation and filing of any necessary Form 8-K/A, 10-D/A
      or
      10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K
      shall be signed by the Depositor. The parties to this Agreement acknowledge
      that
      the performance by the Securities Administrator of its duties under this Section
      6.21(d) related to the timely preparation and filing of Form 15, a Form 12b-25
      or any amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
      performing its duties under this Section. Neither the Securities Administrator
      nor the Master Servicer shall have any liability for any loss, expense, damage
      or claim arising out of or with respect to any failure to properly prepare
      and/or timely file any such Form 15, Form 12b-25 or any amendments to Forms
      8-K,
      10-D or 10-K, where such failure results from the Securities Administrator’s
      inability or failure to obtain or receive, on a timely basis, any information
      from any other party hereto needed to prepare, arrange for execution or file
      such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not
      resulting from its own negligence, bad faith or willful misconduct.

    

    Notwithstanding
      anything to the contrary herein, the Securities Administrator shall not file
      any
      Form 8-K, Form 10-D or Form 10K as to which it has received from the Depositor
      a
      notice to the effect that, upon review of the proposed filing, the Depositor
      does not approve of such filing.

    

    (e) Sarbanes-Oxley
      Certification.

    

    Each
      Form
      10-K shall include a certification (the “Sarbanes-Oxley
      Certification”),
      required to be included therewith pursuant to the Sarbanes-Oxley Act. Each
      Servicer, the Master Servicer and the Securities Administrator shall provide,
      and each Servicer, the Master Servicer and the Securities Administrator shall
      cause any Servicing Function Participant engaged by it to provide, to the Person
      who signs the Sarbanes-Oxley Certification (the “Certifying
      Person”),
      by
      March 15 following each year in which the Trust Fund is subject to the reporting
      requirements of the Exchange Act and otherwise within a reasonable period of
      time upon request, a certification (each, a “Back-Up
      Certification”),
      in
      the form attached hereto as Exhibit M (or in such other form attached to the
      applicable Servicing Agreement), 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 Depositor shall serve as the Certifying Person on behalf
      of
      the Trust Fund. In the event any such party or any Servicing Function
      Participant engaged by such party is terminated or resigns pursuant to the
      terms
      of this Agreement, or any applicable sub-servicing agreement, as the case may
      be, such party shall provide a Back-Up Certification to the Certifying Person
      pursuant to this Section 6.21(e) with respect to the period of time it was
      subject to this Agreement or any applicable sub-servicing agreement, as the
      case
      may be.

    

    
      
        
        

      

      
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    The
      Master Servicer shall enforce any obligation of the Servicers, to the extent
      set
      forth in the related Servicing Agreement, to deliver to the Master Servicer
      a
      certification similar to the Back-Up Certification as may be required pursuant
      to the related Servicing Agreement.

    

    
      	 	
              Section
                6.22 

            	
              Annual
                Statements of Compliance. 

            

    

    

    (a) The
      Master Servicer, the Securities Administrator and each Servicer shall deliver
      or
      otherwise make available (and the Master Servicer, the Securities Administrator
      and each Servicer shall cause any Additional Servicer engaged by it to deliver
      or otherwise make available) to the Depositor and the Securities Administrator
      on or before March 15 of each year, commencing in March 2008, an Officer’s
      Certificate (an “Item
      1123 Certificate”)
      stating, as to the signer thereof, that (A) a review of such party’s activities
      during the preceding calendar year or portion thereof and of such party’s
      performance under this Agreement, or such other applicable agreement in the
      case
      of an Additional Servicer, has been made under such officer’s supervision and
      (B) to the best of such officer’s knowledge, based on such review, such party
      has fulfilled all its obligations under this Agreement, or such other applicable
      agreement in the case of an Additional Servicer, in all material respects
      throughout such year or portion thereof, or, if there has been a failure to
      fulfill any such obligation in any material respect, specifying each such
      failure known to such officer and the nature and status thereof. Promptly after
      receipt of each such Item 1123 Certificate, the Depositor shall review such
      Item
      1123 Certificate and, if applicable, consult with each such party, as
      applicable, as to the nature of any failures by such party, in the fulfillment
      of any of such party’s obligations hereunder or, in the case of an Additional
      Servicer, under such other applicable agreement. 

    

    (b) The
      Master Servicer shall include all Item 1123 Certificates received by it from
      each Servicer with its Item 1123 Certificate to be submitted to the Securities
      Administrator pursuant to this Section.

    

    (c) In
      the
      event the Master Servicer, the Securities Administrator or any Additional
      Servicer engaged by any such party is terminated or resigns pursuant to the
      terms of this Agreement, or any applicable agreement in the case of an
      Additional Servicer, as the case may be, such party shall provide an Item 1123
      Certificate pursuant to this Section 6.22 or to such applicable agreement,
      as
      the case may be, notwithstanding any such termination, assignment or
      resignation.

    

    
      
        
        

      

      
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    (d) The
      Master Servicer shall enforce any obligation of any Servicer, to the extent
      set
      forth in the related Servicing Agreement, to deliver to the Master Servicer
      an
      Item 1123 Certificate as may be required pursuant to the related Servicing
      Agreement. The Master Servicer shall include such Item 1123 Certificate with
      its
      own Item 1123 Certificate to be submitted to the Securities Administrator and
      the Depositor pursuant to this Section.

    

    
      	 	
              Section
                6.23 

            	
              Annual
                Assessments of Compliance. 

            

    

    

    (a) By
      March
      15 of each year, commencing in March 2008, the Master Servicer and the
      Securities Administrator and each Servicer, 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 or otherwise make
      available, each at its own expense, to the Securities Administrator and the
      Depositor, a report on an assessment of compliance with the Relevant Servicing
      Criteria (an “Assessment
      of Compliance”)
      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 6.21(b), including, if there has been
      any material instance of noncompliance with the Relevant Servicing Criteria,
      a
      discussion of each such failure and the nature and status thereof, and (D)
      a
      statement that a registered public accounting firm has issued an Accountant’s
      Attestation on such party’s Assessment of Compliance with the Relevant Servicing
      Criteria as of and for such period.

    

    (b) No
      later
      than the end of each fiscal year for the Trust Fund for which a 10-K is required
      to be filed, each Servicer and the Master Servicer shall each forward to the
      Securities Administrator the name of each Servicing Function Participant engaged
      by it and what Relevant Servicing Criteria will be addressed in the Assessment
      of Compliance prepared by such Servicing Function Participant (provided,
      however, that the Master Servicer need not provide such information to the
      Securities Administrator so long as the Master Servicer and the Securities
      Administrator are the same person). When the Master Servicer and each Servicer
      (or any Servicing Function Participant engaged by them) submit their Assessments
      of Compliance to the Securities Administrator, such parties will also at such
      time include the Assessments of Compliance (and Accountant’s Attestation),
      pursuant to Sections 6.23 and 6.24, of each Servicing Function Participant
      engaged by it.

    

    (c) Promptly
      after receipt of each Assessment of Compliance, (i) the Depositor shall review
      each such report and, if applicable, consult with the Master Servicer, the
      Securities Administrator, a Servicer, the Custodian and any Servicing Function
      Participant engaged by such parties as to the nature of any material instance
      of
      noncompliance with the Relevant Servicing Criteria by each such party, and
      (ii)
      the Securities Administrator shall confirm that the Assessments of Compliance,
      taken individually, address the Relevant Servicing Criteria for each party
      as
      set forth on Exhibit N and on any similar exhibit set forth in each Servicing
      Agreement in respect of each Servicer and notify the Depositor of any
      exceptions. None of such parties will be required to deliver any such
      assessments until March 30 in any given year so long as it has received written
      confirmation from the Depositor that a Form 10-K is not required to be filed
      in
      respect of the Trust Fund for the preceding calendar year.

    

    
      
        
        

      

      
        97

        
          

        

      

      
        
        

      

    

    (d) The
      Master Servicer shall include all Assessments of Compliance received by it
      from
      the Servicers with its own Assessment of Compliance to be submitted to the
      Securities Administrator pursuant to this Section.

    

    (e) In
      the
      event the Master Servicer, the Securities Administrator 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
      an
      Assessment of Compliance pursuant to this Section 6.23, or to such other
      applicable agreement, notwithstanding any termination, assignment or
      resignation.

    

    (f) The
      Master Servicer shall enforce any obligation of the Servicers and the Custodian,
      to the extent set forth in the related Servicing Agreement or the Custody
      Agreement, as applicable, to deliver to the Master Servicer an Assessment of
      Compliance within the time frame set forth in, and in such form and substance
      as
      may be required pursuant to, the related Servicing Agreement or the Custody
      Agreement, as applicable. The Master Servicer shall include such Assessment
      of
      Compliance with its own Assessment of Compliance to be submitted to the
      Securities Administrator pursuant to this Section.

    

    
      	 	
              Section
                6.24 

            	
              Accountant’s
                Attestation. 

            

    

    

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

    

    (b) Promptly
      after receipt of such Accountant’s Attestations from the Master Servicer, each
      Servicer, each Custodian, the Securities Administrator or any Servicing Function
      Participant engaged by such parties, (i) the Depositor shall review the report
      and, if applicable, consult with such parties as to the nature of any defaults
      by such parties, in the fulfillment of any of each such party’s obligations
      hereunder or under any other applicable agreement, and (ii) the Securities
      Administrator shall confirm that each Assessment of Compliance is coupled with
      an Accountant’s Attestation meeting the requirements of this Section and notify
      the Depositor of any exceptions. None of such parties shall be required to
      deliver any such assessments until March 30 in any given year so long as it
      has
      received written confirmation from the Depositor that a Form 10-K is not
      required to be filed in respect of the Trust Fund for the preceding calendar
      year.

    

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

    

    (c) The
      Master Servicer shall include each Accountant’s Attestation furnished to it by
      the Servicers with its own Accountant’s Attestation to be submitted to the
      Securities Administrator pursuant to this Section.

    

    (d) In
      the
      event the Master Servicer, the Securities Administrator, the Custodian, any
      Servicer or 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 the Custody Agreement, Servicing Agreement or
      sub-servicing agreement, as the case may be, such party shall at its own expense
      cause a registered public accounting firm to provide an Accountant’s Attestation
      pursuant to this Section 6.24, or other applicable agreement, notwithstanding
      any such termination, assignment or resignation.

    

    (e) The
      Master Servicer shall enforce any obligation of the Servicers and the Custodian,
      to the extent set forth in the related Servicing Agreement and the Custody
      Agreement, as applicable, to deliver to the Master Servicer an attestation
      as
      may be required pursuant to, the related Servicing Agreement or the Custody
      Agreement, as applicable. The Master Servicer shall include each such
      attestation with its own Accountant’s Attestation to be submitted to the
      Securities Administrator pursuant to this Section.

    

    ARTICLE
      VII

    

    PURCHASE
      OF MORTGAGE LOANS AND

    TERMINATION
      OF THE TRUST FUND

    

    
      	 	
              Section
                7.01 

            	
              Purchase
                of Mortgage Loans; Termination of Trust Fund Upon Purchase or Liquidation
                of All Mortgage Loans.  

            

    

    

    (a) The
      respective obligations and responsibilities of the Trustee, the Securities
      Administrator and the Master Servicer created hereby (other than the obligation
      of the Securities Administrator to make payments to the Certificateholders
      as
      set forth in Section 7.02), shall terminate on the earliest of (i) the final
      payment or other liquidation of the last Mortgage Loan remaining in the Trust
      Fund and the disposition of all REO Property, (ii) the sale of the property
      held
      by the Trust Fund in accordance with Section 7.01(b) (if the Holder of the
      Class
      LT-R Certificate chooses to sell the assets of the Trust Fund in connection
      with
      the redemption of the Certificates) and (iii) the Distribution Date immediately
      following the Latest Possible Maturity Date; provided,
      however,
      that in
      no event shall the Trust Fund created hereby continue beyond the expiration
      of
      21 years from the death of the last survivor of the descendants of Joseph P.
      Kennedy, the late Ambassador of the United States to the Court of St. James’s,
      living on the date hereof. Any termination of the Trust Fund shall be carried
      out in such a manner so that the termination of each REMIC included therein
      shall qualify as a “qualified liquidation” under the REMIC Provisions.

    

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

    (b) 
      The
      Holder of the Class LT-R Certificate shall have the option to instruct the
      Trustee to redeem the Certificates, in whole but not in part, on any
      Distribution Date on or after the date on which the Aggregate Stated Principal
      Balance is equal to or less than 20% of the Aggregate Stated Principal Balance
      as of the Cut-off Date. If the Holder of the Class LT-R Certificate elects
      to
      cause a redemption of the Certificates, it shall, no later than 30 days prior
      to
      the Distribution Date selected for redemption (the “Redemption Date”), deliver
      written notice to the Trustee and the Securities Administrator and either (a)
      deposit in the Distribution Account the Redemption Price therefor or (b) state
      in such notice that the Redemption Price shall be deposited in the Distribution
      Account not later than 10:00 a.m., New York City time on the applicable
      Redemption Date. In connection with such redemption, if the Holder of the Class
      LT-R Certificate elects to liquidate the assets of the Trust Fund, such Holder
      shall cause the Trustee to cause each REMIC to adopt a plan of complete
      liquidation by complying with the provisions of Section 7.03. If any Restricted
      Holder purchases (or provides financing for) the Certificates, the purchase
      price to be paid by such Restricted Holder for the assets of the Trust Fund
      shall not be less than the fair market value of those assets, as determined
      by
      an appraiser or appraisers selected by the Depositor and agreed upon by the
      Trustee.

    

    (c) [Reserved].

    

    (d) The
      Depositor, the Master Servicer, each Servicer, the Securities Administrator
      and
      the Custodian shall be reimbursed from the Redemption Price, for any Advances,
      Servicer Advances, accrued and unpaid Servicing Fees and Master Servicing Fees
      or other amounts with respect to the related Mortgage Loans that are
      reimbursable to such parties under this Agreement, the related Servicing
      Agreement or the Custody Agreement.

    

    Section
      7.02  Procedure
      Upon Redemption and Termination of Trust Fund.  

    

    (a) If
      on any
      Determination 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 Distribution Account, the Master Servicer shall direct the
      Securities Administrator promptly to send a final distribution notice to each
      Certificateholder. Such notice shall specify (A) the Distribution Date upon
      which final distribution on the Certificates of all amounts required to be
      distributed to Certificateholders pursuant to Section 5.02 will be made upon
      presentation and surrender of the Certificates at the Certificate Registrar’s
      Corporate Trust Office, and (B) that the Record Date otherwise applicable to
      such Distribution Date is not applicable, distribution being made only upon
      presentation and surrender of the Certificates at the office or agency of the
      Certificate Registrar therein specified. The Securities Administrator shall
      give
      such notice to the Trustee, the Master Servicer and the Certificate Registrar
      at
      the time such notice is given to Holders of the Certificates. Upon any such
      termination, the duties of the Certificate Registrar with respect to the
      Certificates shall terminate.

    

    Upon
      termination of the Trust Fund, the Securities Administrator shall terminate,
      or
      request the Master Servicer to terminate, the Distribution Account and any
      other
      account or fund maintained with respect to the Certificates, subject to the
      Securities Administrator’s obligation hereunder to hold all amounts payable to
      Certificateholders in trust without interest pending such payment.

    

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

    (b) In
      the
      event that all of the Holders do not surrender their Certificates for
      cancellation within three months after the time specified in the termination
      notice, 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 one year
      after the second notice any Certificates shall not have been surrendered for
      cancellation, the Securities Administrator may take appropriate steps to contact
      the remaining Certificateholders concerning surrender of such Certificates,
      and
      the cost thereof shall be paid out of the amounts distributable to such Holders.
      If within two years after the second notice any Certificates shall not have
      been
      surrendered for cancellation, the Securities Administrator shall, subject to
      applicable state law relating to escheatment, hold all amounts distributable
      to
      such Holders for the benefit of such Holders. No interest shall accrue on any
      amount held by the Securities Administrator and not distributed to a
      Certificateholder due to such Certificateholder’s failure to surrender its
      Certificate(s) for payment of the final distribution thereon in accordance
      with
      this Section.

    

    (c) Any
      reasonable expenses incurred by the Securities Administrator or the Trustee
      in
      connection with any redemption or termination or liquidation of the Trust Fund
      shall be reimbursed from proceeds received from the liquidation of the Trust
      Fund.

    

    Section
      7.03  Additional
      Trust Fund Termination Requirements.  

    

    (a) Any
      termination of the Trust Fund shall be effected in accordance with the following
      additional requirements, unless the Securities Administrator and the Trustee
      receive an Opinion of Counsel (at the expense of the Depositor), addressed
      to
      the Securities Administrator and the Trustee to the effect that the failure
      of
      the Trust Fund to comply with the requirements of this Section 7.03 will not
      result in an Adverse REMIC Event:

    

    (i)
       Within
      89
      days prior to the time of the making of the final payment on the Certificates,
      upon notification by the Holder of the Class LT-R Certificate that it intends
      to
      exercise its option to cause the termination of the Trust Fund, the Trustee
      shall adopt a plan of complete liquidation of the Trust Fund on behalf of each
      REMIC, meeting the requirements of a qualified liquidation under the REMIC
      Provisions;

    

    (ii)
       Any
      sale
      of the assets of the Trust Fund pursuant to Section 7.01 shall be a sale for
      cash and shall occur at or after the time of adoption of such a plan of complete
      liquidation and prior to the time of making of the final payment on or credit
      to
      the Certificates, and upon the closing of such a sale, the Trustee shall deliver
      or cause the Custodian to deliver the assets to the purchaser thereof as
      instructed by the Holder of the Class LT-R Certificate;

    

    (iii)
       On
      the
      date specified for final payment of the Certificates, the Securities
      Administrator shall make final distributions of principal and interest on the
      Certificates in accordance with Section 5.02 and, after payment of, or provision
      for any outstanding expenses, distribute or credit, or cause to be distributed
      or credited, to the Holders of the Residual Certificates all cash on hand after
      such final payment (other than cash retained to meet claims), and the Trust
      Fund
      (and each REMIC) shall terminate at that time; and

    

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

    (iv)
       In
      no
      event may the final payment on or credit to the Certificates or the final
      distribution or credit to the Holders of the Residual Certificates be made
      after
      the 89th day from the date on which the plan of complete liquidation is
      adopted.

    

    (b) By
      its
      acceptance of a Residual Certificate, each Holder thereof hereby agrees to
      accept the plan of complete liquidation adopted by the Trustee under this
      Section and to take such other action in connection therewith as may be
      reasonably requested by the Securities Administrator or any
      Servicer.

    

    ARTICLE
      VIII

    

    RIGHTS
      OF
      CERTIFICATEHOLDERS

    

    Section
      8.01  Limitation
      on Rights of Holders.  

    

    (a) The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or take any action or proceeding
      in any court for a partition or winding up of this Trust Fund, nor otherwise
      affect the rights, obligations and liabilities of the parties hereto or any
      of
      them. Except as otherwise expressly provided herein, no Certificateholder,
      solely by virtue of its status as a Certificateholder, shall have any right
      to
      vote or in any manner otherwise control the Master Servicer or the operation
      and
      management of the Trust Fund, or the obligations of the parties hereto, nor
      shall anything herein set forth, or contained in the terms of the Certificates,
      be construed so as to constitute the Certificateholders from time to time as
      partners or members of an association, nor shall any Certificateholder be under
      any liability to any third person by reason of any action taken by the parties
      to this Agreement pursuant to any provision hereof.

    

    (b) No
      Certificateholder, solely by virtue of its status as Certificateholder, shall
      have any right by virtue or by availing of any provision of this Agreement
      to
      institute any suit, action or proceeding in equity or at law upon or under
      or
      with respect to this Agreement, unless such Holder previously shall have given
      to the Trustee a written notice of an Event of Default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      evidencing not less than 25% of the Class Principal Amount or Class Notional
      Amount (or Percentage Interest) of Certificates of each Class affected thereby
      shall have made written request upon the Trustee to institute such action,
      suit
      or proceeding in its own name as Trustee hereunder and shall have offered to
      the
      Trustee such reasonable indemnity as it may require against the cost, expenses
      and liabilities to be incurred therein or thereby, and the Trustee, for sixty
      days after its receipt of such notice, request and offer of indemnity, shall
      have neglected or refused to institute any such action, suit or proceeding
      and
      no direction inconsistent with such written request has been given such Trustee
      during such sixty-day period by such Certificateholders; it being understood
      and
      intended, and being expressly covenanted by each Certificateholder with every
      other Certificateholder, the Securities Administrator and the Trustee, that
      no
      one or more Holders of Certificates shall have any right in any manner whatever
      by virtue or by availing of any provision of this Agreement to affect, disturb
      or prejudice the rights of the Holders of any other of such Certificates, or
      to
      obtain or seek to obtain priority over or preference to any other such Holder,
      or to enforce any right under this Agreement, except in the manner herein
      provided and for the benefit of all Certificateholders. For the protection
      and
      enforcement of the provisions of this Section, each and every Certificateholder
      and the Trustee shall be entitled to such relief as can be given either at
      law
      or in equity.

    

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

    Section
      8.02  Access
      to
      List of Holders.  

    

    (a) If
      the
      Trustee is not acting as Certificate Registrar, the Certificate Registrar will
      furnish or cause to be furnished to the Trustee, within fifteen days after
      receipt by the Certificate Registrar of a request by the Trustee in writing,
      a
      list, in such form as the Trustee may reasonably require, of the names and
      addresses of the Certificateholders of each Class as of the most recent Record
      Date.

    

    (b) If
      three
      or more Holders or Certificate Owners (hereinafter referred to as “Applicants”)
      apply in writing to the Certificate Registrar, and such application states
      that
      the Applicants desire to communicate with other Holders with respect to their
      rights under this Agreement or under the Certificates and is accompanied by
      a
      copy of the communication which such Applicants propose to transmit, then the
      Certificate Registrar shall, within five Business Days after the receipt of
      such
      application, afford such Applicants reasonable access during the normal business
      hours of the Certificate Registrar to the most recent list of Certificateholders
      held by the Certificate Registrar or shall, as an alternative, send, at the
      Applicants’ expense, the written communication proffered by the Applicants to
      all Certificateholders at their addresses as they appear in the Certificate
      Register.

    

    (c) Every
      Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
      and holding a Certificate, agrees with the Depositor, the Master Servicer,
      the
      Securities Administrator, the Certificate Registrar and the Trustee that neither
      the Depositor, the Master Servicer, the Securities Administrator, the
      Certificate Registrar nor the Trustee shall be held accountable by reason of
      the
      disclosure of any such information as to the names and addresses of the
      Certificateholders hereunder, regardless of the source from which such
      information was derived.

    

    Section
      8.03  Acts
      of
      Holders of Certificates.  

    

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by Holders or Certificate
      Owners, if the Holder is a Clearing Agency, may be embodied in and evidenced
      by
      one or more instruments of substantially similar tenor signed by such Holders
      in
      person or by agent duly appointed in writing; and, except as herein otherwise
      expressly provided, such action shall become effective when such instrument
      or
      instruments are delivered to the Trustee and the Securities Administrator and,
      where expressly required herein, to the Master Servicer. Such instrument or
      instruments (as the action embodies therein and evidenced thereby) are herein
      sometimes referred to as an “Act” of the Holders signing such instrument or
      instruments. Proof of execution of any such instrument or of a writing
      appointing any such agents shall be sufficient for any purpose of this Agreement
      and conclusive in favor of the Trustee, the Securities Administrator and the
      Master Servicer, if made in the manner provided in this Section. Each of the
      Trustee, the Securities Administrator and the Master Servicer shall promptly
      notify the others of receipt of any such instrument by it, and shall promptly
      forward a copy of such instrument to the others.

    

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      any notary public or other officer authorized by law to take acknowledgments
      or
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by an
      officer of a corporation or a member of a partnership on behalf of such
      corporation or partnership, such certificate or affidavit shall also constitute
      sufficient proof of his authority. The fact and date of the execution of any
      such instrument or writing, or the authority of the individual executing the
      same, may also be proved in any other manner which the Trustee or the Securities
      Administrator deems sufficient.

    

    (c) The
      ownership of Certificates (whether or not such Certificates shall be overdue
      and
      notwithstanding any notation of ownership or other writing thereon made by
      anyone other than the Trustee) shall be proved by the Certificate Register,
      and
      neither the Trustee, the Securities Administrator, the Master Servicer, nor
      the
      Depositor shall be affected by any notice to the contrary.

    

    (d) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Certificate shall bind every future Holder of the
      same Certificate and the Holder of every Certificate issued upon the
      registration of transfer thereof or in exchange therefor or in lieu thereof,
      in
      respect of anything done, omitted or suffered to be done by the Trustee, the
      Securities Administrator or the Master Servicer in reliance thereon, whether
      or
      not notation of such action is made upon such Certificate.

    

    ARTICLE
      IX

    

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

    BY
      THE MASTER SERVICER

    

    
      	 	
              Section
                9.01 

            	
              Duties
                of the Master Servicer; Enforcement of Servicer's and Master Servicer's
                Obligations.  

            

    

    

    (a) The
      Master Servicer, on behalf of the Trustee, the Depositor and the
      Certificateholders shall, from and after the Closing Date, monitor the
      performance of the Servicers under the Servicing Agreements, and shall use
      its
      reasonable good faith efforts to cause the Servicers duly and punctually to
      perform all of their duties and obligations thereunder. Upon the occurrence
      of a
      default of which an Authorized Officer of the Master Servicer has actual
      knowledge under a Servicing Agreement, the Master Servicer shall promptly notify
      the Trustee thereof, and shall specify in such notice the action, if any, the
      Master Servicer is taking in respect of such default. So long as any such
      default shall be continuing, the Master Servicer, or if such Servicer is Wells
      Fargo, the Trustee, may, and shall if it determines such action to be in the
      best interests of Certificateholders, (i) terminate all of the rights and powers
      of such Servicer pursuant to the applicable provisions of the Servicing
      Agreement; (ii) exercise any rights it may have to enforce the Servicing
      Agreement against such Servicer; and/or (iii) waive any such default under
      the
      Servicing Agreement or take any other action with respect to such default as
      is
      permitted thereunder. In addition, under the Servicing Agreements, the Master
      Servicer shall be obligated to perform (as agent on behalf of the Depositor)
      with respect to the Mortgage Loans, certain of the Depositor’s default
      administration obligations hereunder and under the Servicing Agreements.
      Notwithstanding any provision of this Agreement or any Servicing Agreement
      to
      the contrary, the Master Servicer shall have no duty or obligation to supervise,
      monitor or oversee the activities of, or to enforce the obligations of, any
      Servicer under its Servicing Agreement with respect to any Additional Collateral
      or any Limited Purpose Surety Bond relating thereto, including, without
      limitation, the collection of any amounts owing to the Trust Fund in respect
      thereof (unless and until the Master Servicer shall have assumed the obligations
      of such Servicer as successor servicer under the related Servicing Agreement
      pursuant to this Section 9.01, in which case, as successor servicer, it shall
      be
      bound to serve and administer the Additional Collateral and any related Limited
      Purpose Surety Bond in accordance with the provisions of such Servicing
      Agreement).

    

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

    (b) Upon
      any
      termination by the Master Servicer of a Servicer’s rights and powers pursuant to
      its Servicing Agreement, the rights and powers of the Servicer with respect
      to
      the Mortgage Loans shall vest in the Master Servicer and the Master Servicer
      shall be the successor in all respects to such Servicer in its capacity as
      Servicer with respect to such Mortgage Loans under the related Servicing
      Agreement, unless or until the Master Servicer shall have appointed, with the
      consent of the Trustee and the Rating Agencies, such consent not to be
      unreasonably withheld, and in accordance with the applicable provisions of
      the
      Servicing Agreement, a new Fannie Mae- or FHLMC-approved Person that is a member
      in good standing of MERS to serve as successor to the Servicer; provided,
      however,
      that no
      Trustee consent or Rating Agency approval shall be required if the successor
      servicer is a Person that was a Servicer on the Closing Date; provided,
      further,
      that it
      is understood and agreed by the parties hereto that there will be a period
      of
      transition (not to exceed 90 days) before the actual servicing functions can
      be
      fully transferred to a successor servicer (including the Master Servicer).
      With
      such consent, the Master Servicer may elect to continue to serve as successor
      servicer under the Servicing Agreement. Upon appointment of a successor
      servicer, as authorized under this Section 9.01(b), unless the successor
      servicer shall have assumed the obligation of the terminated Servicer under
      such
      Servicing Agreement, the Master Servicer, the Trustee and such successor
      servicer shall enter into a servicing agreement in a form substantially similar
      to the affected Servicing Agreement. In connection with any such appointment,
      the Master Servicer may make such arrangements for the compensation of such
      successor as it and such successor shall agree, but in no event shall such
      compensation of any successor servicer (including the Master Servicer) be in
      excess of that payable to the Servicer under the affected Servicing Agreement.
      

    

    
      
        
        

      

      
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    The
      Master Servicer, or if such Servicer is Wells Fargo, the Trustee, shall pay
      the
      costs of such enforcement (including the termination of any Servicer, the
      appointment of a successor servicer or the transfer and assumption of the
      servicing by the Master Servicer) at its own expense and shall be reimbursed
      therefor initially (i) by the terminated Servicer, (ii) from a general recovery
      resulting from such enforcement only to the extent, if any, that such recovery
      exceeds all amounts due in respect of the related Mortgage Loans, (iii) from
      a
      specific recovery of costs, expenses or attorney’s fees against the party
      against whom such enforcement is directed, or (iv) to the extent that such
      amounts described in (i)-(iii) above are insufficient to reimburse the Master
      Servicer for such costs of enforcement, from the Trust Fund, as provided in
      Section 9.04.

    

    If
      the
      Master Servicer assumes the servicing with respect to any of the Mortgage Loans,
      it will not assume liability for the representations and warranties of any
      Servicer it replaces or for the errors or omissions of such
      Servicer.

    

    (c) Upon
      any
      termination of a Servicer’s rights and powers pursuant to its Servicing
      Agreement, the Master Servicer shall promptly notify the Trustee and the Rating
      Agencies, specifying in such notice that the Master Servicer or any successor
      servicer, as the case may be, has succeeded the Servicer under the Servicing
      Agreement, which notice shall also specify the name and address of any such
      successor servicer. 

    

    (d) Unless
      otherwise specified herein, the provisions of Section 9.01(b) (relating to
      the
      Fannie Mae- and Freddie Mac- approval and MERS membership of any successor
      servicer, the form of any servicing agreement to be entered into by such
      successor servicer and the amount of compensation payable thereunder) and the
      provisions of Section 9.01(c) (relating to notices to the Trustee, the
      Securities Administrator and the Rating Agencies) shall apply to any proposed
      transfer or assignment by the Seller of its rights under any
      Servicing Agreement or of the servicing thereunder or delegation of its rights
      or duties thereunder or any portion thereof to any other Person other than
      the
      initial Servicer under such Servicing Agreement; provided that the Seller shall
      not be required to provide prior notice to
      anyone other than the Master Servicer of any transfer of servicing that occurs
      within four months following the Closing Date to an entity that is a Servicer
      on
      the Closing Date. In addition, neither the Depositor nor the Trustee shall
      consent to the assignment by any Servicer of such Servicer’s rights and
      obligations under the Servicing Agreement to a successor servicer other than
      a
      Person that was a Servicer on the Closing Date without the prior written consent
      of the Master Servicer, which consent shall not be unreasonably
      withheld.

    

    In
      connection with any transfer of servicing (whether to another initial Servicer,
      or otherwise), the Seller shall, at its cost and expense, take such steps,
      or
      cause the terminated Servicer to take such steps, as may be necessary or
      appropriate to effectuate and evidence the transfer of the servicing of the
      Mortgage Loans to such successor servicer, including, but not limited to, the
      following: (A) to the extent required by the terms of the Mortgage Loans and
      by
      applicable federal and state laws and regulations, the Seller shall cause the
      prior Servicer to timely mail to each obligor under a Mortgage Loan any required
      notices or disclosures describing the transfer of servicing of the Mortgage
      Loans to the successor servicer; (B) prior to the effective date of such
      transfer of servicing, the Seller shall cause the prior Servicer to transmit
      to
      any related insurer notification of such transfer of servicing; (C) on or prior
      to the effective date of such transfer of servicing, the Seller shall cause
      the
      prior Servicer to deliver to the successor servicer all Mortgage Documents
      and
      any related records or materials; (D) on or prior to the effective date of
      such
      transfer of servicing, the Seller shall cause the prior Servicer to transfer
      to
      the successor servicer all funds held by the prior Servicer in respect of the
      Mortgage Loans; (E) on or prior to the effective date of such transfer of
      servicing, the Seller shall cause the prior Servicer to, after the effective
      date of the transfer of servicing to the successor servicer, continue to forward
      to such successor servicer, within one Business Day of receipt, the amount
      of
      any payments or other recoveries received by the prior Servicer, and to notify
      the successor servicer of the source and proper application of each such payment
      or recovery; and (F) the Seller shall cause the prior Servicer to, after the
      effective date of transfer of servicing to the successor servicer, continue
      to
      cooperate with the successor servicer to facilitate such transfer in such manner
      and to such extent as the successor servicer may reasonably request.
      Notwithstanding the foregoing, the prior Servicer shall be obligated to perform
      the items listed above to the extent provided in the Servicing
      Agreement.

    

    
      
        
        

      

      
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              Section
                9.02 

            	
              Assumption
                of Master Servicing by Trustee.  

            

    

    

    (a) In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Event of Default under this Agreement), the Trustee
      shall thereupon, in accordance with the terms of Section 6.14 hereof, assume
      all
      of the rights and obligations of such Master Servicer hereunder and under each
      Servicing Agreement entered into with respect to the Mortgage Loans or shall
      appoint as successor master servicer a Fannie-Mae or FHLMC-approved servicer
      that is acceptable to the Depositor and the Rating Agencies. The Trustee, its
      designee or any successor master servicer appointed by the Trustee shall be
      deemed to have assumed all of the Master Servicer’s interest herein and therein
      to the same extent as if such Servicing Agreement had been assigned to the
      assuming party, except that the Master Servicer shall not thereby be relieved
      of
      any liability or obligations of the Master Servicer under such Servicing
      Agreement accruing prior to its replacement as Master Servicer, and shall be
      liable to the Trustee, and hereby agrees to indemnify and hold harmless the
      Trustee from and against all costs, damages, expenses and liabilities (including
      reasonable attorneys’ fees) incurred by the Trustee as a result of such
      liability or obligations of the Master Servicer and in connection with the
      Trustee’s assumption (but not its performance, except to the extent that costs
      or liability of the Trustee are created or increased as a result of negligent
      or
      wrongful acts or omissions of the Master Servicer prior to its replacement
      as
      Master Servicer) of the Master Servicer’s obligations, duties or
      responsibilities thereunder.

    

    (b) The
      Master Servicer that has been terminated shall, upon request of the Trustee
      but
      at the expense of such Master Servicer, deliver to the assuming party all
      documents and records relating to each Servicing Agreement and the related
      Mortgage Loans and an accounting of amounts collected and held by it and
      otherwise use its best efforts to effect the orderly and efficient transfer
      of
      each Servicing Agreement to the assuming party.

    

    
      
        
        

      

      
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    Section
      9.03  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
      validly existing and in good standing under the laws of the United States of
      America as a national banking association, and as Master Servicer has full
      power
      and authority to transact any and all business contemplated by this Agreement
      and to execute, deliver and comply with its obligations under the terms of
      this
      Agreement, the execution, delivery and performance of which have been duly
      authorized by all necessary corporate action on the part of the Master
      Servicer;

    

    (ii)
       the
      execution and delivery of this Agreement by the Master Servicer and its
      performance and compliance with the terms of this Agreement will not (A) violate
      the Master Servicer’s 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; 

    

    
      
        
        

      

      
        108

        
          

        

      

      
        
        

      

    

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

    

    (vii)
       the
      Master Servicer, or an affiliate thereof the primary business of which is the
      servicing of conventional residential mortgage loans, is a Fannie Mae- or
      FHLMC-approved seller/servicer;

    

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

    

    (ix)
       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. In addition
      to any indemnity required pursuant to Section 11.16 hereof, the Master Servicer
      shall indemnify the Depositor, the Securities Administrator and the Trustee
      and
      hold them harmless against any loss, damages, penalties, fines, forfeitures,
      legal fees and related costs, judgments, and other costs and expenses 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 9.03(a) or any failure by the Master Servicer
      to
      deliver any information, report, certification, accountants’ letter or other
      material when and as required under this Agreement. It is understood and agreed
      that the enforcement of the obligation of the Master Servicer set forth in
      this
      Section to indemnify the Depositor, the Securities Administrator and the Trustee
      as provided in this Section constitutes the sole remedy (other than as set
      forth
      in Section 6.14) of the Depositor, the Securities Administrator and the Trustee,
      respecting a breach of the foregoing representations and warranties. Such
      indemnification shall survive any termination of the Master Servicer as Master
      Servicer hereunder, and any termination of this Agreement.

    

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

    

    Section
      9.04  Compensation
      to the Master Servicer.  

    

    The
      Master Servicer shall be entitled to be paid by the Trust Fund, and either
      retain or withdraw from the Distribution Account, (i) its Master Servicing
      Fee
      with respect to each Distribution Date, (ii) amounts necessary to reimburse
      itself for any previously unreimbursed Advances, Servicer Advances and
      Nonrecoverable Advances in accordance with the definition of “Available
      Distribution Amount” and (iii) amounts representing assumption fees, late
      payment charges or other ancillary income not included in the definition of
      “Available Distribution Amount” and which are not required to be remitted by the
      Servicers to the Securities Administrator or deposited by the Securities
      Administrator into the Distribution Account. The Master Servicer shall be
      required to pay all expenses incurred by it in connection with its activities
      hereunder and shall not be entitled to reimbursement therefor except as provided
      in this Agreement.

    

    
      
        
        

      

      
        109

        
          

        

      

      
        
        

      

    

    In
      addition, Depositor agrees, except as otherwise expressly provided herein,
      to
      reimburse the Master Servicer, upon its request, for all reasonable expenses,
      disbursements and advances incurred or made by the Master Servicer in connection
      with the performance of its duties hereunder (including the reasonable
      compensation and the expenses and disbursements of its agents and counsel),
      to
      the extent not otherwise reimbursed pursuant to this Agreement, except any
      such
      expense, disbursement or advance as may be attributable to its willful
      misfeasance, bad faith or negligence.

    

    Section
      9.05  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 or its Affiliate whose
      primary business is the servicing of conventional residential mortgage loans
      shall be a Person that shall be qualified and approved to service mortgage
      loans
      for Fannie Mae or FHLMC and shall have a net worth of not less than
      $15,000,000.

    

    Section
      9.06  Resignation
      of Master Servicer.  

    

    Except
      as
      otherwise provided in Sections 9.05 and 9.07 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 shall have been appointed by the Trustee
      and until such successor shall have assumed, the Master Servicer’s
      responsibilities and obligations under this Agreement. Notice of such
      resignation shall be given promptly by the Master Servicer and the Depositor
      to
      the Trustee.

    

    If,
      at
      any time, the Master Servicer resigns under this Section 9.06, or transfers
      or
      assigns its rights and obligations under Section 9.07, or is removed as Master
      Servicer pursuant to Section 6.14, then at such time as Wells Fargo Bank, N.A.
      also shall resign (and shall be entitled to resign) as Securities Administrator,
      Paying Agent, Authenticating Agent and Certificate Registrar under this
      Agreement. In such event, the obligations of each such party shall be assumed
      by
      the Trustee or such successor master servicer appointed by the Trustee (subject
      to the provisions of Section 9.02(a)).

    

    
      
        
        

      

      
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    Section
      9.07  Assignment
      or Delegation of Duties by the Master Servicer.  

    

    Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any other Person to perform
      any
      of the duties, covenants or obligations to be performed by the Master Servicer
      hereunder; provided,
      however,
      that the
      Master Servicer shall have the right with the prior written consent of the
      Trustee and the Depositor (which consent shall not be unreasonably withheld),
      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 downgrading 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 amount of the Master Servicing Fees and other compensation
      payable to the Master Servicer pursuant hereto shall thereafter be payable
      to
      such successor master servicer. Such successor master servicer shall also pay
      the fees of the Trustee and the Securities Administrator, as provided
      herein.

    

    Section
      9.08  Limitation
      on Liability of the Master Servicer and Others. 

    

    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 misfeasance,
      bad faith or negligence in its performance of its duties or by reason of
      reckless disregard for its obligations and duties under this Agreement. The
      Master Servicer and any director, officer, employee or agent of the Master
      Servicer may rely in good faith on any document of any kind prima facie properly
      executed and submitted by any Person respecting any matters arising hereunder.
      The Master Servicer shall be under no obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties to master service
      the Mortgage Loans in accordance with this Agreement and that in its opinion
      may
      involve it in any expenses or liability; provided,
      however,
      that the
      Master Servicer may in its sole discretion undertake any such action that it
      may
      deem necessary or desirable in respect to this Agreement and the rights and
      duties of the parties hereto and the interests of the Certificateholders
      hereunder. In such event, the legal expenses and costs of such action and any
      liability resulting therefrom shall be expenses, costs and liabilities of the
      Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
      out of the Distribution Account.

    

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

    

    
      
        
        

      

      
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    Section
      9.09  Indemnification;
      Third-Party Claims.  

    

    In
      addition to any indemnity required pursuant to Section 11.16 hereof, the Master
      Servicer agrees to indemnify the Depositor, the Securities Administrator and
      the
      Trustee, and hold them harmless against any and all claims, losses, penalties,
      fines, forfeitures, legal fees and related costs, judgments, and any other
      costs, liability, fees and expenses that the Depositor, the Securities
      Administrator or the Trustee may sustain as a result of the Master Servicer’s
      willful misfeasance, bad faith or negligence in the performance of its duties
      hereunder or by reason of its reckless disregard for its obligations and duties
      under this Agreement. The Depositor, the Securities Administrator 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 that such
      party
      believes entitles it to indemnification under this Section 9.09, and immediately
      upon discharge and satisfaction of any such judgment or decree which may be
      entered against it or them in respect of such claim, the Master Servicer shall
      indemnify such party for such claim, losses, penalties, fines, forfeitures,
      legal fees and related costs, judgments, and any other costs, liability, fees
      and expenses in connection therewith. This indemnification shall survive the
      termination of this Agreement and the resignation or removal of the Master
      Servicer.

    

    Section
      9.10  Master
      Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance
      Policy.  

    

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

    

    ARTICLE
      X

    

    REMIC
      ADMINISTRATION

    

    Section
      10.01  REMIC
      Administration.  

    

    (a) REMIC
      elections as set forth in the Preliminary Statement to this Agreement shall
      be
      made on Forms 1066 or other appropriate federal tax or information return for
      the taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement to this
      Agreement.

    

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 86OG(a)(9) of the Code. The “latest possible maturity date”
for purposes of Treasury Regulation 1.86OG-1(a)(4) will be the Latest Possible
      Maturity Date.

    

    (c) The
      Securities Administrator shall represent the Trust Fund in any administrative
      or
      judicial proceeding relating to an examination or audit by any governmental
      taxing authority with respect thereto. The Securities Administrator shall pay
      any and all tax related expenses (not including taxes) of each REMIC, including
      but not limited to any professional fees or expenses related to audits or any
      administrative or judicial proceedings with respect to such REMIC that involve
      the Internal Revenue Service or state tax authorities, but only to the extent
      that (i) such expenses are ordinary or routine expenses, including expenses
      of a
      routine audit but not expenses of litigation (except as described in (ii));
      or
      (ii) such expenses or liabilities (including taxes and penalties) are
      attributable to the negligence or willful misconduct of the Securities
      Administrator in fulfilling its duties hereunder (including its duties as tax
      return preparer). The Securities Administrator shall be entitled to
      reimbursement of expenses to the extent provided in clause (i) above from the
      Distribution Account, provided,
      however,
      the
      Securities Administrator shall not be entitled to reimbursement for expenses
      incurred in connection with the preparation of tax returns and other reports
      as
      required by Section 6.20 and this Section.

    

    
      
        
        

      

      
        112

        
          

        

      

      
        
        

      

    

    (d) The
      Securities Administrator shall prepare, and the Trustee shall sign and file,
      as
      instructed by the Securities Administrator, all of each REMIC’s federal and
      appropriate state tax and information returns as such REMIC’s direct
      representative. The expenses of preparing and filing such returns shall be
      borne
      by the Securities Administrator.
      In preparing such returns, the Securities Administrator shall, with respect
      to
      each REMIC created hereunder other than the Upper-Tier REMIC (each such REMIC,
      a
“Non-Upper-Tier REMIC”): (i) treat the accrual period for interests in such
      Non-Upper-Tier REMIC as the calendar month; (ii) account for distributions
      made
      from such Non-Upper-Tier REMIC as made on the first day of each succeeding
      calendar month; (iii) account for income under the all-OID method at the Pool
      1
      Net WAC, Pool 2 Net WAC, Pool 3 Net WAC, Pool 4 Net WAC or Pool 5 Net WAC,
      as
      applicable; (iv) use the aggregation method provided in Treasury Regulation
      section 1.1275-2(c); and (v) account for income and expenses related to such
      Non-Upper-Tier REMIC in the manner resulting in the lowest amount of excess
      inclusion income possible accruing to the Holder of the residual interest in
      such Non-Upper-Tier REMIC.

    

    (e) The
      Securities Administrator or its designee shall perform on behalf of each REMIC
      all reporting and other tax compliance duties that are the responsibility of
      such REMIC under the Code, the REMIC Provisions, or other compliance guidance
      issued by the Internal Revenue Service or any state or local taxing authority.
      Among its other duties, if required by the Code, the REMIC Provisions, or other
      such guidance, the Securities Administrator shall provide, upon receipt of
      additional reasonable compensation, (i) to the Treasury or other governmental
      authority such information as is necessary for the application of any tax
      relating to the transfer of a Residual Certificate to any disqualified person
      or
      organization pursuant to Treasury Regulation 1.860E-2(a)(5) and any person
      designated in Section 860E(e)(3) of the Code and (ii) to the Trustee such
      information as is necessary for the Trustee to provide to the Certificateholders
      such information or reports as are required by the Code or REMIC
      Provisions.

    

    (f) The
      Trustee, the Securities Administrator, the Master Servicer and the Holders
      of
      Certificates shall take any action or cause any REMIC to take any action
      necessary to create or maintain the status of any REMIC as a REMIC under the
      REMIC Provisions and shall assist each other as necessary to create or maintain
      such status. Neither the Trustee, the Securities Administrator, the Master
      Servicer nor the Holder of any Residual Certificate shall knowingly take any
      action, cause any REMIC to take any action or fail to take (or fail to cause
      to
      be taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could result in an Adverse REMIC Event unless the Trustee,
      the
      Securities Administrator and the Master Servicer have received an Opinion of
      Counsel (at the expense of the party seeking to take such action or failing
      to
      take such action) to the effect that the contemplated action (or inaction,
      as
      the case may be) will not endanger such status or result in the imposition
      of
      such a tax. In addition, prior to taking any action with respect to any REMIC
      or
      the assets therein, or causing any REMIC to take any action, which is not
      expressly permitted under the terms of this Agreement, any Holder of a Residual
      Certificate will consult with the Trustee, the Securities Administrator, the
      Master Servicer or their respective designees, in writing, with respect to
      whether such action could cause an Adverse REMIC Event to occur with respect
      to
      any REMIC, and no such Person shall take any such action or cause any REMIC
      to
      take any such action as to which the Trustee, the Securities Administrator
      or
      the Master Servicer has advised it in writing that an Adverse REMIC Event could
      occur; provided,
      however,
      that if
      no Adverse REMIC Event would occur but such action could result in the
      imposition of additional taxes on the Residual Certificateholders, no such
      Person shall take any such action, or cause any REMIC to take any such action
      without the written consent of the Residual Certificateholders. The Trustee
      may
      consult with counsel (and conclusively rely upon the advice of such counsel)
      to
      make such written advice, and the cost of the same shall be borne by the party
      seeking to take the action not expressly permitted by this Agreement, but in
      no
      event shall such cost be an expense of the Trustee.

    

    
      
        
        

      

      
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    (g) Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      the related REMIC by federal or state governmental authorities. To the extent
      that such taxes are not paid by a Residual Certificateholder or the Paying
      Agent
      shall pay any remaining REMIC taxes out of current or future amounts otherwise
      distributable to the Holder of the Residual Certificate in any such REMIC or,
      if
      no such amounts are available, out of other amounts held in the Distribution
      Account, and shall reduce amounts otherwise payable to holders of regular
      interests in any such REMIC, as the case may be.

    

    (h) The
      Securities Administrator shall, for federal income tax purposes, maintain books
      and records with respect to each REMIC on a calendar year and on an accrual
      basis.

    

    (i) No
      additional contributions of assets shall be made to any REMIC, except as
      expressly provided in this Agreement.

    

    (j) Neither
      the Securities Administrator nor the Master Servicer shall enter into any
      arrangement by which any REMIC will receive a fee or other compensation for
      services.

    

    (k) The
      Trustee and the Securities Administrator shall treat the Reserve Fund as an
      “outside reserve fund” within the meaning of Treasury Regulation Section
      1.860G-2(h) that is owned by the holders of the Interest-Only Certificates
      and
      that is not an asset of any REMIC. The Trustee and the Securities Administrator
      shall treat the rights of the Holders of the LIBOR Certificates to receive
      distributions from the Reserve Fund to cover Net WAC Shortfalls as payments
      under an interest rate cap contract written by the Holders of the Class 1-XA
      Certificates in favor of the Holders of the LIBOR Certificates. Thus, each
      Class
      of LIBOR Certificates shall be treated as representing not only ownership of
      regular interests in a REMIC, but also ownership of an interest in an interest
      rate cap contract. For purposes of determining the issue prices of the
      Certificates, the interest rate cap contracts shall be assumed to have a zero
      value unless and until required otherwise by an applicable taxing
      authority.

    

    
      
        
        

      

      
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    (l) The
      Holder of the Class LT-R Certificate shall act as “tax matters person” with
      respect to the Lower-Tier REMIC and shall act as agent for the Holder of the
      Class 1-AR Certificate as “tax matters person” with respect to the Upper-Tier
      REMIC and the Middle-Tier REMIC and the Securities Administrator shall act
      as
      agent for the Holder of the Class LT-R Certificate in such roles, unless and
      until another party is so designated by the Holder of the Class LT-R
      Certificate.

    

    Section
      10.02  Prohibited
      Transactions and Activities.  

    

    Neither
      the Depositor, the Master Servicer nor the Trustee shall sell, dispose of,
      or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of each REMIC pursuant to Article VII of this Agreement,
      (iv) a substitution pursuant to Article II of this Agreement or (v) a repurchase
      of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any
      assets for any REMIC, nor sell or dispose of any investments in the Distribution
      Account for gain, nor accept any contributions to any REMIC after the Closing
      Date, unless it has received an Opinion of Counsel (at the expense of the party
      causing such sale, disposition, or substitution) that such disposition,
      acquisition, substitution, or acceptance will not result in an Adverse REMIC
      Event, (b) affect the distribution of interest or principal on the Certificates
      or (c) result in the encumbrance of the assets transferred or assigned to the
      Trust Fund (except pursuant to the provisions of this Agreement).

    

    
      	 	
              Section
                10.03 

            	
              Indemnification
                with Respect to Prohibited Transactions or Loss of REMIC
                Status.  

            

    

    

    Upon
      the
      occurrence of an Adverse REMIC Event due to the negligent performance by the
      Securities Administrator of its duties and obligations set forth herein, the
      Securities Administrator shall indemnify the Certificateholders of the related
      Residual Certificate against any and all losses, claims, damages, liabilities
      or
      expenses (“Losses”) resulting from such negligence; provided,
      however,
      that
      the Securities Administrator shall not be liable for any such Losses
      attributable to the action or inaction of the Depositor, the Trustee or the
      Holder of the Residual Certificate, nor for any such Losses resulting from
      misinformation provided by any of the foregoing parties on which the Securities
      Administrator has relied. Notwithstanding the foregoing, however, in no event
      shall the Securities Administrator have any liability (1) for any action or
      omission that is taken in accordance with and in compliance with the express
      terms of, or which is expressly permitted by the terms of, this Agreement or
      under any Servicing Agreement or under any Acknowledgement, (2) for any Losses
      other than arising out of malfeasance, willful misconduct or negligent
      performance by the Securities Administrator of its duties and obligations set
      forth herein, and (3) for any special or consequential damages to
      Certificateholders of the related Residual Certificate (in addition to payment
      of principal and interest on the Certificates).

    

    
      
        
        

      

      
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    Section
      10.04  REO
      Property.  

    

    (a) Notwithstanding
      any other provision of this Agreement, the Master Servicer, acting on behalf
      of
      the Trustee hereunder, shall not, except to the extent provided in the
      applicable Servicing Agreement, knowingly permit any Servicer to, rent, lease,
      or otherwise earn income on behalf of any REMIC with respect to any REO Property
      which might cause an Adverse REMIC Event unless the applicable Servicer has
      provided to the Trustee and the Securities Administrator an Opinion of Counsel
      concluding that, under the REMIC Provisions, such action would not adversely
      affect the status of any REMIC as a REMIC and any income generated for any
      REMIC
      by the REO Property would not result in an Adverse REMIC Event.

    

    (b) The
      Depositor shall cause the applicable Servicer (to the extent provided in its
      Servicing Agreement) to make reasonable efforts to sell any REO Property for
      its
      fair market value. In any event, however, the Depositor shall, or shall cause
      the applicable Servicer (to the extent provided in its Servicing Agreement)
      to,
      dispose of any REO Property within three years of its acquisition by the Trust
      Fund unless the Depositor or the applicable Servicer (on behalf of the Trust
      Fund) has received a grant of extension from the Internal Revenue Service to
      the
      effect that, under the REMIC Provisions and any relevant proposed legislation
      and under applicable state law, the REMIC may hold REO Property for a longer
      period without causing an Adverse REMIC Event. If such an extension has been
      received, then the Depositor, acting on behalf of the Trustee hereunder, shall,
      or shall cause the applicable Servicer to, continue to attempt to sell the
      REO
      Property for its fair market value for such period longer than three years
      as
      such extension permits (the “Extended Period”). If such an extension has not
      been received and the Depositor or the applicable Servicer, acting on behalf
      of
      the Trust Fund hereunder, is unable to sell the REO Property within 33 months
      after its acquisition by the Trust Fund or if such an extension, has been
      received and the Depositor or the applicable Servicer is unable to sell the
      REO
      Property within the period ending three months before the close of the Extended
      Period, the Depositor shall cause the applicable Servicer, before the end of
      the
      three year period or the Extended Period, as applicable, to (i) purchase such
      REO Property at a price equal to the REO Property’s fair market value or (ii)
      auction the REO Property to the highest bidder (which may be the applicable
      Servicer) in an auction reasonably designed to produce a fair price prior to
      the
      expiration of the three-year period or the Extended Period, as the case may
      be.

    

    ARTICLE
      XI

    

    MISCELLANEOUS
      PROVISIONS

    

    Section
      11.01  Binding
      Nature of Agreement; Assignment.  

    

    This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

    

    Section
      11.02  Entire
      Agreement.  

    

    This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

    

    
      
        
        

      

      
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    Section
      11.03  Amendment.  

    

    (a) This
      Agreement may be amended from time to time by the Depositor, the Master
      Servicer, the Securities Administrator, and the Trustee, without notice to
      or
      the consent of any of the Holders, (i) to cure any ambiguity or mistake, (ii)
      to
      cause the provisions herein to conform to or be consistent with or in
      furtherance of the statements made with respect to the Certificates, the Trust
      Fund or this Agreement in the Prospectus, or to correct or supplement any
      provision herein which may be inconsistent with any other provisions herein
      or
      with the provisions of any Servicing Agreement, (iii) to make any other
      provisions with respect to matters or questions arising under this Agreement
      or
      (iv) to add, delete, or amend any provisions to the extent necessary or
      desirable to comply with any requirements imposed by the Code and the REMIC
      Provisions. No such amendment effected pursuant to the preceding sentence shall,
      as evidenced by an Opinion of Counsel, result in an Adverse REMIC Event, nor
      shall such amendment effected pursuant to clause (iii) of such sentence
      adversely affect in any material respect the interests of any Holder. Prior
      to
      entering into any amendment without the consent of Holders pursuant to this
      paragraph, the Trustee shall be provided with an Opinion of Counsel (at the
      expense of the party requesting such amendment) to the effect that such
      amendment is permitted under this Section. Any such amendment shall be deemed
      not to adversely affect in any material respect any Holder, if the Trustee
      and
      the Securities Administrator receive written confirmation from each Rating
      Agency that such amendment will not cause such Rating Agency to reduce the
      then
      current rating assigned to the Certificates.

    

    (b) This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the Securities Administrator and the Trustee, with the consent of
      the
      Holders of not less than 66-2/3% of the Class Principal Amount (or Percentage
      Interest) 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; provided,
      however,
      that no
      such amendment shall be made unless the Trustee and the Securities Administrator
      receive an Opinion of Counsel, at the expense of the party requesting the
      change, that such change will not cause an Adverse REMIC Event; and provided
      further,
      that no
      such amendment may (i) reduce in any manner the amount of, or delay the timing
      of, payments received on Mortgage Loans which are required to be distributed
      on
      any Certificate, without the consent of the Holder of such Certificate or (ii)
      reduce the aforesaid percentages of Class Principal Amount or Class Notional
      Amount (or Percentage Interest) of Certificates of each Class, the Holders
      of
      which are required to consent to any such amendment without the consent of
      the
      Holders of 100% of the Class Principal Amount or Class Notional Amount (or
      Percentage Interest) of each Class of Certificates affected thereby. For
      purposes of this paragraph, references to “Holder” or “Holders” shall be deemed
      to include, in the case of any Class of Book-Entry Certificates, the related
      Certificate Owners.

    

    
      
        
        

      

      
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    (c) Promptly
      after the execution of any such amendment, the Trustee shall furnish written
      notification of the substance of such amendment to each Holder, the Depositor
      and the Rating Agencies.

    

    (d) It
      shall
      not be necessary for the consent of Holders under this Section 11.03 to approve
      the particular form of any proposed amendment, but it shall be sufficient if
      such consent shall approve the substance thereof. The manner of obtaining such
      consents and of evidencing the authorization of the execution thereof by Holders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe.

    

    (e) Notwithstanding
      anything to the contrary in any Servicing Agreement, the Trustee shall not
      consent to any amendment of any Servicing Agreement except pursuant to the
      standards provided in this Section with respect to amendment of this
      Agreement.

    

    (f) Prior
      to
      the execution of any amendment to this Agreement, each of the Trustee and the
      Securities Administrator shall be entitled to receive and conclusively rely
      on
      an Opinion of Counsel (at the expense of the Person seeking such amendment)
      stating that the execution of such amendment is authorized and permitted by
      this
      Agreement. The Trustee and the Securities Administrator may, but shall not
      be
      obligated to, enter into any such amendment which affects the Trustee’s or the
      Securities Administrator’s own rights, duties or immunities under this
      Agreement.

    

    Section
      11.04  Voting
      Rights.  

    

    Except
      to
      the extent that the consent of all affected Certificateholders is required
      pursuant to this Agreement, with respect to any provision of this Agreement
      requiring the consent of Certificateholders representing specified percentages
      of aggregate outstanding Certificate Principal Amount or Class Notional Amount
      (or Percentage Interest), Certificates owned by the Depositor, the Master
      Servicer, the Securities Administrator, the Trustee, any Servicer or any
      Affiliates thereof are not to be counted so long as such Certificates are owned
      by the Depositor, the Master Servicer, the Securities Administrator, the
      Trustee, any Servicer or any Affiliate thereof.

    

    Section
      11.05  Provision
      of Information.  

    

    (a) For
      so
      long as any of the Certificates of any Series or Class are “restricted
      securities” within the meaning of Rule 144(a)(3) under the Securities Act, each
      of the Depositor, the Master Servicer, the Securities Administrator and the
      Trustee agree to cooperate with each other to provide to any Certificateholders
      and to any prospective purchaser of Certificates designated by such holder,
      upon
      the request of such holder or prospective purchaser, any information required
      to
      be provided to such holder or prospective purchaser to satisfy the condition
      set
      forth in Rule 144A(d)(4) under the Securities Act. Any reasonable, out-of-pocket
      expenses incurred by the Trustee, the Master Servicer or the Securities
      Administrator in providing such information shall be reimbursed by the
      Depositor.

    

    (b) The
      Securities Administrator shall provide to any person to whom a Prospectus was
      delivered, upon the request of such person specifying the document or documents
      requested, (i) a copy (excluding exhibits) of any report on Form 8-K, Form
      10-D
      or Form 10-K (or other prescribed form) filed with the Securities and Exchange
      Commission pursuant to Section 6.21 and (ii) a copy of any other document
      incorporated by reference in the Prospectus. Any reasonable out-of-pocket
      expenses incurred by the Securities Administrator in providing copies of such
      documents shall be reimbursed by the Depositor.

    

    
      
        
        

      

      
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    (c) On
      each
      Distribution Date, the Securities Administrator shall deliver or cause to be
      delivered by first class mail or make available on its website to the Depositor,
      Attention: Contract Finance, a copy of the report delivered to
      Certificateholders pursuant to Section 4.02.

    

    Section
      11.06  Governing
      Law.  

    

    THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK, WITHOUT REGARD TO CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTION 5-1401
      OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
      THE
      PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    

    Section
      11.07  Notices.  

    

    All
      requests, demands, notices, authorizations, directions, consents, waivers and
      communications hereunder shall be in writing and shall be deemed to have been
      duly given when received by (a) in the case of the Depositor, Sequoia
      Residential Funding, Inc., One Belvedere Place, Suite 330, Mill Valley, CA
      94941, telecopy number (415) 381-1773, Attention: Sequoia Mortgage Trust 2007-4,
      or in the case of notification required to be delivered by the Securities
      Administrator to the Depositor pursuant to Section 6.21, to Sequoia Residential
      Funding, Inc. via facsimile or via email at such facsimile number or email
      address furnished separately by the Depositor to the Securities Administrator
      from time to time, (b) in the case of the Seller, RWT Holdings, Inc., One
      Belvedere Place, Suite 330, Mill Valley, CA 94941 telecopy number (415)
      381-1773, Attention: Sequoia Mortgage Trust 2007-4, (c) in the case of the
      Master Servicer or the Securities Administrator, Wells Fargo Bank, N.A., P.O.
      Box 98, Columbia, Maryland 21046 (or, for overnight deliveries, 9062 Old
      Annapolis Road, Columbia, Maryland 21045), telecopy number (410) 715-2380,
      Attention: Client Manager - Sequoia Mortgage Trust 2007-4, and (d) with respect
      to the Trustee or the Certificate Registrar, its respective Corporate Trust
      Office, or as to each party such other address as may hereafter be furnished
      by
      such party to the other parties in writing. All demands, notices and
      communications to a party hereunder shall be in writing and shall be deemed
      to
      have been duly given when delivered to such party at the relevant address,
      facsimile number or electronic mail address set forth above or at such other
      address, facsimile number or electronic mail address as such party may designate
      from time to time by written notice in accordance with this Section
      11.07.

    

    Section
      11.08  Severability
      of Provisions.  

    

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

    

    
      
        
        

      

      
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    Section
      11.09  Indulgences;
      No Waivers.  

    

    Neither
      the failure nor any delay on the part of a party to exercise any right, remedy,
      power or privilege under this Agreement shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any right, remedy, power or privilege
      preclude any other or further exercise of the same or of any other right,
      remedy, power or privilege, nor shall any waiver of any right, remedy, power
      or
      privilege with respect to any occurrence be construed as a waiver of such right,
      remedy, power or privilege with respect to any other occurrence. No waiver
      shall
      be effective unless it is in writing and is signed by the party asserted to
      have
      granted such waiver.

    

    Section
      11.10  Headings
      Not To Affect Interpretation.  

    

    The
      headings contained in this Agreement are for convenience of reference only,
      and
      they shall not be used in the interpretation hereof.

    

    Section
      11.11  Benefits
      of Agreement.  

    

    Nothing
      in this Agreement or in the Certificates, express or implied, shall give to
      any
      Person, other than the parties to this Agreement and their successors hereunder
      and the Holders of the Certificates, any benefit or any legal or equitable
      right, power, remedy or claim under this Agreement, except to the extent
      specified in Section 11.15.

    

    Section
      11.12  Special
      Notices to the Rating Agencies.  

    

    (a) The
      Depositor shall give prompt notice to the Rating Agencies of the occurrence
      of
      any of the following events of which it has notice:

    

    (i)
       any
      amendment to this Agreement pursuant to Section 11.03;

    

    (ii)
       any
      assignment by the Master Servicer of its rights hereunder or delegation of
      its
      duties hereunder;

    

    (iii)
       the
      occurrence of any Event of Default described in Section 6.14;

    

    (iv)
       any
      notice of termination given to the Master Servicer pursuant to Section 6.14
      and
      any resignation of the Master Servicer hereunder;

    

    (v)
       the
      appointment of any successor to any Master Servicer pursuant to Section 6.14;
      

    

    (vi)
       the
      making of a final payment pursuant to Section 7.02; and

    

    (vii)
       any
      termination of the rights and obligations of any Servicer under the applicable
      Servicing Agreement.

    

    
      
        
        

      

      
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    (b) All
      notices to the Rating Agencies provided for this Section shall be in writing
      and
      sent by first class mail, telecopy or overnight courier, as
      follows:

    

    If
      to
      Moody’s, to:

    

    Moody’s
      Investors Service

    99
      Church
      Street

    New
      York,
      New York 10007

    Attn:
      Residential Mortgages

     

    If
      to
      S&P, to:

    

    Standard
      & Poor’s Ratings Services,

     
a
      division of The McGraw-Hill Companies, Inc.

    55
      Water
      Street

    New
      York,
      New York 10041

    Attn:
      Residential Mortgages

    (c) The
      Securities Administrator shall provide or make available to the Rating Agencies
      reports prepared pursuant to Section 4.02. In addition, the Securities
      Administrator shall, at the expense of the Trust Fund, make available to each
      Rating Agency such information as such Rating Agency may reasonably request
      regarding the Certificates or the Trust Fund, to the extent that such
      information is reasonably available to the Securities
      Administrator.

    

    (d) The
      Depositor hereby represents to S&P that, to the Depositor’s knowledge, the
      information provided to such Rating Agency, including the loan level detail,
      is
      true and correct according to such Rating Agency’s requirements.

    

    Section
      11.13  Conflicts.  

    

    To
      the
      extent that the terms of this Agreement conflict with the terms of any Servicing
      Agreement, the related Servicing Agreement shall govern.

    

    Section
      11.14  Counterparts.  

    

    This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument.

    

    Section
      11.15 No
      Petitions.

    

    The
      Trustee and the Master Servicer, by entering into this Agreement, hereby
      covenant and agree that they shall not at any time institute against the
      Depositor, or join in any institution against the Depositor of, any bankruptcy,
      reorganization, arrangement, insolvency or liquidation proceedings, or other
      proceedings under any United States federal or state bankruptcy or similar
      law
      in connection with any obligations relating to this Agreement or any of the
      documents entered into by the Depositor in connection with the transactions
      contemplated by this Agreement.

    

    
      
        
        

      

      
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    Section
      11.16 Intention of the Parties and Interpretation; Indemnification.

    

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 6.21, 6.22,
      6.23 and 6.24 of this Agreement is to facilitate compliance by the Securities
      Administrator and the Depositor with the provisions of Regulation AB promulgated
      by the Commission under the Exchange Act (17 C.F.R. §§ 229.1100 -
      229.1123), as such may be amended from time to time and subject to such
      clarification and interpretive advice as may be issued by the staff of the
      Commission from time to time. Therefore, each of the parties agrees that (a)
      the
      obligations of the parties hereunder shall be interpreted in such a manner
      as to
      accomplish that purpose, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with the reasonable requests made by the Securities Administrator
      or the Depositor for delivery of such additional or different information as
      the
      Securities Administrator or the Depositor may determine in good faith is
      necessary to comply with the provisions of Regulation AB, which information
      is
      available to such party without unreasonable effort or expense and within such
      timeframe as may be reasonably requested, and (d) no amendment of this Agreement
      shall be required to effect any such changes in the parties’ obligations as are
      necessary to accommodate evolving interpretations of the provisions of
      Regulation AB.

    

    Each
      of
      the Depositor, the Master Servicer, each Servicer, the Securities Administrator
      and any Servicing Function Participant engaged by such party shall indemnify
      and
      hold harmless the Securities Administrator, the Master Servicer, the Depositor
      and the Seller and each of their directors, officers, employees, agents, and
      affiliates from and against any and all claims, losses, damages, penalties,
      fines, forfeitures, reasonable legal fees and related costs, judgments and
      other
      costs and expenses arising out of or based upon (a) any breach by such party
      of
      any of its obligations hereunder, including particularly its obligations to
      provide any Item 1123 Certificate, Assessment of Compliance or Accountant’s
      Attestation required under Sections 6.22, 6.23 and 6.24, respectively, or any
      information, data or materials required to be included in any Exchange Act
      report, (b) any misstatement or omission in any information, data or materials
      provided by such party, (or in the case of the Securities Administrator or
      the
      Master Servicer, any material misstatement or material omission in (i) any
      Item
      1123 Certificate, Assessment of Compliance, Accountant’s Attestation delivered
      by it or by any Servicing Function Participation engaged by it pursuant to
      this
      Agreement or (any Additional Form 10-D Disclosure, Additional Form 10-K
      Disclosure or Form 8-K Disclosure concerning the Master Servicer or the
      Securities Administrator), or (c) the negligence, bad faith or willful
      misconduct of such party in connection with its performance hereunder. If the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Master Servicer, the Securities Administrator, the Depositor or
      the
      Seller, as the case may be, then each such party agrees that it shall contribute
      to the amount paid or payable by the Securities Administrator, the Master
      Servicer, the Depositor and the Seller, 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.

    

    

    
      
        
        

      

      
        122

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective officers hereunto duly authorized as of the day and year
      first above written.

     

    SEQUOIA
      RESIDENTIAL FUNDING, INC.,

    as
      Depositor

    

    

    By: 
      _________________________________
Name:
      John H.
      Isbrandtsen 
Title:
      Vice President

     

    HSBC
      BANK USA, NATIONAL ASSOCIATION, as
      Trustee

     

     

    By: 
      _________________________________
Name:
Title:

     

    WELLS
      FARGO BANK, 

    NATIONAL
      ASSOCIATION,

    as
      Master Servicer

    

    

    By: 
      _________________________________
Name:
      Graham Oglesby
Title:
      Vice President

     

    WELLS
      FARGO BANK, 

    NATIONAL
      ASSOCIATION, 

    as
      Securities Administrator

    

    

    By: 
      _________________________________
Name:
      Graham Oglesby
Title:
      Vice President

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Solely
      for purposes of Section 2.04, 7.01(b) and 9.01(d)

    accepted
      and agreed to by:

    

    

    RWT
      HOLDINGS, INC.

    

     

    By: 
      ____________________________
John
      H.
      Isbrandtsen
Authorized
      Signatory

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    FORMS
      OF CERTIFICATES

    

    [See
      Tab
      #            ]

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    FORM
      OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )      ss.:

            
	
              COUNTY
                OF

            	
              )

            

    

    

    [NAME
      OF
      OFFICER], _________________ being first duly sworn, deposes and
      says:

     

    
      	 	
              1.

            	
              That
                he [she] is [title of officer] ________________________ of [name
                of
                Purchaser] _________________________________________ (the “Purchaser”), a
                _______________________ [description of type of entity] duly organized
                and
                existing under the laws of the [State of __________] [United States],
                on
                behalf of which he [she] makes this
                affidavit.

            

    

     

    
      	 	
              2.

            	
              That
                the Purchaser’s Taxpayer Identification Number is
                [           ].

            

    

     

    
      	 	
              3.

            	
              That
                the Purchaser is not a “disqualified organization” within the meaning of
                Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                (the
                “Code”) and will not be a “disqualified organization” as of [date of
                transfer], and that the Purchaser is not acquiring a Residual Certificate
                (as defined in the Agreement) for the account of, or as agent (including
                a
                broker, nominee, or other middleman) for, any person or entity from
                which
                it has not received an affidavit substantially in the form of this
                affidavit. For these purposes, a “disqualified organization” means the
                United States, any state or political subdivision thereof, any foreign
                government, any international organization, any agency or instrumentality
                of any of the foregoing (other than an instrumentality if all of
                its
                activities are subject to tax and a majority of its board of directors
                is
                not selected by such governmental entity), any cooperative organization
                furnishing electric energy or providing telephone service to persons
                in
                rural areas as described in Code Section 1381(a)(2)(C), any “electing
                large partnership” within the meaning of Section 775 of the Code, or any
                organization (other than a farmers’ cooperative described in Code Section
                521) that is exempt from federal income tax unless such organization
                is
                subject to the tax on unrelated business income imposed by Code Section
                511.

            

    

     

    
      	 	
              4.

            	
              That
                the Purchaser either (x) is not, and on __________________ [date
                of
                transfer] will not be, an employee benefit plan or other retirement
                arrangement subject to Section 406 of the Employee Retirement Income
                Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Code
                (“Code”), (collectively, a “Plan”) or a person acting on behalf of any
                such Plan or investing the assets of any such Plan to acquire a Residual
                Certificate; (y) if the Residual Certificate has been subject to
                an
                ERISA-Qualifying Underwriting, is an insurance company that is purchasing
                the Certificate with funds contained in an “insurance company general
                account” as defined in Section V(e) of Prohibited Transaction Class
                Exemption (“PTCE”) 95-60 and the purchase and holding of the Certificate
                are covered under Sections I and III of PTCE 95-60; or (z) herewith
                delivers to the Certificate Registrar an opinion of counsel (a “Benefit
                Plan Opinion”) satisfactory to the Certificate Registrar, and upon which
                the Certificate Registrar, the Trustee, the Master Servicer, the
                Depositor
                and Securities Administrator shall be entitled to rely, to the effect
                that
                the purchase or holding of such Residual Certificate by the Investor
                will
                not result in any non-exempt prohibited transactions under Title
                I of
                ERISA or Section 4975 of the Code and will not subject the Certificate
                Registrar, the Trustee, the Depositor, the Master Servicer or the
                Securities Administrator to any obligation in addition to those undertaken
                by such entities in the Agreement, which opinion of counsel shall
                not be
                an expense of the Trust Fund or any of the above
                parties.

            

    

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    
      	 	
              5.

            	
              That
                the Purchaser hereby acknowledges that under the terms of the Pooling
                and Servicing Agreement, dated as of August 1, 2007 (the “Agreement”), by
                and among Sequoia Residential Funding, Inc., as Depositor, Wells
                Fargo
                Bank, N.A., as Master Servicer and as Securities Administrator, and
                HSBC
                Bank USA, National Association, as Trustee with respect to Sequoia
                Mortgage Trust 2007-4 Mortgage Pass-Through Certificates,
                no transfer of the Residual Certificates shall be permitted to be
                made to
                any person unless the Certificate Registrar has received a certificate
                from such transferee containing the representations in paragraphs
                3 and 4
                hereof.

            

    

     

    
      	 	
              6.

            	
              That
                the Purchaser does not hold REMIC residual securities as nominee
                to
                facilitate the clearance and settlement of such securities through
                electronic book-entry changes in accounts of participating organizations
                (such entity, a “Book-Entry
                Nominee”).

            

    

     

    
      	 	
              7.

            	
              That
                the Purchaser does not have the intention to impede the assessment
                or
                collection of any federal, state or local taxes legally required
                to be
                paid with respect to such Residual
                Certificate.

            

    

     

    
      	 	
              8.

            	
              That
                the Purchaser will not transfer a Residual Certificate to any person
                or
                entity (i) as to which the Purchaser has actual knowledge that the
                requirements set forth in paragraph 3, paragraph 6 or paragraph 10
                hereof
                are not satisfied or that the Purchaser has reason to believe does
                not
                satisfy the requirements set forth in paragraph 7 hereof, and (ii)
                without
                obtaining from the prospective Purchaser an affidavit substantially
                in
                this form and providing to the Certificate Registrar a written statement
                substantially in the form of Exhibit C to the
                Agreement.

            

    

     

    
      	 	
              9.

            	
              That
                the Purchaser understands that, as the holder of a Residual Certificate,
                the Purchaser may incur tax liabilities in excess of any cash flows
                generated by the interest and that the Purchaser has and expects
                to have
                sufficient net worth and/or liquidity to pay in full any tax liabilities
                attributable to ownership of a Residual Certificate and intends to
                pay
                taxes associated with holding such Residual Certificate as they become
                due. 

            

    

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    
      	 	
              10.

            	
              That
                the Purchaser (i) is not a Non-U.S. Person or (ii) is a Non-U.S.
                Person
                that holds a Residual Certificate in connection with the conduct
                of a
                trade or business within the United States and has furnished the
                transferor and the Certificate Registrar with an effective Internal
                Revenue Service Form W-8ECI
                (Certificate of Foreign Person’s Claim for Exemption From Withholding on
                Income Effectively Connected With the Conduct of a Trade or Business
                in
                the United States)
                or successor form at the time and in the manner required by the Code
                or
                (iii) is a Non-U.S. Person that has delivered to the transferor and
                the
                Certificate Registrar an opinion of a nationally recognized tax counsel
                to
                the effect that the transfer of such Residual Certificate to it is
                in
                accordance with the requirements of the Code and the regulations
                promulgated thereunder and that such transfer of a Residual Certificate
                will not be disregarded for federal income tax purposes. “Non-U.S. Person”
                means an individual, corporation, partnership or other person other
                than
                (i) a citizen or resident of the United States; (ii) a corporation,
                partnership or other entity created or organized in or under the
                laws of
                the United States or any state thereof, including for this purpose,
                the
                District of Columbia; (iii) an estate that is subject to U.S. federal
                income tax regardless of the source of its income; (iv) a trust if
                a court
                within the United States is able to exercise primary supervision
                over the
                administration of the trust and one or more United States trustees
                have
                authority to control all substantial decisions of the trust; and,
                (v) to the extent provided in Treasury regulations, certain trusts
                in
                existence on August 20, 1996 that are treated as United States persons
                prior to such date and elect to continue to be treated as United
                States
                persons.

            

    

     

    
      	 	
              11.

            	
              The
                Purchaser will not cause income from the Residual Certificate to
                be
                attributable to a foreign permanent establishment or fixed base of
                the
                Purchaser or another U.S. taxpayer.

            

    

     

    
      	 	
              12.

            	
              That
                the Purchaser agrees to such amendments of the Agreement as may be
                required to further effectuate the restrictions on transfer of any
                Residual Certificate to such a “disqualified organization,” an agent
                thereof, a Book-Entry Nominee, or a person that does not satisfy
                the
                requirements of paragraph 7 and paragraph 10
                hereof.

            

    

     

    
      	 	
              13.

            	
              That
                the Purchaser consents to the designation of the Securities Administrator
                to act as agent for the “tax matters person” of each REMIC created by the
                Trust Fund pursuant to the
                Agreement.

            

    

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________ 20__.

     

    _________________________________

    [name
      of Purchaser]

    

    

    By:  ______________________________
Name:
      
Title:
      

    

    

    Personally
      appeared before me the above-named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________ 20__.

     

    NOTARY
      PUBLIC

     

    ______________________________

     

    COUNTY
      OF_____________________

     

    STATE
      OF______________________

     

    My
      commission expires the _____ day of __________ 20__.

     

    

    

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    RESIDUAL
      CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

     

    ____________________________

                             Date

     

    
      	
              Re:

            	
              Sequoia
                Mortgage Trust 2007-4

            

    

    Mortgage
      Pass-Through Certificates

     

    _______________________
      (the “Transferor”) has reviewed the attached affidavit of
      _____________________________ (the “Transferee”), and has no actual knowledge
      that such affidavit is not true and has no reason to believe that the
      information contained in paragraph 7 thereof is not true, and has no reason
      to
      believe that the Transferee has the intention to impede the assessment or
      collection of any federal, state or local taxes legally required to be paid
      with
      respect to a Residual Certificate. In addition, the Transferor has conducted
      a
      reasonable investigation at the time of the transfer and found that the
      Transferee had historically paid its debts as they came due and found no
      significant evidence to indicate that the Transferee will not continue to pay
      its debts as they become due.

     

    Very
      truly yours,

     

    _______________________________

    Name:

    Title:

    

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    FORM
      OF CUSTODY AGREEMENT

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

     

    LIST
      OF
      SERVICING AGREEMENTS

     

    
      	 	
              1.

            	
              Mortgage
                Loan Flow Purchase, Sale and Servicing Agreement
                dated as of January 1, 2006 between
                RWT Holdings and GreenPoint Mortgage Funding, Inc.,
                as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              2.

            	
              Flow
                Mortgage Loan Sale and Servicing Agreement, dated July 1, 2006, by
                and
                between Bank of America, National Association, and RWT Holdings,
                Inc. as
                modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              3.

            	
              Loan
                Servicing Agreement, dated as of February 1, 2004, between RWT and
                GMAC
                Mortgage, LLC, as amended by the Regulation AB Compliance Addendum
                dated
                as of January 1, 2006 and as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              4.

            	
              Master
                Servicing Agreement between RWT Holdings, Inc. ("RWT") and Morgan
                Stanley
                Credit Corporation, with Redwood Trust, Inc. as Guarantor, dated
                November
                1, 2006, as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              5.

            	
              Master
                Servicing Agreement between Redwood Trust, Inc. and Morgan Stanley
                Credit
                Corporation (formerly Morgan Stanley Dean Witter Credit Corporation),
                dated August 1, 2001, as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              6.

            	
              Master
                Servicing Agreement between RWT and Morgan Stanley, dated August
                1, 2002,
                as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              7.

            	
              Mortgage
                Loan Flow Purchase, Sale & Servicing Agreement among RWT, Cendant and
                Bishop’s Gate Residential Mortgage Trust (formerly known as Cendant
                Residential Mortgage Trust), as Sellers, and Cendant, as Servicer,
                dated
                August 1, 2002, and the Additional Collateral Servicing Agreement
                between
                RWT and Cendant, dated August 1, 2002, each as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              8.

            	
              Mortgage
                Loan Flow Purchase, Sale & Servicing Agreement among RWT, PHH Mortgage
                Corporation (formerly known as Cendant Mortgage Corporation) ("PHH")
                and
                Bishop’s Gate Residential Mortgage Trust (formerly known as Cendant
                Residential Mortgage Trust), as Sellers, and PHH, as Servicer, dated
                January 1, 2006, and the Additional Collateral Servicing Agreement
                between
                RWT and PHH, dated August 1, 2002, each as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              9.

            	
              Seller’s
                Warranties and Servicing Agreement, dated as of June 1, 2007, by
                and
                between by and between Redwood Trust, Inc. and Wells Fargo Bank,
                N.A.
                (“Wells Fargo”), as modified by the related
                Acknowledgements.

            

    

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F

     

    LIST
      OF
      PURCHASE AGREEMENTS

     

    
      	 	
              1.

            	
              Mortgage
                Loan Flow Purchase, Sale and Servicing Agreement, dated as of February
                1,
                2002, between Redwood Trust, Inc. and GreenPoint Mortgage Funding,
                Inc.
                (“GreenPoint”), as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              2.

            	
              Mortgage
                Loan Flow Purchase, Sale and Servicing Agreement, dated as of August
                1,
                2002, between RWT Holdings and GreenPoint, as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              3.

            	
              Mortgage
                Loan Flow Purchase, Sale and Servicing Agreement
                dated as of January 1, 2006 between
                RWT Holdings and GreenPoint,
                as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              4.

            	
              Seller’s
                Purchase Warranties and Interim Servicing Agreement, dated as of
                January
                1, 2004, between GreenPoint and GMAC Mortgage Corporation (“GMAC”), as
                modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              5.

            	
              Seller’s
                Purchase, Warranties and Interim Servicing Agreement, dated as of
                May 1,
                2006 by and between Redwood Mortgage Funding, Inc. and New Century
                Mortgage Corporation (“New Century”), and an Assignment dated January 15,
                2007, between RMF and RWT Holdings, as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              6.

            	
              Master
                Mortgage Loan Purchase Agreement between RWT Holdings and Morgan
                Stanley
                Credit Corporation with Redwood Trust, Inc. as Guarantor, dated November
                1, 2006, as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              7.

            	
              Master
                Mortgage Loan Purchase Agreement between Redwood Trust, Inc. and
                Morgan
                Stanley Credit Corporation (formerly Morgan Stanley Dean Witter Credit
                Corporation) (“Morgan Stanley”), dated August 1, 2001, as modified by the
                related Acknowledgements.

            

    

     

    
      	 	
              8.

            	
              Master
                Mortgage Loan Purchase Agreement between RWT Holdings and Morgan
                Stanley,
                dated August 1, 2002, as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              9.

            	
              Mortgage
                Loan Flow Purchase, Sale & Servicing Agreement among RWT Holdings,
                Cendant and Bishop’s Gate Residential Mortgage Trust (formerly known as
                Cendant Residential Mortgage Trust), as Sellers, and Cendant, as
                Servicer,
                dated August 1, 2002, and the Additional Collateral Servicing Agreement
                between RWT Holdings and Cendant, dated August 1, 2002, each as modified
                by the related Acknowledgements.

            

    

     

    
      	 	
              10.

            	
              Seller’s
                Purchase, Warranties and Interim Servicing Agreement, dated as of
                June 1,
                2006, between Redwood Mortgage Funding, Inc. and First Magnus Financial
                Corporation and an Assignment dated August 30, 2007, between RMF
                and RWT
                Holdings, as modified by the related
                Acknowledgements.

            

    

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

     

    
      	 	
              11.

            	
              Seller’s
                Purchase, Warranties and Interim Servicing Agreement, dated as of
                July 1,
                2006, between Redwood Mortgage Funding, Inc. and Guaranteed Rate,
                Inc.
                (“Guaranteed Rate”) and an Assignment dated January 15, 2007, between RMF
                and RWT Holdings, as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              12.

            	
              Seller’s
                Warranties and Servicing Agreement, dated as of May 1, 2007, by and
                between by and between Redwood Trust, Inc. and Wells Fargo Bank,
                N.A.
                (“Wells Fargo”), as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              13.

            	
              Seller’s
                Warranties and Servicing Agreement, dated as of June 1, 2007, by
                and
                between by and between Redwood Trust, Inc. and Wells Fargo, as modified
                by
                the related Acknowledgements.

            

    

     

    
      	 	
              14.

            	
              Master
                Mortgage Loan Purchase Agreement, dated as of June 1, 2006, among
                RWT
                Holdings, as Purchaser, Merrill Lynch Credit Corporation, as the
                Loan
                Seller, and Merrill Lynch Funding Corporation, as the Participation
                Seller, as amended to date and as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              15.

            	
              The
                Master Mortgage Loan Purchase Agreement, dated as of April 1, 1998,
                between RWT and Merrill Lynch Credit Corporation, as amended to date
                and
                as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              16.

            	
              Mortgage
                Loan Purchase and Sale Agreement, dated as of April 1, 2004, between
                GMAC
                and American Mortgage Network, Inc., as modified by the related
                Acknowledgements.

            

    

     

    
      	 	
              17.

            	
              Seller’s
                Purchase, Warranties and Interim Servicing Agreement, dated as of
                June 1,
                2006 by and between RMF and Provident Funding Associates, LLP
                (“Provident”), and an Assignment dated January 15, 2007, between RMF and
                RWT Holdings, as modified by the related
                Acknowledgements.

            

    

    

     

    

     

    

     

    
      
        
        

      

      
        F-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    LIST
      OF LIMITED PURPOSE SURETY BONDS

     

    

     

    
      	 	
              1.

            	
              Ambac
                Assurance Corporation Surety Bond No. AB0240BE, issued March 17,
                1999, for
                Morgan Stanley Dean Witter Credit Corporation
                loans.

            

    

    

     

    
      	 	
              2.

            	
              Ambac
                Assurance Corporation Surety Bond No. AB0039BE, issued February 26,
                1996,
                for Merrill Lynch Credit Corporation
                loans.

            

    

     

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    FORM
      OF RULE 144A TRANSFER CERTIFICATE

     

    
      	
              Re:

            	
              Sequoia
                Mortgage Trust 2007-4

            

    

    Mortgage
      Pass-Through Certificates

    

     

    Reference
      is hereby made to the Pooling and Servicing Agreement, dated as of August 1,
      2007 (the “Pooling and Servicing Agreement”), by and among Sequoia Residential
      Funding, Inc., as Depositor, Wells Fargo Bank, N.A., as Master Servicer and
      as
      Securities Administrator, and HSBC Bank USA, National Association, as Trustee.
      Capitalized terms used but not defined herein shall have the meanings given
      to
      them in the Pooling and Servicing Agreement.

     

    This
      letter relates to $__________ initial Certificate Principal Amount of Class
      _____ Certificates which are held in the form of Definitive Certificates
      registered in the name of ______________ (the “Transferor”). The Transferor has
      requested a transfer of such Definitive Certificates for Definitive Certificates
      of such Class registered in the name of [insert name of
      transferee].

     

    In
      connection with such request, and in respect of such Certificates, the
      Transferor hereby certifies that such Certificates are being transferred in
      accordance with (i) the transfer restrictions set forth in the Pooling and
      Servicing Agreement and the Certificates and (ii) Rule 144A under the Securities
      Act to a purchaser that the Transferor reasonably believes is a “qualified
      institutional buyer” within the meaning of Rule 144A purchasing for its own
      account or for the account of a “qualified institutional buyer,” which purchaser
      is aware that the sale to it is being made in reliance upon Rule 144A, in a
      transaction meeting the requirements of Rule 144A and in accordance with any
      applicable securities laws of any state of the United States or any other
      applicable jurisdiction.

     

    This
      certificate and the statements contained herein are made for your benefit and
      the benefit of the Underwriter(s) and the Depositor.

     

    _____________________________________

    [Name
      of Transferor]

     

    By: 
      __________________________________

    Name:

    Title:

     

    Dated:
      ___________, ____

    

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    FORM
      OF PURCHASER’S LETTER FOR

    INSTITUTIONAL
      ACCREDITED INVESTOR

     

     

    Date

     

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      Sequoia Mortgage Trust 2007-4 Mortgage Pass-Through Certificates (the “Privately
      Offered Certificates”) of Sequoia Residential Funding, Inc. (the “Depositor”),
      we confirm that:

     

    
      	
              (1)

            	
              We
                understand that the Privately Offered Certificates have not been,
                and will
                not be, registered under the Securities Act of 1933, as amended (the
                “Securities Act”), and may not be sold except as permitted in the
                following sentence. We agree, on our own behalf and on behalf of
                any
                accounts for which we are acting as hereinafter stated, that if we
                should
                sell any Privately Offered Certificates within two years of the later
                of
                the date of original issuance of the Privately Offered Certificates
                or the
                last day on which such Privately Offered Certificates are owned by
                the
                Depositor or any affiliate of the Depositor we will do so only (A)
                to the
                Depositor, (B) to “qualified institutional buyers” (within the meaning of
                Rule 144A under the Securities Act) in accordance with Rule 144A
                under the
                Securities Act (“QIBs”), (C) pursuant to the exemption from registration
                provided by Rule 144 under the Securities Act, or (D) to an institutional
                “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
                (7) of Regulation D under the Securities Act that is not a QIB (an
                “Institutional Accredited Investor”) which, prior to such transfer,
                delivers to the Certificate Registrar under the Pooling and Servicing
                Agreement, dated as of August 1, 2007 (the “Agreement”), by
                and among Sequoia Residential Funding, Inc., as Depositor, Wells
                Fargo
                Bank, N.A., as Master Servicer and as Securities Administrator, and
                HSBC
                Bank USA, National Association, as Trustee,
                a signed letter in the form of this letter; and we further agree,
                in the
                capacities stated above, to provide to any person purchasing any
                of the
                Privately Offered Certificates from us a notice advising such purchaser
                that resales of the Privately Offered Certificates are restricted
                as
                stated herein.

            

    

     

    
      	
              (2)

            	
              We
                understand that, in connection with any proposed resale of any Privately
                Offered Certificates to an Institutional Accredited Investor, we
                will be
                required to furnish to the Certificate Registrar a certification
                from such
                transferee in the form hereof to confirm that the proposed sale is
                being
                made pursuant to an exemption from, or in a transaction not subject
                to,
                the registration requirements of the Securities Act. We further understand
                that the Privately Offered Certificates purchased by us will bear
                a legend
                to the foregoing effect.

            

    

     

    

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    
      	
              (3)

            	
              We
                are acquiring the Privately Offered Certificates for investment purposes
                and not with a view to, or for offer or sale in connection with,
                any
                distribution in violation of the Securities Act. We have such knowledge
                and experience in financial and business matters as to be capable
                of
                evaluating the merits and risks of our investment in the Privately
                Offered
                Certificates, and we and any account for which we are acting are
                each able
                to bear the economic risk of such
                investment.

            

    

     

    
      	
              (4)

            	
              We
                are an Institutional Accredited Investor and we are acquiring the
                Privately Offered Certificates purchased by us for our own account
                or for
                one or more accounts (each of which is an Institutional Accredited
                Investor) as to each of which we exercise sole investment
                discretion.

            

    

     

    
      	
              (5)

            	
              We
                have received such information as we deem necessary in order to make
                our
                investment decision.

            

    

     

    
      	
              (6)

            	
              If
                we are acquiring ERISA-Restricted Certificates, we understand that
                in
                accordance with ERISA, the Code and the Exemption, no Plan and no
                person
                acting on behalf of such a Plan may acquire such Certificate except
                in
                accordance with Section 3.03(e) of the
                Agreement.

            

    

     

    Terms
      used in this letter which are not otherwise defined herein have the respective
      meanings assigned thereto in the Agreement.

    
      
        
        

      

      
        I-2

        
          

        

      

      
        
        

      

    

    You
      are entitled to rely upon this letter and are irrevocably authorized to produce
      this letter or a copy hereof to any interested party in any administrative
      or
      legal proceeding or official inquiry with respect to the matters covered
      hereby.

     

    Very
      truly yours,

     

    __________________________________

    [Purchaser]

     

    By:
       ________________________________

    Name:

    Title:

     

    

     

    

    
      
        
        

      

      
        I-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    FORM
      OF ERISA TRANSFER AFFIDAVIT

     

    
      	
              STATE
                OF NEW YORK 

            	
              )

            
	 	
              )            ss.:
                

            
	
              COUNTY
                OF NEW YORK 

            	
              )

            

    

    

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1. The
      undersigned is the ______________________ of ______________ (the “Investor”), a
      [corporation duly organized] and existing under the laws of __________, on
      behalf of which he makes this affidavit.

     

    2. The
      Investor either (x) is not, and on ___________ [date of transfer] will not
      be,
      an employee benefit plan or other retirement arrangement subject to Section
      406
      of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
      Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
      (collectively, a “Plan”) or a person acting on behalf of any such Plan or
      investing the assets of any such Plan; (y) if the Certificate has been the
      subject of an ERISA-Qualifying Underwriting, is an insurance company that is
      purchasing the Certificate with funds contained in an “insurance company general
      account” as defined in Section V(e) of Prohibited Transaction Class Exemption
      (“PTCE”) 95-60 and the purchase and holding of the Certificate are covered under
      Sections I and III of PTCE 95-60; or (z) herewith delivers to the Certificate
      Registrar an opinion of counsel (a “Benefit Plan Opinion”) satisfactory to the
      Certificate Registrar, and upon which the Certificate Registrar, the Trustee,
      the Master Servicer, the Depositor and the Securities Administrator shall be
      entitled to rely, to the effect that the purchase or holding of such Certificate
      by the Investor will not constitute or result in any non-exempt prohibited
      transactions under Title I of ERISA or Section 4975 of the Code and will not
      subject the Certificate Registrar, the Trustee, the Master Servicer, the
      Depositor or the Securities Administrator to any obligation in addition to
      those
      undertaken by such entities in the Pooling
      and Servicing Agreement, dated as of August 1, 2007 (the “Agreement”),
by
      and
      among Sequoia Residential Funding, Inc., as Depositor, Wells Fargo Bank, N.A.,
      as Master Servicer and as Securities Administrator, and HSBC Bank USA, National
      Association, as Trustee,
      by
      which
      opinion of counsel shall not be an expense of the Trust Fund or the above
      parties.

     

    3. In
      the case of an ERISA-Restricted Purchase Option Certificate, either (i) the
      Investor is neither 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 the ERISA-Restricted Purchase Option Certificate
      are
      eligible for exemptive relief under the statutory exemption for nonfiduciary
      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.

     

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

    4. The
      Investor hereby acknowledges that under the terms of the Agreement, no transfer
      of the ERISA-Restricted Certificates shall be permitted to be made to any person
      unless the Certificate Registrar has received a certificate from such transferee
      in the form hereof.

     

    
      
        
        

      

      
        J-2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________ 20___.

     

    _________________________________

    [Investor]

     

    By: 
      ______________________________

    Name:

    Title:

     

    ATTEST:

     

    

     

    _____________________________

    

    
      	
              STATE
                OF 

            	
              )

            
	 	
              )            ss.:
                

            
	
              COUNTY
                OF 

            	
              )

            

    

    

    Personally
      appeared before me the above-named ________________, known or proved to me
      to be
      the same person who executed the foregoing instrument and to be the
      ____________________ of the Investor, and acknowledged that he executed the
      same
      as his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of _________ 20___.

     

    ______________________________

    NOTARY
      PUBLIC

     

    My
      commission expires the

    _____
      day of __________ 20___.

     

    

     

    

     

    
      
        
        

      

      
        J-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    FORM
      OF LETTER OF REPRESENTATIONS

    WITH
      THE DEPOSITORY TRUST COMPANY

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

    

    Additional
      Disclosure Notification

    

    Wells
      Fargo Bank, N.A.

    Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

    Email:
      cts.sec.notifications@wellsfargo.com

    
      
        	
                Attn:

              	
                Corporate
                  Trust Services- Sequoia Mortgage Trust 2007-4, Mortgage Pass-Through
                  Certificates, Series 2007-4—SEC REPORT
                  PROCESSING

              

      

       

    

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

    

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 6.21[(a)][(b)][(c)] of the Pooling and Servicing
      Agreement, Pooling and Servicing Agreement, dated as of August 1, 2007 (the
      “Agreement”), by and among Sequoia Residential Funding, Inc., as Depositor,
      Wells Fargo Bank, N.A., as Master Servicer and as Securities Administrator,
      and
      HSBC Bank USA, National Association, as Trustee with respect to Sequoia Mortgage
      Trust 2007-4 Mortgage Pass-Through Certificate, the undersigned, as [ ], hereby
      notifies you that certain events have come to our attention that [will] [may]
      need to be disclosed on Form [10-D][10-K][8-K].

     

    Description
      of Additional Form [10-D][10-K][8-K] Disclosure:

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure:

     

    

     

    Any
      inquiries related to this notification should be directed to
      [                       ],
      phone number:
      [         ]; email address:  [                   ].

     

    [NAME
      OF PARTY],

    as
      [role]

     

    By:  ___________________________
Name:
Title:

    

     

    

    
      
        
        

      

      
        L-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

    

    FORM
      OF
      ANNUAL CERTIFICATION

     

    Sequoia
      Mortgage Trust 2007-4 (the “Trust”)

    Mortgage
      Pass-Through Certificates

     

    Re: The
      Pooling
      and Servicing Agreement, dated as of August 1, 2007 (the “Agreement”), by and
      among Sequoia Residential Funding, Inc., as Depositor, Wells Fargo Bank, N.A.,
      as Master Servicer and as Securities Administrator, and HSBC Bank USA, National
      Association, as Trustee with respect to Sequoia Mortgage Trust 2007-4 Mortgage
      Pass-Through Certificate. I, ________________________________, the
      _______________________ of [NAME OF COMPANY] (the “Company”), certify to the
      Depositor and its officers, directors and affiliates, with the knowledge and
      intent that they will rely upon this certification, that:

     

    (1) I
      have
      reviewed (i) the servicer compliance statement of the Company provided in
      accordance with Section 6.22 of the Pooling and Servicing Agreement (the “Item
      1123 Certificate”), (ii) the report on assessment of the Company’s compliance
      with the servicing criteria provided in accordance with Section 6.23 of the
      Pooling and Servicing Agreement (the “Assessment of Compliance”), (iii) the
      registered public accounting firm’s attestation report provided in accordance
      with Section 6.24 of the Pooling and Servicing Agreement (the “Accountant’s
      Attestation”),
      and all servicing reports, officer’s certificates and other information relating
      to the servicing of the Mortgage Loans by the Company during 20[ ] that were
      delivered by the Company to the Securities Administrator 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 Securities
      Administrator;

     

    (4) I
      am
      responsible for reviewing the activities performed by the Company as servicer
      under the Agreement, and based on my knowledge and the compliance review
      conducted in preparing the Item 1123 Certificate and except as disclosed in
      the
      1123 Certificate, the Assessment of Compliance or the Accountant’s Attestation,
      the Company has fulfilled its obligations under the Agreement in all material
      respects; and

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

     

    (5) The
      Item
      1123 Certificate required to be delivered by the Company pursuant to the
      Agreement, and the Assessment of Compliance and the Accountant’s Attestation
      required to be provided by the Company and by any Subservicer or Subcontractor
      pursuant to the Agreement, have been provided to Securities Administrator.
      Any
      material instances of noncompliance described in such reports have been
      disclosed to Securities Administrator. Any material instance of noncompliance
      with the Servicing Criteria has been disclosed in such reports.

     

    

     

    

     

    By:
        ________________________________ 

    Name:

    Title

     

    Date:

     

     

    

     

     

    

     

    
      
        
        

      

      
        M-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

     

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

    

    The
      Assessment of Compliance to be delivered by the parties listed in the table
      below shall address, at a minimum, the criteria identified below as “Applicable
      Servicing Criteria” for each such party: 

    

    

    

    
      	
              Regulation
                AB Reference

            	
               

              Servicing
                Criteria

            	
               

              Master
                Servicer

            	
              Securities
                Admini-strator

            	
               

               

              Servicers

            	
               

               

              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

            	
              X

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              X

            	 	
              X

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the pool assets are maintained. 

            	
              N/A

            	
              N/A

            	
              N/A

            	 
	
              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 bank collection
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	
              X

            	
              X

            	
              X

            	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	
              X

            	 	
              X

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            	 
	
              1122(d)(2)(v)

            	
              Each
                collection 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

            	 
	
              1122(d)(2)(vii)
                

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including collection 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

            	 

    

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    

    
      	 	
              Investor
                Remittances and Reporting

            	 	 	 	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of pool assets serviced by the Servicer.
                

            	
              X

            	
              X

            	
              X

            	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	
              X

            	
              X

            	
              X

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	
              X

            	
              X

            	
              X

            	 
	 	
              Pool
                Asset Administration

            	 	 	 	 
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	 	 	
              X

            	
              X

            
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	 	 	
              X

            	
              X

            
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	 	 	
              X

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	 	 	
              X

            	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	 	 	
              X

            	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	 	 	
              X

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	 	 	
              X

            	 

    

    

    
      
        
        

      

      
        N-2

        
          

        

      

      
        
        

      

    

    

    
      	
              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

            	 
	
              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. 

            	
              N/A

            	
              N/A

            	
              N/A

            	
              N/A

            

    

    

    

     

    [NAME
      OF PARTY] 

     

    Date: _________________________

    
      
        
        

      

      
        N-3

        
          

        

      

      
        
        

      

    

     

    

    By:

    Name:
       ________________________________
      

    Title:
       ________________________________

    

     

    
      
        
        

      

      
        N-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

     

    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 [Distribution Date Statement]

            	
              Master
                Servicer

              Securities
                Administrator

            
	
              Any
                information required by 1121 which is NOT included on the [Distribution
                Date 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
                proceedings known to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator 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

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer
                (as to itself)

            
	
              ▪
                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

            

    

    
      
        
        

      

      
        O-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

              Trustee

            
	
              Item
                5: Submission of Matters to a Vote of Security
                Holders

               

              Information
                from Item 4 of Part II of Form 10-Q

            	
              Securities
                Administrator

              Trustee

            
	
              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) - Derivative 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.

            	 

    

    

    
      
        
        

      

      
        O-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

            	 
	
              Distribution
                Date Statement to Certificateholders

            	
              Securities
                Administrator

            
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	
              Depositor

            

    

    

    
      
        
        

      

      
        O-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

     

    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

            	
              Securities
                Administrator

              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-D for the distribution
                period in which 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-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Reg
                AB Item 1115(b): Derivative 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.

            	 

    

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

    

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              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
                proceedings known to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator 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

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer
                (as to itself)

            
	
              ▪
                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 (b)

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Depositor
                as to (a) 

              Trustee
                as to (b)

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer
                (as to itself)

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivative 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 (b)

            

    

    
      
        
        

      

      
        P-2

        
          

        

      

      
        
        

      

    

    

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer
                (as to itself)

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivative 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 (b)

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Trustee

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer
                (as to itself)

            
	
              ▪
                Any 1110 Originator

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any 1115 Derivative Counterparty Provider

            	
              Depositor/Sponsor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor/Sponsor

            

    

    

    

    
      
        
        

      

      
        P-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q

     

    ADDITIONAL
      FORM 8-K DISCLOSURE

    

    
      	
              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, custody agreement.

               

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              All
                parties (as to themselves)

            
	
              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, custody agreement.

            	
              All
                parties (as to themselves)

            
	
              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
                (as to itself)

            
	
              ▪
                Other Servicer servicing 20% or more of the pool assets at the time
                of the
                report

            	
              Servicer
                (as to itself)

            
	
              ▪
                Other material servicers

            	
              Servicer
                (as to itself)

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Significant Obligor

            	
              Depositor

            

    

    
      
        
        

      

      
        Q-1

        
          

        

      

      
        
        

      

    

    

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              ▪
                Credit Enhancer (10% or more)

            	
              Depositor

            
	
              ▪
                Derivative 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 Distribution Date Statements to the
                certificateholders.

            	
              Depositor

              Master
                Servicer

              Securities
                Administrator

            
	
              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.

            	
              Securities
                Administrator

              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/Securities Administrator/Depositor/

              Servicer
                (as to itself)/Trustee

            
	
              Reg
                AB disclosure about any new servicer or master servicer is also
                required.

            	
              Servicer
                (as to itself)/Master Servicer/Depositor

            
	
              Reg
                AB disclosure about any new Trustee is also required.

            	
              Depositor/Securities
                Administrator

            

    

    
      
        
        

      

      
        Q-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/Securities
                Administrator

            
	
              Reg
                AB disclosure about any new enhancement provider is also
                required.

            	
              Depositor

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Trustee/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 (as to themselves)

            
	
              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

            

    

    

    

     

    
      
        
        

      

      
        Q-3

        
          

        

      

      
        
        

      

    

    WELLS
      FARGO BANK, N.A.,

     

    as
      [Securities Administrator] [Master Servicer]

     

    By 
      ________________________________
Name:
      

    
      	 	 	
              Title:
                

            

    

     

    

    

     

    
      
        
        

      

      
        Q-4

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

     

    MORTGAGE
      LOAN SCHEDULE

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