Document:

Unassociated Document

    CREDIT
      SUISSE FIRST BOSTON MORTGAGE ACCEPTANCE CORP.

     

    as
      Depositor

     

    and

     

    WILMINGTON
      TRUST COMPANY

     

    as
      Owner
      Trustee

     

    
      	 	 	 

    

    

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of March 9, 2007

     

    
      	 	 	 

    

     

    Home
      Equity Mortgage Trust 2007-1

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    TABLE
      OF CONTENTS

    
 

    
      	
              ARTICLE
                I

              Definitions

               

            
	
              Section
                1.01

            	
              Definitions

            
	
              Section
                1.02

            	
              Other
                Definitional Provisions.

               

            
	
              ARTICLE
                II

              Organization

               

            
	
              Section
                2.01

            	
              Name

            
	
              Section
                2.02

            	
              Office

            
	
              Section
                2.03

            	
              Purposes
                and Powers

            
	
              Section
                2.04

            	
              Appointment
                of Owner Trustee

            
	
              Section
                2.05

            	
              Initial
                Capital Contribution

            
	
              Section
                2.06

            	
              Declaration
                of Trust

            
	
              Section
                2.07

            	
              Title
                to Trust Property

            
	
              Section
                2.08

            	
              Situs
                of Trust

            
	
              Section
                2.09

            	
              Representations
                and Warranties of the Depositor

               

            
	
              ARTICLE
                III

              Conveyance
                of the Owner Trust Estate; The Certificates

               

            
	
              Section
                3.01

            	
              Conveyance
                of the Owner Trust Estate

            
	
              Section
                3.02

            	
              Initial
                Ownership

            
	
              Section
                3.03

            	
              The
                Certificates

            
	
              Section
                3.04

            	
              Authentication
                of Certificate

            
	
              Section
                3.05

            	
              Registration
                of and Limitations on Transfer and Exchange of
                Certificate

            
	
              Section
                3.06

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates

            
	
              Section
                3.07

            	
              Persons
                Deemed Certificateholders

            
	
              Section
                3.08

            	
              Access
                to Certificateholders’ Name and Addresses

            
	
              Section
                3.09

            	
              Maintenance
                of Office or Agency

            
	
              Section
                3.10

            	
              Certificate
                Paying Agent

            
	
              Section
                3.11

            	
              Subordination

               

            
	
              ARTICLE
                IV

              Authority
                and Duties of Owner Trustee

               

            
	
              Section
                4.01

            	
              General
                Authority

            
	
              Section
                4.02

            	
              General
                Duties

            
	
              Section
                4.03

            	
              Action
                upon Instruction.

            
	
              Section
                4.04

            	
              No
                Duties Except as Specified under Specified Documents or in
                Instructions

            
	
              Section
                4.05

            	
              Restrictions.

            
	
              Section
                4.06

            	
              Prior
                Notice to the Certificateholders with Respect to Certain
                Matters

            
	
              Section
                4.07

            	
              Action
                by Certificateholders with Respect to Certain Matters

            
	
              Section
                4.08

            	
              Action
                by Certificateholder with Respect to Bankruptcy

            
	
              Section
                4.09

            	
              Restrictions
                on Certificateholders’ Power

            
	
              Section
                4.10

            	
              Doing
                Business in Other Jurisdictions

               

            
	
              ARTICLE
                V

              Application
                of Trust Funds

               

            
	
              Section
                5.01

            	
              Distributions.

            
	
              Section
                5.02

            	
              Method
                of Payment

            
	
              Section
                5.03

            	
              Signature
                on Returns

            
	
              Section
                5.04

            	
              Statements
                to Certificateholders

            
	
              Section
                5.05

            	
              Tax
                Elections

               

            
	
              ARTICLE
                VI

              Concerning
                the Owner Trustee

               

            
	
              Section
                6.01

            	
              Acceptance
                of Trusts and Duties

            
	
              Section
                6.02

            	
              Furnishing
                of Documents

            
	
              Section
                6.03

            	
              Representations
                and Warranties

            
	
              Section
                6.04

            	
              Reliance;
                Advice of Counsel.

            
	
              Section
                6.05

            	
              Not
                Acting in Individual Capacity

            
	
              Section
                6.06

            	
              Owner
                Trustee Not Liable for Certificates or Related
                Documents

            
	
              Section
                6.07

            	
              Owner
                Trustee May Own the Certificates and the Notes

               

            
	
              ARTICLE
                VII

              Compensation
                of Owner Trustee

               

            
	
              Section
                7.01

            	
              Owner
                Trustee’s Fees and Expenses

            
	
              Section
                7.02

            	
              Indemnification

               

            
	
              ARTICLE
                VIII

              Termination
                of Trust Agreement

               

            
	
              Section
                8.01

            	
              Termination
                of Trust Agreement.

            
	
              Section
                8.02

            	
              Additional
                Termination Requirements.

               

            
	
              ARTICLE
                IX

              Successor
                Owner Trustees and Additional Owner Trustees

               

            
	
              Section
                9.01

            	
              Eligibility
                Requirements for Owner Trustee

            
	
              Section
                9.02

            	
              Replacement
                of Owner Trustee

            
	
              Section
                9.03

            	
              Successor
                Owner Trustee

            
	
              Section
                9.04

            	
              Merger
                or Consolidation of Owner Trustee

            
	
              Section
                9.05

            	
              Appointment
                of Co-Trustee or Separate Trustee

               

            
	
              ARTICLE
                X

              Miscellaneous

               

            
	
              Section
                10.01

            	
              Amendments.

            
	
              Section
                10.02

            	
              No
                Legal Title to Owner Trust Estate

            
	
              Section
                10.03

            	
              Limitations
                on Rights of Others

            
	
              Section
                10.04

            	
              Notices.

            
	
              Section
                10.05

            	
              Severability

            
	
              Section
                10.06

            	
              Separate
                Counterparts

            
	
              Section
                10.07

            	
              Successors
                and Assigns

            
	
              Section
                10.08

            	
              No
                Petition

            
	
              Section
                10.09

            	
              No
                Recourse

            
	
              Section
                10.10

            	
              Headings

            
	
              Section
                10.11

            	
              Governing
                Law

            
	
              Section
                10.12

            	
              Integration

            
	
              Section
                10.13

            	
              Intention
                of the Parties

            
	 	 
	 	 
	
              EXHIBIT
                A 

            	
              FORM
                OF CLASS X-[1][2] CERTIFICATES

            
	
              EXHIBIT
                B 

            	
              FORM
                OF CERTIFICATE OF TRUST OF

            
	
              EXHIBIT
                C 

            	
              FORM
                OF RULE 144A INVESTMENT REPRESENTATION

            
	
              EXHIBIT
                D 

            	
              FORM
                OF INVESTOR REPRESENTATION LETTER

            
	
              EXHIBIT
                E 

            	
              FORM
                OF TRANSFEROR REPRESENTATION LETTER

            
	
              EXHIBIT
                F 

            	
              FORM
                OF ERISA REPRESENTATION LETTER

            
	
              EXHIBIT
                G 

            	
              FORM
                OF CERTIFICATE OF NON-FOREIGN STATUS

            
	
              EXHIBIT
                H 

            	
              [RESERVED]

            
	
              EXHIBIT
                I 

            	
              FORM
                OF CLASS A-R CERTIFICATES

            
	
              EXHIBIT
                J-1 

            	
              FORM
                OF TRANSFER AFFIDAVIT AND AGREEMENT

            
	
              EXHIBIT
                J-2 

            	
              FORM
                OF TRANSFEROR CERTIFICATE

            
	
              EXHIBIT
                K 

            	
              FORM
                OF CLASS P CERTIFICATES

            
	
              EXHIBIT
                L 

            	
              FORM
                OF CLASS G CERTIFICATES

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This
      Trust Agreement, dated as of March 9, 2007 (as may be amended, modified or
      supplemented and in effect from time to time, this “Trust Agreement”), between
      CREDIT SUISSE FIRST BOSTON MORTGAGE ACCEPTANCE CORP., a Delaware corporation,
      as
      depositor (the “Depositor”) and WILMINGTON TRUST COMPANY, a Delaware banking
      corporation, as owner trustee (the “Owner Trustee”),

     

    WITNESSETH
      THAT:

     

    WHEREAS,
      pursuant to the terms of the Loan Purchase Agreement, DLJ Mortgage Capital,
      Inc.
      (in such capacity, the “Sponsor”) will sell to the Depositor the Loans together
      with the Related Documents on the Closing Date;

     

    WHEREAS,
      pursuant to the terms if this Trust Agreement, the Depositor desires to convey
      the Loans to the Trust;

     

    NOW,
      THEREFORE, in consideration of the mutual agreements herein contained, the
      Depositor and the Owner Trustee agree as follows:

     

     

     

    ARTICLE
      I

     

    Definitions

     

    Section
      1.01  Definitions.
      For all
      purposes of this Trust Agreement, except as otherwise expressly provided herein
      or unless the context otherwise requires, capitalized terms not otherwise
      defined herein shall have the meanings assigned to such terms in Appendix A
      to
      the Indenture, dated March 9, 2007 (the “Indenture”), among Home Equity Mortgage
      Trust 2007-1, as issuer, and U.S. Bank National Association, as indenture
      trustee, as in effect on the date hereof. All other capitalized terms used
      herein shall have the meanings specified herein.

     

    Section
      1.02  Other
      Definitional Provisions.

     

    (a)  All
      terms
      defined in this Trust Agreement shall have the defined meanings when used in
      any
      certificate or other document made or delivered pursuant hereto unless otherwise
      defined therein. 

     

    (b)  As
      used
      in this Trust Agreement and in any certificate or other document made or
      delivered pursuant hereto or thereto, accounting terms not defined in this
      Trust
      Agreement or in any such certificate or other document, and accounting terms
      partly defined in this Trust Agreement or in any such certificate or other
      document to the extent not defined, shall have the respective meanings given
      to
      them under generally accepted accounting principles. To the extent that the
      definitions of accounting terms in this Trust Agreement or in any such
      certificate or other document are inconsistent with the meanings of such terms
      under generally accepted accounting principles, the definitions contained in
      this Trust Agreement or in any such certificate or other document shall
      control.

     

    (c)  The
      words
“hereof,” “herein,” “hereunder” and words of similar import when used in this
      Trust Agreement shall refer to this Trust Agreement as a whole and not to any
      particular provision of this Trust Agreement; Article, Section and Exhibit
      references contained in this Trust Agreement are references to Articles,
      Sections and Exhibits in or to this Trust Agreement unless otherwise specified;
      the term “including” shall mean “including without limitation;” the term “or”
shall include “and/or”; and the term “proceeds” shall have the meaning ascribed
      thereto in the UCC.

     

    (d)  The
      definitions contained in this Trust Agreement are applicable to the singular
      as
      well as the plural forms of such terms and to the masculine as well as to the
      feminine and neuter genders of such terms.

     

    (e)  Any
      agreement, instrument or statute defined or referred to herein or in any
      instrument or certificate delivered in connection herewith means such agreement,
      instrument or statute as from time to time amended, modified or supplemented
      and
      includes (in the case of agreements or instruments) references to all
      attachments thereto and instruments incorporated therein; references to a Person
      are also to its permitted successors and assigns.

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
      II

     

    Organization

     

    Section
      2.01  Name.
      The
      trust shall be known as “Home Equity Mortgage Trust 2007-1” (the “Trust” or the
“Owner Trust”), in which name the Owner Trustee may engage in the transactions
      contemplated hereby, make and execute contracts and other instruments on behalf
      of the Trust and sue and be sued.

     

    Section
      2.02  Office.
      The
      office of the Trust shall be in care of the Owner Trustee at the Corporate
      Trust
      Office or at such other address in Delaware as the Owner Trustee may designate
      by written notice to the Certificateholders and the Depositor.

     

    Section
      2.03  Purposes
      and Powers.
      The
      purpose of the Trust is to engage in the following activities:

     

    (i)  to
      issue
      the Notes pursuant to the Indenture and the Certificates pursuant to this Trust
      Agreement and to sell the Notes and the Certificates;

     

    (ii)  to
      purchase the Loans and to pay organizational, start-up and transactional
      expenses of the Trust;

     

    (iii)  to
      assign, grant, transfer, pledge and convey the Loans pursuant to the Indenture
      and to hold, manage and distribute to the Certificateholders pursuant to
      Section 5.01 any portion of the Loans released from the Lien of, and
      remitted to the Trust pursuant to the Indenture;

     

    (iv)  to
      assign, grant, transfer, own, pledge and convey the Loans in connection with
      any
      such termination;

     

    (v)  to
      enter
      into and perform its obligations under the Basic Documents to which it is to
      be
      a party;

     

    (vi)  to
      engage
      in those activities, including entering into agreements, that are necessary,
      suitable or convenient to accomplish the foregoing or are incidental thereto
      or
      connected therewith, including, without limitation, to accept additional
      contributions of equity that are not subject to the Lien of the Indenture;
      and

     

    (vii)  subject
      to compliance with the Basic Documents, to engage in such other activities
      as
      may be required in connection with conservation of the Owner Trust Estate and
      the making of distributions to the Securityholders.

     

    The
      Trust
      is hereby authorized to engage in the foregoing activities. The Trust shall
      not
      engage in any activity other than in connection with the foregoing or other
      than
      as required or authorized by the terms of this Trust Agreement or the Basic
      Documents while any Note is outstanding without the consent of the
      Certificateholders and the Indenture Trustee.

     

    Section
      2.04  Appointment
      of Owner Trustee.
      The
      Depositor hereby appoints the Owner Trustee as trustee of the Trust effective
      as
      of the date hereof, to have all the rights, powers and duties set forth
      herein.

     

    Section
      2.05  Initial
      Capital Contribution.
      The
      Depositor hereby sells, assigns, transfers, conveys and sets over to the Trust,
      as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges
      receipt in trust from the Depositor, as of the date hereof, of the foregoing
      contribution, which shall constitute the initial corpus of the Trust and shall
      be deposited in the Certificate Distribution Account. The Owner Trustee also
      acknowledges, on behalf of the Trust, the receipt in trust of the property
      assigned to the Trust pursuant to Section 3.01.

     

    The
      Trust
      acknowledges the conveyance to the Trust by the Depositor, as of the Closing
      Date, of the Owner Trust Estate, including all right, title and interest of
      the
      Depositor in and to the Owner Trust Estate. Concurrently with such conveyance,
      the Trust has pledged the Trust Estate to the Indenture Trustee and has executed
      the Certificates and the Notes and caused them to be duly authenticated and
      delivered.

     

    Section
      2.06  Declaration
      of Trust.
      The
      Owner Trustee hereby declares that it shall hold the Owner Trust Estate in
      trust
      upon and subject to the conditions set forth herein for the use and benefit
      of
      the Certificateholders, subject to the obligations of the Owner Trust under
      the
      Basic Documents. It is the intention of the parties hereto that the Owner Trust
      constitute a statutory trust under the Statutory Trust Statute and that this
      Trust Agreement constitute the governing instrument of such statutory trust.
      It
      is the intention of the parties hereto that, solely for federal, state and
      local
      income and franchise tax purposes, the Owner Trust shall be treated as a
      domestic eligible entity with a single owner electing to be disregarded as
      a
      separate entity. It is the intention of the parties hereto that, an election
      to
      be treated as a REMIC (“REMIC”) for federal income tax purposes be made with
      respect to the Loans together with the proceeds of the Loans and the proceeds
      on
      deposit in the Custodial Accounts and the Payment Account. It is also the
      intention of the parties hereto that a second election to be treated as a REMIC
      be made with respect to the REMIC I Regular Interests (“REMIC II”). It
      is also the intention of the parties hereto that a third election to be treated
      as a REMIC be made with respect to the REMIC II Regular Interests
      (“REMIC III”). Notwithstanding the foregoing, Additional Balances
      comprising the Additional Balance Advance Amount shall not be an asset of
      REMIC I, REMIC II or REMIC III but shall be an asset of the Trust
      Fund. The Issuer will provide for the administration of REMIC I, REMIC II
      and REMIC III pursuant to Article XI of the Indenture. Pursuant to Section
      11.01(d) of the Indenture, the REMIC Administrator will prepare, sign and file
      certain tax returns on behalf of the REMICs. The parties agree that, unless
      otherwise required by appropriate tax authorities, the Owner Trust will not
      file
      or cause to be filed annual or other returns, reports or other forms. Effective
      as of the date hereof, the Owner Trustee shall have all rights, powers and
      duties set forth herein and in the Statutory Trust Statute with respect to
      accomplishing the purposes of the Owner Trust.

     

    Section
      2.07  Title
      to Trust Property.
      Legal
      title to the Owner Trust Estate shall be vested at all times in the Trust as
      a
      separate legal entity except where applicable law in any jurisdiction requires
      title to any part of the Owner Trust Estate to be vested in a trustee or
      trustees, in which case title shall be deemed to be vested in the Owner Trustee,
      a co-trustee and/or a separate trustee, as the case may be.

     

    Section
      2.08  Situs
      of Trust.
      The
      Trust will be located and administered in the State of Delaware or Minnesota.
      All bank accounts maintained by the Owner Trustee on behalf of the Trust shall
      be located in the State of Delaware or the State of Minnesota. The Trust shall
      not have any employees in any state other than Delaware; provided, however,
      that
      nothing herein shall restrict or prohibit the Owner Trustee from having
      employees within or without the State of Delaware or taking actions outside
      the
      State of Delaware in order to comply with Section 2.03. Payments will be
      received by the Trust only in Delaware or Minnesota, and payments will be made
      by the Trust only from Delaware or Minnesota. The only office of the Trust
      will
      be at the Corporate Trust Office in Delaware.

     

    Section
      2.09  Representations
      and Warranties of the Depositor.
      The
      Depositor hereby represents and warrants to the Owner Trustee that:

     

    (i)  The
      Depositor is duly organized and validly existing as a corporation in good
      standing under the laws of the State of Delaware, with power and authority
      to
      own its properties and to conduct its business as such properties are currently
      owned and such business is presently conducted.

     

    (ii)  The
      Depositor is duly qualified to do business as a foreign corporation in good
      standing and has obtained all necessary licenses and approvals in all
      jurisdictions in which the ownership or lease of its property or the conduct
      of
      its business shall require such qualifications and in which the failure to
      so
      qualify would have a material adverse effect on the business, properties, assets
      or condition (financial or other) of the Depositor and the ability of the
      Depositor to perform under this Trust Agreement.

     

    (iii)  The
      Depositor has the power and authority to execute and deliver this Trust
      Agreement and to carry out its terms; the Depositor has full power and authority
      to sell and assign the property to be sold and assigned to and deposited with
      the Trust as part of the Trust and the Depositor has duly authorized such sale
      and assignment and deposit to the Trust by all necessary corporate action;
      and
      the execution, delivery and performance of this Trust Agreement have been duly
      authorized by the Depositor by all necessary corporate action.

     

    (iv)  The
      consummation of the transactions contemplated by this Trust Agreement and the
      fulfillment of the terms hereof do not conflict with, result in any breach
      of
      any of the terms and provisions of, or constitute (with or without notice or
      lapse of time) a default under, the articles of incorporation or bylaws of
      the
      Depositor, or any indenture, agreement or other instrument to which the
      Depositor is a party or by which it is bound; nor result in the creation or
      imposition of any Lien upon any of its properties pursuant to the terms of
      any
      such indenture, agreement or other instrument (other than pursuant to the Basic
      Documents); nor violate any law or, to the best of the Depositor’s knowledge,
      any order, rule or regulation applicable to the Depositor of any court or of
      any
      federal or state regulatory body, administrative agency or other governmental
      instrumentality having jurisdiction over the Depositor or its
      properties.

     

     

     

    ARTICLE
      III

     

    Conveyance
      of the Owner Trust Estate; The Certificates

     

    Section
      3.01  Conveyance
      of the Owner Trust Estate.
      In
      consideration of the delivery to the Depositor of the Securities, the Depositor,
      concurrently with the execution and delivery hereof, does hereby transfer,
      convey, sell and assign to the Trust, on behalf of the Securityholders, without
      recourse, all of its right, title and interest, whether now owned or hereafter
      acquired, in and to (A) the Initial Loans and all Additional Balances (other
      than Excluded Amounts) thereafter arising, including the Mortgage Notes, the
      Mortgages, any related insurance policies and all other documents in the related
      Loan Files and including any Eligible Substitute Loans; (B) the Certificate
      Distribution Account; (C) pool insurance policies, hazard insurance policies
      and
      any bankruptcy bond relating to the foregoing, if applicable; (D) all amounts
      payable after the Cut-off Date to the holders of the Initial Loans in accordance
      with the terms thereof; (E) all income, payments, proceeds and products of
      the
      conversion, voluntary or involuntary, of the foregoing into cash, instruments,
      securities or other property, including without limitation all amounts from
      time
      to time held or invested in the Certificate Distribution Account, whether in
      the
      form of cash, instruments, securities or other property; (F) all accounts,
      chattel paper, deposit accounts, documents, general intangibles, goods,
      instruments, investment property, letter-of-credit rights, letters of credit,
      money, and oil, gas, and other minerals, consisting of, arising from, or
      relating to, any of the foregoing; and (G) all proceeds of any of the
      foregoing.(collectively, the “Owner Trust Estate”).

     

    The
      Depositor and the Owner Trustee agree that it is not intended that any Loan
      be
      included in the Owner Trust Estate that is a “High-Cost Home Loan” as defined in
      (i) the New Jersey Home Ownership Security Act effective November 27, 2003,
      (ii)
      the New Mexico Home Loan Protection Act effective January 1, 2004, (ii) the
      Massachusetts Predatory Home Loan Practices Act effective November 7, 2004,
      (iv)
      the Indiana High Cost Home Loan Law Act effective January, 2005 or (v) the
      Kentucky Revised Statutes §360.100, in each case as amended from time to
      time.

     

    Section
      3.02  Initial
      Ownership.
      Upon
      the formation of the Trust by the contribution by the Depositor pursuant to
      Section 2.05 and until the conveyance of the Loans pursuant to
      Section 3.01 and the issuance of the Certificates, the Depositor shall be
      the sole Certificateholder.

     

    Section
      3.03  The
      Certificates.
      Initially, the Trust shall issue a single denomination of a 100.00% Certificate
      Percentage Interest of the Class P Certificates. The Class P Certificates shall
      represent a 100% beneficial interest in the portion of the Trust relating to
      Prepayment Charges on the Loans. Initially, the Trust shall issue a single
      denomination of a 100.00% Certificate Percentage Interest of the Class X-1
      Certificates. The Class X-1 Certificates shall represent a 100% beneficial
      interest in the portion of the Trust relating to the Loans. Initially, the
      Trust
      shall issue a single denomination of a 100.00% Certificate Percentage Interest
      of the Class X-2 Certificates. The Class X-2 Certificates shall represent a
      100%
      beneficial interest in recoveries on Charged Off Loans that become Released
      Loans. Initially, the Trust shall issue a single denomination of a 100.00%
      Certificate Percentage Interest of each of the Class G Certificates. The Class
      G
      Certificates shall represent the residual interest in REMIC I. Initially, the
      Trust shall issue a single denomination of a 100.00% Certificate Percentage
      Interest of the Class A-R Certificates. The Class A-R Certificates shall
      represent the residual interest in REMIC II. The Certificates of each Class
      shall be shall be transferable in minimum denominations of 20% Certificate
      Percentage Interest.

     

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature of an authorized officer of the Owner Trustee and authenticated in
      the
      manner provided in Section 3.04. If the Certificates bear the manual or
      facsimile signatures of individuals who were, at the time when such signatures
      shall have been affixed, authorized to sign on behalf of the Trust, it shall
      be
      validly issued and entitled to the benefit of this Trust Agreement,
      notwithstanding that such individuals or any of them shall have ceased to be
      so
      authorized prior to the authentication and delivery of the Certificates or
      did
      not hold such offices at the date of authentication and delivery of the
      Certificates. A Person shall become a Certificateholder and shall be entitled
      to
      the rights and subject to the obligations of the Certificateholders hereunder
      upon such Person’s acceptance of the Certificates duly registered in such
      Person’s name, pursuant to Section 3.05.

     

    A
      transferee of a Certificate shall become a Certificateholder and shall be
      entitled to the rights and subject to the obligations of the Certificateholders
      hereunder upon such transferee’s acceptance of such Certificate duly registered
      in such transferee’s name pursuant to and upon satisfaction of the conditions
      set forth in Section 3.05.

     

    Section
      3.04  Authentication
      of Certificate.
      Concurrently with the acquisition of the Loans by the Trust, the Owner Trustee
      or the Certificate Paying Agent shall cause each Class of Certificates to be
      issued in a Certificate Percentage Interest of 100.00%, to be executed on behalf
      of the Trust, authenticated and delivered to or upon the written order of the
      Depositor, signed by its chairman of the board, its president or any vice
      president, without further corporate action by the Depositor, in the authorized
      denomination. A Certificate shall not entitle its holder to any benefit under
      this Trust Agreement or be valid for any purpose unless there shall appear
      on
      such Certificate a certificate of authentication substantially in the form
      set
      forth in Exhibit A, Exhibit I, Exhibit K or Exhibit L executed by the Owner
      Trustee or the Certificate Paying Agent, by manual signature; such
      authentication shall constitute conclusive evidence that such Certificate shall
      have been duly authenticated and delivered hereunder. Each Certificate shall
      be
      dated the date of its authentication.

     

    Section
      3.05  Registration
      of and Limitations on Transfer and Exchange of Certificate.
      The
      Certificate Registrar shall keep or cause to be kept, at the office or agency
      maintained pursuant to Section 3.09, a Certificate Register in which,
      subject to such reasonable regulations as it may prescribe, the Certificate
      Registrar shall provide for the registration of the Certificates and of
      transfers and exchanges of the Certificates as herein provided. The Indenture
      Trustee shall be the initial Certificate Registrar. If the Certificate Registrar
      resigns or is removed, the Owner Trustee shall appoint a successor Certificate
      Registrar.

     

    Upon
      surrender for registration or transfer of a Certificate at the office or agency
      maintained pursuant to Section 3.09, the Owner Trustee shall execute,
      authenticate and deliver (or shall cause the Certificate Registrar as its
      authenticating agent to authenticate and deliver) in the name of the designated
      transferee or transferees, a new Certificate in authorized denominations of
      a
      like aggregate amount dated the date of authentication by the Owner Trustee
      or
      any authenticating agent. At the option of a Certificateholder, such
      Certificateholder’s Certificate may be exchanged for another Certificate of
      authorized denominations of a like aggregate amount upon surrender of the
      Certificate to be exchanged at the office or agency maintained pursuant to
      Section 3.09.

     

    Every
      Certificate presented or surrendered for registration of transfer or exchange
      shall be accompanied by a written instrument of transfer in form satisfactory
      to
      the Certificate Registrar duly executed by the registered holder of such
      Certificate or such holder’s attorney duly authorized in writing. When a
      Certificate is surrendered for registration of transfer or exchange it shall
      be
      canceled and subsequently disposed of by the Certificate Registrar in accordance
      with its customary practice.

     

    No
      service charge shall be made for any registration of transfer or exchange of
      any
      Certificate, but the Owner Trustee or the Certificate Registrar may require
      payment of a sum sufficient to cover any tax or governmental charge that may
      be
      imposed in connection with any transfer or exchange of any
      Certificate.

     

    No
      transfer of any Class G Certificate and Class A-R Certificate or interest
      therein shall be made to any Person that is not a United States Person. Each
      Class G Certificateholder and Class A-R Certificateholder shall establish its
      non-foreign status by submitting to the Certificate Paying Agent an IRS Form
      W-9
      and the Certificate of Non-Foreign Status set forth in Exhibit G hereto, which
      certificate shall not be an expense of the Trust, the Owner Trustee, the
      Certificate Registrar or the Depositor. 

     

    No
      transfer, sale, pledge or other disposition of the Class P, Class X-1, Class
      X-2
      or Class G Certificates shall be made unless such transfer, sale, pledge or
      other disposition is exempt from the registration requirements of the Securities
      Act and any applicable state securities laws or is made in accordance with
      said
      Act and laws. In the event of any such transfer, the Certificate Registrar
      or
      the Depositor shall prior to such transfer require the transferee to execute
      either (i) an investment letter in substantially the form attached hereto as
      Exhibit C (or in such form and substance reasonably satisfactory to the
      Certificate Registrar and the Depositor) which investment letters shall not
      be
      an expense of the Trust, the Owner Trustee, the Certificate Registrar, the
      Servicer or the Depositor and which investment letter states that, among other
      things, such transferee (a) is a “qualified institutional buyer” as defined
      under Rule 144A, acting for its own account or the accounts of other “qualified
      institutional buyers” as defined under Rule 144A, and (b) is aware that the
      proposed transferor intends to rely on the exemption from registration
      requirements under the Securities Act of 1933, as amended, provided by Rule
      144A
      or (ii) (a) a written Opinion of Counsel acceptable to and in form and substance
      satisfactory to the Certificate Registrar and the Depositor that such transfer
      may be made pursuant to an exemption, describing the applicable exemption and
      the basis therefor, from said Act and laws or is being made pursuant to said
      Act
      and laws, which Opinion of Counsel shall not be an expense of the Trust, the
      Owner Trustee, the Certificate Registrar, the Servicer or the Depositor and
      (b) the transferee executes a representation letter, substantially in the
      form of Exhibit D hereto, and the transferor executes a representation letter,
      substantially in the form of Exhibit E hereto, each acceptable to and in form
      and substance satisfactory to the Certificate Registrar and the Depositor
      certifying the facts surrounding such transfer, which representation letters
      shall not be an expense of the Trust, the Owner Trustee, the Certificate
      Registrar, the Servicer or the Depositor. The Certificateholder desiring to
      effect such transfer shall, and does hereby agree to, indemnify the Trust,
      the
      Owner Trustee, the Certificate Registrar, the Servicer and the Depositor against
      any liability that may result if the transfer is not so exempt or is not made
      in
      accordance with such federal and state laws.

     

    No
      transfer of a Certificate or any interest therein shall be made to any Person
      unless the Depositor, the Owner Trustee, the Certificate Registrar and the
      Servicer are provided with an Opinion of Counsel which establishes to the
      satisfaction of the Depositor, the Owner Trustee, the Certificate Registrar
      and
      the Servicer that the purchase of such Certificate is permissible under
      applicable law, will not constitute or result in any prohibited transaction
      under ERISA or Section 4975 of the Code and will not subject the Depositor,
      the Owner Trustee, the Trust, the Certificate Registrar or the Servicer to
      any
      obligation or liability (including obligations or liabilities under ERISA or
      Section 4975 of the Code) in addition to those undertaken in this Trust
      Agreement, which Opinion of Counsel shall not be an expense of the Depositor,
      the Owner Trustee, the Certificate Registrar or the Servicer. In lieu of such
      Opinion of Counsel, a transferee may provide a certification in the form of
      Exhibit F to this Trust Agreement, to the effect that it is not a Plan, any
      Person acting, directly or indirectly, on behalf of any such Plan or any Person
      acquiring a Certificate with Plan Assets of a Plan, which the Depositor, the
      Owner Trustee, the Certificate Registrar and the Servicer may rely upon without
      further inquiry or investigation. Neither an Opinion of Counsel nor a
      certification will be required in connection with the initial transfer of the
      Certificates by the Depositor to the Underwriter and the Depositor shall be
      deemed to have represented that the Underwriter is not a Plan or a Person
      investing Plan Assets of any Plan) and the Owner Trustee and the Certificate
      Registrar shall be entitled to conclusively rely upon a representation (which,
      upon the request of the Owner Trustee, shall be a written representation) from
      the Depositor of the status of such transferee as an affiliate of the
      Depositor.

     

    In
      addition, no transfer of a Certificate shall be permitted, and no such transfer
      shall be registered by the Certificate Registrar or be effective hereunder,
      if
      such transfer or the registration of such transfer would cause the Trust to
      be
      classified as a publicly traded partnership, taxable as a corporation for
      federal income tax purposes by causing the Trust to have more than 100
      Certificateholders at any time during the taxable year of the Trust, an
      association taxable as a corporation, a corporation or a taxable mortgage pool
      for federal and relevant state income tax purposes.

     

    In
      addition, with respect to each Class G Certificate or Class A-R Certificate,
      (i)
      each Person who has or who acquires any Ownership Interest in a Class G
      Certificate or Class A-R Certificate shall be deemed by the acceptance or
      acquisition of such Ownership Interest to have agreed to be bound by the
      following provisions and to have irrevocably authorized the Certificate Paying
      Agent or its designee under clause (iii)(A) below to deliver payments to a
      Person other than such Person and to negotiate the terms of any mandatory sale
      under clause (iii)(B) below and to execute all instruments of transfer and
      to do
      all other things necessary in connection with any such sale. The rights of
      each
      Person acquiring any Ownership Interest in a Class G Certificate or Class A-R
      Certificate are expressly subject to the following provisions:

     

    (A)  Each
      Person holding or acquiring any Ownership Interest in a Class G Certificate
      or
      Class A-R Certificate shall be a Permitted Transferee and shall promptly notify
      the Owner Trustee of any change or impending change in its status as a Permitted
      Transferee.

     

    (B)  In
      connection with any proposed Transfer of any Ownership Interest in a Class
      G
      Certificate or Class A-R Certificate, the Certificate Registrar shall require
      delivery to it, and shall not register the Transfer of any Class G Certificate
      or Class A-R Certificate until its receipt of, (I) an affidavit and agreement
      (a
“Transfer Affidavit and Agreement,” in the form attached hereto as Exhibit J-1)
      from the proposed Transferee, in form and substance satisfactory to the
      Certificate Registrar, representing and warranting, among other things, that
      it
      is a Permitted Transferee, that it is not acquiring its Ownership Interest
      in
      the Class G Certificate or Class A-R Certificate that is the subject of the
      proposed Transfer as a nominee, trustee or agent for any Person who is not
      a
      Permitted Transferee, that for so long as it retains its Ownership Interest
      in a
      Class G Certificate or Class A-R Certificate, it will endeavor to remain a
      Permitted Transferee, and that it has reviewed the provisions of this
      Section 3.05 and agrees to be bound by them, and (II) a certificate, in the
      form attached hereto as Exhibit J-2, from the Certificateholder of a Class
      G
      Certificate or Class A-R Certificate wishing to transfer the Class G Certificate
      or Class A-R Certificate, in form and substance satisfactory to the Certificate
      Registrar, representing and warranting, among other things, that no purpose
      of
      the proposed Transfer is to impede the assessment or collection of
      tax.

     

    (C)  Notwithstanding
      the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if a Responsible Officer of the Certificate Registrar
      who is assigned to this Agreement has actual knowledge that the proposed
      Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
      in a Class G Certificate or Class A-R Certificate to such proposed Transferee
      shall be effected.

     

    (D)  Each
      Person holding or acquiring any Ownership Interest in a Class G Certificate
      or
      Class A-R Certificate shall agree (x) to require a Transfer Affidavit and
      Agreement from any other Person to whom such Person attempts to transfer its
      Ownership Interest in a Class G Certificate or Class A-R Certificate and (y)
      not
      to transfer its Ownership Interest unless it provides a certificate to the
      Certificate Registrar in the form attached hereto as Exhibit J-2.

     

    (E)  Each
      Person holding or acquiring an Ownership Interest in a Class G
      Certificate or Class A-R Certificate,
      by
      purchasing an Ownership Interest in such Certificate, agrees to give the
      Certificate Registrar written notice that it is a “pass-through interest holder”
within the meaning of Temporary Treasury Regulations
      Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership
      Interest in a Class A-R Certificate, if it is, or is holding an Ownership
      Interest in a Class A-R Certificate on behalf of, a “pass-through interest
      holder.”

     

    (ii)  The
      Certificate Registrar will register the Transfer of any Class G Certificate
      or
      Class A-R Certificate only if it shall have received the Transfer Affidavit
      and
      Agreement, a certificate of the Certificateholder of a Class G Certificate
      or
      Class A-R Certificate requesting such transfer in the form attached hereto
      as
      Exhibit J-2 and all of such other documents as shall have been reasonably
      required by the Certificate Registrar as a condition to such registration.
      Transfers of the Class A-R Certificates to Non-United States Persons and
      Disqualified Organizations (as defined in Section 860E(e)(5) of the Code)
      are prohibited.

     

    (iii)  (A)If
      any
      Disqualified Organization shall become a holder of a Class A-R Certificate,
      then
      the last preceding Permitted Transferee shall be restored, to the extent
      permitted by law, to all rights and obligations as Certificateholder of a Class
      G Certificate or Class A-R Certificate thereof retroactive to the date of
      registration of such Transfer of such Class A-R Certificate. If a Non-United
      States Person shall become a holder of a Class G Certificate or Class A-R
      Certificate, then the last preceding United States Person shall be restored,
      to
      the extent permitted by law, to all rights and obligations as Certificateholder
      of a Class G Certificate or Class A-R Certificate thereof retroactive to the
      date of registration of such Transfer of such Class G Certificate or Class
      A-R
      Certificate. If a transfer of a Class G Certificate or Class A-R Certificate
      is
      disregarded pursuant to the provisions of Treasury Regulations
      Section 1.860E-1 or Section 1.860G-3, then the last preceding
      Permitted Transferee shall be restored, to the extent permitted by law, to
      all
      rights and obligations as Certificateholder of a Class G Certificate or Class
      A-R Certificate thereof retroactive to the date of registration of such Transfer
      of such Class G Certificate or Class A-R Certificate. The Certificate Registrar
      shall be under no liability to any Person for any registration of Transfer
      of a
      Class G Certificate or Class A-R Certificate that is in fact not permitted
      by
      this Section 3.05 or for making any payments due on such Certificate to the
      holder thereof or for taking any other action with respect to such holder under
      the provisions of this Agreement.

     

    (B)  If
      any
      purported Transferee shall become a Certificateholder of a Class G Certificate
      or Class A-R Certificate in violation of the restrictions in this
      Section 3.05 and to the extent that the retroactive restoration of the
      rights of the Certificateholder of such Class G Certificate or Class A-R
      Certificate as described in clause (iii)(A) above shall be invalid, illegal
      or
      unenforceable, then the Certificate Registrar shall have the right, without
      notice to the holder or any prior holder of such Class G Certificate or Class
      A-R Certificate, to sell such Class G Certificate or Class A-R Certificate
      to a
      purchaser selected by the Certificate Registrar on such terms as the Certificate
      Registrar may choose. Such purported Transferee shall promptly endorse and
      deliver each Class G Certificate or Class A-R Certificate in accordance with
      the
      instructions of the Certificate Registrar. Such purchaser may be the Servicer
      itself or any Affiliate of the Servicer. The proceeds of such sale, net of
      the
      commissions (which may include commissions payable to the Servicer or its
      Affiliates), expenses and taxes due, if any, will be remitted by the Certificate
      Registrar to such purported Transferee. The terms and conditions of any sale
      under this clause (iii)(B) shall be determined in the sole discretion of the
      Certificate Registrar, and the Certificate Registrar shall not be liable to
      any
      Person having an Ownership Interest in a Class G Certificate or Class A-R
      Certificate as a result of its exercise of such discretion.

     

    (iv)  The
      Certificate Paying Agent shall make available, upon written request from the
      Internal Revenue Service and any potentially affected Person, all information
      necessary to compute any tax imposed (A) as a result of the Transfer of an
      Ownership Interest in a Class G Certificate or Class A-R Certificate to any
      Person who is a Disqualified Organization, including the information regarding
      “excess inclusions” of such Class A-R Certificates required to be provided to
      the Internal Revenue Service and certain Persons as described in Treasury
      Regulations Sections 1.860D-1(b)(5) and 1.860E-2(a)(5), and (B) as a result
      of
      any regulated investment company, real estate investment trust, common trust
      fund, partnership, trust, estate or organization described in Section 1381
      of the Code that holds an Ownership Interest in a Class G Certificate or Class
      A-R Certificate having as among its record holders at any time any Person who
      is
      a Disqualified Organization. Reasonable compensation for providing such
      information may be required by the REMIC Administrator before it will provide
      such information to any such potentially affected Person.

     

    (v)  The
      provisions of this Section 3.05 set forth prior to this clause (v) may be
      modified, added to or eliminated, provided that there shall have been delivered
      to the Owner Trustee the following:

     

    (A)  written
      notification from each Rating Agency to the effect that the modification,
      addition to or elimination of such provisions will not cause such Rating Agency
      to downgrade its then-current ratings, if any, if determined without regard
      to
      the Policy, of any Class of the Notes below the lower of the then-current rating
      or the rating assigned to such Notes as of the Closing Date by such Rating
      Agency, if determined without regard to the Policy; and

     

    (B)  subject
      to Section 10.01(f), an Officers’ Certificate of the Indenture Trustee
      stating that the Indenture Trustee has received an Opinion of Counsel, in form
      and substance satisfactory to the Indenture Trustee, to the effect that such
      modification, addition to or absence of such provisions will not cause any
      portion of either of the REMICs to cease to qualify as a REMIC and will not
      cause (x) any portion of either of the REMICs to be subject to an
      entity-level tax caused by the Transfer of any Class A-R Certificate to a
      Person that is a Disqualified Organization or (y) a Certificateholder or another
      Person to be subject to a REMIC-related tax caused by the Transfer of a
      Class A-R Certificate to a Person that is not a Permitted
      Transferee.

     

    Section
      3.06  Mutilated,
      Destroyed, Lost or Stolen Certificates.
      If (a)
      any mutilated Certificate shall be surrendered to the Certificate Registrar,
      or
      if the Certificate Registrar shall receive evidence to its satisfaction of
      the
      destruction, loss or theft of any Certificate and (b) there shall be delivered
      to the Certificate Registrar and the Owner Trustee such security or indemnity
      as
      may be required by them to save each of them and the Trust from harm, then
      in
      the absence of notice to the Certificate Registrar or the Owner Trustee that
      such Certificate has been acquired by a protected purchaser, the Owner Trustee
      shall execute on behalf of the Trust and the Owner Trustee or the Certificate
      Paying Agent, as the Trust’s 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 denomination. In
      connection with the issuance of any new Certificate under this
      Section 3.06, the Owner Trustee or the Certificate Registrar may require
      the payment of a sum sufficient to cover any tax or other governmental charge
      that may be imposed in connection therewith. Any duplicate Certificate issued
      pursuant to this Section 3.06 shall constitute conclusive evidence of
      ownership in the Trust, as if originally issued, whether or not the lost, stolen
      or destroyed Certificate shall be found at any time.

     

    Section
      3.07  Persons
      Deemed Certificateholders.
      Prior
      to due presentation of the Certificates for registration of transfer, the Owner
      Trustee, the Certificate Registrar or any Certificate Paying Agent may treat
      the
      Person in whose name any Certificate is registered in the Certificate Register
      as the owner of such Certificate for the purpose of receiving distributions
      pursuant to Section 5.02 and for all other purposes whatsoever, and none of
      the Trust, the Owner Trustee, the Certificate Registrar or any Certificate
      Paying Agent shall be bound by any notice to the contrary.

     

    Section
      3.08  Access
      to Certificateholders’ Name and Addresses.
      The
      Certificate Registrar shall furnish or cause to be furnished to the Depositor
      or
      the Owner Trustee, within 15 days after receipt by the Certificate
      Registrar of a written request therefor from the Depositor or the Owner Trustee,
      a list, in such form as the Depositor or the Owner Trustee, as the case may
      be,
      may reasonably require, of the names and addresses of the Certificateholders
      as
      of the most recent Record Date. Each Certificateholder, by receiving and holding
      the Certificates, shall be deemed to have agreed not to hold any of the Trust,
      the Depositor, the Certificate Registrar or the Owner Trustee accountable by
      reason of the disclosure of its name and address, regardless of the source
      from
      which such information was derived.

     

    Section
      3.09  Maintenance
      of Office or Agency.
      The
      Certificate Registrar shall maintain in the City of New York an office or
      offices or agency or agencies where the Certificates may be surrendered for
      registration of transfer or exchange and where notices and demands to or upon
      the Trust in respect of the Certificates and the Basic Documents may be served.
      The Certificate Registrar initially designates the Corporate Trust Office of
      the
      Indenture Trustee as its office for such purposes. The Indenture Trustee shall
      give prompt written notice to the Depositor and the Certificateholders of any
      change in the location of the Certificate Register or any such office or
      agency.

     

    Section
      3.10  Certificate
      Paying Agent.
      (a) The
      Certificate Paying Agent shall make distributions to the Certificateholders
      from
      the Certificate Distribution Account on behalf of the Trust in accordance with
      the provisions of the Certificates and Section 5.01 hereof from payments
      remitted to the Certificate Paying Agent by the Indenture Trustee pursuant
      to
      Section 3.05 of the Indenture. The Trust hereby appoints the Indenture
      Trustee as Certificate Paying Agent. The Certificate Paying Agent
      shall:

     

    (i)  hold
      all
      sums held by it for the payment of amounts due with respect to the Certificates
      in trust for the benefit of the Persons entitled thereto until such sums shall
      be paid to such Persons or otherwise disposed of as herein
      provided;

     

    (ii)  give
      the
      Owner Trustee notice of any default by the Trust of which it has actual
      knowledge in the making of any payment required to be made with respect to
      the
      Certificates;

     

    (iii)  at
      any
      time during the continuance of any such default by the Trust, upon the written
      request of the Owner Trustee forthwith pay to the Owner Trustee on behalf of
      the
      Trust all sums held in trust by the Certificate Paying Agent pursuant to clause
      (i) above;

     

    (iv)  immediately
      resign as Certificate Paying Agent and forthwith pay to the Owner Trustee on
      behalf of the Trust all sums held by it in trust for the payment of the
      Certificates if at any time it ceases to meet the standards required to be
      met
      by the Certificate Paying Agent at the time of its appointment;

     

    (v)  comply
      with all requirements of the Code with respect to the withholding from any
      payments made by it on the Certificates of any applicable withholding taxes
      imposed thereon and with respect to any applicable reporting requirements in
      connection therewith; and

     

    (vi)  deliver
      to the Owner Trustee a copy of the report to Certificateholders prepared with
      respect to each Payment Date by the Indenture Trustee.

     

    (b)  The
      Trust
      may revoke such power and remove the Certificate Paying Agent if the Owner
      Trustee determines in its sole discretion that the Certificate Paying Agent
      shall have failed to perform its obligations under this Trust Agreement in
      any
      material respect. The Indenture Trustee shall be permitted to resign as
      Certificate Paying Agent upon 30 days written notice to the Owner Trustee;
      provided the Indenture Trustee is also resigning as Paying Agent and Indenture
      Trustee under the Indenture at such time and Administrator under the
      Administration Agreement. In the event that the Indenture Trustee shall no
      longer be the Certificate Paying Agent under this Trust Agreement and Paying
      Agent under the Indenture, the Owner Trustee shall appoint a successor to act
      as
      Certificate Paying Agent (which shall be a bank or trust company) and which
      shall also be the successor Paying Agent under the Indenture. The Owner Trustee
      shall cause such successor Certificate Paying Agent or any additional
      Certificate Paying Agent appointed by the Owner Trustee to execute and deliver
      to the Owner Trustee an instrument to the effect set forth in this
      Section 3.10 as it relates to the Certificate Paying Agent. The Certificate
      Paying Agent shall return all unclaimed funds to the Trust and upon removal
      of a
      Certificate Paying Agent such Certificate Paying Agent shall also return all
      funds in its possession to the Trust. The provisions of Sections 6.01, 6.04,
      6.05, 6.06, 6.07, 7.01 and 7.02 shall apply to the Certificate Paying Agent
      to
      the extent applicable. Any reference in this Trust Agreement to the Certificate
      Paying Agent shall include any co-paying agent unless the context requires
      otherwise.

     

    (c)  The
      Certificate Paying Agent shall establish and maintain with itself the
      Certificate Distribution Account in which the Certificate Paying Agent shall
      deposit, on the same day as it is received from the Indenture Trustee, each
      remittance received by the Certificate Paying Agent with respect to payments
      made pursuant to the Indenture. The Certificate Paying Agent shall make all
      distributions on the Certificates from moneys on deposit in the Certificate
      Distribution Account.

     

    Section
      3.11  Subordination.
      Except
      as otherwise provided in the Basic Documents, for so long as any Notes are
      outstanding or unpaid, the Certificateholders will generally be subordinated
      in
      right of payment, under the Certificates or otherwise, to payments to the
      Noteholders under, or otherwise related to, the Indenture. If an Event of
      Default has occurred and is continuing under the Indenture, the Certificates
      will be fully subordinated to obligations owing by the Trust to the Noteholders
      under, or otherwise related to, the Indenture, and no distributions will be
      made
      on the Certificates until the Noteholders, the Administrator, the Servicer
      and
      the Indenture Trustee have been irrevocably paid in full.

     

     

     

    ARTICLE
      IV

     

    Authority
      and Duties of Owner Trustee

     

    Section
      4.01  General
      Authority.
      The
      Owner Trustee is authorized and directed to execute and deliver the Basic
      Documents to which the Trust is to be a party and each certificate or other
      document attached as an exhibit to or contemplated by the Basic Documents to
      which the Trust is to be a party and any amendment or other agreement or
      instrument described herein, in each case, in such form as the Owner Trustee
      shall approve, as evidenced conclusively by the Owner Trustee’s execution
      thereof.

     

    Section
      4.02  General
      Duties.
      The
      Owner Trustee shall be responsible to administer the Trust pursuant to the
      terms
      of this Trust Agreement and in the interest of the Certificateholders, subject
      to the Basic Documents and in accordance with the provisions of this Trust
      Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed
      to
      have discharged its duties under this Trust Agreement and the other Basic
      Documents to the extent that the Sponsor or the Administrator shall have agreed
      in the Administration Agreement to perform the duties of the Owner Trustee
      or
      the Trust, and the Owner Trustee shall not be responsible for monitoring the
      performance of such duties by the Sponsor or the Administrator, nor shall the
      Owner Trustee be liable for the acts or omissions of the Sponsor or the
      Administrator. In no event shall the Owner Trustee be obligated to assume the
      duties of the Sponsor in the event of the Sponsor’s resignation, removal,
      insolvency or other incapacity.

     

    Section
      4.03  Action
      upon Instruction.

     

    (a)  Subject
      to this Article IV and in accordance with the terms of the Basic Documents,
      holders of a majority of the Certificate Percentage Interest or each class
      of
      Certificates may by written instruction direct the Owner Trustee in the
      management of the Trust. Such direction may be exercised at any time by written
      instruction of a majority of the Certificate Percentage Interest or each class
      of Certificates pursuant to this Article IV.

     

    (b)  Notwithstanding
      the foregoing, the Owner Trustee shall not be required to take any action
      hereunder or under any Basic Document if the Owner Trustee shall have reasonably
      determined, or shall have been advised by counsel, that such action is likely
      to
      result in liability on the part of the Owner Trustee or is contrary to the
      terms
      hereof or of any Basic Document or is otherwise contrary to law.

     

    (c)  Whenever
      the Owner Trustee is required to decide or is unable to decide between
      alternative courses of action permitted or required by the terms of this Trust
      Agreement or under any Basic Document, or in the event that the Owner Trustee
      is
      unsure as to the application of any provision of this Trust Agreement or any
      Basic Document or any such provision is ambiguous as to its application, or
      is,
      or appears to be, in conflict with any other applicable provision, or in the
      event that this Trust Agreement permits any determination by the Owner Trustee
      or is silent or is incomplete as to the course of action that the Owner Trustee
      is required to take with respect to a particular set of facts, the Owner Trustee
      shall promptly give notice (in such form as shall be appropriate under the
      circumstances) to the Certificateholders requesting direction as to the course
      of action to be adopted and to the extent the Owner Trustee acts in good faith
      in accordance with any written instructions received from such
      Certificateholders pursuant to Section 4.03(a) above, the Owner Trustee shall
      not be liable on account of such action to any Person. If the Owner Trustee
      shall not have received appropriate instruction within 10 days of such notice
      (or within such shorter period of time as reasonably may be specified in such
      notice or may be necessary under the circumstances) it may, but shall be under
      no duty to, take or refrain from taking such action not inconsistent with this
      Trust Agreement or the Basic Documents, as it shall deem to be in the best
      interests of the Certificateholders, and the Owner Trustee shall have no
      liability to any Person for such action or inaction.

     

    Section
      4.04  No
      Duties Except as Specified under Specified Documents or in
      Instructions.
      The
      Owner Trustee shall not have any duty or obligation to manage, make any payment
      with respect to, register, record, sell, dispose of, or otherwise deal with
      the
      Owner Trust Estate, or to otherwise take or refrain from taking any action
      under, or in connection with, any document contemplated hereby to which the
      Owner Trustee is a party, except as expressly required by this Trust Agreement;
      and no implied duties or obligations shall be read into this Trust Agreement
      or
      any Basic Document against the Owner Trustee. The Owner Trustee shall have
      no
      responsibility to prepare or file 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 prepare or file
      any
      Securities and Exchange Commission filing for the Trust or to record this Trust
      Agreement or any Basic Document. The Owner Trustee nevertheless agrees that
      it
      will, at its own cost and expense, promptly take all action as may be necessary
      to discharge any liens on any part of the Owner Trust Estate that result from
      actions by, or claims against, the Owner Trustee in its individual capacity
      that
      are not related to the ownership or the administration of the Owner Trust
      Estate.

     

    Section
      4.05  Restrictions.

     

    (a)  The
      Owner
      Trustee shall not take any action (x) that is inconsistent with the purposes
      of
      the Trust set forth in Section 2.03 or (y) that, to the actual knowledge of
      the Owner Trustee, would result in the Trust becoming taxable as a corporation
      for federal income tax purposes. The Certificateholders shall not direct the
      Owner Trustee to take action that would violate the provisions of this
      Section 4.05.

     

    (b)  The
      Owner
      Trustee shall not convey or transfer any of the Trust’s properties or assets,
      including those included in the Owner Trust Estate, to any person unless (a)
      it
      shall have received an Opinion of Counsel to the effect that such transaction
      will not have any material adverse tax consequence to the Trust or any
      Certificateholder and (b) such conveyance or transfer shall not violate the
      provisions of Section 3.15(b) of the Indenture.

     

    Section
      4.06  Prior
      Notice to the Certificateholders with Respect to Certain Matters.
      With
      respect to the following matters, the Owner Trustee shall not take action unless
      at least 30 days before the taking of such action, the Owner Trustee shall
      have notified the Certificateholders of the proposed action and the holders
      of a
      majority of the Certificate Percentage Interest shall not have notified the
      Owner Trustee in writing prior to the 30th day after such notice is given that
      such holders have withheld consent or provided alternative
      direction:

     

    (a)  the
      initiation of any claim or lawsuit by the Trust and the compromise of any
      action, claim or lawsuit brought by or against the Trust;

     

    (b)  the
      election by the Trust to file an amendment to the Certificate of Trust (unless
      such amendment is required to be filed under the Statutory Trust
      Statute);

     

    (c)  the
      amendment of the Indenture by a supplemental indenture in circumstances where
      the consent of any Noteholder is required;

     

    (d)  the
      amendment of the Indenture by a supplemental indenture in circumstances where
      the consent of any Noteholder is not required and such amendment materially
      adversely affects the interest of the Certificateholders; and

     

    (e)  the
      appointment pursuant to the Indenture of a successor Note Registrar, Paying
      Agent or Indenture Trustee or pursuant to this Trust Agreement of a successor
      Certificate Registrar or Certificate Paying Agent or the consent to the
      assignment by the Note Registrar, Paying Agent, Indenture Trustee, Certificate
      Registrar or Certificate Paying Agent of its obligations under the Indenture
      or
      this Trust Agreement, as applicable.

     

    Section
      4.07  Action
      by Certificateholders with Respect to Certain Matters.
      The
      Owner Trustee shall not have the power, except upon the direction of the
      Certificateholders, to (a) remove the Servicer under the Servicing
      Agreement pursuant to Sections 7.01 and 8.05 thereof or (b) except as expressly
      provided in the Basic Documents, sell the Loans after the termination of the
      Indenture. The Owner Trustee shall take the actions referred to in the preceding
      sentence only upon written instructions signed by the
      Certificateholders.

     

    Section
      4.08  Action
      by Certificateholder with Respect to Bankruptcy.
      The
      Owner Trustee shall not have the power to commence a voluntary proceeding in
      bankruptcy relating to the Trust without the prior approval of the
      Certificateholders and the delivery to the Owner Trustee by each
      Certificateholder of a certificate certifying that such Certificateholder
      reasonably believes that the Trust is insolvent.

     

    Section
      4.09  Restrictions
      on Certificateholders’ Power.
      The
      Certificateholders shall not direct the Owner Trustee to take or to refrain
      from
      taking any action if such action or inaction would be contrary to any obligation
      of the Trust or the Owner Trustee under this Trust Agreement or any of the
      Basic
      Documents or would be contrary to Section 2.03, nor shall the Owner Trustee
      be obligated to follow any such direction, if given.

     

    Section
      4.10  Doing
      Business in Other Jurisdictions.
      Notwithstanding anything contained herein to the contrary, neither Wilmington
      Trust Company nor the Owner Trustee shall be required to take any action in
      any
      jurisdiction other than in the State of Delaware if the taking of such action
      will, even after the appointment of a co-trustee or separate trustee in
      accordance with Section 9.05 hereof, (i) require the consent or approval or
      authorization or order of or the giving of notice to, or the registration with
      or the taking of any other action in respect of, any state or other governmental
      authority or agency of any jurisdiction other than the State of Delaware; (ii)
      result in any fee, tax or other governmental charge under the laws of the State
      of Delaware becoming payable by Wilmington Trust Company, or (iii) subject
      Wilmington Trust Company to personal jurisdiction in any jurisdiction other
      than
      the State of Delaware for causes of action arising from acts unrelated to the
      consummation of the transactions by Wilmington Trust Company or the Owner
      Trustee, as the case may be, contemplated hereby.

     

     

     

    ARTICLE
      V

     

    Application
      of Trust Funds

     

    Section
      5.01  Distributions.

     

    (a)  On
      each
      Payment Date, the Certificate Paying Agent shall distribute from amounts on
      deposit in the Certificate Distribution Account, the Class G Certificate
      Distribution Amount with respect to such Payment Date to the holders of the
      Class G Certificates. On each Payment Date, the Certificate Paying Agent shall
      distribute from amounts on deposit in the Certificate Distribution Account,
      the
      Class A-R Certificate Distribution Amount with respect to such Payment Date
      to the holders of the Class A-R Certificates. On each Payment Date, the
      Certificate Paying Agent shall distribute from amounts on deposit in the
      Certificate Distribution Account, the Class P Certificate Distribution
      Amount with respect to such Payment Date to the holders of the Class P
      Certificates. On each Payment Date, the Certificate Paying Agent shall
      distribute from amounts on deposit in the Certificate Distribution Account,
      the
      Class X-1 Distribution Amount with respect to such Payment Date to the
      holders of the Class X-1 Certificates. On each Payment Date, the
      Certificate Paying Agent shall distribute from amounts on deposit in the
      Certificate Distribution Account, the Class X-2 Distribution Amount with
      respect to such Payment Date to the holders of the Class X-2 Certificates.
      In the event that there are any funds remaining in the Certificate Distribution
      Account on any Payment Date after the distribution of the Class G Certificate
      Distribution Amount, the Class A-R Certificate Distribution Amount, the
      Class P Certificate Distribution Amount, the Class X-1 Distribution Amount
      and the Class X-2 Certificate Distribution Amount, such amounts shall be
      distributed to the holders of the Class A-R Certificates. 

     

    (b)  In
      the
      event that any withholding tax is imposed on the distributions (or allocations
      of income) to the Certificateholders, such tax shall reduce the amount otherwise
      distributable to the Certificateholders in accordance with this
      Section 5.01. The Certificate Paying Agent is hereby authorized and
      directed to retain or cause to be retained from amounts otherwise distributable
      to the Certificateholders sufficient funds for the payment of any tax that
      is
      legally owed by the Trust (but such authorization shall not prevent the Owner
      Trustee from contesting any such tax in appropriate proceedings, and withholding
      payment of such tax, if permitted by law, pending the outcome of such
      proceedings). The amount of any withholding tax imposed with respect to any
      Certificateholder shall be treated as cash distributed to such Certificateholder
      at the time it is withheld by the Certificate Paying Agent. The amount of any
      such withholding tax shall be remitted by the Certificate Paying Agent, as
      required, to the appropriate taxing authority. If there is a possibility that
      withholding tax is payable with respect to a distribution (such as a
      distribution to a non-U.S. Certificateholder), the Certificate Paying Agent
      may
      in its sole discretion withhold such amounts in accordance with this paragraph
      (b).

     

    (c)  Distributions
      to the Certificateholders shall be subordinated to the creditors of the Trust,
      including the Noteholders.

     

    (d)  Allocations
      of profits, income and losses, as determined for federal income tax purposes,
      shall be made among the Classes A-R Certificates in accordance with the REMIC
      provisions and within each Class of Certificates to the Certificateholders
      on a
      pro rata basis based on the Certificate Percentage Interests
      thereof.

     

    (e)  For
      federal income tax purposes, distributions on the REMIC I Regular Interests
      and
      REMIC II Regular Interests shall be in the same priority and for the same
      amounts as that provided in Section 11.02 of the Indenture.

     

    Section
      5.02  Method
      of Payment.
      Subject
      to Section 8.01(c), distributions required to be made to the
      Certificateholders on any Payment Date as provided in Section 5.01 shall be
      made to the Certificateholders of record on the preceding Record Date by wire
      transfer, in immediately available funds, to the account of each
      Certificateholder at a bank or other entity having appropriate facilities
      therefor, if such Certificateholders shall have provided to the Certificate
      Registrar appropriate written instructions at least five Business Days prior
      to
      such Payment Date or, if not, by check mailed to such Certificateholder at
      the
      address of such Certificateholder appearing in the Certificate
      Register.

     

    Section
      5.03  Signature
      on Returns.
      The
      REMIC Administrator, as agent for the Owner Trustee, shall sign on behalf of
      the
      Trust the tax returns of REMIC I, REMIC II and REMIC III. The Owner
      Trustee shall give the REMIC Administrator all such powers of attorney as are
      needed to enable the REMIC Administrator to prepare and sign such tax
      returns.

     

    Section
      5.04  Statements
      to Certificateholders.
      On each
      Payment Date, the Certificate Paying Agent shall make available on its website
      the statement or statements provided to the Owner Trustee and the Certificate
      Paying Agent by the Indenture Trustee.

     

    Section
      5.05  Tax
      Elections.
      Each
      Certificateholder agrees by its purchase of a Certificate to treat the Trust,
      other than the portion of the Trust Estate constituting the REMICs, as a
      domestic eligible entity with a single owner electing to be disregarded as
      a
      separate entity for purposes of federal and state income tax, franchise tax
      and
      any other tax measured in whole or in part by income, with the Notes being
      debt
      of the Trust, as further set forth in Section 2.06. For income tax purposes
      the parties hereto intend that the transaction set forth herein shall not be
      a
      taxable event.

     

     

     

    ARTICLE
      VI

     

    Concerning
      the Owner Trustee

     

    Section
      6.01  Acceptance
      of Trusts and Duties.
      The
      Owner Trustee accepts the trusts hereby created and agrees to perform its duties
      hereunder with respect to such trusts but only upon the terms of this Trust
      Agreement. The Owner Trustee and the Certificate Paying Agent also agree to
      disburse all moneys actually received by it constituting part of the Owner
      Trust
      Estate upon the terms of the Basic Documents and this Trust Agreement. The
      Owner
      Trustee shall not be answerable or accountable hereunder or under any Basic
      Document under any circumstances, except (i) for its own willful misconduct,
      gross negligence or bad faith or (ii) in the case of the inaccuracy of any
      representation or warranty contained in Section 6.03 expressly made by the
      Owner Trustee. In particular, but not by way of limitation (and subject to
      the
      exceptions set forth in the preceding sentence):

     

    (a)  No
      provision of this Trust Agreement or any Basic Document shall require the Owner
      Trustee to expend or risk funds or otherwise incur any financial liability
      in
      the performance of any of its rights, duties or powers hereunder or under any
      Basic Document if the Owner Trustee shall have reasonable grounds for believing
      that repayment of such funds or adequate indemnity against such risk or
      liability is not reasonably assured or provided to it;

     

    (b)  Under
      no
      circumstances shall the Owner Trustee be liable for indebtedness evidenced
      by or
      arising under any of the Basic Documents, including the principal of and
      interest on the Notes;

     

    (c)  The
      Owner
      Trustee shall not be responsible for or in respect of the validity or
      sufficiency of this Trust Agreement or for the due execution hereof by the
      Depositor or for the form, character, genuineness, sufficiency, value or
      validity of any of the Owner Trust Estate, or for or in respect of the validity
      or sufficiency of the Basic Documents, the Notes, or the Certificates, other
      than the certificate of authentication on the Certificates, if executed by
      the
      Owner Trustee and the Owner Trustee shall in no event assume or incur any
      liability, duty, or obligation to any Noteholder or to any Certificateholder,
      other than as expressly provided for herein or expressly agreed to in the Basic
      Documents;

     

    (d)  The
      execution, delivery, authentication and performance by it of this Trust
      Agreement will not require the authorization, consent or approval of, the giving
      of notice to, the filing or registration with, or the taking of any other action
      with respect to, any governmental authority or agency;

     

    (e)  The
      Owner
      Trustee shall not be liable for the default or misconduct of the Depositor,
      Indenture Trustee or the Servicer under any of the Basic Documents or otherwise
      and the Owner Trustee shall have no obligation or liability to perform the
      obligations of the Trust under this Trust Agreement or the Basic Documents
      that
      are required to be performed by the Indenture Trustee under the Indenture,
      the
      Servicer under the Servicing Agreement or the Sponsor or the Administrator
      under
      the Administration Agreement; and

     

    (f)  The
      Owner
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it or duties imposed by this Trust Agreement, or to institute, conduct
      or defend any litigation under this Trust Agreement or otherwise or in relation
      to this Trust Agreement or any Basic Document, at the request, order or
      direction of the Certificateholders, unless the Certificateholders have offered
      to the Owner Trustee security or indemnity satisfactory to it against the costs,
      expenses and liabilities that may be incurred by the Owner Trustee therein
      or
      thereby. The right of the Owner Trustee to perform any discretionary act
      enumerated in this Trust Agreement or in any Basic Document shall not be
      construed as a duty, and the Owner Trustee shall not be answerable for other
      than its gross negligence, bad faith or willful misconduct in the performance
      of
      any such act.

     

    Section
      6.02  Furnishing
      of Documents.
      The
      Owner Trustee shall furnish to the Securityholders promptly upon receipt of
      a
      written reasonable request therefor, duplicates or copies of all reports,
      notices, requests, demands, certificates, financial statements and any other
      instruments furnished to the Trust under the Basic Documents.

     

    Section
      6.03  Representations
      and Warranties.
      The
      Owner Trustee hereby represents and warrants to the Depositor, for the benefit
      of the Certificateholders, that:

     

    (a)  It
      is a
      banking corporation duly organized and validly existing in good standing under
      the laws of the State of Delaware. It has all requisite corporate power and
      authority to execute, deliver and perform its obligations under this Trust
      Agreement;

     

    (b)  It
      has
      taken all corporate action necessary to authorize the execution and delivery
      by
      it of this Trust Agreement, and this Trust Agreement will be executed and
      delivered by one of its officers who is duly authorized to execute and deliver
      this Trust Agreement on its behalf;

     

    (c)  Neither
      the execution nor the delivery by it of this Trust Agreement, nor the
      consummation by it of the transactions contemplated hereby nor compliance by
      it
      with any of the terms or provisions hereof will contravene any federal or
      Delaware law, governmental rule or regulation governing the banking or trust
      powers of the Owner Trustee or any judgment or order binding on it, or
      constitute any default under its charter documents or bylaws or any indenture,
      mortgage, contract, agreement or instrument to which it is a party or by which
      any of its properties may be bound;

     

    (d)  This
      Trust Agreement, assuming due authorization, execution and delivery by the
      Depositor, constitutes a valid, legal and binding obligation of the Owner
      Trustee, enforceable against it in accordance with the terms hereof subject
      to
      applicable bankruptcy, insolvency, reorganization, moratorium and other laws
      affecting the enforcement of creditors’ rights generally and to general
      principles of equity, regardless of whether such enforcement is considered
      in a
      proceeding in equity or at law;

     

    (e)  The
      Owner
      Trustee is not in default with respect to any order or decree of any court
      or
      any order, regulation or demand of any federal, state, municipal or governmental
      agency, which default might have consequences that would materially and
      adversely affect the condition (financial or other) or operations of the Owner
      Trustee or its properties or might have consequences that would materially
      adversely affect its performance hereunder; and

     

    (f)  No
      litigation is pending or, to the best of the Owner Trustee’s knowledge,
      threatened against the Owner Trustee which would prohibit its entering into
      this
      Trust Agreement or performing its obligations under this Trust
      Agreement.

     

    Section
      6.04  Reliance;
      Advice of Counsel.

     

    (a)  The
      Owner
      Trustee shall incur no liability to anyone in acting upon any signature,
      instrument, notice, resolution, request, consent, order, certificate, report,
      opinion, bond, or other document or paper believed by it to be genuine and
      believed by it to be signed by the proper party or parties. The Owner Trustee
      may accept a certified copy of a resolution of the board of directors or other
      governing body of any corporate party as conclusive evidence that such
      resolution has been duly adopted by such body and that the same is in full
      force
      and effect. As to any fact or matter the method of determination of which is
      not
      specifically prescribed herein, the Owner Trustee may for all purposes hereof
      rely on a certificate, signed by the president or any vice president or by
      the
      treasurer or other authorized officers of the relevant party, as to such fact
      or
      matter and such certificate shall constitute full protection to the Owner
      Trustee for any action taken or omitted to be taken by it in good faith in
      reliance thereon.

     

    (b)  In
      the
      exercise or administration of the Trust hereunder and in the performance of
      its
      duties and obligations under this Trust Agreement or the Basic Documents, the
      Owner Trustee (i) may act directly or through its agents, attorneys, custodians
      or nominees (including persons acting under a power of attorney) pursuant to
      agreements entered into with any of them, and the Owner Trustee shall not be
      liable for the conduct or misconduct of such agents, attorneys, custodians
      or
      nominees (including persons acting under a power of attorney) if such persons
      have been selected by the Owner Trustee with reasonable care, and (ii) may
      consult with counsel, accountants and other skilled persons to be selected
      with
      reasonable care and employed by it at the expense of the Trust. The Owner
      Trustee shall not be liable for anything done, suffered or omitted in good
      faith
      by it in accordance with the opinion or advice of any such counsel, accountants
      or other such Persons.

     

    Section
      6.05  Not
      Acting in Individual Capacity.
      Except
      as provided in this Article VI, in accepting the trusts hereby created
      Wilmington Trust Company acts solely as Owner Trustee hereunder and not in
      its
      individual capacity, and all Persons having any claim against the Owner Trustee
      by reason of the transactions contemplated by this Trust Agreement or any Basic
      Document shall look only to the Owner Trust Estate for payment or satisfaction
      thereof.

     

    Section
      6.06  Owner
      Trustee Not Liable for Certificates or Related Documents.
      The
      recitals contained herein and in the Certificates (other than the signatures
      of
      the Owner Trustee on the Certificates) shall not be taken as the statements
      of
      the Owner Trustee, and the Owner Trustee assumes no responsibility for the
      correctness thereof. The Owner Trustee makes no representations as to the
      validity or sufficiency of this Trust Agreement, of any Basic Document or of
      the
      Certificates (other than the signatures of the Owner Trustee on the
      Certificates) or the Notes, or of any Related Documents. The Owner Trustee
      shall
      at no time have any responsibility or liability with respect to the sufficiency
      of the Owner Trust Estate or its ability to generate the payments to be
      distributed to the Certificateholders under this Trust Agreement or the
      Noteholders under the Indenture, including, the compliance by the Depositor
      or
      the Sponsor with any warranty or representation made under any Basic Document
      or
      in any related document or the accuracy of any such warranty or representation,
      or any action of the Certificate Paying Agent, the Certificate Registrar or
      the
      Indenture Trustee taken in the name of the Owner Trustee.

     

    Section
      6.07  Owner
      Trustee May Own the Certificates and the Notes.
      The
      Owner Trustee in its individual or any other capacity may become the owner
      or
      pledgee of the Certificates or the Notes and may deal with the Depositor, the
      Sponsor, the Certificate Paying Agent, the Certificate Registrar and the
      Indenture Trustee in transactions with the same rights as it would have if
      it
      were not Owner Trustee.

     

     

     

    ARTICLE
      VII

     

    Compensation
      of Owner Trustee

     

    Section
      7.01  Owner
      Trustee’s Fees and Expenses.
      The
      Owner Trustee shall receive as compensation for its services hereunder such
      fees
      as have been separately agreed upon before the date hereof (the “Owner Trustee
      Fee”) from the Sponsor, and the Owner Trustee shall be reimbursed for its
      reasonable expenses hereunder and under the Basic Documents, including the
      reasonable compensation, expenses and disbursements of such agents,
      representatives, experts and counsel as the Owner Trustee may reasonably employ
      in connection with the exercise and performance of its rights and its duties
      hereunder and under the Basic Documents which shall be payable by the
      Sponsor.

     

    Section
      7.02  Indemnification.
      The
      Sponsor, the Depositor and the Trust (on a joint and several basis) shall
      indemnify, defend and hold harmless the Owner Trustee, both as Owner Trustee
      and
      in its individual capacity, and its successors, assigns, agents and servants
      (collectively, the “Indemnified Parties”) from and against, any and all
      liabilities, obligations, losses, damages, taxes, claims, actions and suits,
      and
      any and all reasonable costs, expenses and disbursements (including reasonable
      legal fees and expenses) of any kind and nature whatsoever (collectively,
“Expenses”) which may at any time be imposed on, incurred by, or asserted
      against the Owner Trustee or any Indemnified Party in any way relating to or
      arising out of this Trust Agreement, the Basic Documents, the Owner Trust
      Estate, the administration of the Owner Trust Estate or the action or inaction
      of the Owner Trustee hereunder, provided, that:

     

    (i)  the
      Sponsor, the Depositor, and the Trust shall not be liable for or required to
      indemnify an Indemnified Party from and against Expenses arising or resulting
      from the Owner Trustee’s willful misconduct, gross negligence or bad faith or as
      a result of any inaccuracy of a representation or warranty contained in
      Section 6.03 expressly made by the Owner Trustee;

     

    (ii)  with
      respect to any such claim, the Indemnified Party shall have given the Sponsor,
      the Depositor, and the Trust written notice thereof promptly after the
      Indemnified Party shall have actual knowledge thereof;

     

    (iii)  while
      maintaining control over its own defense, the Sponsor shall consult with the
      Indemnified Party in preparing such defense; and

     

    (iv)  notwithstanding
      anything in this Trust Agreement to the contrary, the Sponsor, the Depositor,
      and the Trust shall not be liable for settlement of any claim by an Indemnified
      Party entered into without the prior consent of the Sponsor, the Depositor,
      or
      the Trust, as applicable, which consent shall not be unreasonably
      withheld.

     

    The
      indemnities contained in this Section shall survive the resignation or
      removal of the Owner Trustee or the termination of this Trust Agreement. In
      the
      event of any claim, action or proceeding for which indemnity will be sought
      pursuant to this Section 7.02, the Owner Trustee’s choice of legal counsel,
      if other than the legal counsel retained by the Owner Trustee in connection
      with
      the execution and delivery of this Trust Agreement, shall be subject to the
      approval of the Sponsor, which approval shall not be unreasonably withheld.
      In
      addition, upon written notice to the Owner Trustee and with the consent of
      the
      Owner Trustee which consent shall not be unreasonably withheld, the Sponsor
      has
      the right to assume the defense of any claim, action or proceeding against
      the
      Owner Trustee.

     

     

     

    ARTICLE
      VIII

     

    Termination
      of Trust Agreement

     

    Section
      8.01  Termination
      of Trust Agreement.

     

    (a)  The
      Trust
      shall dissolve upon the earlier of (i) the final distribution of all moneys
      or
      other property or proceeds of the Owner Trust Estate in accordance with the
      terms of the Indenture and this Trust Agreement or (ii) the Final Maturity
      Date.
      The bankruptcy, liquidation, dissolution, death or incapacity of a
      Certificateholder shall not (x) operate to terminate this Trust Agreement or
      the
      Trust or (y) entitle such Certificateholder’s legal representatives or heirs to
      claim an accounting or to take any action or proceeding in any court for a
      partition or winding up of all or any part of the Trust or the Owner Trust
      Estate or (z) otherwise affect the rights, obligations and liabilities of
      the parties hereto.

     

    (b)  Neither
      the Depositor nor any Certificateholder shall be entitled to revoke or terminate
      the Trust.

     

    (c)  Notice
      of
      any dissolution of the Trust, specifying the Payment Date upon which the
      Certificateholders shall surrender its Certificate to the Certificate Paying
      Agent for payment of the final distribution and cancellation, shall be given
      by
      the Certificate Paying Agent by letter to the Certificateholders mailed within
      five Business Days of receipt of notice of such dissolution from the Owner
      Trustee, stating (i) the Payment Date upon or with respect to which final
      payment of the Certificates shall be made upon presentation and surrender of
      the
      Certificates at the office of the Certificate Paying Agent therein designated,
      (ii) the amount of any such final payment and (iii) that the Record Date
      otherwise applicable to such Payment Date is not applicable, payments being
      made
      only upon presentation and surrender of the Certificates at the office of the
      Certificate Payment Agent therein specified. The Certificate Paying Agent shall
      give such notice to the Owner Trustee and the Certificate Registrar at the
      time
      such notice is given to the Certificateholders. Upon presentation and surrender
      of the Certificates, the Certificate Paying Agent shall cause to be distributed
      to the Certificateholders amounts distributable on such Payment Date pursuant
      to
      Section 5.01.

     

    In
      the
      event that a Certificateholder shall not surrender its Certificate for
      cancellation within six months after the date specified in the above mentioned
      written notice, the Certificate Paying Agent shall give a second written notice
      to such Certificateholder to surrender the Certificate for cancellation and
      receive the final distribution with respect thereto. Subject to applicable
      laws
      with respect to escheat of funds, if within one year following the Payment
      Date
      on which final payment of such Certificate was to have been made pursuant to
      Section 5.01, such Certificate shall not have been surrendered for
      cancellation, the Certificate Paying Agent may take appropriate steps, or may
      appoint an agent to take appropriate steps, to contact the remaining
      Certificateholders concerning surrender of such Certificate, and the cost
      thereof shall be paid out of the funds and other assets that shall remain
      subject to this Trust Agreement. Any funds remaining in the Certificate
      Distribution Account after exhaustion of such remedies shall be distributed
      by
      the Certificate Paying Agent to the Class G Certificateholder.

     

    (d)  Upon
      the
      completion of the winding up of the Trust and notification to the Owner Trustee
      from the Servicer, who shall be responsible for liquidating the Trust, as to
      the
      satisfaction of the obligations of the Trust, the Owner Trustee shall cause
      the
      Certificates of Trust to be canceled by filing a certificate of cancellation
      with the Secretary of State in accordance with the provisions of
      Section 3810(c) of the Statutory Trust Statute, upon which filing the Trust
      shall terminate.

     

    Section
      8.02  Additional
      Termination Requirements.

     

    (a)  REMIC I,
      REMIC II and REMIC III shall be terminated in accordance with the additional
      requirements set forth in Section 10.22 of the Indenture.

     

    (b)  Each
      Holder of a Security and the Owner Trustee hereby irrevocably approves and
      appoints the Indenture Trustee as its attorney-in-fact to adopt a plan of
      complete liquidation prepared by the Depositor for each REMIC at the expense
      of
      the Trust Estate in accordance with the terms and conditions of this
      Agreement.

     

     

     

    ARTICLE
      IX

     

    Successor
      Owner Trustees and Additional Owner Trustees

     

    Section
      9.01  Eligibility
      Requirements for Owner Trustee.
      The
      Owner Trustee shall at all times be a corporation satisfying the provisions
      of
      Section 3807(a) of the Statutory Trust Statute; authorized to exercise
      corporate trust powers; having a combined capital and surplus of at least
      $50,000,000 and subject to supervision or examination by federal or state
      authorities; and having (or having a parent that has) long term debt obligations
      with a rating of at least A (or the equivalent) by Standard & Poor’s, Fitch
      and/or Moody’s. If such corporation shall publish reports of condition at least
      annually pursuant to law or to the requirements of the aforesaid supervising
      or
      examining authority, then for the purpose of this Section, the combined capital
      and surplus of such corporation 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 Owner Trustee shall cease to be eligible in accordance
      with
      the provisions of this Section 9.01, the Owner Trustee shall resign
      immediately in the manner and with the effect specified in
      Section 9.02.

     

    Section
      9.02  Replacement
      of Owner Trustee.
      The
      Owner Trustee may at any time resign and be discharged from the trusts hereby
      created by giving 30 days prior written notice thereof to the Depositor and
      the
      Indenture Trustee. Upon receiving such notice of resignation, the Indenture
      Trustee shall promptly appoint a successor Owner Trustee, by written instrument,
      in duplicate, one copy of which instrument shall be delivered to the resigning
      Owner Trustee and to the successor Owner Trustee. If no successor Owner Trustee
      shall have been so appointed and have accepted appointment within 30 days after
      the giving of such notice of resignation, the resigning Owner Trustee or any
      Certificateholder may petition any court of competent jurisdiction for the
      appointment of a successor Owner Trustee.

     

    If
      at any
      time the Owner Trustee shall cease to be eligible in accordance with the
      provisions of Section 9.01 and shall fail to resign after written request
      therefor by the Indenture Trustee, or if at any time the Owner Trustee shall
      be
      legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver
      of the Owner Trustee or of its property shall be appointed, or any public
      officer shall take charge or control of the Owner Trustee or of its property
      or
      affairs for the purpose of rehabilitation, conservation or liquidation, then
      the
      Depositor shall remove the Owner Trustee. If the Depositor shall remove the
      Owner Trustee under the authority of the immediately preceding sentence, the
      Depositor shall promptly appoint a successor Owner Trustee by written
      instrument, in duplicate, one copy of which instrument shall be delivered to
      the
      outgoing Owner Trustee so removed and one copy to the successor Owner Trustee,
      and shall pay all fees owed to the outgoing Owner Trustee.

     

    Any
      resignation or removal of the Owner Trustee and appointment of a successor
      Owner
      Trustee pursuant to any of the provisions of this Section shall not become
      effective until acceptance of appointment by the successor Owner Trustee
      pursuant to Section 9.03 and payment of all fees and expenses owed to the
      outgoing Owner Trustee.

     

    Section
      9.03  Successor
      Owner Trustee.
      Any
      successor Owner Trustee appointed pursuant to Section 9.02 shall execute,
      acknowledge and deliver to the Depositor and to its predecessor Owner Trustee
      an
      instrument accepting such appointment under this Trust Agreement, and thereupon
      the resignation or removal of the predecessor Owner Trustee shall become
      effective, and such successor Owner Trustee, without any further act, deed
      or
      conveyance, shall become fully vested with all the rights, powers, duties and
      obligations of its predecessor under this Trust Agreement, with like effect
      as
      if originally named as Owner Trustee. The predecessor Owner Trustee shall
      deliver to the successor Owner Trustee all documents and statements and monies
      held by it under this Trust Agreement; and the predecessor Owner Trustee shall
      execute and deliver such instruments and do such other things as may reasonably
      be required for fully and certainly vesting and confirming in the successor
      Owner Trustee all such rights, powers, duties and obligations.

     

    No
      successor Owner Trustee shall accept appointment as provided in this
      Section 9.03 unless at the time of such acceptance such successor Owner
      Trustee shall be eligible pursuant to Section 9.01.

     

    Upon
      acceptance of appointment by a successor Owner Trustee pursuant to this
      Section 9.03, the successor Owner Trustee shall mail notice thereof to all
      Certificateholders, the Indenture Trustee, the Noteholders and the Rating
      Agencies.

     

    Section
      9.04  Merger
      or Consolidation of Owner Trustee.
      Any
      Person into which the Owner Trustee may be merged or converted or with which
      it
      may be consolidated, or any Person resulting from any merger, conversion or
      consolidation to which the Owner Trustee shall be a party, or any Person
      succeeding to all or substantially all of the corporate trust business of the
      Owner Trustee, shall be the successor of the Owner Trustee hereunder, without
      the execution or filing of any instrument or any further act on the part of
      any
      of the parties hereto, anything herein to the contrary notwithstanding;
      provided, that such Person shall be eligible pursuant to Section 9.01 and,
      provided, further, that the Owner Trustee shall mail notice of such merger
      or
      consolidation to the Rating Agencies.

     

    Section
      9.05  Appointment
      of Co-Trustee or Separate Trustee.
      Notwithstanding any other provisions of this Trust Agreement, at any time,
      for
      the purpose of meeting any legal requirements of any jurisdiction in which
      any
      part of the Owner Trust Estate may at the time be located, the Owner Trustee
      shall have the power and shall execute and deliver all instruments to appoint
      one or more Persons to act as co-trustee, jointly with the Owner Trustee, or
      as
      separate trustee or trustees, of all or any part of the Owner Trust Estate,
      and
      to vest in such Person, in such capacity, such title to the Owner Trust Estate
      or any part thereof and, subject to the other provisions of this Section, such
      powers, duties, obligations, rights and trusts as the Owner Trustee may consider
      necessary or desirable. No co-trustee or separate trustee under this Trust
      Agreement shall be required to meet the terms of eligibility as a successor
      Owner Trustee pursuant to Section 9.01 and no notice of the appointment of
      any co-trustee or separate trustee shall be required pursuant to
      Section 9.03.

     

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

     

    (a)  All
      rights, powers, duties and obligations conferred or imposed upon the Owner
      Trustee shall be conferred upon and exercised or performed by the Owner Trustee
      and such separate trustee or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Owner Trustee joining in such act), except to the extent that under any law
      of
      any jurisdiction in which any particular act or acts are to be performed, the
      Owner 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 Owner Trust Estate or any portion thereof in any such
      jurisdiction) shall be exercised and performed singly by such separate trustee
      or co-trustee, but solely at the direction of the Owner Trustee;

     

    (b)  No
      trustee under this Trust Agreement shall be personally liable by reason of
      any
      act or omission of any other trustee under this Trust Agreement;
      and

     

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

     

    Any
      notice, request or other writing given to the Owner Trustee shall be deemed
      to
      have been given to each of the then separate trustees and co-trustees, as
      effectively as if given to each of them. Every instrument appointing any
      separate trustee or co-trustee shall refer to this Trust Agreement and the
      conditions of this Article. 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 Owner
      Trustee or separately, as may be provided therein, subject to all the provisions
      of this Trust Agreement, specifically including every provision of this Trust
      Agreement relating to the conduct of, affecting the liability of, or affording
      protection to, the Owner Trustee. Each such instrument shall be filed with
      the
      Owner Trustee.

     

    Any
      separate trustee or co-trustee may at any time appoint the Owner Trustee as
      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 Trust
      Agreement on its behalf and in its name. If any separate trustee or co-trustee
      shall die, become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Owner Trustee, to the extent permitted by law, without the appointment of a
      new
      or successor co-trustee or separate trustee.

     

     

     

    ARTICLE
      X

     

    Miscellaneous

     

    Section
      10.01  Amendments.

     

    (a)  This
      Trust Agreement may be amended from time to time by the parties hereto as
      specified in this Section 10.01, provided that any amendment, except as
      provided in subparagraph (e) below, be accompanied by an Opinion of Counsel,
      to
      the Owner Trustee to the effect that such amendment (i) complies with the
      provisions of this Section or (ii) will not cause the Trust to be subject
      to an entity level tax or cause any of REMIC I, REMIC II or REMIC III to fail
      to
      qualify as a REMIC for federal income tax purposes.

     

    (b)  If
      the
      purpose of the amendment (as detailed therein) is to correct any mistake,
      eliminate any inconsistency, cure any ambiguity or deal with any matter not
      covered (i.e. to give effect to the intent of the parties), it shall not be
      necessary to obtain the consent of the Certificateholders, but the Owner Trustee
      shall be furnished with (A) a letter from the Rating Agencies that the amendment
      will not result in the downgrading or withdrawal of the rating then assigned
      to
      any of the Notes (without taking the Policy into account) and (B) an Opinion
      of
      Counsel to the effect that such action will not adversely affect in any material
      respect the interests of any Certificateholder shall be obtained.

     

    (c)  If
      the
      purpose of the amendment is to prevent the imposition of any federal or state
      taxes at any time that any Security is outstanding (i.e. technical in nature),
      it shall not be necessary to obtain the consent of any Securityholder, but
      the
      Owner Trustee shall be furnished with an Opinion of Counsel that such amendment
      is necessary or helpful to prevent the imposition of such taxes and is not
      materially adverse to any Securityholder.

     

    (d)  If
      the
      purpose of the amendment is to add or eliminate or change any provision of
      the
      Trust Agreement other than as contemplated in (b) and (c) above, the amendment
      shall require (A) an Opinion of Counsel to the effect that such action will
      not
      adversely affect in any material respect the interests of any Securityholder
      and
      (B) either (a) a letter from the Rating Agencies that the amendment will not
      result in the downgrading or withdrawal of the rating then assigned to any
      of
      the Notes (without taking the Policy into account) or (b) the consent of the
      Certificateholders and the Indenture Trustee; provided, however, that no such
      amendment shall reduce in any manner the amount of, or delay the timing of,
      payments received that are required to be distributed on the Certificates
      without the consent of the Certificateholders.

     

    (e)  If
      the
      purpose of the amendment is to provide for the holding of the Certificates
      in
      book-entry form, it shall require the consent of the Certificateholders;
      provided, that the Opinion of Counsel specified in subparagraph (a) above shall
      not be required.

     

    (f)  If
      the
      purpose of the amendment is to provide for the issuance of additional
      certificates representing an interest in the Trust, it shall not be necessary
      to
      obtain the consent of any Securityholder, but the Owner Trustee shall be
      furnished with (A) an Opinion of Counsel to the effect that such action will
      not
      adversely affect in any material respect the interests of any Securityholder
      and
      (B) a letter from the Rating Agencies that the amendment will not result in
      the
      downgrading or withdrawal of the rating then assigned to of the Notes (without
      taking the Policy into account).

     

    (g)  Promptly
      after the execution of any such amendment or consent, the Owner Trustee shall
      furnish written notification of the substance of such amendment or consent
      to
      the Certificateholders, the Indenture Trustee, the Insurer and each of the
      Rating Agencies. It shall not be necessary for the consent of the
      Certificateholders or the Indenture Trustee pursuant to this Section 10.01
      to approve the particular form of any proposed amendment or consent, but it
      shall be sufficient if such consent shall approve the substance thereof. The
      manner of obtaining such consents (and any other consent of the
      Certificateholders provided for in this Trust Agreement or in any other Basic
      Document) and of evidencing the authorization of the execution thereof by the
      Certificateholders shall be subject to such reasonable requirements as the
      Owner
      Trustee may prescribe.

     

    (h)  In
      connection with the execution of any amendment to any agreement to which the
      Trust is a party, other than this Trust Agreement, the Owner Trustee shall
      be
      entitled to receive and conclusively rely upon an Opinion of Counsel to the
      effect that such amendment is authorized or permitted by the documents subject
      to such amendment and that all conditions precedent in the Basic Documents
      for
      the execution and delivery thereof by the Trust or the Owner Trustee, as the
      case may be, have been satisfied.

     

    Promptly
      after the execution of any amendment to the Certificate of Trust, the Owner
      Trustee shall cause the filing of such amendment with the Secretary of State
      of
      the State of Delaware.

     

    Section
      10.02  No
      Legal Title to Owner Trust Estate.
      The
      Certificateholders shall not have legal title to any part of the Owner Trust
      Estate. The Certificateholders shall be entitled to receive distributions with
      respect to their undivided beneficial interest therein only in accordance with
      Articles V and VIII. No transfer, by operation of law or otherwise, of any
      right, title or interest of the Certificateholders to and in their beneficial
      interest in the Owner Trust Estate shall operate to terminate this Trust
      Agreement or the trusts hereunder or entitle any transferee to an accounting
      or
      to the transfer to it of legal title to any part of the Owner Trust
      Estate.

     

    Section
      10.03  Limitations
      on Rights of Others.
      The
      provisions of this Trust Agreement are solely for the benefit of the Owner
      Trustee, the Depositor, the Certificateholders, and, to the extent expressly
      provided herein, the Sponsor, the Indenture Trustee and the Noteholders, and
      nothing in this Trust Agreement, whether express or implied, shall be construed
      to give to any other Person any legal or equitable right, remedy or claim in
      the
      Owner Trust Estate or under or in respect of this Trust Agreement or any
      covenants, conditions or provisions contained herein.

     

    Section
      10.04  Notices.

     

    (a)  Unless
      otherwise expressly specified or permitted by the terms hereof, all notices
      shall be in writing and shall be deemed given upon receipt, if to the Owner
      Trustee, addressed to Wilmington Trust Company, Rodney Square North, 1100 North
      Market Street, Wilmington, Delaware 19890, with a copy to U.S. Bank National
      Association, Structured Finance, 60 Livingston Avenue, EP-MN-WS3D, St.
      Paul, Minnesota 55107, Attn: Structured Finance-Home Equity Mortgage Trust
      2007-1; if to the Indenture Trustee, U.S. Bank National Association, Corporate
      Trust Services, 60 Livingston Avenue, Mailcode: EP-MN-WS3D, St. Paul, Minnesota
      55107-2232, Attention: Structured Finance - HEMT 2007-1, if to the Depositor,
      addressed to Credit Suisse First Boston Mortgage Acceptance Corp., 11 Madison
      Avenue, 4th Floor, New York, New York 10010-3629; if to the Rating Agencies,
      addressed to Moody’s Investors Service, Inc., 99 Church Street, 4th Floor, New
      York, New York 10007 and to Standard & Poor’s, a division of The McGraw-Hill
      Companies, Inc., 55 Water Street, New York, NY 10041; or, as to each party,
      at
      such other address as shall be designated by such party in a written notice
      to
      each other party.

     

    (b)  Any
      notice required or permitted to be given to a Certificateholder shall be given
      by first-class mail, postage prepaid, at the address of such Certificateholder
      as shown in the Certificate Register. Any notice so mailed within the time
      prescribed in this Trust Agreement shall be conclusively presumed to have been
      duly given, whether or not such Certificateholder receives such
      notice.

     

    (c)  A
      copy of
      any notice delivered to the Owner Trustee or the Trust shall also be delivered
      to the Depositor.

     

    Section
      10.05  Severability.
      Any
      provision of this Trust Agreement that is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

     

    Section
      10.06  Separate
      Counterparts.
      This
      Trust Agreement may be executed by the parties hereto in separate counterparts,
      each of which when so executed and delivered shall be an original, but all
      such
      counterparts shall together constitute but one and the same
      instrument.

     

    Section
      10.07  Successors
      and Assigns.
      All
      representations, warranties, covenants and agreements contained herein shall
      be
      binding upon, and inure to the benefit of, each of the Depositor, the Owner
      Trustee and its successors and the Certificateholders and their respective
      successors and permitted assigns, all as herein provided. Any request, notice,
      direction, consent, waiver or other instrument or action by a Certificateholder
      shall bind the successors and assigns of such Certificateholder.

     

    Section
      10.08  No
      Petition.
      The
      Owner Trustee, by entering into this Trust Agreement and each Certificateholder,
      by accepting a Certificate, hereby covenants and agrees that they will not,
      prior to the day that is one year and one day after the date this Trust
      Agreement terminates, institute against the Depositor or the Trust, or join
      in
      any institution against the Depositor or the Trust of, any bankruptcy
      proceedings under any United States federal or state bankruptcy or similar
      law
      in connection with any obligations under the Certificates, the Notes, this
      Trust
      Agreement or any of the Basic Documents.

     

    Section
      10.09  No
      Recourse.
      Each
      Certificateholder by accepting a Certificate acknowledges that the Certificates
      represent beneficial interests in the Trust only and do not represent interests
      in or obligations of the Depositor, the Sponsor, the Owner Trustee, the
      Indenture Trustee or any Affiliate thereof and no recourse may be had against
      such parties or their assets, except as may be expressly set forth or
      contemplated in this Trust Agreement, the Certificates or the Basic
      Documents.

     

    Section
      10.10  Headings.
      The
      headings of the various Articles and Sections herein are for convenience of
      reference only and shall not define or limit any of the terms or provisions
      hereof.

     

    Section
      10.11  GOVERNING
      LAW.
      THIS
      TRUST AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
      OF
      DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
      OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
      IN
      ACCORDANCE WITH SUCH LAWS.

     

    Section
      10.12  Integration.
      This
      Trust Agreement constitutes the entire agreement among the parties hereto
      pertaining to the subject matter hereof and supersedes all prior agreements
      and
      understanding pertaining thereto.

     

    Section
      10.13  Intention
      of the Parties.
      (a)
      It is
      the express intent of the parties hereto that the conveyance by the Depositor
      to
      the Trust pursuant to this Trust Agreement of the Owner Trust Estate be, and
      be
      construed as, an absolute sale and assignment by the Depositor to the Trust.
      Further, it is not intended that the conveyance be deemed to be the grant of
      a
      security interest in the Loans by the Depositor to the Trust to secure a debt
      or
      other obligation. However, in the event that the Loans are held to be property
      of the Depositor, or if for any reason this Trust Agreement is held or deemed
      to
      create a security interest in the Loans, then (i) this Trust Agreement shall
      be
      a security agreement within the meaning of Article 9 of the UCC; (ii) the
      conveyances provided for in Section 3.01 shall be deemed to be a grant by
      the Depositor to the Trust of, and the Depositor hereby grants to the Trust,
      a
      security interest in all of the Depositor’s right, title and interest, whether
      now owned or hereafter acquired, in and to (A) the Owner Trust Estate; (B)
      all accounts, chattel paper, deposit accounts, documents, general intangibles,
      goods, instruments, investment property, letter-of-credit rights, letters of
      credit, money, and oil, gas, and other minerals, consisting of, arising from,
      or
      relating to, any of the foregoing; and (C) all proceeds of any of the foregoing;
      (iii) the possession or control by the Trust or any other agent of the Trust
      of
      any of the foregoing property shall be deemed to be possession or control by
      the
      secured party, or possession or control by a purchaser, for purposes of
      perfecting the security interest pursuant to the UCC (including, without
      limitation, Sections 9-104, 9-106, 9-313 or 9-314 thereof); and (iv)
      notifications to persons holding such property, and acknowledgments, receipts
      or
      confirmations from persons holding such property, shall be deemed notifications
      to, or acknowledgments, receipts or confirmations from, securities
      intermediaries, bailees or agents of, or persons holding for, the Trust, as
      applicable, for the purpose of perfecting such security interest under
      applicable law.

     

    (b)  The
      parties hereto, shall, to the extent consistent with this Trust Agreement,
      take
      such reasonable actions as may be necessary to ensure that, if this Trust
      Agreement were deemed to create a security interest in the Loans, such security
      interest would be deemed to be a perfected security interest of first
      priority.

     

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Depositor and the Owner Trustee have caused their names
      to
      be signed hereto by their respective officers thereunto duly authorized, all
      as
      of the day and year first above written.

     

    CREDIT
      SUISSE FIRST BOSTON MORTGAGE ACCEPTANCE 

    CORP.,
      as
      Depositor

    

    By:
      /s/
      Kevin Steele  

    Name:
      Kevin Steele

    Title:
      Vice President

     

    WILMINGTON
      TRUST COMPANY, 

    as
      Owner
      Trustee

     

    By:
      /s/
      J. Christopher Murphy  

    Name:
      J.
      Christopher Murphy

    Title:
      Financial Services Officer

     

    Acknowledged
      and Agreed:

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    as
      Certificate Registrar, REMIC Administrator,

    Certificate
      Paying Agent and Indenture Trustee

     

    By:
      /s/
      Becky Warren  

    Name:
      Becky Warren

    Title:
      Assistant Vice President

    

    

    DLJ
      MORTGAGE CAPITAL INC.,

    as
      Sponsor

    By:
      /s/
      Tim Kuo  

    Name:
      Tim
      Kuo 

    Title:
      Vice President

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

    

     

    FORM
      OF CLASS X-[1][2] CERTIFICATES

     

    [THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES AS DESCRIBED IN
      THE
      TRUST AGREEMENT DATED AS OF MARCH 9, 2007, BETWEEN CREDIT SUISSE FIRST BOSTON
      MORTGAGE ACCEPTANCE CORP. AND WILMINGTON TRUST COMPANY (THE
“AGREEMENT”).]

     

    [FOR
      THE
      CLASS X-1 CERTIFICATES] SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS
      CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

     

    THIS
      CERTIFICATE IS NOT TRANSFERABLE EXCEPT UPON SATISFACTION OF THE CONDITIONS
      IN
      SECTION 3.05 OF THE AGREEMENT.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND STATE LAWS OR
      IS
      SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
      SUCH ACT AND UNDER SUCH STATE LAWS AND IS TRANSFERRED IN ACCORDANCE WITH THE
      PROVISIONS OF SECTION 3.05 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE REGISTRAR
      SHALL HAVE RECEIVED EITHER (i) A REPRESENTATION LETTER IN THE FORM OF EXHIBIT
      F
      TO THE AGREEMENT FROM THE TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT
      SUCH
      TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
      TRANSACTION RESTRICTIONS AND THE FIDUCIARY RESPONSIBILITY REQUIREMENTS 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”), ANY
      PERSON ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF ANY SUCH PLAN OR ANY PERSON
      USING “PLAN ASSETS,” WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATIONS
      SECTION 2510.3-101, OF SUCH A PLAN TO ACQUIRE THIS CERTIFICATE (COLLECTIVELY
      A
“PLAN INVESTOR”), OR (ii) IF THIS CERTIFICATE IS PRESENTED FOR REGISTRATION IN
      THE NAME OF A PLAN INVESTOR, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM
      AND
      SUBSTANCE SATISFACTORY TO THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER AND
      THE
      CERTIFICATE REGISTRAR TO THE EFFECT THAT THE PURCHASE OR HOLDING OF THIS
      CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
      IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
      CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) AND WILL NOT
      SUBJECT THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER OR THE CERTIFICATE
      REGISTRAR TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
      THE
      AGREEMENT.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSOR,
      THE
      DEPOSITOR, THE SERVICER, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE OR ANY OF
      THEIR RESPECTIVE AFFILIATES.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              Certificate
                No. 1

            	
              Interest
                Rate: [Variable][0.00%]

            
	 	 
	
              Cut-off
                Date:

            	
              [Initial
                Notional Amount: $[_________]]

              Initial
                Class Principal Balance: $0.00

            
	 	 
	
              February
                1, 2007

            	
              Assumed
                Final Payment Date: May 2037

            
	 	 
	
              First
                Payment Date:

            	
              Certificate
                Percentage Interest of this Certificate: 100%

            
	 	 
	
              March
                26, 2007

            	
              CUSIP:
                

            

    

    

     

    Home
      Equity Mortgage Trust 2007-1, 

    Mortgage-Backed
      Certificate, Series 2007-1, Class X-[1][2]

     

    

     

    evidencing
      a percentage interest in [the distribution allocable to the certificates of
      the
      above-referenced Class with respect to a Trust Estate evidenced by the loans
      created by CREDIT SUISSE FIRST BOSTON MORTGAGE ACCEPTANCE CORP. (hereinafter
      called the “Depositor” which term includes any successor entity under the
      Agreement referred to below)][the distribution allocable to the Certificates
      of
      the above-referenced Class with respect to certain Loans (the
“Loans”)].

     

    This
      Certificate is payable solely from [certain Loans that are initially][the]
      assets of the Trust Estate, and does not represent an obligation of or interest
      in the Depositor, the Sponsor, the Servicer, the Indenture Trustee, the Owner
      Trustee or any of their affiliates. Neither this Certificate nor any of the
      Loans is guaranteed or insured by any governmental agency or instrumentality
      or
      by the Depositor, the Sponsor, the Servicer, the Indenture Trustee, the Owner
      Trustee or any of their affiliates. None of the Depositor, the Sponsor, the
      Servicer, the Indenture Trustee, the Owner Trustee, or any of their affiliates
      will have any obligation with respect to any certificate or other obligation
      secured by or payable from payments on the Certificates.

     

    This
      certifies that [__________________]
      is the
      registered owner of the Certificate Percentage Interest evidenced by this
      Certificate (as set forth on the face hereof) in certain distributions with
      respect to the Trust Estate, consisting primarily of the Loans conveyed by
      the
      Depositor. The Trust Estate (as defined herein) was created pursuant to a Trust
      Agreement dated March 9, 2007 (as amended and supplemented from time to time,
      the “Agreement”) between the Depositor and Wilmington Trust Company, as owner
      trustee (the “Owner Trustee,” which term includes any successor entity under the
      Agreement), a summary of certain of the pertinent provisions of which is set
      forth hereafter. To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the holder of this Certificate by virtue of the acceptance
      hereof assents and by which the such holder is bound. 

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Payment Date”), commencing on the first Payment Date
      specified above, to the Person in whose name this Certificate is registered
      at
      the close of business on the last day (or if such last day is not a Business
      Day, the Business Day immediately preceding such last day) of the month
      immediately preceding the month of such distribution (the “Record Date”)[, in an
      amount equal to the pro rata portion evidenced by this Certificate (based on
      the
      Certificate Percentage Interest stated on the face hereof) of the Class X-[1][2]
      Certificate Distribution Amount required to be distributed to the registered
      holder of this Certificate on such Payment Date]. Distributions on this
      Certificate will be made as provided in the Agreement by the Certificate Paying
      Agent by wire transfer or check mailed to the Certificateholders of record
      in
      the Certificate Register without the presentation or surrender of this
      Certificate or the making of any notation hereon.

     

    Except
      as
      otherwise provided in the Agreement and notwithstanding the above, the final
      distribution on this Certificate will be made after due notice by the
      Certificate Paying Agent of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency
      maintained by the Certificate Registrar for that purpose in the City and State
      of New York.

     

    No
      transfer of this Certificate will be made unless such transfer is exempt from
      the registration requirements of the Securities Act of 1933, as amended, and
      any
      applicable state securities laws or is made in accordance with said Act and
      laws. In the event that such a transfer is to be made, (i) the Certificate
      Registrar or the Depositor may require an opinion of counsel acceptable to
      and
      in form and substance satisfactory to the Certificate Registrar and the
      Depositor that such transfer is exempt (describing the applicable exemption
      and
      the basis therefor) from or is being made pursuant to the registration
      requirements of the Securities Act of 1933, as amended, and of any applicable
      statute of any state and (ii) the transferee shall execute an investment letter
      in the form described in the Agreement and (iii) the Certificate Registrar
      shall
      require the transferee to execute an investment letter in the form described
      by
      the Agreement, which investment letter shall not be at the expense of the Trust,
      the Owner Trustee, the Certificate Registrar or the Depositor. If a
      Certificateholder desires to effect such transfer, it shall, and does hereby
      agree to, indemnify the Trust, the Owner Trustee, the Depositor, the Servicer,
      the Indenture Trustee and the Certificate Registrar against any liability that
      may result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws. In connection with any transfer of this
      Certificate, the Certificate Registrar (unless otherwise directed by the
      Depositor) will require either (i) a representation letter, in the form of
      Exhibit F to the Agreement, stating that the transferee is not an employee
      benefit or other plan subject to the prohibited transaction restrictions or
      the
      fiduciary responsibility requirements of ERISA or Section 4975 of the Code
      (
      each, a “Plan”), any person acting, directly or indirectly, on behalf of a Plan
      or any person using the “plan assets,” within the meaning of the Department of
      Labor regulations at 29 C.F.R. § 2510.3-101, to effect such acquisition
      (collectively, a “Plan Investor”) or (ii) if such transferee is a Plan
      Investor, an opinion of counsel acceptable to and in form and substance
      satisfactory to the Depositor, the Owner Trustee, the Servicer and the
      Certificate Registrar to the effect that the purchase or holding of this
      Certificate is permissible under applicable law, will not constitute or result
      in a prohibited transaction under Section 406 of ERISA or Section 4975 of the
      Code (or comparable provisions of any subsequent enactments) and will not
      subject the Depositor, the Owner Trustee, the Servicer or the Certificate
      Registrar to any obligation or liability in addition to those undertaken in
      the
      Agreement.

     

    This
      Certificate is one of a duly authorized Certificate designated as Home Equity
      Mortgage Trust 2007-1, Mortgage-Backed Certificates, Class X-[1][2], of the
      Series specified hereon. All terms used in this Certificate which are defined
      in
      the Agreement shall have the meanings assigned to them in the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the [funds on deposit in the Certificate Distribution Account
      that have been released from the Lien of the Indenture][Loans] for payment
      hereunder and that neither the Owner Trustee in its individual capacity nor
      the
      Depositor is personally liable to the Certificateholders for any amount payable
      under this Certificate or the Agreement or, except as expressly provided in
      the
      Agreement, subject to any liability under the Agreement.

     

    [The
      Certificateholder acknowledges and agrees that its rights to receive
      distributions in respect of this Certificate are subordinated to the rights
      of
      the Noteholders as described in the Indenture, dated as of March 9, 2007,
      between Home Equity Mortgage Trust 2007-1 (the “Trust”) and U.S. Bank National
      Association, as Indenture Trustee (the “Indenture”).]

     

    The
      Certificateholder, by its acceptance of this Certificate, covenants and agrees
      that such Certificateholder will not, prior to the day one year and one day
      after the date the Trust Agreement terminates, institute against the Depositor
      or the Trust, or join in any institution against the Depositor or the Trust
      of,
      any bankruptcy, reorganization, arrangement, insolvency or liquidation
      proceedings, or other proceedings under any United States federal or state
      bankruptcy or similar law in connection with any obligations relating to the
      Certificates, the Notes, the Agreement or any of the Basic
      Documents.

     

    The
      Agreement permits the amendment thereof as specified below, provided that any
      amendment be accompanied by an Opinion of Counsel to the Owner Trustee to the
      effect that such amendment complies with the provisions of the Agreement and
      will not cause the Trust to be subject to an entity level tax. If the purpose
      of
      the amendment is to correct any mistake, eliminate any inconsistency, cure
      any
      ambiguity or deal with any matter not covered, it shall not be necessary to
      obtain the consent of any Securityholder, but the Owner Trustee shall be
      furnished with a letter from the Rating Agencies that the amendment will not
      result in the downgrading or withdrawal of the rating then assigned to any
      of
      the Notes. If the purpose of the amendment is to prevent the imposition of
      any
      federal or state taxes at any time that any Security is outstanding, it shall
      not be necessary to obtain the consent of any Securityholder, but the Owner
      Trustee shall be furnished with an Opinion of Counsel that such amendment is
      necessary or helpful to prevent the imposition of such taxes and is not
      materially adverse to any Securityholder. If the purpose of the amendment is
      to
      add or eliminate or change any provision of the Agreement, other than as
      specified in the preceding two sentences, the amendment shall require either
      (a)
      a letter from the Rating Agencies that the amendment will not result in the
      downgrading or withdrawal of the rating then assigned to any of the Notes or
      (b)
      the consent of the Certificateholders and the Indenture Trustee; provided,
      however, that no such amendment shall (i) reduce in any manner the amount of,
      or
      delay the time of, payments received that are required to be distributed on
      the
      Certificates without the consent of the Certificateholders, or (ii) reduce
      the aforesaid Certificate Percentage Interest required to consent to any such
      amendment without the consent of 100% of the Certificate Percentage
      Interest.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies of the Certificate Registrar maintained in the City of and State of
      New
      York, accompanied by a written instrument of transfer in form satisfactory
      to
      the Certificate Registrar duly executed by the registered holder of this
      Certificate or the such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of authorized denominations evidencing
      the same aggregate Certificate Percentage Interest will be issued to the
      designated transferee. The initial Certificate Registrar appointed under the
      Agreement is the Indenture Trustee.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Owner Trustee or the Certificate Registrar may require payment of a
      sum
      sufficient to cover any tax or governmental charge payable in connection
      therewith.

     

    The
      Owner
      Trustee, the Certificate Paying Agent, the Certificate Registrar and any agent
      of the Owner Trustee, the Certificate Paying Agent, or the Certificate Registrar
      may treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Owner Trustee, the Certificate Paying
      Agent, the Certificate Registrar or any such agent shall be affected by any
      notice to the contrary.

     

    This
      Certificate shall be governed by and construed in accordance with the laws
      of
      the State of Delaware.

     

    The
      obligations created by the Agreement in respect of the Certificates and the
      Trust created thereby shall terminate upon the earlier of (i) the final
      distribution of all moneys or other property or proceeds of the Trust Estate
      in
      accordance with the terms of the Indenture and the Agreement or (ii) the Final
      Maturity Date.

     

    Unless
      the certificate of authentication hereon shall have been executed by an
      authorized officer of the Owner Trustee, or an authenticating agent by manual
      signature, this Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose.

     

    

    IN
      WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its
      individual capacity, has caused this Certificate to be duly
      executed.

     

    HOME
      EQUITY MORTGAGE TRUST 2007-1

     

    
      	 	
              By

            	
              WILMINGTON
                TRUST COMPANY, not in its individual 

              capacity
                but solely as Owner Trustee

            

    

     

    Dated:
      March 9, 2007          
                                                  
 _________________________________________

    Authorized
      Signatory

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class X-[1][2] Certificates referred to in the within mentioned
      Agreement.

     

    WILMINGTON
      TRUST COMPANY,

    not
      in
      its individual capacity but solely as Owner Trustee

    

    By:
      __________________________

    Authorized
      Signatory

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED the undersigned hereby sells, assigns and transfers unto

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER
      IDENTIFYING NUMBER OF ASSIGNEE

     

    ____________________________________________________________________________________________________________

    (Please
      print or type name and address, including postal zip code, of
      assignee)

     

    ____________________________________________________________________________________________________________

    the
      within Certificate, and all rights thereunder, hereby irrevocably constituting
      and appointing

     

    ____________________________________________________________________________________________________________

    to
      transfer said Certificate on the books of the Certificate Registrar, with full
      power of substitution in the premises.

     

    Dated:

     

    ______________________________________*/_

    Signature
      Guaranteed:

     

    ______________________________*/_

     

    ______________

    */
      NOTICE: The signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Certificate in every
      particular, without alteration, enlargement or any change whatever. Such
      signature must be guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Certificate Registrar, which requirements include membership
      or participation in STAMP or such other “signature guarantee program” as may be
      determined by the Certificate Registrar in addition to, or in substitution
      for,
      STAMP, all in accordance with the Securities Exchange Act of 1934, as
      amended.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for the information of the Certificate
      Paying Agent:

     

    Distribution
      shall be made by wire transfer in immediately available funds
      to_____________________________________________

     

    __________________________________________________________

     

    for
      the
      account of ,_________________________________________________ account
      number

     

    ___________,
      or, if mailed by check, to___________________

     

    Applicable
      statements should be mailed to____________________.

     

    ___________________________________

    Signature
      of assignee or agent

    (for
      authorization of wire

    transfer
      only)

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      B

    

     

    FORM
      OF CERTIFICATE OF TRUST 

     

    OF

     

    [____________________________________]

     

    THIS
      Certificate of Trust of [______________] (the “Trust”), is being duly executed
      and filed by the undersigned, as trustee, to form a statutory trust under the
      Delaware Statutory Trust Act (12 Del.
      C.§
3801
      et seq.)
      (the
“Act”).

     

    1. Name.
      The
      name of the statutory trust formed hereby is
      [____________________].

     

    2. Delaware
      Trustee.
      The
      name and business address of the trustee of the Trust in the State of Delaware
      is [____________________], Attention: [________________________].

     

    3. Effective
      Date.
      This
      Certificate of Trust shall be effective [__________________].

     

    IN
      WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust
      in
      accordance with Section 3811(a) of the Act.

     

    [________________________________],

    as
      trustee

    

     

    By:_______________________________

    Name:

    Title:

     

    

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      C

     

    

     

    FORM
      OF RULE 144A INVESTMENT REPRESENTATION

     

    DESCRIPTION
      OF RULE 144A SECURITIES, INCLUDING NUMBERS:

     

    _____________________________________________

     

    _____________________________________________

     

    _____________________________________________

     

    _____________________________________________

     

    The
      undersigned seller, as registered holder (the “Seller”), intends to transfer the
      Rule 144A Securities described above to the undersigned buyer (the
“Buyer”).

     

    1.
      In
      connection with such transfer and in accordance with the agreements pursuant
      to
      which the Rule 144A Securities were issued, the Seller hereby certifies the
      following facts: Neither the Seller nor anyone acting on its behalf has offered,
      transferred, pledged, sold or otherwise disposed of the Rule 144A Securities,
      any interest in the Rule 144A Securities or any other similar security to,
      or
      solicited any offer to buy or accept a transfer, pledge or other disposition
      of
      the Rule 144A Securities, any interest in the Rule 144A Securities or any other
      similar security from, or otherwise approached or negotiated with respect to
      the
      Rule 144A Securities, any interest in the Rule 144A Securities or any other
      similar security with, any person in any manner, or made any general
      solicitation by means of general advertising or in any other manner, or taken
      any other action, that would constitute a distribution of the Rule 144A
      Securities under the Securities Act of 1933, as amended (the “1933 Act”), or
      that would render the disposition of the Rule 144A Securities a violation of
      Section 5 of the 1933 Act or require registration pursuant thereto, and
      that the Seller has not offered the Rule 144A Securities to any person other
      than the Buyer or another “qualified institutional buyer” as defined in Rule
      144A under the 1933 Act.

     

    2.
      The
      Buyer, pursuant to Section 3.05 of the Agreement, warrants and represents
      to, and covenants with the Owner Trustee, the Depositor and the Indenture
      Trustee (as such terms are defined in the Trust Agreement (the “Agreement”),
      dated as of March 9, 2007 between Credit Suisse First Boston Mortgage Acceptance
      Corp., as Depositor, and Wilmington Trust Company, as Owner Trustee) as
      follows:

     

    a. The
      Buyer
      understands that the Rule 144A Securities have not been registered under the
      1933 Act or the securities laws of any state.

     

    b. The
      Buyer
      considers itself a substantial, sophisticated institutional investor having
      such
      knowledge and experience in financial and business matters that it is capable
      of
      evaluating the merits and risks of investment in the Rule 144A
      Securities.

     

    c. The
      Buyer
      has been furnished with all information regarding the Rule 144A Securities
      that
      it has requested from the Seller, the Indenture Trustee, the Owner Trustee
      or
      the Servicer.

     

    d. Neither
      the Buyer nor anyone acting on its behalf has offered, transferred, pledged,
      sold or otherwise disposed of the Rule 144A Securities, any interest in the
      Rule
      144A Securities or any other similar security to, or solicited any offer to
      buy
      or accept a transfer, pledge or other disposition of the Rule 144A Securities,
      any interest in the Rule 144A Securities or any other similar security from,
      or
      otherwise approached or negotiated with respect to the Rule 144A Securities,
      any
      interest in the Rule 144A Securities or any other similar security with, any
      person in any manner, or made any general solicitation by means of general
      advertising or in any other manner, or taken any other action, that would
      constitute a distribution of the Rule 144A Securities under the 1933 Act or
      that
      would render the disposition of the Rule 144A Securities a violation of
      Section 5 of the 1933 Act or require registration pursuant thereto, nor
      will it act, nor has it authorized or will it authorize any person to act,
      in
      such manner with respect to the Rule 144A Securities.

     

    e. The
      Buyer
      is a “qualified institutional buyer” as that term is defined in Rule 144A under
      the 1933 Act and has completed either of the forms of certification to that
      effect attached hereto as Annex 1 or Annex 2. The Buyer is aware that the sale
      to it is being made in reliance on Rule 144A. The Buyer is acquiring the Rule
      144A Securities for its own account or the accounts of other qualified
      institutional buyers, understands that such Rule 144A Securities may be resold,
      pledged or transferred only (i) to a person reasonably believed to be a
      qualified institutional buyer that purchases for its own account or for the
      account of a qualified institutional buyer to whom notice is given that the
      resale, pledge or transfer is being made in reliance on Rule 144A, or
      (ii) pursuant to another exemption from registration under the 1933
      Act.

     

    3.
      The
      Buyer represents that:

     

    (i)  either
      (a) or (b) is satisfied, as marked below:

     

    ____ a. The
      Buyer
      is not any employee benefit or other plan subject to 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”) (each, a “Plan”), a
      Person acting, directly or indirectly, on behalf of a Plan or any Person
      acquiring such Certificates with “plan assets” of a Plan within the meaning of
      the Department of Labor regulation promulgated at 29 C.F.R. § 2510.3-101;
      or

     

    ____ b. The
      Buyer
      has provided the Depositor, the Owner Trustee, the Certificate Registrar and
      the
      Servicer with an opinion of counsel, satisfactory to the Depositor, the Owner
      Trustee, the Certificate Registrar and the Servicer, to the effect that the
      purchase and holding of a Certificate by or on behalf of the Buyer is
      permissible under applicable law, will not constitute or result in a prohibited
      transaction under Section 406 of ERISA or Section 4975 of the Code (or
      comparable provisions of any subsequent enactments) and will not subject the
      Depositor, the Owner Trustee, the Certificate Registrar or the Servicer to
      any
      obligation or liability (including liabilities under ERISA or Section 4975
      of the Code) in addition to those undertaken in the Trust Agreement, which
      opinion of counsel shall not be an expense of the Depositor, the Owner Trustee,
      the Certificate Registrar or the Servicer; and

     

    (ii)  the
      Buyer
      is familiar with the prohibited transaction restrictions and fiduciary
      responsibility requirements of Sections 406 and 407 of ERISA and
      Section 4975 of the Code and understands that each of the parties to which
      this certification is made is relying and will continue to rely on the
      statements made in this paragraph 3.

     

    4.
      This
      document may be executed in one or more counterparts and by the different
      parties hereto on separate counterparts, each of which, when so executed, shall
      be deemed to be an original; such counterparts, together, shall constitute
      one
      and the same document.

     

    IN
      WITNESS WHEREOF, each of the parties has executed this document as of the date
      set forth below.

     

    __________________________________                
       ________________________________

    Print
      Name of
      Seller                                                       
  Print
      Name of Buyer

     

    By: ______________________________                  
       By:_____________________________

    Name:                                                                              
        Name

    Title:                                                                                
        Title:

     

    Taxpayer
      Identification:                                                   
 Taxpayer
      Identification:

     

    No._______________________________                
       No._____________________________

     

    Date:______________________________               
       Date:___________________________

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
      1 TO EXHIBIT C

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Buyers Other Than Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows in connection with the Rule 144A
      Investment Representation to which this Certification is attached:

     

    1.
      As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    2.
      In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933
      (“Rule 144A”) because (i) the Buyer owned and/or invested on a discretionary
      basis $  1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A) and (ii) the Buyer satisfies the criteria in the
      category marked below.

     

    ____                    Corporation,
      etc.
      The
      Buyer is a corporation (other than a bank, savings and loan association or
      similar institution), Massachusetts or similar business trust, partnership,
      or
      charitable organization described in Section 501(c)(3) of the Internal
      Revenue Code.

     

    ____                     Bank.
      The
      Buyer (a) is a national bank or banking institution organized under the laws
      of
      any state, territory or the District of Columbia, the business of which is
      substantially confined to banking and is supervised by the state or territorial
      banking commission or similar official or is a foreign bank or equivalent
      institution, and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a copy of which is
      attached hereto.

     

    ____                  
       QIB.
      An
      entity, all of the equity owners of which are “qualified institutional
      buyers.”

     

    ____                  
       Savings
      and Loan.
      The
      Buyer (a) is a savings and loan association, building and loan association,
      cooperative bank, homestead association or similar institution, which is
      supervised and examined by a state or federal authority having supervision
      over
      any such institutions or is a foreign savings and loan association or equivalent
      institution and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements.

     

    ____                  
       Broker-Dealer.
      The
      Buyer is a dealer registered pursuant to Section 15 of the Securities
      Exchange Act of 1934.

     

    ____                  
       Insurance
      Company.
      The
      Buyer is an insurance company whose primary and predominant business activity
      is
      the writing of insurance or the reinsuring of risks underwritten by insurance
      companies and which is subject to supervision by the insurance commissioner
      or a
      similar official or agency of a state or territory or the District of
      Columbia.

     

    ____                   
       state
      or Local Plan.
      The
      Buyer is a plan established and maintained by a state, its political
      subdivisions, or any agency or instrumentality of the state or its political
      subdivisions, for the benefit of its employees.

     

    ____                  
       ERISA
      Plan.
      The
      Buyer is an employee benefit plan within the meaning of Title I of the Employee
      Retirement Income Security Act of 1974.

     

    ____                  
       Investment
      Adviser.
      The
      Buyer is an investment adviser registered under the Investment Advisers Act
      of
      1940.

     

    ____                   
       SBIC.
      The
      Buyer is a Small Business Investment Company licensed by the U.S. Small
      Business Administration under Section 301 (c) or (d) of the Small Business
      Investment Act of 1958.

     

    ____                  
       Business
      Development Company.
      The
      Buyer is a business development company as defined in Section 202(a)(22) of
      the Investment Advisers Act of 1940.

     

    ____                    Trust
      Fund.
      The
      Buyer is a trust fund whose trustee is a bank or trust company and whose
      participants are exclusively (a) plans established and maintained by a state,
      its political subdivisions, or any agency or instrumentality of the state or
      its
      political subdivisions, for the benefit of its employees, or (b) employee
      benefit plans within the meaning of Title I of the Employee Retirement Income
      Security Act of 1974, but is not a trust fund that includes as participants
      individual retirement accounts or H.R. 10 plans.

     

    3.
      The
      term “securities” as used herein does not include (i) securities of issuers that
      are affiliated with the Buyer, (ii) securities that are part of an unsold
      allotment to or subscription by the Buyer, if the Buyer is a dealer, (iii)
      bank
      deposit notes and certificates of deposit, (iv) loan participations, (v)
      repurchase agreements, (vi) securities owned but subject to a repurchase
      agreement and (vii) currency, interest rate and commodity swaps.

     

    4.
      For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer’s direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934.

     

    5.
      The
      Buyer acknowledges that it is familiar with Rule 144A and understands that
      the
      seller to it and other parties related to the Rule 144A Securities are relying
      and will continue to rely on the statements made herein because one or more
      sales to the Buyer may be in reliance on Rule 144A.

     

    ____ ____ Will
      the
      Buyer be purchasing the Rule 144A

     

    Yes No
       Securities
      only for the Buyer’s own account?

     

    6.
      If the
      answer to the foregoing question is “no”, the Buyer agrees that, in connection
      with any purchase of securities sold to the Buyer for the account of a third
      party (including any separate account) in reliance on Rule 144A, the Buyer
      will
      only purchase for the account of a third party that at the time is a “qualified
      institutional buyer” within the meaning of Rule 144A. In addition, the Buyer
      agrees that the Buyer will not purchase securities for a third party unless
      the
      Buyer has obtained a current representation letter from such third party or
      taken other appropriate steps contemplated by Rule 144A to conclude that such
      third party independently meets the definition of “qualified institutional
      buyer” set forth in Rule 144A.

     

    7.
      The
      Buyer will notify each of the parties to which this certification is made of
      any
      changes in the information and conclusions herein. Until such notice is given,
      the Buyer’s purchase of Rule 144A Securities will constitute a reaffirmation of
      this certification as of the date of such purchase.

     

    __________________________________________

    Print
      Name of Buyer

     

    By:
       ______________________________________

    Name:

    Title:

     

    Date:_____________________________________

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
      2 TO EXHIBIT C

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [FOR
      BUYERS THAT ARE REGISTERED INVESTMENT COMPANIES]

     

    The
      undersigned hereby certifies as follows in connection with the Rule 144A
      Investment Representation to which this Certification is attached:

     

    1.
      As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933 (“Rule 144A”) because Buyer is part of a Family of Investment
      Companies (as defined below), is such an officer of the Adviser.

     

    2.
      In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, and (ii) as marked
      below, the Buyer alone, or the Buyer’s Family of Investment Companies, owned at
      least $100,000,000 in securities (other than the excluded securities referred
      to
      below) as of the end of the Buyer’s most recent fiscal year. For purposes of
      determining the amount of securities owned by the Buyer or the Buyer’s Family of
      Investment Companies, the cost of such securities was used.

     

    
      	
              ____

            	
               

            	
              The
                Buyer owned
                $            in
                securities (other than the excluded securities referred to below)
                as of
                the end of the Buyer’s most recent fiscal year (such amount being
                calculated in accordance with Rule
                144A).

            

    

     

    ____                  
       The
      Buyer
      is part of a Family of Investment Companies which owned in the aggregate
      $_________ in securities (other than the excluded securities referred to below)
      as of the end of the Buyer’s most recent fiscal year (such amount being
      calculated in accordance with Rule 144A).

     

    3.
      The
      term “Family of Investment Companies” as used herein means two or more
      registered investment companies (or series thereof) that have the same
      investment adviser or investment advisers that are affiliated (by virtue of
      being majority owned subsidiaries of the same parent or because one investment
      adviser is a majority owned subsidiary of the other).

     

    4.
      The
      term “securities” as used herein does not include (i) securities of issuers that
      are affiliated with the Buyer or are part of the Buyer’s Family of Investment
      Companies, (ii) bank deposit notes and certificates of deposit, (iii) loan
      participations, (iv) repurchase agreements, (v) securities owned but subject
      to
      a repurchase agreement and (vi) currency, interest rate and commodity
      swaps.

     

    5. The
      Buyer
      is familiar with Rule 144A and understands that each of the parties to which
      this certification is made are relying and will continue to rely on the
      statements made herein because one or more sales to the Buyer will be in
      reliance on Rule 144A. In addition, the Buyer will only purchase for the Buyer’s
      own account.

     

    6.
      The
      undersigned will notify each of the parties to which this certification is
      made
      of any changes in the information and conclusions herein. Until such notice,
      the
      Buyer’s purchase of Rule 144A Securities will constitute a reaffirmation of this
      certification by the undersigned as of the date of such purchase.

     

    __________________________________________

    Print
      Name of Buyer

     

    By:_______________________________________

    Name:____________________________________

    Title:_____________________________________

     

    IF
      AN
      ADVISER:

     

    __________________________________________

    Print
      Name of Buyer

     

    Date:_____________________________________

     

    

     

    

    

      

      
        1 Buyer
          must own and/or invest on a discretionary basis at least $100,000,000 in
          securities unless Buyer is a dealer, and, in that case, Buyer must own
          and/or
          invest on a discretionary basis at least $10,000,000 in
          securities.

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      D

    

     

    FORM
      OF INVESTOR REPRESENTATION LETTER

     

    ________,
      20_

     

    Credit
      Suisse First Boston Mortgage Acceptance Corp.

    11
      Madison Avenue, 4th Floor

    New
      York,
      New York 10010-3629

     

    Wilmington
      Trust Company

    Rodney
      Square North

    1100
      North Market Street

    Wilmington,
      Delaware 19890

     

    U.S.
      Bank
      National Association

    60
      Livingston Avenue

    St.
      Paul,
      Minnesota 55107-2292

    

    Attention:
      Worldwide Securities Services/ Structured Finance Services-Home Equity Mortgage
      Trust 2007-1

     

    Re: 
             Home
      Equity Mortgage Trust 2007-1, Mortgage-Backed

    Certificates,
      Series 2007-1, Class [G][
      P][X-1][X-2]         

     

    Ladies
      and Gentlemen:

     

    _____________
      (the “Purchaser”) intends to purchase from_________(the “Seller”) _____%
      Certificate Percentage Interest of the Home Equity Mortgage Trust 2007-1,
      Mortgage-Backed Certificates, Series
      2007-1,
      Class
[G][P][X-1][X-2]
      (the
“Certificate”), issued pursuant to the Trust Agreement (the “Trust Agreement”),
      dated as of March 9, 2007 between Credit Suisse First Boston Mortgage Acceptance
      Corp. (the “Depositor”) and Wilmington Trust Company, as owner trustee (the
“Owner Trustee”), as acknowledged and agreed by U.S. Bank National Association,
      as Certificate Registrar. All terms used herein and not otherwise defined shall
      have the meanings set forth in the Trust Agreement. The Purchaser hereby
      certifies, represents and warrants to, and covenants with, the Depositor and
      the
      Certificate Registrar that:

     

    1.
      The
      Purchaser understands that (a) the Certificate has not been and will not be
      registered or qualified under the Securities Act of 1933, as amended (the “Act”)
      or any state securities law, (b) the Depositor is not required to so register
      or
      qualify the Certificate, (c) the Certificate may be resold only if registered
      and qualified pursuant to the provisions of the Act or any state securities
      law,
      or if an exemption from such registration and qualification is available, (d)
      the Trust Agreement contains restrictions regarding the transfer of the
      Certificate and (e) the Certificate will bear a legend to the foregoing
      effect.

     

    2.
      The
      Purchaser is acquiring the Certificate for its own account for investment only
      and not with a view to or for sale in connection with any distribution thereof
      in any manner that would violate the Act or any applicable state securities
      laws.

     

    3.
      The
      Purchaser is (a) a substantial, sophisticated institutional investor having
      such
      knowledge and experience in financial and business matters, and, in particular,
      in such matters related to securities similar to the Certificate, such that
      it
      is capable of evaluating the merits and risks of investment in the Certificate,
      (b) able to bear the economic risks of such an investment and (c) an
“accredited investor” within the meaning of Rule 501 (a) promulgated pursuant to
      the Act.

     

    4.
      The
      Purchaser has been furnished with, and has had an opportunity to review (a)
      a
      copy of the Trust Agreement and (b) such other information concerning the
      Certificate, the Loans and the Depositor as has been requested by the Purchaser
      from the Depositor or the Seller and is relevant to the Purchaser’s decision to
      purchase the Certificate. The Purchaser has had any questions arising from
      such
      review answered by the Depositor or the Seller to the satisfaction of the
      Purchaser.

     

    5.
      The
      Purchaser has not and will not nor has it authorized or will it authorize any
      person to (a) offer, pledge, sell, dispose of or otherwise transfer any
      Certificate, any interest in the Certificates or any other similar security
      to
      any person in any manner, (b) solicit any offer to buy or to accept a pledge,
      disposition of other transfer of the Certificates, any interest in the
      Certificates or any other similar security from any person in any manner, (c)
      otherwise approach or negotiate with respect to any Certificate, any interest
      in
      any Certificate or any other similar security with any person in any manner,
      (d)
      make any general solicitation by means of general advertising or in any other
      manner or (e) take any other action, that (as to any of (a) through (e) above)
      would constitute a distribution of the Certificates under the Act, that would
      render the disposition of the Certificates a violation of Section 5 of the
      Act or any state securities law, or that would require registration or
      qualification pursuant thereto. The Purchaser will not sell or otherwise
      transfer the Certificates, except in compliance with the provisions of the
      Trust
      Agreement.

     

    6.
      The
      Purchaser represents:

     

    (iii)  that
      either (a) or (b) is satisfied, as marked below:

     

    ____ a.
      The
      Purchaser is not any employee benefit or other plan subject to 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”)
      (each, a “Plan”), a Person acting, directly or indirectly, on behalf of a Plan
      or any Person acquiring the Certificate with “plan assets” of a Plan within the
      meaning of the Department of Labor regulation promulgated at 29 C.F.R. §
2510.3-101; or

     

    ____ b.
      The
      Purchaser has provided the Depositor, the Owner Trustee, the Certificate
      Registrar and the Servicer with an opinion of counsel, satisfactory to the
      Depositor, the Owner Trustee, the Certificate Registrar and the Servicer, to
      the
      effect that the purchase and holding of the Certificate by or on behalf of
      the
      Purchaser is permissible under applicable law, will not constitute or result
      in
      a prohibited transaction under Section 406 of ERISA or Section 4975 of
      the Code (or comparable provisions of any subsequent enactments) and will not
      subject the Depositor, the Owner Trustee, the Certificate Registrar or the
      Servicer to any obligation or liability (including liabilities under ERISA
      or
      Section 4975 of the Code) in addition to those undertaken in the Trust
      Agreement, which opinion of counsel shall not be an expense of the Depositor,
      the Owner Trustee, the Certificate Registrar or the Servicer; and

     

    (iv)  the
      Purchaser is familiar with the prohibited transaction restrictions and fiduciary
      responsibility requirements of Sections 406 and 407 of ERISA and
      Section 4975 of the Code and understands that each of the parties to which
      this certification is made is relying and will continue to rely on the
      statements made in this paragraph 6.

     

    7.
      The
      Purchaser is not a non-United States person.

     

    Very
      truly yours,

     

    __________________________________________

     

    By:
      ______________________________________

    Name:____________________________________

    Title:_____________________________________

     

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      E

    

     

    FORM
      OF TRANSFEROR REPRESENTATION LETTER

     

    _________,
      20__

     

    Credit
      Suisse First Boston Mortgage Acceptance Corp.

    11
      Madison Avenue

    4th
      Floor

    New
      York,
      New York 10010-3629

     

    Wilmington
      Trust Company

    Rodney
      Square North

    1100
      North Market Street

    Wilmington,
      Delaware 19890

     

    U.S.
      Bank
      National Association

    60
      Livingston Avenue

    St.
      Paul,
      Minnesota 55107-2292

     

    Attention:
      Worldwide Securities Services/ Structured Finance Services-Home Equity Mortgage
      Trust 2007-1

     

    Re:   
       Home
      Equity Mortgage Trust 2007-1, Mortgage-Backed

    Certificates,
      Series 2007-1, Class [G][ P][ X-1][
      X-2]        

     

    Ladies
      and Gentlemen:

     

    ______________
      (the “Purchaser”) intends to purchase from ________ (the “Seller”) _____%
      Certificate Percentage Interest of the Home Equity Mortgage Trust 2007-1,
      Home-Equity Loan-Backed Certificates, Series 2007-1 Class [G][P][X-1][X-2]
      (the
“Certificate”), issued pursuant to the Trust Agreement (the “Trust Agreement”),
      dated as of March 9, 2007 between Credit Suisse First Boston Mortgage Acceptance
      Corp., as depositor (the “Depositor”) and Wilmington Trust Company, as owner
      trustee (the “Owner Trustee”), as acknowledged and agreed by U.S. Bank National
      Association, as certificate registrar (the “Certificate Registrar”). All terms
      used herein and not otherwise defined shall have the meanings set forth in
      the
      Trust Agreement. The Seller hereby certifies, represents and warrants to, and
      covenants with, the Depositor and the Certificate Registrar that:

     

    Neither
      the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred the Certificate, any interest in the
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in the Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to the Certificate, any interest in the Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      or
      (e) has taken any other action, that (as to any of (a) through (e) above) would
      constitute a distribution of the Certificate under the Securities Act of 1933
      (the “Act”), that would render the disposition of the Certificate a violation of
      Section 5 of the Act or any state securities law, or that would require
      registration or qualification pursuant thereto. The Seller will not act, in
      any
      manner set forth in the foregoing sentence with respect to the Certificate.
      The
      Seller has not and will not sell or otherwise transfer any of the Certificate,
      except in compliance with the provisions of the Trust Agreement.

     

    Very
      truly yours,

     

    __________________________________________

     

    By:
      ______________________________________

    Name:____________________________________

    Title:_____________________________________

     

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      F

     

     

    FORM
      OF ERISA REPRESENTATION LETTER

     

    ____________,
      20__

     

    Credit
      Suisse First Boston Mortgage Acceptance Corp.

    11
      Madison Avenue, 4th Floor

    New
      York,
      New York 10010-3629

     

    Wilmington
      Trust Company

    Rodney
      Square North

    1100
      North Market Street

    Wilmington,
      Delaware 19890

     

    U.S.
      Bank
      National Association

    60
      Livingston Avenue

    St.
      Paul,
      Minnesota 55107-2292

    

    Attention:
      Worldwide Securities Services/ Structured Finance Services-Home Equity Mortgage
      Trust 2007-1

     

    
      	 	
              Re:

            	
              Home
                Equity Mortgage Trust 2007-1,
                Mortgage-Backed

            

    

    Certificates,
      Series 2007-1, Class
      [G][P][X-1][X-2]        

    
       

    

     

    Dear
      Sirs:

     

    ____________________________
      (the “Transferee”) intends to acquire from ______________(the “Transferor”)
      $_______ of Home Equity Mortgage Trust 2007-1, Mortgage-Backed Certificates,
      Series 2007-1, Class [G][P][X-1][X-2] (the “Certificates”), issued pursuant to a
      Trust Agreement (the “Trust Agreement”) dated March 9, 2007 among Credit Suisse
      First Boston Mortgage Acceptance Corp., as depositor (the “Depositor”) and
      Wilmington Trust Company, as trustee (the “Owner Trustee”). Capitalized terms
      used herein and not otherwise defined shall have the meanings assigned thereto
      in the Trust Agreement.

     

    The
      Transferee hereby certifies, represents and warrants to, and covenants with,
      the
      Depositor, the Owner Trustee, the Certificate Registrar and the Servicer that
      the Certificate (i) is not being acquired by, and will not be transferred to,
      any employee benefit plan within the meaning of Section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”) or other retirement
      arrangement, including individual retirement accounts and annuities, Keogh
      plans
      and bank collective investment funds and insurance company general or separate
      accounts in which such plans, accounts or arrangements are invested, that is
      subject to Section 406 of ERISA or Section 4975 of the Internal
      Revenue Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not
      being acquired with “plan assets” of a Plan within the meaning of the Department
      of Labor (“DOL”) regulation, 29 C.F.R. § 2510.3-101, and (iii) will not be
      transferred to any entity that is deemed to be investing in plan assets within
      the meaning of the DOL regulation, 29 C.F.R. § 2510.3-101; and

     

    (2) The
      Transferee is familiar with the prohibited transaction restrictions and
      fiduciary responsibility requirements of Sections 406 and 407 of ERISA and
      Section 4975 of the Code and understands that each of the parties to which
      this certification is made is relying and will continue to rely on the
      statements made herein.

     

    Very
      truly yours,

     

    __________________________________________

     

    By:
      ______________________________________

    Name:____________________________________

    Title:_____________________________________

     

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      G

    

     

    FORM
      OF CERTIFICATE OF NON-FOREIGN STATUS

     

    This
      Certificate of Non-Foreign Status is delivered pursuant to Section 3.05 of
      the Trust Agreement dated as of March 9, 2007 (the “Trust Agreement”), between
      Credit Suisse First Boston Mortgage Acceptance Corp., as depositor (the
“Depositor”), and Wilmington Trust Company, as owner trustee, in connection with
      the acquisition of, transfer to or possession by the undersigned, whether as
      beneficial owner (the “Beneficial Owner”), or nominee on behalf of the
      Beneficial Owner of Home Equity Mortgage Trust 2007-1, Mortgage-Backed
      Certificates, Series 2007-1, Class [G] [A-R] (the “Certificates”). Capitalized
      terms used herein that are not otherwise defined shall have the meanings
      ascribed thereto in the Trust Agreement.

     

    Each
      holder must complete Part I, Part II (if the holder is a nominee), and in all
      cases sign and otherwise complete Part III.

     

    In
      addition, each holder shall submit with the Certificate an IRS Form W-9 relating
      to such holder.

     

    To
      confirm to the Trust that the provisions of Sections 871, 881 or 1446 of the
      Internal Revenue Code (relating to withholding tax on foreign partners) do
      not
      apply in respect of the Certificates held by the undersigned, the undersigned
      hereby certifies:

     

    Part
      I
      -  Complete
      Either A or B

     

    A. Individual
      as Beneficial Owner

     

    
      	 	
              1.

            	
              I
                am (the Beneficial Owner is ) not a non-resident alien for purposes
                of
                U.S. income taxation;

            

    

     

    2.         
       My
      (the
      Beneficial Owner’s) name and home address are:

     

    _______________________________

    _______________________________

    _______________________________;
      and

     

    
      	 	
              3.

            	
              My
                (the Beneficial Owner’s) U.S. taxpayer identification number (Social
                Security Number) is
                _______________________.

            

    

     

    B. Corporate,
      Partnership or Other Entity as Beneficial Owner

     

    
      	 	
              1.

            	
                                          
                (Name of the Beneficial Owner) is not a foreign corporation, foreign
                partnership, foreign trust or foreign estate (as those terms are
                defined
                in the Code and Treasury
                Regulations;

            

    

     

    
      	 	
              2..

            	
              The
                Beneficial Owner’s office address and place of incorporation (if
                applicable) is

            

    

     

    _______________________________

    _______________________________

    _______________________________;
      and

     

    
      	 	
              3.

            	
              The
                Beneficial Owner’s U.S. employer identification number is                                   .

            

    

     

    Part
      II
      - Nominees

     

    If
      the
      undersigned is the nominee for the Beneficial Owner, the undersigned certifies
      that this Certificate has been made in reliance upon information contained
      in:

     

          
      an IRS
      Form W-9

     

          
      a form
      such as this or substantially similar

     

    provided
      to the undersigned by an appropriate person and (i) the undersigned agrees
      to
      notify the Trust at least thirty (30) days prior to the date that the form
      relied upon becomes obsolete, and (ii) in connection with change in Beneficial
      Owners, the undersigned agrees to submit a new Certificate of Non-Foreign Status
      to the Trust promptly after such change.

     

    Part
      III
      - Declaration

     

    The
      undersigned, as the Beneficial Owner or a nominee thereof, agrees to notify
      the
      Trust within sixty (60) days of the date that the Beneficial Owner becomes
      a
      foreign person. The undersigned understands that this certificate may be
      disclosed to the Internal Revenue Service by the Trust and any false statement
      contained therein could be punishable by fines, imprisonment or
      both.

     

    Under
      penalties of perjury, I declare that I have examined this certificate and to
      the
      best of my knowledge and belief it is true, correct and complete and will
      further declare that I will inform the Trust of any change in the information
      provided above, and, if applicable, I further declare that I have the authority*
      to sign this document.

     

    ____________________________________

    Name

     

    ____________________________________

    Title
      (if
      applicable)

     

    ____________________________________

    Signature
      and Date

     

    *NOTE:
      If
      signed pursuant to a power of attorney, the power of attorney must accompany
      this certificate.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      H

    

    RESERVED

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      I

    

     

    FORM
      OF CLASS A-R CERTIFICATES

     

    THIS
      CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
      OR A
      DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 3.05 OF THE TRUST AGREEMENT
      OR AN OPINION OF COUNSEL SATISFACTORY TO THE SERVICER, THE DEPOSITOR AND THE
      INDENTURE TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE
      OR
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF
      THE CODE AND WILL NOT SUBJECT THE SERVICER, THE COMPANY OR THE TRUSTEE TO ANY
      OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
      AGREEMENT.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE SERVICER AND THE
      INDENTURE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY
      STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES,
      OR
      ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN
      INSTRUMENTALITY WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT
      TO
      TAX AND EXCEPT FOR THE FHLMC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT
      SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL
      ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING,
      (C)
      ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS’ COOPERATIVES DESCRIBED IN SECTION
      521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
      UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
      CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS
      TAXABLE INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN
      SECTION 1381(a)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER
      SECTION 775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES
      (A), (B), (C), (D) OR (E) BEING HEREIN REFERRED TO AS A “DISQUALIFIED
      ORGANIZATION”), OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) NO PURPOSE
      OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH
      TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL
      CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE
      CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
      CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED
      ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
      EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
      FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
      DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE
      OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF
      THIS
      PARAGRAPH.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              Certificate
                No. 1

            	
              Interest
                Rate: Variable

            
	 	 
	
              Cut-off
                Date:

            	
              Class
                Certificate Balance: $100

            
	 	 
	
              February
                1, 2007

            	
              Assumed
                Final Payment Date: May 2037

            
	 	 
	
              First
                Payment Date:

            	
              Certificate
                Percentage Interest of this Certificate: 100%

            
	 	 
	
              March
                26, 2007

            	
              CUSIP:
                

            

    

    

     

    Home
      Equity Mortgage Trust 2007-1, 

    Mortgage-Backed
      Certificate, Series 2007-1, Class A-R 

     

    

     

    evidencing
      percentage interest in the distribution allocable to the certificates of the
      above-referenced Class with respect to a Trust Estate evidenced by the loans
      created by CREDIT SUISSE FIRST BOSTON MORTGAGE ACCEPTANCE CORP. (hereinafter
      called the “Depositor” which term includes any successor entity under the
      Agreement referred to below).

     

    This
      Certificate is payable solely from the assets of the Trust Estate, and does
      not
      represent an obligation of or interest in the Depositor, the Sponsor, the
      Servicer, the Indenture Trustee, the Owner Trustee or any of their affiliates.
      Neither this Certificate nor any of the Loans is guaranteed or insured by any
      governmental agency or instrumentality or by the Depositor, the Sponsor, the
      Servicer, the Indenture Trustee, the Owner Trustee or any of their affiliates.
      None of the Depositor, the Sponsor, the Servicer, the Indenture Trustee, the
      Owner Trustee, or any of their affiliates will have any obligation with respect
      to any certificate or other obligation secured by or payable from payments
      on
      the Certificates.

     

    This
      certifies that [_________________] is the registered owner of the Certificate
      Percentage Interest evidenced by this Certificate (as set forth on the face
      hereof) in certain distributions with respect to the Trust Estate, consisting
      primarily of the Loans conveyed by the Depositor. The Trust Estate (as defined
      herein) was created pursuant to a Trust Agreement dated March 9, 2007 (as
      amended and supplemented from time to time, the “Agreement”) between the
      Depositor and Wilmington Trust Company, as owner trustee (the “Owner Trustee,”
which term includes any successor entity under the Agreement), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Certificate is issued under and is subject
      to
      the terms, provisions and conditions of the Agreement, to which Agreement the
      holder of this Certificate by virtue of the acceptance hereof assents and by
      which the such holder is bound.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Payment Date”), commencing on the first Payment Date
      specified above, to the Person in whose name this Certificate is registered
      at
      the close of business on the last day (or if such last day is not a Business
      Day, the Business Day immediately preceding such last day) of the month
      immediately preceding the month of such distribution (the “Record Date”), in an
      amount equal to the pro rata portion evidenced by this Certificate (based on
      the
      Certificate Percentage Interest stated on the face hereof) of the Class A-R
      Certificate Distribution Amount required to be distributed to the registered
      holder of this Certificate on such Payment Date. Distributions on this
      Certificate will be made as provided in the Agreement by the Certificate Paying
      Agent by wire transfer or check mailed to the Certificateholders of record
      in
      the Certificate Register without the presentation or surrender of this
      Certificate or the making of any notation hereon.

     

    Except
      as
      otherwise provided in the Agreement and notwithstanding the above, the final
      distribution on this Certificate will be made after due notice by the
      Certificate Paying Agent of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency
      maintained by the Certificate Registrar for that purpose in the City and State
      of New York.

     

    Each
      Certificateholder of this Certificate will be deemed to have agreed to be bound
      by the restrictions set forth in the Agreement to the effect that (i) each
      person holding or acquiring any Ownership Interest in this Certificate must
      be a
      United States Person and a Permitted Transferee, (ii) the transfer of any
      Ownership Interest in this Certificate will be conditioned upon the delivery
      to
      the Indenture Trustee of, among other things, an affidavit to the effect that
      it
      is a United States Person and Permitted Transferee, (iii) any attempted or
      purported transfer of any Ownership Interest in this Certificate in violation
      of
      such restrictions will be absolutely null and void and will vest no rights
      in
      the purported transferee, and (iv) if any person other than a United States
      Person and a Permitted Transferee acquires any Ownership Interest in this
      Certificate in violation of such restrictions, then the Depositor will have
      the
      right, in its sole discretion and without notice to the Certificateholder of
      this Certificate, to sell this Certificate to a purchaser selected by the
      Depositor, which purchaser may be the Depositor, or any affiliate of the
      Depositor, on such terms and conditions as the Depositor may
      choose.

     

    In
      connection with any transfer of this Certificate, the Certificate Registrar
      (unless otherwise directed by the Depositor) will require either (i) a
      representation letter, in the form of Exhibit J-1 to the Agreement, stating
      that
      the transferee is not an employee benefit or other plan subject to the
      prohibited transaction restrictions or the fiduciary responsibility requirements
      of ERISA or Section 4975 of the Code (each, a “Plan”), any person acting,
      directly or indirectly, on behalf of a Plan or any person using the “plan
      assets,” within the meaning of the Department of Labor regulations at 29 C.F.R.
§ 2510.3-101, of a Plan to effect such acquisition (collectively, a “Plan
      Investor”) or (ii) if such transferee is a Plan Investor, an opinion of
      counsel acceptable to and in form and substance satisfactory to the Depositor,
      the Owner Trustee, the Servicer and the Certificate Registrar to the effect
      that
      the purchase or holding of this Certificate is permissible under applicable
      law,
      will not constitute or result in a prohibited transaction under Section 406
      of
      ERISA or Section 4975 of the Code (or comparable provisions of any subsequent
      enactments) and will not subject the Depositor, the Owner Trustee, the Servicer
      or the Certificate Registrar to any obligation or liability in addition to
      those
      undertaken in the Agreement.

     

    This
      Certificate is one of a duly authorized Certificate designated as Home Equity
      Mortgage Trust 2007-1, Mortgage-Backed Certificates, Class A-R, of the Series
      specified hereon. All terms used in this Certificate which are defined in the
      Agreement shall have the meanings assigned to them in the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Certificate Distribution Account
      that
      have been released from the Lien of the Indenture for payment hereunder and
      that
      neither the Owner Trustee in its individual capacity nor the Depositor is
      personally liable to the Certificateholders for any amount payable under this
      Certificate or the Agreement or, except as expressly provided in the Agreement,
      subject to any liability under the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, covenants and agrees
      that such Certificateholder will not, prior to the day one year and one day
      after the date this Trust Agreement terminates, institute against the Depositor
      or the Trust, or join in any institution against the Depositor or the Trust
      of,
      any bankruptcy, reorganization, arrangement, insolvency or liquidation
      proceedings, or other proceedings under any United States federal or state
      bankruptcy or similar law in connection with any obligations relating to the
      Certificates, the Notes, the Agreement or any of the Basic
      Documents.

     

    The
      Agreement permits the amendment thereof as specified below, provided that any
      amendment be accompanied by an Opinion of Counsel to the Owner Trustee to the
      effect that such amendment complies with the provisions of the Agreement and
      will not cause the Trust to be subject to an entity level tax. If the purpose
      of
      the amendment is to correct any mistake, eliminate any inconsistency, cure
      any
      ambiguity or deal with any matter not covered, it shall not be necessary to
      obtain the consent of any Securityholder, but the Owner Trustee shall be
      furnished with a letter from the Rating Agencies that the amendment will not
      result in the downgrading or withdrawal of the rating then assigned to any
      of
      the Notes. If the purpose of the amendment is to prevent the imposition of
      any
      federal or state taxes at any time that any Security is outstanding, it shall
      not be necessary to obtain the consent of any Securityholder, but the Owner
      Trustee shall be furnished with an Opinion of Counsel that such amendment is
      necessary or helpful to prevent the imposition of such taxes and is not
      materially adverse to any Securityholder. If the purpose of the amendment is
      to
      add or eliminate or change any provision of the Agreement, other than as
      specified in the preceding two sentences, the amendment shall require either
      (a)
      a letter from the Rating Agencies that the amendment will not result in the
      downgrading or withdrawal of the rating then assigned to any of the Notes or
      (b)
      the consent of the Certificateholders and the Indenture Trustee; provided,
      however, that no such amendment shall (i) reduce in any manner the amount of,
      or
      delay the time of, payments received that are required to be distributed on
      the
      Certificates without the consent of the Certificateholders, or (ii) reduce
      the aforesaid Certificate Percentage Interest required to consent to any such
      amendment without the consent of 100% of the Certificate Percentage
      Interest.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies of the Certificate Registrar maintained in the City of and State of
      New
      York, accompanied by a written instrument of transfer in form satisfactory
      to
      the Certificate Registrar duly executed by the registered holder of this
      Certificate or the such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of authorized denominations evidencing
      the same aggregate Certificate Percentage Interest will be issued to the
      designated transferee. The initial Certificate Registrar appointed under the
      Agreement is the Indenture Trustee.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Owner Trustee or the Certificate Registrar may require payment of a
      sum
      sufficient to cover any tax or governmental charge payable in connection
      therewith.

     

    The
      Owner
      Trustee, the Certificate Paying Agent, the Certificate Registrar and any agent
      of the Owner Trustee, the Certificate Paying Agent, or the Certificate Registrar
      may treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Owner Trustee, the Certificate Paying
      Agent, the Certificate Registrar or any such agent shall be affected by any
      notice to the contrary.

     

    This
      Certificate shall be governed by and construed in accordance with the laws
      of
      the State of Delaware.

     

    The
      obligations created by the Agreement in respect of the Certificates and the
      Trust created thereby shall terminate upon the earlier of (i) the final
      distribution of all moneys or other property or proceeds of the Trust Estate
      in
      accordance with the terms of the Indenture and the Agreement or (ii) the Final
      Maturity Date.

     

    Unless
      the certificate of authentication hereon shall have been executed by an
      authorized officer of the Owner Trustee, or an authenticating agent by manual
      signature, this Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose.

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its
      individual capacity, has caused this Certificate to be duly
      executed.

     

    HOME
      EQUITY MORTGAGE TRUST
      2007-1

     

    
      	 	
              By

            	
              WILMINGTON
                TRUST COMPANY, not in its individual capacity but solely as Owner
                Trustee

            

    

     

    Dated:
      March 9,
      2007                 
    ________________________________________

    Authorized
      Signatory

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class A-R Certificates referred to in the within mentioned
      Agreement.

     

    WILMINGTON
      TRUST COMPANY, not in its 

    individual
      capacity but solely as Owner Trustee

     

    By:______________________________

    Authorized
      Signatory

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED the undersigned hereby sells, assigns and transfers unto

       

      PLEASE
        INSERT SOCIAL SECURITY OR OTHER
        IDENTIFYING NUMBER OF ASSIGNEE

       

      ____________________________________________________________________________________________________________

      (Please
        print or type name and address, including postal zip code, of
        assignee)

       

      ____________________________________________________________________________________________________________

      the
        within Certificate, and all rights thereunder, hereby irrevocably constituting
        and appointing

       

      ____________________________________________________________________________________________________________

      to
        transfer said Certificate on the books of the Certificate Registrar, with
        full
        power of substitution in the premises.

       

      Dated:

       

      ______________________________________*/_

      Signature
        Guaranteed:

       

      ______________________________*/_

       

      ______________

      */
        NOTICE: The signature to this assignment must correspond with the name of
        the
        registered owner as it appears on the face of the within Certificate in every
        particular, without alteration, enlargement or any change whatever. Such
        signature must be guaranteed by an “eligible guarantor institution” meeting the
        requirements of the Certificate Registrar, which requirements include membership
        or participation in STAMP or such other “signature guarantee program” as may be
        determined by the Certificate Registrar in addition to, or in substitution
        for,
        STAMP, all in accordance with the Securities Exchange Act of 1934, as
        amended.

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for the information of the Certificate
      Paying Agent:

     

    Distribution
      shall be made by wire transfer in immediately available funds
      to_____________________________________________

     

    __________________________________________________________

     

    for
      the
      account of ,_________________________________________________ account
      number

     

    ___________,
      or, if mailed by check, to___________________

     

    Applicable
      statements should be mailed to____________________.

     

    ____________________________________

    Signature
      of assignee or agent

     

    (for
      authorization of wire

    transfer
      only)

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      J-1

     

    

     

    FORM
      OF TRANSFER AFFIDAVIT AND AGREEMENT

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF 

            	
              )

            	 

    

     

    [NAME
      OF
      OFFICER], being first duly sworn, deposes and says:

     

    1. That
      he
      is [Title of Officer] of [Name of Owner] (record or beneficial owner of the
      Home
      Equity Mortgage Trust 2007-1,

     

    2. Mortgage-Backed
      Certificate, Series 2007-1, Class [G] [A-R] (the “Owner”)), a [savings
      institution] [corporation] duly organized and existing under the laws of [the
      State of                                     ]
      [the
      United States], on behalf of which he makes this affidavit and
      agreement.

     

    3. That
      the
      Owner (i) is not and will not be a “disqualified organization” or an electing
      large partnership as of [date of transfer] within the meaning of Sections
      860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986, as
      amended (the “Code”) or an electing large partnership under Section 775(a)
      of the Code, (ii) will endeavor to remain other than a disqualified organization
      for so long as it retains its ownership interest in the Class [G] [A-R]
      Certificates, and (iii) is acquiring the Class [G] [A-R] Certificates for
      its own account or for the account of another Owner from which it has received
      an affidavit and agreement in substantially the same form as this affidavit
      and
      agreement. (For this purpose, a “disqualified organization” means an electing
      large partnership under Section 775 of the Code, the United States, any
      state or political subdivision thereof, any agency or instrumentality of any
      of
      the foregoing (other than an instrumentality all of the activities of which
      are
      subject to tax and, except for the Federal Home Loan Mortgage Corporation,
      a
      majority of whose board of directors is not selected by any such governmental
      entity) or any foreign government, international organization or any agency
      or
      instrumentality of such foreign government or organization, any rural electric
      or telephone cooperative, or any organization (other than certain farmers’
cooperatives) that is generally exempt from federal income tax unless such
      organization is subject to the tax on unrelated business taxable
      income).

     

    4. That
      the
      Owner is aware (i) of the tax that would be imposed on transfers of
      Class [G] [A-R] Certificates to disqualified organizations or electing
      large partnerships, under the Code, that applies to all transfers of
      Class [G] [A-R] Certificates after March 31, 1988; (ii) that such tax would
      be on the transferor (or, with respect to transfers to electing large
      partnerships, on each such partnership), or, if such transfer is through an
      agent (which person includes a broker, nominee or middleman) for a disqualified
      organization, on the agent; (iii) that the person (other than with respect
      to
      transfers to electing large partnerships) otherwise liable for the tax shall
      be
      relieved of liability for the tax if the transferee furnishes to such person
      an
      affidavit that the transferee is not a disqualified organization and, at the
      time of transfer, such person does not have actual knowledge that the affidavit
      is false; and (iv) that the Class [G] [A-R] Certificates may be
“noneconomic residual interests” within the meaning of Treasury regulations
      promulgated pursuant to the Code and that the transferor of a noneconomic
      residual interest will remain liable for any taxes due with respect to the
      income on such residual interest, unless no significant purpose of the transfer
      was to impede the assessment or collection of tax.

     

    5. That
      the
      Owner is aware of the tax imposed on a “pass-through entity” holding
      Class [G] [A-R] Certificates if either the pass-through entity is an
      electing large partnership under Section 775 of the Code if at any time
      during the taxable year of the pass-through entity a disqualified organization
      is the record holder of an interest in such entity. (For this purpose, a “pass
      through entity” includes a regulated investment company, a real estate
      investment trust or common trust fund, a partnership, trust or estate, and
      certain cooperatives.)

     

    6. The
      Owner
      is a citizen or resident of the United States, a corporation, partnership or
      other entity created or organized in, or under the laws of, the United States
      or
      any political subdivision thereof (except in the case of a partnership, to
      the
      extent provided in Treasury regulations), or an estate that is described in
      Section 7701(a)(30)(D) of the Code, or a trust that is described in
      Section 7701(a)(30)(E) of the Code.

     

    7. That
      the
      Owner is aware that the Certificate Registrar will not register the transfer
      of
      any Class [G] [A-R] Certificates unless the transferee, or the transferee’s
      agent, delivers to it an affidavit and agreement, among other things, in
      substantially the same form as this affidavit and agreement. The Owner expressly
      agrees that it will not consummate any such transfer if it knows or believes
      that any of the representations contained in such affidavit and agreement are
      false.

     

    8. That
      the
      Owner has reviewed the restrictions set forth on the face of the Class [G]
      [A-R] Certificates and the provisions of Section 3.05 of the Trust
      Agreement under which the Class [G] [A-R] Certificates were issued (in
      particular, clause (i)(A) and (i)(B) of Section 3.05 which authorize the
      Certificate Registrar to deliver payments to a person other than the Owner
      and
      negotiate a mandatory sale by the Indenture Trustee in the event the Owner
      holds
      such Certificates in violation of Section 3.05). The Owner expressly agrees
      to be bound by and to comply with such restrictions and provisions.

     

    9. That
      the
      Owner consents to any additional restrictions or arrangements that shall be
      deemed necessary upon advice of counsel to constitute a reasonable arrangement
      to ensure that the Class [G] [A-R] Certificates will only be owned,
      directly or indirectly, by an Owner that is not a disqualified
      organization.

     

    10. The
      Owner’s Taxpayer Identification Number is                             .

     

    11. This
      affidavit and agreement relates only to the Class [G] [A-R] Certificates
      held by the Owner and not to any other holder of the Class [G] [A-R]
      Certificates. The Owner understands that the liabilities described herein relate
      only to the Class [G] [A-R] Certificates.

     

    12. That
      no
      purpose of the Owner relating to the transfer of any of the Class [G] [A-R]
      Certificates by the Owner is or will be to impede the assessment or collection
      of any tax.

     

    13. That
      the
      Owner has no present knowledge or expectation that it will be unable to pay
      any
      United States taxes owed by it so long as any of the Certificates remain
      outstanding. In this regard, the Owner hereby represents to and for the benefit
      of the person from whom it acquired the Class [G] [A-R] Certificate that
      the Owner intends to pay taxes associated with holding such Class [G] [A-R]
      Certificate as they become due, fully understanding that it may incur tax
      liabilities in excess of any cash flows generated by the Class [G] [A-R]
      Certificate.

     

    14. That
      the
      Owner has no present knowledge or expectation that it will become insolvent
      or
      subject to a bankruptcy proceeding for so long as any of the Class [G]
      [A-R] Certificates remain outstanding.

     

    15. The
      Purchaser is not an employee benefit plan or other plan subject to the
      prohibited transaction provisions 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”), or an investment manager, named fiduciary or a
      trustee of any such plan, or any other Person acting, directly or indirectly,
      on
      behalf of or purchasing any Certificate with “plan assets” of any such
      plan.

     

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Title
      of
      Officer] and its corporate seal to be hereunto attached, attested by its
      [Assistant] Secretary, this ____ day of __________, ____________.

     

     

    [NAME
      OF
      OWNER]

     

    By:__________________________________

    [Name
      of
      Officer]

    [Title
      of
      Officer]

    [Corporate
      Seal]

     

    ATTEST:

     

    _______________________________

    [Assistant]
      Secretary

     

    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 Owner, and acknowledged to me that he executed the same as
      his
      free act and deed and the free act and deed of the Owner.

     

    Subscribed
      and sworn before me this ____ day of __________, ____________.

     

     

    _______________________________________

    NOTARY
      PUBLIC

     

    COUNTY
      OF______________________________

     

    STATE
      OF________________________________

     

    My
      Commission expires the       
      day of
                          ,
      20    .

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      J-2

    

     

    FORM
      OF TRANSFEROR CERTIFICATE

     

     

                                        ,
      20    

     

    Credit
      Suisse First Boston Mortgage Acceptance Corp.

    11
      Madison Avenue, 4th Floor

    New
      York,
      New York 10010-3629

     

    Wilmington
      Trust Company

    Rodney
      Square North

    1100
      North Market Street

    Wilmington,
      Delaware 19890

     

    U.S.
      Bank
      National Association

    60
      Livingston Avenue

    St.
      Paul,
      Minnesota 55107-2292

    

    Attention:
      Worldwide Securities Services/ Structured Finance Services-Home Equity Mortgage
      Trust 2007-1

     

    Re: Home
      Equity Mortgage Trust 2007-1, Mortgage-Backed
      Certificate, Series 2007-1, Class [G] [A-R] 

     

    Ladies
      and Gentlemen:

     

    This
      letter is delivered to you in connection with the transfer by                 
      (the
“Seller”) to                             
      (the
“Purchaser”) of a [__]% Percentage Interest in the Home Equity Mortgage Trust
      2007-1, Mortgage-Backed Certificates, Series 2007-1, Class [G] [A-R] (the
“Certificates”), pursuant to Section 3.05 of the Trust Agreement (the
“Trust Agreement”), dated as of March 9, 2007, between Credit Suisse First
      Boston Mortgage Acceptance Corp., as seller (the “Company”), and Wilmington
      Trust Company, as owner trustee (the “Trustee”). All terms used herein and not
      otherwise defined shall have the meanings set forth in the Trust Agreement.
      The
      Seller hereby certifies, represents and warrants to, and covenants with, the
      Company and the Trustee that:

     

    1. No
      purpose of the Seller relating to the transfer of the Certificate by the Seller
      to the Purchaser is or will be to impede the assessment or collection of any
      tax.

     

    2. The
      Seller understands that the Purchaser has delivered to the Indenture Trustee
      and
      the Servicer a transfer affidavit and agreement in the form attached to the
      Trust Agreement as Exhibit J-1. The Seller does not know or believe that any
      representation contained therein is false.

     

    3. The
      Seller has at the time of the transfer conducted a reasonable investigation
      of
      the financial condition of the Purchaser as contemplated by Treasury Regulations
      Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the
      Seller has determined that the Purchaser has historically paid its debts as
      they
      become due and has found no significant evidence to indicate that the Purchaser
      will not continue to pay its debts as they become due in the future. The Seller
      understands that the transfer of a Class [G] [A-R] Certificate may not be
      respected for United States income tax purposes (and the Seller may continue
      to
      be liable for United States income taxes associated therewith) unless the Seller
      has conducted such an investigation.

     

    4. The
      Seller has no actual knowledge that the proposed Transferee is not both a United
      States Person and a Permitted Transferee.

     

     

    Very
      truly yours,

     

    _____________________________________

    (Seller)

     

    By:__________________________________

    Name:________________________________

    Title:
      _________________________________

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    

    EXHIBIT
      K

     

    FORM
      OF CLASS P CERTIFICATES

     

    THIS
      CERTIFICATE IS NOT TRANSFERABLE EXCEPT UPON SATISFACTION OF THE CONDITIONS
      IN
      SECTION 3.05 OF THE AGREEMENT.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND STATE LAWS OR
      IS
      SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
      SUCH ACT AND UNDER SUCH STATE LAWS AND IS TRANSFERRED IN ACCORDANCE WITH THE
      PROVISIONS OF SECTION 3.05 OF THE AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE REGISTRAR
      SHALL HAVE RECEIVED EITHER (i) A REPRESENTATION LETTER IN THE FORM OF EXHIBIT
      F
      TO THE AGREEMENT FROM THE TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT
      SUCH
      TRANSFEREE IS NOT AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
      TRANSACTION RESTRICTIONS AND THE FIDUCIARY RESPONSIBILITY REQUIREMENTS 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”), ANY
      PERSON ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF ANY SUCH PLAN OR ANY PERSON
      USING “PLAN ASSETS,” WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATIONS
      SECTION 2510.3-101, OF SUCH A PLAN TO ACQUIRE THIS CERTIFICATE (COLLECTIVELY
      A
“PLAN INVESTOR”), OR (ii) IF THIS CERTIFICATE IS PRESENTED FOR REGISTRATION IN
      THE NAME OF A PLAN INVESTOR, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM
      AND
      SUBSTANCE SATISFACTORY TO THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER AND
      THE
      CERTIFICATE REGISTRAR TO THE EFFECT THAT THE PURCHASE OR HOLDING OF THIS
      CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
      IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
      CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) AND WILL NOT
      SUBJECT THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER OR THE CERTIFICATE
      REGISTRAR TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
      THE
      AGREEMENT.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSOR,
      THE
      DEPOSITOR, THE SERVICER, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE OR ANY OF
      THEIR RESPECTIVE AFFILIATES.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              Certificate
                No. 1

            	
              Interest
                Rate: Variable

            
	 	 
	
              Cut-off
                Date:

            	
              Class
                Certificate Balance: $100

            
	 	 
	
              February
                1, 2007

            	
              Assumed
                Final Payment Date: May 2037

            
	 	 
	
              First
                Payment Date:

            	
              Certificate
                Percentage Interest of this Certificate: 100%

            
	 	 
	
              March
                26, 2007

            	
              CUSIP:
                

            

    

    

     

    Home
      Equity Mortgage Trust 2007-1, 

    Mortgage-Backed
      Certificate, Series 2007-1, Class P

     

    evidencing
      percentage interest in the distribution allocable to the certificates of the
      above-referenced Class with respect to a Trust Estate evidenced by the loans
      created by CREDIT SUISSE FIRST BOSTON MORTGAGE ACCEPTANCE CORP. (hereinafter
      called the “Depositor” which term includes any successor entity under the
      Agreement referred to below).

     

    This
      Certificate is payable solely from the assets of the Trust Estate, and does
      not
      represent an obligation of or interest in the Depositor, the Sponsor, the
      Servicer, the Indenture Trustee, the Owner Trustee or any of their affiliates.
      Neither this Certificate nor any of the Loans is guaranteed or insured by any
      governmental agency or instrumentality or by the Depositor, the Sponsor, the
      Servicer, the Indenture Trustee, the Owner Trustee or any of their affiliates.
      None of the Depositor, the Sponsor, the Servicer, the Indenture Trustee, the
      Owner Trustee, or any of their affiliates will have any obligation with respect
      to any certificate or other obligation secured by or payable from payments
      on
      the Certificates. 

     

    This
      certifies that [____________________] is the registered owner of the Certificate
      Percentage Interest evidenced by this Certificate (as set forth on the face
      hereof) in certain distributions with respect to the Trust Estate, consisting
      primarily of the Loans conveyed by the Depositor. The Trust Estate (as defined
      herein) was created pursuant to a Trust Agreement dated March 9, 2007 (as
      amended and supplemented from time to time, the “Agreement”) between the
      Depositor and Wilmington Trust Company, as owner trustee (the “Owner Trustee,”
which term includes any successor entity under the Agreement), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Certificate is issued under and is subject
      to
      the terms, provisions and conditions of the Agreement, to which Agreement the
      holder of this Certificate by virtue of the acceptance hereof assents and by
      which the such holder is bound.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Payment Date”), commencing on the first Payment Date
      specified above, to the Person in whose name this Certificate is registered
      at
      the close of business on the last day (or if such last day is not a Business
      Day, the Business Day immediately preceding such last day) of the month
      immediately preceding the month of such distribution (the “Record Date”), in an
      amount equal to the pro rata portion evidenced by this Certificate (based on
      the
      Certificate Percentage Interest stated on the face hereof) of the Class P
      Certificate Distribution Amount required to be distributed to the registered
      holder of this Certificate on such Payment Date. Distributions on this
      Certificate will be made as provided in the Agreement by the Certificate Paying
      Agent by wire transfer or check mailed to the Certificateholders of record
      in
      the Certificate Register without the presentation or surrender of this
      Certificate or the making of any notation hereon.

     

    Except
      as
      otherwise provided in the Agreement and notwithstanding the above, the final
      distribution on this Certificate will be made after due notice by the
      Certificate Paying Agent of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency
      maintained by the Certificate Registrar for that purpose in the City and State
      of New York.

     

    No
      transfer of this Certificate will be made unless such transfer is exempt from
      the registration requirements of the Securities Act of 1933, as amended, and
      any
      applicable state securities laws or is made in accordance with said Act and
      laws. In the event that such a transfer is to be made, (i) the Certificate
      Registrar or the Depositor may require an opinion of counsel acceptable to
      and
      in form and substance satisfactory to the Certificate Registrar and the
      Depositor that such transfer is exempt (describing the applicable exemption
      and
      the basis therefor) from or is being made pursuant to the registration
      requirements of the Securities Act of 1933, as amended, and of any applicable
      statute of any state and (ii) the transferee shall execute an investment letter
      in the form described in the Agreement and (iii) the Certificate Registrar
      shall
      require the transferee to execute an investment letter in the form described
      by
      the Agreement, which investment letter shall not be at the expense of the Trust,
      the Owner Trustee, the Certificate Registrar or the Depositor. If a
      Certificateholder desires to effect such transfer, it shall, and does hereby
      agree to, indemnify the Trust, the Owner Trustee, the Depositor, the Servicer,
      the Indenture Trustee and the Certificate Registrar against any liability that
      may result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws. In connection with any transfer of this
      Certificate, the Certificate Registrar (unless otherwise directed by the
      Depositor) will require either (i) a representation letter, in the form of
      Exhibit F to the Agreement, stating that the transferee is not an employee
      benefit or other plan subject to the prohibited transaction restrictions or
      the
      fiduciary responsibility requirements of ERISA or Section 4975 of the Code
      (“Plan”), any person acting, directly or indirectly, on behalf of any such plan
      or any person using the “plan assets,” within the meaning of the Department of
      Labor regulations at 29 C.F.R. § 2510.3-101, to effect such acquisition
      (collectively, a “Plan Investor”) or (ii) if such transferee is a Plan
      Investor, an opinion of counsel acceptable to and in form and substance
      satisfactory to the Depositor, the Owner Trustee, the Servicer and the
      Certificate Registrar to the effect that the purchase or holding of this
      Certificate is permissible under applicable law, will not constitute or result
      in a prohibited transaction under Section 406 of ERISA or Section 4975 of the
      Code (or comparable provisions of any subsequent enactments) and will not
      subject the Depositor, the Owner Trustee, the Servicer or the Certificate
      Registrar to any obligation or liability in addition to those undertaken in
      the
      Agreement.

     

    This
      Certificate is one of a duly authorized Certificate designated as Home Equity
      Mortgage Trust 2007-1, Mortgage-Backed Certificates, Class P, of the Series
      specified hereon. All terms used in this Certificate which are defined in the
      Agreement shall have the meanings assigned to them in the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Certificate Distribution Account
      that
      have been released from the Lien of the Indenture for payment hereunder and
      that
      neither the Owner Trustee in its individual capacity nor the Depositor is
      personally liable to the Certificateholders for any amount payable under this
      Certificate or the Agreement or, except as expressly provided in the Agreement,
      subject to any liability under the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, covenants and agrees
      that such Certificateholder will not, prior to the day one year and one day
      after the date the Trust Agreement terminates, institute against the Depositor
      or the Trust, or join in any institution against the Depositor or the Trust
      of,
      any bankruptcy, reorganization, arrangement, insolvency or liquidation
      proceedings, or other proceedings under any United States federal or state
      bankruptcy or similar law in connection with any obligations relating to the
      Certificates, the Notes, the Agreement or any of the Basic
      Documents.

     

    The
      Agreement permits the amendment thereof as specified below, provided that any
      amendment be accompanied by an Opinion of Counsel to the Owner Trustee to the
      effect that such amendment complies with the provisions of the Agreement and
      will not cause the Trust to be subject to an entity level tax. If the purpose
      of
      the amendment is to correct any mistake, eliminate any inconsistency, cure
      any
      ambiguity or deal with any matter not covered, it shall not be necessary to
      obtain the consent of any Securityholder, but the Owner Trustee shall be
      furnished with a letter from the Rating Agencies that the amendment will not
      result in the downgrading or withdrawal of the rating then assigned to any
      of
      the Notes. If the purpose of the amendment is to prevent the imposition of
      any
      federal or state taxes at any time that any Security is outstanding, it shall
      not be necessary to obtain the consent of any Securityholder, but the Owner
      Trustee shall be furnished with an Opinion of Counsel that such amendment is
      necessary or helpful to prevent the imposition of such taxes and is not
      materially adverse to any Securityholder. If the purpose of the amendment is
      to
      add or eliminate or change any provision of the Agreement, other than as
      specified in the preceding two sentences, the amendment shall require either
      (a)
      a letter from the Rating Agencies that the amendment will not result in the
      downgrading or withdrawal of the rating then assigned to any of the Notes or
      (b)
      the consent of the Certificateholders and the Indenture Trustee; provided,
      however, that no such amendment shall (i) reduce in any manner the amount of,
      or
      delay the time of, payments received that are required to be distributed on
      the
      Certificates without the consent of the Certificateholders, or (ii) reduce
      the aforesaid Certificate Percentage Interest required to consent to any such
      amendment without the consent of 100% of the Certificate Percentage
      Interest.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies of the Certificate Registrar maintained in the City of and State of
      New
      York, accompanied by a written instrument of transfer in form satisfactory
      to
      the Certificate Registrar duly executed by the registered holder of this
      Certificate or the such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of authorized denominations evidencing
      the same class and aggregate Certificate Percentage Interest will be issued
      to
      the designated transferee. The initial Certificate Registrar appointed under
      the
      Agreement is the Indenture Trustee.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Owner Trustee or the Certificate Registrar may require payment of a
      sum
      sufficient to cover any tax or governmental charge payable in connection
      therewith.

     

    The
      Owner
      Trustee, the Certificate Paying Agent, the Certificate Registrar and any agent
      of the Owner Trustee, the Certificate Paying Agent, or the Certificate Registrar
      may treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Owner Trustee, the Certificate Paying
      Agent, the Certificate Registrar or any such agent shall be affected by any
      notice to the contrary.

     

    This
      Certificate shall be governed by and construed in accordance with the laws
      of
      the State of Delaware.

     

    The
      obligations created by the Agreement in respect of the Certificates and the
      Trust created thereby shall terminate upon the earlier of (i) the final
      distribution of all moneys or other property or proceeds of the Trust Estate
      in
      accordance with the terms of the Indenture and the Agreement or (ii) the Final
      Maturity Date.

     

    Unless
      the certificate of authentication hereon shall have been executed by an
      authorized officer of the Owner Trustee, or an authenticating agent by manual
      signature, this Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its
      individual capacity, has caused this Certificate to be duly
      executed.

     

    HOME
      EQUITY MORTGAGE TRUST 2007-1

     

    
      	 	
              By

            	
              WILMINGTON
                TRUST COMPANY, not in its individual capacity but solely as Owner
                Trustee

            

    

     

    Dated:
      March 9,
      2007                                                      
__________________________________________

    Authorized
      Signatory

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class P Certificates referred to in the within mentioned
      Agreement.

     

    WILMINGTON
      TRUST COMPANY,

    not
      in
      its individual capacity but solely as Owner Trustee

    

    By:
      _______________________________

    Authorized
      Signatory

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED the undersigned hereby sells, assigns and transfers unto

       

      PLEASE
        INSERT SOCIAL SECURITY OR OTHER
        IDENTIFYING NUMBER OF ASSIGNEE

       

      ____________________________________________________________________________________________________________

      (Please
        print or type name and address, including postal zip code, of
        assignee)

       

      ____________________________________________________________________________________________________________

      the
        within Certificate, and all rights thereunder, hereby irrevocably constituting
        and appointing

       

      ____________________________________________________________________________________________________________

      to
        transfer said Certificate on the books of the Certificate Registrar, with
        full
        power of substitution in the premises.

       

      Dated:

       

      ______________________________________*/_

      Signature
        Guaranteed:

       

      ______________________________*/_

       

      ______________

      */
        NOTICE: The signature to this assignment must correspond with the name of
        the
        registered owner as it appears on the face of the within Certificate in every
        particular, without alteration, enlargement or any change whatever. Such
        signature must be guaranteed by an “eligible guarantor institution” meeting the
        requirements of the Certificate Registrar, which requirements include membership
        or participation in STAMP or such other “signature guarantee program” as may be
        determined by the Certificate Registrar in addition to, or in substitution
        for,
        STAMP, all in accordance with the Securities Exchange Act of 1934, as
        amended.

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for the information of the Certificate
      Paying Agent:

     

    Distribution
      shall be made by wire transfer in immediately available funds
      to_____________________________________________

     

    __________________________________________________________

     

    for
      the
      account of ,_________________________________________________ account
      number

     

    ___________,
      or, if mailed by check, to___________________

     

    Applicable
      statements should be mailed to____________________.

     

    ____________________________________

    SIGNATURE
      OF ASSIGNEE OR AGENT

    (FOR
      AUTHORIZATION OF WIRE

    TRANSFER
      ONLY)

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
      L

    

     

    FORM
      OF CLASS G CERTIFICATES

     

    THIS
      CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
      OR A
      DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 3.05 OF THE TRUST AGREEMENT
      OR AN OPINION OF COUNSEL SATISFACTORY TO THE SERVICER, THE DEPOSITOR AND THE
      INDENTURE TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE
      OR
      RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF
      THE CODE AND WILL NOT SUBJECT THE SERVICER, THE COMPANY OR THE INDENTURE TRUSTEE
      TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
      AGREEMENT.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND STATE LAWS OR
      IS
      SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
      SUCH ACT AND UNDER SUCH STATE LAWS AND IS TRANSFERRED IN ACCORDANCE WITH THE
      PROVISIONS OF SECTION 3.05 OF THE AGREEMENT.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE SERVICER AND THE
      INDENTURE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY
      STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES,
      OR
      ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN
      INSTRUMENTALITY WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT
      TO
      TAX AND EXCEPT FOR THE FHLMC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT
      SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL
      ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING,
      (C)
      ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS’ COOPERATIVES DESCRIBED IN SECTION
      521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
      UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
      CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS
      TAXABLE INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN
      SECTION 1381(a)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER
      SECTION 775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES
      (A), (B), (C), (D) OR (E) BEING HEREIN REFERRED TO AS A “DISQUALIFIED
      ORGANIZATION”), OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) NO PURPOSE
      OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH
      TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL
      CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE
      CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
      CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED
      ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
      EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
      FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
      DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE
      OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF
      THIS
      PARAGRAPH.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              Certificate
                No. 1

            	
              Interest
                Rate: Adjustable

            
	 	 
	
              Cut-off
                Date:

            	
              Class
                Certificate Balance: $0.00

            
	 	 
	
              February
                1, 2007

            	
              Assumed
                Final Payment Date: May 2037

            
	 	 
	
              First
                Payment Date:

            	
              Certificate
                Percentage Interest of this Certificate: 100%

            
	 	 
	
              March
                26, 2007

            	
              CUSIP:
                

            

    

    

     

    Home
      Equity Mortgage Trust 2007-1, 

    Mortgage-Backed
      Certificate, Series 2007-1, Class G 

     

    

     

    evidencing
      percentage interest in the distribution allocable to the certificates of the
      above-referenced Class with respect to a Trust Estate evidenced by the loans
      created by CREDIT SUISSE FIRST BOSTON MORTGAGE ACCEPTANCE CORP. (hereinafter
      called the “Depositor” which term includes any successor entity under the
      Agreement referred to below).

     

    This
      Certificate is payable solely from the assets of the Trust Estate, and does
      not
      represent an obligation of or interest in the Depositor, the Sponsor, the
      Servicer, the Indenture Trustee, the Owner Trustee or any of their affiliates.
      Neither this Certificate nor any of the Loans is guaranteed or insured by any
      governmental agency or instrumentality or by the Depositor, the Sponsor, the
      Servicer, the Indenture Trustee, the Owner Trustee or any of their affiliates.
      None of the Depositor, the Sponsor, the Servicer, the Indenture Trustee, the
      Owner Trustee, or any of their affiliates will have any obligation with respect
      to any certificate or other obligation secured by or payable from payments
      on
      the Certificates.

     

    This
      certifies that [____________________] is the registered owner of the Certificate
      Percentage Interest evidenced by this Certificate (as set forth on the face
      hereof) in certain distributions with respect to the Trust Estate, consisting
      primarily of the Loans conveyed by the Depositor. The Trust Estate (as defined
      herein) was created pursuant to a Trust Agreement dated March 9, 2007 (as
      amended and supplemented from time to time, the “Agreement”) between the
      Depositor and Wilmington Trust Company, as owner trustee (the “Owner Trustee,”
which term includes any successor entity under the Agreement), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Certificate is issued under and is subject
      to
      the terms, provisions and conditions of the Agreement, to which Agreement the
      holder of this Certificate by virtue of the acceptance hereof assents and by
      which the such holder is bound.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the “Payment Date”), commencing on the first Payment Date
      specified above, to the Person in whose name this Certificate is registered
      at
      the close of business on the last day (or if such last day is not a Business
      Day, the Business Day immediately preceding such last day) of the related
      Accrual Period (the “Record Date”), in an amount equal to the pro rata portion
      evidenced by this Certificate (based on the Certificate Percentage Interest
      stated on the face hereof) of the Class G Certificate Distribution Amount
      required to be distributed to the registered holder of this Certificate on
      such
      Payment Date. Distributions on this Certificate will be made as provided in
      the
      Agreement by the Certificate Paying Agent by wire transfer or check mailed
      to
      the Certificateholders of record in the Certificate Register without the
      presentation or surrender of this Certificate or the making of any notation
      hereon.

     

    Except
      as
      otherwise provided in the Agreement and notwithstanding the above, the final
      distribution on this Certificate will be made after due notice by the
      Certificate Paying Agent of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency
      maintained by the Certificate Registrar for that purpose in the City and State
      of New York.

     

    Each
      Certificateholder of this Certificate will be deemed to have agreed to be bound
      by the restrictions set forth in the Agreement to the effect that (i) each
      person holding or acquiring any Ownership Interest in this Certificate must
      be a
      United States Person and a Permitted Transferee, (ii) the transfer of any
      Ownership Interest in this Certificate will be conditioned upon the delivery
      to
      the Indenture Trustee of, among other things, an affidavit to the effect that
      it
      is a United States Person and Permitted Transferee, (iii) any attempted or
      purported transfer of any Ownership Interest in this Certificate in violation
      of
      such restrictions will be absolutely null and void and will vest no rights
      in
      the purported transferee, and (iv) if any person other than a United States
      Person and a Permitted Transferee acquires any Ownership Interest in this
      Certificate in violation of such restrictions, then the Depositor will have
      the
      right, in its sole discretion and without notice to the Certificateholder of
      this Certificate, to sell this Certificate to a purchaser selected by the
      Depositor, which purchaser may be the Depositor, or any affiliate of the
      Depositor, on such terms and conditions as the Depositor may
      choose.

     

    No
      transfer of this Certificate will be made unless such transfer is exempt from
      the registration requirements of the Securities Act of 1933, as amended, and
      any
      applicable state securities laws or is made in accordance with said Act and
      laws. In the event that such a transfer is to be made, (i) the Certificate
      Registrar or the Depositor may require an opinion of counsel acceptable to
      and
      in form and substance satisfactory to the Certificate Registrar and the
      Depositor that such transfer is exempt (describing the applicable exemption
      and
      the basis therefor) from or is being made pursuant to the registration
      requirements of the Securities Act of 1933, as amended, and of any applicable
      statute of any state and (ii) the transferee shall execute an investment letter
      in the form described in the Agreement and (iii) the Certificate Registrar
      shall
      require the transferee to execute an investment letter in the form described
      by
      the Agreement, which investment letter shall not be at the expense of the Trust,
      the Owner Trustee, the Certificate Registrar or the Depositor. If a
      Certificateholder desires to effect such transfer, it shall, and does hereby
      agree to, indemnify the Trust, the Owner Trustee, the Depositor, the Servicer
      and the Certificate Registrar against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws. In connection with any transfer of this Certificate, the Certificate
      Registrar (unless otherwise directed by the Depositor) will require either
      (i) a
      representation letter, in the form of Exhibit J-1 to the Agreement, stating
      that
      the transferee is not an employee benefit or other plan subject to the
      prohibited transaction restrictions or the fiduciary responsibility requirements
      of ERISA or Section 4975 of the Code (“Plan”), any person acting, directly or
      indirectly, on behalf of a Plan or any person using the “plan assets,” within
      the meaning of the Department of Labor regulations at 29 C.F.R. § 2510.3-101, of
      a Plan to effect such acquisition (collectively, a “Plan Investor”) or
      (ii) if such transferee is a Plan Investor, an opinion of counsel
      acceptable to and in form and substance satisfactory to the Depositor, the
      Owner
      Trustee, the Servicer and the Certificate Registrar to the effect that the
      purchase or holding of this Certificate is permissible under applicable law,
      will not constitute or result in a prohibited transaction under Section 406
      of
      ERISA or Section 4975 of the Code (or comparable provisions of any subsequent
      enactments) and will not subject the Depositor, the Owner Trustee, the Servicer
      or the Certificate Registrar to any obligation or liability in addition to
      those
      undertaken in the Agreement.

     

    This
      Certificate is one of a duly authorized Certificate designated as Home Equity
      Mortgage Trust 2007-1, Mortgage-Backed Certificates, Class G, of the Series
      specified hereon. All terms used in this Certificate which are defined in the
      Agreement shall have the meanings assigned to them in the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Certificate Distribution Account
      that
      have been released from the Lien of the Indenture for payment hereunder and
      that
      neither the Owner Trustee in its individual capacity nor the Depositor is
      personally liable to the Certificateholders for any amount payable under this
      Certificate or the Agreement or, except as expressly provided in the Agreement,
      subject to any liability under the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, covenants and agrees
      that such Certificateholder will not, prior to the day one year and one day
      after the date this Trust Agreement terminates, institute against the Depositor
      or the Trust, or join in any institution against the Depositor or the Trust
      of,
      any bankruptcy, reorganization, arrangement, insolvency or liquidation
      proceedings, or other proceedings under any United States federal or state
      bankruptcy or similar law in connection with any obligations relating to the
      Certificates, the Notes, the Agreement or any of the Basic
      Documents.

     

    The
      Agreement permits the amendment thereof as specified below, provided that any
      amendment be accompanied by an Opinion of Counsel to the Owner Trustee to the
      effect that such amendment complies with the provisions of the Agreement and
      will not cause the Trust to be subject to an entity level tax. If the purpose
      of
      the amendment is to correct any mistake, eliminate any inconsistency, cure
      any
      ambiguity or deal with any matter not covered, it shall not be necessary to
      obtain the consent of any Securityholder, but the Owner Trustee shall be
      furnished with a letter from the Rating Agencies that the amendment will not
      result in the downgrading or withdrawal of the rating then assigned to any
      of
      the Notes. If the purpose of the amendment is to prevent the imposition of
      any
      federal or state taxes at any time that any Security is outstanding, it shall
      not be necessary to obtain the consent of any Securityholder, but the Owner
      Trustee shall be furnished with an Opinion of Counsel that such amendment is
      necessary or helpful to prevent the imposition of such taxes and is not
      materially adverse to any Securityholder. If the purpose of the amendment is
      to
      add or eliminate or change any provision of the Agreement, other than as
      specified in the preceding two sentences, the amendment shall require either
      (a)
      a letter from the Rating Agencies that the amendment will not result in the
      downgrading or withdrawal of the rating then assigned to any of the Notes or
      (b)
      the consent of the Certificateholders and the Indenture Trustee; provided,
      however, that no such amendment shall (i) reduce in any manner the amount of,
      or
      delay the time of, payments received that are required to be distributed on
      the
      Certificates without the consent of the Certificateholders, or (ii) reduce
      the aforesaid Certificate Percentage Interest required to consent to any such
      amendment without the consent of 100% of the Certificate Percentage
      Interest.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies of the Certificate Registrar maintained in the City of and State of
      New
      York, accompanied by a written instrument of transfer in form satisfactory
      to
      the Certificate Registrar duly executed by the registered holder of this
      Certificate or the such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of authorized denominations evidencing
      the same aggregate Certificate Percentage Interest will be issued to the
      designated transferee. The initial Certificate Registrar appointed under the
      Agreement is the Indenture Trustee.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Owner Trustee or the Certificate Registrar may require payment of a
      sum
      sufficient to cover any tax or governmental charge payable in connection
      therewith.

     

    The
      Owner
      Trustee, the Certificate Paying Agent, the Certificate Registrar and any agent
      of the Owner Trustee, the Certificate Paying Agent, or the Certificate Registrar
      may treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Owner Trustee, the Certificate Paying
      Agent, the Certificate Registrar or any such agent shall be affected by any
      notice to the contrary.

     

    This
      Certificate shall be governed by and construed in accordance with the laws
      of
      the State of Delaware.

     

    The
      obligations created by the Agreement in respect of the Certificates and the
      Trust created thereby shall terminate upon the earlier of (i) the final
      distribution of all moneys or other property or proceeds of the Trust Estate
      in
      accordance with the terms of the Indenture and the Agreement or (ii) the Final
      Maturity Date.

     

    Unless
      the certificate of authentication hereon shall have been executed by an
      authorized officer of the Owner Trustee, or an authenticating agent by manual
      signature, this Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose.

     

    

     

    

    IN
      WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its
      individual capacity, has caused this Certificate to be duly
      executed.

     

    HOME
      EQUITY MORTGAGE TRUST 2007-1

     

    
      	 	
              By

            	
              WILMINGTON
                TRUST COMPANY, not in its individual capacity but solely as Owner
                Trustee

            

    

     

    Dated:
      March 9,
      2007                                                       
_________________________________________

    Authorized
      Signatory

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class G Certificates referred to in the within mentioned
      Agreement.

     

    WILMINGTON
      TRUST COMPANY,

    not
      in
      its individual capacity but solely as Owner Trustee

    

    By:
      ______________________________

    Authorized
      Signatory

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED the undersigned hereby sells, assigns and transfers unto

       

      PLEASE
        INSERT SOCIAL SECURITY OR OTHER
        IDENTIFYING NUMBER OF ASSIGNEE

       

      ____________________________________________________________________________________________________________

      (Please
        print or type name and address, including postal zip code, of
        assignee)

       

      ____________________________________________________________________________________________________________

      the
        within Certificate, and all rights thereunder, hereby irrevocably constituting
        and appointing

       

      ____________________________________________________________________________________________________________

      to
        transfer said Certificate on the books of the Certificate Registrar, with
        full
        power of substitution in the premises.

       

      Dated:

       

      ______________________________________*/_

      Signature
        Guaranteed:

       

      ______________________________*/_

       

      ______________

      */
        NOTICE: The signature to this assignment must correspond with the name of
        the
        registered owner as it appears on the face of the within Certificate in every
        particular, without alteration, enlargement or any change whatever. Such
        signature must be guaranteed by an “eligible guarantor institution” meeting the
        requirements of the Certificate Registrar, which requirements include membership
        or participation in STAMP or such other “signature guarantee program” as may be
        determined by the Certificate Registrar in addition to, or in substitution
        for,
        STAMP, all in accordance with the Securities Exchange Act of 1934, as
        amended.

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for the information of the Certificate
      Paying Agent:

     

    Distribution
      shall be made by wire transfer in immediately available funds
      to_____________________________________________

     

    __________________________________________________________

     

    for
      the
      account of ,_________________________________________________ account
      number

     

    ___________,
      or, if mailed by check, to___________________

     

    Applicable
      statements should be mailed to____________________.

     

    ___________________________________

    Signature
      of assignee or agent

    (for
      authorization of wire

    transfer
      only)Unassociated Document

    HOME
      EQUITY MORTGAGE TRUST 2007-1

    Issuer

     

     

    and

     

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

    Indenture
      Trustee

     

     

    INDENTURE

     

     

    Dated
      as
      of March 9, 2007

     

    _________________________________________________________

     

    MORTGAGE-BACKED
      NOTES, SERIES 2007-1

     

    _________________________________________________________

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF CONTENTS

     

    
      	
              ARTICLE
                I

            
	
              DEFINITIONS

               

            
	
              Section
                1.01

            	
              Definitions

            
	
              Section
                1.02

            	
              Incorporation
                by Reference of Trust Indenture Act

            
	
              Section
                1.03

            	
              Rules
                of Construction

            
	
              Section
                1.04

            	
              Calculations
                of Interest

            
	 	 
	
              ARTICLE
                II

            
	
              ORIGINAL
                ISSUANCE OF NOTES

               

            
	
              Section
                2.01

            	
              Form

            
	
              Section
                2.02

            	
              Execution,
                Authentication and Delivery

            
	
              Section
                2.03

            	
              Conveyance
                of Subsequent Loans.

            
	
              Section
                2.04

            	
              Conveyance
                of REMIC Regular Interests and Acceptance of REMIC IIA, REMIC IIB
                and
                REMIC IIC by the Indenture Trustee; Issuance of Notes.

            
	 	 
	
              ARTICLE
                III

            
	
              COVENANTS

               

            
	
              Section
                3.01

            	
              Collection
                of Payments with Respect to Loans

            
	
              Section
                3.02

            	
              Maintenance
                of Office or Agency

            
	
              Section
                3.03

            	
              Money
                for Payments To Be Held in Trust; Paying Agent.

            
	
              Section
                3.04

            	
              Existence

            
	
              Section
                3.05

            	
              Payment
                of Principal and Interest; Defaulted Interest.

            
	
              Section
                3.06

            	
              Protection
                of Trust Estate.

            
	
              Section
                3.07

            	
              Opinions
                as to Trust Estate.

            
	
              Section
                3.08

            	
              Performance
                of Obligations; Servicing Agreement.

            
	
              Section
                3.09

            	
              Negative
                Covenants

            
	
              Section
                3.10

            	
              Annual
                Statement as to Compliance

            
	
              Section
                3.11

            	
              Representations
                and Warranties Concerning the Loans

            
	
              Section
                3.12

            	
              Assignee
                of Record of the Loans

            
	
              Section
                3.13

            	
              Investment
                Company

            
	
              Section
                3.14

            	
              Servicer
                as Agent and Bailee of the Indenture Trustee

            
	
              Section
                3.15

            	
              Issuer
                May Consolidate, etc.

            
	
              Section
                3.16

            	
              Successor
                or Transferee.

            
	
              Section
                3.17

            	
              No
                Other Business

            
	
              Section
                3.18

            	
              No
                Borrowing

            
	
              Section
                3.19

            	
              Guarantees,
                Loans, Advances and Other Liabilities

            
	
              Section
                3.20

            	
              Capital
                Expenditures

            
	
              Section
                3.21

            	
              Owner
                Trustee Not Liable for Certificates or Related
                Documents

            
	
              Section
                3.22

            	
              Restricted
                Payments

            
	
              Section
                3.23

            	
              Notice
                of Events of Default

            
	
              Section
                3.24

            	
              Further
                Instruments and Acts

            
	
              Section
                3.25

            	
              Statements
                to Noteholders

            
	
              Section
                3.26

            	
              Allocation
                of Realized Losses.

            
	
              Section
                3.27

            	
              Determination
                of the LIBOR Rate

            
	
              Section
                3.28

            	
              Liquidation
                on Final Maturity Date

            
	
              Section
                3.29

            	
              No
                Recourse

            
	
              Section
                3.30

            	
              Additional
                Representations

            
	
              Section
                3.31

            	
              Basis
                Risk Reserve Fund.

            
	
              Section
                3.32

            	
              Pre-Funding
                Account and Capitalized Interest Account.

            
	
              Section
                3.33

            	
              Payments
                Under the Policy

            
	
              Section
                3.34

            	
              Suspension
                of Rights During Insurer Default

            
	 	 
	
              ARTICLE
                IV

            
	
              THE
                NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

               

            
	
              Section
                4.01

            	
              The
                Notes

            
	
              Section
                4.02

            	
              Registration
                of and Limitations on Transfer and Exchange of Notes; Appointment
                of
                Certificate Registrar

            
	
              Section
                4.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Notes

            
	
              Section
                4.04

            	
              Persons
                Deemed Owners

            
	
              Section
                4.05

            	
              Cancellation

            
	
              Section
                4.06

            	
              Book-Entry
                Notes

            
	
              Section
                4.07

            	
              Notices
                to Depository

            
	
              Section
                4.08

            	
              Definitive
                Notes

            
	
              Section
                4.09

            	
              Tax
                Treatment

            
	
              Section
                4.10

            	
              Satisfaction
                and Discharge of Indenture

            
	
              Section
                4.11

            	
              Application
                of Trust Money

            
	
              Section
                4.12

            	
              Repayment
                of Monies Held by Paying Agent

            
	
              Section
                4.13

            	
              Temporary
                Notes

            
	
              Section
                4.14

            	
              Subrogation
                and Cooperation

            
	 	 
	
              ARTICLE
                V

            
	
              DEFAULT
                AND REMEDIES

               

            
	
              Section
                5.01

            	
              Events
                of Default.

            
	
              Section
                5.02

            	
              Acceleration
                of Maturity; Rescission and Annulment

            
	
              Section
                5.03

            	
              Collection
                of Indebtedness and Suits for Enforcement by Indenture
                Trustee.

            
	
              Section
                5.04

            	
              Remedies;
                Priorities.

            
	
              Section
                5.05

            	
              Optional
                Preservation of the Trust Estate

            
	
              Section
                5.06

            	
              Limitation
                of Suits

            
	
              Section
                5.07

            	
              Unconditional
                Rights of Noteholders to Receive Principal and Interest

            
	
              Section
                5.08

            	
              Restoration
                of Rights and Remedies

            
	
              Section
                5.09

            	
              Rights
                and Remedies Cumulative

            
	
              Section
                5.10

            	
              Delay
                or Omission Not a Waiver

            
	
              Section
                5.11

            	
              Control
                by Noteholders

            
	
              Section
                5.12

            	
              Waiver
                of Past Defaults

            
	
              Section
                5.13

            	
              Undertaking
                for Costs

            
	
              Section
                5.14

            	
              Waiver
                of Stay or Extension Laws

            
	
              Section
                5.15

            	
              Sale
                of Trust Estate.

            
	
              Section
                5.16

            	
              Action
                on Notes

            
	 	 
	
              ARTICLE
                VI

            
	
              THE
                INDENTURE TRUSTEE

               

            
	
              Section
                6.01

            	
              Duties
                of Indenture Trustee.

            
	
              Section
                6.02

            	
              Rights
                of Indenture Trustee.

            
	
              Section
                6.03

            	
              Individual
                Rights of The Indenture Trustee

            
	
              Section
                6.04

            	
              Indenture
                Trustee’s Disclaimer

            
	
              Section
                6.05

            	
              Notice
                of Event of Default

            
	
              Section
                6.06

            	
              Reports
                by Indenture Trustee to Holders

            
	
              Section
                6.07

            	
              Compensation
                and Indemnity

            
	
              Section
                6.08

            	
              Replacement
                of Indenture Trustee

            
	
              Section
                6.09

            	
              Successor
                Indenture Trustee by Merger

            
	
              Section
                6.10

            	
              Appointment
                of Co-Indenture Trustee or Separate Indenture Trustee.

            
	
              Section
                6.11

            	
              Eligibility;
                Disqualification

            
	
              Section
                6.12

            	
              Preferential
                Collection of Claims Against Issuer

            
	
              Section
                6.13

            	
              Representations
                and Warranties. The Indenture Trustee hereby represents
                that:

            
	
              Section
                6.14

            	
              Directions
                to Indenture Trustee

            
	
              Section
                6.15

            	
              Compliance with Withholding-Requirements

            
	
              Section
                6.16

            	
              Commission
                Reporting.

            
	
              Section
                6.17

            	
              Assessments
                of Compliance and Attestation Reports

            
	 	 
	
              ARTICLE
                VII

            
	
              NOTEHOLDERS’
                LISTS AND REPORTS

               

            
	
              Section
                7.01

            	
              Issuer
                To Furnish Indenture Trustee Names and Addresses of
                Noteholders

            
	
              Section
                7.02

            	
              Preservation
                of Information; Communications to Noteholders.

            
	
              Section
                7.03

            	
              Reports
                by Issuer.

            
	
              Section
                7.04

            	
              Reports
                by Indenture Trustee

            
	 	 
	
              ARTICLE
                VIII

            
	
              ACCOUNTS,
                DISBURSEMENTS AND RELEASES

               

            
	
              Section
                8.01

            	
              Collection
                of Money

            
	
              Section
                8.02

            	
              Trust
                Accounts.

            
	
              Section
                8.03

            	
              Officer’s
                Certificate

            
	
              Section
                8.04

            	
              Termination
                Upon Payment to Noteholders

            
	
              Section
                8.05

            	
              Release
                of Trust Estate.

            
	
              Section
                8.06

            	
              Surrender
                of Notes Upon Final Payment

            
	 	 
	
              ARTICLE
                IX

            
	
              SUPPLEMENTAL
                INDENTURES

               

            
	
              Section
                9.01

            	
              Supplemental
                Indentures Without Consent of Noteholders.

            
	
              Section
                9.02

            	
              Supplemental
                Indentures With Consent of Noteholders

            
	
              Section
                9.03

            	
              Execution
                of Supplemental Indentures

            
	
              Section
                9.04

            	
              Effect
                of Supplemental Indenture

            
	
              Section
                9.05

            	
              Conformity
                with Trust Indenture Act

            
	
              Section
                9.06

            	
              Reference
                in Notes to Supplemental Indentures

            
	
              Section
                9.07

            	
              Supplemental
                Indentures Affecting the Servicer

            
	 	 
	
              ARTICLE
                X

            
	
              MISCELLANEOUS

               

            
	
              Section
                10.01

            	
              Compliance
                Certificates and Opinions, etc.

            
	
              Section
                10.02

            	
              Form
                of Documents Delivered to Indenture Trustee

            
	
              Section
                10.03

            	
              Acts
                of Noteholders.

            
	
              Section
                10.04

            	
              Notices,
                etc., to Indenture Trustee, Issuer, Insurer and Rating
                Agencies.

            
	
              Section
                10.05

            	
              Notices
                to Noteholders; Waiver

            
	
              Section
                10.06

            	
              Alternate
                Payment and Notice Provisions

            
	
              Section
                10.07

            	
              Conflict
                with Trust Indenture Act

            
	
              Section
                10.08

            	
              Effect
                of Headings

            
	
              Section
                10.09

            	
              Successors
                and Assigns

            
	
              Section
                10.10

            	
              Separability

            
	
              Section
                10.11

            	
              Benefits
                of Indenture

            
	
              Section
                10.12

            	
              Legal
                Holidays

            
	
              Section
                10.13

            	
              GOVERNING
                LAW

            
	
              Section
                10.14

            	
              Counterparts

            
	
              Section
                10.15

            	
              Recording
                of Indenture

            
	
              Section
                10.16

            	
              Issuer
                Obligation

            
	
              Section
                10.17

            	
              No
                Petition

            
	
              Section
                10.18

            	
              Optional
                Termination.

            
	
              Section
                10.19

            	
              Inspection

            
	
              Section
                10.20

            	
              Limitation
                of Liability of Owner Trustee

            
	
              Section
                10.21

            	
              Determination
                of the Terminating Entity.

            
	
              Section
                10.22

            	
              Additional
                Termination Requirements.

            
	
              Section
                10.23

            	
              Third
                Party Beneficiary

            
	 	 
	
              ARTICLE
                XI

            
	
              REMIC
                PROVISIONS

               

            
	
              Section
                11.01

            	
              REMIC
                Provisions.

            
	
              Section
                11.02

            	
              Distributions
                on the REMIC IIA Regular Interests, the REMIC IIB Regular Interests
                and
                the REMIC IIC Regular Interests.

            
	 	 
	
              ARTICLE
                XII

            
	
              CERTAIN
                MATTERS REGARDING THE INSURER

               

            
	
              Section
                12.01

            	
              Rights
                of the Insurer to Exercise the Rights of the Class A-1
                Notes

            
	
              Section
                12.02

            	
              Claims
                Upon the Policy; Insurance Account.

            
	
              Section
                12.03

            	
              Effect
                of Payments by the Insurer; Subrogation

            
	
              Section
                12.04

            	
              Notices
                and Information to the Insurer

            
	 	 
	 	 
	
              EXHIBITS

               

            	 
	
              EXHIBIT
                A

            	
              FORM
                OF CLASS A NOTES

            
	
              EXHIBIT
                B

            	
              FORM
                OF DEPOSITOR CERTIFICATION

            
	
              EXHIBIT
                C

            	
              FORM
                OF INDENTURE TRUSTEE CERTIFICATION

            
	
              EXHIBIT
                D

            	
              FORM
                10-D, FORM 8-K AND FORM 10-K REPORTING RESPONSIBILITY

            
	
              EXHIBIT
                E

            	
              SERVICING
                CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

            
	
              EXHIBIT
                F

            	
              FORM
                OF POLICY

            
	
              EXHIBIT
                G

            	
              FORM
                OF MONTHLY STATEMENT TO CERTIFICATEHOLDERS AND NOTEHOLDERS

               

            
	
              APPENDIX
                A 

            	
              DEFINITIONS

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    This
      Indenture, dated as of March 9, 2007, between Home Equity Mortgage Trust 2007-1,
      a Delaware statutory trust, as Issuer (the “Issuer”) and U.S. Bank National
      Association, a national banking association organized under the laws of the
      United States, and any successor thereto, as Indenture Trustee (the “Indenture
      Trustee”).

     

    WITNESSETH
      THAT:

     

    Each
      party hereto agrees as follows for the benefit of the other party and for the
      equal and ratable benefit of the Insurer and the Holders of the Issuer’s
      Mortgage-Backed Notes, Series 2007-1, Class A-1 Notes (the
“Notes”).

     

    GRANTING
      CLAUSE

     

    The
      Issuer hereby Grants to the Indenture Trustee, all of the Issuer’s right, title
      and interest, whether now owned or hereafter acquired, in, to, and under the
      following: (a) the Initial Loans and any Additional Balances arising thereafter,
      and all monies due or to become due thereunder; (b) the Payment Account, Basis
      Risk Reserve Fund, Pre-Funding Account and Capitalized Interest Account and
      all
      funds on deposit or credited thereto from time to time and all proceeds thereof;
      (c) all hazard insurance policies; (d) all present and future claims, demands,
      causes and choses in action in respect of any or all of the foregoing and all
      payments on or under, and all proceeds of every kind and nature whatsoever
      in
      respect of, any or all of the foregoing and all payments on or under, and all
      proceeds of every kind and nature whatsoever in the conversion thereof,
      voluntary or involuntary, into cash or other liquid property, all cash proceeds,
      accounts, accounts receivable, notes, drafts, acceptances, checks, deposit
      accounts, rights to payment of any and every kind, and other forms of
      obligations and receivables, instruments and other property which at any time
      constitute all or part of or are included in the proceeds of any of the
      foregoing; (e) all accounts, chattel paper, deposit accounts, documents, general
      intangibles, goods, instruments, investment property, letter-of-credit rights,
      letters of credit, money, and oil, gas, and other minerals, consisting of,
      arising from, or relating to, any of the foregoing; and (f) all proceeds of
      the
      foregoing (collectively, the “Trust Estate” or the “Collateral”). Excluded
      Amounts shall not be transferred to the Trust Estate. The foregoing Grant is
      made in trust to secure the payment of principal of and interest on, and any
      other amounts owing in respect of, the Notes, equally and ratably without
      prejudice, priority or distinction, and to secure compliance with the provisions
      of this Indenture, all as provided in this Indenture.

     

    The
      Indenture Trustee acknowledges such Grant, accepts the trust under this
      Indenture in accordance with the provisions hereof and agrees to perform its
      duties as Indenture Trustee as required herein.

     

    PRELIMINARY
      STATEMENT

     

    The
      Notes
      will consist of one class of notes, designated as the Class A-1
      Notes.

     

    REMIC
      I

     

    As
      provided herein, the REMIC Administrator will make an election to treat the
      segregated pool of assets consisting of Mortgage Loans and certain other related
      assets subject to this Agreement (exclusive of the Basis Risk Reserve Fund,
      the
      Pre-Funding Account, the Capitalized Interest Account, and the Subsequent Loan
      Interest) as a real estate mortgage investment conduit (a “REMIC”) for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC I.” The Class G Certificates will represent the sole class of “residual
      interests” in REMIC I for purposes of the REMIC Provisions under federal income
      tax law. The following table irrevocably sets forth the designation, the
      Uncertificated REMIC I Pass-Through Rate and the initial Uncertificated
      Principal Balance for each of the “regular interests” in REMIC I (the “REMIC I
      Regular Interests”). The latest possible maturity date (determined for purposes
      of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii)) of each of the
      REMIC I Regular Interests will be the Latest Possible Maturity Date as defined
      herein. 

     

    
      	 	
              Designation

            	
              Uncertificated
                REMIC A Pass-Through Rate

            	
              Initial
                Uncertificated Principal Balance

            	 
	 	
              LT-1

            	
              Variable(1)

            	
              $
                168,718,903.23

            	 
	 	
              LT-PF

            	
              Variable(1)

            	
              $
                6,281,296.77 

            	 

    

    ___________________

    
      	(1)  	
              Calculated
                as provided in the definition of Uncertificated REMIC I Pass-Through
                Rate.

            

    

     

    REMIC
      II

     

    As
      provided herein, an election will be made to treat the segregated pool of assets
      consisting of the REMIC I Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets will be designated as REMIC II.
      The
      Class A-R Certificates (with respect to the Class R-II Interest) will represent
      the sole class of “residual interests” in REMIC II for purposes of the REMIC
      Provisions under federal income tax law. The following table irrevocably sets
      forth the designation, Uncertificated REMIC II Pass-Through Rate and initial
      Uncertificated Principal Balance for each of the “regular interests” in REMIC II
      (the “REMIC II Regular Interests”). The latest possible maturity date
      (determined for purposes of satisfying Treasury regulation Section
      1.860G-1(a)(4)(iii)) of each of the REMIC II Regular Interests will be the
      Latest Possible Maturity Date as defined herein.

     

    

     

    
      	 	
              Designation

            	
              Uncertificated
                REMIC II Pass-Through Rate

            	
              Initial
                Uncertificated Principal Balance

            	 
	 	
              LT-AA

            	
              Variable(1)

            	
              $
                171,500,000.00

            	 
	 	
              LT-A-1

            	
              Variable(1)

            	
              $    
                1,750,000.00

            	 
	 	
              LT-ZZ

            	
              Variable(1)

            	
              $    
                1,750,000.00

            	 
	 	
              LT-P

            	
              Variable(1)

            	
              $               100.00
                

            	 
	 	
              LT-AR

            	
              Variable(1)

            	
              $              
                100.00 

            	 

    

    ___________________

    
      	(1)  	
              Calculated
                as provided in the definition of Uncertificated REMIC II Pass-Through
                Rate.

            

    

     

    REMIC
      III

     

    As
      provided herein, an election will be made to treat the segregated pool of assets
      consisting of the REMIC II Regular Interests as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as REMIC III.
      The Class A-R Certificates (with respect to the Class R-III Interest) will
      represent the sole class of “residual interests” in REMIC III for purposes of
      the REMIC Provisions under federal income tax law. The following table
      irrevocably sets forth the designation, Note Interest Rate, aggregate Initial
      Note Balance or Initial Certificate Balance and minimum denominations for each
      Class of Notes and the Class P and Class X-1 Certificates comprising the
      interests representing “regular interests” in REMIC III, and the Class A-R
      Certificates, Class G Certificates and Class X-2 Certificates which are not
      “regular interests” in REMIC III. The latest possible maturity date (determined
      for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii))
      of
      each of the Notes and Certificates will be the Latest Possible Maturity Date
      as
      defined herein.

     

    

    
      	 	 	
              Note
                Balance or Certificate Balance

            	 	
              Note
                Interest Rate

            	 	
              Minimum
                Denomination

            	 	
              Integral
                Multiples in Excess of Minimum

            	 
	
              Class
                A-1

            	 	
              $

            	
              175,000,000.00

            	 	 	
              Adjustable(1

            	
              )

            	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 
	
              Class
                P

            	 	
              $

            	
              100.00

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              100

            	 	 	
              N/A

            	 
	
              Class
                A-R

            	 	
              $

            	
              100.00

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              100

            	 	 	
              N/A

            	 
	
              Class
                G

            	 	
              $

            	
              0.00

            	 	 	
              Adjustable(1

            	
              )

            	 	
              100

            	
              %

            	 	
              N/A

            	 
	
              Class
                X-1

            	 	
              $

            	
              0.00

            	 	 	
              Variable(3)(4

            	
              )

            	 	
              100

            	
              %

            	 	
              N/A

            	 
	
              Class
                X-2

            	 	
              $

            	
              0.00

            	 	 	
              0.00

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	 

    

    ______________

    
      	
              (1)

            	
              The
                Class A-1 Notes and the Class G Certificates have an adjustable rate
                and
                will receive interest pursuant to formulas based on LIBOR, subject
                to the
                Net Funds Cap.

            

    

     

    
      	
              (2)

            	
              The
                Note Interest Rate on the Class P Certificates and Class A-R Certificates
                is equal to the Net Funds Cap.

            

    

     

    
      	
              (3)

            	
              The
                Class X-1 Certificates will have an initial principal balance of
                $0.00 and
                will accrue interest on its notional amount. For any Payment Date,
                the
                notional amount of the Class X-1 Certificates will be equal to the
                Aggregate Collateral Balance minus the aggregate Certificate Balance
                of
                the Class A-R and Class P Certificates immediately prior to such
                Payment
                Date. The initial notional amount of the Class X-1 Certificates is
                $175,000,000.00.

            

    

     

    
      	
              (4)

            	
              The
                Class X-1 Certificates are variable rate and will accrue interest
                on a
                related notional amount.

            

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01  Definitions.
      For all
      purposes of this Indenture, except as otherwise expressly provided herein or
      unless the context otherwise requires, capitalized terms not otherwise defined
      herein shall have the meanings assigned to such terms in the Definitions
      attached hereto as Appendix A which is incorporated by reference herein. All
      other capitalized terms used herein shall have the meanings specified
      herein.

     

    Section
      1.02  Incorporation
      by Reference of Trust Indenture Act.
      Whenever this Indenture refers to a provision of the Trust Indenture Act (the
      “TIA”), the provision is incorporated by reference in and made a part of this
      Indenture. The following TIA terms used in this Indenture have the following
      meanings:

     

    “Commission”
      means the Securities and Exchange Commission.

     

    “indenture
      securities” means the Notes.

     

    “indenture
      security holder” means a Noteholder.

     

    “indenture
      to be qualified” means this Indenture.

     

    “indenture
      trustee” or “institutional trustee” means the Indenture Trustee.

     

    “obligor”
      on the indenture securities means the Issuer and any other obligor on the
      indenture securities.

     

    All
      other
      TIA terms used in this Indenture that are defined by the TIA, defined by TIA
      reference to another statute or defined by Commission rule have the meaning
      assigned to them by such definitions.

     

    Section
      1.03  Rules
      of Construction.
      Unless
      the context otherwise requires:

     

    (i)  a
      term
      has the meaning assigned to it;

     

    (ii)  an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with generally accepted accounting principles as in effect from
      time
      to time;

     

    (iii)  “or”
      includes “and/or”;

     

    (iv)  “including”
      means including without limitation;

     

    (v)  words
      in
      the singular include the plural and words in the plural include the
      singular;

     

    (vi)  the
      term
“proceeds” has the meaning ascribed thereto in the UCC; and

     

    (vii)  any
      agreement, instrument or statute defined or referred to herein or in any
      instrument or certificate delivered in connection herewith means such agreement,
      instrument or statute as from time to time amended, modified or supplemented
      and
      includes (in the case of agreements or instruments) references to all
      attachments thereto and instruments incorporated therein; references to a Person
      are also to its permitted successors and assigns.

     

    Section
      1.04  Calculations
      of Interest.
      The
      calculation of the Indenture Trustee Fee, the Servicing Fee, the Credit Risk
      Manger Fee, the Insurer Premium and interest on the Class X-1 Certificates,
      Class P Certificates and Class A-R Certificates and the REMIC Regular Interests
      shall be made on the basis of a 360-day year consisting of twelve 30-day months.
      All calculations of interest on the Class A-1 Notes and Class G Certificates
      shall be made on the basis of the actual number of days in the Accrual Period
      and a year assumed to consist of 360 days. All dollar amounts calculated
      hereunder shall be rounded to the nearest penny with one-half of one penny
      being
      rounded up.

     

    ARTICLE
      II

     

    ORIGINAL
      ISSUANCE OF NOTES

     

    Section
      2.01  Form.
      The
      Notes, together with the Indenture Trustee’s certificate of authentication,
      shall be in substantially the form set forth in Exhibit A with such appropriate
      insertions, omissions, substitutions and other variations as are required or
      permitted by this Indenture and may have such letters, numbers or other marks
      of
      identification and such legends or endorsements placed thereon as may,
      consistently herewith, be determined by the officers executing such Notes,
      as
      evidenced by their execution of the Notes. Any portion of the text of any Note
      may be set forth on the reverse thereof, with an appropriate reference thereto
      on the face of the Note.

     

    The
      Notes
      shall be typewritten, printed, lithographed or engraved or produced by any
      combination of these methods (with or without steel engraved borders), all
      as
      determined by the Authorized Officers executing such Notes, as evidenced by
      their execution of such Notes.

     

    The
      terms
      of the Notes set forth in Exhibit A are part of the terms of this
      Indenture.

     

    Section
      2.02  Execution,
      Authentication and Delivery.
      The
      Notes shall be executed on behalf of the Issuer by any of its Authorized
      Officers. The signature of any such Authorized Officer on the Notes may be
      manual or facsimile.

     

    Notes
      bearing the manual or facsimile signature of individuals who were at any time
      Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that
      such individuals or any of them have ceased to hold such offices prior to the
      authentication and delivery of such Notes or did not hold such offices at the
      date of such Notes.

     

    The
      Indenture Trustee shall authenticate and deliver the Notes and Certificates
      for
      original issue in an aggregate initial principal amount of approximately
      $175,000,200, upon receipt of an Issuer Request containing instructions to
      do
      so.

     

    Each
      Class of Notes shall be dated the date of its authentication. The
      Book-Entry Notes shall be issuable in book entry format and shall be issuable
      in
      minimum Initial Note Balances of $25,000 and in integral multiples of $1 in
      excess thereof.

     

    No
      Note
      shall be entitled to any benefit under this Indenture or be valid or obligatory
      for any purpose, unless there appears on such Note a certificate of
      authentication substantially in the form provided for herein executed by the
      Indenture Trustee by the manual signature of one of its authorized signatories,
      and such certificate upon any Note shall be conclusive evidence, and the only
      evidence, that such Note has been duly authenticated and delivered
      hereunder.

     

    Section
      2.03  Conveyance
      of Subsequent Loans.

     

    (a)  The
      Seller, pursuant to the Loan Purchase Agreement, sells, transfers, assigns,
      sets
      over and otherwise conveys to the Trust for the benefit of the Noteholders,
      without recourse, all right, title and interest in such Subsequent Loans (which
      does not include servicing rights), including all interest and principal due
      on
      or with respect to such Subsequent Loans on or after the related Subsequent
      Transfer Date and all interest and principal payments on such Subsequent Loans
      received prior to the Subsequent Transfer Date in respect of installments of
      interest and principal due thereafter, but not including principal and interest
      due on such Subsequent Loans prior to the related Subsequent Transfer Date,
      any
      insurance policies in respect of such Subsequent Loans and all proceeds of
      any
      of the foregoing. Upon one Business Day’s prior written notice to the Indenture
      Trustee, the Servicer, the Insurer and the Rating Agencies, on any Business
      Day
      during the Pre-Funding Period designated by the Depositor, the Depositor, the
      Seller, the Servicer and the Indenture Trustee shall complete, execute and
      deliver a Subsequent Transfer Agreement, and with the consent of the Insurer,
      so
      long as no Rating Agency has provided notice that the execution and delivery
      of
      such Subsequent Transfer Agreement will result in a reduction or withdrawal
      of
      the ratings assigned to the Notes or the Class G Certificates, without regard
      to
      the Policy.

     

    The
      transfer of Subsequent Loans and the other property and rights relating to
      them
      on a Subsequent Transfer Date is subject to the satisfaction of each of the
      following conditions:

     

    (i)  each
      Subsequent Loan conveyed on such Subsequent Transfer Date satisfies the
      representations and warranties applicable to it under the Loan Purchase
      Agreement as of the applicable Subsequent Transfer Date; provided, however,
      that
      with respect to a breach of a representation and warranty with respect to a
      Subsequent Loan, the obligation under Section 2(d) of the Loan Purchase
      Agreement of the Seller to cure, repurchase or replace such Subsequent Loan
      shall constitute the sole remedy against the Seller respecting such breach
      available to Noteholders, the Depositor or the Indenture Trustee;

     

    (ii)  the
      Indenture Trustee, the Insurer and the Rating Agencies are provided with an
      Opinion of Counsel or Opinions of Counsel, at the expense of the Depositor,
      stating that each REMIC in the Trust Fund is and shall continue to qualify
      as a
      REMIC following the transfer of the Subsequent Loans, to be delivered as
      provided pursuant to paragraph (b) below;

     

    (iii)  the
      Rating Agencies, the Insurer, the Indenture Trustee and the Indenture Trustee
      are provided with an Opinion of Counsel or Opinions of Counsel, at the expense
      of the Depositor, confirming that the transfer of the Subsequent Loans conveyed
      on such Subsequent Transfer Date is a true sale, to be delivered as provided
      pursuant to paragraph (b) below;

     

    (iv)  the
      execution and delivery of such Subsequent Transfer Agreement or conveyance
      of
      the related Subsequent Loans does not result in a reduction or withdrawal of
      any
      ratings assigned to the Notes or the Class G Certificates by the Rating
      Agencies, without regard to the Policy;

     

    (v)  no
      Subsequent Loan conveyed on such Subsequent Transfer Date is 30 or more days
      contractually delinquent as of such date;

     

    (vi)  the
      servicer of each Subsequent Loan will be PNC.

     

    (vii)  the
      remaining term to stated maturity of such Subsequent Loan does not exceed 30
      years for fully amortizing loans or 15 years for balloon loans;

     

    (viii)  such
      Subsequent Mortgage Loan does not have a Net Mortgage Rate less than 8.00%
      per
      annum;

     

    (ix)  the
      Seller shall have deposited in the Custodial Account all principal and interest
      collected with respect to the related Subsequent Loans on or after the related
      Subsequent Transfer Date;

     

    (x)  such
      Subsequent Loan does not have a Combined Loan-to-Value Ratio greater than
      100.00%;

     

    (xi)  such
      Subsequent Loan has a principal balance not greater than $550,000;

     

    (xii)  no
      Subsequent Loan shall have a final maturity date after April 1,
      2037;

     

    (xiii)  such
      Subsequent Loan is secured by a first or second lien;

     

    (xiv)  such
      Subsequent Loan is otherwise acceptable to the Rating Agencies and the
      Insurer;

     

    (xv)  [reserved];

     

    (xvi)  following
      the conveyance of such Subsequent Loans on such Subsequent Transfer Date the
      characteristics of the Loans (based on the Initial Loans as of the Cut-off
      Date
      and the Subsequent Loans as of their related Subsequent Transfer Date) will
      be
      as follows:

     

    
      	(A)  	
              a
                weighted average Mortgage Interest Rate of at least
                10.00%;

            

    

     

    
      	(B)  	
              a
                weighted average remaining term to stated maturity of less than 200
                months;

            

    

     

    
      	(C)  	
              a
                weighted average Combined Loan-to-Value Ratio of not more than
                100%;

            

    

     

    
      	(D)  	
              a
                weighted average Credit Score of at least
                680;

            

    

     

    
      	(E)  	
              no
                more than 5.00% by aggregate Cut-off Date Principal Balance are balloon
                loans;

            

    

     

    
      	(F)  	
              no
                more than 40.00% by aggregate Cut-off Date Principal Balance are
                concentrated in one state; and

            

    

     

    
      	(G)  	
              no
                more than 15.00% by aggregate Cut-off Date Principal Balance relate
                to
                non-owner occupied properties;

            

    

     

    (xvii)  neither
      the Seller nor the Depositor shall be insolvent or shall be rendered insolvent
      as a result of such transfer;

     

    (xviii)  no
      Event
      of Default has occurred hereunder; and

     

    (xix)  the
      Depositor shall have delivered to the Indenture Trustee an Officer’s Certificate
      confirming the satisfaction of each of these conditions precedent.

     

    (b)  Upon
      (1)
      delivery to the Indenture Trustee and
      the
      Insurer
      by the
      Depositor of the Opinions of Counsel referred to in Sections 2.03(a)(ii) and
      (iii), (2) delivery to the Indenture Trustee and the Insurer by the Depositor
      of
      a revised Loan Schedule reflecting the Subsequent Loans conveyed on such
      Subsequent Transfer Date and delivery of the related Subsequent Loans to the
      Indenture Trustee or the Custodian and (3) delivery to the Indenture Trustee
      and
      the Insurer by the Depositor of an Officer’s Certificate confirming the
      satisfaction of each of the conditions precedent set forth in Section 2.03(a),
      the Indenture Trustee shall remit to the Seller the Aggregate Subsequent
      Transfer Amount related to the Subsequent Loans transferred by the Seller on
      such Subsequent Transfer Date from funds in the Pre-Funding
      Account.

     

    (c)  The
      Indenture Trustee shall not be required to investigate or otherwise verify
      compliance with the conditions set forth in the preceding paragraph, except
      for
      its own receipt of documents specified above, and shall be entitled to rely
      on
      the required Officer’s Certificate.

     

    Section
      2.04  Conveyance
      of REMIC Regular Interests and Acceptance of REMIC I, REMIC II and REMIC III
      by
      the Indenture Trustee; Issuance of Notes.

     

    (a)  The
      Issuer, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Indenture
      Trustee without recourse all the right, title and interest of the Issuer in
      and
      to the REMIC I Regular Interests for the benefit of the Holder of the REMIC
      II
      Regular Interests and the Holders of the Class A-R Certificates (in respect
      of
      the Class R-II Interest). The Indenture Trustee acknowledges receipt of the
      REMIC I Regular Interests and declares that it holds and will hold the same
      in
      trust for the exclusive use and benefit of the Holders of the REMIC II Regular
      Interests and Holder of the Class A-R Certificates (with respect to the Class
      R-II Interest). The interests evidenced by the Class A-R Certificates (with
      respect to the Class R-II Interest), together with the REMIC II Regular
      Interests, constitute the entire beneficial ownership interest in REMIC
      II.

     

    The
      Issuer, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Indenture
      Trustee without recourse all the right, title and interest of the Issuer in
      and
      to the REMIC II Regular Interests for the benefit of the Holder of the Class
      A-1
      Notes, Class X-1 Certificates, Class P Certificates and the Holders of the
      Class
      A-R Certificates (in respect of the Class R-III Interest). The Indenture Trustee
      acknowledges receipt of the REMIC II Regular Interests and declares that it
      holds and will hold the same in trust for the exclusive use and benefit of
      the
      Holders of the Class A-1 Notes, Class X-1 Certificates, Class P Certificates
      and
      Holder of the Class A-R Certificates (with respect to the Class R-III Interest).
      The interests evidenced by the Class A-R Certificates (with respect to the
      Class
      R-III Interest), together with the Class A-1 Notes, Class X-1 Certificates
      and
      Class P Certificates, constitute the entire beneficial ownership interest in
      REMIC III.

     

    (b)  Concurrently
      with (i) the assignment and delivery to the Indenture Trustee of REMIC I
      (including the residual interest therein represented by the Class G
      Certificates) and the acceptance by the Indenture Trustee thereof; (ii) the
      assignment and delivery to the Indenture Trustee of REMIC II (including the
      Class R-II Interest therein represented by the Class A-R Certificates) and
      (ii)
      the assignment and delivery to the Indenture Trustee of REMIC III (including
      the
      Class R-III Interest therein represented by the Class A-R Certificates) and
      the
      acceptance by the Indenture Trustee thereof, the Issuer has executed and the
      Indenture Trustee has authenticated and delivered to or upon the order of the
      Issuer, the Class A-1 Notes and the Certificates in authorized
      denominations.

     

    ARTICLE
      III

     

    COVENANTS

     

    Section
      3.01  Collection
      of Payments with Respect to Loans.
      The
      Indenture Trustee shall establish and maintain with itself the Payment Account
      in which the Indenture Trustee shall, subject to the terms of this paragraph,
      deposit, on the same Business Day as it is received from the Servicer (if
      received prior to 2 PM New York City time, or if received thereafter, on the
      next Business Day), each remittance received by the Indenture Trustee with
      respect to the Loans. The Indenture Trustee shall use reasonable care, based
      on
      the information it receives from the Servicer, to establish and maintain
      accounting entries for the Payment Account that indicate the deposit therein
      of
      principal and interest collections for the Loans. The Indenture Trustee shall
      make all payments of principal and interest on the Notes, subject to
      Section 3.03, as provided in Section 3.05 from monies on deposit in
      the Payment Account.

     

    Section
      3.02  Maintenance
      of Office or Agency.
      The
      Issuer will maintain in the City of New York, an office or agency where, subject
      to satisfaction of conditions set forth herein, Notes may be surrendered for
      registration of transfer or exchange, and where notices and demands to or upon
      the Issuer in respect of the Notes and this Indenture may be served. The Issuer
      hereby initially appoints the Indenture Trustee to serve as its agent for the
      foregoing purposes. If at any time the Issuer shall fail to maintain any such
      office or agency or shall fail to furnish the Indenture Trustee with the address
      thereof, such surrenders, notices and demands may be made or served at the
      Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee
      as
      its agent to receive all such surrenders, notices and demands.

     

    Section
      3.03  Money
      for Payments To Be Held in Trust; Paying Agent.

     

    (a)  As
      provided in Section 3.01, all payments of amounts due and payable with
      respect to any Notes that are to be made from amounts withdrawn from the Payment
      Account pursuant to Section 3.01 shall be made on behalf of the Issuer by
      the Indenture Trustee or by the Paying Agent, and no amounts so withdrawn from
      the Payment Account for payments of Notes shall be paid over to the Issuer
      except as provided in this Section 3.03. The Issuer hereby appoints the
      Indenture Trustee to act as initial Paying Agent hereunder.

     

    The
      Issuer will cause each Paying Agent other than the Indenture Trustee to execute
      and deliver to the Indenture Trustee an instrument in which such Paying Agent
      shall agree with the Indenture Trustee (and if the Indenture Trustee acts as
      Paying Agent it hereby so agrees), subject to the provisions of this
      Section 3.03, that such Paying Agent will:

     

    (i)  hold
      all
      sums held by it for the payment of amounts due with respect to the Notes in
      trust for the benefit of the Persons entitled thereto until such sums shall
      be
      paid to such Persons or otherwise disposed of as herein provided and pay such
      sums to such Persons as herein provided;

     

    (ii)  give
      the
      Indenture Trustee and Insurer written notice of any default by the Issuer of
      which it has actual knowledge in the making of any payment required to be made
      with respect to the Notes;

     

    (iii)  at
      any
      time during the continuance of any such default, upon the written request of
      the
      Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held
      in
      trust by such Paying Agent;

     

    (iv)  immediately
      resign as Paying Agent and forthwith pay to the Indenture Trustee all sums
      held
      by it in trust for the payment of Notes if at any time it ceases to meet the
      standards required to be met by a Paying Agent at the time of its
      appointment;

     

    (v)  comply
      with all requirements of the Code with respect to the withholding from any
      payments made by it on any Notes of any applicable withholding taxes imposed
      thereon and with respect to any applicable reporting requirements in connection
      therewith; and

     

    (vi)  deliver
      to the Indenture Trustee a copy of the Servicing Certificate prepared with
      respect to each Payment Date by the Servicer pursuant to Section 4.01 of
      the Servicing Agreement.

     

    The
      Issuer may at any time, for the purpose of obtaining the satisfaction and
      discharge of this Indenture or for any other purpose, by Issuer Request direct
      any Paying Agent to pay to the Indenture Trustee all sums held in trust by
      such
      Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts
      as those upon which the sums were held by such Paying Agent; and upon such
      payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall
      be
      released from all further liability with respect to such money.

     

    Subject
      to applicable laws with respect to escheat of funds, any money held by the
      Indenture Trustee or any Paying Agent in trust for the payment of any amount
      due
      with respect to any Note and remaining unclaimed for one year after such amount
      has become due and payable shall be discharged from such trust and be paid
      to
      the Issuer upon receipt by the Indenture Trustee or any Paying Agent (as
      applicable) of an Issuer Request containing instructions to do so; and the
      Holder of such Note shall thereafter, as an unsecured general creditor, look
      only to the Issuer for payment thereof (but only to the extent of the amounts
      so
      paid to the Issuer), and all liability of the Indenture Trustee or such Paying
      Agent with respect to such trust money shall thereupon cease; provided, however,
      that the Indenture Trustee or such Paying Agent, before being required to make
      any such payment, shall at the expense and direction of the Issuer cause to
      be
      published once, in an Authorized Newspaper, notice that such money remains
      unclaimed and that, after a date specified therein, which shall not be less
      than
      30 days from the date of such publication, any unclaimed balance of such
      money then remaining will be paid to the Issuer. The Indenture Trustee may
      also
      adopt and employ, at the expense and direction of the Issuer, any other
      reasonable means of notification of such payment (including, but not limited
      to,
      mailing notice of such payment to Noteholders whose Notes have been called
      but
      have not been surrendered for redemption or whose right to or interest in monies
      due and payable but not claimed is determinable from the records of the
      Indenture Trustee or of any Paying Agent, at the last address of record for
      each
      such Noteholder).

     

    Section
      3.04  Existence.
      The
      Issuer will keep in full effect its existence, rights and franchises as a
      statutory trust under the laws of the State of Delaware (unless it becomes,
      or
      any successor Issuer hereunder is or becomes, organized under the laws of any
      other state or of the United States of America, in which case the Issuer will
      keep in full effect its existence, rights and franchises under the laws of
      such
      other jurisdiction) and will obtain and preserve its qualification to do
      business in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Indenture, the
      Notes, the Loans and each other instrument or agreement included in the Trust
      Estate.

     

    Section
      3.05  Payment
      of Principal and Interest; Defaulted Interest.

     

    (a)  On
      each
      Payment Date from amounts on deposit in the Payment Account with respect to
      the
      Loans (after payment of the applicable Servicing Fee to the Servicer, the
      Insurer Premium to the Insurer and amounts described in Section 6.07), the
      Indenture Trustee shall pay the Certificate Paying Agent on behalf of the
      Class G Certificateholders from Principal Collections, an amount equal to
      the lesser of the Additional Balance Advance Amount, if any, as of such Payment
      Date and the Principal Collections for such Payment Date.

     

    (b)  On
      each
      Payment Date, payments shall be made from the Interest Remittance Amount in
      the
      following priority, in each case to the extent of the remaining Interest
      Remittance Amount:

     

    (i)  first,
      to
      the Certificate Paying Agent on behalf of the Class G Certificates, Current
      Interest and any Carryforward Interest for that Payment Date;

     

    (ii)  second,
      pro rata, to the Class A-1 Notes and to the Certificate Paying Agent on
      behalf of the Class A-R Certificates and Class P Certificates, Current Interest
      and any Carryforward Interest for such Class and such Payment Date;

     

    (iii)  third,
      to
      the Insurer, the aggregate of all Insurer Reimbursement Amounts, to the extent
      not previously paid or reimbursed or covered and all amounts due to the Insurer
      under the Insurance Agreement;

     

    (iv)  on
      the
      Payment Dates occurring in March 2007, April 2007 and May 2007, to the Seller
      an
      amount equal to the amount received during the related Collection Period which
      constitutes related Subsequent Loan Interest; and

     

    (v)  for
      application as part of the Monthly Excess Cashflow for such Payment Date, as
      provided in paragraph (d) of this Section 3.05, the Interest Remittance Amount
      remaining after application pursuant to clauses (i) through (iv) of Section
      above.

     

    (c)  On
      each
      Payment Date, the Principal Payment Amount, less any principal payment made
      to
      the Certificate Paying Agent on behalf of the Class G Certificates, shall be
      distributed in the following order of priority:

     

    (i)  first,
      commencing on the payment date in May 2012, to the Certificate Paying Agent
      on
      behalf of the Class P Certificates, until the Class Principal Balance thereof
      has been reduced to zero;

     

    (ii)  second,
      to the Certificate Paying Agent on behalf of the Class A-R Certificates,
      until the Class Principal Balance thereof has been reduced to zero, and then
      to
      the Class A-1 Notes until the Class Principal Balances thereof has been reduced
      to zero;

     

    (iii)  third,
      to
      the Insurer, any Insurer Reimbursement Amounts, to the extent not paid from
      interest distributions;

     

    (iv)  for
      application in the same manner as the Monthly Excess Cashflow for such Payment
      Date, as provided in paragraph (d) of this Section 3.05, any such Principal
      Payment Amount remaining after application pursuant to clauses (i) through
      (iii)
      above.

     

    (d)  On
      each
      Payment Date, the Monthly Excess Cashflow shall be distributed in the following
      order of priority:

     

    (i)  first,
      an
      amount equal to the aggregate Realized Losses on the Mortgage Loans incurred
      during the related Collection Period, such amount to be distributed in the
      same
      manner as the Principal Payment Amount as set forth above in Section 3.05(c)
      (any such amount, an “Excess Cashflow Loss Payment”);

     

    (ii)  second,
      on the first two Payment Dates, to the Certificate Paying Agent on behalf of
      the
      Class X-1 Certificateholders, 100% of the remaining Monthly Excess
      Cashflow;

     

    (iii)  third,
      to
      the Certificate Paying Agent on behalf of the Class G Certificates, an amount
      equal to the lesser of the Monthly Excess Cashflow and the Additional Balance
      Advance Amount after the application of all other payments thereon on that
      Payment Date;

     

    (iv)  fourth,
      to the Insurer, any Insurer Reimbursement Amounts, to the extent not paid from
      interest and principal distributions;

     

    (v)  fifth,
      until the Overcollateralization Amount equals the Targeted Overcollateralization
      Amount for such date, on each Payment Date, to the extent of Monthly Excess
      Interest for such Payment Date, to fund any principal payments to the Class
      A-1
      Notes and Class A-R Certificates and Class P Certificates required to be made
      on
      such Payment Date set forth above in clause (c) above, after giving effect
      to
      the payment of the Principal Payment Amount for such Payment Date, in accordance
      with the priorities set forth therein; 

     

    (vi)  sixth,
      to
      the Class A-1 Notes and to the Certificate Paying Agent on behalf of the Class
      G
      Certificates, any applicable Basis Risk Shortfall for each such Class, on a
      pro
      rata basis;

     

    (vii)  seventh,
      to the Indenture Trustee and the Administrator, any Trustee Additional Expenses
      and any amounts owing to the Indenture Trustee and the Administrator pursuant
      to
      Section 6.07 and the Owner Trustee pursuant to Article VII of the
      Trust Agreement, in each case remaining unpaid;

     

    (viii)  eighth,
      from amounts otherwise distributable to the Class X-1 Certificates, to the
      Basis
      Risk Reserve Fund, the Required Reserve Fund Deposit; and

     

    (ix)  ninth,
      to
      the Certificate Paying Agent on behalf of the Class X-1 Certificates, (a) the
      Class X-1 Distribution Amount for such Payment Date reduced by amounts
      distributed pursuant to clause (iv) of Section 3.05(b) for such Payment Date,
      (b) the amount of any Overcollateralization Release Amount for such Distribution
      Date, (c) any amounts withdrawn from the Basis Risk Reserve Fund for
      distribution to such Class X-1 Certificates pursuant to Section 3.31(b) and
      (d)
      for any Payment Date on or after which the aggregate Class Principal Balance
      of
      the Notes and Certificates has been reduced to zero, the Overcollateralization
      Amount.

     

    (e)  On
      each
      Payment Date, the Certificate Paying Agent shall deposit in the Certificate
      Distribution Account all amounts it received pursuant to this Section 3.05
      for the purpose of reimbursing the Owner Trustee with respect to certain amounts
      and distributing such funds to the Certificateholder.

     

    (f)  The
      amounts paid to Noteholders shall be paid to the Notes in accordance with the
      applicable percentage as set forth in paragraph (i) below. Any installment
      of
      interest or principal, if any, payable on any Note that is punctually paid
      or
      duly provided for by the Issuer on the applicable Payment Date shall, if such
      Noteholder holds Notes of an aggregate initial Note Balance of at least
      $1,000,000, be paid to each Noteholder of record on the preceding Record Date,
      by wire transfer to an account specified in writing by such Noteholder
      reasonably satisfactory to the Indenture Trustee as of the preceding Record
      Date
      or in all other cases or if no such instructions have been delivered to the
      Indenture Trustee, by check to such Noteholder mailed to such Noteholder’s
      address as it appears in the Note Register the amount required to be distributed
      to such Noteholder on such Payment Date pursuant to such Noteholder’s Notes;
      provided, however, that the Indenture Trustee shall not pay to such Noteholders
      any amount required to be withheld from a payment to such Noteholder by the
      Code.

     

    (g)  The
      principal of each Note shall be due and payable in full on the Final Scheduled
      Payment Date for such Note as provided in the form of Note set forth in Exhibit
      A. All principal payments on the Notes shall be made to the Noteholders entitled
      thereto in accordance with the Percentage Interests represented by such Notes.
      The Indenture Trustee shall notify the Person in whose name a Note is registered
      at the close of business on the Record Date relating to the Payment Date
      immediately preceding the Final Scheduled Payment Date or other final Payment
      Date. Such notice shall be mailed or transmitted by facsimile no later than
      five
      Business Days prior to such Final Scheduled Payment Date or other final Payment
      Date and shall specify that payment of the principal amount and any interest
      due
      with respect to such Note at the Final Scheduled Payment Date or other final
      Payment Date will be payable only upon presentation and surrender of such Note
      and shall specify the place where such Note may be presented and surrendered
      for
      such final payment.

     

    Section
      3.06  Protection
      of Trust Estate.

     

    (a)  As
      and
      when requested by the Indenture Trustee or the Insurer, the Issuer will from
      time to time authorize, execute and deliver all such supplements and amendments
      hereto and all such financing statements, continuation statements, instruments
      of further assurance and other instruments, and will take such other action
      necessary or advisable to:

     

    (i)  maintain
      or preserve the lien and security interest (and the priority thereof) of this
      Indenture or carry out more effectively the purposes hereof;

     

    (ii)  perfect,
      publish notice of or protect the validity of any Grant made or to be made by
      this Indenture;

     

    (iii)  cause
      the
      Trust Estate to enforce any of the Loans; or

     

    (iv)  preserve
      and defend title to the Trust Estate and the rights of the Indenture Trustee,
      the Insurer and the Noteholders in such Trust Estate against the claims of
      all
      persons and parties.

     

    (b)  Except
      as
      otherwise provided in this Indenture, the Indenture Trustee shall not remove
      any
      portion of the Trust Estate that consists of money, an instrument, tangible
      chattel paper, a negotiable document, a certificated security, or goods, or
      is
      evidenced by an instrument, certificate or other writing from the jurisdiction
      in which it was held at the date of the most recent Opinion of Counsel delivered
      pursuant to Section 3.07 (or from the jurisdiction in which it was held as
      described in the Opinion of Counsel delivered at the Closing Date pursuant
      to
      Section 3.07(a), if no Opinion of Counsel has yet been delivered pursuant
      to Section 3.07(b)) unless the Indenture Trustee shall have first received
      an Opinion of Counsel to the effect that the lien and security interest created
      by this Indenture with respect to such property will continue to be maintained
      after giving effect to such action or actions.

     

    The
      Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact
      to
      execute any instrument required to be executed pursuant to this
      Section 3.06.

     

    Section
      3.07  Opinions
      as to Trust Estate.

     

    (a)  On
      the
      Closing Date, the Issuer shall furnish to the Indenture Trustee, the Insurer
      and
      the Owner Trustee an Opinion of Counsel at the expense of the Issuer either
      stating that, in the opinion of such counsel, such action has been taken with
      respect to the recording and filing of this Indenture, any indentures
      supplemental hereto, and any other requisite documents, and with respect to
      the
      filing of any financing statements and continuation statements, as are necessary
      to perfect the lien and security interest in the Loans and reciting the details
      of such action, or stating that, in the opinion of such counsel, no such action
      is necessary to perfect such lien and security interest.

     

    (b)  On
      or
      before December 31st in each calendar year, beginning in 2008, the Issuer shall
      furnish to the Indenture Trustee and the Insurer an Opinion of Counsel at the
      expense of the Issuer either stating that, in the opinion of such counsel,
      such
      action has been taken with respect to the recording, filing, rerecording and
      re-filing of this Indenture, any indentures supplemental hereto and any other
      requisite documents and with respect to the filing of any financing statements
      and continuation statements as is necessary to maintain the lien and security
      interest in the Loans and reciting the details of such action 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
      recording, filing, re-recording and re-filing of this Indenture, any indentures
      supplemental hereto and any other requisite documents and the filing of any
      financing statements and continuation statements that will, in the opinion
      of
      such counsel, be required to maintain the lien and security interest in the
      Loans until December 31 in the following calendar year.

     

    Section
      3.08  Performance
      of Obligations; Servicing Agreement.

     

    (a)  The
      Issuer will punctually perform and observe all of its obligations and agreements
      contained in this Indenture, the Basic Documents and in the instruments and
      agreements included in the Trust Estate.

     

    (b)  The
      Issuer may contract with other Persons to assist it in performing its duties
      under this Indenture, and any performance of such duties by a Person identified
      to the Indenture Trustee in an Officer’s Certificate of the Issuer shall
      constitute performance of its duties under this Indenture. 

     

    (c)  The
      Issuer will not take any action or permit any action to be taken by others
      which
      would release any Person from any of such Person’s covenants or obligations
      under any of the documents relating to the Loans or under any instrument
      included in the Trust Estate, or which would result in the amendment,
      hypothecation, subordination, termination or discharge of, or impair the
      validity or effectiveness of, any of the documents relating to the Loans or
      any
      such instrument, except such actions as the Servicer is expressly permitted
      to
      take in the Servicing Agreement. The Indenture Trustee may exercise the rights
      of the Issuer to direct the actions of the Servicer pursuant to the Servicing
      Agreement.

     

    (d)  The
      Issuer may retain an administrator and may enter into contracts with other
      Persons for the performance of the Issuer’s obligations hereunder, and
      performance of such obligations by such Persons shall be deemed to be
      performance of such obligations by the Issuer.

     

    Section
      3.09  Negative
      Covenants.
      So long
      as any Notes are Outstanding, the Issuer shall not:

     

    (i)  except
      as
      expressly permitted by this Indenture, sell, transfer, exchange or otherwise
      dispose of the Trust Estate, unless directed to do so in writing by the
      Indenture Trustee;

     

    (ii)  claim
      any
      credit on, or make any deduction from the principal or interest payable in
      respect of, the Notes (other than amounts properly withheld from such payments
      under the Code) or assert any claim against any present or former Noteholder
      by
      reason of the payment of the taxes levied or assessed upon any part of the
      Trust
      Estate;

     

    (iii)  (A)
      permit the validity or effectiveness of this Indenture to be impaired, or permit
      the lien of this Indenture to be amended, hypothecated, subordinated, terminated
      or discharged, or permit any Person to be released from any covenants or
      obligations with respect to the Notes under this Indenture except as may be
      expressly permitted hereby, (B) permit any lien, charge, excise, claim,
      security interest, mortgage or other encumbrance (other than the lien of this
      Indenture) to be created on or extend to or otherwise arise upon or burden
      the
      Trust Estate or any part thereof or any interest therein or the proceeds thereof
      or (C) permit the lien of this Indenture not to constitute a valid first
      priority security interest in the Trust Estate; or

     

    (iv)  waive
      or
      impair, or fail to assert rights under, the Loan Purchase Agreement or in any
      Basic Document, if any such action would materially and adversely affect the
      interests of the Noteholders or the Insurer.

     

    Section
      3.10  Annual
      Statement as to Compliance.
      The
      Issuer will deliver to the Indenture Trustee and the Insurer, within 120 days
      after the end of each fiscal year of the Issuer (commencing with the fiscal
      year
      2007), an Officer’s Certificate stating, as to the Authorized Officer signing
      such Officer’s Certificate, that:

     

    (i)  a
      review
      of the activities of the Issuer during such year and of its performance under
      this Indenture and the Trust Agreement has been made under such Authorized
      Officer’s supervision; and

     

    (ii)  to
      the
      best of such Authorized Officer’s knowledge, based on such review, the Issuer
      has complied with all conditions and covenants under this Indenture and the
      provisions of the Trust Agreement throughout such year, or, if there has been
      a
      default in its compliance with any such condition or covenant, specifying each
      such default known to such Authorized Officer and the nature and status
      thereof.

     

    Section
      3.11  Representations
      and Warranties Concerning the Loans.
      The
      Indenture Trustee, as the holder of a security interest in the Loans, has the
      benefit of the representations and warranties made by the Seller in the Loan
      Purchase Agreement concerning the Loans and the right to enforce, and upon
      direction of the Issuer, the Indenture Trustee shall endorse the remedies
      against the Seller provided in such Loan Purchase Agreement to the same extent
      as though such representations and warranties were made directly to the
      Indenture Trustee.

     

    Section
      3.12  Assignee
      of Record of the Loans.
      The
      Issuer hereby directs and authorizes the Indenture Trustee to hold record title
      to the Loans by being named as payee in the endorsements of the Mortgage Notes
      and assignee in any Assignments of Mortgage required to be recorded under the
      terms of the Loan Purchase Agreement. Except as expressly provided in the Loan
      Purchase Agreement or in the Servicing Agreement with respect to any specific
      Loan, the Indenture Trustee shall not execute any endorsement or assignment
      or
      otherwise release or transfer such record title to any of the Loans until such
      time as the remaining Trust may be released pursuant to Section 8.05(b).
      The Indenture Trustee’s holding of such record title shall in all respects be
      subject to its fiduciary obligations to the Noteholders hereunder.

     

    Section
      3.13  Investment
      Company.
      The
      Issuer shall not become an “investment company” or under the “control” of an
“investment company” as such terms are defined in the Investment Company Act of
      1940, as amended (or any successor or amendatory statute), and the rules and
      regulations thereunder (taking into account not only the general definition
      of
      the term “investment company” but also any available exceptions to such general
      definition); provided, however, that the Issuer shall be in compliance with
      this
      Section 3.13 if it shall have obtained an order exempting it from
      regulation as an “investment company” so long as it is in compliance with the
      conditions imposed in such order.

     

    Section
      3.14  Servicer
      as Agent and Bailee of the Indenture Trustee.
      Solely
      for purposes of perfection under Article 9 of the UCC or other similar
      applicable law, rule or regulation, the Issuer, the Indenture Trustee hereby
      acknowledge that the Servicer are acting as agent and bailee of the Indenture
      Trustee in holding amounts (a) on deposit in the Custodial Accounts pursuant
      to
      Section 3.02 of the Servicing Agreement that are allocable to the Loans, as
      well as its agent and bailee in holding any Related Documents released to the
      Servicer pursuant to Section 3.06(c) of the Servicing Agreement, and any
      other items constituting a part of the Trust Estate which from time to time
      come
      into the possession of the Servicer. It is intended that, by the Servicer’s
      acceptance of such agency pursuant to Section 3.02 of the Servicing
      Agreement, the Indenture Trustee will have a perfected security interest in
      such
      Related Documents, such monies and such other items for purposes of
      Article 9 of the UCC.

     

    Section
      3.15  Issuer
      May Consolidate, etc.

     

    (a)  The
      Issuer shall not consolidate or merge with or into any other Person, unless
      the
      Insurer consents thereto and:

     

    (i)  the
      Person (if other than the Issuer) formed by or surviving such consolidation
      or
      merger shall be a Person organized and existing under the laws of the United
      States of America or any state or the District of Columbia and shall expressly
      assume, by an indenture supplemental hereto, executed and delivered to the
      Indenture Trustee, in form reasonably satisfactory to the Indenture Trustee
      and
      Insurer, the due and punctual payment of the principal of and interest on all
      Notes, the payment of the Insurer Premium to the Insurer and all other amounts
      payable to the Indenture Trustee, the Counterparty, the Insurer, the payment
      to
      the Certificate Paying Agent, of all amounts due to the Certificateholders
      and
      the performance or observance of every agreement and covenant of this Indenture
      on the part of the Issuer to be performed or observed, all as provided
      herein;

     

    (ii)  immediately
      after giving effect to such transaction, no Event of Default shall have occurred
      and be continuing;

     

    (iii)  the
      Rating Agencies shall have notified the Issuer and the Insurer, with respect
      to
      the Class A-1 Notes and Class G Certificates, that such transaction shall not
      cause the rating of any of the Notes or Certificates to be reduced, suspended
      or
      withdrawn or to be considered by either Rating Agency to be below investment
      grade, without regard to the Policy;

     

    (iv)  the
      Issuer shall have received an Opinion of Counsel (and shall have delivered
      copies thereof to the Indenture Trustee and the Insurer) to the effect that
      such
      transaction will not have any material adverse tax consequence to the Issuer,
      any Noteholder or any Certificateholder;

     

    (v)  any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture, and the perfection and priority thereof, shall have been taken;
      and

     

    (vi)  the
      Issuer shall have delivered to the Indenture Trustee and Insurer an Officer’s
      Certificate and an Opinion of Counsel each stating that such consolidation
      or
      merger and such supplemental indenture comply with this Section 3.15 and
      that all conditions precedent herein provided for relating to such transaction
      have been complied with (including any filing required by the Exchange
      Act).

     

    (b)  The
      Issuer shall not convey or transfer its properties or assets, including those
      included in the Trust Estate as an entirety or substantially as an entirety,
      to
      any Person, unless the Insurer consents thereto and:

     

    (i)  the
      Person that acquires by conveyance or transfer the properties and assets of
      the
      Issuer the conveyance or transfer of which is hereby restricted shall (A) be
      a
      United States citizen or a Person organized and existing under the laws of
      the
      United States of America or any state, (B) expressly assumes, by an indenture
      supplemental hereto, executed and delivered to the Indenture Trustee and the
      Insurer, in form satisfactory to the Indenture Trustee, the due and punctual
      payment of the principal of and interest on all Notes, the payment of the
      Insurer Premium and the performance or observance of every agreement and
      covenant of this Indenture on the part of the Issuer to be performed or
      observed, all as provided herein, (C) expressly agrees by means of such
      supplemental indenture that all right, title and interest so conveyed or
      transferred shall be subject and subordinate to the rights of Noteholders,
      (D)
      unless otherwise provided in such supplemental indenture, expressly agrees
      to
      indemnify, defend and hold harmless the Issuer, the Insurer and the Indenture
      Trustee against and from any loss, liability or expense arising under or related
      to this Indenture and the Notes and (E) expressly agrees by means of such
      supplemental indenture that such Person (or if a group of Persons, then one
      specified Person) shall make all filings with the Securities and Exchange
      Commission (and any other appropriate Person) required by the Exchange Act
      in
      connection with the Notes;

     

    (ii)  immediately
      after giving effect to such transaction, no Default or Event of Default shall
      have occurred and be continuing;

     

    (iii)  the
      Rating Agencies shall have notified the Issuer (with a copy to the Indenture
      Trustee and the Insurer) that such transaction shall not cause the rating of
      the
      Notes or the Certificates to be reduced, suspended or withdrawn without regard
      to the Policy;

     

    (iv)  the
      Issuer shall have received an Opinion of Counsel (and shall have delivered
      copies thereof to the Indenture Trustee and the Insurer) to the effect that
      such
      transaction will not have any material adverse tax consequence to the Issuer
      or
      any Noteholder;

     

    (v)  any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture, and the perfection and priority thereof, shall have been taken;
      and

     

    (vi)  the
      Issuer shall have delivered to the Indenture Trustee and the Insurer an
      Officer’s Certificate and an Opinion of Counsel stating that such conveyance or
      transfer and such supplemental indenture comply with this Article III and
      that all conditions precedent herein provided for relating to such transaction
      have been complied with (including any filing required by the Exchange
      Act).

     

    Section
      3.16  Successor
      or Transferee.

     

    (a)  Upon
      any
      consolidation or merger of the Issuer in accordance with Section 3.15(a),
      the Person formed by or surviving such consolidation or merger (if other than
      the Issuer) shall succeed to, and be substituted for, and may exercise every
      right and power of, the Issuer under this Indenture with the same effect as
      if
      such Person had been named as the Issuer herein.

     

    (b)  Upon
      a
      conveyance or transfer of all the assets and properties of the Issuer pursuant
      to Section 3.15(b), the Issuer will be released from every covenant and
      agreement of this Indenture to be observed or performed on the part of the
      Issuer with respect to the Notes immediately upon the delivery of written notice
      to the Indenture Trustee and the Insurer of such conveyance or
      transfer.

     

    Section
      3.17  No
      Other Business.
      The
      Issuer shall not engage in any business other than financing, purchasing, owning
      and selling and managing the Loans and the issuance of the Notes and
      Certificates in the manner contemplated by this Indenture and the Basic
      Documents and all activities incidental thereto.

     

    Section
      3.18  No
      Borrowing.
      Except
      as contemplated by the Indenture or the Basic Documents, the Issuer shall not
      issue, incur, assume, guarantee or otherwise become liable, directly or
      indirectly, for any indebtedness except for the Notes.

     

    Section
      3.19  Guarantees,
      Loans, Advances and Other Liabilities.
      Except
      as contemplated by this Indenture or the Basic Documents, the Issuer shall
      not
      make any loan or advance or credit to, or guarantee (directly or indirectly
      or
      by an instrument having the effect of assuring another’s payment or performance
      on any obligation or capability of so doing or otherwise), endorse or otherwise
      become contingently liable, directly or indirectly, in connection with the
      obligations, stocks or dividends of, or own, purchase, repurchase or acquire
      (or
      agree contingently to do so) any stock, obligations, assets or securities of,
      or
      any other interest in, or make any capital contribution to, any other
      Person.

     

    Section
      3.20  Capital
      Expenditures.
      The
      Issuer shall not make any expenditure (by long-term or operating lease or
      otherwise) for capital assets (either realty or personalty).

     

    Section
      3.21  Owner
      Trustee Not Liable for Certificates or Related Documents.
      The
      recitals contained herein shall not be taken as the statements of the Owner
      Trustee, and the Owner Trustee assumes no responsibility for the correctness
      thereof. The Owner Trustee makes no representations as to the validity or
      sufficiency of this Indenture, of any Basic Document or of the Certificate
      (other than the signatures of the Owner Trustee on the Certificate) or the
      Notes, or of any Related Documents. The Owner Trustee shall at no time have
      any
      responsibility or liability with respect to the sufficiency of the Owner Trust
      Estate or its ability to generate the payments to be distributed to the
      Certificateholder under the Trust Agreement or the Noteholders under this
      Indenture, including, the compliance by the Depositor or the Seller with any
      warranty or representation made under any Basic Document or in any related
      document or the accuracy of any such warranty or representation, or any action
      of the Certificate Paying Agent, the Certificate Registrar or the Indenture
      Trustee taken in the name of the Owner Trustee other than any such action taken
      at the direction of the Owner Trustee.

     

    Section
      3.22  Restricted
      Payments.
      The
      Issuer shall not, directly or indirectly, (i) pay any dividend or make any
      distribution (by reduction of capital or otherwise), whether in cash, property,
      securities or a combination thereof, to the Owner Trustee or any owner of a
      beneficial interest in the Issuer or otherwise with respect to any ownership
      or
      equity interest or security in or of the Issuer, (ii) redeem, purchase, retire
      or otherwise acquire for value any such ownership or equity interest or security
      or (iii) set aside or otherwise segregate any amounts for any such purpose;
      provided, however, that the Issuer may make, or cause to be made, (x)
      distributions to the Owner Trustee and the Certificateholder as contemplated
      by,
      and to the extent funds are available for such purpose under the Trust Agreement
      and this Indenture and (y) payments to the Servicer pursuant to the terms of
      the
      Servicing Agreement. The Issuer shall not, directly or indirectly, make payments
      to or distributions from the Custodial Account except in accordance with this
      Indenture and the Basic Documents.

     

    Section
      3.23  Notice
      of Events of Default.
      The
      Issuer shall give the Indenture Trustee, the Insurer and the Rating Agencies
      prompt written notice of each Event of Default hereunder and under the Trust
      Agreement.

     

    Section
      3.24  Further
      Instruments and Acts.
      Upon
      request of the Indenture Trustee or the Insurer, the Issuer will authorize,
      execute and deliver such further instruments and do such further acts as may
      be
      reasonably necessary or proper to carry out more effectively the purpose of
      this
      Indenture.

     

    Section
      3.25  Statements
      to Noteholders.
      On each
      Payment Date, the Indenture Trustee shall make available on its website at
      http://www.usbank.com/abs or such other website as the Indenture Trustee may
      designate from time to time to the Insurer, each Noteholder and
      Certificateholder, respectively, (a) the Servicing Certificate received by
      it,
      on the related Data Remittance Date pursuant to Section 4.01 of the
      Servicing Agreement and (b) a monthly statement prepared by the Indenture
      Trustee on the basis of the Servicing Certificate setting forth the items listed
      on Exhibit G. The Indenture Trustee shall post on the above referenced website,
      on a monthly basis, current loan level data reports about the Loans in the
      Trust
      Fund.

     

    Assistance
      in using the Indenture Trustee’s website can be obtained by calling the
      Indenture Trustee’s customer service desk at (800) 934-6802.

     

    For
      purposes of the information reported in the Monthly Statement to Noteholders
      prepared by the Indenture Trustee, a Loan is considered to be delinquent for
      purposes of trust reporting in accordance with the definition of
“Delinquent.”

     

    In
      addition to the foregoing, the Indenture Trustee shall post an electronic file
      containing current loan level data with respect to the Loans (“Loan Level
      Data”), on a monthly basis, to the website referred to in this section. The Loan
      Level Data will include fields as agreed to by the Depositor and the Indenture
      Trustee from time to time. The Loan Level Data will be based solely on
      information provided by the Servicer, and the Indenture Trustee’s provision of
      the Loan Level Data is subject to the availability, timeliness and accuracy
      of
      the information provided by the Servicer. The Loan Level Data will not include
      any personally identifiable information, including but not limited to: borrower
      name, borrower address, property address, borrower social security number,
      and
      originator’s loan account number. The Loan Level Data may include recent
      property valuation information, including based on a recent broker’s price
      opinion. As agreed to by the Depositor and the Indenture Trustee, the format
      of
      the Loan Level Data may be modified at any time, and the posting of the Loan
      Level Data may be discontinued at any time. The Indenture Trustee will not
      be
      required to provide the Loan Level Data in paper form.

     

    Section
      3.26  Allocation
      of Realized Losses.

     

    The
      Class Principal Balance of the Class A-1 Notes and the Class G, Class A-R
      and Class P Certificates will not be reduced in the event that the
      Overcollateralization Amount has been reduced to zero on any Payment Date and
      an
      Applied Loss Amount exists. To the extent the Class Principal Balance of the
      Class A-1 Notes or Class G Certificates is reduced as a result of a payment
      made
      under the Policy, such Class shall thereafter receive Current Interest on that
      reduced Class Principal Balance in accordance with
      Section 3.05(b).

     

    All
      Realized Losses on the Mortgage Loans shall be allocated on each Payment Date
      to
      the following REMIC I Regular Interests: 
      first,
      to REMIC I Regular Interests LT-1 until the Uncertificated Principal Balance
      thereof has been reduced to zero, then to REMIC I Regular Interest LT-PF until
      the Uncertificated Principal Balance thereof has been reduced to zero, however,
      that with respect to the first three Payment Dates, Realized Losses relating
      to
      the Initial Loans shall be allocated to REMIC I Regular Interest LT-1 and
      Realized Losses relating to the Subsequent Mortgage Loans shall be allocated
      to
      REMIC I Regular Interest LT-PF until the Uncertificated Principal Balance
      thereof has been reduced to zero. 

     

    (vii)
      All
      Realized Losses on the REMIC I Regular Interests LT-1 and LT-PF shall be deemed
      to have been allocated to the following REMIC II Regular Interests in the
      specified percentages, as follows: first to Uncertificated Accrued Interest
      payable to the REMIC II Regular Interests LT-AA and LT-ZZ up to an aggregate
      amount equal to the excess of (a) the REMIC II Interest Loss Allocation Amount
      over (b) Prepayment Interest Shortfalls (to the extent not covered by
      Compensating Interest) relating to the Loans for such Payment Date, 98% and
      2%,
      respectively; and second, to the Uncertificated Principal Balances of the REMIC
      II Regular Interests LT-AA and LT-ZZ up to an aggregate amount equal to the
      REMIC II Principal Loss Allocation Amount, 98% and 2%,
      respectively.

     

    Section
      3.27  Determination
      of the LIBOR Rate.
      On
      each
      LIBOR Rate Adjustment Date, LIBOR shall be established by the Indenture Trustee
      and as to any Accrual Period, LIBOR will equal the rate for United States dollar
      deposits for one month which appears on the Reuters Screen LIBOR01 as of
      11:00 A.M., London time, on that LIBOR Rate Adjustment Date. Reuters Screen
      LIBOR01 Page means the display designated as the Reuters Monitor Money Rates
      Service or any other page as may replace that page on that service for the
      purpose of displaying comparable rates or prices. If the rate does not appear
      on
      that page or any other page as may replace that page on that service, or if
      the
      service is no longer offered, any other service for displaying LIBOR or
      comparable rates as may be selected by the Indenture Trustee after consultation
      with the Seller and the Insurer, the rate will be the Reference Bank
      Rate.

     

    The
      Reference Bank Rate will be determined on the basis of the rates at which
      deposits in the U.S. Dollars are offered by the reference banks, which shall
      be
      three major banks that are engaged in transactions in the London interbank
      market, selected by the Indenture Trustee after consultation with the Seller.
      The Reference Bank Rate will be determined as of 11:00 A.M., London time, on
      the
      LIBOR Rate Adjustment Date on the basis of rates offered by the Reference Banks
      to prime banks in the London interbank market for a period of one month in
      amounts approximately equal to the aggregate Class Principal Balance of the
      Class A-1 Notes and Class G Certificates. The Indenture Trustee will request
      the
      principal London office of each of the Reference Banks to provide a quotation
      of
      its rate. If at least two quotations are provided, the rate will be the
      arithmetic mean of the quotations. If on that date fewer than two quotations
      are
      provided as requested, the rate will be the arithmetic mean of the rates quoted
      by one or more major banks in New York City, selected by the Indenture Trustee
      after consultation with the Seller and the Insurer, as of 11:00 A.M., New
      York City time, on that date for loans in U.S. Dollars to leading European
      banks
      for a period of one month in amounts approximately equal to the aggregate
      Class Principal Balance of the Class A-1 Notes and Class G Certificates. If
      no quotations can be obtained, the rate will be LIBOR for the prior Payment
      Date; provided however, if, under the priorities listed previously in this
      paragraph, LIBOR for a Payment Date would be based on LIBOR for the previous
      Payment Date for the third consecutive Payment Date, the Indenture Trustee
      after
      consultation with the Seller and the Insurer shall select an alternative
      comparable index over which the Indenture Trustee has no control, used for
      determining one-month Eurodollar lending rates that is calculated and published
      or otherwise made available by an independent party.

     

    The
      establishment of LIBOR by the Indenture Trustee and the Indenture Trustee’s
      subsequent calculation of the Note Interest Rate applicable to the
      Class A-1 Notes and Class G Certificates for the relevant Accrual Period,
      in the absence of manifest error, will be final and binding.

     

    Section
      3.28  Liquidation
      on Final Maturity Date.
      On the
      Final Maturity Date, if the Securities are not paid in full on or prior to
      the
      Final Maturity Date, the Indenture Trustee shall take full account of the assets
      and liabilities of the Issuer, shall liquidate the assets, in a commercially
      reasonable manner and on commercially reasonable terms, as promptly as is
      consistent with obtaining the fair value thereof and in accordance with
      Section 5.15, and shall apply and distribute the proceeds therefrom in the
      order of priority described in Section 3.05(b), (c), (d) and
      (e).

     

    Section
      3.29  No
      Recourse.
      Upon
      the occurrence of an Event of Default under the Notes, this Indenture or the
      other Basic Documents, Noteholders shall have recourse only to the related
      Collateral and all proceeds thereof, as and to the extent provided herein,
      and
      no recourse shall be had by such Noteholders against the Issuer or its other
      assets or properties.

     

    Section
      3.30  Additional
      Representations.
      The
      Issuer hereby represents and warrants to the Indenture Trustee and the Insurer
      that as of the Closing Date:

     

    (a)  This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable UCC) in the Mortgage Notes in favor of the Indenture Trustee, which
      security interest is prior to all other Liens (except as expressly permitted
      otherwise in this Indenture), and is enforceable as such as against creditors
      of
      and purchasers from the Issuer.

     

    (b)  The
      Mortgage Notes constitute “instruments” within the meaning of the applicable
      UCC.

     

    (c)  The
      Issuer owns and has good and marketable title to the Mortgage Notes free and
      clear of any Lien of any Person.

     

    (d)  The
      original executed copy of each Mortgage Note (except for any Mortgage Note
      with
      respect to which a Lost Note Affidavit has been delivered to a Custodian) has
      been delivered to a Custodian.

     

    (e)  The
      Issuer has received a written acknowledgment from a Custodian that such
      Custodian is acting solely as agent of the Indenture Trustee.

     

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

     

    (g)  None
      of
      the Mortgage Notes has any marks or notations indicating that they have been
      pledged, assigned or otherwise conveyed to any Person other than the Indenture
      Trustee, except for (i) any endorsements that are part of a complete chain
      of
      endorsements from the originator of the Mortgage Note to the Indenture Trustee,
      and (ii) any marks or notations pertaining to Liens that have been terminated
      or
      released.

     

    (h)  With
      respect to that portion of the Collateral described in clause (f), the Issuer
      represents to the Indenture Trustee that:

     

    (i)  This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable UCC) in the Collateral in favor of the Indenture Trustee, which
      security interest is prior to all other liens, and is enforceable as such as
      against creditors of and purchasers from the Issuer.

     

    (ii)  The
      Collateral constitutes “general intangibles” within the meaning of the
      applicable UCC.

     

    (iii)  The
      Issuer owns and has good and marketable title to the Collateral, free and clear
      of any lien, claim or encumbrance of any Person.

     

    (iv)  Other
      than the security interest granted to the Indenture Trustee pursuant to this
      Indenture, the Issuer has not pledged, assigned, sold, granted a security
      interest in, or otherwise conveyed any of the Collateral.

     

    Section
      3.31  Basis
      Risk Reserve Fund.

     

    (a)  On
      the
      Closing Date, the Indenture Trustee shall establish and maintain in its name,
      in
      trust for the benefit of the Holders of the Class A-1 Notes, the Basis Risk
      Reserve Fund. The Basis Risk Reserve Fund shall be an Eligible Account, and
      funds on deposit therein shall be held separate and apart from, and shall not
      be
      commingled with, any other moneys, including without limitation, other moneys
      held by the Indenture Trustee pursuant to this Indenture.

     

    (b)  On
      the
      Closing Date, $1,000 will be deposited by the Depositor into the Basis Risk
      Reserve Fund. On each Payment Date, the Indenture Trustee shall transfer from
      the Payment Account to related Basis Risk Reserve Fund pursuant to Section
      3.05(d)(viii), the Required Reserve Fund Deposit. Amounts on deposit in the
      Basis Risk Reserve Fund may be withdrawn by the Indenture Trustee in connection
      with any Payment Date to fund the amounts required to be distributed to holders
      of the Class A-1 Notes and Class G Certificates pursuant to Sections 3.05(d)(v)
      to the extent Monthly Excess Cashflow on such date is insufficient to make
      such
      payments. Any such amounts distributed shall be treated for federal tax purposes
      as amounts distributed by REMIC III to the Class X-1 Certificateholders. On
      any
      Payment Date, any amounts on deposit in the Basis Risk Reserve Fund in excess
      of
      the related Required Reserve Fund Amount shall be distributed to the Class
      X-1
      Certificateholder pursuant to Section 3.05(d)(ix).

     

    (c)  Amounts
      distributed pursuant to clauses (v) of Section 3.05(d) for such Payment Date
      shall be treated for federal income tax purposes as amounts distributed by
      REMIC
      IIC to the Class X-1 Certificateholders

     

    (d)  Funds
      in
      the Basis Risk Reserve Fund may be invested in Permitted Investments by the
      Indenture Trustee at the written direction of the majority Holder of the Class
      X-1 Certificates. Any net investment earnings on such amounts shall be payable
      to the Holder of the Class X-1 Certificates on each Payment Date. In the absence
      of such written direction, all funds in the Basis Risk Reserve Funds shall
      be
      invested by the Indenture Trustee in the First American Prime Obligations Fund
      (Class A). Amounts held in the Basis Risk Reserve Fund from time to time shall
      continue to constitute assets of the Trust Fund, but at no time of REMIC I,
      REMIC II or REMIC III, until released from the Basis Risk Reserve Fund pursuant
      to this Section 3.31. The Basis Risk Reserve Fund constitutes an “outside
      reserve fund” within the meaning of Treasury Regulation §1.860G-2(h) and is not
      an asset of REMIC I, REMIC II or REMIC III. For all federal tax purposes,
      amounts transferred REMIC III to the Basis Risk Reserve Fund shall be treated
      as
      amounts distributed by REMIC III to the Class X-1 Certificateholders. For
      federal tax purposes, the Class X-1 Certificates shall evidence ownership of
      the
      Basis Risk Reserve Fund. The Indenture Trustee shall have no liability for
      losses on investments in Permitted Investments made pursuant to this Section
      3.31(d) (other than as obligor on any such investments). Upon termination of
      the
      Trust Fund, any amounts remaining in each Basis Risk Reserve Fund shall be
      distributed to the Holder of the Class X-1 Certificate, as applicable, in the
      same manner as if distributed pursuant to Section 3.05(d)(ix)
      hereof.

     

    (e)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Basis Risk Reserve Fund be disregarded as
      an
      entity separate from the Holder of the Class X-1 Certificates unless and until
      the date when either (a) there is more than one Class X-1 Certificateholder
      or
      (b) any related Class of Notes or Certificates in addition to the Class X-1
      Certificates is recharacterized as an equity interest in the related Basis
      Risk
      Reserve Fund for federal income tax purposes, in which case it is the intention
      of the parties hereto that, for federal and state income and state and local
      franchise tax purposes, the related Basis Risk Reserve Fund be treated as a
      partnership. 

     

    (f)  On
      the
      Payment Date immediately after the Payment Date on which the Class Principal
      Balance of the Class A-1 Notes equals zero, any amounts on deposit in the Basis
      Risk Reserve Fund not payable on the Class A-1 Notes shall be distributed to
      the
      Holder of the Class X-1 Certificates in the same manner as if distributed
      pursuant to Section 3.05(d)(ix) hereof.

     

    Section
      3.32  Pre-Funding
      Account and Capitalized Interest Account.

     

    (a)  The
      Indenture Trustee shall establish and maintain, on behalf of the Noteholders
      and
      the Insurer, the Pre-Funding Account. On the Closing Date, the Depositor shall
      remit the Pre-Funding Amount to the Indenture Trustee for deposit in the
      Pre-Funding Account. On each Subsequent Transfer Date, upon satisfaction of
      the
      conditions for such Subsequent Transfer Date set forth in Section 2.04(a),
      with
      respect to the related Subsequent Transfer Agreement, the Indenture Trustee
      shall remit to the Seller the applicable Aggregate Subsequent Transfer Amount
      as
      payment of the purchase price for the related Subsequent Loans.

     

    If
      any
      funds remain in the Pre-Funding Account on May 24, 2007, to the extent they
      represent interest earnings on the amounts originally deposited into the
      Pre-Funding Account, the Indenture Trustee shall distribute them to the order
      of
      the Depositor. The remaining funds in the Pre-Funding Account shall be
      transferred to the Payment Account to be included as part of principal payments
      to the Notes, in accordance with the priorities set forth herein, on the May
      2007 Payment Date.

     

    (b)  The
      Indenture Trustee shall establish and maintain, on behalf of the Noteholders
      and
      the Insurer, the Capitalized Interest Account. On the Closing Date, the
      Depositor shall remit the Capitalized Interest Deposit to the Indenture Trustee
      for deposit in the Capitalized Interest Account. On the Business Day prior
      to
      each of the March 2007, April 2007 and May 2007 Payment Dates, the Indenture
      Trustee shall transfer from the related Capitalized Interest Account to the
      Payment Account an amount equal to the related Capitalized Interest Requirement
      for such Payment Date. On each of the March 2007, April 2007 and May 2007
      Payment Dates, the related Overfunded Interest Amount shall be withdrawn from
      the Capitalized Interest Account and paid to the Seller. Any funds remaining
      in
      the Capitalized Interest Accounts immediately after the May 2007 Payment Date
      shall be paid to the Depositor.

     

    Section
      3.33  Payments
      Under the Policy.
      (a)
      By 12:00
      noon (New York Time) on the later of (i) the second Business Day following
      the
      Business Day on which the Insurer shall have received Notice (as defined in
      the
      Policy) that a Deficiency Amount is due in respect of the Class A-1 Notes or
      Class G Certificates and (ii) the Payment Date on which the related Deficiency
      Amount is payable to the Noteholders or the holders of the Class G Certificates,
      the Indenture Trustee on behalf of the Class A-1 Notes or Class G Certificates,
      as applicable, shall make a draw on the Policy in an amount, if any, equal
      to
      the Deficiency Amount.

     

    (b)  If
      the
      Indenture Trustee determines that a Deficiency Amount will exist for the
      following Payment Date, then the Indenture Trustee shall submit a Notice (as
      defined in the Policy) for payment in the amount of the Deficiency Amount to
      the
      Insurer no later than 12:00 Noon, New York City time, on the second Business
      Day
      prior to the applicable Payment Date. Upon receipt of such Deficiency Amount
      in
      accordance with the terms of the Policy, the Indenture Trustee shall deposit
      such Deficiency Amount in the Insurance Account for distribution to the Class
      A-1 Notes or Class G Certificates, as applicable, pursuant to Section 3.05
      hereof.

     

    In
      addition, according to the terms of the Policy (in the form attached hereto
      as
      Exhibit F), a draw may be made under the Policy in respect of any Preference
      Amount applicable to any of the Class A-1 Noteholders or Class G Certificates
      (as defined in and pursuant to the terms and conditions of the such Policy)
      and
      the Indenture Trustee shall submit a Notice (as defined in such Policy) for
      payment with respect thereto together with the other documents required to
      be
      delivered to the Insurer pursuant to the Policy in connection with a draw in
      respect of any Preference Amount.

     

    (c)  Upon
      its
      receipt of a Final Order (as defined in the Policy), the Indenture Trustee
      shall
      notify the Insurer when a draw on the Policy is required to be made with respect
      to any Preference Amount and the Indenture Trustee shall furnish to the Insurer,
      at the Issuer’s expense, any documents, prepared for and received by the
      Indenture Trustee (provided, however, that any such documents shall not be
      prepared by the Indenture Trustee) required to be delivered under the Policy
      (other than the Notice) for payment with respect to such Preference Amount.
      The
      Indenture Trustee also shall furnish to the Insurer the wire transfer
      instructions to be included in any Notice.

     

    Section
      3.34  Suspension
      of Rights During Insurer Default.
      Upon
      the occurrence and continuation of an Insurer Default, any right of the Insurer
      to take or cause another Person to take any action relating to control or voting
      rights, or to give any consent, approval or waiver under this Indenture, shall
      be suspended (except as otherwise specifically provided herein) until such
      time
      as such Insurer Default shall have been cured or waived or otherwise ceased
      to
      continue.

     

    ARTICLE
      IV

     

    THE
      NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

     

    Section
      4.01  The
      Notes.
      The
      Book-Entry Notes shall be registered in the name of a nominee designated by
      the
      Depository. Beneficial Owners will hold security entitlements to the Book-Entry
      Notes through the book-entry facilities of the Depository in minimum Initial
      Note Balances of $25,000 and integral multiples of $1 in excess
      thereof.

     

    The
      Indenture Trustee may for all purposes (including the making of payments due
      on
      the Book-Entry Notes) deal with the Depository as the authorized representative
      of the Beneficial Owners with respect to the Book-Entry Notes for the purposes
      of exercising the rights of Holders of Book-Entry Notes hereunder. Except as
      provided in the next succeeding paragraph of this Section 4.01, the rights
      of Beneficial Owners with respect to the Book-Entry Notes shall be limited
      to
      those established by law and agreements between such Beneficial Owners and
      the
      Depository and Depository Participants. Except as provided in Section 4.08,
      Beneficial Owners shall not be entitled to definitive certificates for the
      Book-Entry Notes as to which they are the Beneficial Owners. Requests and
      directions from, and votes of, the Depository as Holder of the Book-Entry Notes
      shall not be deemed inconsistent if they are made with respect to different
      Beneficial Owners. The Indenture Trustee may establish a reasonable record
      date
      in connection with solicitations of consents from or voting by Holders of the
      Book-Entry Notes and give notice to the Depository of such record date. Without
      the written consent of the Issuer and the Indenture Trustee, no Book-Entry
      Note
      may be transferred by the Depository except to a successor Depository that
      agrees to hold such Book-Entry Note for the account of the Beneficial
      Owners.

     

    In
      the
      event the Depository Trust Company resigns or is removed as Depository, the
      Indenture Trustee with the written approval of the Issuer may appoint a
      successor Depository. If no successor Depository has been appointed within
      30
      days of the effective date of the Depository’s resignation or removal, each
      Beneficial Owner shall be entitled to certificates representing the Book-Entry
      Notes to which it has a security entitlement in the manner prescribed in
      Section 4.08.

     

    The
      Notes
      shall, on original issue, be executed on behalf of the Issuer by the Owner
      Trustee, not in its individual capacity but solely as Owner Trustee,
      authenticated and delivered by the Indenture Trustee to or upon the order of
      the
      Issuer.

     

    Section
      4.02  Registration
      of and Limitations on Transfer and Exchange of Notes; Appointment of Certificate
      Registrar.
      The
      Issuer shall cause to be kept at the Indenture Trustee’s Corporate Trust Office
      a Note Register in which, subject to such reasonable regulations as it may
      prescribe, the Note Registrar shall provide for the registration of Notes and
      of
      transfers and exchanges of Notes as herein provided.

     

    Each
      purchaser of a Note who is a trustee of a plan subject to the Employee
      Retirement Income Security Act of 1974, as amended, or Section 4975 of the
      Internal Revenue Code of 1986 (the “Code”) (each, a “Plan”) or is acting on
      behalf of a Plan, or using Plan assets to effect such transfer, is required
      to
      provide written confirmation (or in the case of any such Note transferred in
      book-entry form, will be deemed to have confirmed) that at the time of such
      transfer such Notes are rated at least investment grade, and that such
      transferee believes that such Notes are properly treated as indebtedness without
      substantial equity features for purposes of the regulations promulgated by
      the
      United States Department of Labor at 29 C.F.R. Section 2510.3-101, and agrees
      to
      so treat such Notes and that the acquisition and holding of such Notes will
      not
      give rise to a non-exempt prohibited transaction under Section 406 of ERISA
      or
      Section 4975 of the Code. Regardless of the rating of such Notes, a prospective
      purchaser or transferee may instead provide the Indenture Trustee with an
      opinion of counsel, which opinion of counsel will not be at the expense of
      the
      Indenture Trustee, the Issuer, the Servicer or the Underwriter, which opines
      that the purchase, holding and transfer of such note or interest therein is
      permissible under applicable law, will not constitute or result in a non-exempt
      prohibited transaction under ERISA or Section 4975 of the Code and will not
      subject the Indenture Trustee, the Issuer, the Servicer or the Underwriter
      to
      any obligation in addition to those undertaken in this Indenture.

     

    If
      any
      Beneficial Owner that is required under this Section 4.02 to transfer its
      Book-Entry Notes in the form of Definitive Notes, (i) notifies the Indenture
      Trustee of such transfer or exchange and (ii) transfers such Book-Entry Notes
      to
      the Indenture Trustee, in its capacity as such, through the book-entry
      facilities of the Depository, then the Indenture Trustee shall decrease the
      balance of such Book-Entry Notes or, the Indenture Trustee shall use reasonable
      efforts to cause the surrender to the Note Registrar of such Book-Entry Notes
      by
      the Depository, and thereupon, the Indenture Trustee shall execute, authenticate
      and deliver to such Beneficial Owner or its designee one or more Definitive
      Notes in authorized denominations and with a like aggregate principal
      amount.

     

    Subject
      to the restrictions and limitations set forth below, upon surrender for
      registration of transfer of any Note at the Corporate Trust Office, the Issuer
      shall execute and the Note Registrar shall authenticate and deliver, in the
      name
      of the designated transferee or transferees, one or more new Notes of the same
      Class in authorized initial Note Balances evidencing the same aggregate
      Percentage Interests.

     

    Subject
      to the foregoing, at the option of the Noteholders, Notes may be exchanged
      for
      other Notes of the same Class and of like tenor, in authorized initial Note
      Balances evidencing the same aggregate Percentage Interests upon surrender
      of
      the Notes to be exchanged at the Corporate Trust Office of the Note Registrar.
      Whenever any Notes are so surrendered for exchange, the Issuer shall execute
      and
      the Note Registrar shall authenticate and deliver the Notes which the Noteholder
      making the exchange is entitled to receive. Each Note presented or surrendered
      for registration of transfer or exchange shall (if so required by the Note
      Registrar) be duly endorsed by, or be accompanied by a written instrument of
      transfer in form reasonably satisfactory to the Note Registrar duly executed
      by,
      the Holder thereof or such Holder’s attorney duly authorized in writing with
      such signature guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Note Registrar, which requirements include membership or
      participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or
      such other “signature guarantee program” as may be determined by the Note
      Registrar in addition to, or in substitution for, STAMP, all in accordance
      with
      the Securities Exchange Act of 1934, as amended. Notes delivered upon any such
      transfer or exchange will evidence the same obligations, and will be entitled
      to
      the same rights and privileges, as the Notes surrendered.

     

    No
      service charge shall be imposed for any registration of transfer or exchange
      of
      Notes, but the Note Registrar shall require payment of a sum sufficient to
      cover
      any tax or governmental charge that may be imposed in connection with any
      registration of transfer or exchange of Notes.

     

    All
      Notes
      surrendered for registration of transfer and exchange shall be canceled by
      the
      Note Registrar and delivered to the Indenture Trustee for subsequent
      destruction.

     

    The
      Issuer hereby appoints the Indenture Trustee as Certificate Registrar to keep
      at
      its Corporate Trust Office a Certificate Register pursuant to Section 3.05
      of the Trust Agreement in which, subject to such reasonable regulations as
      it
      may prescribe, the Certificate Registrar shall provide for the registration
      of
      Certificates and of transfers and exchanges thereof pursuant to
      Section 3.09 of the Trust Agreement. The Indenture Trustee hereby accepts
      such appointment.

     

    Section
      4.03  Mutilated,
      Destroyed, Lost or Stolen Notes.
      If (i)
      any mutilated Note is surrendered to the Indenture Trustee, or the Indenture
      Trustee receives evidence to its satisfaction of the destruction, loss or theft
      of any Note, and (ii) in the case of a destroyed, lost or stolen note, there
      is
      delivered to the Indenture Trustee such security or indemnity as may be required
      by it to hold the Issuer and the Indenture Trustee harmless, then, in the
      absence of notice to the Issuer, the Note Registrar or the Indenture Trustee
      that such Note has been acquired by a protected purchaser, and provided that
      the
      requirements of Section 8-405 of the UCC are met, the Issuer shall execute,
      and upon its request the Indenture Trustee shall authenticate and deliver,
      in
      exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note,
      a
      replacement Note of the same Class; provided, however, that if any such
      destroyed, lost or stolen Note, but not a mutilated Note, shall have become
      or
      within seven days shall be due and payable, instead of issuing a replacement
      Note, the Issuer may pay such destroyed, lost or stolen Note when so due or
      payable without surrender thereof. If, after the delivery of such replacement
      Note or payment of a destroyed, lost or stolen Note pursuant to the proviso
      to
      the preceding sentence, a protected purchaser of the original Note in lieu
      of
      which such replacement Note was issued presents for payment such original Note,
      the Issuer and the Indenture Trustee shall be entitled to recover such
      replacement Note (or such payment) from the Person to whom it was delivered
      or
      any Person taking such replacement Note from such Person to whom such
      replacement Note was delivered or any assignee of such Person, except a
      protected purchaser, and shall be entitled to recover upon the security or
      indemnity provided therefor to the extent of any loss, damage, cost or expense
      incurred by the Issuer or the Indenture Trustee in connection
      therewith.

     

    Upon
      the
      issuance of any replacement Note under this Section 4.03, the Issuer may
      require the payment by the Holder of such Note of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in relation thereto and
      any
      other reasonable expenses (including the fees and expenses of the Indenture
      Trustee) connected therewith.

     

    Every
      replacement Note issued pursuant to this Section 4.03 in replacement of any
      mutilated, destroyed, lost or stolen Note shall constitute an original
      additional contractual obligation of the Issuer, whether or not the mutilated,
      destroyed, lost or stolen Note shall be at any time enforceable by anyone,
      and
      shall be entitled to all the benefits of this Indenture equally and
      proportionately with any and all other Notes duly issued hereunder.

     

    The
      provisions of this Section 4.03 are exclusive and shall preclude (to the
      extent lawful) all other rights and remedies with respect to the replacement
      or
      payment of mutilated, destroyed, lost or stolen Notes.

     

    Section
      4.04  Persons
      Deemed Owners.
      Prior
      to due presentment for registration of transfer of any Note, the Issuer, the
      Indenture Trustee, the Paying Agent, the Insurer and any agent of any of them
      may treat the Person in whose name any Note is registered (as of the day of
      determination) as the owner of such Note for the purpose of receiving payments
      of principal of and interest, if any, on such Note and for all other purposes
      whatsoever, whether or not such Note be overdue, and neither the Issuer, the
      Indenture Trustee, the Paying Agent, the Insurer nor any agent of any of them
      shall be affected by notice to the contrary.

     

    Section
      4.05  Cancellation.
      All
      Notes surrendered for payment, registration of transfer, exchange or redemption
      shall, if surrendered to any Person other than the Indenture Trustee, be
      delivered to the Indenture Trustee and shall be promptly canceled by the
      Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee
      for cancellation any Notes previously authenticated and delivered hereunder
      which the Issuer may have acquired in any manner whatsoever, and all Notes
      so
      delivered shall be promptly canceled by the Indenture Trustee. No Notes shall
      be
      authenticated in lieu of or in exchange for any Notes canceled as provided
      in
      this Section 4.05, except as expressly permitted by this Indenture. All
      canceled Notes may be held or disposed of by the Indenture Trustee in accordance
      with its standard retention or disposal policy as in effect at the time unless
      the Issuer shall direct by an Issuer Request that they be destroyed or returned
      to it; provided however, that such Issuer Request is timely and the Notes have
      not been previously disposed of by the Indenture Trustee.

     

    Section
      4.06  Book-Entry
      Notes.
      The
      Notes, upon original issuance, will be issued in the form of typewritten Notes
      constituting the Book-Entry Notes, to be delivered to The Depository Trust
      Company, the initial Depository, by, or on behalf of, the Issuer. The Notes
      shall initially be registered on the Note Register in the name of Cede &
Co., the nominee of the initial Depository, and no Beneficial Owner will receive
      a Definitive Note representing such Beneficial Owner’s security entitlement to
      such Book-Entry Note, except as provided in Section 4.08. Unless and until
      definitive, fully registered Notes (the “Definitive Notes”) have been issued to
      Beneficial Owners pursuant to Section 4.08:

     

    (i)  the
      provisions of this Section 4.06 shall be in full force and
      effect;

     

    (ii)  the
      Note
      Registrar, the Paying Agent, the Indenture Trustee and the Indenture Trustee
      shall be entitled to deal with the Depository for all purposes of this Indenture
      (including the payment of principal of and interest on the Notes and the giving
      of instructions or directions hereunder) as the sole holder of the Notes, and
      shall have no obligation to the Beneficial Owners;

     

    (iii)  to
      the
      extent that the provisions of this Section 4.06 conflict with any other
      provisions of this Indenture, the provisions of this Section 4.06 shall
      control;

     

    (iv)  the
      rights of Beneficial Owners shall be exercised only through the Depository
      and
      shall be limited to those established by law and agreements between such
      Beneficial Owners and the Depository and/or the Depository Participants. Unless
      and until Definitive Notes are issued pursuant to Section 4.08, the initial
      Depository will make book-entry transfers among the Depository Participants
      and
      receive and transmit payments of principal of and interest on the Notes to
      such
      Depository Participants; and

     

    (v)  whenever
      this Indenture requires or permits actions to be taken based upon instructions
      or directions of Holders of Notes evidencing a specified percentage of the
      Note
      Balances of the Notes, the Depository shall be deemed to represent such
      percentage only to the extent that it has received instructions to such effect
      from Beneficial Owners and/or Depository Participants owning or representing,
      respectively, such required percentage of the security entitlements to the
      Book-Entry Notes and has delivered such instructions to the Indenture
      Trustee.

     

    Section
      4.07  Notices
      to Depository.
      Whenever a notice or other communication to the Noteholders is required under
      this Indenture, unless and until Definitive Notes shall have been issued to
      Beneficial Owners pursuant to Section 4.08, the Indenture Trustee shall
      give all such notices and communications specified herein to be given to
      Noteholders to the Depository, and shall have no obligation to the Beneficial
      Owners.

     

    Section
      4.08  Definitive
      Notes.
      If (i)
      the Issuer determines that the Depository is no longer willing or able to
      properly discharge its responsibilities with respect to the Notes and the Issuer
      is unable to locate a qualified successor, (ii) the Issuer elects to terminate
      the book-entry system through the Depository or (iii) after the occurrence
      of an
      Event of Default, Holders of the Notes representing security entitlements to
      at
      least a majority of the Note Balances of the Notes advise the Depository (with
      a
      copy to the Indenture Trustee) in writing that the continuation of a book-entry
      system through the Depository is no longer in the best interests of the
      Beneficial Owners, then the Depository shall notify all Beneficial Owners and
      the Indenture Trustee of the occurrence of any such event and of the
      availability of Definitive Notes to Beneficial Owners. Upon surrender to the
      Indenture Trustee of the typewritten Notes constituting the Book-Entry Notes
      by
      the Depository, accompanied by registration instructions, the Issuer shall
      execute and the Indenture Trustee shall authenticate the Definitive Notes in
      accordance with the instructions of the Depository. None of the Issuer, the
      Note
      Registrar or the Indenture Trustee shall be liable for any delay in delivery
      of
      such instructions and may conclusively rely on, and shall be protected in
      relying on, such instructions. Upon the issuance of Definitive Notes, the
      Indenture Trustee shall recognize the Holders of the Definitive Notes as
      Noteholders.

     

    Section
      4.09  Tax
      Treatment.
      The
      Issuer has entered into this Indenture, and the Notes will be issued, with
      the
      intention that, for federal tax purposes, the Notes will qualify as regular
      interests in a REMIC as defined in the Code. The Issuer, the Indenture Trustee
      by entering into this Indenture, and each Noteholder, by its acceptance of
      its
      Note (and each Beneficial Owner by its acceptance of an interest in the
      applicable Book-Entry Note), agree to treat the Notes as regular interests
      in a
      REMIC as defined in the Code.

     

    Section
      4.10  Satisfaction
      and Discharge of Indenture.
      This
      Indenture shall cease to be of further effect with respect to the Notes except
      as to (i) rights of registration of transfer and exchange, (ii) substitution
      of
      mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders (and
      the
      Insurer, as subrogee of the Class A-1 Noteholders and Class G
      Certificateholders) to receive payments of principal thereof and interest
      thereon, (iv) Sections 3.03, 3.04, 3.06, 3.09, 3.13, 3.15, 3.16 and the last
      paragraph of Section 4.02, (v) the rights, obligations and immunities of
      the Indenture Trustee hereunder (including the rights of the Indenture Trustee
      under Section 6.07 and the obligations of the Indenture Trustee under
      Section 4.11) and (vi) the rights of Noteholders and the Insurer as
      beneficiaries hereof with respect to the property so deposited with the
      Indenture Trustee payable to all or any of them, and the Indenture Trustee,
      on
      demand of and at the expense of the Issuer, shall execute proper instruments
      acknowledging satisfaction and discharge of this Indenture with respect to
      the
      Notes, when:

     

    (A)  either:

     

    (1)  each
      Class of Notes theretofore authenticated and delivered (other than
      (i) Notes that have been destroyed, lost or stolen and that have been
      replaced or paid as provided in Section 4.03 and (ii) Notes for whose
      payment money has theretofore been deposited in trust or segregated and held
      in
      trust by the Issuer and thereafter repaid to the Issuer or discharged from
      such
      trust, as provided in Section 3.03) have been delivered to the Indenture
      Trustee for cancellation; or

     

    (2)  each
      Class of Notes not theretofore delivered to the Indenture Trustee for
      cancellation:

     

    a.  have
      become due and payable,

     

    b.  will
      become due and payable within one year, or

     

    c.  have
      been
      declared immediately due and payable pursuant to Section 5.02.

     

    and
      the
      Issuer, in the case of a. or b. above, has irrevocably deposited or caused
      to be
      irrevocably deposited with the Indenture Trustee cash or direct obligations
      of
      or obligations guaranteed by the United States of America (which will mature
      prior to the date such amounts are payable), in trust for such purpose, in
      an
      amount sufficient to pay and discharge the entire indebtedness on such Notes
      then outstanding not theretofore delivered to the Indenture Trustee for
      cancellation when due on the Final Scheduled Payment Date;

     

    (B)  the
      Issuer has paid or caused to be paid all other sums payable hereunder by the
      Issuer (including amounts payable to the Indenture Trustee and the Insurer);
      and

     

    (C)  the
      Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an
      Opinion of Counsel, meeting the applicable requirements of Section 10.01,
      each stating that all conditions precedent herein provided for relating to
      the
      satisfaction and discharge of this Indenture have been complied with and, if
      the
      Opinion of Counsel relates to a deposit made in connection with
      Section 4.10(A)(2)b. above, such opinion shall further be to the effect
      that such deposit will not have any material adverse tax consequences to the
      Issuer, any Noteholders or any Certificateholders.

     

    Section
      4.11  Application
      of Trust Money.
      All
      monies deposited with the Indenture Trustee pursuant to Section 4.10 hereof
      shall be held in trust and applied by it, in accordance with the provisions
      of
      the Notes and this Indenture, to the payment, either directly or through any
      Paying Agent of the Issuer, or Certificate Paying Agent as designee of the
      Issuer and the Insurer, as the Indenture Trustee may determine, to the
      Securityholders, of all sums due and to become due thereon for principal and
      interest; but such monies need not be segregated from other funds except to
      the
      extent required herein or required by law.

     

    Section
      4.12  Repayment
      of Monies Held by Paying Agent.
      In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      the Notes, all monies then held by any Person other than the Indenture Trustee
      under the provisions of this Indenture with respect to such Notes shall, upon
      demand of the Issuer, be paid to the Indenture Trustee to be held and applied
      according to Section 3.05 and thereupon such Paying Agent shall be released
      from all further liability with respect to such monies.

     

    Section
      4.13  Temporary
      Notes.
      Pending
      the preparation of any Definitive Notes, the Issuer may execute and upon its
      written direction, the Indenture Trustee may authenticate and make available
      for
      delivery, temporary Notes that are printed, lithographed, typewritten,
      photocopied or otherwise produced, in any denomination, substantially of the
      tenor of the Definitive Notes in lieu of which they are issued and with such
      appropriate insertions, omissions, substitutions and other variations as the
      officers executing such Notes may determine, as evidenced by their execution
      of
      such Notes.

     

    If
      temporary Notes are issued, the Issuer will cause Definitive Notes to be
      prepared without unreasonable delay. After the preparation of the Definitive
      Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
      surrender of the temporary Notes at the office or agency of the Indenture
      Trustee, without charge to the Noteholder. Upon surrender for cancellation
      of
      any one or more temporary Notes, the Issuer shall execute and the Indenture
      Trustee shall authenticate and make available for delivery, in exchange
      therefor, Definitive Notes of authorized denominations and of like tenor and
      aggregate principal amount. Until so exchanged, such temporary Notes shall
      in
      all respects be entitled to the same benefits under this Indenture as Definitive
      Notes.

     

    Section
      4.14  Subrogation
      and Cooperation.
      (a)
      The
      Issuer and the Indenture Trustee acknowledge that (i) to the extent the Insurer
      makes payments under the Policy on account of principal of or interest on the
      Class A-1 Notes and Class G Certificates, as applicable, the Insurer will be
      fully subrogated to the rights of such Holders to receive such principal and
      interest from the Issuer, and (ii) the Insurer shall be paid such principal
      and
      interest but only from the sources and in the manner provided herein and in
      the
      Insurance Agreement for the payment of such principal and interest.

     

    (b)  The
      Indenture Trustee shall, so long as it is indemnified to its satisfaction,
      cooperate in all respects with any reasonable written request by the Insurer
      (unless a Insurer Default exists) for action to preserve or enforce the
      Insurer’s rights or interest under this Indenture or the Insurance Agreement,
      consistent with this Indenture and without limiting the rights of the
      Noteholders as otherwise set forth in the Indenture, including, without
      limitation, upon the occurrence and continuance of a default under the Insurance
      Agreement, a request to take any one or more of the following
      actions:

     

    (i)  institute
      Proceedings for the collection of all amounts then payable on the Class A-1
      Notes or Class G Certificates, as applicable, or under this Indenture in respect
      of the Class A-1 Notes, or under the Trust Agreement in respect of the Class
      G
      Certificates and all amounts payable under the Insurance Agreement, enforce
      any
      judgment obtained and collect from the Issuer monies adjudged due;

     

    (ii)  sell
      or
      cause to be sold the Trust Estate or any portion thereof or rights or interest
      therein, at one or more public or private Sales called and conducted in any
      manner permitted by law;

     

    (iii)  institute
      Proceedings from time to time for the complete or partial foreclosure of this
      Indenture; and

     

    (iv)  exercise
      any remedies of a secured party under the UCC and take any other appropriate
      action to protect and enforce the rights and remedies of the Insurer
      hereunder;

     

    provided,
      however, action shall be taken pursuant to this Section 4.14 by the Indenture
      Trustee to preserve the Insurer’s rights or interest under this Agreement or the
      Insurance Agreement only to the extent such action is available to the Class
      A-1
      Noteholders or the Insurer under other provisions of this Indenture or the
      Holders of the Class G Certificates under the Trust Agreement.

     

    Notwithstanding
      any provision of this Indenture to the contrary, so long as no Insurer Default
      exists, the Insurer shall at all times be treated as if it were the exclusive
      owner of all Class A-1 Notes and Class G Certificates, as applicable,
      Outstanding for the purposes of all approvals, consents, waivers and the
      institution of any action and the written direction of all remedies, and the
      Indenture Trustee shall act in accordance with the written directions of the
      Insurer.

     

    ARTICLE
      V

     

    DEFAULT
      AND REMEDIES

     

    Section
      5.01  Events
      of Default. 

     

    (a)  The
      Issuer shall deliver to the Indenture Trustee and the Insurer, within five
      days
      after learning of the occurrence any event which with the giving of notice
      and
      the lapse of time would become an Event of Default under clause (iii) of the
      definition of “Event of Default” written notice in the form of an Officer’s
      Certificate of its status and what action the Issuer is taking or proposes
      to
      take with respect thereto.

     

    (b)  An
      Event
      of Default may be directed or called by the Insurer.

     

    Section
      5.02  Acceleration
      of Maturity; Rescission and Annulment.
      If an
      Event of Default should occur and be continuing with respect to the Notes,
      then
      and in every such case the Indenture Trustee may (or on request of the Insurer,
      shall) declare the Notes to be immediately due and payable, by a notice in
      writing to the Issuer (and to the Indenture Trustee if given by Noteholders),
      and upon any such declaration the unpaid principal amount of each Class of
      Notes, together with accrued and unpaid interest thereon through the date of
      acceleration, shall become immediately due and payable.

     

    At
      any
      time after such declaration of acceleration of maturity with respect to an
      Event
      of Default has been made and before a judgment or decree for payment of the
      money due has been obtained by the Indenture Trustee as hereinafter in this
      Article V provided, the Holders of Notes representing a majority of the
      Voting Rights of all Notes or the Insurer, by written notice to the Issuer
      and
      the Indenture Trustee may in writing waive the related Event of Default and
      rescind and annul such declaration and its consequences if

     

    (i)  the
      Issuer has paid or deposited with the Indenture Trustee a sum sufficient to
      pay:

     

    (A)  all
      payments of principal of and interest on the Notes and Class G Certificates
      and
      all other amounts that would then be due hereunder or upon the Notes if the
      Event of Default giving rise to such acceleration had not occurred;
      and

     

    (B)  all
      sums
      paid by the Indenture Trustee hereunder and the reasonable compensation,
      expenses and disbursements of the Indenture Trustee and its agents and counsel;
      and

     

    (ii)  all
      Events of Default, other than the nonpayment of the principal of the Notes
      that
      has become due solely by such acceleration, have been cured or waived as
      provided in Section 5.12.

     

    No
      such
      rescission shall affect any subsequent default or impair any right consequent
      thereto.

     

    Section
      5.03  Collection
      of Indebtedness and Suits for Enforcement by Indenture Trustee.

     

    (a)  The
      Issuer covenants that if a default occurs in the payment of (i) any interest
      on
      any Note when the same becomes due and payable, and such default continues
      for a
      period of five days, or (ii) the principal of or any installment of the
      principal of any Note when the same becomes due and payable, the Issuer shall,
      upon demand of the Indenture Trustee, pay to it, for the benefit of the
      Noteholders the whole amount then due and payable on the Notes for principal
      and
      interest, with interest upon the overdue principal, and in addition thereto
      such
      further amount as shall be sufficient to cover the costs and expenses of
      collection, including the reasonable compensation, expenses and disbursements
      of
      the Indenture Trustee and their respective agents and counsel.

     

    (b)  In
      case
      the Issuer shall fail forthwith to pay such amounts upon such demand, the
      Indenture Trustee, in its own name and as trustee of an express trust, subject
      to the provisions of Section 10.17 hereof may institute a Proceeding for
      the collection of the sums so due and unpaid, and may prosecute such Proceeding
      to judgment or final decree, and may enforce the same against the Issuer or
      other obligor upon the Notes and collect in the manner provided by law out
      of
      the property of the Issuer or other obligor upon the Notes, wherever situated,
      the monies adjudged or decreed to be payable.

     

    (c)  If
      an
      Event of Default occurs and is continuing, the Indenture Trustee subject to
      the
      provisions of Section 10.17 hereof may, as more particularly provided in
      Section 5.04, in its discretion, proceed to protect and enforce its rights
      and the rights of the Noteholders or the Insurer, by such appropriate
      Proceedings as the Indenture Trustee shall deem most effective to protect and
      enforce any such rights, whether for the specific enforcement of any covenant
      or
      agreement in this Indenture or in aid of the exercise of any power granted
      herein, or to enforce any other proper remedy or legal or equitable right vested
      in the Indenture Trustee by this Indenture or by law. 

     

    (d)  In
      case
      there shall be pending, relative to the Issuer or any other obligor upon the
      Notes or any Person having or claiming an ownership interest in the Trust
      Estate, Proceedings under Title 11 of the United States Code or any other
      applicable federal or state bankruptcy, insolvency or other similar law, or
      in
      case a receiver, assignee or trustee in bankruptcy or reorganization,
      liquidator, sequestrator or similar official shall have been appointed for
      or
      taken possession of the Issuer or its property or such other obligor or Person,
      or in case of any other comparable judicial Proceedings relative to the Issuer
      or other obligor upon the Notes, or to the creditors or property of the Issuer
      or such other obligor, the Indenture Trustee, irrespective of whether the
      principal of any Notes shall then be due and payable as therein expressed or
      by
      declaration or otherwise and irrespective of whether the Indenture Trustee
      shall
      have made any demand pursuant to the provisions of this Section, shall be
      entitled and empowered, by intervention in such Proceedings or
      otherwise:

     

    (i)  to
      file
      and prove a claim or claims for the whole amount of principal and interest
      owing
      and unpaid in respect of the Notes and to file such other papers or documents as
      may be necessary or advisable in order to have the claims of the Indenture
      Trustee (including any claim for reasonable compensation to the Indenture
      Trustee and each predecessor Indenture Trustee, and their respective agents,
      attorneys and counsel, and for reimbursement of all expenses and liabilities
      incurred, by the Indenture Trustee and each predecessor Indenture Trustee,
      except as a result of negligence, willful misconduct or bad faith) and of the
      Noteholders allowed in such Proceedings;

     

    (ii)  unless
      prohibited by applicable law and regulations, to vote on behalf of the
      Noteholders in any election of a trustee, a standby trustee or Person performing
      similar functions in any such Proceedings;

     

    (iii)  to
      collect and receive any monies or other property payable or deliverable on
      any
      such claims and to distribute all amounts received with respect to the claims
      of
      the Noteholders and of the Indenture Trustee on their behalf; and

     

    (iv)  to
      file
      such proofs of claim and other papers or documents as may be necessary or
      advisable in order to have the claims of the Indenture Trustee or the
      Noteholders allowed in any judicial proceedings relative to the Issuer, its
      creditors and its property;

     

    and
      any
      trustee, receiver, liquidator, custodian or other similar official in any such
      Proceeding is hereby authorized by each of such Noteholders to make payments
      to
      the Indenture Trustee, and, in the event that the Indenture Trustee shall
      consent to the making of payments directly to such Noteholders, to pay to the
      Indenture Trustee such amounts as shall be sufficient to cover reasonable
      compensation to the Indenture Trustee, each predecessor Indenture Trustee and
      their respective agents, attorneys and counsel, and all other expenses and
      liabilities incurred, by the Indenture Trustee, the Insurer and each predecessor
      Indenture Trustee except as a result of negligence, willful misconduct or bad
      faith.

     

    (e)  Nothing
      herein contained shall be deemed to authorize the Indenture Trustee to authorize
      or consent to or vote for or accept or adopt on behalf of any Noteholder any
      plan of reorganization, arrangement, adjustment or composition affecting the
      Notes or the rights of any Holder thereof or to authorize the Indenture Trustee
      to vote in respect of the claim of any Noteholder in any such proceeding except,
      as aforesaid, to vote for the election of a trustee in bankruptcy or similar
      Person.

     

    (f)  All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the Notes, may be enforced by the Indenture Trustee without the possession
      of
      any of the Notes or the production thereof in any trial or other Proceedings
      relative thereto, and any such action or proceedings instituted by the Indenture
      Trustee shall be brought in its own name as trustee of an express trust, and
      any
      recovery of judgment, subject to the payment of the expenses, disbursements
      and
      compensation of the Indenture Trustee, each predecessor Indenture Trustee and
      its respective agents and attorneys, shall be for the ratable benefit of the
      Noteholders and the Insurer.

     

    (g)  In
      any
      Proceedings brought by the Indenture Trustee (and also any Proceedings involving
      the interpretation of any provision of this Indenture to which the Indenture
      Trustee shall be a party), the Indenture Trustee shall be held to represent
      all
      the Noteholders, and it shall not be necessary to make any Noteholder a party
      to
      any such Proceedings.

     

    Section
      5.04  Remedies;
      Priorities.

     

    (a)  If
      an
      Event of Default shall have occurred and be continuing, the Indenture Trustee
      subject to the provisions of Section 10.17, hereof, and with respect to the
      Class A-1 Notes or Class G Certificates, so long as there is no current Insurer
      Default under the Policy, at the written direction of the Insurer or the Holders
      of the majority of the aggregate Note Principal Balance of the Class A-1 Notes
      or aggregate Certificate Principal Balance of the Class G Certificates, with
      the
      consent of the Insurer may do one or more of the following (subject to
      Section 5.05):

     

    (i)  institute
      Proceedings in its own name and as trustee of an express trust for the
      collection of all amounts then payable on the Notes or under this Indenture
      with
      respect thereto, whether by declaration or otherwise, enforce any judgment
      obtained, and collect from the Issuer and any other obligor upon such Notes
      monies adjudged due;

     

    (ii)  institute
      Proceedings from time to time for the complete or partial foreclosure of this
      Indenture with respect to the Trust Estate;

     

    (iii)  exercise
      any remedies of a secured party under the UCC and take any other appropriate
      action to protect and enforce the rights and remedies of the Indenture Trustee
      and the Noteholders;

     

    (iv)  refrain
      from selling the Trust Estate (unless otherwise directed by a majority of
      Noteholders) and continue to apply all amounts received thereon to payments
      on
      the Notes in accordance with Section 3.05; and

     

    (v)  sell
      the
      Trust Estate or any portion thereof or rights or interest therein, at one or
      more public or private sales called and conducted in any manner permitted by
      law.

     

    provided,
      however, that the Indenture Trustee must sell or otherwise liquidate the Trust
      Estate following an Event of Default, if (i) the Holders of the Notes
      representing not less than a majority of the Voting Rights of all of the Notes
      direct the Indenture Trustee to sell or otherwise liquidate the Trust Estate
      or
      (ii) the Indenture Trustee determines that the Loans will not continue to
      provide sufficient funds for (A) the payment of expenses under this Indenture
      and (B) the payment of principal of and interest on the Notes as they would
      have
      become due if the Notes had not been declared due and payable. In determining
      such sufficiency or insufficiency with respect to clause (A) and (B), the
      Indenture Trustee may, but need not, obtain and rely upon an opinion of an
      Independent investment banking or accounting firm of national reputation as
      to
      the feasibility of such proposed action and as to the sufficiency of the Trust
      Estate for such purpose. Notwithstanding the foregoing, so long as a Servicing
      Default has not occurred, any Sale of the Trust Estate shall be made subject
      to
      the continued servicing of the Loans by the Servicer as provided in the
      Servicing Agreement. 

     

    The
      Indenture Trustee may fix a record date and Payment Date for any payment to
      Noteholders pursuant to this Section 5.04. At least 15 days before such
      record date, the Indenture Trustee shall mail to each Noteholder a notice that
      states the record date, the Payment Date and the amount to be paid.

     

    Section
      5.05  Optional
      Preservation of the Trust Estate.
      If the
      Notes have been declared to be due and payable under Section 5.02 following
      an Event of Default and such declaration and its consequences have not been
      rescinded and annulled, the Indenture Trustee, unless otherwise directed to
      by
      the Insurer, elect to take and maintain possession of the Trust Estate. It
      is
      the desire of the parties hereto and the Noteholders that there be at all times
      sufficient funds for the payment of principal of and interest on the Notes
      and
      other obligations of the Issuer.

     

    Section
      5.06  Limitation
      of Suits.
      No
      Noteholder, other than the Insurer acting pursuant to Section 4.14 hereof,
      shall
      have any right to institute any Proceeding, judicial or otherwise, with respect
      to this Indenture, or for the appointment of a receiver or trustee, or for
      any
      other remedy hereunder, unless and subject to the provisions of
      Section 10.17 hereof:

     

    (i)  such
      Noteholder has previously given written notice to the Indenture Trustee of
      a
      continuing Event of Default;

     

    (ii)  the
      Holders of not less than 25% of the Voting Rights of the Notes have made written
      request to the Indenture Trustee to institute such Proceeding in respect of
      such
      Event of Default in its own name as Indenture Trustee hereunder;

     

    (iii)  such
      Noteholder or Noteholders have offered to the Indenture Trustee reasonable
      indemnity against the costs, expenses and liabilities to be incurred in
      complying with such request;

     

    (iv)  the
      Indenture Trustee for 60 days after its receipt of such notice, request and
      offer of indemnity has failed to institute such Proceedings; 

     

    (v)  such
      Holder or Holders have the written consent of the Insurer unless a Insurer
      Default exists; and

     

    (vi)  no
      direction inconsistent with such written request has been given to the Indenture
      Trustee during such 60-day period by the Holders of a majority of the Note
      Balances of the Notes.

     

    It
      is
      understood and intended that no one or more Noteholders shall have any right
      in
      any manner whatever by virtue of, or by availing of, any provision of this
      Indenture to affect, disturb or prejudice the rights of any other Noteholder
      or
      to obtain or to seek to obtain priority or preference over any other Noteholder
      or to enforce any right under this Indenture, except in the manner herein
      provided.

     

    In
      the
      event the Indenture Trustee shall receive conflicting or inconsistent requests
      and indemnity from two or more groups of Holders of Notes, each representing
      less than a majority of the Voting Rights of the Notes, the Indenture Trustee
      in
      their sole discretion may determine what action, if any, shall be taken,
      notwithstanding any other provisions of this Indenture.

     

    Section
      5.07  Unconditional
      Rights of Noteholders to Receive Principal and Interest.
      Notwithstanding any other provisions in this Indenture each Noteholders shall
      have the right, which is absolute and unconditional, to receive payment of
      the
      principal of, and interest, on such Note on or after the respective due dates
      thereof expressed in such Note or in this Indenture and to institute suit for
      the enforcement of any such payment, and such right shall not be impaired
      without the consent of such Holder.

     

    Section
      5.08  Restoration
      of Rights and Remedies.
      If the
      Indenture Trustee or any Noteholder has instituted any Proceeding to enforce
      any
      right or remedy under this Indenture and such Proceeding has been discontinued
      or abandoned for any reason or has been determined adversely to the Indenture
      Trustee, the Insurer or to such Noteholder, then and in every such case the
      Issuer, the Indenture Trustee, the
      Insurer
      and the
      Noteholders shall, subject to any determination in such Proceeding, be restored
      severally and respectively to their former positions hereunder, and thereafter
      all rights and remedies of the Indenture Trustee, the Insurer and the
      Noteholders shall continue as though no such Proceeding had been
      instituted.

     

    Section
      5.09  Rights
      and Remedies Cumulative.
      No
      right or remedy herein conferred upon or reserved to the Indenture Trustee,
      the
      Insurer or to the Noteholders is intended to be exclusive of any other right
      or
      remedy, and every right and remedy shall, to the extent permitted by law, be
      cumulative and in addition to every other right and remedy given hereunder
      or
      now or hereafter existing at law or in equity or otherwise. The assertion or
      employment of any right or remedy hereunder, or otherwise, shall not prevent
      the
      concurrent assertion or employment of any other appropriate right or
      remedy.

     

    Section
      5.10  Delay
      or Omission Not a Waiver.
      No
      delay or omission of the Indenture Trustee, the Insurer or any Noteholder to
      exercise any right or remedy accruing upon any Event of Default shall impair
      any
      such right or remedy or constitute a waiver of any such Event of Default or
      an
      acquiescence therein. Every right and remedy given by this Article V or by
      law to the Indenture Trustee or to the Noteholders may be exercised from time
      to
      time, and as often as may be deemed expedient, by the Indenture Trustee or
      by
      the Noteholders, as the case may be.

     

    Section
      5.11  Control
      by Noteholders.
      Subject
      to the rights of the Insurer pursuant to Section 12.01, the Holders of a
      majority of the Voting Rights of Notes shall have the right to direct the time,
      method and place of conducting any Proceeding for any remedy available to the
      Indenture Trustee with respect to the Notes or exercising any trust or power
      conferred on the Indenture Trustee; provided that:

     

    (i)  such
      direction shall not be in conflict with any rule of law or with this
      Indenture;

     

    (ii)  subject
      to the express terms of Section 5.04, any direction to the Indenture
      Trustee to sell or liquidate the Trust Estate shall be by Holders of Notes
      representing not less than a majority of the Voting Rights of
      Notes;

     

    (iii)  if
      the
      conditions set forth in Section 5.05 have been satisfied and the Indenture
      Trustee is required to retain the Trust Estate pursuant to such Section, then
      any direction to the Indenture Trustee by Holders of Notes representing less
      than a majority of the Voting Rights of Notes to sell or liquidate the Trust
      Estate shall be of no force and effect; and

     

    (iv)  the
      Indenture Trustee may take any other action deemed proper by the Indenture
      Trustee that is not inconsistent with such direction.

     

    Notwithstanding
      the rights of Noteholders set forth in this Section, subject to
      Section 6.01, the Indenture Trustee need not take any action that it
      determines might involve it in liability or might materially adversely affect
      the rights of any Noteholders not consenting to such action.

     

    Section
      5.12  Waiver
      of Past Defaults.
      Prior
      to the declaration of the acceleration of the maturity of the Notes as provided
      in Section 5.02, the Insurer may waive any past Event of Default and its
      consequences except an Event of Default (a) with respect to payment of principal
      of or interest on any of the Notes or (b) in respect of a covenant or provision
      hereof which cannot be modified or amended without the consent of each
      Noteholder. In the case of any such waiver, the Issuer, the Indenture Trustee
      and the Noteholders shall be restored to their former positions and rights
      hereunder, respectively; but no such waiver shall extend to any subsequent
      or
      other Event of Default or impair any right consequent thereto.

     

    Upon
      any
      such waiver, any Event of Default arising therefrom shall be deemed to have
      been
      cured and not to have occurred, for every purpose of this Indenture; but no
      such
      waiver shall extend to any subsequent or other Event of Default or impair any
      right consequent thereto.

     

    Section
      5.13  Undertaking
      for Costs.
      All
      parties to this Indenture agree, and each Noteholder by such Noteholder’s
      acceptance thereof shall be deemed to have agreed, that any court may in its
      discretion require, in any suit for the enforcement of any right or remedy
      under
      this Indenture, or in any suit against the Indenture Trustee for any action
      taken, suffered or omitted by it as Indenture Trustee, the filing by any party
      litigant in such suit of an undertaking to pay the costs of such suit, and
      that
      such court may in its discretion assess reasonable costs, including reasonable
      attorneys’ fees, against any party litigant in such suit, having due regard to
      the merits and good faith of the claims or defenses made by such party litigant;
      but the provisions of this Section 5.13 shall not apply to (a) any suit
      instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder,
      or group of Noteholders, in each case holding in the aggregate more than 10%
      of
      the Voting Rights of the Notes or (c) any suit instituted by any Noteholder
      for
      the enforcement of the payment of principal of or interest on any Note on or
      after the respective due dates expressed in such Note and in this
      Indenture.

     

    Section
      5.14  Waiver
      of Stay or Extension Laws.
      The
      Issuer covenants (to the extent that it may lawfully do so) that it will not
      at
      any time insist upon, or plead or in any manner whatsoever, claim or take the
      benefit or advantage of, any stay or extension law wherever enacted, now or
      at
      any time hereafter in force, that may affect the covenants or the performance
      of
      this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
      expressly waives all benefit or advantage of any such law, and covenants that
      it
      shall not hinder, delay or impede the execution of any power herein granted
      to
      the Indenture Trustee, but will suffer and permit the execution of every such
      power as though no such law had been enacted.

     

    Section
      5.15  Sale
      of Trust Estate.

     

    (a)  The
      power
      to effect any sale or other disposition (a “Sale”) of any portion of the Trust
      Estate pursuant to Section 5.04 is expressly subject to the provisions of
      Section 5.05 and this Section 5.15. The power to effect any such Sale
      shall not be exhausted by any one or more Sales as to any portion of the Trust
      Estate remaining unsold, but shall continue unimpaired until the entire Trust
      Estate shall have been sold or all amounts payable on the Notes and under this
      Indenture shall have been paid; provided however, that subject to the consent
      of
      the Insurer (unless the Class A-1 Notes and Class G Certificates and all other
      amounts owed to the Insurer under the Policy will be paid in full as a result
      of
      such sale), the Indenture Trustee must sell the assets included in the Trust
      Estate if collections in respect of such assets are determined to be
      insufficient to pay certain expenses payable under this Indenture and to make
      all scheduled payments on the Notes. The Indenture Trustee may from time to
      time
      postpone any public Sale by public announcement made at the time and place
      of
      such Sale. The Indenture Trustee hereby expressly waives its right to any amount
      fixed by law as compensation for any Sale. 

     

    (b)  The
      Indenture Trustee shall not in any private Sale sell the Trust Estate, or any
      portion thereof, unless:

     

    (1)  all
      Noteholders consent to or direct the Indenture Trustee to make, such Sale,
      

     

    (2)  the
      Insurer consents, unless an Insurer Default exists, or

     

    (3)  the
      proceeds of such Sale would be not less than the entire amount which would
      be
      payable to the Noteholders under the Notes and the Certificateholder under
      the
      Certificate, in full payment thereof in accordance with Section 5.02, on
      the Payment Date next succeeding the date of such Sale.

     

    The
      purchase by the Indenture Trustee of all or any portion of the Trust Estate
      at a
      private Sale shall not be deemed a Sale or other disposition thereof for
      purposes of this Section 5.15(b).

     

    (c)  Unless
      the Securityholders have otherwise consented or directed the Indenture Trustee
      will not sell at any public Sale all or any portion of the Trust Estate at
      which
      a minimum bid equal to or greater than the amount described in paragraph (2)
      of
      subsection (b) of this Section 5.15 has not been established by the
      Indenture Trustee and no Person bids an amount equal to or greater than such
      amount.

     

    (d)  In
      connection with a Sale of all or any portion of the Trust Estate:

     

    (1)  any
      Noteholder may bid for and purchase the property offered for sale, and upon
      compliance with the terms of sale may hold, retain and possess and dispose
      of
      such property, without further accountability, and may, in paying the purchase
      money therefor, deliver any Notes or claims for interest thereon in lieu of
      cash
      up to the amount which shall, upon distribution of the net proceeds of such
      sale, be payable thereon, and such Notes, in case the amounts so payable thereon
      shall be less than the amount due thereon, shall be returned to the Holders
      thereof after being appropriately stamped to show such partial
      payment;

     

    (2)  the
      Indenture Trustee may bid for and acquire the property offered for Sale in
      connection with any Sale thereof, and, subject to any requirements of, and
      to
      the extent permitted by, applicable law in connection therewith, may purchase
      all or any portion of the Trust Estate in a private sale, and, in lieu of paying
      cash therefor, may make settlement for the purchase price by crediting the
      gross
      Sale price against the sum of (A) the amount which would be distributable to
      the
      Securityholders as a result of such Sale in accordance with Section 5.04(b)
      on the Payment Date next succeeding the date of such Sale and (B) the expenses
      of the Sale and of any Proceedings in connection therewith which are
      reimbursable to it, without being required to produce the Notes in order to
      complete any such Sale or in order for the net Sale price to be credited against
      such Notes, and any property so acquired by the Indenture Trustee shall be
      held
      and dealt with by it in accordance with the provisions of this
      Indenture;

     

    (3)  the
      Indenture Trustee shall execute and deliver an appropriate instrument of
      conveyance transferring its interest in any portion of the Trust Estate in
      connection with a Sale thereof;

     

    (4)  the
      Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact
      of the Issuer to transfer and convey its interest in any portion of the Trust
      Estate in connection with a Sale thereof, and to take all action necessary
      to
      effect such Sale; and

     

    (5)  no
      purchaser or transferee at such a Sale shall be bound to ascertain the Indenture
      Trustee’s authority, inquire into the satisfaction of any conditions precedent
      or see to the application of any monies.

     

    Section
      5.16  Action
      on Notes.
      The
      Indenture Trustee’s right to seek and recover judgment on the Notes or under
      this Indenture shall not be affected by the seeking, obtaining or application
      of
      any other relief under or with respect to this Indenture. Neither the lien
      of
      this Indenture nor any rights or remedies of the Indenture Trustee or the
      Noteholders shall be impaired by the recovery of any judgment by the Indenture
      Trustee against the Issuer or by the levy of any execution under such judgment
      upon any portion of the Trust Estate or upon any of the assets of the Issuer.
      Any money or property collected by the Indenture Trustee shall be applied in
      accordance with Section 5.04(b).

     

    ARTICLE
      VI

     

    THE
      INDENTURE TRUSTEE 

     

    Section
      6.01  Duties
      of Indenture Trustee.

     

    (a)  If
      an
      Event of Default has occurred and is continuing, the Indenture Trustee shall
      exercise the rights and powers vested in it by this Indenture and use the same
      degree of care and skill in their exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own
      affairs.

     

    (b)  Except
      during the continuance of an Event of Default:

     

    (i)  the
      Indenture Trustee undertakes to perform such duties and only such duties as
      are
      specifically set forth in this Indenture and no implied covenants or obligations
      shall be read into this Indenture against the Indenture Trustee ;
      and

     

    (ii)  in
      the
      absence of bad faith on its part, the Indenture Trustee may conclusively rely,
      as to the truth of the statements and the correctness of the opinions expressed
      therein, upon certificates or opinions furnished to the Indenture Trustee and
      conforming to the requirements of this Indenture; however, the Indenture Trustee
      shall examine the certificates and opinions to determine whether or not they
      conform to the requirements of this Indenture.

     

    (c)  The
      Indenture Trustee may not be relieved from liability for its own negligent
      action, its own negligent failure to act or its own willful misconduct, except
      that:

     

    (i)  this
      paragraph does not limit the effect of paragraph (b) of this
      Section 6.01;

     

    (ii)  The
      Indenture Trustee shall not be
      liable
      for any error of judgment made in good faith by a Responsible Officer unless
      it
      is proved that the Indenture Trustee was negligent in ascertaining the pertinent
      facts; and

     

    (iii)  The
      Indenture Trustee shall not be liable with respect to any action it takes or
      omits to take in good faith in accordance with a direction received by the
      Indenture Trustee pursuant to Section 5.11.

     

    (d)  The
      Indenture Trustee shall not be liable for interest on any money received by
      it
      except as it may agree in writing with the Issuer.

     

    (e)  Money
      held in trust by the Indenture Trustee need not be segregated from other funds
      except to the extent required by law or the terms of this Indenture or the
      Trust
      Agreement.

     

    (f)  No
      provision of this Indenture shall require the Indenture Trustee to expend or
      risk its own funds or otherwise incur financial liability in the performance
      of
      any of its duties hereunder or in the exercise of any of its rights or powers,
      if it shall have reasonable grounds to believe that repayment of such funds
      or
      adequate indemnity against such risk or liability is not reasonably assured
      to
      it.

     

    (g)  Every
      provision of this Indenture relating to the conduct or affecting the liability
      of or affording protection to the Indenture Trustee shall be subject to the
      provisions of this Section and to the provisions of the TIA.

     

    (h)  The
      Indenture Trustee shall act in accordance with Section 7.01 of the Servicing
      Agreement and shall act as successor to a Servicer or appoint a successor
      Servicer in accordance with Section 7.02 of the Servicing
      Agreement.

     

    Section
      6.02  Rights
      of Indenture Trustee.

     

    (a)  The
      Indenture Trustee may conclusively rely on, and shall be fully protected from
      acting or refraining from acting upon, any document believed by it to be genuine
      and to have been signed or presented by the proper person. The Indenture Trustee
      need not investigate any fact or matter stated in the document.

     

    (b)  Before
      the Indenture Trustee acts or refrains from acting, it may require an Officer’s
      Certificate or an Opinion of Counsel. The Indenture Trustee shall not be liable
      for any action it takes or omits to take in good faith in reliance on an
      Officer’s Certificate or Opinion of Counsel.

     

    (c)  The
      Indenture Trustee shall not be liable for any action it takes or omits to take
      in good faith which it believes to be authorized or within its rights or powers;
      provided, however, that the Indenture Trustee’s conduct does not constitute
      willful misconduct, negligence or bad faith.

     

    (d)  The
      Indenture Trustee may consult with counsel, and the advice or opinion of counsel
      with respect to legal matters relating to this Indenture and the Notes shall
      be
      full and complete authorization and protection from liability in respect to
      any
      action taken, omitted or suffered by it hereunder in good faith and in
      accordance with the advice or opinion of such counsel.

     

    (e)  The
      Indenture Trustee may execute any of the trusts or powers hereunder or perform
      any duties hereunder, either directly or by or through agents, attorneys,
      custodians or nominees appointed with due care, and shall not be responsible
      for
      any willful misconduct or negligence on the part of any agent, attorney,
      custodian or nominee so appointed.

     

    Section
      6.03  Individual
      Rights of The Indenture Trustee.
      The
      Indenture Trustee in its individual or any other capacity may become the owner
      or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates
      with the same rights it would have if it were not Indenture Trustee subject
      to
      the requirements of the Trust Indenture Act. Any Note Registrar, co-registrar
      or
      co-paying agent may do the same with like rights. However, the Indenture Trustee
      must comply with Sections 6.11 and 6.12.

     

    Section
      6.04  Indenture
      Trustee’s Disclaimer.
      The
      Indenture Trustee shall not be (i) responsible for and makes no
      representation as to the validity or adequacy of this Indenture, the Trust
      Agreement or the Notes, (ii) accountable for the Issuer’s use of the proceeds
      from the Notes or (iii) responsible for any statement of the Issuer or any
      other
      Person in the Indenture, the Trust Agreement or in any document issued in
      connection with the sale of the Notes or in the Notes other than the Indenture
      Trustee’s certificate of authentication.

     

    Section
      6.05  Notice
      of Event of Default.
      Subject
      to Section 5.01, the Indenture Trustee shall mail to each Noteholder and the
      Insurer notice of an Event of Default of which a Responsible Officer of the
      Indenture Trustee has actual knowledge within the later of 90 days after it
      occurs and 90 days after such Responsible Officer’s knowledge thereof. Except in
      the case of an Event of Default in payment of principal of or interest on any
      Note, the Indenture Trustee may withhold the notice if and so long as a
      committee of its Responsible Officers in good faith determines that withholding
      the notice is in the interests of Noteholders.

     

    Section
      6.06  Reports
      by Indenture Trustee to Holders.
      The
      Indenture Trustee shall deliver to each Noteholder such information with respect
      to the Notes as may be required to enable such holder to prepare its federal
      and
      state income tax returns including without limitation Form 1099, to the extent
      such form is required by law. In addition, upon the Issuer’s written request,
      the Indenture Trustee shall promptly furnish information reasonably requested
      by
      the Issuer with respect to the Notes that is reasonably available to the
      Indenture Trustee to enable the Issuer to perform its federal and state income
      tax reporting obligations.

     

    Section
      6.07  Compensation
      and Indemnity.
      The
      Issuer shall reimburse the Indenture Trustee, the Administrator and the Owner
      Trustee for all reasonable out-of-pocket expenses incurred or made by it,
      including costs of collection, in addition to compensation for its services.
      Such expenses shall include reasonable compensation and expenses, disbursements
      and advances of the Indenture Trustee’s, the Administrator’s or the Owner
      Trustee’s agents, counsel, accountants and experts.
      The
      Issuer shall indemnify the Indenture Trustee and Insurer and hold each of them
      harmless against any and all loss, liability or expense (including attorneys’
fees) incurred by it in connection with the administration of this trust and
      the
      performance of its duties hereunder. The Indenture Trustee shall notify the
      Issuer promptly of any claim for which it may seek indemnity. Failure by the
      Indenture Trustee, the Insurer or the Administrator to so notify the Issuer
      shall not relieve the Issuer of its obligations hereunder, unless the Issuer
      is
      materially prejudiced thereby. The Issuer shall defend any such claim, and
      the
      Indenture Trustee or the Insurer (each an “Indemnified Party”) shall have the
      right to employ separate counsel with respect to any such claim and to
      participate in the defense thereof, but the fees and expenses of such counsel
      shall be at the expense of such Indemnified Party unless: (i) the employment
      thereof has been specifically authorized by the Issuer in writing; (ii) such
      Indemnified Party shall have been advised by such counsel that there may be
      one
      or more legal defenses available to it which are different from or additional
      to
      those available to the Issuer and in the reasonable judgment of such counsel
      it
      is advisable for such Indemnified Party to employ separate counsel or (iii)
      the
      Issuer has failed to assume the defense of such claim within a reasonable period
      of time following written notice thereof, it being understood, however, with
      respect to any event described in clause (ii) or clause (iii) hereof, that
      the
      Issuer shall not, in connection with any one such claim or separate but
      substantially similar or related claims in the same jurisdiction arising out
      of
      the same general allegations or circumstances, be liable for the reasonable
      fees
      and expenses of more than one separate firm of attorneys (in addition to local
      counsel) at any time for all such Indemnified Parties, which firm shall be
      designated in writing by the Indemnified Parties. The Issuer is not obligated
      to
      reimburse any expense or indemnify against any loss, liability or expense
      incurred by the Indenture Trustee through the Indenture Trustee’s own willful
      misconduct, negligence or bad faith.

     

    The
      Issuer’s payment obligations to the Indenture Trustee, the Administrator and the
      Owner Trustee pursuant to this Section 6.07 shall survive the discharge of
      this
      Indenture and the termination or resignation of the Indenture Trustee, the
      Administrator. When the Indenture Trustee or the Owner Trustee incurs expenses
      after the occurrence of an Event of Default with respect to the Issuer, the
      expenses are intended to constitute expenses of administration under Title
      11 of
      the United States Code or any other applicable federal or state bankruptcy,
      insolvency or similar law.

     

    Section
      6.08  Replacement
      of Indenture Trustee.
      No
      resignation or removal of the Indenture Trustee and no appointment of a
      successor Indenture Trustee shall become effective until the acceptance of
      appointment by the successor Indenture Trustee pursuant to this
      Section 6.08. No termination of the Indenture Trustee without cause will be
      effective unless the costs and expenses of such Indenture Trustee have been
      reimbursed to the Indenture Trustee in connection with such removal. The
      Indenture Trustee may resign at any time by so notifying the Issuer. The Insurer
      or the Holders of a majority of Note Balances of the Notes, with the consent
      of
      the Insurer, may remove the Indenture Trustee by so notifying the Indenture
      Trustee, and may appoint a successor Indenture Trustee. The Issuer shall remove
      the Indenture Trustee if

     

    (i)  the
      Indenture Trustee fails to comply with Section 6.11;

     

    (ii)  the
      Indenture Trustee is adjudged a bankrupt or insolvent;

     

    (iii)  a
      receiver or other public officer takes charge of the Indenture Trustee or its
      property; or

     

    (iv)  the
      Indenture Trustee otherwise becomes incapable of acting.

     

    If
      the
      Indenture Trustee resigns or is removed or if a vacancy exists in the office
      of
      the Indenture Trustee for any reason (the Indenture Trustee in such event being
      referred to herein as the retiring Indenture Trustee in such event being
      referred to herein as the retiring Indenture Trustee), the Issuer shall promptly
      appoint a successor Indenture Trustee. In addition, the Indenture Trustee will
      resign to avoid being directly or indirectly controlled by the
      Issuer.

     

    A
      successor Indenture Trustee shall deliver a written acceptance of its
      appointment to the retiring Indenture Trustee and to the Issuer. Thereupon,
      the
      resignation or removal of the retiring Indenture Trustee shall become effective,
      and the successor Indenture Trustee shall have all the rights, powers and duties
      of the Indenture Trustee under this Indenture. The successor Indenture Trustee
      shall mail a notice of its succession to Noteholders. The retiring Indenture
      Trustee shall promptly transfer all property held by it as Indenture Trustee
      to
      the successor Indenture Trustee.

     

    If
      a
      successor Indenture Trustee does not take office within 60 days after the
      retiring Indenture Trustee resigns or is removed, the retiring Indenture
      Trustee, the Issuer, the Insurer or the Holders of a majority of Note Balances
      of the Notes may petition any court of competent jurisdiction for the
      appointment of a successor Indenture Trustee.

     

    If
      the
      Indenture Trustee fails to comply with Section 6.11, any Noteholder may
      petition any court of competent jurisdiction for the removal of the Indenture
      Trustee and the appointment of a successor Indenture Trustee.

     

    Notwithstanding
      the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s
      obligations under Section 6.07 shall continue for the benefit of the
      retiring Indenture Trustee.

     

    Section
      6.09  Successor
      Indenture Trustee by Merger.
      If the
      Indenture Trustee consolidates with, merges or converts into, or transfers
      all
      or substantially all its corporate trust business or assets to, another
      corporation or banking association, the resulting, surviving or transferee
      corporation without any further act shall be the successor Indenture Trustee;
      provided, that such corporation or banking association shall be otherwise
      qualified and eligible under Section 6.11. The Indenture Trustee shall
      provide the Rating Agencies written notice of any such transaction after the
      Closing Date.

     

    In
      case
      at the time such successor or successors by merger, conversion or consolidation
      to the Indenture Trustee shall succeed to the trusts created by this Indenture
      any of the Notes shall have been authenticated but not delivered, any such
      successor to the Indenture Trustee may adopt the certificate of authentication
      of any predecessor trustee, and deliver such Notes so authenticated; and in
      case
      at that time any of the Notes shall not have been authenticated, any successor
      to the Indenture Trustee may authenticate such Notes either in the name of
      any
      predecessor hereunder or in the name of the successor to the Indenture Trustee;
      and in all such cases such certificates shall have the full force which it
      is
      anywhere in the Notes or in this Indenture.

     

    Section
      6.10  Appointment
      of Co-Indenture Trustee or Separate Indenture Trustee.

     

    (a)  Notwithstanding
      any other provisions of this Indenture, at any time, for the purpose of meeting
      any legal requirement of any jurisdiction in which any part of the Trust Estate
      may at the time be located, the Indenture Trustee shall have the power and
      may
      execute and deliver all instruments to appoint one or more Persons to act as
      a
      co-trustee or co-trustees, or separate trustee or separate trustees, of all
      or
      any part of the Trust Estate, and to vest in such Person or Persons, in such
      capacity and for the benefit of the Noteholders, such title to the Trust Estate,
      or any part thereof, and, subject to the other provisions of this Section,
      such
      powers, duties, obligations, rights and trusts as the Indenture Trustee may
      consider necessary or desirable. No co-trustee or separate trustee hereunder
      shall be required to meet the terms of eligibility as a successor trustee under
      Section 6.11 and no notice to Noteholders of the appointment of any
      co-trustee or separate trustee shall be required under Section 6.08
      hereof.

     

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

     

    (i)  all
      rights, powers, duties and obligations conferred or imposed upon the Indenture
      Trustee shall be conferred or imposed upon and exercised or performed by the
      Indenture Trustee and such separate trustee or co-trustee jointly (it being
      understood that such separate trustee or co-trustee is not authorized to act
      separately without the Indenture Trustee joining in such act), except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed the Indenture Trustee shall be incompetent or
      unqualified to perform such act or acts, in which event such rights, powers,
      duties and obligations (including the holding of title to the Trust Estate
      or
      any portion thereof in any such jurisdiction) shall be exercised and performed
      singly by such separate trustee or co-trustee, but solely at the direction
      of
      the Indenture Trustee;

     

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

     

    (iii)  the
      Indenture Trustee may at any time accept the resignation of or remove any
      separate trustee or co-trustee.

     

    (c)  Any
      notice, request or other writing given to the Indenture Trustee shall be deemed
      to have been given to each of the then separate trustees and co-trustees, as
      effectively as if given to each of them. Every instrument appointing any
      separate trustee or co-trustee shall refer to this 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 Indenture
      Trustee or separately, as may be provided therein, subject to all the provisions
      of this Indenture, specifically including every provision of this Indenture
      relating to the conduct of, affecting the liability of, or affording protection
      to, the Indenture Trustee. Every such instrument shall be filed with the
      Indenture Trustee.

     

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

     

    Section
      6.11  Eligibility;
      Disqualification.
      The
      Indenture Trustee shall at all times satisfy the requirements of TIA §310(a).
      The Indenture Trustee shall have a combined capital and surplus of at least
      $50,000,000 as set forth in its most recent published annual report of condition
      and it or its parent shall have a long-term debt rating of A or better by
      S&P, A2 or better by Moody’s and A or better by Fitch. The Indenture Trustee
      shall comply with TIA §310(b), including the optional provision permitted
      by the second sentence of TIA §310(b)(9); provided, however, that there
      shall be excluded from the operation of TIA §310(b)(1) any indenture or
      indentures under which other securities of the Issuer are outstanding if the
      requirements for such exclusion set forth in TIA §310(b)(1) are
      met.

     

    Section
      6.12  Preferential
      Collection of Claims Against Issuer.
      The
      Indenture Trustee shall comply with TIA §311(a), excluding any creditor
      relationship listed in TIA §311(b). An Indenture Trustee who has resigned or
      been removed shall be subject to TIA §311(a) to the extent indicated
      therein.

     

    Section
      6.13  Representations
      and Warranties.
      The
      Indenture Trustee hereby represents that:

     

    (a)  It
      is a
      national banking association duly organized, validly existing and in good
      standing under the laws of the United States.

     

    (b)  The
      execution and delivery of this Indenture by it, and the performance and
      compliance with the terms of this Indenture by it, will not violate its charter
      or bylaws.

     

    (c)  It
      has
      the full power and authority to enter into and consummate all transactions
      contemplated by this Indenture, has duly authorized the execution, delivery
      and
      performance of this Indenture, and has duly executed and delivered this
      Indenture.

     

    (d)  This
      Indenture, assuming due authorization, execution and delivery by the other
      parties thereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, reorganization, moratorium
      and
      other laws affecting the enforcement of creditors’ rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

     

    (e)  The
      Indenture Trustee is a “securities intermediary,” as such term is defined in
      Section 8-102(a)(14)(B) of the New York UCC, that in the ordinary course of
      its
      business maintains “securities accounts” for others, as such term is used in
      Section 8-501 of the New York UCC. The local law of jurisdiction of the
      Indenture Trustee as securities intermediary shall be the State of New
      York.

     

    Section
      6.14  Directions
      to Indenture Trustee.
      The
      Indenture Trustee is hereby directed:

     

    (a)  To
      accept
      the grant of a security interest in the Trust Estate and hold the assets of
      the
      Trust in trust for the Noteholders;

     

    (b)  To
      authenticate and deliver the Notes substantially in the form prescribed by
      Exhibit A in accordance with the terms of this Indenture; and

     

    (c)  To
      take
      all other actions as shall be required to be taken by the terms of this
      Indenture.

     

    Section
      6.15  Compliance with Withholding-Requirements.
      Notwithstanding any other provision of this Indenture, the Indenture Trustee
      shall comply with all federal withholding requirements respecting payments
      to
      Noteholders of interest that the Indenture Trustee reasonably believes are
      applicable under the Code. The consent of Noteholders shall not be required
      for
      such withholding.

     

    Section
      6.16  Commission
      Reporting.

     

    The
      Indenture Trustee shall reasonably cooperate with the Depositor in connection
      with the Trust’s satisfying the reporting requirements under the Exchange
      Act.

     

    (a)  (i)
      For
      so
      long as the Trust Fund is subject to the Exchange Act reporting
      requirements,
      within
      15 days after each Distribution Date, the Indenture Trustee shall file with
      the
      Commission via the Electronic Data Gathering and Retrieval System (“EDGAR”), a
      Distribution Report on Form 10-D, signed by the Depositor, with a copy of the
      monthly statement described in Section 3.25 to be furnished by the Indenture
      Trustee to the Certificateholders for such Distribution Date. Any disclosure
      in
      addition to the monthly statement required to be included on the Form 10-D
      (“Additional Form 10-D Disclosure”) shall be determined and prepared by the
      Indenture Trustee provided the entity indicated in Exhibit D as the responsible
      party for providing that information notifies the Indenture Trustee in writing
      thereof within 5 calendar days after each Payment Date, and the Indenture
      Trustee shall have no liability with respect to any failure to properly prepare
      or file such Form 10-D resulting from or relating to the Indenture Trustee’s
      inability or failure to obtain any information in a timely manner from the
      party
      responsible for delivery of such Additional Form 10-D Disclosure.

     

    For
      so
      long as the Trust Fund is subject to the Exchange Act reporting requirements,
      within 5 calendar days after the related Payment Date, each entity that is
      indicated in Exhibit D as the responsible party for providing Additional Form
      10-D Disclosure shall be required to provide to the Indenture Trustee and the
      Depositor, to the extent known by a Responsible Officer, clearly identifying
      which item of Form 10-D the information relates to, any Additional Form 10-D
      Disclosure, if applicable. The Indenture Trustee shall compile the information
      provided to it, prepare the Form 10-D and forward the Form 10-D to the Depositor
      for verification. The Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the Form 10-D. No later than three Business
      Days
      prior to the 15th calendar day after the related Payment Date, an officer of
      the
      Depositor 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 Indenture Trustee.

     

    (ii)  For
      so
      long as the Trust Fund is subject to the Exchange Act reporting requirements,
      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 Indenture Trustee shall prepare and file on behalf of
      the
      Trust a Form 8-K reporting such Reportable Event, provided that the Depositor
      shall file the initial Form 8-K in connection with the issuance of the
      Securities. Any disclosure or information related to a Reportable Event or
      that
      is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
      Information”) shall be determined and provided to the Indenture Trustee by the
      entity that is indicated in Exhibit D as the responsible party for providing
      that information, if other than the Indenture Trustee, to the Indenture Trustee
      within two Business Days after the Reportable Event, and the Indenture Trustee
      shall have no liability with respect to any failure to properly prepare or
      file
      such Form 8-K resulting from or relating to the Indenture Trustee’s inability or
      failure to obtain any information in a timely manner from the party responsible
      for delivery of such Form 8-K Disclosure Information.

     

    For
      so
      long as the Trust Fund is subject to the Exchange Act reporting requirements,
      no
      later than the end of business on the second Business Day after the occurrence
      of a Reportable Event, the entity that is indicated in Exhibit D as the
      responsible party for providing Form 8-K Disclosure Information shall be
      required to provide to the Indenture Trustee and the Depositor, to the extent
      known by a Responsible Officer, the substance of any Form 8-K Disclosure
      Information, if applicable. The Indenture Trustee shall compile the information
      provided to it, prepare the Form 8-K and forward the Form 8-K to the Depositor
      for verification. The Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the Form 8-K. No later than 5 p.m. New York
      City
      time on the third Business Day after the Reportable Event, an officer of 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 Indenture Trustee.

     

    (iii)  Prior
      to
      January 30 of the first year in which the Indenture Trustee is able to do so
      under applicable law, the Indenture Trustee shall file a Form 15 Suspension
      Notice with respect to the Trust Fund. Prior to (x) March 15, 2008 and (y)
      unless and until a Form 15 Suspension Notice shall have been filed, prior to
      March 15 of each year thereafter, the Servicer and any Special Servicer shall
      provide the Indenture Trustee (for inclusion in the Form 10-K) with an Annual
      Compliance Statement, together with a copy of the Assessment of Compliance
      and
      Attestation Report to be delivered by the Servicer or any Special Servicer
      pursuant to Sections 3.10 and 3.11 of the Servicing Agreement (including with
      respect to any Subservicer to which such Servicer has delegated any of its
      responsibilities with respect to the related Mortgage Loans and each
      Subcontractor determined by such Servicer to be “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB, if required to be
      filed). Prior to (x) March 31, 2007 and (y) unless and until a Form 15
      Suspension Notice shall have been filed, March 31 of each year thereafter,
      the
      Indenture Trustee shall file a Form 10-K with respect to the Trust Fund. Such
      Form 10-K shall include the items provided by the Servicer and any Special
      Servicer pursuant to the second preceding sentence, the Assessment of Compliance
      and Attestation Report provided pursuant to Section 6.17 hereof with respect
      to
      the Indenture Trustee, and the Form 10-K certification in the form attached
      hereto as Exhibit B (the “Depositor Certification”) signed by the senior officer
      of the Depositor in charge of securitization. The Indenture Trustee shall
      receive the items described in the preceding sentence no later than March 15
      of
      each calendar year prior to the filing deadline for the Form 10-K for so long
      as
      the Trust Fund is subject to the Exchange Act reporting requirements. If the
      Indenture Trustee or the Depositor has not received such items by March 10
      of
      the related year, such party shall notify the Servicer by telephone and email,
      or by telephone and fax, of such failure.

     

    Not
      later
      than 5 Business Days before the date on which the Form 10-K is required to
      be
      filed in accordance with the Exchange Act and the rules and regulations of
      the
      Commission, the Depositor will deliver to the Indenture Trustee a form of the
      Depositor Certification. The Depositor shall subsequently deliver to the
      Indenture Trustee the executed Depositor Certification no later than the date
      on
      which the Form 10-K is required to be filed.

     

    Any
      disclosure or information in addition to that described in the preceding
      paragraph that is required to be included on Form 10-K (“Additional Form 10-K
      Disclosure”) shall be determined and provided to the Indenture Trustee by the
      entity that is indicated in Exhibit D as the responsible party for providing
      that information, if other than the Indenture Trustee.

     

    If
      information, data and exhibits to be included in the Form 10-K are not so timely
      delivered, the Indenture Trustee shall file an amended Form 10-K including
      such
      documents as exhibits reasonably promptly after they are delivered to the
      Indenture Trustee. The Indenture Trustee shall have no liability with respect
      to
      any failure to properly prepare or file such periodic reports resulting from
      or
      relating to the Indenture Trustee’s inability or failure to timely obtain any
      information from any other party.

     

    Prior
      to
      (x) March 15, 2008 and (y) unless and until a Form 15 Suspension Notice shall
      have been filed, prior to March 1 of each year thereafter, each entity that
      is
      indicated in Exhibit D as the responsible party for providing Additional Form
      10-K Disclosure information shall be required to provide to the Indenture
      Trustee and the Depositor, to the extent known by a Responsible Officer, the
      substance of any Additional Form 10-K Disclosure information, if applicable.
      The
      Indenture Trustee shall compile the information provided to it, prepare the
      Form
      10-K and forward the Form 10-K to the Depositor for verification. The Depositor
      will approve, as to form and substance, or disapprove, as the case may be,
      the
      Form 10-K by no later than March 25 of the relevant year (or the immediately
      preceding Business Day if March 25 is not a Business Day), an officer of 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 Indenture Trustee.

     

    The
      Indenture Trustee will post electronic copies of all Form 10-D, 8-K and 10-K
      filings on its internet website referred to in Section 3.25 as soon as
      reasonably practicable after such filings have been made with the
      Commission.

     

    (b)  Not
      later
      than 15 calendar days before the date on which the Form 10-K is required to
      be
      filed in accordance with the Exchange Act and the rules and regulations of
      the
      Commission (or, if such day is not a Business Day, the immediately preceding
      Business Day), the Indenture Trustee shall sign a certification in the form
      attached hereto as Exhibit C (the “Indenture Trustee Certification”) for the
      benefit of the Depositor and its officers, directors and affiliates regarding
      certain aspects of items 1 through 3 of the Depositor Certification. In
      addition, the Indenture Trustee shall, subject to the provisions of Section
      6.07
      hereof, indemnify and hold harmless the Depositor and each Person, if any,
      who
“controls” the Depositor within the meaning of the Securities Act and its
      officers, directors and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses arising out of or based upon
      (i)
      the failure of the Indenture Trustee to deliver when required any Assessment
      of
      Compliance required pursuant to Section 6.17 hereof or (ii) any material
      misstatement or omission contained in the Indenture Trustee Certification or
      the
      Assessment of Compliance prepared by the Indenture Trustee pursuant to Section
      6.17 hereof. If the indemnification provided for in this Section 6.16(b) is
      unavailable or insufficient to hold harmless such Persons, then the Indenture
      Trustee shall contribute to the amount paid or payable by such Persons as a
      result of the losses, claims, damages or liabilities of such Persons in such
      proportion as is appropriate to reflect the relative fault of the Depositor
      on
      the one hand and the Indenture Trustee on the other. The Indenture Trustee
      acknowledges that the Depositor is relying on the Indenture Trustee’s
      performance of its obligations under this Section 6.16 in order to perform
      its
      obligations under Section 6.16(a) above.

     

    (c)  [reserved]

     

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

     

    (e)  If
      the
      Commission issues additional interpretative guidance or promulgates additional
      rules or regulations, or if other changes in applicable law occur, that would
      require the reporting arrangements, or the allocation of responsibilities with
      respect thereto, described in this Section 6.16, to be conducted differently
      than as described, the Depositor, the Servicer and the Indenture Trustee will
      reasonably cooperate to amend the provisions of this Section 6.16 in order
      to
      comply with such amended reporting requirements and such amendment of this
      Section 6.16. Any such amendment shall be made in accordance with Section 10.01
      without the consent of the Certificateholders, and may result in a change in
      the
      reports filed by the Indenture Trustee on behalf of the Trust under the Exchange
      Act. Notwithstanding the foregoing, the Depositor, the Servicer and the
      Indenture Trustee shall not be obligated to enter into any amendment pursuant
      to
      this Section 6.16 that adversely affects its obligations and immunities under
      this Agreement.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Section 6.16 of this
      Agreement is to facilitate compliance by the Seller and the Depositor with
      the
      provisions of Regulation AB promulgated by the SEC under the Exchange Act (17
      C.F.R. §§ 229.1100 - 229.1123), as such may be amended from time to time and
      subject to clarification and interpretive advice as may be issued by the staff
      of the 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, or SEC interpretive advice or guidance in respect of the
      requirements of Regulation AB, (c) the parties shall comply with reasonable
      requests made by the Seller or the Depositor for delivery of additional or
      different information as is necessary to comply with the provisions of
      Regulation AB, and (d) no amendment of this Agreement shall be required to
      effect any such changes in the parties’ obligations as are necessary to
      accommodate evolving interpretations of the provisions of Regulation
      AB.

     

    Section
      6.17  Assessments
      of Compliance and Attestation Reports.
      For so
      long as the Trust Fund is subject to the Exchange Act reporting requirements,
      the Indenture Trustee shall provide to the Depositor by March 15 of each year,
      beginning in 2008, an Assessment of Compliance regarding the Indenture Trustee’s
      assessment of compliance with the Servicing Criteria during the preceding
      calendar year as required by Rules 13a-18 and 15d-18 of the Exchange Act and
      Item 1122 of Regulation AB, which as of the date hereof, require a report by
      an
      authorized officer of the Indenture Trustee that contains the
      following:

     

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

     

    (b)  A
      statement by such officer that such officer used the Servicing Criteria to
      assess compliance with the Servicing Criteria applicable to the Indenture
      Trustee;

     

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

     

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

     

    (e)  A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      the Indenture Trustee, which statement shall be based on the activities it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Indenture Trustee, that are backed by the same asset type as
      the
      Loans.

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on a
      certification substantially in the form of Exhibit E hereto delivered to the
      Depositor concurrently with the execution of this Agreement.

     

    In
      addition, for so long as the Trust Fund is subject to the Exchange Act reporting
      requirements, the Indenture Trustee shall provide to the Depositor by March
      15
      of each year, beginning in 2008, an Attestation Report by a registered public
      accounting firm that attests to, and reports on, the Assessment of Compliance
      made by the Indenture Trustee, as required by Rules 13a-18 and 15d-18 of the
      Exchange Act and Item 1122(b) of Regulation AB, which Attestation Report must
      be
      made in accordance with standards for attestation reports issued or adopted
      by
      the Public Company Accounting Oversight Board.

     

    ARTICLE
      VII

     

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    Section
      7.01  Issuer
      To Furnish Indenture Trustee Names and Addresses of Noteholders.
      The
      Issuer will furnish or cause to be furnished to the Indenture Trustee (a) not
      more than five days after each Record Date, a list, in such form as the
      Indenture Trustee may reasonably require, of the names and addresses of the
      Noteholders as of such Record Date and, (b) at such other times as the Indenture
      Trustee may request in writing, within 30 days after receipt by the Issuer
      of
      any such request, a list of similar form and content as of a date not more
      than
      10 days prior to the time such list is furnished; provided, however, that so
      long as the Indenture Trustee is the Note Registrar, no such list shall be
      required to be furnished.

     

    Section
      7.02  Preservation
      of Information; Communications to Noteholders.

     

    (a)  The
      Indenture Trustee shall preserve, in as current a form as is reasonably
      practicable, the names and addresses of the Noteholders contained in the most
      recent list furnished to the Indenture Trustee as provided in Section 7.01
      and the names and addresses of Noteholders received by the Indenture Trustee
      in
      its capacity as Note Registrar. The Indenture Trustee may destroy any list
      furnished to it as provided in such Section 7.01 upon receipt of a new list
      so furnished.

     

    (b)  Noteholders
      may communicate pursuant to TIA § 312(b) with other Noteholders with respect to
      their rights under this Indenture or under the Notes.

     

    (c)  The
      Issuer, the Indenture Trustee and the Note Registrar shall have the protection
      of TIA § 312(c).

     

    Section
      7.03  Reports
      by Issuer.

     

    (a)  The
      Issuer shall:

     

    (i)  file
      with
      the Indenture Trustee, within 15 days after the Issuer is required to file
      the
      same with the Commission, copies of the annual reports and the information,
      documents and other reports (or copies of such portions of any of the foregoing
      as the Commission may from time to time by rules and regulations prescribe)
      that
      the Issuer may be required to file with the Commission pursuant to
      Section 13 or 15(d) of the Exchange Act;

     

    (ii)  file
      with
      the Indenture Trustee, and the Commission in accordance with rules and
      regulations prescribed from time to time by the Commission such additional
      information, documents and reports with respect to compliance by the Issuer
      with
      the conditions and covenants of this Indenture as may be required from time
      to
      time by such rules and regulations; and

     

    (iii)  supply
      to
      the Indenture Trustee (and the Indenture Trustee shall transmit by mail to
      all
      Noteholders described in TIA § 313(c) such summaries of any information,
      documents and reports required to be filed by the Issuer pursuant to clauses
      (i)
      and (ii) of this Section 7.03(a) and by rules and regulations prescribed
      from time to time by the Commission.

     

    (b)  Unless
      the Issuer otherwise determines, the fiscal year of the Issuer shall end on
      December 31 of each year.

     

    Section
      7.04  Reports
      by Indenture Trustee.
      If
      required by TIA §313(a), within 60 days after each January 1 beginning with
      January 1, 2008, the Indenture Trustee shall mail to each Noteholder as required
      by TIA §313(c) a brief report dated as of such date that complies with
      TIA §313(a). The Indenture Trustee also shall comply with TIA
§313(b).

     

    The
      Issuer shall notify the Indenture Trustee in writing if and when the Notes
      are
      listed on any stock exchange. A copy of each report at the time of its mailing
      to Noteholders shall be filed by the Indenture Trustee with the Commission
      and
      each stock exchange, if any, on which the Notes are listed (to the extent the
      Indenture Trustee has been notified by the Issuer of such listing).

     

    ARTICLE
      VIII

     

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    Section
      8.01  Collection
      of Money.
      Except
      as otherwise expressly provided herein, the Indenture Trustee may demand payment
      or delivery of, and shall receive and collect, directly and without intervention
      or assistance of any fiscal agent or other intermediary, all money and other
      property payable to or receivable by the Indenture Trustee pursuant to this
      Indenture. The Indenture Trustee shall apply all such money received by it
      as
      provided in this Indenture. Except as otherwise expressly provided in this
      Indenture, if any default occurs in the making of any payment or performance
      under any agreement or instrument that is part of the Trust Estate, the
      Indenture Trustee may take such action as may be appropriate to enforce such
      payment or performance, including the institution and prosecution of appropriate
      Proceedings. Any such action shall be without prejudice to any right to claim
      a
      Default or Event of Default under this Indenture and any right to proceed
      thereafter as provided in Article V.

     

    Section
      8.02  Trust
      Accounts.

     

    (a)  On
      or
      prior to the Closing Date, the Indenture Trustee shall establish and maintain,
      in the name of the Indenture Trustee, for the benefit of the Noteholders, the
      Insurer and the Certificate Paying Agent, on behalf of the Certificateholder
      and
      the Insurer, the Payment Account as provided in Section 3.01 of this
      Indenture.

     

    (b)  All
      monies deposited from time to time in the Payment Account pursuant to the
      Servicing Agreement and all deposits therein pursuant to this Indenture are
      for
      the benefit of the Noteholders, the Insurer and the Certificate Paying Agent,
      on
      behalf of the Certificateholder and the Insurer.

     

    (c)  On
      each
      Payment Date, the Indenture Trustee shall distribute all amounts on deposit
      in
      the Payment Account to Noteholders or the Insurer, as applicable, in respect
      of
      the Notes and in its capacity as Certificate Paying Agent to the
      Certificateholder or the Insurer, as applicable, in the order of priority set
      forth in Section 3.05 (except as otherwise provided in
      Section 5.04(b)).

     

    Section
      8.03  Officer’s
      Certificate.
      The
      Indenture Trustee shall receive at least seven days notice when requested by
      the
      Issuer to take any action pursuant to Section 8.05(a), accompanied by
      copies of any instruments to be executed, and the Indenture Trustee shall also
      require, as a condition to such action, an Opinion of Counsel, in form and
      substance satisfactory to the Indenture Trustee, stating the legal effect of
      any
      such action, outlining the steps required to complete the same, and concluding
      that all conditions precedent to the taking of such action have been complied
      with.

     

    Section
      8.04  Termination
      Upon Payment to Noteholders.
      This
      Indenture and the respective obligations and responsibilities of the Issuer
      and
      the Indenture Trustee created hereby shall terminate upon the payment to the
      Noteholders, the Certificate Paying Agent (on behalf of the Certificates),
      the
      Owner Trustee, the Certificateholders and the Indenture Trustee of all amounts
      required to be distributed pursuant to Article III; provided, however, that
      in no event shall the trust created hereby continue beyond the expiration of
      21
      years from the death of the survivor of the descendants of Joseph P. Kennedy,
      the late ambassador of the United States to the Court of St. James’s, living on
      the date hereof.

     

    Section
      8.05  Release
      of Trust Estate.

     

    (a)  Subject
      to the payment of its fees and expenses and the fees and the expenses of the
      Indenture Trustee, the Indenture Trustee may, and when required by the
      provisions of this Indenture shall, execute instruments to release property
      from
      the lien of this Indenture, or convey the Indenture Trustee’s interest in the
      same, in a manner and under circumstances that are not inconsistent with the
      provisions of this Indenture. No party relying upon an instrument executed
      by
      the Indenture Trustee as provided in Article VIII hereunder shall be bound
      to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of
      any conditions precedent, or see to the application of any monies.

     

    (b)  The
      Indenture Trustee shall, at such time as (i) there are no Notes Outstanding
      and
      (ii) all sums due the Indenture Trustee pursuant to this Indenture have been
      paid, release any remaining portion of the Trust Estate that secured the Notes
      from the lien of this Indenture.

     

    Section
      8.06  Surrender
      of Notes Upon Final Payment.
      By
      acceptance of any Note, the Holder thereof agrees to surrender such Note to
      the
      Indenture Trustee promptly, prior to such Noteholder’s receipt of the final
      payment thereon.

     

    ARTICLE
      IX

     

    SUPPLEMENTAL
      INDENTURES

     

    Section
      9.01  Supplemental
      Indentures Without Consent of Noteholders.

     

    (a)  Without
      the consent of any Noteholders but with the consent of the Insurer and with
      prior notice to the Rating Agencies, the Issuer and the Indenture Trustee,
      when
      authorized by an Issuer Request, at any time and from time to time, may enter
      into one or more indentures supplemental hereto (which shall conform to the
      provisions of the Trust Indenture Act as in force at the date of the execution
      thereof), in form satisfactory to the Indenture Trustee, for any of the
      following purposes:

     

    (i)  to
      correct or amplify the description of any property at any time subject to the
      lien of this Indenture, or better to assure, convey and confirm unto the
      Indenture Trustee any property subject or required to be subjected to the lien
      of this Indenture, or to subject to the lien of this Indenture additional
      property;

     

    (ii)  to
      evidence the succession, in compliance with the applicable provisions hereof,
      of
      another person to the Issuer, and the assumption by any such successor of the
      covenants of the Issuer herein and in the Notes contained;

     

    (iii)  to
      add to
      the covenants of the Issuer, for the benefit of the Noteholders, or to surrender
      any right or power herein conferred upon the Issuer;

     

    (iv)  to
      convey, transfer, assign, mortgage or pledge any property to or with the
      Indenture Trustee;

     

    (v)  to
      cure
      any ambiguity, to correct or supplement any provision herein or in any
      supplemental indenture that may be inconsistent with any other provision herein
      or in any supplemental indenture;

     

    (vi)  to
      make
      any other provisions with respect to matters or questions arising under this
      Indenture or in any supplemental indenture; provided, that such action shall
      not
      materially and adversely affect the interests of the Insurer or the
      Noteholders;

     

    (vii)  to
      evidence and provide for the acceptance of the appointment hereunder by a
      successor trustee with respect to the Notes and to add to or change any of
      the
      provisions of this Indenture as shall be necessary to facilitate the
      administration of the trusts hereunder by more than one trustee, pursuant to
      the
      requirements of Article VI; or

     

    (viii)  to
      modify, eliminate or add to the provisions of this Indenture to such extent
      as
      shall be necessary to effect the qualification of this Indenture under the
      TIA
      or under any similar federal statute hereafter enacted and to add to this
      Indenture such other provisions as may be expressly required by the
      TIA;

     

    provided,
      however, that no such indenture supplements shall be entered into unless the
      Indenture Trustee and the Insurer shall have received an Opinion of Counsel
      that
      entering into such indenture supplement is permitted hereunder and will not
      (A)
      have any material adverse tax consequences to the Noteholders, including any
      Adverse REMIC Event and (B) adversely affect in any material respect the
      interests of the Noteholders or the Certificateholders.

     

    The
      Indenture Trustee is hereby authorized to join in the execution of any such
      supplemental indenture and to make any further appropriate agreements and
      stipulations that may be therein contained.

     

    (b)  The
      Issuer and the Indenture Trustee, when authorized by an Issuer Request, may,
      also without the consent of any of the Noteholders but with consent of the
      Insurer and with prior notice to the Rating Agencies, enter into an indenture
      or
      indentures supplemental hereto for the purpose of adding any provisions to,
      or
      changing in any manner or eliminating any of the provisions of, this Indenture
      or of modifying in any manner the rights of the Noteholders under this
      Indenture; provided, however, that such action shall, as evidence by an Opinion
      of Counsel, be permitted hereunder and shall not, as evidenced by such Opinion
      of Counsel, (i) adversely affect in any material respect the interests of any
      Noteholder or (ii) cause the Issuer to be subject to an entity level
      tax.

     

    (c)  The
      Issuer, the Indenture Trustee shall, as directed by the Insurer and the Holders
      of not less than 100% of the Certificate Percentage Interests, enter into an
      indenture or indentures supplemental hereto for the purpose of providing for
      the
      issuance of one or more additional Classes of Notes entitled to payments derived
      solely from all or a portion of the payments to which the Certificates issued
      on
      the Closing Date pursuant to the Trust Agreement are entitled; provided,
      however, that such action shall as evidenced by an Opinion of Counsel, be
      permitted hereunder and shall not as evidenced by an Opinion of Counsel, (i)
      adversely affect in any material respect the interests of any existing
      Noteholder or (ii) cause the Issuer to be subject to an entity level tax. Each
      such Class of Notes shall be a non-recourse obligation of the Issuer and
      shall be entitled to interest and principal in such amounts, and to such
      security for the repayment thereof, as shall be specified in such amendment
      or
      amendments. Promptly after the execution by the Issuer, the Indenture Trustee
      of
      any amendments pursuant to this Section or the creation of a new Indenture
      and the issuance of the related Class or Classes of Notes, the Issuer shall
      require the Indenture Trustee to give notice to the Noteholders and the Rating
      Agencies setting forth in general terms the substance of the provisions of
      such
      amendment. Any failure of the Indenture Trustee to provide such notice as is
      required under this paragraph, or any defect therein, shall not, however, in
      any
      way impair or affect the validity of such amendment or any Class of Notes
      issued pursuant thereto.

     

    Section
      9.02  Supplemental
      Indentures With Consent of Noteholders.
      The
      Issuer and, the Indenture Trustee, when authorized by an Issuer Request, also
      may, with prior notice to the Rating Agencies and with the consent of the
      Insurer and the Holders of not less than a majority of the Voting Rights of
      the
      Notes affected thereby, by Act of Noteholders delivered to the Issuer and the
      Indenture Trustee, enter into an indenture or indentures supplemental hereto
      for
      the purpose of adding any provisions to, or changing in any manner or
      eliminating any of the provisions of, this Indenture or of modifying in any
      manner the rights of the Holders of the Notes under this Indenture; provided
      however, that no such supplemental indenture shall, without the consent of
      each
      Noteholder of each Note affected thereby:

     

    (a)  change
      the date of payment of any installment of principal of or interest on any Note,
      or reduce the principal amount thereof or the interest rate thereon, change
      the
      provisions of this Indenture relating to the application of collections on,
      or
      the proceeds of the sale of, the Trust Estate to payment of principal of or
      interest on the Notes, or change any place of payment where, or the coin or
      currency in which, any Note or the interest thereon is payable, or impair the
      right to institute suit for the enforcement of the provisions of this Indenture
      requiring the application of funds available therefor, as provided in
      Article V, to the payment of any such amount due on the Notes on or after
      the respective due dates thereof;

     

    (b)  reduce
      the percentage of the Note Balances of the Notes, the consent of the Holders
      of
      which is required for any such supplemental indenture, or the consent of the
      Holders of which is required for any waiver of compliance with certain
      provisions of this Indenture or certain defaults hereunder and their
      consequences provided for in this Indenture;

     

    (c)  modify
      or
      alter the provisions of the exception in the definition of the term
“Outstanding”;

     

    (d)  reduce
      the percentage of the Note Balances of the Notes required to direct the
      Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate
      pursuant to Section 5.04;

     

    (e)  modify
      any provision of this Section 9.02 except to increase any percentage
      specified herein or to provide that certain additional provisions of this
      Indenture or the Basic Documents cannot be modified or waived without the
      consent of each Noteholder affected thereby;

     

    (f)  modify
      any of the provisions of this Indenture in such manner as to affect the
      calculation of the amount of any payment of interest or principal due on any
      Note on any Payment Date (including the calculation of any of the individual
      components of such calculation); or

     

    (g)  permit
      the creation of any lien ranking prior to or on a parity with the lien of this
      Indenture with respect to any part of the Trust Estate or, except as otherwise
      permitted or contemplated herein, terminate the lien of this Indenture on any
      property at any time subject hereto or deprive any Noteholder of the security
      provided by the lien of this Indenture; and provided, further, that such action
      shall not, as evidenced by an Opinion of Counsel, cause the Issuer to be subject
      to an entity level tax.

     

    The
      Indenture Trustee may in its discretion determine whether or not any Notes
      would
      be affected by any supplemental indenture and any such determination shall
      be
      conclusive upon the Holders of all Notes, whether theretofore or thereafter
      authenticated and delivered hereunder. The Indenture Trustee shall not be liable
      for any such determination made in good faith.

     

    It
      shall
      not be necessary for any Act of Noteholders under this Section 9.02 to
      approve the particular form of any proposed supplemental indenture, but it
      shall
      be sufficient if such Act shall approve the substance thereof.

     

    Promptly
      after the execution by the Issuer, the Indenture Trustee of any supplemental
      indenture pursuant to this Section 9.02, the Indenture Trustee shall mail
      to Noteholders to which such amendment or supplemental indenture relates a
      notice setting forth in general terms the substance of such supplemental
      indenture. Any failure of the Indenture Trustee to mail such notice, or any
      defect therein, shall not, however, in any way impair or affect the validity
      of
      any such supplemental indenture.

     

    Section
      9.03  Execution
      of Supplemental Indentures.
      In
      executing, or permitting the additional trusts created by, any supplemental
      indenture permitted by this Article IX or the modification thereby of the
      trusts created by this Indenture, the Indenture Trustee shall be entitled to
      receive, and subject to Sections 6.01 and 6.02, shall be fully protected in
      relying upon, an Opinion of Counsel stating that the execution of such
      supplemental indenture is authorized or permitted by this Indenture. The
      Indenture Trustee may, but shall not be obligated to, enter into any such
      supplemental indenture that affects the Indenture Trustee’s own rights, duties,
      liabilities or immunities under this Indenture or otherwise.

     

    Section
      9.04  Effect
      of Supplemental Indenture.
      Upon
      the execution of any supplemental indenture pursuant to the provisions hereof,
      this Indenture shall be and shall be deemed to be modified and amended in
      accordance therewith with respect to the Notes affected thereby, and the
      respective rights, limitations of rights, obligations, duties, liabilities
      and
      immunities under this Indenture of the Indenture Trustee, the Issuer and the
      Noteholders shall thereafter be determined, exercised and enforced hereunder
      subject in all respects to such modifications and amendments, and all the terms
      and conditions of any such supplemental indenture shall be and be deemed to
      be
      part of the terms and conditions of this Indenture for any and all
      purposes.

     

    Section
      9.05  Conformity
      with Trust Indenture Act.
      Every
      amendment of this Indenture and every supplemental indenture executed pursuant
      to this Article IX shall conform to the requirements of the Trust Indenture
      Act as then in effect so long as this Indenture shall then be qualified under
      the Trust Indenture Act.

     

    Section
      9.06  Reference
      in Notes to Supplemental Indentures.
      Notes
      authenticated and delivered after the execution of any supplemental indenture
      pursuant to this Article IX may, and if required by the Indenture Trustee
      shall, bear a notation in form approved by the Indenture Trustee as to any
      matter provided for in such supplemental indenture. If the Issuer or the
      Indenture Trustee shall so determine, new Notes so modified as to conform,
      in
      the opinion of the Indenture Trustee and the Issuer, to any such supplemental
      indenture may be prepared and executed by the Issuer and authenticated and
      delivered by the Indenture Trustee in exchange for Outstanding
      Notes.

     

    Section
      9.07  Supplemental
      Indentures Affecting the Servicer.
      Notwithstanding any other provision of this Article IX, no supplemental
      indenture shall be executed that would materially and adversely affect the
      interests of the Servicer described under Sections 3.22 or 10.18 hereunder
      or in
      Appendix A without the consent of the Servicer.

     

    ARTICLE
      X

     

    MISCELLANEOUS

     

    Section
      10.01  Compliance
      Certificates and Opinions, etc.

     

    (a)  Upon
      any
      application or request by the Issuer to the Indenture Trustee to take any action
      under any provision of this Indenture, the Issuer shall furnish to the Indenture
      Trustee (i) an Officer’s Certificate stating that all conditions precedent,
      if any, provided for in this Indenture relating to the proposed action have
      been
      complied with and (ii) an Opinion of Counsel stating that in the opinion of
      such
      counsel all such conditions precedent, if any, have been complied with, except
      that, in the case of any such application or request as to which the furnishing
      of such documents is specifically required by any provision of this Indenture,
      no additional certificate or opinion need be furnished.

     

    Every
      Officer’s Certificate or opinion with respect to compliance with a condition or
      covenant provided for in this Indenture shall include:

     

    (i)  a
      statement that each signatory of such Officer’s Certificate or opinion has read
      or has caused to be read such covenant or condition and the definitions herein
      relating thereto;

     

    (ii)  a
      brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions contained in such certificate or opinion are
      based;

     

    (iii)  a
      statement that, in the opinion of each such signatory, such signatory has made
      such examination or investigation as is necessary to enable such signatory
      to
      express an informed opinion as to whether or not such covenant or condition
      has
      been complied with;

     

    (iv)  a
      statement as to whether, in the opinion of each such signatory, such condition
      or covenant has been complied with; and

     

    (v)  if
      the
      signatory to such Certificate or Opinion is required to be Independent, the
      statement required by the definition of the term “Independent
      Certificate”.

     

    (b)  (i)Prior
      to
      the deposit of any Collateral or other property or securities with the Indenture
      Trustee that is to be made the basis for the release of any property or
      securities subject to the lien of this Indenture, the Issuer shall, in addition
      to any obligation imposed in Section 10.01(a) or elsewhere in this
      Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying
      or stating the opinion of each person signing such certificate as to the fair
      value (within 90 days of such deposit) to the Issuer of the Collateral or other
      property or securities to be so deposited.

     

    (ii)  Whenever
      the Issuer is required to furnish to the Indenture Trustee an Officer’s
      Certificate certifying or stating the opinion of any signatory thereof as to
      the
      matters described in clause (i) above, the Issuer shall also deliver to the
      Indenture Trustee an Independent Certificate as to the same matters, if the
      fair
      value to the Issuer of the securities to be so deposited and of all other such
      securities made the basis of any such withdrawal or release since the
      commencement of the then-current fiscal year of the Issuer, as set forth in
      the
      certificates delivered pursuant to clause (i) above and this clause (ii), is
      10%
      or more of the Note Balances of the Notes, but such a certificate need not
      be
      furnished with respect to any securities so deposited, if the fair value thereof
      to the Issuer as set forth in the related Officer’s Certificate is less than
      $25,000 or less than one percent of the Note Balances of the Notes.

     

    (iii)  Whenever
      any property or securities are to be released from the lien of this Indenture,
      the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate
      certifying or stating the opinion of each person signing such certificate as
      to
      the fair value (within 90 days of such release) of the property or securities
      proposed to be released and stating that in the opinion of such person the
      proposed release will not impair the security under this Indenture in
      contravention of the provisions hereof.

     

    (iv)  Whenever
      the Issuer is required to furnish to the Indenture Trustee an Officer’s
      Certificate certifying or stating the opinion of any signer thereof as to the
      matters described in clause (iii) above, the Issuer shall also furnish to the
      Indenture Trustee an Independent Certificate as to the same matters if the
      fair
      value of the property or securities and of all other property, other than
      property as contemplated by clause (v) below or securities released from the
      lien of this Indenture since the commencement of the then-current calendar
      year,
      as set forth in the certificates required by clause (iii) above and this clause
      (iv), equals 10% or more of the Note Balances of the Notes, but such certificate
      need not be furnished in the case of any release of property or securities
      if
      the fair value thereof as set forth in the related Officer’s Certificate is less
      than $25,000 or less than one percent of the then Note Balances of the
      Notes.

     

    (v)  Notwithstanding
      any provision of this Indenture, the Issuer may, without compliance with the
      requirements of the other provisions of this Section 10.01, (A) collect,
      sell or otherwise dispose of the Loans as and to the extent permitted or
      required by the Basic Documents or (B) make cash payments out of the Payment
      Account as and to the extent permitted or required by the Basic Documents,
      so
      long as the Issuer shall deliver to the Indenture Trustee every six months,
      commencing January 1, 2008, an Officer’s Certificate of the Issuer stating that
      all the dispositions of Collateral described in clauses (A) or (B) above that
      occurred during the preceding six calendar months were in the ordinary course
      of
      the Issuer’s business and that the proceeds thereof were applied in accordance
      with the Basic Documents.

     

    Section
      10.02  Form
      of Documents Delivered to Indenture Trustee.
      In any
      case where several matters are required to be certified by, or covered by an
      opinion of, any specified Person, it is not necessary that all such matters
      be
      certified by, or covered by the opinion of, only one such Person, or that they
      be so certified or covered by only one document, but one such Person may certify
      or give an opinion with respect to some matters and one or more other such
      Persons as to other matters, and any such Person may certify or give an opinion
      as to such matters in one or several documents.

     

    Any
      certificate or opinion of an Authorized Officer of the Issuer may be based,
      insofar as it relates to legal matters, upon a certificate or opinion of, or
      representations by, counsel, unless such officer knows, or in the exercise
      of
      reasonable care should know, that the certificate or opinion or representations
      with respect to the matters upon which such officer’s certificate or opinion is
      based are erroneous. Any such certificate of an Authorized Officer or Opinion
      of
      Counsel may be based, insofar as it relates to factual matters, upon a
      certificate or opinion of, or representations by, an officer or officers of
      the
      Seller, the Depositor or the Issuer, stating that the information with respect
      to such factual matters is in the possession of the Seller, the Depositor or
      the
      Issuer, unless such counsel knows, or in the exercise of reasonable care should
      know, that the certificate or opinion or representations with respect to such
      matters are erroneous.

     

    Where
      any
      Person is required to make, give or execute two or more applications, requests,
      consents, certificates, statements, opinions or other instruments under this
      Indenture, they may, but need not, be consolidated and form one
      instrument.

     

    Whenever
      in this Indenture, in connection with any application or certificate or report
      to the Indenture Trustee, it is provided that the Issuer shall deliver any
      document as a condition of the granting of such application, or as evidence
      of
      the Issuer’s compliance with any term hereof, it is intended that the truth and
      accuracy, at the time of the granting of such application or at the effective
      date of such certificate or report (as the case may be), of the facts and
      opinions stated in such document shall in such case be conditions precedent
      to
      the right of the Issuer to have such application granted or to the sufficiency
      of such certificate or report. The foregoing shall not, however, be construed
      to
      affect the Indenture Trustee’s right to rely upon the truth and accuracy of any
      statement or opinion contained in any such document as provided in
      Article VI.

     

    Section
      10.03  Acts
      of Noteholders.

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by Noteholders may be
      embodied in and evidenced by one or more instruments of substantially similar
      tenor signed by such Noteholders in person or by agents duly appointed in
      writing; and except as herein otherwise expressly provided such action shall
      become effective when such instrument or instruments are delivered to the
      Indenture Trustee, and, where it is hereby expressly required, to the Issuer.
      Such instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “Act of Noteholders” signing
      such instrument or instruments. Proof of execution of any such instrument or
      of
      a writing appointing any such agent shall be sufficient for any purpose of
      this
      Indenture and (subject to Section 6.01) conclusive in favor of the
      Indenture Trustee and the Issuer, if made in the manner provided in this
      Section 10.03.

     

    (b)  The
      fact
      and date of the execution by any person of any such instrument or writing may
      be
      proved in any manner that the Indenture Trustee deems sufficient.

     

    (c)  The
      ownership of Notes shall be proved by the Note Registrar.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Noteholder shall bind the Holder of every Note issued upon the
      registration thereof or in exchange therefor or in lieu thereof, in respect
      of
      anything done, omitted or suffered to be done by the Indenture Trustee or the
      Issuer in reliance thereon, whether or not notation of such action is made
      upon
      such Note.

     

    Section
      10.04  Notices,
      etc., to Indenture Trustee, Issuer, Insurer and Rating Agencies.

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or Act of
      Noteholders or other documents provided or permitted by this Indenture shall
      be
      in writing and if such request, demand, authorization, direction, notice,
      consent, waiver or Act of Noteholders is to be made upon, given or furnished
      to
      or filed with:

     

    (i)  the
      Indenture Trustee by any Noteholder or by the Issuer, it shall be sufficient
      for
      every purpose hereunder if made, given, furnished or filed in writing to or
      with
      the Indenture Trustee at the Corporate Trust Office. The Indenture Trustee
      shall
      promptly transmit any notice received by it from the Noteholders to the Issuer,
      

     

    (ii)  the
      Issuer by the Indenture Trustee or by any Noteholder, it shall be sufficient
      for
      every purpose hereunder if in writing and mailed first-class, postage prepaid
      to
      the Issuer addressed to: Home Equity Mortgage Trust 2007-1, in care of
      Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
      Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration,
      or
      at any other address previously furnished in writing to the Indenture Trustee
      by
      the Issuer. The Issuer shall promptly transmit any notice received by it from
      the Noteholders to the Indenture Trustee.

     

    (iii)  the
      Insurer by the Issuer, the Indenture Trustee or by any Noteholders shall be
      sufficient for every purpose hereunder if in writing and mailed first-class,
      postage prepaid, or personally delivered or telecopied to: Ambac Assurance
      Corporation, One State Street Plaza, New York, New York 10004, Attention: Risk
      Management, Consumer Asset-Backed Securities, Facsimile: (212) 363-1459,
      Telephone: (212) 668-0340. The Insurer shall promptly transmit any notice
      received by it from the Issuer, the Indenture Trustee or the Noteholders to
      the
      Issuer or Indenture Trustee as the case may be;

     

    Notices
      required to be given to the Rating Agencies by the Issuer or the Indenture
      Trustee or the Owner Trustee shall be in writing, personally delivered or mailed
      by certified mail, return receipt requested, to (i) in the case of Moody’s, at
      the following address: Moody’s Investors Service, Inc., ABS Monitoring
      Department, 99 Church Street, New York, New York 10007,
      Attention: Residential Mortgage Surveillance Group and (ii) in the case of
      Standard & Poor’s, at the following address: Standard & Poor’s, 26
      Broadway, 15th Floor, New York, New York 10004, Attention: Asset Backed
      Surveillance Department; or as to each of the foregoing, at such other address
      as shall be designated by written notice to the other parties.

     

    Section
      10.05  Notices
      to Noteholders; Waiver.
      Where
      this Indenture provides for notice to Noteholders of any event, such notice
      shall be sufficiently given (unless otherwise herein expressly provided) if
      in
      writing and mailed, first-class, postage prepaid to each Noteholder affected
      by
      such event, at such Person’s address as it appears on the Note Register, not
      later than the latest date, and not earlier than the earliest date, prescribed
      for the giving of such notice. In any case where notice to Noteholders is given
      by mail, neither the failure to mail such notice nor any defect in any notice
      so
      mailed to any particular Noteholder shall affect the sufficiency of such notice
      with respect to other Noteholders, and any notice that is mailed in the manner
      herein provided shall conclusively be presumed to have been duly given
      regardless of whether such notice is in fact actually received.

     

    Where
      this Indenture provides for notice in any manner, such notice may be waived
      in
      writing by any Person entitled to receive such notice, either before or after
      the event, and such waiver shall be the equivalent of such notice. Waivers
      of
      notice by Noteholders shall be filed with the Indenture Trustee but such filing
      shall not be a condition precedent to the validity of any action taken in
      reliance upon such a waiver.

     

    In
      case,
      by reason of the suspension of regular mail service as a result of a strike,
      work stoppage or similar activity, it shall be impractical to mail notice of
      any
      event to Noteholders when such notice is required to be given pursuant to any
      provision of this Indenture, then any manner of giving such notice as shall
      be
      satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving
      of such notice.

     

    Where
      this Indenture provides for notice to the Rating Agencies, failure to give
      such
      notice shall not affect any other rights or obligations created hereunder,
      and
      shall not under any circumstance constitute an Event of Default.

     

    Section
      10.06  Alternate
      Payment and Notice Provisions.
      Notwithstanding any provision of this Indenture or any of the Notes to the
      contrary, the Issuer may enter into any agreement with any Noteholder providing
      for a method of payment, or notice by the Indenture Trustee to such Noteholder,
      that is different from the methods provided for in this Indenture for such
      payments or notices. The Issuer shall furnish to the Indenture Trustee a copy
      of
      each such agreement and the Indenture Trustee shall cause payments to be made
      and notices to be given in accordance with such agreements.

     

    Section
      10.07  Conflict
      with Trust Indenture Act.
      If any
      provision hereof limits, qualifies or conflicts with another provision hereof
      that is required to be included in this Indenture by any of the provisions
      of
      the Trust Indenture Act, such required provision shall control.

     

    The
      provisions of TIA §§310 through 317 that impose duties on any Person (including
      the provisions automatically deemed included herein unless expressly excluded
      by
      this Indenture) are a part of and govern this Indenture, whether or not
      physically contained herein.

     

    Section
      10.08  Effect
      of Headings.
      The
      Article and Section headings herein are for convenience only and shall
      not affect the construction hereof.

     

    Section
      10.09  Successors
      and Assigns.
      All
      covenants and agreements in this Indenture and the Notes by the Issuer shall
      bind its successors and assigns, whether so expressed or not. All agreements
      of
      the Indenture Trustee in this Indenture shall bind its successors, co-trustees
      and agents.

     

    Section
      10.10  Separability.
      In case
      any provision in this Indenture or in the Notes shall be invalid, illegal or
      unenforceable, the validity, legality, and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby.

     

    Section
      10.11  Benefits
      of Indenture.
      Nothing
      in this Indenture or in the Notes, express or implied, shall give to any Person,
      other than the parties hereto and their successors hereunder, the Insurer and
      the Noteholders and any other party secured hereunder, and any other Person
      with
      an ownership interest in any part of the Trust Estate, any benefit or any legal
      or equitable right, remedy or claim under this Indenture. The Insurer shall
      be
      an intended third party beneficiary of this Indenture.

     

    Section
      10.12  Legal
      Holidays.
      In any
      case where the date on which any payment is due shall not be a Business Day,
      then (notwithstanding any other provision of the Notes or this Indenture)
      payment need not be made on such date, but may be made on the next succeeding
      Business Day with the same force and effect as if made on the date on which
      nominally due, and no interest shall accrue for the period from and after any
      such nominal date.

     

    Section
      10.13  GOVERNING
      LAW.
      THIS
      INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
      RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
      WITH SUCH LAWS.

     

    Section
      10.14  Counterparts.
      This
      Indenture may be executed in any number of counterparts, each of which so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument.

     

    Section
      10.15  Recording
      of Indenture.
      If this
      Indenture is subject to recording in any appropriate public recording offices,
      such recording is to be effected by the Issuer and at its expense accompanied
      by
      an Opinion of Counsel (which may be counsel to the Indenture Trustee or any
      other counsel reasonably acceptable to the Indenture Trustee) to the effect
      that
      such recording is necessary either for the protection of the Noteholders or
      any
      other Person secured hereunder or for the enforcement of any right or remedy
      granted to the Indenture Trustee under this Indenture.

     

    Section
      10.16  Issuer
      Obligation.
      No
      recourse may be taken, directly or indirectly, with respect to the obligations
      of the Issuer, the Owner Trustee, the Indenture Trustee on the Notes or under
      this Indenture or any certificate or other writing delivered in connection
      herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee
      in
      its individual capacity, (ii) any owner of a beneficial interest in the Issuer
      or (iii) any partner, owner, beneficiary, agent, officer, director, employee
      or
      agent of the Indenture Trustee or the Owner Trustee in its individual capacity,
      any holder of a beneficial interest in the Issuer, the Owner Trustee, the
      Indenture Trustee or of any successor or assign of any of them in its individual
      capacity, except as any such Person may have expressly agreed (it being
      understood that the Indenture Trustee and the Owner Trustee have no such
      obligations in their individual capacity) and except that any such partner,
      owner or beneficiary of the Issuer shall be fully liable, to the extent provided
      by applicable law, for any unpaid consideration for stock, unpaid capital
      contribution or failure to pay any installment or call owing to such entity.
      For
      all purposes of this Indenture, in the performance of any duties or obligations
      of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled
      to
      the benefits of, the terms and provisions of Article VI, VII and VIII of
      the Trust Agreement.

     

    Section
      10.17  No
      Petition.
      The
      Indenture Trustee by entering into this Indenture, and each Noteholder, by
      accepting a Note, hereby covenant and agree that they will not at any time
      prior
      to the day one year and one day after the date this Indenture terminates
      institute against the Depositor or the Issuer, or join in any institution
      against the Depositor or the Issuer of, any bankruptcy, reorganization,
      arrangement, insolvency or liquidation proceedings, or other proceedings under
      any United States federal or state bankruptcy or similar law in connection
      with
      any obligations relating to the Notes, this Indenture or any of the Basic
      Documents.

     

    Section
      10.18  Optional
      Termination. 

     

    (a)  The
      Servicer, on behalf of the Terminating Entity, at the direction of the
      Terminating Entity, shall have the right, but not the obligation, upon the
      Aggregate Collateral Balance (after applying payments received in the related
      Collection Period) as of such Payment Date being less than ten percent of the
      Aggregate Collateral Balance as of the Cut-off Date, to purchase from the Issuer
      (with the consent of the Insurer if such exercise would result in a claim on
      the
      Policy) all of the assets of the Trust Estate at a price equal to the sum of
      (A)
      100% of the Aggregate Collateral Balance (other than in respect of REO) plus
      one
      month’s accrued interest thereon at the applicable Mortgage Interest Rate with
      respect to each Loan, (B) with respect to any REO, the lesser of (x) the
      appraised value of any REO as determined by the higher of two independent
      valuations completed by two independent companies selected by the Depositor
      at
      the expense of the Depositor and (y) the Principal Balance of each Loan related
      to any REO, in each case plus accrued and unpaid interest thereon at the
      applicable Mortgage Interest Rate, (C) any remaining unreimbursed Servicing
      Advances and Servicing Fees payable to a Servicer (other than a Servicer that
      is
      the Terminating Entity) or the Indenture Trustee and any unreimbursed Advances
      (made by the Indenture Trustee as a successor Servicer) and expenses payable
      to
      the Indenture Trustee and (D) any outstanding Insurer Reimbursement
      Amounts;

     

    If
      any
      right to purchase is exercised, the Servicer on behalf of the Terminating Entity
      shall deposit the applicable purchase price with the Indenture Trustee pursuant
      to Section 4.10 hereof and, upon the receipt of such deposit, the Indenture
      Trustee or the Custodians shall release to
      the
      designee appointed by the Terminating Entity the
      files
      pertaining to the Loans being purchased. The Servicer on behalf of the
      Terminating Entity shall prepare and deliver to the Indenture Trustee or the
      Custodian, for execution, at the time the Loans are to be released to the
      Terminating Entity appropriate documents assigning each such Loan from the
      Indenture Trustee and the Issuer to the Terminating Entity. The Terminating
      Entity shall reimburse the Servicer for its reasonable out-of-pocket expenses
      incurred in connection with its termination of the Trust Fund on behalf of
      the
      Terminating Entity and shall indemnify and hold harmless the Servicer for any
      losses, liabilities or expenses resulting from any claims relating to the
      Servicer's termination of the Trust Fund on behalf of the Terminating Entity.
      If
      the Terminating Entity elects to direct the Servicer to terminate the Trust
      Fund
      on behalf of the Terminating Entity pursuant to Section 10.18(a), at least
      20
      days prior to the first day of the Optional Termination Notice Period such
      Person shall notify the Servicer, the Insurer and the Indenture Trustee of
      the
      date the Servicer, on behalf of the Terminating Entity, intends to terminate
      the
      Trust Fund and of the applicable purchase price of the Loans. Notice of any
      termination of the Trust Fund, specifying the Payment Date on which Noteholders
      shall surrender their Notes and/or Certificateholders shall surrender their
      Certificates for payment of the final distribution and cancellation (whether
      upon Optional Termination or otherwise), shall be given promptly by the
      Indenture Trustee by letter to Holders of Securities mailed not earlier than
      the
      15th day and not later than the 10th day preceding the applicable Optional
      Termination Date or date of final distribution, as the case may be (such period,
      the “Optional Termination Notice Period”). Any such notice shall specify (a) the
      Payment Date upon which final distribution on the Securities will be made upon
      presentation and surrender of Securities at the office therein designated,
      (b)
      the amount of such final distribution, (c) the location of the office or agency
      at which such presentation and surrender must be made, and (d) that the Record
      Date otherwise applicable to such Payment Date is not applicable, distributions
      being made only upon presentation and surrender of the Securities at the office
      therein specified. The Indenture Trustee shall give such notice to each Rating
      Agency and the Servicer at the time such notice is given to Holders of
      Securities. 

     

    Upon
      presentation and surrender of the Notes and Certificates, the Indenture Trustee
      shall cause the final distribution to the Holders of Securities of each Class
      on
      the final Payment Date to be made in accordance with the priorities of Section
      3.05. On the final Payment Date, the Overcollateralization Amount shall be
      distributed to the Class X-1 Certificates in accordance with Section 3.05(d)(ix)
      hereof.

     

    Section
      10.19  Inspection.
      The
      Issuer agrees that, on reasonable prior notice, it shall permit any
      representative of the Indenture Trustee, during the Issuer’s normal business
      hours, to examine all the books of account, records, reports and other papers
      of
      the Issuer, to make copies and extracts therefrom, to cause such books to be
      audited by Independent certified public accountants, and to discuss the Issuer’s
      affairs, finances and accounts with the Issuer’s officers, employees, and
      Independent certified public accountants, all at such reasonable times and
      as
      often as may be reasonably requested. The Indenture Trustee shall cause its
      representatives to hold in confidence all such information except to the extent
      disclosure may be required by law (and all reasonable applications for
      confidential treatment are unavailing) and except to the extent that the
      Indenture Trustee may reasonably determine that such disclosure is consistent
      with its obligations hereunder.

     

    Section
      10.20  Limitation
      of Liability of Owner Trustee.
      Notwithstanding anything to the contrary herein, this Indenture has been
      executed and delivered by Wilmington Trust Company, not individually or
      personally, but solely as Owner Trustee of Home Equity Mortgage Trust 2007-1,
      in
      the exercise of the powers and authority conferred and vested in it, (a) each
      of
      the representations, undertakings and agreements herein made on the part of
      the
      Issuer is made and intended not as personal representations, undertakings and
      agreements by Wilmington Trust Company, but is made and intended for the purpose
      for binding only the Issuer, (b) nothing herein contained shall be construed
      as
      creating any liability on Wilmington Trust Company, individually or personally,
      to perform any covenant either expressed or implied contained herein, all such
      liability, if any, being expressly waived by the parties hereto and by any
      Person claiming by, through or under the parties hereto and (c) under no
      circumstances shall Wilmington Trust Company be personally liable for the
      payment of any indebtedness or expenses of the Issuer or be liable for the
      breach or failure of any obligation, representation, warranty or covenant made
      or undertaken by the Issuer under this Indenture or any other related
      documents.

     

    Section
      10.21  Determination
      of the Terminating Entity.

     

    (a)  The
      Indenture Trustee shall determine the “Terminating Entity” as
      follows:

     

    (i)
      the
      Holder of the largest Percentage Interest of Class X-1 Certificates, unless
      (1)
      the Holder of the largest Percentage Interest of Class X-1 Certificates is
      the
      Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of
      the
      servicing rights with respect to any Loan on the Optional Termination
      Date;

     

    (ii)
      the
      Holder of the next largest Percentage Interest of Class X-1 Certificates, if
      (1)
      the Holder of the largest Percentage Interest of Class X-1 Certificates is
      the
      Depositor or an Affiliate of the Depositor and (2) DLJMC is not the owner of
      the
      servicing rights with respect to any Loan on the Optional Termination
      Date;

     

    (iii)
      the
      Servicer on the Optional Termination Date, if (1) the Depositor or an Affiliate
      of the Depositor is the Holder of 100% of the Class X-1 Certificates and (2)
      DLJMC is not the owner of the servicing rights with respect to any Loan on
      the
      Optional Termination Date; provided, that, if a Holder of Class X-1 Certificates
      is eligible to be the Terminating Entity on any Optional Termination Date and
      does not exercise its right to purchase all of the Loans from the Trust, the
      option to purchase the Loans on such Optional Termination Date shall not be
      exercised.

     

    (b) If
      the
      Terminating Entity, as set forth in Section 10.21(a) above, elects to direct
      the
      Servicer to purchase all Loans and all property acquired in respect of any
      remaining Loan, on behalf of the Terminating Entity, such party must give
      written notice to the Indenture Trustee no later than twenty (20) days prior
      to
      the first day of the Optional Termination Notice Period. Upon receiving such
      notice, the Indenture Trustee shall immediately request from DLJMC and DLJMC
      shall deliver no later than seventeen (17) days prior to the first day of the
      Optional Termination Notice Period a letter indicating whether or not DLJMC
      retains the servicing rights to any Loan. For the avoidance of doubt, the
      Servicer may not elect to exercise an Optional Termination other than at the
      direction of the Terminating Entity.

     

    (b)  
      No later
      than fifteen (15) days prior to the first day of the Optional Termination Notice
      Period, the Indenture Trustee shall provide notice to the Servicer that is
      a
      servicer of any of the Loans of the identity of the Terminating
      Entity.

     

    Section
      10.22  Additional
      Termination Requirements.

     

    (a)  In
      the
      event that the Terminating Entity exercises its purchase option with respect
      to
      the Loans as provided in Section 10.18, at such time as the Loans are so
      purchased, the related REMICs shall be terminated in accordance with the
      following additional requirements, unless the Indenture Trustee has been
      supplied with an Opinion of Counsel, at the expense of the Depositor, to the
      effect that the failure to comply with the requirements of this Section 10.22
      will not (i) result in the imposition of taxes on “prohibited transactions” on
      any REMIC as defined in Section 860F of the Code, or (ii) cause REMIC I, REMIC
      II or REMIC III to fail to qualify as a REMIC at any time that any Certificates
      are outstanding:

     

    (i)  Within
      90
      days prior to the final Payment Date set forth in the notice given by the
      Indenture Trustee under Section 10.18, the Depositor shall prepare and the
      Indenture Trustee, at the expense of the Depositor, shall adopt a plan of
      complete liquidation within the meaning of Section 860F(a)(4) of the Code which,
      as evidenced by an Opinion of Counsel (which opinion shall not be an expense
      of
      the Indenture Trustee, the Tax Matters Person or the Trust Fund), meets the
      requirements of a qualified liquidation;

     

    (ii)  Within
      90
      days after the time of adoption of such a plan of complete liquidation, the
      Indenture Trustee shall sell all of the assets of the Trust Fund to the
      Depositor for cash in accordance with Section 9.01; and

     

    (iii)  On
      the
      date specified for final payment of the Notes and Certificates, the Indenture
      Trustee shall, after payment of any unreimbursed Advances, Servicing Advances,
      Servicing Fees or other payment or compensation payable to the Servicer pursuant
      to the Servicing Agreement and other payments required to be made to the
      Indenture Trustee or the Administrator under the Basic Documents, make final
      payments of principal and interest on the Notes and Certificates in accordance
      with Section 3.05 and distribute or credit, or cause to be distributed or
      credited, to the Holders of the Class A-R and Class G Certificates all cash
      on
      hand after such final payment (other than the cash retained to meet claims),
      and
      the related REMIC shall terminate at that time.

     

    (b)  The
      Indenture Trustee as agent for REMIC I, REMIC II and REMIC III hereby agrees
      to
      adopt and sign such a plan of complete liquidation upon the written request
      of
      the Depositor, and the receipt of the Opinion of Counsel referred to in Section
      10.22(a)(1) and to take such other action, at the Depositor’s expense, in
      connection therewith as may be reasonably requested by the
      Depositor.

     

    (c)  By
      their
      acceptance of the Notes and Certificates, the Holders thereof hereby authorize
      the Depositor to prepare and the Indenture Trustee to adopt and sign a plan
      of
      complete liquidation.

     

    Section
      10.23  Third
      Party Beneficiary.
      The
      Insurer is an express third-party beneficiary of this Indenture, and shall
      have
      the right to enforce the provisions of this Indenture.

     

    ARTICLE
      XI

     

    REMIC
      PROVISIONS

     

    Section
      11.01  REMIC
      Provisions.

     

    (a)  The
      REMIC
      Administrator shall make an election to treat the Loans and the proceeds of
      the
      Loans and the proceeds on deposit in the Payment Account as three REMICs under
      the Code and, if necessary, under applicable state law, in accordance with
      Section 2.06 of the Trust Agreement, designated as REMIC I, REMIC II or
      REMIC III. Such election will be made on Form 1066 or other appropriate federal
      tax or information return (including Form 8811) or any appropriate state return
      for the taxable year ending on the last day of the calendar year in which the
      Securities are issued. For the purposes of the REMIC elections in respect of
      that portion of the Trust Estate, the REMIC I Regular Interests will be
      designated as the “regular interests” and the Class G Certificates will be
      the sole class of “residual interests” in REMIC I, (vi) the REMIC II Regular
      Interests will be designated as the “regular interests” and the Class A-R
      Certificates (with respect to the Class R-II Interest) will be the sole class
      of
“residual interests” in REMIC II, (vii) the REMIC III Regular Interests will be
      designated as the “regular interests” and the Class A-R Certificates (with
      respect to the Class R-III Interest) will be the sole class of “residual
      interests” in REMIC III. The REMIC Administrator and the Indenture Trustee shall
      not permit the creation of any “interests” (within the meaning of
      Section 860G of the Code) in each REMIC elected in respect of the Trust
      Fund other than the “regular interests” and “residual interests” so
      designated.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each of REMIC I, REMIC
      II and REMIC III, as designated in clause (a) above, within the meaning of
      Section 860G(a)(9) of the Code.

     

    (c)  The
“tax
      matters person” with respect to each of REMIC II and REMIC III shall be the
      Holder of the Class A-R Certificate at any time holding the largest Percentage
      Interest thereof in the manner provided under Treasury regulations section
      1.860F-4(d) and Treasury regulations section 301.6231(a)(7)-1. 

     

    (d)  The
      REMIC
      Administrator shall (i) prepare, sign and file, or cause to be prepared, signed
      and filed, federal and state tax returns using a calendar year as the taxable
      year for each REMIC created hereunder when and as required by the REMIC
      Provisions and other applicable federal income tax laws as the direct
      representative of each such REMIC in compliance with the Code and shall provide
      copies of such returns as required by the Code; (ii) make an election, on behalf
      of each REMIC created hereunder, to be treated as a REMIC on the federal tax
      return of such REMIC for its first taxable year, in accordance with the REMIC
      Provisions; and (iii) prepare and forward, or cause to be prepared and
      forwarded, to the Noteholders and to any governmental taxing authority all
      information reports as and when required to be provided to them in accordance
      with the REMIC Provisions and, otherwise, shall, shall deliver such tax returns
      in a timely manner to the Owner Trustee, if the Owner Trustee is required to
      sign such returns in accordance with Section 5.03 of the Trust Agreement,
      and shall sign (if the Owner Trustee is not so required) and file such tax
      returns in a timely manner. The expenses of preparing such returns shall be
      borne by the REMIC Administrator without any right of reimbursement therefor.
      The REMIC Administrator agrees to indemnify and hold harmless the Owner Trustee
      with respect to any tax or liability arising from the Owner Trustee’s signing of
      Tax Returns that contain errors or omissions. The Servicer shall promptly
      provide the REMIC Administrator with such information as the REMIC Administrator
      may from time to time request for the purpose of enabling the REMIC
      Administrator to prepare Tax Returns.

     

    (e)  The
      REMIC
      Administrator shall provide (i) to any Transferor of a Class A-R
      Certificate and Class G Certificate such information as is necessary for the
      application of any tax relating to the transfer of a Class A-R Certificate
      and Class G Certificate to any Person who is not a Permitted Transferee, (ii)
      to
      the Indenture Trustee, and the Indenture Trustee shall forward to the
      Noteholders and the Certificateholders, such information or reports as are
      required by the Code or the REMIC Provisions including reports relating to
      interest, original issue discount and market discount or premium (using the
      Prepayment Assumption) and (iii) to the Internal Revenue Service the name,
      title, address and telephone number of the person who will serve as the
      representative of each REMIC.

     

    (f)  The
      Servicer and the REMIC Administrator shall take such actions and shall cause
      each REMIC created hereunder to take such actions as are reasonably within
      the
      Servicer’s or the REMIC Administrator’s control and the scope of its duties more
      specifically set forth herein as shall be necessary or desirable to maintain
      the
      status of each REMIC as a REMIC under the REMIC Provisions (and the Indenture
      Trustee shall assist the Servicer and the REMIC Administrator, to the extent
      reasonably requested by the Servicer and the REMIC Administrator to do so).
      The
      Servicer and the REMIC Administrator shall not knowingly or intentionally take
      any action, cause the Trust Estate to take any action or fail to take (or fail
      to cause to be taken) any action reasonably within their respective control
      that, under the REMIC Provisions, if taken or not taken, as the case may be,
      could (i) endanger the status of any portion of any of the REMICs as a REMIC
      or
      (ii) result in the imposition of a tax upon any of the REMICs (including but
      not
      limited to the tax on prohibited transactions as defined in
      Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set
      forth in Section 860G(d) of the Code) (either such event, in the absence of
      an Opinion of Counsel or the indemnification referred to in this sentence,
      an
“Adverse REMIC Event”) unless the Servicer or the REMIC Administrator, as
      applicable, has received an Opinion of Counsel (at the expense of the party
      seeking to take such action or, if such party fails to pay such expense, and
      the
      Servicer or the REMIC Administrator, as applicable, determines that taking
      such
      action is in the best interest of the Trust Estate and the Noteholders and
      the
      Certificateholders, at the expense of the Trust Estate, but in no event at
      the
      expense of the Servicer, the REMIC Administrator, the Owner Trustee or the
      Indenture Trustee) to the effect that the contemplated action will not, with
      respect to each REMIC created hereunder, endanger such status or, unless the
      Servicer, the REMIC Administrator or both, as applicable, determine in its
      or
      their sole discretion to indemnify the Trust Estate against the imposition
      of
      such a tax, result in the imposition of such a tax. Wherever in this Agreement
      a
      contemplated action may not be taken because the timing of such action might
      result in the imposition of a tax on the Trust Estate, or may only be taken
      pursuant to an Opinion of Counsel that such action would not impose a tax on
      the
      Trust Estate, such action may nonetheless be taken provided that the indemnity
      given in the preceding sentence with respect to any taxes that might be imposed
      on the Trust Estate has been given and that all other preconditions to the
      taking of such action have been satisfied. Neither the Indenture Trustee nor
      the
      Indenture Trustee shall take or fail to take any action (whether or not
      authorized hereunder) as to which the Servicer or the REMIC Administrator,
      as
      applicable, has advised it in writing that it has received an Opinion of Counsel
      to the effect that an Adverse REMIC Event could occur with respect to such
      action. In addition, prior to taking any action with respect to any of the
      REMICs created hereunder or any related assets thereof, or causing any of the
      REMICs to take any action, which is not expressly permitted under the terms
      of
      this Agreement, the Indenture Trustee will consult with the Servicer or the
      REMIC Administrator, as applicable, or its designee, in writing, with respect
      to
      whether such action could cause an Adverse REMIC Event to occur with respect
      to
      any of the REMICs, and the Indenture Trustee shall not take any such action
      or
      cause any REMIC to take any such action as to which the Servicer or the REMIC
      Administrator, as applicable, has advised it in writing that an Adverse REMIC
      Event could occur. The Servicer or the REMIC Administrator, as applicable,
      may
      consult with counsel to make such written advice, and the cost of same shall
      be
      borne by the party seeking to take the action not expressly permitted by this
      Agreement, but in no event at the expense of the Servicer or the REMIC
      Administrator. At all times as may be required by the Code, the Servicer, the
      Indenture Trustee will to the extent within its control and the scope of its
      duties more specifically set forth herein, maintain substantially all of the
      assets of each REMIC created hereunder as “qualified mortgages” as defined in
      Section 860G(a)(3) of the Code and “permitted investments” as defined in
      Section 860G(a)(5) of the Code.

     

    (g)  In
      the
      event that any tax is imposed on “prohibited transactions” of any of the REMICs
      created hereunder as defined in Section 860F(a)(2) of the Code, on “net
      income from foreclosure property” of any of the REMICs as defined in
      Section 860G(c) of the Code, on any contributions to any of the REMICs
      after the Startup Day therefor pursuant to Section 860G(d) of the Code, or
      any other tax is imposed by the Code or any applicable provisions of state
      or
      local tax laws, such tax shall be charged (i) to the Servicer, if such tax
      arises out of or results from a breach by the Servicer of any of its obligations
      under this Agreement or the Servicer has in its sole discretion determined
      to
      indemnify the Trust Estate against such tax, (ii) to the Indenture Trustee,
      if
      such tax arises out of or results from a breach by the Trustee of any of its
      obligations under this Article XI, (iii) to the Indenture Trustee, if such
      tax
      arises out of or results from a breach by the Indenture Trustee of any of its
      obligations under this Article XI or (iv) otherwise against amounts on deposit
      in the Custodial Account and on the Payment Date(s) following such reimbursement
      the aggregate of such taxes shall be allocated in reduction of the accrued
      interest due on each Class entitled thereto on a pro rata basis.

     

    (h)  The
      Indenture Trustee and the Servicer shall, for federal income tax purposes,
      maintain books and records with respect to each REMIC created hereunder on
      a
      calendar year and on an accrual basis or as otherwise may be required by the
      REMIC Provisions.

     

    (i)  Following
      the Startup Day, neither the Servicer, nor the Indenture Trustee shall accept
      any contributions of assets to any of the REMICs created hereunder unless
      (subject to Section 11.01(f)) the Servicer, the Indenture Trustee shall
      have received an Opinion of Counsel (at the expense of the party seeking to
      make
      such contribution) to the effect that the inclusion of such assets in such
      REMIC
      will not cause any of the REMICs to fail to qualify as a REMIC at any time
      that
      any Notes or Class A-R Certificates or Class G Certificates are outstanding
      or subject any of the REMICs to any tax under the REMIC Provisions or other
      applicable provisions of federal, state and local law or
      ordinances.

     

    (j)  Neither
      the Servicer nor the Indenture Trustee shall (subject to Section 11.01(f))
      enter into any arrangement by which any of the REMICs created hereunder will
      receive a fee or other compensation for services nor permit any of the REMICs
      to
      receive any income from assets other than “qualified mortgages” as defined in
      Section 860G(a)(3) of the Code or “permitted investments” as defined in
      Section 860G(a)(5) of the Code.

     

    (k)  Solely
      for the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations, the “latest possible maturity date” by which the Class Principal
      Balance of each Class of Notes representing a regular interest in the applicable
      REMIC is the Final Payment Date.

     

    (l)  Within
      30
      days after the Closing Date, the REMIC Administrator shall prepare and file
      with
      the Internal Revenue Service Form 8811, “Information Return for Real Estate
      Mortgage Investment Conduits (REMIC) and Issuers of Collateralized Debt
      Obligations” for each REMIC created hereunder.

     

    (m)  Neither
      the Depositor, the Indenture Trustee nor the Servicer shall sell, dispose of
      or
      substitute for any of the Loans (except in connection with (i) the default,
      imminent default or foreclosure of a Loan, including but not limited to, the
      acquisition or sale of a Mortgaged Property acquired by deed in lieu of
      foreclosure, (ii) the bankruptcy of either of the REMICs created hereunder,
      (iii) the termination of the applicable REMIC pursuant to Section 3.05 of
      the Trust Agreement or (iv) a purchase of Loans pursuant to the Purchase
      Agreement) nor acquire any assets for any of the REMICs, nor sell or dispose
      of
      any investments in the Custodial Account or the Payment Account for gain nor
      accept any contributions to any of the REMICs after the Closing Date unless
      it
      has received an Opinion of Counsel that such sale, disposition, substitution
      or
      acquisition will not (a) affect adversely the status of any of the REMICs as
      a
      REMIC or (b) unless the Servicer has determined in its sole discretion to
      indemnify the Trust Estate against such tax, cause any REMIC to be subject
      to a
      tax on “prohibited transactions” or “contributions” pursuant to the REMIC
      Provisions.

     

    (n)  The
      Indenture Trustee will apply for an employer identification number from the
      Internal Revenue Service on a Form SS-4 or any other acceptable method for
      all
      tax entities.

     

    Section
      11.02  Distributions
      on the REMIC I Regular Interests, the REMIC II Regular Interests and the REMIC
      III Regular Interests. 

     

    (a) Distributions
      on the REMIC I Regular Interests.

     

    On
      each
      Payment Date, the Indenture Trustee shall cause in the following order of
      priority, the following amounts to be distributed by REMIC I to REMIC II on
      account of the REMIC I Regular Interests or withdrawn from the Payment Account
      and distributed to the holders of the Class G Certificates, as the case may
      be:

     

    (i)  first,
      to
      the Holders of the Class G Certificates, an amount equal to any Additional
      Balance Advance Amount with respect to the Mortgage Loans for such Payment
      Date;

     

    (ii)  second,
      to the Holders of REMIC I Regular Interests LT-1 and LTIA-PF an amount equal
      to
      (x) the Uncertificated Accrued Interest for such Payment Date, plus (y) any
      amounts in respect thereof remaining unpaid from previous Payment
      Dates;

     

    (iii)  second,
      to the Holders of REMIC I Regular Interests, in an amount equal to the remainder
      of the available funds for such Payment Date after the distributions made
      pursuant to clauses (i) and (ii) above and, in the case of distributions made
      pursuant to Section 11.02(a)(iii)(c), the amount of any Prepayment Charges
      for
      such Payment Date, allocated as follows: 

     

    (a) to
      the
      Holders of REMIC I Regular Interest LT-1, until the Uncertificated Principal
      Balance of REMIC I Regular Interest LT-1 is reduced to zero; and

     

    (b) to
      the
      Holders of REMIC I Regular Interest LT-PF, until the Uncertificated Principal
      Balance of REMIC I Regular Interest LT-PF is reduced to zero; and

     

    any
      remaining amount to the Holders of the Class G Certificates.

     

    (b) Distributions
      on the REMIC II Regular Interests.

     

    On
      each
      Payment Date, the Indenture Trustee shall cause in the following order of
      priority, the following amounts to be distributed by REMIC II to REMIC III
      on
      account of the REMIC II Regular Interests or withdrawn from the Payment Account
      and distributed to the holders of the Class A-R Certificates (with respect
      to the Class R-II Interest), as the case may be:

     

    (i) first,
      to
      the extent of the sum of available funds for such Payment Date, to Holders
      of
      REMIC II Regular Interests LT-AA, LT-A-1, LT-ZZ, LT-P and LT-AR, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Accrued Interest for such Payment Date,
      plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates. Amounts payable as Uncertificated Accrued Interest in
      respect of REMIC II Regular Interest LT-ZZ shall be reduced when the REMIC
      II
      Overcollateralization Amount is less than the REMIC II Overcollateralization
      Target Amount, by the lesser of (x) the amount of such difference and (y) the
      REMIC II Regular Interest LT-ZZ Maximum Interest Deferral Amount and such amount
      will be payable to the Holders of REMIC II Regular Interest LT-A-1, in the
      same
      proportion as the amounts are allocated to the Corresponding Note, pursuant
      to
      Section 3.05(b) herein, for each such REMIC II Regular Interest, and the
      Uncertificated Principal Balance of the REMIC II Regular Interest LT-ZZ shall
      be
      increased by such amount;

     

    (ii) second,
      to the Holders of REMIC II Regular Interests, in an amount equal to the
      remainder of the available funds for such Payment Date after the distributions
      made pursuant to clause (i) above and, in the case of distributions made
      pursuant to Section 11.02(b)(ii)(b), the amount of any Prepayment Charges for
      such Payment Date, allocated as follows:

     

    (a) to
      the
      Holders of REMIC II Regular Interest LT-AR, an amount equal to the amount
      distributed to the holder of the Corresponding Note on such Payment Date
      pursuant to Section 3.05(b); and

     

    (b) to
      the
      Holders of REMIC II Regular Interest LT-P, an amount equal to the amount
      distributed to the holder of the Corresponding Note on such Payment Date
      pursuant to Section 3.05(b); and

     

    (iii) third,
      to
      the Holders of REMIC II Regular Interests, in an amount equal to the remainder
      of the available funds for such Payment Date after the distributions made
      pursuant to clauses (i) and (ii) above, allocated as follows:

     

    (a) 98%
      of
      such remainder to the Holders of REMIC II Regular Interest LT-AA, until the
      Uncertificated Principal Balance of such REMIC II Regular Interest is reduced
      to
      zero;

     

    (b) 2%
      of
      such remainder, first, to the Holders of REMIC II Regular Interest LT-A-1,
      equal
      to 1% of and in the same proportion as principal payments are allocated to
      the
      Corresponding Note, until the Uncertificated Principal Balances of such REMIC
      II
      Regular Interests are reduced to zero; and second, to the Holders of REMIC
      II
      Regular Interest LT-ZZ, until the Uncertificated Principal Balance of such
      REMIC
      II Regular Interest is reduced to zero; and

     

    (c) any
      remaining amount to the Holders of the Class A-R Certificates (with respect
      to
      the Class R-II Interest).

     

    ARTICLE
      XII

     

    CERTAIN
      MATTERS REGARDING THE INSURER

     

    Section
      12.01  Rights
      of the Insurer to Exercise the Rights of the Class A-1 Notes.
      By
      accepting its Note or Certificate, each Class A-1 Noteholder or Class G
      Certificateholder agrees that unless an Insurer Default exists, the Insurer
      shall have the right to exercise all consent, voting, direction and other
      control rights of the Class A-1 Noteholders or Class G Certificateholders under
      this Indenture without any further consent of the Class A-1 Noteholders or
      Class
      G Certificateholders.

     

    Section
      12.02  Claims
      Upon the Policy; Insurance Account.

     

    (a)  If
      the
      Indenture Trustee determines that there will be a Deficiency Amount, the
      Indenture Trustee shall give notice by telephone or telecopy of the aggregate
      amount of such Deficiency Amount, confirmed in writing in the form set forth
      as
      Exhibit A to the Policy, to the Insurer at or before 12:00 noon, New York City
      time, on the Business Day prior to such Payment Date. If, subsequent to such
      notice, and prior to payment by the Insurer pursuant to such notice, additional
      amounts are deposited in the Payment Account, the Indenture Trustee shall
      reasonably promptly notify the Insurer and the Indenture Trustee and withdraw
      the notice or reduce the amount claimed, as appropriate.

     

    (b)  The
      Indenture Trustee shall establish a separate special purpose non-interest
      bearing trust account for the benefit of Holders of the Class A-1 Notes or
      Class
      G Certificates and the Insurer referred to herein as the “Insurance Account”
over which the Indenture Trustee shall have exclusive control and sole right
      of
      withdrawal. The Indenture Trustee shall deposit any amount paid to it under
      the
      Policy in the Insurance Account and distribute such amount only for purposes
      of
      payment to Holders of Class A-1 Notes of the Class A-1 Insured Amount or Class
      G
      Certificates of the Class G Insured Amount, as applicable, for which a claim
      was
      made. Such amount may not be applied to satisfy any costs, expenses or
      liabilities of the Indenture Trustee or the Trust Estate. Amounts paid under
      the
      Policy shall be transferred to the Payment Account in accordance with the next
      succeeding paragraph and disbursed by the Indenture Trustee to Holders of Class
      A-1 Notes or Class G Certificates, as applicable, in accordance with Section
      3.05, as applicable. It shall not be necessary for such payments to be made
      by
      checks or wire transfers separate from the checks or wire transfers used to
      pay
      the Class A-1 Insured Amount with other funds available to make such payment.
      However, the amount of any payment of principal of or interest on the Class
      A-1
      Notes or Class G Certificates to be paid from funds transferred from the
      Insurance Account shall be noted as provided in paragraph (c) below and in
      the
      statement to be furnished to Holders of the Notes and Certificates pursuant
      to
      Section 3.25. Funds held in the Insurance Account shall be held uninvested
      by
      the Indenture Trustee.

     

    On
      any
      Payment Date with respect to which a claim has been made under the Policy,
      the
      amount of any funds received by the Indenture Trustee as a result of any claim
      under the Policy, to the extent required to pay the Class A-1 Insured Amount
      or
      Class G Insured Amount on such Payment Date, shall be withdrawn by the Indenture
      Trustee from the Insurance Account and deposited in the Payment Account and
      applied by the Indenture Trustee, together with the other funds to be
      distributed to the Class A-1 Noteholders or Class G Certificateholders pursuant
      to Section 3.05, directly to the payment in full of the Insured Amount due
      on
      the Class A-1 Notes or Class G Certificates, as applicable. Any funds remaining
      in the Insurance Account on the first Business Day following a Payment Date
      shall be remitted by the Indenture Trustee to the Insurer, pursuant to the
      written instructions of the Insurer, by the end of such Business
      Day.

     

    (c)  The
      Indenture Trustee shall keep a complete and accurate record of the amount of
      interest and principal paid into the Insurance Account in respect of any Class
      A-1 Notes or Class G Certificates from moneys received by the Indenture Trustee
      under the Policy. The Insurer shall have the right to inspect such records
      at
      reasonable times during normal business hours upon two Business Day’s prior
      written notice to the Indenture Trustee.

     

    Section
      12.03  Effect
      of Payments by the Insurer; Subrogation.
      Anything herein to the contrary notwithstanding, for purposes of this Section
      12.03, any payment with respect to principal of or interest on the Class A-1
      Notes or Class G Certifcates which is made with monies received pursuant to
      the
      terms of the Policy shall not be considered payment of the Class A-1 Notes
      or
      Class G Certificates from the Trust Estate. The Indenture Trustee and the
      Indenture Trustee acknowledge, and each Holder by its acceptance of a Class
      A-1
      Note or Class G Certificates agrees, that without the need for any further
      action on the part of the Insurer, the Indenture Trustee or the Certificate
      Registrar, to the extent the Insurer makes payments, directly or indirectly,
      on
      account of principal of or interest on the Class A-1 Notes or Class G
      Certificates to the Holders of such Notes, the Insurer will be fully subrogated
      to, and each Class A-1 Noteholder or Class G Noteholder, as applicable, and
      the
      Indenture Trustee hereby delegate and assign to the Insurer, to the fullest
      extent permitted by law, the rights of such Holders to receive such principal
      and interest from the Trust Estate; provided that the Insurer shall be paid
      such
      amounts only from the sources and in the manner explicitly provided for
      herein.

     

    The
      Indenture Trustee and the Indenture Trustee shall cooperate in all respects
      with
      any reasonable request by the Insurer for action to preserve or enforce the
      Insurer’s rights or interests under this Indenture without limiting the rights
      or affecting the interests of the Holders as otherwise set forth
      herein.

     

    Section
      12.04  Notices
      and Information to the Insurer.
      All
      notices, statements, reports, certificates or opinions required by this
      Indenture to be sent or made available to any other party hereto or to the
      Noteholders or Certificateholders shall also be sent or made available to the
      Insurer.

     

    

     

    IN
      WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused their names
      to
      be signed hereto by their respective officers thereunto duly authorized, all
      as
      of the day and year first above written.

     

    
      	
              HOME
                EQUITY MORTGAGE TRUST
                2007-1, as Issuer

            
	 
	
              By:

            	
              Wilmington
                Trust Company, not in its individual capacity but solely as Owner
                Trustee

            
	 	 
	
              By:

            	/s/
              J. Christopher Murphy
	
              Name:

            	J. Christopher
              Murphy
	
              Title:

            	Financial
              Services
              Officer
	 
	 
	
              U.S.
                BANK NATIONAL ASSOCIATION, 

              as
                Indenture Trustee

            
	 	 
	
              By:

            	/s/
              Becky Warren 
	
              Name:

            	Becky
              Warren
	
              Title:

            	Assistant
              Vice
              President

    

    

     

    
      	
              CREDIT
                SUISSE FIRST BOSTON MORTGAGE ACCEPTANCE CORP. hereby acknowledges
                and
                agrees to the provisions set forth in Section 6.16

            
	 	 
	
              By:

            	/s/
              Kevin Steele
	
              Name:

            	Kevin
              Steele
	
              Title:

            	Vice
              President

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      this
      ____ day of March, 2007, before me personally appeared __________________ to
      me
      known, who being by me duly sworn, did depose and say, that he/she is the
      __________________________ of Wilmington Trust Company, one of the companies
      described in and which executed the above instrument; and that she signed her
      name thereto by like order.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    NOTARIAL
      SEAL

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

       

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

    

    

     

    On
      this
      ____ day of March, 2007, before me personally appeared ___________________
      to me
      known, who being by me duly sworn, did depose and say, that he/she is the
      ____________________________ of U.S. Bank National Association, one of the
      corporations described in and which executed the above instrument; that he/she
      knows the seal of said corporation; that the seal affixed to said instrument
      is
      such corporate seal; that it was so affixed by order of the Board of Directors
      of said corporation; and that she signed her name thereto by like
      order.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    NOTARIAL
      SEAL

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

       

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

    

    

     

    On
      this
      ____ day of March, 2007, before me personally appeared ___________________
      to me
      known, who being by me duly sworn, did depose and say, that he/she is the
      ____________________ of Credit Suisse First Boston Mortgage Acceptance Corp.,
      one of the companies described in and which executed the above instrument;
      and
      that he/she signed his name thereto by like order.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    NOTARIAL
      SEAL

     

    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A

     

    FORM
      OF
      CLASS A NOTES

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
      PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
      AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS NOTE IS A “REGULAR INTEREST” IN A
“REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      (THE “CODE”).

     

    THE
      PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
      ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY
      BE
      LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     

    EACH
      HOLDER OR BENEFICIAL OWNER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE OR A
      SECURITY ENTITLEMENT THERETO, SHALL BE DEEMED TO MAKE THE REPRESENTATIONS IN
      SECTION 4.02 OF THE INDENTURE.

     

    THIS
      NOTE
      DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SELLER, THE DEPOSITOR,
      THE SERVICER, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE OR ANY OF THEIR
      RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE INDENTURE OR THE
      BASIC DOCUMENTS.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    HOME
      EQUITY MORTGAGE TRUST 2007-1

     

    Mortgage-Backed
      Notes, Series 2007-1

     

    

    
      	
              Class A-[__]

            	
              Principal
                Amount: $[____________]

            
	 	 
	
              Registered

            	
              Cut-off
                Date: February 1, 2007

            
	 	 
	
              No.
                1

            	
              Percentage
                Interest: 100%

            
	 	 
	
              CUSIP
                NO. [___________]

            	
              Note
                Interest Rate: Adjustable

            
	 	 
	
              First
                Payment Date: March 26, 2007

            	
              Assumed
                Final Payment Date: May 25, 2037

            

    

    

    Home
      Equity Mortgage Trust 2007-1, a statutory trust duly organized and existing
      under the laws of the State of Delaware (herein referred to as the “Issuer”),
      for value received, hereby promises to pay to CEDE & CO. or registered
      assigns, the principal sum of $[___________], payable on each Payment Date
      in an
      amount equal to the Percentage Interest specified above of the aggregate amount,
      if any, payable from the Payment Account in respect of principal and interest
      on
      the Class A-[__] Notes pursuant to Section 3.05 of the Indenture dated
      as of March 9, 2007 (the “Indenture”), among the Issuer, as issuer, and U.S.
      Bank National Association, as indenture trustee (the “Indenture Trustee”);
provided,
      however,
      that
      the entire unpaid principal amount of this Note shall be due and payable on
      the
      Final Scheduled Payment Date, to the extent not previously paid on a prior
      Payment Date (as defined below). Capitalized terms used but not defined herein
      are defined in Appendix A of the Indenture.

     

    Pursuant
      to the terms of the Indenture, a distribution will be made on the 25th day
      of
      each month, or, if any such date is not a Business Day, then the next Business
      Day (the “Payment Date”), commencing as described in the Indenture, to the
      Person in whose name this Note is registered at the close of business on the
      last day (or if such last day is not a Business Day, the Business Day
      immediately preceding such last day) of the related Accrual Period, or, in
      the
      case of the first Payment Date, March 9, 2007, from the Remittance Amount in
      an
      amount equal to the product of the Percentage Interest evidenced by this Notes
      and the amount of interest and principal, if any required to be distributed
      to
      Holders of Class A-[__] Notes on such Payment Date.

     

    Interest
      will be computed on the basis of the actual number of days in each Accrual
      Period and a year assumed to consist of 360 days.

     

    Principal
      of and interest on this Note are payable in such coin or currency of the United
      States of America as at the time of payment is legal tender for payment of
      public and private debts. All payments made by the Issuer with respect to this
      Note shall be applied first to interest due and payable on this Note as provided
      above and then to the unpaid principal of this Note.

     

    Unless
      the certificate of authentication hereon has been executed by the Indenture
      Trustee whose name appears below by manual signature, this Note shall not be
      entitled to any benefit under the Indenture, or be valid or obligatory for
      any
      purpose.

     

    This
      Note
      is one of a duly authorized issue of Notes of the Issuer, designated as its
      Mortgage-Backed Notes, Series 2007-1, all issued under the Indenture, to which
      Indenture and all indentures supplemental thereto reference is hereby made
      for a
      statement of the respective rights and obligations thereunder of the Issuer,
      the
      Indenture Trustee and the Noteholders. The Notes are subject to all terms of
      the
      Indenture.

     

    The
      Notes
      are and will be equally and ratably secured by the collateral pledged as
      security therefor as provided in the Indenture.

     

    The
      entire unpaid principal amount of this Note shall be due and payable in full
      on
      the Final Scheduled Payment Date pursuant to the Indenture, to the extent not
      previously paid on a prior Payment Date. Notwithstanding the foregoing, if
      an
      Event of Default shall have occurred and be continuing, then the Indenture
      Trustee or the holders of Notes representing not less than a majority of the
      Voting Rights of all Notes may declare the Notes to be immediately due and
      payable in the manner provided in Section 5.02 of the
      Indenture.

     

    Payments
      of interest on this Note due and payable on each Payment Date, together with
      the
      installment of principal, if any, to the extent not in full payment of this
      Note, shall be made by check mailed to the Person whose name appears as the
      Registered Holder of this Note (or one or more Predecessor Notes) on the Note
      Register as of the close of business on each Record Date, except that with
      respect to Notes registered on the Record Date in the name of the nominee of
      the
      Depository Agency (initially, such nominee to be Cede & Co.), payments will
      be made by wire transfer in immediately available funds to the account
      designated by such nominee. Such checks shall be mailed to the Person entitled
      thereto at the address of such Person as it appears on the Note Register as
      of
      the applicable Record Date without requiring that this Note be submitted for
      notation of payment. Any reduction in the principal amount of this Note (or
      any
      one or more Predecessor Notes) effected by any payments made on any Payment
      Date
      shall be binding upon all future holders of this Note and of any Note issued
      upon the registration of transfer hereof or in exchange hereof or in lieu
      hereof, whether or not noted hereon. If funds are expected to be available,
      as
      provided in the Indenture, for payment in full of the then remaining unpaid
      principal amount of this Note on a Payment Date, then the Indenture Trustee,
      in
      the name of and on behalf of the Issuer, will notify the Person who was the
      Registered Holder hereof as of the Record Date with respect to the preceding
      Payment Date by notice mailed or transmitted by facsimile prior to such Payment
      Date, and the amount then due and payable shall be payable only upon
      presentation and surrender of this Note at the address specified in such notice
      of final payment.

     

    As
      provided in the Indenture and subject to certain limitations set forth therein,
      the transfer of this Note may be registered on the Note Register upon surrender
      of this Note for registration of transfer at the Corporate Trust Office, duly
      endorsed by, or accompanied by a written instrument of transfer in form
      satisfactory to the Indenture Trustee duly executed by, the holder hereof or
      such holder’s attorney duly authorized in writing, with such signature
      guaranteed by an “eligible guarantor institution” meeting the requirements of
      the Note Registrar, which requirements include membership or participation
      in
      the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Note Registrar in
      addition to, or in substitution for, STAMP, all in accordance with the
      Securities Exchange Act of 1934, as amended, and thereupon one or more new
      Notes
      in authorized denominations and in the same aggregate principal amount will
      be
      issued to the designated transferee or transferees. No service charge will
      be
      charged for any registration of transfer or exchange of this Note, but the
      Note
      Registrar shall require payment of a sum sufficient to cover any tax or
      governmental charge that may be imposed in connection with any registration
      of
      transfer or exchange of this Note.

     

    Each
      Holder or Beneficial Owner of a Note, by acceptance of a Note, or, in the case
      of a Beneficial Owner of a Note, a security entitlement to a Note, covenants
      and
      agrees that no recourse may be taken, directly or indirectly, with respect
      to
      the obligations of the Issuer, the Owner Trustee, the Seller, the Servicer,
      the
      Special Servicer, the Depositor, the Indenture Trustee on the Notes or under
      the
      Indenture or any certificate or other writing delivered in connection therewith,
      against (i) the Indenture Trustee, the Servicer, the Special Servicer or the
      Owner Trustee in its individual capacity, (ii) any owner of a beneficial
      interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
      director or employee of the Indenture Trustee, the Servicer, the Special
      Servicer or the Owner Trustee in its individual capacity, any holder of a
      beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee
      or
      of any successor or assign of the Indenture Trustee or the Owner Trustee in
      its
      individual capacity, except as any such Person may have expressly
      agreed.

     

    Each
      Holder or Beneficial Owner of a Note, by acceptance of a Note or, in the case
      of
      a Beneficial Owner of a Note, a security entitlement to a Note, covenants and
      agrees by accepting the benefits of the Indenture that such Holder or Beneficial
      Owner of a Note will not prior to the day that is one year and one day after
      the
      date this Indenture terminates, institute against the Issuer or the Depositor,
      or join in any institution against the Issuer or the Depositor of, any
      bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
      under any United States federal or state bankruptcy or similar law in connection
      with any obligations relating to the Notes, the Indenture or the Basic
      Documents.

     

    Each
      Holder or Beneficial Owner of this Note, by acceptance of this Note or a
      security entitlement thereto shall be deemed to make the representations set
      forth in Section 4.02 of the Indenture.

     

    The
      Issuer has entered into the Indenture and this Note is issued with the intention
      that, for federal, state and local income, single business and franchise tax
      purposes, the Notes will qualify as indebtedness of the Issuer. Each holder
      of a
      Note, by acceptance of a Note (and each Beneficial Owner of a Note by acceptance
      of a security entitlement to a Note), agrees to treat the Notes for federal,
      state and local income, single business and franchise tax purposes as
      indebtedness of the Issuer.

     

    Prior
      to
      the due presentment for registration of transfer of this Note, the Issuer,
      the
      Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
      treat
      the Person in whose name this Note is registered (as of the day of determination
      or as of such other date as may be specified in the Indenture) as the owner
      hereof for all purposes, whether or not this Note be overdue, and none of the
      Issuer, the Indenture Trustee or any such agent shall be affected by notice
      to
      the contrary.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Issuer and
      the
      Indenture Trustee and the rights of the holders of the Notes under the Indenture
      at any time by the Issuer and the Indenture Trustee with the consent of the
      holders of Notes representing a majority of the Voting Rights of all Notes
      at
      the time Outstanding and with prior notice to the Rating Agencies. The Indenture
      also contains provisions permitting the holders of Notes representing specified
      percentages of the Voting Rights of all Notes, on behalf of the holders of
      all
      the Notes, to waive compliance by the Issuer with certain provisions of the
      Indenture and certain past defaults under the Indenture and their consequences.
      Any such consent or waiver by the holder of this Note (or any one of more
      Predecessor Notes) shall be conclusive and binding upon such holder and upon
      all
      future holders of this Note and of any Note issued upon the registration of
      transfer hereof or in exchange hereof or in lieu hereof whether or not notation
      of such consent or waiver is made upon this Note. The Indenture also permits
      the
      Issuer and the Indenture Trustee to amend or waive certain terms and conditions
      set forth in the Indenture without the consent of the Noteholders but with
      prior
      notice to the Rating Agencies.

     

    The
      term
“Issuer” as used in this Note includes any successor or the Issuer under the
      Indenture.

     

    The
      Issuer is permitted by the Indenture, under certain circumstances, to merge
      or
      consolidate, subject to the rights of the Indenture Trustee and the
      Noteholders.

     

    The
      Notes
      are issuable only in registered form in denominations as provided in the
      Indenture, subject to certain limitations therein set forth.

     

    This
      Note
      and the Indenture shall be construed in accordance with the laws of the State
      of
      New York, without reference to its conflict of law provisions and the
      obligations, rights and remedies of the parties hereunder and thereunder shall
      be determined in accordance with such laws.

     

    No
      reference herein to the Indenture and no provision of this Note or of the
      Indenture shall alter or impair, the obligation of the Issuer, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      times, place and rate, and in the coin or currency herein
      prescribed.

     

    Anything
      herein to the contrary notwithstanding, except as expressly provided in the
      Basic Documents, none of U.S. Bank National Association, in its individual
      capacity, Wilmington Trust Company, in its individual capacity, any owner of
      a
      beneficial interest in the Issuer, or any of their respective partners,
      beneficiaries, agents, officers, directors, employees or successors or assigns
      shall be personally liable for, nor shall recourse be had to any of them for,
      the payment of principal of or interest on this Note or performance of, or
      omission to perform, any of the covenants, obligations or indemnifications
      contained in the Indenture. The holder of this Note by its acceptance hereof
      agrees that, except as expressly provided in the Basic Documents, in the case
      of
      an Event of Default under the Indenture, the holder shall have no claim against
      any of the foregoing for any deficiency, loss or claim therefrom; provided,
      however,
      that
      nothing contained herein shall be taken to prevent recourse to, and enforcement
      against, the assets of the Issuer for any and all liabilities, obligations
      and
      undertakings contained in the Indenture or in this Note.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Issuer has caused this Note to be duly
      executed.

     

    
      	
              HOME
                EQUITY MORTGAGE TRUST 2007-1

               

              By
                Wilmington Trust Company, not in its individual capacity but solely
                as
                Owner Trustee

               

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    Dated:
      March 9, 2007

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class A-[__] Notes referred to in the within mentioned
      Indenture.

     

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION, not in its individual capacity but solely
                as
                Indenture Trustee

               

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    Dated:
      March 9, 2007

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    Social
      Security or taxpayer I.D. or other identifying number of assignee:

     

    
      	 

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfer unto

     

    
      	 
	 

    

    (name
      and
      address of assignee)

    the
      within Note and all rights thereunder, and hereby irrevocably constitutes and
      appoints

    _________________________________________________________________________________________________,
      attorney, to transfer said Note on the books kept for registration thereof,
      with
      full power of substitution in the premises.

     

    
      	
              Dated:

            	 	
              *

            
	 	
              Signature
                Guaranteed

            	 
	 	 	 
	 	 	 
	 	 	
              */

            

    

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      B

     

    FORM
      OF
      DEPOSITOR CERTIFICATION

     

     

    Re:  
      Asset Backed Securities Corporation

    Home
      Equity Mortgage Trust 2007-1

    Mortgage-Backed
      Notes, Series 2007-1

     

    I,
      __________________________, certify that:

     

    1. I
      have
      reviewed this annual report on Form 10-K, and all reports on Form 8-K
      containing distribution and servicing reports filed in respect of periods
      included in the year covered by this annual report, of Home Equity Mortgage
      Trust 2007-1 (the “Trust”);

     

    2. Based
      on
      my knowledge, the information in these reports, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in light of the circumstances under
      which
      such statements were made, not misleading as of the last day of the period
      covered by this annual report;

     

    3. Based
      on
      my knowledge, the distribution information required to be prepared by the
      Indenture Trustee based upon the servicing information required to be provided
      by the Servicer and the Special Servicer under the Servicing Agreement is
      included in these reports;

     

    4. Based
      on
      my knowledge and upon the annual compliance statements included in the report
      and required to be delivered to the Indenture Trustee in accordance with the
      terms of the Servicing Agreement and based upon the review required under the
      Servicing Agreement, and except as disclosed in the report, the Servicer and
      the
      Special Servicer has fulfilled its obligations under the Servicing Agreement;
      and

     

    5. The
      reports disclose all significant deficiencies relating to the Servicer’s and the
      Special Servicer’s compliance with the minimum servicing standards based, in
      each case, upon the report provided by an independent public accountant, after
      conducting a review in compliance with the Uniform Single Attestation Program
      for Mortgage Bankers or similar standard as set forth in the Servicing
      Agreement, that is included in these reports.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in Appendix
      A to the Indenture, dated as of March 9, 2007 (the “Indenture”), among the Trust
      and U.S. Bank National Association, as indenture trustee.

     

    

     

    
      	
              CREDIT
                SUISSE FIRST BOSTON MORTGAGE ACCEPTANCE CORP.

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	
              Date:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    FORM
      OF
      INDENTURE TRUSTEE CERTIFICATION

    
      	
              Re:

            	
              Asset
                Backed Securities Corporation

            
	 	
              Home
                Equity Mortgage Trust 2007-1

            
	 	
              Mortgage-Backed
                Notes, Series 2007-1

            
	 	 

    

    U.S.
      Bank
      National Association (the “Indenture Trustee”) hereby certifies to Asset Backed
      Securities Corporation (the “Depositor”), and each Person, if any, who
“controls” the Depositor within the meaning of the Securities Act of 1933, as
      amended, and its officers, directors and affiliates, and with the knowledge
      and
      intent that they will rely upon this certification, that:

     

    1. The
      Indenture Trustee has reviewed the annual report on Form 10-K for the fiscal
      year [___], and all reports on Form 10-D containing Monthly Statements filed
      in
      respect of periods included in the year covered by that annual report, of the
      Depositor relating to the above-referenced trust;

     

    2. Subject
      to paragraph 4 hereof, based on the Indenture Trustee’s knowledge and assuming
      the accuracy and completeness of the information supplied to the Indenture
      Trustee by the Servicer, the Distribution Information in the Monthly Statements
      contained in such reports on Form 10-D, taken as a whole, does not contain
      any
      untrue statement of a material fact or omit to state a material fact required
      by
      the Indenture to be included therein and necessary to make the statements made,
      in light of the circumstances under which such statements were made, not
      misleading as of the last day of the period covered by that annual report;
      and

     

    3. Based
      on
      the Indenture Trustee’s knowledge, the Distribution Information required to be
      provided by the Indenture Trustee under the Indenture is included in these
      reports.

     

    4. In
      compiling the Distribution Information and making the foregoing certifications,
      the Indenture Trustee has relied upon information furnished to it by the
      Servicer under the Servicing Agreement. The Indenture Trustee shall have no
      responsibility or liability for any inaccuracy in such reports on Form 10-D
      to
      the extent such inaccuracy results from information received from the
      Servicer.

     

    For
      purposes of this Certificate, the following terms shall have the meanings
      ascribed below:

     

    “Distribution
      Information”
shall
      mean that information (x) calculated and reported by the Indenture Trustee
      and
      (y) reported by the Indenture Trustee, in either case, pursuant to Section
      3.25
      of the Indenture.

     

    “Monthly
      Statements”
shall
      mean the monthly statements prepared by the Indenture Trustee pursuant to
      Section 3.25 of the Indenture.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Any
      additional capitalized terms used but not defined herein have the meanings
      ascribed to them in Appendix A to the Indenture, dated as of March 9, 2007
      (the
“Indenture”), among Home Equity Mortgage Trust 2007-1 and U.S. Bank National
      Association as Indenture Trustee.

    

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION, 

              as
                Indenture Trustee

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	
              Date:

            	 

    

    

    

    

    EXHIBIT
      D

     

    FORM
      10-D, FORM 8-K AND FORM 10-K REPORTING RESPONSIBILITY

     

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the Indenture Trustee
      pursuant to Section 6.16(a)(i), (ii) and (iii). If the Indenture Trustee is
      indicated below as to any item, then the Indenture Trustee is primarily
      responsible for obtaining that information. 

     

    Under
      Item 1 of Form 10-D: a) items marked “3.25 statement” are required to be
      included in the monthly statement under Section 3.25, provided by the Indenture
      Trustee based on information received from the Servicer to the extent required
      of the Servicer under the Servicing Agreement; and b) items marked “Form 10-D
      report” are required to be in the Form 10-D report but not the 3.25 statement,
      provided by the party indicated. Information under all other Items of Form
      10-D
      is to be included in the Form 10-D report. Items indicated as “N/A” are not
      applicable to the transaction.

     

    For
      purposes of this Exhibit, “Servicer” includes the Special Servicer.

     

    
      	
              Form

            	
              Item

            	
              Description

            	
              Responsible
                Party

            
	
              10-D

            
	
              1

            	
              Distribution
                and Pool Performance Information

            	 
	
              Item
                1121(a) - Distribution and Pool Performance
                Information

            	 
	
              (1)
                Any applicable record dates, accrual dates, determination dates for
                calculating distributions and actual distribution dates for the
                distribution period.

            	
              3.25
                statement

            
	
              (2)
                Cash flows received and the sources thereof for distributions, fees
                and
                expenses.

            	
              3.25
                statement

            
	
              (3)
                Calculated amounts and distribution of the flow of funds for the
                period
                itemized by type and priority of payment, including:

            	
              3.25
                statement

            
	
              (i)
                Fees or expenses accrued and paid, with an identification of the
                general
                purpose of such fees and the party receiving such fees or
                expenses.

            	
              3.25
                statement

            
	
              (ii)
                Payments accrued or paid with respect to enhancement or other support
                identified in Item 1114 of Regulation AB (such as insurance premiums
                or
                other enhancement maintenance fees), with an identification of the
                general
                purpose of such payments and the party receiving such
                payments.

            	
              3.25
                statement

            
	
              (iii)
                Principal, interest and other distributions accrued and paid on the
                asset-backed securities by type and by class or series and any principal
                or interest shortfalls or carryovers.

            	
              3.25
                statement

            
	
              (iv)
                The amount of excess cash flow or excess spread and the disposition
                of
                excess cash flow.

            	
              3.25
                statement

            
	
              (4)
                Beginning and ending principal balances of the asset-backed
                securities.

            	
              3.25
                statement

            
	
              (5)
                Interest rates applicable to the pool assets and the asset-backed
                securities, as applicable. Consider providing interest rate information
                for pool assets in appropriate distributional groups or incremental
                ranges.

            	
              3.25
                statement

            
	
              (6)
                Beginning and ending balances of transaction accounts, such as reserve
                accounts, and material account activity during the period.

            	
              3.25
                statement

            
	
              (7)
                Any amounts drawn on any credit enhancement or other support identified
                in
                Item 1114 of Regulation AB, as applicable, and the amount of coverage
                remaining under any such enhancement, if known and
                applicable.

            	
              3.25
                statement

            
	
              (8)
                Number and amount of pool assets at the beginning and ending of each
                period, and updated pool composition information, such as weighted
                average
                coupon, weighted average life, weighted average remaining term, pool
                factors and prepayment amounts.

            	
              3.25
                statement

               

              Updated
                pool composition information fields to be as reasonably requested
                by
                Depositor in writing to the Servicer and the Indenture Trustee at
                least 30
                days prior to the related Servicer Data Remittance Date from time
                to
                time

            
	
              (9)
                Delinquency and loss information for the period. 

               

              In
                addition, describe any material changes to the information specified
                in
                Item 1100(b)(5) of Regulation AB regarding the pool
                assets.

            	
              3.25
                statement.

               

               

              Form
                10-D report: Servicer/Depositor

            
	
              (10)
                Information on the amount, terms and general purpose of any advances
                made
                or reimbursed during the period, including the general use of funds
                advanced and the general source of funds for
                reimbursements.

            	
              3.25
                statement

            
	
              (11)
                Any material modifications, extensions or waivers to pool asset terms,
                fees, penalties or payments during the distribution period or that
                have
                cumulatively become material over time.

            	
              Form
                10-D report: Depositor

            
	
              (12)
                Material breaches of pool asset representations or warranties or
                transaction covenants.

            	
              Form
                10-D report: Seller (subject to Depositor approval)

            
	
              (13)
                Information on ratio, coverage or other tests used for determining
                any
                early amortization, liquidation or other performance trigger and
                whether
                the trigger was met.

            	
              3.25
                statement

            
	
              (14)
                Information regarding any new issuance of asset-backed securities
                backed
                by the same asset pool, 

               

              [information
                regarding] any pool asset changes (other than in connection with
                a pool
                asset converting into cash in accordance with its terms), such as
                additions or removals in connection with a prefunding or revolving
                period
                and pool asset substitutions and repurchases (and purchase rates,
                if
                applicable), and cash flows available for future purchases, such
                as the
                balances of any prefunding or revolving accounts, if
                applicable.

               

              Disclose
                any material changes in the solicitation, credit-granting, underwriting,
                origination, acquisition or pool selection criteria or procedures,
                as
                applicable, used to originate, acquire or select the new pool
                assets.

            	
              Form
                10-D report: Depositor

               

               

              Form
                10-D report: Seller (subject to Depositor approval)

               

               

               

               

               

               

              Form
                10-D report: Seller (subject to Depositor approval)

            
	
              Item
                1121(b) - Pre-Funding or Revolving Period Information

               

              Updated
                pool information as required under Item 1121(b).

            	
              Seller
                (subject to Depositor approval)

            
	
              2

            	
              Legal
                Proceedings

            
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

               

              Sponsor
                (Seller)

               

              Depositor

               

              Indenture
                Trustee

               

              Issuing
                entity

               

              Servicer
                or any Subservicer to which Servicer delegates servicing function
                to that
                is servicing 20% or more of pool assets at time of report

               

              Originator
                of 20% or more of pool assets as of the Cut-off Date

               

              Custodian

            	
               

               

               

               

              Seller

               

              Depositor

               

              Indenture
                Trustee

               

              Depositor

               

              Servicer

               

               

               

              Depositor

               

              Custodian

            
	
              3

            	
              Sales
                of Securities and Use of Proceeds

            
	
              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	
              Depositor

            
	
              4

            	
              Defaults
                Upon Senior Securities

            	 
	
              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default of which the Indenture Trustee
                has
                received written notice or has actual knowledge (after expiration
                of any
                grace period and provision of any required notice)

            	
              Indenture
                Trustee

            
	
              5

            	
              Submission
                of Matters to a Vote of Security Holders

            	 
	
              Information
                from Item 4 of Part II of Form 10-Q

            	
              Indenture
                Trustee

            
	
              6

            	
              Significant
                Obligors of Pool Assets

            	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information*

            	
              N/A

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              7

            	
              Significant
                Enhancement Provider Information

            	 
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

               

              Determining
                applicable disclosure threshold

               

               

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

               

               

              Depositor

               

               

               

              Depositor

            
	
              Item
                1115(b) - Derivative Counterparty Financial Information*

               

              Determining
                current maximum probable exposure

               

              Determining
                current significance percentage

               

               

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

               

              Depositor

               

              Depositor

               

               

              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              8

            	
              Other
                Information

            	 
	
              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                below

            
	
              9

            	
              Exhibits

            
	
              Distribution
                report

            	
              Indenture
                Trustee

            
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	
              Depositor

            
	
              8-K

            
	
              1.01

            	
              Entry
                into a Material Definitive Agreement

            	 
	
              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

               

              Examples:
                servicing agreement, custodial agreement.

               

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              Any
                of the following that is entering into a material definitive agreement:
                Servicer, Indenture Trustee, Seller, Depositor

            
	
              1.02

            	
              Termination
                of a Material Definitive Agreement

            	 
	
              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

               

              Examples:
                servicing agreement, custodial agreement.

            	
              Any
                of the following that is requesting termination of a material definitive
                agreement: Servicer, Indenture Trustee, Seller,
                Depositor

            
	
              1.03

            	
              Bankruptcy
                or Receivership

            	 
	
              Disclosure
                is required regarding the bankruptcy or receivership, if known to
                the
                Depositor, with respect to any of the following: 

               

              Sponsor
                (Seller), Depositor, Master Servicer, affiliated Servicer, other
                Servicer
                servicing 20% or more of pool assets at time of report, other material
                servicers, Indenture Trustee, significant obligor, credit enhancer
                (10% or
                more), derivatives counterparty, Custodian

            	
              Any
                of the following that is in bankruptcy or receivership: Servicer,
                Indenture Trustee, Seller, Depositor, Custodian

            
	
              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 3.25 statement

            	
              Indenture
                Trustee

            
	
              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

            	
              Indenture
                Trustee (or Depositor, if the Indenture Trustee is not a party to
                such
                agreement or required to provide prior written consent to such
                amendment)

            
	
              5.03

            	
              Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year

            	 
	
              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”

            	
              Depositor

            
	
              5.06

            	
              Change
                in Shell Company Status

            	 
	
              [Not
                applicable to ABS issuers]

            	
              N/A

            
	
              6.01

            	
              ABS
                Informational and Computational Material

            	
              Depositor

            
	
              [Not
                included in reports to be filed under Section 8.12]

            
	
              6.02

            	
              Change
                of Servicer or Indenture Trustee

            
	
              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers, certificate
                administrator or Indenture Trustee. Reg AB disclosure about any new
                servicer or Indenture Trustee is also required.

            	
              Indenture
                Trustee 

            
	
              6.03

            	
              Change
                in Credit Enhancement or Other External Support

            	 
	
              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                Reg AB disclosure about any new enhancement provider is also
                required.

            	
              Indenture
                Trustee

            
	
              6.04

            	
              Failure
                to Make a Required Distribution

            	
              Indenture
                Trustee

            
	
              6.05

            	
              Securities
                Act Updating Disclosure

            	 
	
              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	
              Depositor

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	
              Depositor

            
	
              7.01

            	
              Regulation
                FD Disclosure

            	
              Depositor

            
	
              8.01

            	
              Other
                Events

            	 
	
              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to security
                holders.

            	
              Depositor

            
	
              9.01

            	
              Financial
                Statements and Exhibits

            	
              The
                Responsible Party applicable to reportable event

            
	
              10-K

            
	
              9B

            	
              Other
                Information

            	 
	
              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                above

            
	
              15

            	
              Exhibits
                and Financial Statement Schedules

            	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information

            	
              N/A

            
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information

               

              Determining
                applicable disclosure threshold

               

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

               

               

              Depositor

               

               

              Depositor

            
	
              Item
                1115(b) - Derivative Counterparty Financial Information

               

              Determining
                current maximum probable exposure

               

              Determining
                current significance percentage

               

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

               

              Depositor

               

              Depositor

               

              Depositor

            
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

               

              Sponsor
                (Seller)

               

              Depositor

               

              Indenture
                Trustee

               

              Issuing
                entity

               

              Servicer
                or any other Subservicer to which Servicer delegates servicing function
                to
                that is servicing 20% or more of pool assets at time of
                report

               

              Originator
                of 20% or more of pool assets as of the Cut-off Date

               

              Custodian

            	
               

               

               

               

              Seller

               

              Depositor

               

              Indenture
                Trustee

               

              Depositor

               

              Servicer

               

               

               

              Depositor

               

              Custodian

            
	
              Item
                1119 - Affiliations and relationships between the following entities,
                or
                their respective affiliates, that are material to
                Certificateholders:

               

              Sponsor
                (Seller)

               

              Depositor

               

              Indenture
                Trustee

               

              Servicer
                or any other Subservicer to which Servicer delegates servicing function
                to
                that is servicing 20% or more of pool assets at time of
                report

               

              Originator

               

              Custodian

               

              Counterparty

            	
               

               

               

              Seller

               

              Depositor

               

              Indenture
                Trustee

               

              Servicer

               

               

               

              Depositor

               

              Custodian

               

              Depositor

            
	
              Item
                1122 - Assessment of Compliance with Servicing
                Criteria

            	
              Indenture
                Trustee, Servicer, Custodian

            
	
              Item
                1123 - Servicer Compliance Statement

            	
              Servicer

            

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      E

     

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     

    Key:

    X
      -
      obligation

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

    

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Servicer
                

            	
              Custodian

            	
              IndentureTrustee

            
	 	
              General
                Servicing Considerations

            	 	 	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 	 	
              X

            
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              X

            	 	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the Pool Assets are maintained. 

            	
              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

            	 	 
	 	
              Cash
                Collection and Administration

            	 	 	 
	
              1122(d)(2)(i)

            	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	
              X

            	 	
              X

            
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	
              X

            	 	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	
              N/A

            	 	
              X

            
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	
              X

            	 	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              X

            	 	 
	
              1122(d)(2)(vii)
                

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	 	 
	 	
              Investor
                Remittances and Reporting

            	 	 	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of Pool Assets serviced by the Servicer.
                

            	 	 	
              X

            
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	 	 	
              X

            
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	
              X

            	 	 
	 	
              Pool
                Asset Administration

            	 	 	 
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	
              X

            	 	
              X

            
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	
              X

            	 	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	
              X

            	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the Servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission. 

            	
              X

            	 	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xiv)
                

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements. 

            	
              N/A

            	 	
              X

            

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF POLICY

     

    

    

      EXECUTED
        VERSION

      

      CERTIFICATE
        GUARANTY INSURANCE POLICY ENDORSEMENT

       

      
        	
                Attached
                  to and forming part of

                Certificate
                  Guaranty Insurance Policy No. AB1064BE

                issued
                  to:

              	
                Effective
                  Date of Endorsement:

                March
                  9, 2007

              

      

      

      
        	
                U.S.
                  Bank National Association, 

                as
                  Trustee for the benefit of the Holders of 

                Home
                  Equity Mortgage Trust 2007-1 

                Mortgage-Backed
                  Notes, Series 2007-1, 

                Class
                  A-1 Notes and Class G Certificates

              	 

      

      

      For
        all
        purposes of this Policy, the following terms shall have the following
        meanings:

       

      “Agreement”
        means, for purposes of the Policy, the Indenture.

       

      “Business
        Day” means any day other than (i) a Saturday or a Sunday, or (ii) a legal
        holiday in the State of New York, Pennsylvania, Delaware or Minnesota, or
        (iii)
        a day on which banks in the State of New York, Pennsylvania, Delaware or
        Minnesota are authorized or obligated by law or executive order to be
        closed.

       

      “Class
        A-1 Notes” means the Class A-1 Notes, substantially in the form set forth in
        Exhibit A to the Agreement.

       

      “Class
        G
        Certificates” means the Class G Certificates, substantially in the form set
        forth in Exhibit L to the Trust Agreement.

       

      “Current
        Interest” means, with respect to the Class A-1 Notes and the Class G
        Certificates and any Payment Date, the interest accrued at the Note Interest
        Rate for the applicable period on the related Class Principal Balance during
        the
        related Accrual Period reduced by a pro rata portion of any Interest Shortfalls.
        Current Interest does not include any Basis Risk Shortfalls.

       

      “Deficiency
        Amount” means, with respect to the Class A-1 Notes and the Class G Certificates,
        (a) for any Payment Date occurring prior to the Final Scheduled Payment Date,
        an
        amount, if any, equal to the sum of: (i) the excess of (x) Current interest
        for
        the Class A-1 Notes or Class G Certificates, as applicable, on such Payment
        Date, over (y) the Interest Remittance Amount on such Payment Date allocated
        to
        pay Current Interest on the Class A-1 Notes or Class G Certificates, as
        applicable, on such Payment Date as provided in the Indenture, (ii) on any
        Payment Date prior to the Final Scheduled Payment Date, the excess, if any,
        of
        the aggregate Class Principal Balance of the Class A-1 Notes and the Class
        G
        Certificates (after giving effect to any principal payments other than any
        amounts paid in respect of the Policy on such Payment Date) over the Aggregate
        Collateral Balance for such Payment Date and (iii) the Class Principal Balance
        of the Class A-1 Notes or Class G Certificates, as applicable, to the extent
        unpaid on the Final Scheduled Payment Date or earlier termination of the
        Trust
        pursuant to the terms of the Indenture, in each case after giving effect
        to
        payments made on such date from sources other than the Policy.

       

      “Due
        for
        Payment” means, with respect to any Insured Amounts, such amount is due and
        payable pursuant to the terms of the Agreement.

       

      “Final
        Scheduled Payment Date” means the Payment Date in May 2037.

       

      “First
        Payment Date” means March 26, 2007.

       

      “Holder”
        means the registered owner or beneficial owner of any Class A-1
        Note or
        Class G Certificate, but shall not include the Trustee, the Owner Trustee,
        the
        Seller, the Servicer, the Depositor or any of their Affiliates.

       

      “Indenture”
        means the Indenture (including Appendix A thereto), dated as of March 9,
        2007,
        by and between Home Equity Mortgage Trust 2007-1, as Issuer, and U.S. Bank
        National Association, as Indenture Trustee, as such Indenture may be amended,
        modified or supplemented from time to time as set forth in the
        Indenture.

       

      “Insurance
        Agreement” means the Insurance and Indemnity Agreement, dated as of March 9,
        2007, by and among the Insurer, Credit Suisse First Boston Mortgage Acceptance
        Corp., as Depositor, the Seller, the Servicer, Home Equity Mortgage Trust
        2007-1, as Issuing Entity, and the Trustee, as such agreement may be amended,
        modified or supplemented from time to time.

       

      “Insured
        Amounts” means, with respect to any Payment Date, any Deficiency Amount with
        respect to the Class A-1 Notes or the Class G Certificates for such Payment
        Date.

       

      “Insured
        Payments” means the aggregate amount actually paid by the Insurer to the Trustee
        in respect of (i) Insured Amounts for any Payment Date and (ii) Preference
        Amounts for any given Business Day.

       

      “Insurer”
        means Ambac Assurance Corporation, a Wisconsin-domiciled stock insurance
        corporation, or any successor thereto, as issuer of the Policy.

       

      “Late
        Payment Rate” means for any Payment Date, the greater of (i) the rate of
        interest, as it is publicly announced by Citibank, N.A., at its principal
        office
        in New York, New York as its prime rate (any change in such prime rate of
        interest to be effective on the date such change is announced by Citibank,
        N.A.)
plus
        2% and
        (ii) the then applicable highest rate of interest on the Class A-1 Notes
        or the
        Class G Certificates. The Late Payment Rate shall be computed on the basis
        of a
        year of 360 days and the actual number of days elapsed. In no event shall
        the
        Late Payment Rate exceed the maximum rate permissible under any applicable
        law
        limiting interest rates.

       

      “Nonpayment”
        means, with respect to any Payment Date, an Insured Amount is Due for Payment
        but has not been paid pursuant to the Agreement.

       

      “Notice”
        means the telephonic or telegraphic notice, promptly confirmed in writing
        by
        facsimile, substantially in the form of Exhibit A to this Policy, the original
        of which is subsequently delivered by registered or certified mail, executed
        by
        the Trustee and delivered by the Trustee specifying the Insured Amount which
        shall be due and owing on the applicable Payment Date.

       

      “Payment
        Date” means the 25th day of any month (or if such 25th day is not a Business
        Day, the first Business Day immediately following) beginning on the First
        Payment Date.

       

      “Policy”
        means this Certificate Guaranty Insurance Policy together with each and every
        endorsement hereto.

       

      “Preference
        Amount” means any payment of principal or interest on a Class A-1 Note or Class
        G Certificate which has become Due for Payment and which is made to a Holder
        by
        or on behalf of the Trustee which has been deemed a preferential transfer
        and
        was previously recovered from a Holder pursuant to the United States Bankruptcy
        Code in accordance with a final, non-appealable order of a court of competent
        jurisdiction.

       

      “Premium”
        means the amount payable to the Insurer on each Payment Date calculated at
        the
        Premium Percentage.

       

      “Premium
        Percentage” shall have the meaning set forth in the Insurance
        Agreement.

       

      “Reimbursement
        Amount” means, with respect to any Payment Date, the sum of (x) (i) all Insured
        Payments paid by the Insurer, but for which the Insurer has not been reimbursed
        prior to such Payment Date pursuant to Section 3.05 of the Agreement,
plus
        (ii) interest accrued on such Insured Payments not previously repaid
        calculated at the Late Payment Rate from the date the Trustee received the
        related Insured Payments, and (y) without duplication (i) any amounts then
        due
        and owing to the Insurer under the Insurance Agreement, as certified to the
        Trustee by the Insurer plus
        (ii)
        interest on such amounts at the Late Payment Rate.

       

      “Trustee”
        means U.S. Bank National Association, in its capacity as Indenture Trustee
        under
        the Agreement, or if any successor Indenture Trustee shall be appointed as
        provided therein, then “Trustee” shall also mean such successor indenture
        trustee, subject to the provisions thereof.

       

      Capitalized
        terms used herein as defined terms and not otherwise defined herein shall
        have
        the meaning assigned to them in the Insurance Agreement and the Agreement
        (including Appendix A thereto), without regard to any amendment or modification
        thereof, unless such amendment or modification has been approved in writing
        by
        the Insurer.

       

      Notwithstanding
        any other provision of the Policy, the Insurer will pay any Insured Amount
        payable hereunder to the Trustee for the benefit of the Holders no later
        than
        12:00 noon, New York City time, on the later of (i) the Payment Date on which
        the related Insured Amount is due and (ii) the second Business Day following
        receipt in New York, New York on a Business Day by the Insurer of a Notice
        at
        the address and in the manner provided in Section 6.02 of the Insurance
        Agreement; provided that,
        if such
        Notice is received after 12:00 noon, New York City time, on such Business
        Day,
        it shall be deemed to be received on the following Business Day. If any such
        Notice is not in proper form or is otherwise insufficient for the purpose
        of
        making a claim under the Policy, it shall be deemed not to have been received
        for purposes of this paragraph, and the Insurer shall promptly so advise
        the
        Trustee, and the Trustee may submit an amended or corrected Notice.

       

      As
        provided in the third paragraph of the Policy, the Insurer shall pay any
        Preference Amount when due to be paid pursuant to the Order referred to below,
        but in any event no earlier than the third Business Day following receipt
        by the
        Insurer of (i) a certified copy of a final, non-appealable order of a court
        or
        other body exercising jurisdiction in such insolvency proceeding to the effect
        that the Trustee or the Holder, as applicable, is required to return such
        Preference Amount paid during the term of this Policy because such payments
        were
        avoided as a preferential transfer or otherwise rescinded or required to
        be
        restored by the Trustee or the Holder (the “Order”), (ii) a certificate by or on
        behalf of the Trustee or the Holder that the Order has been entered and is
        not
        subject to any stay, (iii) an assignment, in form and substance satisfactory
        to
        the Insurer, duly executed and delivered by the Trustee or the Holder,
        irrevocably assigning to the Insurer all rights and claims of the Trustee
        or the
        Holder relating to or arising under the Agreement against the estate of the
        Trustee or otherwise with respect to such Preference Amount and (iv) a Notice
        (in the form attached hereto as Exhibit A) appropriately completed and executed
        by the Trustee; provided, that if such documents are received after 12:00
        noon,
        New York City time, on such Business Day, they will be deemed to be received
        on
        the following Business Day; provided, further, that the Insurer shall not
        be
        obligated to make any payment in respect of any Preference Amount representing
        a
        payment of principal on the Class A-1 Notes or the Class G Certificates prior
        to
        the time the Insurer would have been required to make a payment in respect
        of
        such principal pursuant to the first paragraph of the Policy. Such payment
        shall
        be disbursed to the receiver, conservator, debtor-in-possession or trustee
        in
        bankruptcy named in the Order, and not to the Holder directly, unless the
        Holder
        has made a payment of the Preference Amount to the court or such receiver,
        conservator, debtor-in-possession or trustee in bankruptcy named in the Order,
        in which case the Insurer will pay the Trustee for the benefit of the Holder,
        subject to the delivery of (a) the items referred to in clauses (i), (ii),
        (iii)
        and (iv) above to the Insurer and (b) evidence satisfactory to the Insurer
        that
        payment has been made to such court or receiver, conservator,
        debtor-in-possession or trustee in bankruptcy named in the Order.

       

      The
        Insurer hereby agrees that if it shall be subrogated to the rights of the
        Holders by virtue of any payment under this Policy, no recovery of such payment
        will occur unless the full amount of the Holders’ allocable distributions for
        such Payment Date can be made. In so doing, the Insurer does not waive its
        rights to seek full payment of all Reimbursement Amounts owed to it under
        the
        Insurance Agreement and the Agreement.

       

      The
        Policy does not cover Interest Shortfalls or Basis Risk Shortfalls allocated
        to
        the Class A-1 Notes or the Class G Certificates, nor does the Policy guaranty
        to
        the Holders any particular rate of principal payment. In addition, the Policy
        does not cover shortfalls, if any, attributable to the liability of the Issuer,
        any REMIC thereof, the Trustee, the Holders or the Depositor for withholding
        taxes due on the payments made to the Holders or REMIC liabilities, if any
        (including interest and penalties in respect of any such liability) nor any
        risk
        other than Nonpayment, including the failure of the Trustee to make any payment
        required under the Agreement to the Holders. In addition, this Policy does
        not
        cover the payment of any Excluded Amount or any interest accrued
        thereon.

       

      The
        terms
        and provisions of the Agreement constitute the instrument of assignment referred
        to in the second paragraph of the face of this Policy.

       

      A
        Premium
        will be payable on this Policy on each Payment Date as provided in Section
        3.05
        of the Agreement, beginning with the First Payment Date, in an amount equal
        to
        the Premium.

       

      THIS
        POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED
        IN ARTICLE SEVENTY-SIX OF THE NEW YORK INSURANCE LAWS.

       

      In
        the event of a payment default by or insolvency of the Issuer, there shall
        be no
        acceleration of the payments required to be made under the Policy unless
        such
        acceleration is at the sole option of the Insurer; it being understood that
        a
        payment shortfall in respect of the redemption of any Class A-1 Note or Class
        G
        Certificate, as applicable, by reason of the repurchase of the assets of
        the
        Trust pursuant to the Indenture does not constitute acceleration for the
        purposes of the Policy.

       

      The
        Insurer’s obligation to make payment hereunder with respect to a particular
        Insured Amount or Preference Amount shall be discharged to the extent funds
        equal to the applicable Insured Amount or Preference Amount are received
        by the
        Trustee or any paying agent of the Trustee, whether or not such funds are
        properly applied by the Trustee or such paying agent.

       

      Nothing
        herein contained shall be held to vary, alter, waive or extend any of the
        terms,
        conditions, provisions, agreements or limitations of the above mentioned
        Policy
        other than as above stated.

       

      To
        the extent the provisions of this endorsement conflict with the provisions
        in
        the above-mentioned Policy, the provisions of this endorsement shall
        govern.

       

      The
        Policy is non-cancelable for any reason, including nonpayment of any Premium.
        The Premium on the Policy is not refundable for any reason, including the
        payment of any Class A-1 Note or Class G Certificate, as applicable, prior
        to
        the maturity of the Class A-1 Notes or Class G Certificates, as applicable.
        The
        Policy shall expire and terminate without any action on the part of the Insurer
        or any other person on the date that is the later of (i) the date that is
        one
        year and one day following the date on which the Class A-1 Notes or Class
        G
        Certificates, as applicable, shall have been paid in full and (ii) if any
        insolvency proceeding referenced in the first full paragraph on page 4 with
        respect to which the Depositor is a debtor has been commenced on or prior
        to the
        date specified in clause (i) above, the 30th
        day after the entry of a final, non-appealable order in resolution or settlement
        of such proceeding. Upon the termination of this Policy, the Trustee shall
        forthwith deliver the original of this Policy to the Insurer.

       

      No
        waiver of any rights or powers of the Insurer, the Holders or the Trustee
        or
        consent by any of them shall be valid unless signed by an authorized officer
        or
        agent thereof.

       

      This
        Policy is issued under and pursuant to, and shall be construed in accordance
        with, the laws of the State of New York.

       

      

       

      

       

      

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, Ambac Assurance Corporation has caused this endorsement
        to the
        Policy to be signed by its duly authorized officers.

       

      

       

      
        	 	 	 
	
                Assistant
                  Secretary

              	 	
                First
                  Vice President

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A

      TO
        THE CERTIFICATE GUARANTY INSURANCE POLICY

      Policy
        No. AB1064BE

       

      NOTICE
        OF NONPAYMENT AND DEMAND 

      FOR
        PAYMENT OF INSURED AMOUNTS

       

      Date:
        [  ]

       

      Ambac
        Assurance Corporation 

      One
        State Street Plaza

      New
        York, NY 10004 

      Attention:
        General Counsel

       

      Reference
        is made to Certificate Guaranty Insurance Policy No. AB1064BE
        (the “Policy”) issued by Ambac Assurance Corporation (“Ambac”). Terms
        capitalized herein and not otherwise defined shall have the meanings specified
        in the Policy and the Agreement, as the case may be, unless the context
        otherwise requires.

       

      The
        Trustee hereby certifies as follows:

       

      
        	1.  	
                The
                  Trustee is the Trustee under the Agreement for the
                  Holders.

              

      

       

      
        	2.  	
                The
                  relevant Payment Date is [date].

              

      

       

      
        	3.  	
                Payment
                  on the Class A-1 Notes or the Class G Certificates in respect of
                  the
                  Payment Date is due to be received on ___________________under
                  the
                  Agreement, in an amount equal to $
                  ________________________.

              

      

       

      
        	4.  	
                [There
                  is an Insured Amount of $________________
                  in respect of the Class A-1 Notes or the Class G Certificates,
                  which
                  amount is Due for Payment pursuant to the terms of the Agreement.]
                  [There
                  is a Preference Amount of $_____________________ in respect of
                  the Class
                  A-1 Notes or the Class G Certificates, which amount is Due for
                  Payment.]

              

      

       

      
        	5.  	
                The
                  Trustee has not heretofore made a demand for the Insured Amount
                  in respect
                  of the Payment Date.

              

      

       

      
        	6.  	
                The
                  Trustee hereby requests the payment of the Insured Amount that
                  is Due For
                  Payment be made by Ambac under the Policy and directs that payment
                  under
                  the Policy be made to the following account by bank wire transfer
                  of
                  federal or other immediately available funds in accordance with
                  the terms
                  of the Policy to: _____________________ (Trustee’s account
                  number).

              

      

       

      
        	7.  	
                The
                  Trustee hereby agrees that, following receipt of the Insured Payment
                  from
                  Ambac, it shall (a) hold such amounts in trust and apply the same
                  directly
                  to the distribution of payment on the Class A-1 Notes or Class
                  G
                  Certificates when due; (b) not apply such funds for any other purpose;
                  (c)
                  deposit such funds to the Insurance Account and not commingle such
                  funds
                  with other funds held by Trustee; and (d) maintain an accurate
                  record of
                  such payments with respect to each Class A-1 Note or Class G Certificate
                  and the corresponding claim on the Policy and proceeds
                  thereof.

              

      

       

      

      
        	
                By:
                  

              	 
	 	
                Trustee

              
	 	 
	 	 
	
                Title:
                  

              	 
	 	
                (Officer)

              

      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      G

     

    STATEMENT
      TO NOTEHOLDERS AND CERTIFICATEHOLDERS

     

    (a)  with
      respect to each Class of Notes or Certificates which are not Notional Amount
      Certificates and, unless otherwise stated, the related Payment
      Date,

     

    (i)  the
      initial Class Principal Balance of such Class as of the Closing
      Date;

     

    (ii)  the
      Class
      Principal Balance of such Class before giving effect to the distribution of
      principal and interest;

     

    (iii)  the
      amount of the related distribution on such Class allocable to
      interest;

     

    (iv)  the
      amount of the related distribution on such Class allocable to
      principal;

     

    (v)  the
      sum
      of the principal and interest payable to such Class;

     

    (vi)  the
      Realized Loss allocable to such Class;

     

    (vii)  the
      Carryforward Interest allocable to such Class;

     

    (viii)  the
      Class
      Principal Balance of such Class after giving effect to the distribution of
      principal and interest;

     

    (ix)  the
      Pass-Through Rate for such Class and whether such Pass-Through Rate was limited
      by the Net Funds Cap;

     

    (x)  [reserved];

     

    (xi)  any
      shortfall in principal allocable to such Class, if such amount is greater than
      zero; and

     

    (xii)  any
      shortfall in interest allocable to such Class, if such amount is greater than
      zero.

     

    (b)  with
      respect to each Class of Notes or Certificates which are Notional Amount
      Certificates and, unless otherwise stated, the related Payment
      Date,

     

    (i)  the
      Notional Amount of such Class as of the Cut-off Date;

     

    (ii)  the
      Notional Amount of such Class before giving effect to the distribution of
      interest;

     

    (iii)  the
      amount of the related distribution on such Class allocable to
      interest;

     

    (iv)  the
      amount of the related distribution on such Class allocable to
      principal;

     

    (v)  the
      sum
      of the principal and interest payable to such class;

     

    (vi)  the
      Realized Loss allocable to such Class;

     

    (vii)  the
      Deferred Amount allocable to such Class;

     

    (viii)  the
      Notional Amount of such Class after giving effect to the distribution of
      interest;

     

    (ix)  the
      Pass-Through Rate for such Class; and

     

    (x)  [reserved].

     

    (c)  with
      respect to a $1,000 factor of the Initial Class Principal Balance of each Class
      of Notes or Certificates which are not Notional Amount Certificates and the
      related Payment Date,

     

    (i)  the
      CUSIP
      number assigned to such Class;

     

    (ii)  the
      Class
      Principal Balance of such Class factor prior to giving effect to the
      distribution of principal and interest;

     

    (iii)  the
      amount of the related distribution allocable to interest on such Class
      factor;

     

    (iv)  the
      amount of the related distribution allocable to principal on such Class
      factor;

     

    (v)  the
      sum
      of the principal and interest payable to such Class factor; and

     

    (vi)  the
      Class
      Principal Balance of such Class factor after giving effect to the distribution
      of principal and interest.

     

    (d)  with
      respect to a $1,000 factor of the Initial Class Principal Balance of each Class
      of Notes or Certificates which are Notional Amount Certificates and the related
      Payment Date,

     

    (i)  the
      CUSIP
      number assigned to such Class;

     

    (ii)  the
      Notional Amount of such Class factor prior to giving effect to the distribution
      of interest;

     

    (iii)  the
      amount of the related distribution allocable to interest on such Class
      factor;

     

    (iv)  the
      amount of the related distribution allocable to principal on such Class
      factor;

     

    (v)  the
      sum
      of the principal and interest payable to such Class factor; and

     

    (vi)  the
      Notional Amount of such Class factor after giving effect to the distribution
      of
      interest.

     

    (e)  with
      respect to the related Payment Date,

     

    (i)  the
      Principal Payment Amount, Principal Collections and Principal Remittance
      Amount;

     

    (ii)  the
      amount of Curtailments;

     

    (iii)  the
      amount of Curtailment interest adjustments;

     

    (iv)  the
      Scheduled Payment of principal;

     

    (v)  the
      amount of Principal Prepayments;

     

    (vi)  the
      amount of principal as a result of repurchased Loans;

     

    (vii)  the
      Substitution Adjustment Amount;

     

    (viii)  the
      aggregate amount of scheduled interest prior to reduction for fees;

     

    (ix)  the
      amount of Net Recoveries;

     

    (x)  the
      amount of reimbursements of Nonrecoverable Advances previously
      made;

     

    (xi)  the
      amount of recovery of reimbursements previously deemed
      nonrecoverable;

     

    (xii)  the
      amount of net Liquidation Proceeds;

     

    (xiii)  the
      amount of Insurance Proceeds;

     

    (xiv)  the
      amount of any other distributions allocable to principal;

     

    (xv)  the
      number of Loans as of the first day of the related Collection
      Period;

     

    (xvi)  the
      aggregate Stated Principal Balance of the Loans as of the first day of the
      related Collection Period;

     

    (xvii)  the
      number of Loans as of the last day of the related Collection
      Period;

     

    (xviii)  the
      aggregate Stated Principal Balance of the Loans as of the last day of the
      related Collection Period;

     

    (xix)  the
      sum
      of the Servicing Fee, the Excess Servicing Fee, the Credit Risk Manager Fee
      and
      the Indenture Trustee Fee and the Expense Fee, with an identification of each
      payee and the general purpose of such fees;

     

    (xx)  the
      amount of current Advances (including the general purpose of such
      Advances);

     

    (xxi)  the
      amount of outstanding Advances and the general source of funds for
      reimbursements;

     

    (xxii)  the
      number and aggregate principal amounts of Loans Delinquent (1) 30 to 59 days,
      (2) 60 to 89 days and (3) 90 days or more, including Delinquent bankrupt Loans
      but excluding Loans in foreclosure and REO Property;

     

    (xxiii)  the
      number and aggregate principal amounts of Loans that are currently in
      bankruptcy, but not Delinquent;

     

    (xxiv)  the
      number and aggregate principal amounts of Loans that are in
      foreclosure;

     

    (xxv)  the
      Delinquency Rate, Rolling Three Month Delinquency Rate, the Senior Enhancement
      Percentage and whether a Trigger Event is in effect ;

     

    (xxvi)  the
      number and aggregate principal amount of any REO Properties as of the close
      of
      business on the Determination Date preceding such Payment Date;

     

    (xxvii)  current
      Realized Losses;

     

    (xxviii)  Cumulative
      Net Realized Losses and whether a Cumulative Loss Event is
      occurring;

     

    (xxix)  the
      weighted average term to maturity of the Loans as of the close of business
      on
      the last day of the calendar month preceding the related Payment
      Date;

     

    (xxx)  the
      number of Loans that have Prepayment Penalties and for which prepayments were
      made during the related Collection Period, as applicable;

     

    (xxxi)  the
      aggregate principal balance of Loans that have Prepayment Penalties and for
      which prepayments were made during the related Collection Period, as
      applicable;

     

    (xxxii)  the
      aggregate amount of Prepayment Penalties collected during the related Collection
      Period, as applicable;

     

    (xxxiii)  the
      total
      cashflows received and the general sources thereof;

     

    (xxxiv)  the
      amount of any funds remaining in the Pre-Funding Account as of such Payment
      Date;

     

    (xxxv)  the
      weighted average Net Mortgage Rate and the Net Funds Cap;

     

    (xxxvi)  the
      Net
      Excess Spread; and

     

    (xxxvii)  the
      applicable Record Dates, Interest Accrual Periods, Determination Date for
      calculating distributions and the actual Payment Date.

     

    (f)  with
      respect to the related Payment Date,

     

    (i)  the
      Targeted Overcollateralization Amount;

     

    (ii)  the
      Overcollateralization Amount;

     

    (iii)  the
      amount, if any, by which the Targeted Overcollateralization Amount exceeds
      the
      Overcollateralization Amount;

     

    (iv)  the
      Overcollateralization Release Amount;

     

    (v)  the
      Monthly Excess Interest and the Monthly Excess Cashflow;

     

    (vi)  the
      amount of any payment to the Class X-1 Certificates;

     

    (vii)  the
      Realized Loss Percentage;

     

    (viii)  the
      amount of any Additional Balance Advance Amount for any period;

     

    (ix)  the
      amount of Excluded Amounts for the related Collection Period;

     

    (x)  the
      amount, if any, received under the Policy; and

     

    (xi)  the
      occurrence of any Rapid Amortization Event or any Event of Default in respect
      of
      the Notes under the Indenture.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      APPENDIX
        A

       

      DEFINITIONS

       

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

       

      Accrual
        Period:
        For the
        Class A-1 Notes and the Class G Certificates and any Payment Date, the
        period commencing on the immediately preceding Payment Date (or the Closing
        Date, in the case of the first Accrual Period) and ending on the day immediately
        preceding the related Payment Date. For the Class A-R, Class P, Class X-1
        and
        Class X-2 Certificates and any Payment Date, the calendar month preceding
        such
        Payment Date.

       

      Accrued
        Certificate Interest:
        With
        respect to each Payment Date and the REMIC I or REMIC II Regular Interests,
        the
        Uncertificated Accrued Interest for such Regular Interest. With respect to
        each
        Payment Date, interest accrued during the related Accrual Period at the interest
        rate for such Notes or Certificates, as applicable, on the related Notes
        Balance
        or Certificate Balance, as applicable, for such Payment Date.

      

      Act
        of
        Noteholder:
        As
        defined in Section 10.03 of the Indenture.

       

      Additional
        Balance:
        With
        respect to any Loan, any future Draw (other than a Draw representing an Excluded
        Amount) made by the related Mortgagor pursuant to the related Loan Agreement
        after the Cut-Off Date, together with all money due or to become due in respect
        of such Draw.

       

      Additional
        Balance Advance Amount:
        Shall
        mean, with respect to any Payment Date during the Managed Amortization Period,
        the sum of (a) the excess, if any, of (1) the aggregate principal amount of
        Additional Balances conveyed to the Issuing Entity during the related Collection
        Period, over (2) related Principal Collections applied to purchase such
        Additional Balances and (b) any Additional Balance Advance Amount remaining
        unreimbursed from the prior Payment Date. The Additional Balance Advance
        Amount
        shall be evidenced by the Class G Certificates. With respect to any Payment
        Date during a Rapid Amortization Period, the Additional Balance Advance Amount
        for any such Payment Date shall only equal the amount noted in clause (b)
        above
        as reduced by any amounts paid to the Class G Certificates in respect of
        principal prior to the related Payment Date during the Rapid Amortization
        Period, pursuant to Section 5.01(a) of the Trust Agreement. In no event shall
        Excluded Amounts constitute a part of the Additional Balance Advance
        Amount.

       

      Additional
        Form 10-D Disclosure:
        As
        defined in Section 6.16(a)(i) of the Indenture.

       

      Additional
        Form 10-K Disclosure:
        As
        defined in Section 6.16(a)(iii) of the Indenture.

       

      Adjustment
        Date:
        With
        respect to each HELOC, the date set forth in the related Mortgage Note on
        which
        the related Mortgage Interest Rate on the HELOC is adjusted in accordance
        with
        the terms of the Loan Agreement.

       

      Administrator:
        U.S.
        Bank National Association and its successors or assigns or any successor
        administrator appointed pursuant to the terms of the Administration
        Agreement.

       

      Administration
        Agreement:
        The
        administration agreement dated as of the Closing Date among the Seller, the
        Issuer and the Indenture Trustee.

       

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

       

      Aggregate
        Collateral Balance:
        As
        of any
        date of determination, an amount equal to the Aggregate Loan Balance plus
        the
        amount, if any, then on deposit in the Pre-Funding Account. The Aggregate
        Collateral Balance as of the Cut-off Date is equal to the Aggregate Loan
        Balance
        as of the Cut-off Date plus the amount on deposit in the Pre-Funding Account
        as
        of the Closing Date. 

       

      Aggregate
        Loan Balance:
        As of
        any Payment Date, an amount equal to the aggregate of the Principal Balances
        of
        the Loans as of the last day of the prior month.

       

      Aggregate
        Subsequent Transfer Amount:
        With
        respect to any Subsequent Transfer Date, the aggregate Principal Balance
        as of
        the applicable Cut-off Date of the related Subsequent Loans conveyed on such
        Subsequent Transfer Date, as listed on the revised Loan Schedule delivered
        pursuant to Section 2.04(b) of the Indenture; provided,
        however,
        that
        such amount shall not exceed the amount on deposit in the Pre-Funding
        Account.

       

      Annual
        Statement of Compliance:
        As
        defined in Section 3.10 of the Servicing Agreement.

       

      Applied
        Loss Amount:
        For any
        Payment Date, an amount equal to the excess of the aggregate
        Class Principal Balance of the Class A-1 Notes and the Class G Certificates
        over the Aggregate Collateral Balance after giving effect to all Realized
        Losses
        incurred during the Collection Period for such Payment Date and payments
        of
        principal on such Payment Date.

       

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by the
        most
        recent property valuation made on behalf of the Seller.

       

      Assessment
        of Compliance:
        As
        defined in Section 3.11 of the Servicing Agreement. 

       

      Assignment
        of Mortgage:
        With
        respect to any Mortgage, an assignment, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        in
        which the related Mortgaged Property is located to reflect the sale of the
        Mortgage, which assignment, notice of transfer or equivalent instrument may
        be
        in the form of one or more blanket assignments covering Mortgages secured
        by
        Mortgaged Properties located in the same jurisdiction.

       

      Authorized
        Newspaper:
        A
        newspaper of general circulation in the Borough of Manhattan, the City of
        New
        York, printed in the English language and customarily published on each Business
        Day, whether or not published on Saturdays, Sundays or holidays.

       

      Authorized
        Officer:
        With
        respect to the Issuer, any officer of the Owner Trustee, Seller or Administrator
        who is authorized to act in matters relating to the Issuer under the Trust
        Agreement or Administration Agreement and who is identified on the list of
        Authorized Officers delivered to the Indenture Trustee on the Closing Date
        (as
        such list may be modified or supplemented from time to time
        thereafter).

       

      Attestation
        Report:
        As
        defined in Section 3.11 of the Servicing Agreement.

       

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

       

      Basic
        Documents:
        The
        Trust Agreement, the Indenture, the Loan Purchase Agreement, the Servicing
        Agreement, the Administration Agreement, the Custodial Agreement, the Insurance
        Agreement, the Interest Rate Cap Agreement and the other documents and
        certificates delivered in connection with any of the above.

       

      Basis
        Risk Reserve Fund:
        The
        separate Eligible Account created and initially maintained by the Indenture
        Trustee pursuant to Section 3.32 of the Indenture in the name of the Indenture
        Trustee for the benefit of the Noteholders. Funds in the Basis Risk Reserve
        Funds shall be held in trust for the holders of the Class A-1 Notes and Class
        G
        Certificates for the uses and purposes set forth in the Indenture. Each Basis
        Risk Reserve Fund will be an “outside reserve fund” within the meaning of
        Treasury regulation Section 1.860G-2(h) established and maintained pursuant
        to
        Section 3.32 of the Indenture. The Basis Risk Reserve Fund is not an asset
        of
        any REMIC. Ownership
        of the Basis Risk Reserve Fund is evidenced by the Class X-1
        Certificates.

       

      Basis
        Risk Shortfall:
        With
        respect to any Payment Date and the Class A-1 Notes and the Class G
        Certificates, the sum of:

       

      (1) the
        excess, if any, of (A) the related Current Interest for such
        Class calculated on the basis of the lesser of (x) LIBOR plus the
        applicable Note Margin with respect to each such Class of Notes
or
        the
        Class G Certificates
        and (y)
        the Maximum Interest Rate for that Payment Date, over (B) Current Interest
        for
        such Class calculated on the basis of the Net Funds Cap, for the applicable
        Payment Date;

       

      (2) any
        amounts relating to clause (1) remaining unpaid from prior Payment Dates,
        and

       

      (3) interest
        on the amount in clause (2) calculated on the basis of the lesser of
        (x) LIBOR plus the applicable Note Margin with respect to each such
        Class of Notes or the Class G Certificates and (y) the Maximum Interest
        Rate, on the basis of a 360-day year and the actual number of days elapsed
        in
        the related Accrual Period.

       

      Beneficial
        Owner:
        With
        respect to any Note, the Person who is the owner of a security entitlement
        to
        such Note as reflected on the books of the Depository or on the books of
        a
        Person maintaining an account with such Depository (directly as a Depository
        Participant or indirectly through a Depository Participant, in accordance
        with
        the rules of such Depository).

       

      Book-Entry
        Notes:
        Notes
        held by the Depository as described in Section 4.06 of the Indenture.
        Initially, the Notes shall be Book-Entry Notes.

       

      Business
        Day:
        Any day
        other than (i) a Saturday or a Sunday, or (ii) a legal holiday in the State
        of
        New York, Pennsylvania, Delaware or Minnesota, or (iii) a day on which banks
        in
        the State of New York, Pennsylvania, Delaware or Minnesota are authorized
        or
        obligated by law or executive order to be closed.

       

      Capitalization
        Reimbursement Amount:
        For any
        Payment Date, the aggregate of the amounts added to the Principal Balances
        of
        the Loans during the preceding calendar month representing reimbursements
        to the
        Servicer on or prior to such Payment Date in connection with the modification
        of
        such Loans pursuant to Section 3.07(a) of the Servicing Agreement.

       

      Capitalized
        Interest Account:
        The
        separate Eligible Account designated as such and created and maintained by
        the
        Indenture Trustee pursuant to Section 3.32(b) of the Indenture. The Capitalized
        Interest Account shall be treated as an “outside reserve fund” under applicable
        Treasury regulations and shall not be part of any REMIC. Except as provided
        in
        Section 3.32(b) of the Indenture, any investment earnings on the Capitalized
        Interest Accounts shall be treated as owned by the Depositor and will be
        taxable
        to the Depositor.

       

      Capitalized
        Interest Deposit:
        $43,501.91.

       

      Capitalized
        Interest Requirement:
        With
        respect to the March 2007 Payment Date, an amount equal to interest accruing
        during the related Accrual Period for the Class A-1 Notes and the Class G
        Certificates at a per annum rate equal to (x) the weighted average Note Interest
        Rate of the Class A-1 Notes and the Class G Certificates multiplied by (y)
        the
        related Pre-Funding Amount outstanding at the end of the related Collection
        Period. With respect to the April 2007 Payment Date, an amount equal to interest
        accruing during the related Accrual Period for the Class
        A-1
        Notes and
        the
        Class G Certificates at a per annum rate equal to (x) the weighted average
        Note
        Interest Rate of the Class A-1 Notes and the Class G Certificates for such
        Payment Date multiplied by (y) the sum of (c) the related Pre-Funding Amount
        at
        the end of the related Collection Period and (d) the aggregate Principal
        Balance
        of the related Subsequent Loans that do not have a first Due Date prior to
        April
        2007, transferred to the Trust during the related Collection Period. With
        respect to the May 2007 Payment Date, an amount equal to interest accruing
        during the related Accrual Period for the Class A-1 Notes and the Class G
        Certificates at a per annum rate equal to (x) the weighted average Note Interest
        Rate of the Class A-1 Notes and the Class G Certificates for such Payment
        Date
        multiplied by (y) the sum of (c) the related Pre-Funding Amount at the end
        of
        the related Collection Period and (d) the aggregate Principal Balance of
        the
        related Subsequent Loans that do not have a first Due Date prior to May 1,
        2007,
        transferred to the Trust during the related Collection Period.

       

      Carryforward
        Interest:
        For the
        Class A-1 Notes and Class G Certificates and any Payment Date, the sum of
        (1) the amount, if any, by which (x) the sum of (A) Current Interest
        for such Class for the immediately preceding Payment Date and (B) any
        unpaid Carryforward Interest from previous Payment Dates exceeds (y) the
        amount
        paid in respect of interest on such Class on such immediately preceding
        Payment Date, and (2) for the Class A-1 Notes and the Class G Certificates.
        interest on such amount for the related Accrual Period at the applicable
        Note
        Interest Rate.

       

      Certificate
        Balance:
        With
        respect to the Class G Certificates and any date of determination, the
        Initial Class G Certificate Balance, increased by any unreimbursed
        Additional Balance Advance Amounts. With respect to the Class A-R Certificates
        and any date of determination, the Initial Class A-R Certificate Balance,
        reduced by all payments of principal on such Certificates prior to such date
        of
        determination. With respect to the Class P Certificates and any date of
        determination, the Initial Class P Certificate Balance, reduced by all payments
        of principal on such Certificates prior to such date of
        determination.

       

      Certificate
        Distribution Account:
        The
        account or accounts created and maintained by the Certificate Paying Agent
        pursuant to Section 3.10(c) of the Trust Agreement. The Certificate Paying
        Agent will make all distributions on the Certificates from money on deposit
        in
        the Certificate Distribution Account. The Certificate Distribution Account
        shall
        be an Eligible Account.

       

      Certificate
        of Trust:
        The
        Certificate of Trust filed for the Owner Trust pursuant to Section 3 810(a)
        of the Statutory Trust Statute, including all amendments and
        restatements.

       

      Certificate
        Paying Agent:
        The
        paying agent appointed pursuant to Section 3.10 of the Trust
        Agreement.

       

      Certificate
        Percentage Interest:
        With
        respect to the Certificates, the Certificate Percentage Interest stated on
        the
        face thereof.

       

      Certificate
        Register:
        The
        register maintained by the Certificate Registrar in which the Certificate
        Registrar shall provide for the registration of the Certificates and of
        transfers and exchanges of the Certificates.

       

      Certificate
        Registrar:
        Initially, the Indenture Trustee, in its capacity as Certificate Registrar,
        or
        any successor to the Indenture Trustee in such capacity.

       

      Certificateholder:
        The
        Person in whose name a Certificate is registered in the Certificate Register
        except that, any Certificate registered in the name of the Issuer, the Owner
        Trustee, the Indenture Trustee or any Affiliate of the Owner Trustee, the
        Indenture Trustee shall be deemed not to be outstanding and the registered
        holder will not be considered a Certificateholder or a holder for purposes
        of
        giving any request, demand, authorization, direction, notice, consent or
        waiver
        under the Indenture or the Trust Agreement provided that, in determining
        whether
        the Indenture Trustee or the Owner Trustee shall be protected in relying
        upon
        any such request, demand, authorization, direction, notice, consent or waiver,
        only Certificates that the Indenture Trustee or the Owner Trustee knows to
        be so
        owned shall be so disregarded. Owners of Certificates that have been pledged
        in
        good faith may be regarded as Holders if the pledgee establishes to the
        satisfaction of the Indenture Trustee or the Owner Trustee, as the case may
        be,
        the pledgee’s right so to act with respect to such Certificates and that the
        pledgee is not the Issuer, any other obligor upon the Certificates or any
        Affiliate of the Owner Trustee, the Indenture Trustee.

       

      Certificates:
        Collectively, the Class G Certificates, Class A-R Certificates, Class Class
        P Certificates, Class X-1 Certificates and Class X-2 Certificates.

       

      Charged
        Off Loan:
        With
        respect to any Payment Date, a defaulted Loan that has not yet been liquidated,
        giving rise to a Realized Loss, on the date on which the Servicer determines,
        pursuant to the procedures set forth in Section 3.07 of the Servicing Agreement,
        that there will be (i) no Significant Net Recoveries with respect to such
        Loan
        or (ii) the potential Net Recoveries are anticipated to be an amount, determined
        by the Servicer in its good faith judgment and in light of other mitigating
        circumstances, that is insufficient to warrant proceeding through foreclosure
        or
        other liquidation of the related Mortgaged Property. 

       

      Class:
        Collectively, all of the Notes bearing the same designation.

       

      Class
        A Notes:
        The
        Class A-1 Notes.

       

      Class
        A-1 Notes:
        The
        Class A-1 Mortgage-Backed Notes, Series 2007-1, in substantially the form
        set forth in Exhibit A to the Indenture.

       

      Class
        A-R Certificates:
        The
        Class A-R Certificates substantially in the form set forth in Exhibit I to
        the Trust Agreement. The Class A-R Certificates represents beneficial ownership
        of the Class R-II Interest and the Class R-III Interest.

       

      Class
        A-R Certificate Balance:
        An
        amount equal to $100.00 less amounts distributed in respect of principal
        pursuant to Section 5.01(a) of the Trust Agreement.

       

      Class
        A-R Certificate Distribution Amount:
        The
        amount payable to the Certificate Paying Agent under Section 3.05(b)(iii)
        and Section 3.05(c)(ii) of the Indenture for payment to the Class A-R
        Certificates under the Trust Agreement.

       

      Class
        P Certificates:
        The
        Class P Certificates substantially in the form of Exhibit L to the
        Trust Agreement.

       

      Class
        X-1 Certificates:
        The
        Class X-1 Certificates substantially in the form of Exhibit A to the Trust
        Agreement.

       

      Class
        X-1 Distribution Amount:
        On any
        Payment Date, the sum of Accrued Certificate Interest for such Payment Date
        and
        the related Overcollateralization Release Amount, if any, for the Determination
        Date related to such Payment Date.

       

      Class
        X-1 Notional Amount:
        With
        respect to the Class X-1 Certificates and any Payment Date, the aggregate
        of the
        Class Principal Balances for all Classes of REMIC II Regular Interests (other
        than REMIC II Regular Interest LT-P and LTIIB-AR) before giving effect to
        payments to be made and the allocation of Applied Loss Amounts to occur on
        such
        Payment Date.

       

      Class
        X-2 Certificates:
        The
        Class X-2 Certificates substantially in the form of Exhibit A to the Trust
        Agreement.

       

      Class G
        Certificate Distribution Amount:
        The
        amount payable to the Certificate Paying Agent under Section 3.05(a),
        Section 3.05(b)(i) and Section 3.05(d)(ii) of the Indenture for
        payment to the Class G Certificates under the Trust Agreement.

       

      Class G
        Certificates:
        The
        Class G Certificates substantially in the form of Exhibit L to the
        Trust Agreement. The Class G Certificates are designated as the sole class
        of
“residual interest” in REMIC I.

       

      Class Principal
        Balance:
        With
        respect to the Class A-1 Notes and the Certificates (other than the Class
        X-1
        Certificates and Class X-2 Certificates) and as of any date of determination,
        an
        amount equal to the Initial Note Balance or Certificate Balance of that Class,
        reduced by all amounts previously distributed to holders of Notes or
        Certificates of that Class as payments of principal.

       

      With
        respect to the Class G Certificates and as of any date of determination,
        any
        unreimbursed Additional Balance Advance Amounts. After the occurrence of
        the
        Rapid Amortization Period, the Class Principal Balance of the Class G
        Certificates will not increase.

       

      With
        respect to the Class X-1 Certificates and as of any date of determination,
        an amount equal to the Overcollateralization Amount as of such date of
        determination.

       

      Class
        R-II Interest:
        The
        uncertificated Residual Interest in REMIC II.

       

      Class
        R-III Interest:
        The
        uncertificated Residual Interest in REMIC III.

       

      Closing
        Date:
        March
        9, 2007.

       

      Code:
        The
        Internal Revenue Code of 1986 (or any successor statute thereto) and the
        rules
        and regulations promulgated thereunder, as the same may be amended from time
        to
        time.

       

      Collateral:
        The
        meaning specified in the Granting Clause of the Indenture.

       

      Collection
        Period:
        With
        respect to each Payment Date, the calendar month preceding the month of that
        Payment Date.

       

      Combined
        Loan-to-Value Ratio:
        With
        respect to any Loan, the ratio, expressed as a percentage of (i) the sum
        of (A)
        the credit limit at origination, and (B) any principal balance of all other
        Permitted Liens, if any, secured by senior liens on the related Mortgaged
        Property as of either (i) the date of origination of those senior liens or
        (ii)
        the date of origination of such Loan, to (ii) the Appraised Value.

       

      Commission:
        The
        United States Securities and Exchange Commission.

       

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the documents contained in the Mortgage
        File.

       

      Corporate
        Trust Office:
        With
        respect to the Indenture Trustee, Certificate Registrar, Certificate Paying
        Agent and Paying Agent, the principal corporate trust office of the Indenture
        Trustee and Note Registrar at which at any particular time its corporate
        trust
        business shall be administered, which office at the date of the execution
        of
        this instrument is located at 60 Livingston Avenue, St. Paul, Minnesota 55107,
        Attention: Corporate Trust - Structured Finance, Ref: Home Equity Mortgage
        Trust
        2007-1. With respect to the Owner Trustee, the principal corporate trust
        office
        of the Owner Trustee at which at any particular time its corporate trust
        business shall be administered, which office at the date of the execution
        of the
        Trust Agreement is as set forth in the Trust Agreement. 

       

      Corresponding
        Certificate:
        With
        respect to each REMIC II Regular Interest set forth below and where applicable,
        the corresponding Regular Certificate set forth in the table below:

       

      
        	
                REMIC
                  II Regular Interest

              	
                Regular
                  Certificate

              
	
                LT-A-1

              	
                Class
                  A-1

              
	
                LT-P

              	
                Class
                  P

              

      

      

      Credit
        Limit:
        With
        respect to any HELOC, the maximum loan balance permitted under the terms
        of the
        related Loan Agreement.

       

      Credit
        Risk Manager:
        Clayton
        Fixed Income Services Inc., a Colorado corporation.

       

      Credit
        Risk Manager Fee:
        With
        respect to any Loan and any Collection Period, the product of (i) the
        Credit Risk Manager Fee Rate divided by 12 and (ii) the Principal Balance
        of
        such Loan as of the first day of such Collection Period.

       

      Credit
        Risk Manager Fee Rate:
        0.015%
        per annum.

       

      Credit
        Scores:
        The
        credit score for each Loan shall be obtained in accordance with the related
        originator’s underwriting guidelines. In cases in which one credit score was
        obtained for purposes of origination, that shall be the credit score. If
        two
        credit bureau scores were obtained, the Credit Score will be the lower score.
        If
        three credit bureau scores were obtained, the Credit Score will be the middle
        of
        the three. When there is more than one applicant, the Credit Score of the
        applicant with the higher income will be used. There is only one (1) score
        for
        any Loan regardless of the number of borrowers and/or applicants.

       

      Cumulative
        Realized Losses:
        With
        respect to any date of determination, the cumulative amount of Realized Losses
        since the Cut-off Date, less (i) any amounts in respect of recoveries and
        applied as principal on a related Loan in any month subsequent to the month
        in
        which such related Loan was designated as a Liquidated Loan and (ii) Net
        Recoveries received on related Charged Off Loans.

       

      Current
        Interest:
        For any
        Payment Date and the Class A-1 Notes and the Class A-R, Class P and Class
        G
        Certificates, the amount of interest accruing at the applicable Note Interest
        Rate on the related Class Principal Balance during the related Accrual
        Period, as reduced by a pro rata portion of any Interest
        Shortfalls.

       

      Custodial
        Account:
        The
        account or accounts created and maintained by the Servicer pursuant to
        Section 3.02(b) of the Servicing Agreement, in which the Servicer shall
        deposit or cause to be deposited certain amounts in respect of the
        Loans.

       

      Custodial
        Agreement:
        Any of
        the Custodial Agreements between a Custodian and the Indenture Trustee, relating
        to the custody of the Loans and the related Loan Files.

       

      Custodian:
        LaSalle
        Bank, National Association. The Custodian shall act as agent on behalf of
        the
        Indenture Trustee, and its on-going fees and expenses shall be paid by the
        Indenture Trustee or as otherwise specified therein.

       

      Cut-off
        Date:
        For any
        Loan (other than a Subsequent Loan), the open of business on February 1,
        2007.
        For any Subsequent Loan, the related Subsequent Transfer Date.

       

      Cut-off
        Date Loan Balance:
        With
        respect to any Loan, the unpaid principal balance thereof as of the close
        of
        business on the Business Day immediately prior to the Cut-off Date.

       

      Data
        Remittance Date:
        With
        respect to each Payment Date and any Loan, the 18th
        day of
        the month or the next Business Day.

       

      Default:
        Any
        occurrence which is or with notice or the lapse of time or both would become
        an
        Event of Default.

       

      Deficiency
        Amount:
        means,
        with respect to any Payment Date and each of the Class A-1 Notes and Class
        G
        Certificates, an amount, if any, equal to the sum of: (i) the excess of (x)
        Current Interest for the Class A-1 Notes or Class G Certificates, as applicable,
        on such Payment Date, over (y) the Interest Remittance Amount on such Payment
        Date allocated to pay Current Interest on the Class A-1 Notes or Class G
        Certificates, as applicable, on such Payment Date as provided in the Indenture,
        (ii) on any Payment Date prior to the Final Scheduled Payment Date, the excess,
        if any, of the aggregate Class Principal Balance of the Class A-1 Notes and
        the
        Class G Certificates (after giving effect to any Principal Payment Amount
        other
        than the amounts paid in respect of the Policy on such Payment Date) over
        the
        Aggregate Collateral Balance for such Payment Date and (iii) the Class Principal
        Balance of the Class A-1 Notes or Class G Certificates, as applicable, to
        the
        extent unpaid on the Final Scheduled Payment Date or earlier termination
        of the
        Issuing Entity pursuant to the terms of the Indenture, in each case after
        giving
        effect to payments made on such date from sources other than the
        Policy.

       

      Deficient
        Valuation:
        With
        respect to any Loan, a reduction in the scheduled Monthly Payment for such
        Loan
        by a court of competent jurisdiction in a proceeding under the Bankruptcy
        Code,
provided,
        however,
        that a
        Deficient Valuation shall not include any reduction that results in the
        permanent forgiveness of the principal of a Loan.

       

      Definitive
        Notes:
        The
        meaning specified in Section 4.06 of the Indenture.

       

      Deleted
        Loan:
        A Loan
        replaced or to be replaced with an Eligible Substitute Loan pursuant to
        Section 2(d) of the Loan Purchase Agreement.

       

      Delinquent:
        As used
        herein, a Loan is considered to be: “30 to 59 days” or “30 or more days”
delinquent when a payment due on any scheduled due date remains unpaid as
        of the
        close of business on the next following monthly scheduled due date; “60 to 89
        days” or “60 or more days” delinquent when a payment due on any scheduled due
        date remains unpaid as of the close of business on the second following monthly
        scheduled due date; and so on. The determination as to whether a Loan falls
        into
        these categories is made as of the close of business on the last business
        day of
        each month. For example, a Loan with a payment due on July 1 that remained
        unpaid as of the close of business on August 31 would then be considered
        to be
        30 to 59 days delinquent.

       

      Delinquency
        Rate:
        With
        respect to any month, the fraction, expressed as a percentage, the numerator
        of
        which is the aggregate outstanding balance of all Loans, 60 or more days
        delinquent (including all foreclosures and REOs but excluding Liquidated
        Loans)
        as of the close of business on the last day of such month and the denominator
        of
        which is the Aggregate Collateral Balance as of the close of business on
        the
        last day of such month.

       

      Denomination:
        With
        respect to each Note, the amount set forth on the face thereof as the “Initial
        Note Balance of this Note” or the “Initial Notional Amount of this Note” or, if
        neither of the foregoing, the percentage interest appearing on the face thereof.
        With respect to each Certificate the amount set forth on the face thereof
        as the
“Initial Certificate Balance of this Certificate” or, if not the foregoing, the
        percentage interest appearing on the face thereof.

       

      Depositor:
        Credit
        Suisse First Boston Mortgage Acceptance Corp., or its successor in
        interest.

       

      Depository
        or Depository Agency:
        The
        Depository Trust Company or a successor appointed by the Indenture Trustee
        with
        the approval of the Issuer. Any successor to the Depository shall be an
        organization registered as a “clearing agency” pursuant to Section 17A of
        the Exchange Act and the regulations of the Securities and Exchange Commission
        thereunder.

       

      Depository
        Participant:
        A
        Person for whom, from time to time, the Depository effects book-entry transfers
        and pledges of securities deposited with the Depository.

       

      Determination
        Date:
        With
        respect to any Payment Date, the 15th day (or if such 15th day is not a Business
        Day, the Business Day immediately preceding such 15th day) of the month of
        the
        related Payment Date.

       

      Disqualified
        Organization:
        Any
        organization defined as a “disqualified organization” under
        Section 860E(e)(5) of the Code, and if not otherwise included, any of the
        following: (i) the United States, any State or political subdivision thereof,
        any possession of the United States, or any agency or instrumentality of
        any of
        the foregoing (other than an instrumentality which is a corporation if all
        of
        its activities are subject to tax and, except for Freddie Mac, a majority
        of its
        board of directors is not selected by such governmental unit), (ii) a foreign
        government, any international organization, or any agency or instrumentality
        of
        any of the foregoing, (iii) any organization (other than certain farmers’
cooperatives described in Section 521 of the Code) which is exempt from the
        tax imposed by Chapter 1 of the Code (including the tax imposed by
        Section 511 of the Code on unrelated business taxable income), (iv) rural
        electric and telephone cooperatives described in Section 1381(a)(2)(C) of
        the Code, (v) any “electing large partnership,” as defined in
        Section 775(a) of the Code and (vi) any other Person so designated by the
        Indenture Trustee based upon an Opinion of Counsel that the holding of an
        Ownership Interest in a Class A-R Certificate by such Person may cause the
        Trust Estate or any Person having an Ownership Interest in any Class of
        Certificates (other than such Person) or an interest in any Class of Notes
        to
        incur a liability for any federal tax imposed under the Code that would not
        otherwise be imposed but for the Transfer of an Ownership Interest in a
        Class A-R Certificate to such Person. The terms “United States”, “State”
and “international organization” shall have the meanings set forth in
        Section 7701 of the Code or successor provisions.

       

      DLJMC:
        DLJ
        Mortgage Capital, Inc., a Delaware corporation, and its successors and assigns.
        

       

      Draw:
        With
        respect to any HELOC, a borrowing by the Mortgagor under the related Loan
        Agreement.

       

      Draw
        Period:
        With
        respect to each HELOC, the period commencing after the date of origination
        of
        such Loan, during which the related Mortgagor is permitted to make Draws
        on such
        HELOC.

       

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

       

      Eligible
        Account:
        With
        respect to the Custodial Account, an account or accounts that satisfy the
        requirements of either (I), (II), (III) or (IV) of clause (b) below and (ii)
        the
        Payment Account, either (a) a trust account or accounts maintained at the
        corporate trust department of the Indenture Trustee or (b) one or more accounts
        that satisfy the following requirements:

       

      (I) that
        are
        maintained with a depository institution or trust company whose short-term
        unsecured debt obligations (or, in the case of a depository institution or
        trust
        company that is the principal subsidiary of a bank holding company, the debt
        obligations of such holding company) at the time of deposit therein have
        been
        rated by each Rating Agency in its highest short-term rating category (provided,
        that if there at any time shall be a downgrading, withdrawal or suspension
        of
        the short-term unsecured debt obligations of such depository institution
        or
        trust company, the Servicer or the Indenture Trustee, as applicable, shall,
        within ten Business Days thereof, move such account to another depository
        institution or trust company having such required ratings);

       

      (II) that
        are
        maintained with a depository institution or trust company the long-term
        unsecured debt obligations of which have been rated Baa3 or higher by Moody’s,
        AA or higher by Fitch and AA- or higher by Standard & Poor’s (provided,
        that if there at any time shall be a downgrading, withdrawal or suspension
        of
        the long-term unsecured debt obligations of such depository institution or
        trust
        company, the Servicer or the Indenture Trustee, as applicable, shall, within
        ten
        Business Days thereof, move such account to another depository institution
        or
        trust company having such required ratings), and the deposits in which are
        fully
        insured by the Federal Deposit Insurance Corporation;

       

      (III) that
        are
        segregated trust accounts maintained with the corporate trust department
        of a
        depository institution or a trust company, acting in its fiduciary capacity;
        or

       

      (IV) such
        other accounts that are acceptable to each Rating Agency, as evidenced by
        a
        letter from each Rating Agency to the Servicer, the Indenture Trustee, without
        reduction or withdrawal of the rating of any Class of Notes.

       

      The
        depository institution or trust company with which the Eligible Account is
        maintained shall be organized under the laws of the United States or any
        state
        thereof, have a net worth in excess of $100,000,000 and deposits insured
        to the
        full extent permitted by law by the Federal Deposit Insurance Corporation
        and be
        subject to supervision and examination by federal or state banking authorities.
        An Eligible Account may bear interest, and may include, if otherwise permitted
        by this definition, an account maintained with the Indenture
        Trustee.

       

      Eligible
        Substitute Loan:
        A Loan
        substituted by the Seller for a Deleted Loan which must, on the date of such
        substitution, as confirmed in an Officer’s Certificate delivered to the
        Indenture Trustee, (i) have an outstanding principal balance, after deduction
        of
        the principal portion of the monthly payment due in the month of substitution
        (or in the case of a substitution of more than one Loan for a Deleted Loan,
        an
        aggregate outstanding principal balance, after such deduction), not in excess
        of
        the outstanding principal balance of the Deleted Loan (the amount of any
        shortfall to be deposited by the Seller in the Custodial Account in the month
        of
        substitution); (ii) comply with each representation and warranty set forth
        in
        Annex B to the Loan Purchase Agreement; (iii) have a Mortgage Rate no lower
        than
        and not more than 1% per annum higher than the Mortgage Rate of the Deleted
        Loan
        as of the date of substitution; (iv) have a Combined Loan-to-Value Ratio
        at the
        time of substitution no higher than that of the Deleted Loan at the time
        of
        substitution; (v) have a remaining term to stated maturity not greater than
        (and
        not more than one year less than) that of the Deleted Loan; (vi) meet the
        conditions set forth for treatment as a “qualified mortgage” as set forth in
        Section 860G(a)(3)(A) of the Code and Treasury Regulations Section
        1.860G-2(a)(1), (2), (4), (5), (6), (7) and (9), without reliance on the
        provisions of Treasury Regulation Section 1.860G-2(a)(3) or Treasury Regulation
        Section 1.860G-2(f)(2) or any other provision that would allow a Loan to be
        treated as a “qualified mortgage” notwithstanding its failure to meet the
        requirements of Section 860G(a)(3)(A) of the Code and Treasury Regulation
        Section 1.860G-2(a)(1), (2), (4), (5), (6), (7) and (9); and (vii) not be
        30
        days or more delinquent.

       

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

       

      Event
        of Default:
        With
        respect to the Indenture, any one of the following events (whatever the reason
        for such Event of Default and whether it shall be voluntary or involuntary
        or be
        effected by operation of law or pursuant to any judgment, decree or order
        of any
        court or any order, rule or regulation of any administrative or governmental
        body):

       

      (i) the
        failure to pay the Current Interest on any Note on any Payment
        Date;

       

      (ii) the
        failure by the Issuer on the final maturity date to reduce the
        Class Principal Balances of any Note then outstanding to zero;

       

      (iii) there
        occurs a default in the observance or performance of any negative covenant,
        covenant or agreement of the Issuer made in the Indenture, or any representation
        or warranty of the Issuer made in the Indenture or in any certificate, note
        or
        other writing delivered pursuant hereto or in connection herewith proving
        to
        have been incorrect in any material respect as of the time when the same
        shall
        have been made which has a material adverse effect on Securityholders, and
        such
        default shall continue or not be cured, or the circumstance or condition
        in
        respect of which such representation or warranty was incorrect shall not
        have
        been eliminated or otherwise cured, for a period of 30 days after there shall
        have been given, by registered or certified mail, to the Issuer by the Indenture
        Trustee or to the Issuer and the Indenture Trustee by the Holders of at least
        25% of the outstanding Note Balance of the Notes, a written notice specifying
        such default or incorrect representation or warranty and requiring it to
        be
        remedied and stating that such notice is a notice of default hereunder;
        or

       

      (iv) there
        occurs the filing of a decree or order for relief by a court having jurisdiction
        in the premises in respect of the Issuer or any substantial part of the Trust
        Estate in an involuntary case under any applicable federal or state bankruptcy,
        insolvency or other similar law now or hereafter in effect, or appointing
        a
        receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
        official of the Issuer or for any substantial part of the Trust Estate, or
        ordering the winding-up or liquidation of the Issuer’s affairs, and such decree
        or order shall remain unstayed and in effect for a period of 60 consecutive
        days; or

       

      (v) there
        occurs the commencement by the Issuer of a voluntary case under any applicable
        federal or state bankruptcy, insolvency or other similar law now or hereafter
        in
        effect, or the consent by the Issuer to the entry of an order for relief
        in an
        involuntary case under any such law, or the consent by the Issuer to the
        appointment or taking possession by a receiver, liquidator, assignee, custodian,
        trustee, sequestrator or similar official of the Issuer or for any substantial
        part of the assets of the Trust Estate, or the making by the Issuer of any
        general assignment for the benefit of creditors, or the failure by the Issuer
        generally to pay its debts as such debts become due, or the taking of any
        action
        by the Issuer in furtherance of any of the foregoing.

       

      Event
        of Liquidation:
        Following the occurrence of an Event of Default under the Indenture, as
        evidenced by a written notice provided by the Indenture Trustee to the Owner
        Trustee, the Depositor, the Insurer and the Issuer that all conditions precedent
        to the sale or other liquidation of the Trust Estate pursuant to
        Section 5.04 of the Indenture have been satisfied.

       

      Event
        of Servicer Termination:
        With
        respect to the Servicing Agreement, a Servicing Default as defined in
        Section 7.01 of the Servicing Agreement.

       

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

       

      Excess
        Cashflow Loss Payment:
        An
        amount equal to the aggregate Realized Losses on the Loans incurred during
        the
        related Collection Period, such amount to distributed in the same manner
        as the
        Principal Payment Amount as set forth in Section 3.05(d) of the
        Indenture.

       

      Excluded
        Amount:
        For any
        Payment Date during the Rapid Amortization Period, the aggregate of all Draws
        made by a Mortgagor under the related HELOC during the related Collection
        Period. Excluded Amounts will not be transferred to the Trust Estate, and
        the
        portion of the aggregate collections in respect of principal and interest
        for
        the related Collection Period from the related Mortgagor shall be allocated
        to
        an Excluded Amount based on a pro rata allocation between such Excluded Amount
        and the Principal Balance of the related HELOC in proportion to the respective
        amounts outstanding as of the end of the calendar month preceding such
        Collection Period.

       

      Fannie
        Mae:
        Fannie
        Mae or any successor thereto.

       

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

       

      Final
        Maturity Date:
        May 25,
        2037.

       

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

       

      Final
        Scheduled Payment Date:
        The
        Payment Date occurring in May 2037. 

       

      Foreclosure
        Profit:
        With
        respect to a Liquidated Loan, the amount, if any, by which (i) the aggregate
        of
        its Net Liquidation Proceeds plus Subsequent Recoveries (net of any unpaid
        Servicing Fee) exceeds (ii) the related Loan Balance (plus accrued and unpaid
        interest thereon at the applicable Mortgage Rate from the date interest was
        last
        paid through the date of receipt of the final Liquidation Proceeds) of such
        Liquidated Loan immediately prior to the final recovery of its Liquidation
        Proceeds.

       

      Form
        8-K Disclosure Information:
        As
        defined in Section 6.16(a)(ii) of the Indenture.

       

      Freddie
        Mac:
        Freddie
        Mac or any successor thereto.

       

      Grant:
        Pledge,
        bargain, sell, warrant, alienate, remise, release, convey, assign, transfer,
        create, and grant a lien upon and a security interest in and right of set-off
        against, deposit, set over and confirm. A Grant of any item of Collateral
        shall
        include all rights, powers and options (but none of the obligations) of the
        granting party thereunder, including the immediate and continuing right to
        claim
        for, collect, receive and give receipt for principal and interest payments
        in
        respect of such item of Collateral and all other moneys payable thereunder,
        to
        give and receive notices and other communications, to make waivers or other
        agreements, to exercise all rights and options, to bring proceedings in the
        name
        of the granting party or otherwise, and generally to do and receive anything
        that the granting party is or may be entitled to do or receive thereunder
        or
        with respect thereto.

       

      Gross
        Margin:
        With
        respect to any HELOC, the fixed percentage amount set forth in the related
        Loan
        Agreement and the related Loan Schedule that is added to the Index on each
        Adjustment Date in accordance with the terms of the related Loan Agreement
        to
        determine the new Mortgage Interest Rate for such Loan.

       

      HELOC:
        An
        individual adjustable rate, residential home equity revolving line of credit
        secured by a first or second deed of trust or mortgage, including any Additional
        Balances with respect thereto, each HELOC sold and subject to this Agreement
        being identified on the Loan Schedule and being identified as a HELOC. The
        Loans
        are all HELOCs.

       

      Holder:
        Any of
        the Noteholders or Certificateholders.

       

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

       

      Indemnified
        Party:
        The
        meaning specified in Section 7.02 of the Trust Agreement.

       

      Indenture:
        The
        indenture dated as of the Closing Date between the Issuer, as issuer and
        the
        Indenture Trustee, as indenture trustee.

       

      Indenture
        Trustee:
        U.S.
        Bank National Association, and its successors and assigns or any successor
        indenture trustee appointed pursuant to the terms of the Indenture.

       

      Indenture
        Trustee Fee:
        As to
        each Loan and any Payment Date, an amount equal to one month’s interest at the
        Indenture Trustee Fee Rate on the Stated Principal Balance of such Loan as
        of
        the Due Date in the month of such Payment Date (prior to giving effect to
        any
        Scheduled Payments due on such Loan on such Due Date).

       

      Indenture
        Trustee Fee Rate:
        With
        respect to any Payment Date, 0.0085% per annum.

       

      Independent:
        When
        used with respect to any specified Person, the Person (i) is in fact independent
        of the Issuer, any other obligor on the Notes, the Seller, the Issuer, the
        Depositor and any Affiliate of any of the foregoing Persons, (ii) does not
        have
        any direct financial interest or any material indirect financial interest
        in the
        Issuer, any such other obligor, the Seller, the Issuer, the Depositor or
        any
        Affiliate of any of the foregoing Persons and (iii) is not connected with
        the
        Issuer, any such other obligor, the Seller, the Depositor or any Affiliate
        of
        any of the foregoing Persons as an officer, employee, promoter, underwriter,
        trustee, partner, director or person performing similar functions.

       

      Independent
        Certificate:
        A
        certificate or opinion to be delivered to the Indenture Trustee under the
        circumstances described in, and otherwise complying with, the applicable
        requirements of Section 10.01 of the Indenture, made by an Independent
        appraiser or other expert appointed by an Issuer Order, and such opinion
        or
        certificate shall state that the signer has read the definition of “Independent”
in this Indenture and that the signer is Independent within the meaning
        thereof.

       

      Index:
        With
        respect to any HELOC, the index identified on the Loan Schedule and set forth
        in
        the related Mortgage Note for the purpose of calculating the Mortgage Interest
        Rate thereon.

       

      Initial
        Class A-R Certificate Balance:
        $100.00.

       

      Initial
        Class P Certificate Balance:
        $100.00.

       

      Initial
        Class G Certificate Balance:
        $0.00.

       

      Initial
        Loan:
        A Loan
        conveyed to the Trust on the Closing Date pursuant to the Indenture as
        identified on the Loan Schedule delivered to the Indenture Trustee on the
        Closing Date.

       

      Initial
        Note Balance:
        With
        respect to the Class A-1 Notes, $175,000,000.

       

      Insolvency
        Event:
        With
        respect to a specified Person, (a) the filing of a decree or order for relief
        by
        a court having jurisdiction in the premises in respect of such Person or
        any
        substantial part of its property in an involuntary case under any applicable
        bankruptcy, insolvency or other similar law now or hereafter in effect, or
        appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
        or
        similar official for such Person or for any substantial part of its property,
        or
        ordering the winding-up or liquidation of such Person’s affairs, and such decree
        or order shall remain unstayed and in effect for a period of 60 consecutive
        days; or (b) the commencement by such Person of a voluntary case under any
        applicable bankruptcy, insolvency or other similar law now or hereafter in
        effect, or the consent by such Person to the entry of an order for relief
        in an
        involuntary case under any such law, or the consent by such Person to the
        appointment of or taking possession by a receiver, liquidator, assignee,
        custodian, trustee, sequestrator or similar official for such Person or for
        any
        substantial part of its property, or the making by such Person of any general
        assignment for the benefit of creditors, or the failure by such Person generally
        to pay its debts as such debts become due or the admission by such Person
        in
        writing (as to which a Responsible Officer of the Indenture Trustee shall
        have
        received notice) of its inability to pay its debts generally, or the adoption
        by
        the Board of Directors or managing member of such Person of a resolution
        which
        authorizes action by such Person in furtherance of any of the
        foregoing.

       

      Insurance
        Account:
        The
        account created and maintained pursuant to Section 12.02 of the Indenture.
        The
        Insurance Account shall be an Eligible Account.

       

      Insurance
        Agreement:
        The
        Insurance and Indemnity Agreement, dated as of March 9, 2007 among the Indenture
        Trustee, the Sponsor, the Issuer, the Depositor and the Insurer, including
        any
        amendments and supplements thereto in accordance with the terms
        thereof.

       

      Insurance
        Proceeds:
        Proceeds paid by any insurer pursuant to any insurance policy covering a
        Loan
        which are required to be remitted to the Servicer, net of any component thereof
        (i) covering any expenses incurred by or on behalf of the Servicer in connection
        with obtaining such proceeds, (ii) that is applied to the restoration or
        repair
        of the related Mortgaged Property, (iii) released to the Mortgagor in accordance
        with the Servicer’s normal servicing procedures or (iv) required to be paid to
        any holder of a mortgage senior to such Loan.

       

      Insured
        Amount:
        As
        defined in the Policy.

       

      Insured
        Payment:
        The
        aggregate amount actually paid by the Insurer to the Indenture Trustee in
        respect of (i) Insured Amounts for any Payment Date and (ii) Preference Amounts
        for any given Business Day.

       

      Insured
        Securities:
        means
        the Class A-1 Notes and the Class G Certificates.

       

      Insurer:
        Ambac
        Assurance Corporation, and its successors and assigns.

       

      Insurer
        Default:
        The
        existence and continuance of a failure by the Insurer to make a payment required
        under the Policy in accordance with its terms.

       

      Insurer
        Premium:
        means
        the premium payable in accordance with the Policy which shall be an amount
        equal
        to 1/12th of the product of (i) the Premium Percentage and (ii) the
        aggregate Class Principal Balance of the Insured Securities on each Payment
        Date
        (prior to giving effect to any distributions of principal to be made on such
        Payment Date).

       

      Insurer
        Reimbursement Amount:
        The sum
        of (a) the aggregate unreimbursed amount of any payments made by the Insurer
        under the Policy, together with interest on such amount from the date of
        payment
        by the Insurer until paid in full at the Late
        Payment Rate
        (as
        defined in the Insurance Agreement) and (b) any other amounts owed to the
        Insurer under the Insurance Agreement or pursuant to Section 3.03.

       

      Interest
        Remittance Amount:
        With
        respect to any Payment Date, the sum of (A) all interest collected (other
        than
        Payaheads and any interest collections allocated to the Reimbursable Excluded
        Amount) in respect of Scheduled Payments on the Loans during the related
        Collection Period, the interest portion of Payaheads previously received
        and
        intended for application in the related Collection Period and the interest
        portion of all prepayments received on the Loans during the related Prepayment
        Period, less the Servicing Fee, the Credit Risk Manager Fee, the Indenture
        Trustee Fee with respect to such Loans and unreimbursed Servicing Advances
        due
        to the Servicer or the Indenture Trustee with respect to the Loans and the
        Insurer Premium due to the Insurer, (B) the portion of any Substitution Amount
        or purchase price paid during the related Collection Period allocable to
        interest and the interest portion of the Termination Price paid in connection
        with any Optional Termination, (C) all Net Liquidation Proceeds, Net Recoveries
        and Subsequent Recoveries (net of any unpaid Servicing Fees and unreimbursed
        Servicing Advances) collected during the related Collection Period, in each
        case
        to the extent allocable to interest, and (D) any amounts withdrawn from the
        Capitalized Interest Account to pay interest on the Notes and Certificates
        with
        respect to such Payment Date.

       

      Interest
        Shortfall:
        For any
        Payment Date, the aggregate shortfall, if any, in collections of interest
        for
        the previous month (adjusted to the related Net Mortgage Rate) on the Loans
        resulting from (a) related Principal Prepayments received during the related
        Prepayment Period and (b) Relief Act Reductions.

       

      Issuer,
        Issuing Entity, Owner Trust or Trust:
        The
        Home Equity Mortgage Trust 2007-1, a Delaware statutory trust, or its successor
        in interest, created by the Certificate of Trust.

       

      Issuer
        Request:
        A
        written order or request signed in the name of the Issuer by any one of its
        Authorized Officers and delivered to the Indenture Trustee.

       

      LIBOR:
        On each
        LIBOR Rate Adjustment Date, LIBOR shall be established by the Indenture Trustee
        and as to any Accrual Period, LIBOR will equal the rate for United States
        dollar
        deposits for one month which appears on the Reuters Screen LIBOR01 as of
        11:00 A.M., London time, on that LIBOR Rate Adjustment Date. Reuters Screen
        LIBOR01 Page means the display designated as the Reuters Monitor Money Rates
        Service or any other page as may replace that page on that service for the
        purpose of displaying comparable rates or prices. If the rate does not appear
        on
        that page or any other page as may replace that page on that service, or
        if the
        service is no longer offered, any other service for displaying LIBOR or
        comparable rates as may be selected by the Indenture Trustee after consultation
        with the Seller and the Insurer, the rate will be the Reference Bank
        Rate.

       

      The
        establishment of LIBOR by the Indenture Trustee and the Indenture Trustee’s
        subsequent calculation of the Note Interest Rate applicable to the Class A,
        Class M and Class B Notes for the relevant Accrual Period, in the
        absence of manifest error, will be final and binding.

       

      LIBOR
        Business Day:
        Any day
        other than (i) a Saturday or a Sunday or (ii) a day on which banking
        institutions in the city of London, England or New York, New York are required
        or authorized by law to be closed.

       

      LIBOR
        Rate Adjustment Date:
        With
        respect to the first Payment Date, the second LIBOR Business Day preceding
        the
        Closing Date, and thereafter, the second LIBOR Business Day preceding each
        Accrual Period.

       

      Lien:
        Any
        mortgage, deed of trust, pledge, conveyance, hypothecation, assignment,
        participation, deposit arrangement, encumbrance, lien (statutory or other),
        preference, priority right or interest or other security agreement or
        preferential arrangement of any kind or nature whatsoever, including, without
        limitation, any conditional sale or other title retention agreement, any
        financing lease having substantially the same economic effect as any of the
        foregoing and the filing of any financing statement under the UCC (other
        than
        any such financing statement filed for informational purposes only) or
        comparable law of any jurisdiction to evidence any of the foregoing;
provided,
        however,
        that
        any assignment pursuant to Section 6.02 of the Servicing Agreement shall
        not be deemed to constitute a Lien.

       

      Liquidated
        Loan:
        With
        respect to any Payment Date, any Loan in respect of which the Servicer has
        determined, in accordance with the servicing procedures specified in the
        Servicing Agreement, as of the end of the related Collection Period that
        substantially all Liquidation Proceeds which it reasonably expects to recover,
        if any, with respect to the disposition of the Loan and any related REO have
        been recovered. 

       

      Liquidation
        Expenses:
        All
        out-of-pocket expenses (exclusive of overhead) incurred by or on behalf of
        the
        Servicer in connection with the liquidation of any Loan and not recovered
        under
        any insurance policy, including legal fees and expenses, any unreimbursed
        amount
        expended (including, without limitation, amounts advanced to cure defaults
        on
        any mortgage loan which is senior to such Loan and amounts advanced to keep
        current or pay off a mortgage loan that is senior to such Loan) respecting
        such
        Loan and any related and unreimbursed expenditures for real estate property
        taxes or for property restoration, preservation or insurance against casualty
        loss or damage.

       

      Liquidation
        Proceeds:
        Amounts
        received in connection with the partial or complete liquidation of a defaulted
        Loan, whether through the sale or assignment of such Loan, trustee’s sale,
        foreclosure sale or otherwise remaining after, or not otherwise required
        to be
        applied to, the satisfaction of any related first lien loan, less the sum
        of
        unreimbursed Servicing Advances and Advances.

       

      Loan:
        An
        individual mortgage loan which is sold and assigned to the Depositor identified
        on the Loan Schedule, which Loan includes without limitation the Mortgage
        File,
        the Monthly Payments, Principal Prepayments, Liquidation Proceeds, Condemnation
        Proceeds, Insurance Proceeds, proceeds of any REO disposition, Additional
        Balances, any escrow accounts related to the Loan, and all other rights,
        benefits, proceeds and obligations arising from or in connection with such
        Loan,
        excluding replaced or repurchased mortgage loans. The Loans are all HELOCs
        The
        Loans shall be designated on the Loan Schedule attached as Exhibit A to the
        Servicing Agreement and Exhibit A to the Loan Purchase Agreement.

       

      Loan
        Agreement:
        With
        respect to any HELOC, the credit line account agreement executed by the related
        Mortgagor and any amendment or modification thereof.

       

      Loan
        File:
        With
        respect to each Loan, the documents indicated on Exhibit C to the Loan
        Purchase Agreement.

       

      Loan
        Purchase Agreement:
        The
        loan purchase agreement dated the Closing Date among the Seller, as assignor,
        the Depositor, as assignee, the Indenture Trustee and the Issuer.

       

      Loan
        Schedule:
        The
        schedule of Loans transferred to the Issuer, a copy of which shall be attached
        as Exhibit A to the Servicing Agreement and as Exhibit A to the Loan
        Purchase Agreement, which schedule shall be amended or supplemented to include
        Subsequent Loans as they are transferred to the Issuer and which sets forth
        as
        to each Loan, among other things:

      

        	(i)  	
                the
                  Loan identifying number;

              

      

      
         

        	(ii)  	
                a
                  code indicating the type of Mortgaged Property and the occupancy
                  status;

              

         

        	(iii)  	
                a
                  code indicating the Servicer of the Loan;

              

         

        	(iv)  	
                the
                  original months to maturity;

              

         

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

              

         

        	(vi)  	
                the
                  Combined Loan-to-Value Ratio at
                  origination;

              

         

        	(vii)  	
                the
                  related borrower’s debt-to-income ratio at
                  origination;

              

         

        	(viii)  	
                the
                  related borrower’s Credit Score
                  at
                  origination;

              

         

        	(ix)  	
                the
                  Mortgage Rate Interest as of the Cut-off
                  Date;

              

         

        	(x)  	
                the
                  stated maturity date;

              

         

        	(xi)  	
                the
                  amount of the Scheduled Payment as of the Cut-off
                  Date;

              

         

        	(xii)  	
                the
                  original principal amount of the Loan;

              

         

        	(xiii)  	
                the
                  principal balance of the Loan as of the close of business on the
                  Cut-off
                  Date, after deduction of payments of principal due on or before
                  the
                  Cut-off Date whether or not collected;

              

         

        	(xiv)  	
                the
                  purpose of the Loan (i.e., purchase, rate and term refinance, equity
                  take-out refinance);

              

         

        	(xv)  	
                a
                  code indicating whether a Prepayment Charge is required to be paid
                  in
                  connection with a prepayment of the Loan and the term and the amount
                  of
                  the Prepayment Charge;

              

         

        	(xvi)  	
                an
                  indication whether the Loan accrues interest at an adjustable Mortgage
                  Interest Rate or a fixed Mortgage Interest
                  Rate;

              

         

        	(xvii)  	
                the
                  periodic rate cap, if applicable;

              

         

        	(xviii)  	
                the
                  Servicing Fee Rate;

              

         

        	(xix)  	
                the
                  Credit Risk Manager Fee Rate;

              

         

        	(xx)  	
                the
                  Indenture Trustee Fee Rate;

              

         

        	(xxi)  	
                a
                  code indicating whether the Loan is a MERS Loan and, if so, its
                  corresponding MIN; and

              

         

        	(xxii)  	
                a
                  code indicating whether the Loan is a Balloon
                  Loan.

              

         

        	(xxiii)  	
                the
                  amount of the Minimum Monthly Payment as of the Cut off Date;
                  

              

         

        	(xxiv)  	
                the
                  Credit Limit;

              

         

        	(xxv)  	
                the
                  Draw Period;

              

         

        	(xxvi)  	
                the
                  amortization period;

              

         

        	(xxvii)  	
                the
                  first Adjustment Date and the Adjustment Date
                  frequency;

              

         

        	(xxviii)  	
                the
                  Index;

              

         

        	(xxix)  	
                the
                  Gross Margin;

              

         

        	(xxx)  	
                the
                  Maximum Mortgage Interest Rate under the terms of the Mortgage
                  Note;

              

         

        	(xxxi)  	
                the
                  Minimum Mortgage Interest Rate under the terms of the Mortgage
                  Note;
                  and

              

         

        	(xxxii)  	
                the
                  first Adjustment Date immediately following the related Cut-off
                  Date.

              

         

      

      Such
        schedule may consist of multiple reports that collectively set forth all
        of the
        information required.

       

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Loan, the ratio of the original outstanding principal amount
        of
        the Loan or with respect to any HELOC, the related Credit Limit, to the
        Appraised Value of the related Mortgaged Property.

       

      Lost
        Note Affidavit:
        With
        respect to any Loan as to which the original Mortgage Note has been permanently
        lost or destroyed and has not been replaced, an affidavit from the Seller
        certifying that the original Mortgage Note has been lost, misplaced or destroyed
        (together with a copy of the related Mortgage Note).

       

      Managed
        Amortization Period:
        The
        period beginning on the Cut-off Date and ending on the occurrence of a Rapid
        Amortization Event.

       

      Marker
        Rate:
        With
        respect to the Class X-1 Certificates and any Payment Date, a per annum rate
        equal to two (2) times the weighted average of the Uncertificated REMIC II
        Pass-Through Rates for REMIC II Regular Interests LT-A-1 and LT-ZZ, with
        the per
        annum rate on each such REMIC II Regular Interests (other than REMIC II Regular
        Interest LT-ZZ) subject to a cap equal to the Note Interest Rate on the
        Corresponding Note for the purpose of this calculation, with the cap on REMIC
        II
        Regular Interests LT-A-1 increased by a per annum rate equal to 0.160% for
        the
        purposes of this calculation; and with the per annum rate on REMIC II Regular
        Interest LT-ZZ subject to a cap of zero for the purpose of this calculation;
        provided, however, that for this purpose, the calculation of the Uncertificated
        REMIC II Pass-Through Rate and the related cap with respect to REMIC II Regular
        Interest LT-A-1 shall be multiplied by a fraction, the numerator of which
        is the
        actual number of days in the Accrual Period and the denominator of which
        is
        thirty (30).

       

      Maximum
        Interest Rate:
        With
        respect to any Payment Date, an amount equal to the weighted average of the
        Mortgage Interest Rates of the Loans as of the last day of the Collection
        Period
        immediately preceding such Payment Date less the sum of the Servicing Fee
        Rate,
        the Indenture Trustee Fee Rate and the Credit Risk Manager Fee Rate on the
        Loans
        multiplied by 30 divided by the actual number of days in the related Accrual
        Period. The Maximum Interest Rate shall be reduced by a per annum rate equal
        to
        the product of (1) 0.160%, (2) a fraction, the numerator of which is 30 and
        the
        denominator of which is the actual number of days in the related Accrual
        Period
        and (3) a fraction, the numerator of which is the aggregate Class Principal
        Balance of the Class A-1 Notes and the Class G Certificates for such Payment
        Date and the denominator of which is the related Aggregate Collateral Balance
        for such Payment Date.

       

      Maximum
        Mortgage Interest Rate:
        With
        respect to each Loan, a rate that is set forth on the related Loan Schedule
        and
        in the related Mortgage Note and is the maximum interest rate to which the
        Mortgage Interest Rate on such Loan may be increased on any Adjustment
        Date.

       

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

       

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

       

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

       

      Minimum
        Monthly Payment:
        With
        respect to any HELOC and any month, the minimum monthly payment required
        to be
        paid by the related Mortgagor in that month pursuant to the terms of the
        related
        Loan Agreement.

       

      Minimum
        Mortgage Interest Rate:
        With
        respect to each Loan, a rate that is set forth on the related Loan Schedule
        and
        in the related Mortgage Note and is the minimum interest rate to which the
        Mortgage Interest Rate on such Loan may be decreased on any Adjustment
        Date.

       

      MOM
        Loan:
        Any
        Loan for which MERS acts as the mortgagee of such Loan, solely as nominee
        for
        the originator of such Loan and its successors and assigns, at the origination
        thereof.

       

      Monthly
        Excess Cashflow:
        For any
        Payment Date, an amount equal to the sum of (1) the Monthly Excess Interest
        and
        (2) the Overcollateralization Release Amount for such Payment Date.

       

      Monthly
        Excess Interest:
        As to
        any Payment Date, the sum of (A) the Interest Remittance Amount remaining
        after
        the application of payments pursuant to clauses (i) through (iv) of Section
        3.05(b) of the Indenture plus (B) the Principal Payment Amount remaining
        after
        the application of payments pursuant to clauses (i) through (iii) of Section
        3.05(c) of the Indenture.

       

      Monthly
        Payment:
        With
        respect to any Loan, the Minimum Monthly Payment (in each case, after
        adjustment, if any, for partial Principal Prepayments and for Deficient
        Valuations occurring prior to such Due Date but before any adjustment to
        such
        amortization schedule by reason of any bankruptcy, other than a Deficient
        Valuation, or similar proceeding or any moratorium or similar waiver or grace
        period).

       

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

       

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first or junior lien on an unsubordinated estate in fee simple
        in real
        property securing the Mortgage Note; except that with respect to real property
        located in jurisdictions in which the use of leasehold estates for residential
        properties is a widely-accepted practice, the mortgage, deed of trust or
        other
        instrument securing the Mortgage Note may secure and create a first or junior
        lien upon a leasehold estate of the Mortgagor.

       

      Mortgage
        File:
        The
        Mortgage documents pertaining to a particular Initial Loan or Subsequent
        Loan
        and any additional documents delivered to the Indenture Trustee or the related
        Custodian to be added to the Mortgage File pursuant to the Indenture or the
        related Custodial Agreement.

       

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Loan in accordance with the
        provisions of the related Mortgage Note.

       

      Mortgage
        Loan Purchase Agreement:
        Each
        mortgage loan purchase agreement between the Sponsor and an
        Originator.

       

      Mortgage
        Note:
        With
        respect to a Loan, the mortgage note, Loan Agreement or other evidence of
        the
        indebtedness pursuant to which the related Mortgagor agrees to pay the
        indebtedness evidenced thereby and secured by the related Mortgage as modified
        or amended.

       

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        fee simple parcel of real estate or leasehold estate, the term of which is
        equal
        to or longer than the term of the related Mortgage Note.

       

      Mortgagor:
        The
        obligor or obligors under a Mortgage Note.

       

      National
        Housing Act:
        The
        National Housing Act of 1934, as amended.

       

      Net
        Funds Cap:
        For any
        Payment Date and the Class A-1 Notes and the Class G, Class P and Class A-R
        Certificates the annual rate equal to a fraction, expressed as a percentage,
        (a)
        the numerator of which is (1) the sum of (A) the amount of interest which
        accrued on the Loans during the immediately preceding Collection Period and
        (B)
        amounts withdrawn from the Capitalized Interest Account to pay interest on
        the
Securities
        minus
        (2) the sum of the Servicing Fee, the Indenture Trustee Fee and the Credit
        Risk
        Manager Fee on the Loans for that Payment Date and (b) the denominator of
        which
        is the product of (1) the Aggregate Collateral Balance of the Loans as of
        the
        immediately preceding Payment Date (or as of the Cut-off Date with respect
        to
        the first Payment Date) and (2)(x) 1/12 in the case of the Class P Certificates
        and Class A-R Certificates and (y) the actual number
        of
        days in the related Accrual Period divided by 360
        with
        respect to the Class A-1 Notes and the Class G Certificates. In the case
        of the
        Class A-1 Notes and the Class G Certificates, such rate shall be reduced
        by a
        per annum rate equal to the product of (1) 0.160%, (2) a fraction, the numerator
        of which is 30 and the denominator of which is the actual number of days
        in the
        related Accrual Period and (3) a fraction, the numerator of which is the
        aggregate Class Principal Balance of the Class A-1 Notes and the Class G
        Certificates for such Payment Date and the denominator of which is the related
        Aggregate Collateral Balance for such Payment Date. For federal income tax
        purposes, however, as to any Payment Date will be the equivalent of the
        foregoing, expressed as a per annum rate equal to the weighted average of
        the
        Uncertificated Pass-Through Rates on the REMIC II Regular Interests multiplied
        by (in the case of the Class A-1 Notes and the Class G Certificates) a fraction,
        the numerator of which is 30 and the denominator of which is the actual number
        of days in the related Accrual Period.

       

      Net
        Liquidation Proceeds:
        With
        respect to any Liquidated Loan, Liquidation Proceeds net of Liquidation Expenses
        and unreimbursed Servicing Advances and unpaid Servicing Fees related
        thereto.

       

      Net
        Mortgage Rate:
        With
        respect to any Loan and any day, the related Mortgage Interest Rate less
        the sum
        of the related Servicing Fee Rate, the Indenture Trustee Fee Rate and the
        Credit
        Risk Manager Fee Rate.

       

      Net
        Recovery:
        Any
        proceeds received by a Servicer on a delinquent or Charged Off Loan (including
        any Liquidation Proceeds received on a Charged Off Loan), net of any Servicing
        Fee, Servicing Advances and any other related expenses.

       

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

       

      Non-United
        States Person:
        Any
        Person other than a United States Person.

       

      Note
        Balance:
        With
        respect to any Note and any date of determination, the product of (i) the
        Percentage Interest of such Note and (ii) the Class Principal Balance for
        such
        Class of Notes.

       

      Noteholder:
        The
        Person in whose name a Note is registered in the Note Register, except that,
        any
        Note registered in the name of the Depositor, the Issuer, the Indenture Trustee
        or any Affiliate of any of them shall be deemed not to be outstanding and
        the
        registered holder will not be considered a Noteholder or holder for purposes
        of
        giving any request, demand, authorization, direction, notice, consent or
        waiver
        under the Indenture or the Trust Agreement provided that, in determining
        whether
        the Indenture Trustee or the Owner Trustee shall be protected in relying
        upon
        any such request, demand, authorization, direction, notice, consent or waiver,
        only Notes that the Indenture Trustee or the Owner Trustee knows to be so
        owned
        shall be so disregarded. Owners of Notes that have been pledged in good faith
        may be regarded as Holders if the pledgee establishes to the satisfaction
        of the
        Indenture Trustee or the Owner Trustee the pledgee’s right so to act with
        respect to such Notes and that the pledgee is not the Issuer, any other obligor
        upon the Notes or any Affiliate of any of the foregoing Persons.

       

      Note
        Interest Rate:
        With
        respect to the Class A-1 Notes and Class G Certificates and any Payment
        Date, a per annum rate equal to the lesser of (i)  LIBOR plus the
        applicable Note Margin and (ii) the Net Funds Cap for that Payment Date.
        For
        Class P Certificates and Class A-R Certificates, the related Net Funds
        Cap.

       

      With
        respect to the Class X-1 Certificates and any Payment Date, a per annum rate
        equal to the percentage equivalent of a fraction, the numerator of which
        is the
        sum of the amounts calculated pursuant to clauses (A) through (C) below,
        and the
        denominator of which is the aggregate of the Uncertificated Principal Balances
        of REMIC II Regular Interest LT-AA, REMIC II Regular Interest LT-A-1 and
        REMIC
        II Regular Interest LT-ZZ. For purposes of calculating the Pass-Through Rate
        for
        the Class X-1 Certificates, the numerator is equal to the sum of the following
        components:

       

      (A) the
        Uncertificated REMIC II Pass-Through Rate for REMIC II Regular Interest LT-AA
        minus the Marker Rate, applied to an amount equal to the Uncertificated
        Principal Balance of REMIC II Regular Interest LT-AA;

       

      (B) the
        Uncertificated REMIC II Pass-Through Rate for REMIC II Regular Interest LT-A-1
        minus the Marker Rate, applied to an amount equal to the Uncertificated
        Principal Balance of REMIC II Regular Interest LT-A-1;

       

      (C) the
        Uncertificated REMIC II Pass-Through Rate for REMIC II Regular Interest LT-ZZ
        minus the Marker Rate, applied to an amount equal to the Uncertificated
        Principal Balance of REMIC II Regular Interest LT-ZZ.

       

      Note
        Margin:

       

      
        	
                Class

              	
                Note
                  Margin

              
	 	
                On
                  or prior to the date upon which the Optional Termination can
                  occur

              	
                After
                  

                the
                  date upon which the Optional Termination can occur

              
	
                Class
                  A-1

              	
                0.170%

              	
                0.340%

              
	
                Class G

              	
                0.170%

              	
                0.340%

              

      

      

      Note
        Owner:
        The
        Beneficial Owner of a Note.

       

      Note
        Register:
        The
        register maintained by the Note Registrar in which the Note Registrar shall
        provide for the registration of Notes and of transfers and exchanges of
        Notes.

       

      Note
        Registrar:
        The
        Indenture Trustee, in its capacity as Note Registrar.

       

      Notes:
        The
        Class A-1 Notes issued and outstanding at any time pursuant to the
        Indenture.

       

      Notional
        Balance: 
        With
        respect to each of the Class P Certificates and Class X-2 Certificates for
        purposes solely of the face thereof, $175,000,000.

      

      Officer’s
        Certificate:
        With
        respect to the Servicer or any Special Servicer, a certificate signed by
        the
        President, Managing Director, a Director, a Vice President or an Assistant
        Vice
        President, of such Servicer or any Special Servicer and delivered to the
        Indenture Trustee. With respect to the Issuer, a certificate signed by the
        Issuer, under the circumstances described in, and otherwise complying with,
        the
        applicable requirements of Section 10.01 of the Indenture, and delivered to
        the Indenture Trustee. Unless otherwise specified, any reference in the
        Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of
        any Authorized Officer of the Issuer, the Administrator, a Servicer or any
        Special Servicer.

       

      Opinion
        of Counsel:
        A
        written opinion of counsel. Any Opinion of Counsel for a Servicer may be
        provided by in-house counsel for such Servicer if reasonably acceptable to
        the
        Indenture Trustee, the Insurer and the Rating Agencies or the Depositor,
        as the
        case may be.

       

      Optional
        Termination:
        The
        right of the Terminating Entity to purchase the Loans pursuant to
        Section 10.18 of the Indenture on a Payment Date as set forth in Section
        10.18 of the Indenture.

       

      Optional
        Termination Date:
        The
        Payment Date on which the Terminating Entity or the Auction Purchaser, as
        applicable, may exercise an Optional Termination.

       

      Optional
        Termination Notice Period:
        The
        period during which notice is to be given to the affected Securityholders
        of an
        Optional Termination pursuant to Section 10.18(c) of the Indenture.

       

      Originator:
        With
        respect to each Loan, the entity that sold such Loan to the
        Sponsor.

       

      Outstanding:
        With
        respect to the Notes, as of the date of determination, all Notes theretofore
        executed, authenticated and delivered under this Indenture except:

       

      (i) Notes
        theretofore cancelled by the Note Registrar or delivered to the Indenture
        Trustee for cancellation; and

       

      (ii) Notes
        in
        exchange for or in lieu of which other Notes have been executed, authenticated
        and delivered pursuant to the Indenture unless proof satisfactory to the
        Indenture Trustee is presented that any such Notes are held by a protected
        purchaser.

       

      Outstanding
        Loan:
        As to
        any Payment Date, a Loan which was not (i) the subject of a Principal Prepayment
        in full during any preceding Collection Period, (ii) purchased, deleted or
        substituted for during any preceding Collection Period pursuant to the Servicing
        Agreement or (iii) a Liquidated Loan or Charged Off Loan during any preceding
        Collection Period as of such Payment Date.

       

      Overcollateralization
        Amount:
        For any
        Payment Date and the Loans, the amount, if any, by which (x) the Aggregate
        Collateral Balance for such Payment Date exceeds (y) the aggregate
        Class Principal Balance of all of the Class A-1 Notes and the Class G,
        Class P and Class A-R Certificates after giving effect to payments on such
        Payment Date.

       

      Overcollateralization
        Release Amount:
        For any
        Payment Date and the Loans, the lesser of (x) the Principal Remittance
        Amount for such Payment Date and (y) the amount, if any, by which (1) the
        Overcollateralization Amount for such date, calculated for this purpose on
        the
        basis of the assumption that 100% of the aggregate of the Principal Remittance
        Amount and Excess Cashflow Loss Payment for such date is applied on such
        date in
        reduction of the aggregate of the Class Principal Balances of the Class A-1
        Notes and the Class G, Class A-R and Class P Certificates, exceeds (2) the
        Targeted Overcollateralization Amount for such date.

       

      Overfunded
        Interest Amount:
        With
        respect to any Subsequent Transfer Date and the Subsequent Loans, the excess
        of
        (A) the amount on deposit in the Capitalized Interest Account on such date
        over
        (B) the excess of (i) the amount of interest accruing at (x) the assumed
        weighted average Note Interest Rates of the Class A-1 Notes and Class G
        Certificates multiplied by (y) the related Pre-Funding Amount outstanding
        at the
        end of the related Collection Period for the total number of days remaining
        through the end of the Accrual Periods ending (a) May 26, 2007, (b) April
        25,
        2007 and (c) May 25, 2007 over (ii) one month of investment earnings on the
        amount on deposit in the Capitalized Interest Account on such date at an
        annual
        rate of 2.658%. The assumed weighted average Note Interest Rate of the Class
        A-1
        Notes and Class G Certificates will be calculated assuming LIBOR is 5.32%
        for
        any Subsequent Transfer Date for the Subsequent Loans prior to the March
        2007
        Payment Date, 5.67% for any Subsequent Transfer Date for the Subsequent Loans
        prior to the April 2007 Payment Date and 6.02% for any Subsequent Transfer
        Date
        for the Subsequent Loans prior to the May 2007 Payment Date.

       

      Owner
        Trustee:
        Wilmington Trust Company, not in its individual capacity but solely as Owner
        Trustee of the Trust, and its successors and assigns or any successor owner
        trustee appointed pursuant to the terms of the Trust Agreement.

       

      Owner
        Trust Estate:
        The
        meaning specified in Section 3.01 of the Trust Agreement.

       

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

       

      Payahead:
        Any
        Scheduled Payment directed by the related mortgagor in writing to be applied
        in
        a Collection Period subsequent to the Collection Period in which such payment
        was received.

       

      Paying
        Agent:
        With
        respect to the Indenture, any paying agent or co-paying agent appointed pursuant
        to Section 3.03 of the Indenture, which initially shall be the Indenture
        Trustee.

       

      Payment
        Account:
        The
        account established by the Indenture Trustee pursuant to Section 8.02 of
        the Indenture and Section 5.01 of the Servicing Agreement. Amounts
        deposited in the Payment Account will be distributed by the Indenture Trustee
        in
        accordance with Section 3.05 of the Indenture.

       

      Payment
        Date:
        The
        25th day of each month, or if such day is not a Business Day, then the next
        Business Day.

       

      Percentage
        Interest:
        With
        respect to any Note, either the percentage set forth on the face thereof
        or
        equal to the percentage obtained by dividing the Denomination of such Note
        by
        the aggregate of the Denominations of all Notes of the same Class.

       

      Permitted
        Investments:
        One or
        more of the following:

       

      (i) obligations
        of or guaranteed as to principal and interest by the United States or any
        agency
        or instrumentality thereof when such obligations are backed by the full faith
        and credit of the United States;

       

      (ii) repurchase
        agreements on obligations specified in clause (i) maturing not more than
        one
        month from the date of acquisition thereof, provided that the unsecured
        obligations of the party agreeing to repurchase such obligations are at the
        time
        rated by each Rating Agency in its highest short-term rating
        available;

       

      (iii) federal
        funds, certificates of deposit, demand deposits, time deposits and bankers’
acceptances (which shall each have an original maturity of not more than
        90 days and, in the case of bankers’ acceptances, shall in no event have an
        original maturity of more than 365 days or a remaining maturity of more than
        30
        days) denominated in United States dollars of any U.S. depository institution
        or
        trust company incorporated under the laws of the United States or any state
        thereof or of any domestic branch of a foreign depository institution or
        trust
        company; provided
        that the
        debt obligations of such depository institution or trust company (or, if
        the
        only Rating Agency is Standard & Poor’s, in the case of the principal
        depository institution in a depository institution holding company, debt
        obligations of the depository institution holding company) at the date of
        acquisition thereof have been rated by each Rating Agency in its highest
        short-term rating available; and provided further that, if the only Rating
        Agency is Standard & Poor’s and if the depository or trust company is a
        principal subsidiary of a bank holding company and the debt obligations of
        such
        subsidiary are not separately rated, the applicable rating shall be that
        of the
        bank holding company; and, provided further that, if the original maturity
        of
        such short-term obligations of a domestic branch of a foreign depository
        institution or trust company shall exceed 30 days, the short term rating
        of such
        institution shall be A-1+ in the case of Standard & Poor’s if Standard &
Poor’s is the Rating Agency;

       

      (iv)
        commercial paper (having original maturities of not more than 365 days) of
        any
        corporation incorporated under the laws of the United States or any state
        thereof which on the date of acquisition has been rated by each Rating Agency
        that rates such securities in its highest short-term rating available;
provided
        that
        such commercial paper shall have a remaining maturity of not more than 30
        days;

       

      (v) a
        money
        market fund or a qualified investment fund rated by each Rating Agency in
        its
        highest long-term rating available; and

       

      (vi)
        other obligations or securities that are acceptable to each Rating Agency
        as a
        Permitted Investment hereunder and will not reduce the rating assigned to
        any
        Securities by such Rating Agency below the lower of the then-current rating
        or
        the rating assigned to such Securities as of the Closing Date by such Rating
        Agency (without taking the Policy into account), as evidenced in writing,
        provided that if a Servicer or any other Person controlled by such Servicer
        is
        the issuer or the obligor of any obligation or security described in this
        clause
        (vi) such obligation or security must have an interest rate or yield that
        is
        fixed or is variable based on an objective index that is not affected by
        the
        rate or amount of losses on the Loans;

       

      provided,
        however,
        that no
        instrument shall be a Permitted Investment if it represents, (1) the right
        to
        receive only interest payments with respect to the underlying debt instrument,
        (2) the right to receive both principal and interest payments derived from
        obligations underlying such instrument and the principal and interest payments
        with respect to such instrument provide a yield to maturity greater than
        120% of
        the yield to maturity at par of such underlying obligations, or (3) an
        obligation of the Seller or Depositor. References herein to the highest rating
        available on unsecured long-term debt shall mean AAA (or the equivalent in
        the
        case of Moody’s), and references herein to the highest rating available on
        unsecured commercial paper and short-term debt obligations shall mean A-1
        (or
        the equivalent in the case of Moody’s).

       

      Permitted
        Liens:
        Liens
        for (i) real estate taxes and special assessments not yet delinquent (provided,
        that property taxes may be delinquent up to one year); (ii) as to the Loans
        identified as junior Loans on the data tapes provided by the Servicer to,
        among
        others, the Seller, any senior mortgage loans secured by such Mortgaged
        Property; (iii) covenants, conditions and restrictions, rights of way, easements
        and other matters of public record as of the date of recording that are
        acceptable to mortgage lending institutions generally; (iv) liens prior to
        the
        related first mortgage, if verified as paid, and liens and judgments of $5,000
        or less, including sewer or maintenance liens, mechanics’ liens or UCC filings
        that have been included in the first mortgage balance for the purpose of
        calculating Combined Loan-to-Value Ratio for any related Loan; and other
        matters
        to which like properties are commonly subject that do not materially interfere
        with the benefits of the security intended to be provided by the related
        Mortgage Documents; provided, however, that Permitted Liens discovered after
        final approval is given on a Loan application that are less than 1.0% of
        the
        Appraised Value or less than 10% of the original Principal Balance of the
        Loan,
        whichever is less, do not have to be included in the first mortgage balance
        for
        the purpose of calculating Combined Loan-to-Value Ratio for any related
        Loan

       

      Permitted
        Transferee:
        Any
        Transferee of Class A-R Certificate or Class G Certificate, other than a
        Disqualified Organization or Non-United States Person.

       

      Person:
        Any
        individual, corporation, partnership, joint venture, association, joint-stock
        company, trust, unincorporated organization or government or any agency or
        political subdivision thereof, or any other entity or organization of any
        type
        (whether or not a legal entity).

       

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

       

      Plan
        Assets:
        The
        meaning specified in Section 2510.3-101 of the Department of Labor
        Regulations.

       

      PNC:
        PNC
        Bank, N.A., a national banking association.

       

      PNC
        Serviced Loans:
        The
        Loans identified as such on the Loan Schedule.

       

      Policy:
        The
        note guaranty insurance policy (No. AB1064BE) with respect to the Class A-1
        Notes and Class G Certificates and all endorsements thereto, if any, dated
        the
        Closing Date, issued by the Insurer for the benefit of the Holders of the
        Class
        A-1 Notes and Class G Certificates.

       

      Predecessor
        Note:
        With
        respect to any particular Note, every previous Note evidencing all or a portion
        of the same debt as that evidenced by such particular Note; and, for the
        purpose
        of this definition, any Note authenticated and delivered under Section 4.03
        of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall
        be
        deemed to evidence the same debt as the mutilated, lost, destroyed or stolen
        Note.

       

      Preference
        Amount:
        Any
        payment of principal or interest on a Class A-1 Note or Class G Certificate
        which has become Due for Payment (as defined in the Policy) and which is
        made to
        a Holder by or on behalf of the Indenture Trustee which has been deemed a
        preferential transfer and was previously recovered from a Holder pursuant
        to the
        United States Bankruptcy Code in accordance with a final, non-appealable
        order
        of a court of competent jurisdiction.

       

      Pre-Funding
        Account:
        The
        separate Eligible Account created and maintained by the Indenture Trustee
        with
        respect to the Loans pursuant to Section 3.32(a) of the Indenture in the
        name of
        the Indenture Trustee for the benefit of the Noteholders and designated “U.S.
        Bank, National Association”, in trust for registered holders of Mortgage-Backed
        Notes, Series 2007-1.” Funds in the Pre-Funding Account shall be held in trust
        for the Noteholders for the uses and purposes set forth in the Indenture
        and
        shall not be a part of any REMIC created under the Indenture; provided, however,
        that any investment income earned from Permitted Investments made with funds
        in
        the Pre-Funding Account shall be for the account of the Depositor.

       

      Pre-Funding
        Amount:
        The
        amount deposited in the Pre-Funding Account, on the Closing Date, which shall
        equal $6,281,296.77.

       

      Pre-Funding
        Period:
        The
        period from the Closing Date until the earliest of (i) the date on which
        the
        amount on deposit in the related Pre-Funding Account is reduced to zero,
        (ii)
        the date on which a related Event of Default occurs or (iii) May 24,
        2007.

       

      Premium
        Percentage:
        With
        respect to the Insured Securities, 0.16% per annum.

       

      Prepayment
        Assumption:
        100%
        PPC.

       

      Prepayment
        Charge:
        With
        respect to each Loan, the charge if the Mortgagor prepays such Loan as provided
        in the related Mortgage Note or Mortgage.

       

      Prepayment
        Period:
        For any
        HELOC and any Payment Date, the
        calendar month preceding that Payment Date.

       

      Principal
        Balance:
        For any
        Outstanding Loan as of any Determination Date, its outstanding principal
        balance
        as of the Cut-off Date plus any Additional Balances in respect of such HELOC,
        increased by the portion of any Capitalization Reimbursement Amount allocable
        to
        such Loan, reduced by the principal received on or before the Due Date in
        the
        Collection Period immediately preceding such Determination Date. For any
        Liquidated Loan, $0.

       

      Principal
        Collections:
        For any
        Payment Date, will be equal to (A) the sum of (1) all Principal collected
        (other than Payaheads and any principal collections allocated to the
        Reimbursable Excluded Amount) in respect of Scheduled Payments on the Loans
        during the related Collection Period (less amounts due to the Servicer and
        the
        Indenture Trustee, to the extent allocable to principal) and the principal
        portion of Payaheads on the Loans previously received and intended for
        application in the related Collection Period, (2) all Principal Prepayments
        on the Loans received during the related Prepayment Period, (3) the outstanding
        principal balance of each Loan that was repurchased by the Seller or purchased
        by the Servicer or any Special Servicer during the related Collection Period
        and
        the principal portion of the Termination Price paid in connection with any
        related Optional Termination, (4) the portion of any Substitution Amount
        paid
        with respect to any replaced related Loans during the related Collection
        Period
        allocable to principal, (5) all Net Liquidation Proceeds, Net Recoveries
        and
        Subsequent Recoveries on the Loans (net of any unpaid related Servicing Fees
        and
        unreimbursed Servicing Advances) collected with respect to the related Loans
        during the related Collection Period, in each case to the extent allocable
        to
        principal, (6) with respect to the Payment Date in May 2007, the amount
        remaining in the related Pre-Funding Account at the end of the Pre-Funding
        Period minus (B) the Capitalization Reimbursement Amount for such Payment
        Date.

       

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

       

      Principal
        Payment Amount:
        For any
        Payment Date will be equal to the related Principal Remittance Amount plus
        any
        related Excess Cashflow Loss Payment for such date minus the related
        Overcollateralization Release Amount, if any, for such date.

       

      Principal
        Remittance Amount:
        For any
        Payment Date during the Managed Amortization Period, the excess, if any,
        of
        related Principal Collections for such Payment Date, over the sum of aggregate
        amount of Additional Balances created during the related Collection Period
        and
        conveyed to the Issuer and the amounts distributed to the Certificate Paying
        Agent in respect of the Additional Balance Advance Amount pursuant to Section
        3.05(a) of the Indenture. For any Payment Date during the Rapid Amortization
        Period, the related Principal Collections for such Payment Date.

       

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

       

      Rapid
        Amortization Event:
        A Rapid
        Amortization Event will be in effect for any Payment Date if any one of the
        following events is in effect with respect to such Payment Date:

       

      (a) the
        Class
        Principal Balance of the Class G Certificates, after giving effect to all
        payments on such Payment Date, is equal to or greater than 3.00% of the related
        Aggregate Collateral Balance on that Payment Date;

       

      (b) a
        Servicing Default with respect to PNC occurs;

       

      (c) the
        Issuing Entity becomes subject to regulation by the Commission as an investment
        company within the meaning of the Investment Company Act of 1940, as
        amended;

       

      (d) a
        declaration of bankruptcy or insolvency by the Issuing Entity, the Depositor
        or
        PNC;

       

      (e) a
        draw is
        made on the Policy that remains unreimbursed for three months;

       

      (f) the
        Issuing Entity becomes subject to entity level tax or is taxable as a
        corporation;

       

      (g) an
        event
        of default occurred and is continuing under the Indenture or the Insurance
        Agreement;

       

      (h) the
        failure on the part of the Sponsor:

       

      
        	·  	
                To
                  make any payment or deposit required to be made under the Loan
                  Purchase
                  Agreement within five Business Days after the date the payment
                  or deposit
                  is required to be made; or

              

      

       

      
        	·  	
                To
                  observe or perform in any material respect any other covenants
                  or
                  agreements of the Sponsor set forth in the Loan Purchase Agreement, which
                  failure continues unremedied for a period of sixty days after written
                  notice thereof to the Sponsor, and the failure materially and adversely
                  affects the interests of the Insurer or the related Securityholders;
                  provided that a Rapid Amortization Event will not be deemed to
                  occur if
                  the Sponsor has repurchased or caused to be repurchased or substituted
                  for
                  the related Loans or all related Loans, as applicable, during that
                  period
                  in accordance with the provisions of the
                  Indenture;

              

      

       

      (i) any
        representation or warranty made by the Sponsor in the Loan Purchase Agreement
        shall prove to have been incorrect in any material respect when made and
        shall
        continue to be incorrect in any material respect for the related cure period
        specified in the Servicing Agreement after written notice and as a result
        of
        which the interests of the Insurer or the related Securityholders are materially
        and adversely affected; provided, that Rapid Amortization Event will not
        be
        deemed to occur if the Sponsor has repurchased or caused to be repurchased
        or
        substituted for the related Loans or all related Loans, as applicable, during
        that period in accordance with the provisions of the Indenture;

       

      (j) the
        entry
        against the Sponsor of a decree or order by a court or agency or supervisory
        authority having jurisdiction in the premises for the appointment of a trustee,
        conservator, receiver or liquidator in any insolvency, conservatorship,
        receivership, readjustment of debt, marshalling of assets and liabilities
        or
        similar proceedings, or for the winding up or liquidation of its affairs,
        and
        the continuance of any decree or order unstayed and in effect for a period
        of
        sixty consecutive days;

       

      (k) the
        Sponsor shall voluntarily submit to proceedings under any federal or state
        bankruptcy, insolvency or other similar law or code relating to the sponsor
        or
        the Issuing Entity or relating to all or substantially all of its property
        or
        the Sponsor or the Issuing Entity 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

       

      (l) the
        cumulative Realized Losses on the Loans for that Payment Date exceeds the
        percentage of the initial related Aggregate Collateral Balance as specified
        below:

       

      
        	
                Payment
                  Date

              	
                Percentage
                  of Initial 

                Aggregate
                  Collateral Balance

              
	
                March
                  2007 - February 2010

              	
                N/A

              
	
                March
                  2010
                  - February 2011

              	
                3.15%
                  for the first month, plus an additional 1/12th of 1.40% for each
                  month
                  thereafter

              
	
                March
                  2011 - February 2012

              	
                4.55%
                  for the first month, plus an additional 1/12th of 1.05% for each
                  month
                  thereafter

              
	
                March
                  2012 - February 2013

              	
                5.60%
                  for the first month, plus an additional 1/12th of 0.70% for each
                  month
                  thereafter

              
	
                March
                  2013 - February 2014

              	
                6.30%
                  for the first month, plus an additional 1/12th of 0.70% for each
                  month
                  thereafter

              
	
                March
                  2014 and thereafter

              	
                7.00%

              

      

      

      Rapid
        Amortization Period:
        The
        period beginning upon the occurrence of a Rapid Amortization Event.

       

      Rating
        Agency:
        Any
        nationally recognized statistical rating organization, or its successor,
        that
        rated the Securities at the request of the Depositor at the time of the initial
        issuance of the Securities. Initially, Moody’s or Standard & Poor’s. If such
        organization or a successor is no longer in existence, “Rating Agency” shall be
        such nationally recognized statistical rating organization, or other comparable
        Person, designated by the Issuer, notice of which designation shall be given
        to
        the Indenture Trustee. References herein to the highest short term unsecured
        rating category of a Rating Agency shall mean A-1 + or better in the case
        of
        Standard & Poor’s and Fitch and P-1 or better in the case of Moody’s and in
        the case of any other Rating Agency shall mean such equivalent ratings.
        References herein to the highest long-term rating category of a Rating Agency
        shall mean “AAA” in the case of Standard & Poor’s and Fitch and “Aaa” in the
        case of Moody’s and in the case of any other Rating Agency, such equivalent
        rating.

       

      Realized
        Loss:
        With
        respect to each Liquidated Loan, an amount (not less than zero) equal to
        (i) the
        Principal Balance of the Loan as of the date the Loan becomes a Liquidated
        Loan,
        minus (ii) the proceeds, if any, received during the month in which such
        Loan
        becomes a Liquidated Loan, to the extent applied as recoveries of principal
        of
        the Loan, net of the portion thereof reimbursable to the Servicer or any
        Subservicer with respect to related expenses as to which the Servicer or
        Subservicer is entitled to reimbursement thereunder but which have not been
        previously reimbursed. Any Charged Off Loan will give rise to a Realized
        Loss
        (calculated as if clause (ii) of the previous sentence is equal to zero)
        at the
        time it is charged off, as described in Section 3.07(e) of the Servicing
        Agreement.

       

      Record
        Date:
        With
        respect to the Class A-1 Notes and Class G Certificates and any Payment Date,
        the close of business on the Business Day immediately prior to that Payment
        Date. With respect to the Class P, Class X-1, Class X-2 and Class A-R
        Certificates and any Payment Date, the close of business on the last Business
        Day of the preceding calendar month (or, in the case of the March 2007 Payment
        Date, the Closing Date).

       

      Reference
        Bank Rate:
        With
        respect to any Accrual Period, as follows: the arithmetic mean (rounded upwards,
        if necessary, to the nearest one sixteenth of a percent) of the offered rates
        for United States dollar deposits for one month which are offered by the
        Reference Banks as of 11:00 A.M., London, England time, on the second LIBOR
        Business Day prior to the first day of such Accrual Period to prime banks
        in the
        London interbank market for a period of one month in amounts approximately
        equal
        to the sum of the outstanding Class Principal Balance of the Class A-1
        Notes and Class G Certificates; provided that at least two such Reference
        Banks
        provide such rate. If fewer than two offered rates appear, the Reference
        Bank
        Rate will be the arithmetic mean of the rates quoted by one or more major
        banks
        in New York City, selected by the Indenture Trustee, as of 11:00 a.m., New
        York
        time, on such date for loans in U.S. Dollars to leading European Banks for
        a
        period of one month in amounts approximately equal to the aggregate outstanding
        Class Principal Balance of the Class A-1 Notes and Class G Certificates.
        If no
        quotations can be obtained, the rate will be the rate for the prior Payment
        Date; provided however, if, under the priorities listed previously in this
        paragraph, the rate for a Payment Date would be based on the rate for the
        previous Payment Date for the third consecutive Payment Date, the Indenture
        Trustee after consultation with the Seller and the Insurer, shall select
        an
        alternative comparable index over which the Indenture Trustee has no control,
        used for determining one-month Eurodollar lending rates that is calculated
        and
        published or otherwise made available by an independent party.

       

      Reference
        Banks:
        The
        leading banks selected by the Indenture Trustee, which are engaged in
        transactions in Eurodollar deposits in the London interbank market.

       

      Refinanced
        Loan:
        A Loan
        which was made to a Mortgagor who owned the Mortgaged Property prior to the
        origination of such Loan and the proceeds of which were used in whole or
        part to
        satisfy an existing mortgage.

       

      Registered
        Holder:
        The
        Person in whose name a Note is registered in the Note Register on the applicable
        Record Date.

       

      Reimbursable
        Excluded Amount:
        As
        defined in Section 3.16(b) of the Servicing Agreement.

       

      Released
        Loan:
        Any
        Charged Off Loan that is released by the Servicer to the Class X-2
        Certificateholders pursuant to Section 3.07(f) of the Servicing Agreement,
        generally on the date that is six months after the date on which the Servicer
        begins using Special Servicing on such Charged Off Loans. Any Released Loan
        will
        no longer be an asset of any REMIC or the Trust Estate.

       

      Relief
        Act:
        The
        Servicemembers Civil Relief Act or any similar state law or
        regulation.

       

      Relief
        Act Reductions:
        With
        respect to any Payment Date and any Loan as to which there has been a reduction
        in the amount of interest or principal collectible thereon (attributable
        to any
        previous month) as a result of the application of the Relief Act or similar
        state law or regulation, the amount, if any, by which (i) interest and/or
        principal collectible on such Loan for the most recently ended calendar month
        is
        less than (ii) interest and/or principal accrued thereon for such month pursuant
        to the Mortgage Note.

       

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

       

      REMIC
        Administrator:
        U.S.
        Bank National Association; provided that if the REMIC Administrator is found
        by
        a court of competent jurisdiction to no longer be able to fulfill its
        obligations as REMIC Administrator under this Agreement, the Indenture Trustee
        shall appoint a successor REMIC Administrator, subject to assumption of the
        REMIC Administrator obligations under this Agreement.

       

      REMIC
        I:
        The
        segregated pool of assets consisting of the portion of the Trust Estate relating
        to the Loans (but excluding, the Basis Risk Reserve Fund, the Pre-Funding
        Account, the Capitalized Interest Account and the Subsequent Loan Interest)
        with
        respect to which a REMIC election is to be made.

       

      REMIC
        I Regular Interest LT-1:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        under the Indenture and designated as a Regular Interest in REMIC I. REMIC
        I
        Regular Interest LT-1 shall accrue interest at the related Uncertificated
        REMIC
        I Pass-Through Rate in effect from time to time, and shall be entitled to
        distributions of principal, subject to the terms and conditions of the
        Indenture, in an aggregate amount equal to its initial Uncertificated Principal
        Balance as set forth in the Preliminary Statement to the Indenture.

       

      REMIC
        I Regular Interest LT-PF:
        One of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        under the Indenture and designated as a Regular Interest in REMIC I. REMIC
        I
        Regular Interest LT-PF shall accrue interest at the related Uncertificated
        REMIC
        I Pass-Through Rate in effect from time to time, and shall be entitled to
        distributions of principal, subject to the terms and conditions of the
        Indenture, in an aggregate amount equal to its initial Uncertificated Principal
        Balance as set forth in the Preliminary Statement to the Indenture.

       

      REMIC
        I Regular Interests:
        REMIC I
        Regular Interest LT-1 and LT-PF.

       

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

       

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

       

      REMIC
        II Interest Loss Allocation Amount:
        With
        respect to any Payment Date, an amount equal to (a) the product of (i) the
        aggregate Principal Balance of the Loans and related REO then outstanding
        and
        (ii) the Uncertificated REMIC II Pass-Through Rate for REMIC II Regular Interest
        LT-AA minus the Marker Rate, divided by (b) 12.

       

      REMIC
        II Overcollateralization Amount:
        With
        respect to any date of determination, (i) 1% of the aggregate Uncertificated
        Principal Balances of the REMIC II Regular Interests (other than REMIC II
        Regular Interests LT-AR and LT-P) minus (ii) the aggregate Uncertificated
        Principal Balances of REMIC II Regular Interests LT-A-1, in each case as
        of such
        date of determination.

       

      REMIC
        II Principal Loss Allocation Amount:
        With
        respect to any Payment Date, an amount equal to the product of (i) the aggregate
        Principal Balance of the Loans and related REO then outstanding and (ii)
        1 minus
        a fraction, the numerator of which is two times the aggregate Uncertificated
        Principal Balance of REMIC II Regular Interests LT-A-1, and the denominator
        of
        which is the aggregate Uncertificated Principal Balance of REMIC II Regular
        Interests LT-A-1 and LT-2ZZ.

       

      REMIC
        II Regular Interest LT-AA:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II issued
        under the Indenture and designated as a Regular Interest in REMIC II. REMIC
        II
        Regular Interest LT-AA shall accrue interest at the related Uncertificated
        REMIC
        II Pass-Through Rate in effect from time to time, and shall be entitled to
        distributions of principal, subject to the terms and conditions of the
        Indenture, in an aggregate amount equal to its initial Uncertificated Principal
        Balance as set forth in the Preliminary Statement to the Indenture.

       

      REMIC
        II Regular Interest LT-A-1:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        under the Indenture and designated as a Regular Interest in REMIC II. REMIC
        II
        Regular Interest LT-A-1 shall accrue interest at the related Uncertificated
        REMIC II Pass-Through Rate in effect from time to time, and shall be entitled
        to
        distributions of principal, subject to the terms and conditions of the
        Indenture, in an aggregate amount equal to its initial Uncertificated Principal
        Balance as set forth in the Preliminary Statement to the Indenture.

       

      REMIC
        II Regular Interest LT-2M-1:
        One of
        the separate non-certificated beneficificated Principal Balance as set forth
        in
        the Preliminary Statement to the Indenture.

       

      REMIC
        II Regular Interest LT-P:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        under the Indenture and designated as a Regular Interest in REMIC II. REMIC
        II
        Regular Interest LT-P shall accrue interest at the related Uncertificated
        REMIC
        II Pass-Through Rate in effect from time to time, and shall be entitled to
        distributions of principal, subject to the terms and conditions of the
        Indenture, in an aggregate amount equal to its initial Uncertificated Principal
        Balance as set forth in the Preliminary Statement to the Indenture.

       

      REMIC
        II Regular Interest LT-AR:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        under the Indenture and designated as a Regular Interest in REMIC II. REMIC
        II
        Regular Interest LT-AR shall accrue interest at the related Uncertificated
        REMIC
        II Pass-Through Rate in effect from time to time, and shall be entitled to
        distributions of principal, subject to the terms and conditions of the
        Indenture, in an aggregate amount equal to its initial Uncertificated Principal
        Balance as set forth in the Preliminary Statement to the Indenture.

       

      REMIC
        II Regular Interest LT-ZZ:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        under the Indenture and designated as a Regular Interest in REMIC II. REMIC
        II
        Regular Interest LT-2ZZ shall accrue interest at the related Uncertificated
        REMIC II Pass-Through Rate in effect from time to time, and shall be entitled
        to
        distributions of principal, subject to the terms and conditions of the
        Indenture, in an aggregate amount equal to its initial Uncertificated Principal
        Balance as set forth in the Preliminary Statement to the Indenture.

       

      REMIC
        II Regular Interest LT-ZZ Maximum Interest Deferral Amount:
        With
        respect to any Payment Date, the excess of (i) REMIC II Uncertificated Accrued
        Interest calculated with the Uncertificated Pass-Through Rate for REMIC II
        Regular Interest LT-ZZ and an Uncertificated Principal Balance equal to the
        excess of (x) the Uncertificated Principal Balance of REMIC II Regular Interest
        LT-ZZ over (y) the REMIC II Overcollateralization Amount, in each case for
        such
        Payment Date, over (ii) the sum of REMIC II Uncertificated Accrued Interest
        on
        REMIC II Regular Interests LT-A-1, subject to a cap, for the purpose of this
        calculation, equal to the Note Interest Rate for the Corresponding Note and
        with
        the rate on the REMIC II Regular Interest LT-ZZ subject to a cap, for the
        purpose of this calculation, equal to zero.

       

      REMIC
        II Regular Interests:
        REMIC
        II Regular Interest LT-AA, REMIC II Regular Interest LT-A-1, REMIC II Regular
        Interest LT-ZZ, REMIC II Regular Interest LT-P and REMIC II Regular Interest
        LT-AR.

       

      REMIC
        II Targeted Overcollateralization Amount:
        1% of
        the Targeted Overcollateralization Amount.

       

      REMIC
        III:
        The
        segregated pool of assets consisting of all of the REMIC II Regular Interests
        conveyed in the trust to the Indenture Trustee, for the benefit of the Holders
        of the Notes, the Certificates (other than the Class X-2 and the Class G
        Certificates), and all amounts deposited therein, with respect to which a
        separate REMIC election is to be made.

       

      REMIC
        III Regular Interests:
        The
        Notes and the Certificates (other than the Class X-2, Class A-R and Class
        G
        Certificates). 

       

      REMIC
        Provisions:
        Provisions of the federal income tax law relating to real estate mortgage
        investment conduits, which appear at Sections 860A through 860G of Subchapter
        M
        of Chapter 1 of the Code, and related provisions, and temporary and final
        regulations (or, to the extent not inconsistent with such temporary or final
        regulations, proposed regulations) and published rulings, notices and
        announcements promulgated thereunder, as the foregoing may be in effect from
        time to time.

       

      REMIC
        Regular Interests:
        The
        REMIC I Regular Interests and the REMIC II Regular Interests.

       

      REMIC Ineligible
        Loan:
        A Loan
        will be a REMIC Ineligible Loan, if (a) the value of the real property
        securing the Loan was not at least equal to 80% of the original principal
        balance of the Loan, calculated by subtracting the principal balance of any
        home
        equity loans that are secured by liens that are senior to the Loan and a
        proportionate amount of any home equity loans that are secured by a lien
        of
        equal priority as the Loan from the Appraised Value of the property when
        the
        Loan was originated and (b) substantially all of the proceeds of the Loans
        were
        not used to acquire, improve or protect an interest in the real property
        securing the Loan.

       

      Remittance
        Amount:
        The sum
        of the Interest Remittance Amount and the Principal Remittance
        Amount.

       

      REO:
        A
        Mortgaged Property that is acquired by or on behalf of the Issuer in full
        or
        partial satisfaction of the related Mortgage.

       

      Repurchase
        Price:
        With
        respect to any Loan required to be repurchased on any date pursuant to the
        Loan
        Purchase Agreement or the Servicing Agreement, an amount equal to the sum
        of (i)
        100% of the Loan Balance thereof (without reduction for any amounts charged
        off), (ii) unpaid accrued interest at the Mortgage Rate (or with respect
        to the
        last day of the month in the month of repurchase, the Mortgage Rate will
        be the
        Mortgage Rate in effect as to second to last day in such month) on the
        outstanding principal balance thereof from the Due Date to which interest
        was
        last paid by the Mortgagor to the first day of the month following the month
        of
        purchase, (iii) and all expenses advanced and reimbursable to the Servicer
        and
        (iv) in connection with any Loan required to be repurchased pursuant to
        Section 2 of the Loan Purchase Agreement, any costs and damages incurred by
        the Trust Estate with respect to such Loan in connection with a breach of
        clause
        (b) to Exhibit B of the Loan Purchase Agreement.

       

      Required
        Reserve Fund Deposit:
        With
        respect to any Payment Date, the excess, if any, of (i) $1,000 over (ii)
        the
        amount of funds on deposit in the Basis Risk Reserve Fund prior to deposits
        thereto on such Payment Date.

       

      Responsible
        Officer:
        With
        respect to the Indenture Trustee or the Servicer, any officer of the Indenture
        Trustee or the Servicer with direct responsibility for the administration
        of the
        Indenture or Servicing Agreement, as applicable, and also, with respect to
        a
        particular matter, any other officer to whom such matter is referred because
        of
        such officer’s knowledge of and familiarity with the particular
        subject.

       

      Rolling
        Three Month Delinquency Average:
        For any
        Payment Date, the fraction, expressed as a percentage, equal to the average
        of
        the related Delinquency Rates for each of the three (or one through two,
        in the
        case of the first through second Payment Dates) immediately preceding
        months.

       

      Scheduled
        Payment:
        For any
        Loan, the monthly scheduled payment of interest and principal, as determined
        in
        accordance with the provisions of the related Mortgage Note, as reduced by
        any
        Relief Act Reductions.

       

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

       

      Security:
        Any of
        the Certificates or Notes.

       

      Securityholder
        or Holder:
        Any
        Noteholder or a Certificateholder.

       

      Seller
        or Sponsor:
        DLJ
        Mortgage Capital, Inc.

       

      Senior
        Enhancement Percentage:
        For any
        Payment Date the fraction, expressed as a percentage, the numerator of which
        is
        the Overcollateralization Amount (which, for purposes of this definition
        only,
        shall not be less than zero), in each case after giving effect to payments
        on
        such Payment Date, and the denominator of which is the excess, if any, of
        the
        Aggregate Collateral Balance of the Loans for such Payment Date over the
        outstanding Class Principal Balance of the Class G Certificates.

       

      Servicer:
        PNC,
        and its successors and assigns.

       

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

       

      Servicer
        Remittance Date:
        The
        18th day of each month, or if such day is not a Business Day, then the next
        Business Day.

       

      Servicing
        Advances:
        All
        customary, reasonable and necessary “out of pocket” costs and expenses
        (including reasonable attorneys’ fees and disbursements) incurred in the
        performance by the Servicer of its servicing obligations, including, but
        not
        limited to, the cost of (a) the inspection, preservation, restoration and
        protection of a Mortgaged Property, (b) any enforcement, administrative or
        judicial proceedings, or any legal work or advice specifically related to
        servicing the Loans, including but not limited to, foreclosures, bankruptcies,
        condemnations, drug seizures, elections, foreclosures by subordinate or superior
        lienholders, and other legal actions incidental to the servicing of the Loans
        including any expenses incurred in relation to any such proceedings that
        result
        from the Loan being registered on the MERS System (provided that such expenses
        are reasonable and that the Servicer specifies the Loan(s) to which such
        expenses relate, and provided further that any such enforcement, administrative
        or judicial proceeding does not arise out of a breach of any representation,
        warranty or covenant of the Servicer), (c) the management and liquidation
        of any
        REO (including default management and similar services, appraisal services
        and
        real estate broker services), (d) taxes, assessments, water rates, sewer
        rates
        and other charges which are or may become a lien upon the Mortgaged Property,
        and primary mortgage insurance policy premiums and fire and hazard insurance
        coverage, (e) any expenses reasonably sustained by the Servicer, with respect
        to
        the liquidation of the Mortgaged Property in accordance with the terms of
        the
        Servicing Agreement, (f) compliance with the obligations under Section 3.04
        of the Servicing Agreement (except for deposits made in connection with the
        deductible clause in a blanket policy), (g) the cost of obtaining any broker’s
        price opinion in accordance with Section 3.07 of the Servicing Agreement,
        (h)
        expenses incurred in connection with the recordation of Assignments of Mortgage
        or substitutions of trustees, (i) obtaining any legal documentation required
        to
        be included in a Mortgage File and/or correcting any outstanding title issues
        (ie. any lien or encumbrance on the related Mortgaged Property that prevents
        the
        effective enforcement of the intended lien position) reasonably necessary
        for
        such Servicer to perform its obligations under this Agreement and (j) expenses
        incurred in connection with any instrument of satisfaction or deed of
        reconveyance or substitutions of trustees on deeds of trust.

       

      Servicing
        Agreement:
        The
        Servicing Agreement dated as of the Cut-Off Date among the Issuer, the Servicer
        and the Indenture Trustee.

       

      Servicing
        Certificate:
        A
        certificate completed and executed by a Servicing Officer on behalf of a
        Servicer in accordance with Section 4.01 of the Servicing
        Agreement.

       

      Servicing
        Default:
        The
        meaning specified in Section 7.01 of the Servicing Agreement.

       

      Servicing
        Fee:
        With
        respect to the Servicer and any Collection Period, the sum of (i) late fees
        and other fees to which the Servicer is entitled under the Servicing Agreement
        and Prepayment Interest Excess, that have been paid during such Collection
        Period, and (ii) one-twelfth of the product of (A) the Servicing Fee Rate
        and (B) the aggregate Principal Balance of the Loans serviced by such Servicer
        as of the first day of the month for which such fee is being calculated (such
        fee shall be payable monthly and pro-rated for any partial month).

       

      Servicing
        Fee Rate:
        With
        respect to each Loan, 0.50% per annum.

       

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

       

      Significant
        Net Recoveries:
        With
        respect to a defaulted Loan, a determination by a Servicer that either (A)
        the
        potential Net Recoveries are anticipated to be greater than or equal to the
        sum
        of (i) the total indebtedness of the senior lien on the related Mortgaged
        Property and (ii) $10,000 (after anticipated expenses and attorneys’ fees) or
        (B) the related Mortgagor has shown a willingness and ability to pay over
        the
        previous six months.

       

      Single
        Note:
        A Note
        in the amount of $1,000.

       

      Special
        Serviced Loan:
        The
        Loans for which the Special Servicer acts as servicer pursuant to Section
        3.21
        of the Servicing Agreement.

       

      Special
        Servicer:
        Any
        special servicer appointed by the Class X-1 Certificateholder pursuant to
        Section 3.21 of the Servicing Agreement.

       

      Special
        Servicing:
        With
        regard to any Loans that become Charged Off Loans, the servicing of such
        Charged
        Off Loans using specialized collection procedures (including foreclosure,
        if
        appropriate) to maximize recoveries.

       

      Standard
        & Poor’s:
        Standard & Poor’s Ratings Services or its successor in
        interest.

       

      Startup
        Date:
        March
        9, 2007.

       

      Stated
        Value:
        With
        respect to any Loan, the value of the related Mortgaged Property as stated
        by
        the related Mortgagor in his or her application.

       

      Statutory
        Trust Statute:
        Chapter
        38 of Title 12 of the Delaware Code, 12 Del. Code §§3801
        et seq.,
        as the
        same may be amended from time to time.

       

      Stepdown
        Date:
        For any
        Payment Date, the later to occur of (x) the Payment Date occurring in March
        2010
        and (y) the first Payment Date on which the Senior Enhancement Percentage,
        calculated for purposes of calculating the related Overcollateralization
        Amount
        only, after taking into account payments of principal on the Loans, but prior
        to
        any payment of the related Principal Payment Amount to the related Notes
        then
        entitled to payments of principal on that Payment Date, is greater than or
        equal
        to approximately 8.26%.

       

      Subsequent
        Loan:
        Any
        Loan other than an Initial Loan conveyed to the Trust Fund pursuant to Section
        2.04 of the Indenture and to a Subsequent Transfer Agreement, which Loan
        shall
        be listed on the revised Loan Schedule delivered pursuant to the Indenture
        and
        on Schedule A to such Subsequent Transfer Agreement. When used with respect
        to a
        single Subsequent Transfer Date, Subsequent Loan shall mean a Subsequent
        Loan
        conveyed to the Trust on that Subsequent Transfer Date. 

       

      Subsequent
        Loan Interest:
        Any
        amount constituting an related Interest Remittance Amount (other than an
        amount
        withdrawn from the related Capitalized Interest Account pursuant to clause
        (v)
        of the definition of “Interest Remittance Amount”) received or advanced with
        respect to a Subsequent Loan during the Collection Periods relating to the
        March
        2007, April 2007 and May 2007 Payment Dates, but only to the extent of the
        excess of such amount over the amount of interest accruing on such Subsequent
        Loan during the related period at a per annum rate equal to 2.93%,
        6.04%
        and 6.20%, respectively. The Subsequent Loan Interest shall not be an asset
        of
        any REMIC.

       

      Subsequent
        Recoveries:
        As of
        any Payment Date, all amounts (other than Liquidation Proceeds) received
        by a
        Servicer specifically related to a previously Liquidated Loan during the
        related
        Collection Period.

       

      Subsequent
        Transfer Agreement:
        A
        Subsequent Transfer Agreement substantially in the form of Exhibit D to the
        Loan
        Purchase Agreement, executed and delivered by the Servicers, the Depositor,
        the
        Issuer, the Seller and the Indenture Trustee as provided in Section 2.04
        of the
        Indenture.

       

      Subsequent
        Transfer Date:
        For any
        Subsequent Transfer Agreement, the date the related Subsequent Loans are
        transferred to the Trust Fund pursuant to the related Subsequent Transfer
        Agreement.

       

      Subservicer:
        Any
        Person with whom a Servicer has entered into a Subservicing Agreement as
        a
        Subservicer by such Servicer.

       

      Subservicing
        Account:
        An
        Eligible Account established or maintained by a Subservicer as provided for
        in
        Section 3.02(c) of the Servicing Agreement.

       

      Subservicing
        Agreement:
        Any
        written contract between a Servicer and any Subservicer relating to servicing
        and administration of certain Loans as provided in Section 3.01 of the
        Servicing Agreement.

       

      Subservicing
        Fee:
        With
        respect to any Collection Period, any fee retained monthly by a Subservicer
        which will be paid out of the Servicing Fee.

       

      Substitution
        Amount:
        The
        amount, if any, by which the Principal Balance of a Loan required to be removed
        from the trust due to a breach of a representation and warranty or defective
        documentation exceeds the Principal Balance of the related substitute loan,
        plus
        unpaid interest accrued thereon.

       

      Targeted
        Overcollateralization Amount:
        For any
        Payment Date prior to the Stepdown Date, the sum of (a) 4.13% of the Aggregate
        Collateral Balance as of the Cut-off Date and (b) the Additional Balance
        Advance
        Amount for that Payment Date. With respect to any Payment Date on or after
        the
        related Stepdown Date with respect to which a Trigger Event is not in effect,
        the greater of (a) 8.26% of the Aggregate Collateral Balance for such Payment
        Date and (b) 0.50% of the related Aggregate Collateral Balance as of the
        Cut-off Date. With respect to any payment date on or after the Stepdown Date
        with respect to which a Trigger Event is in effect and is continuing, the
        Targeted Overcollateralization Amount for the Payment Date immediately preceding
        such Payment Date; provided, however, that the Targeted Overcollateralization
        Amount may be reduced at any time with the consent of the Rating Agencies
        and
        the Insurer in connection with the delivery of additional credit enhancement
        to
        the Issuing Entity. Notwithstanding the foregoing, on and after any Payment
        Date
        following the reduction of the aggregate Class Principal Balance of the Class
        A-1 Notes and the Class G Certificates to zero, the Targeted
        Overcollateralization Amount shall be zero. Upon (x) written direction by
        the
        majority Holder of the Class X-1 Certificates and (y) the issuance by an
        affiliate of the Depositor of a credit enhancement contract in favor of REMIC
        I
        which is satisfactory to the Rating Agencies and (z) receipt by the Indenture
        Trustee of an Opinion of Counsel, which opinion shall not be an expense of
        the
        Indenture Trustee or the Trust Fund, but shall be at the expense of the majority
        Holder of the Class X-1 Certificates, to the effect that such credit enhancement
        contract will not cause the imposition of any federal tax on the Trust Fund
        or
        the Noteholders or Certificateholders or cause REMIC I, REMIC II and REMIC
        III
        to fail to qualify as a REMIC at any time that any related Notes or Certificates
        are outstanding, the Targeted Overcollateralization Amount shall be reduced
        to
        the level approved by the Rating Agencies as a result of such credit enhancement
        contract. Any credit enhancement contract referred to in the previous sentence
        shall be collateralized by cash or mortgage loans, provided that (i) the
        Aggregate Loan Balance of the Loans collateralizing any such credit enhancement
        contract shall not be less than the excess, if any, of (x) the initial Targeted
        Overcollateralization Amount over (y) the then-current Overcollateralization
        Amount and (ii) the issuance of any credit enhancement contract supported
        by
        mortgage loans shall not result in a downgrading of the ratings assigned
        by the
        Rating Agencies.

       

      Terminating
        Entity:
        As
        determined by the Indenture Trustee pursuant to Section 10.21 of the Indenture.
        The Terminating Entity shall be determined on each Optional Termination Date.
        

       

      Transfer:
        Any
        direct or indirect transfer, sale, pledge, hypothecation or other form of
        assignment of any Ownership Interest in a Certificate.

       

      Transferee:
        Any
        Person who is acquiring by Transfer any Ownership Interest in a
        Certificate.

       

      Transferor:
        Any
        Person who is disposing by Transfer of any Ownership Interest in a
        Certificate.

       

      Treasury
        Regulations:
        Regulations, including proposed or temporary Regulations, promulgated under
        the
        Code. References in the Basic Documents to specific provisions of proposed
        or
        temporary regulations shall include analogous provisions of final Treasury
        Regulations or other successor Treasury Regulations.

       

      Trigger
        Event:
        With
        respect to any Payment Date on or after the Stepdown Date, a Trigger Event
        will
        be in effect if either (i) the related Rolling Three Month Delinquency Average
        equals or exceeds 5.50% of the Aggregate Collateral Balance of the Loans
        as of
        such Payment Date or (ii) the Cumulative Realized Losses on the Loans
        exceed the percentage of the initial Aggregate Collateral Balance of the
        Loans
        for such Payment Date as specified below:

       

      
        	
                Payment
                  Date

              	
                Percentage
                  of Initial 

                Aggregate
                  Loan Balance 

              
	
                March
                  2007 - February 2010

              	
                N/A

              
	
                March
                  2010 - February 2011

              	
                2.65%
                  for the first month, plus an additional 1/12th of 1.15% for each
                  month
                  thereafter

              
	
                March
                  2011 - February 2012

              	
                3.80%
                  for the first month, plus an additional 1/12th of 0.85% for each
                  month
                  thereafter

              
	
                March
                  2012 - February 2013

              	
                4.65%
                  for the first month, plus an additional 1/12th of 0.95% for each
                  month
                  thereafter

              
	
                March
                  2013 and thereafter

              	
                5.60%

              

      

      

      

      Trust
        Agreement:
        The
        Trust Agreement, dated as of the Closing Date, between the Owner Trustee
        and the
        Depositor.

       

      Trust
        Collateral:
        The
        meaning specified in Section 10.18(b) of the Indenture.

       

      Trust
        Estate:
        The
        meaning specified in the Granting Clause of the Indenture.

       

      Trust
        Indenture Act or TIA:
        The
        Trust Indenture Act of 1939, as amended from time to time, as in effect on
        any
        relevant date.

       

      Trustee
        Additional Expenses:
        All
        reasonable expenses and disbursements incurred or made by the Indenture Trustee
        and the Administrator in accordance with any of the provisions of the Indenture
        and the Administration Agreement with respect to: (A) the reasonable
        compensation and the expenses and disbursements of its counsel not associated
        with the closing of the issuance of the Notes, (B) the reasonable compensation,
        expenses and disbursements of any accountant, engineer or appraiser that
        is not
        regularly employed by the Indenture Trustee, to the extent that the Indenture
        Trustee or the Administrator must engage such persons to perform acts or
        services hereunder, (C) printing and engraving expenses in connection with
        preparing any Definitive Notes and (D) any other reasonable expenses incurred
        other than in the ordinary course of its business by the Indenture Trustee
        or
        the Administrator in connection with its duties hereunder or under the
        Administration Agreement.

       

      UCC:
        The
        Uniform Commercial Code, as amended from time to time, as in effect in the
        applicable jurisdiction.

       

      Uncertificated
        Pass-Through Rate:
        The
        Uncertificated REMIC IIA Pass-Through Rate and the Uncertificated REMIC IIB
        Pass-Through Rate. 

       

      Uncertificated
        Principal Balance:
        With
        respect to each REMIC Regular Interest, the amount of such REMIC Regular
        Interest outstanding as of any date of determination. As of the Closing Date,
        the Uncertificated Principal Balance of each REMIC Regular Interest shall
        equal
        the amount set forth in the Preliminary Statement hereto as its initial
        Uncertificated Principal Balance. On each Payment Date, the Uncertificated
        Principal Balance of each REMIC Regular Interest shall be reduced by all
        distributions of principal made on such REMIC Regular Interest on such Payment
        Date pursuant to Section 3.05 of the Indenture and, if and to the extent
        necessary and appropriate, shall be further reduced on such Payment Date
        by
        Realized Losses as provided in Section 3.26 of the Indenture, and the
        Uncertificated Principal Balance of REMIC II Regular Interest LT-ZZ shall
        be
        increased by interest deferrals as provided in Section 11.02 of the Indenture.
        The Uncertificated Principal Balance of each REMIC Regular Interest that
        has an
        Uncertificated Principal Balance shall never be less than zero.

       

      Uncertificated
        REMIC I Pass-Through Rate:
        With
        respect to REMIC I Regular Interest LT-1, and the Accrual Periods in April
        2007,
        May 2007 and June 2007, a per annum rate equal to the weighted average of
        the
        Net Mortgage Rates of the Initial Loans; with respect to REMIC I Regular
        Interest LT-PF and the Accrual Periods in April 2007, May 2007 and June 2007,
        a
        per annum rate equal to 2.93%, 6.04% and 6.20%, respectively, and with respect
        to each REMIC I Regular Interest LT-1 and REMIC I Regular Interest LT-PF
        and
        each Accrual Period thereafter, the weighted average of the Net Mortgage
        Rates
        on the Loans. 

       

      Uncertificated
        REMIC II Pass-Through Rate:
        For any
        Payment Date, with respect to REMIC II Regular Interest LT-AA, REMIC II Regular
        Interest LT-A-1, REMIC II Regular Interest LT-ZZ, REMIC II Regular Interest
        LT-P
        and REMIC II Regular Interest LT-AR, a per annum rate (but not less than
        zero)
        equal to the weighted average of the Uncertificated REMIC I Pass-Through
        Rates
        for the REMIC I Regular Interests, weighted on the basis of the Uncertificated
        Principal Balance of each such REMIC I Regular Interest for each such Payment
        Date.

       

      Underwriter:
        Credit
        Suisse Securities (USA) LLC or any successor thereto.

       

      Uniform
        Single Attestation Program for Mortgage Bankers:
        The
        Uniform Single Attestation Program for Mortgage Bankers, as published by
        the
        Mortgage Bankers Association of America and effective with respect to fiscal
        periods ending on or after December 15, 1995.

       

      United
        States Person:
        A
        citizen or resident of the United States, a corporation or a partnership
        (including an entity treated as a corporation or partnership for United States
        federal income tax purposes) created or organized in, or under the laws of,
        the
        United States or any State thereof or the District of Columbia (except, in
        the
        case of a partnership, to the extent provided in regulations).

       

      Voting
        Rights:
        The
        portion of the voting rights of the Holders of the Notes allocated to each
        Class of Notes. 100% of all of the Voting Rights exercisable by the
        Noteholders shall be allocated among the Classes of Class A Notes in
        accordance with their respective outstanding Note Balances. Voting Rights
        shall
        be allocated among the Holders of a Class of Notes on a pro rata basis in
        accordance with their respective Percentage Interests.

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